Goldman Sachs Trust

Front End
Sales Charge

Class A

Asia Equity

Emerging Markets Equity

N-11 Equity

N-CSRS 1 d152756dncsrs.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2016

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

LOGO



Semi-Annual Report				April 30, 2016

				Dividend Focus Funds
				Income Builder
				Rising Dividend Growth

LOGO

Goldman Sachs Dividend Focus Funds

INCOME BUILDER

RISING DIVIDEND GROWTH


TABLE OF CONTENTS

Investment Process — Income Builder			1

Portfolio Management Discussion and Performance Summary — Income Builder			2

Portfolio Management Discussion and Performance Summary — Rising Dividend Growth			12

Schedules of Investments			21

Financial Statements			34

Financial Highlights			38

Notes to Financial Statements			42

Other Information			60



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS INCOME BUILDER FUND

What Differentiates Goldman Sachs’

Income Builder Fund Investment Process?

Income Builder Fund is a broadly diversified portfolio that seeks to provide income and capital appreciation.

LOGO

The Goldman Sachs Income Builder Fund provides exposure to the wealth-building opportunities of stocks and the regular income potential of bonds. The Fund invests in both equity and fixed income securities with a focus on yield enhancing strategies to earn a monthly income stream. The Fund seeks to maintain broad exposure to equities with lower than general equity market volatility.

LOGO

We believe that similar themes can perform differently across asset classes. The Fund can potentially take advantage of these cross-asset class opportunities as it is a dynamic portfolio that allows the flexibility to allocate across equities and fixed income from a top-down perspective, given our views on macro opportunities and valuations.

LOGO

In our risk management process, we identify, monitor and measure a fund’s risk profile. We consider the risk relative to the benchmark and the fund’s investment goal to seek income stability and capital growth.

LOGO

The Fund’s portfolio comprises the ideas of two experienced Goldman Sachs investment groups:

Global Fundamental Equity Group: A group of investment professionals averaging over 17 years of investment experience and with a strong commitment to fundamental research.

Global Fixed Income Group: Broad, deep capabilities across global fixed income markets, with a total return investment philosophy.

PORTFOLIO RESULTS

Goldman Sachs Income Builder Fund

Investment Objective

The Goldman Sachs Income Builder Fund seeks to provide income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Equity Team and the Goldman Sachs Fixed Income Investment Management Team, collectively the Goldman Sachs Income Builder Team (the “Income Builder Team”), discuss the Goldman Sachs Income Builder Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 R6 Shares generated cumulative total returns, without sales charges, of -0.81%, -1.17%, -0.66%, -0.68% and -0.65%, respectively. These returns compare to the 1.93% and 2.36% cumulative total returns of the Russell 1000^® Value Index (with dividends reinvested) (the “Russell Index”) and the Bank of America Merrill Lynch BB to B U.S. High Yield Constrained Index (the “BofA Merrill Lynch Index”), respectively, during the same period.

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

The U.S. equity market ended the Reporting Period roughly where it started. Federal Reserve (“Fed”) monetary policy, economic data and oil price shifts were some of the biggest themes dominating the U.S. equity markets during the Reporting Period.

At the beginning of 2016, U.S. equities were embroiled in a rout that encompassed the broad global equity markets, 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 sanguine in April 2016, as oil prices rose and China 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, U.S. equities fell near the end of April 2016, as first quarter 2016 U.S. GDP disappointed the markets by being weaker than expected at 0.5%.

Within the fixed income markets, spread (or non-Treasury) sectors advanced during the Reporting Period overall. They started off on a positive note, performing well during November and December 2015. At the same time, the U.S. dollar strengthened on expectations the Fed would raise interest rates at its December 2015 policy meeting, as the U.S. economy continued to display a positive growth trend. Spread sectors then sold off in January 2016 through mid-February 2016. The selloff was driven by an increase in a number of perceived risks, such as slowing Chinese economic activity, the possibility of persistent oil oversupply and deteriorating corporate bond fundamentals as the U.S. credit cycle entered its later stages. 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

PORTFOLIO RESULTS

stabilize. As a result, spread sectors largely retraced their earlier losses by the end of March 2016. In the first calendar quarter overall, the U.S. dollar weakened due to generally tighter financial conditions, mixed U.S. economic data and more dovish commentary from the Fed. During April 2016, spread sectors generally recorded positive returns as investor risk appetite improved in response to better U.S. economic data and stronger oil and commodity prices. Although the U.S. dollar was buoyed by the positive economic data, it depreciated for the month as a whole, weakening after the Fed issued a slightly more dovish than expected statement following its April 2016 policy meeting.

What was the Fund’s asset allocation positioning during the Reporting Period?

As part of its principal investment strategies, the Fund has a baseline allocation of 60% to fixed income securities and 40% to equity securities, though in seeking to meet its investment objective, the Fund has the flexibility to opportunistically tilt the allocation to fixed income and equity securities up to 15% above or below that baseline allocation. The Fund aims to provide a high and stable income stream plus capital appreciation, with lower volatility than the equity market. The percentage of the portfolio invested in equity and fixed income securities will vary from time to time as the Income Builder Team evaluates such securities’ relative attractiveness based on, among other factors, income opportunities, market valuations, economic growth and inflation prospects. Because of these stated goals of the Fund, the Income Builder Team believes the returns of the Russell Index and the BofA Merrill Lynch Index should be considered for reference only.

At the beginning of the Reporting Period, the Fund was invested 39.4% in equities and 55.2% in fixed income, with the balance of 5.4% in cash and cash equivalents. During the Reporting Period, we gradually reduced the Fund’s overall exposure to equities because of our increasing concerns about the global economy and equity market volatility. Within the Fund’s fixed income allocation, we favored investment grade corporate bonds, becoming more tactical in our management of the Fund’s positions due to commodity price volatility and market activity suggesting the U.S. was in the later stages of the credit cycle. We also remained cautiously positive on high yield corporate bonds, with a focus on increasing the credit quality of the Fund’s holdings. At the end of the Reporting Period, the Fund was invested 36.7% in equities and 61.8% in fixed income, with the balance of 1.5% in cash and cash equivalents.

What was the Fund’s 12-month distribution rate and what was its 30-day SEC yield during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R6 Shares provided attractive 12-month distribution rates of 4.09%, 3.41%, 4.40%, 4.26% and 4.37%, respectively. As of April 30, 2016, the Fund’s 30-day SEC yields (subsidized) for its Class A, C, Institutional, IR and R6 Shares were 3.35%, 2.81%, 3.95%, 3.80% and 3.87%, respectively.

What key factors had the greatest impact on the performance of the Fund’s equity allocation during the Reporting Period?

Relative to the Russell Index, stock selection had the greatest impact on the Fund’s equity allocation performance during the Reporting Period.

Which equity market sectors most significantly affected Fund performance during the Reporting Period?

During the Reporting Period, the Fund was hurt by its underweights relative to the Russell Index in the financials and energy sectors and by its overweight in the health care sector. On an industry level, the Fund’s underweights in capital markets companies and in oil, gas and consumable fuels detracted from relative returns. An overweight in the pharmaceuticals industry also hampered results. Conversely, the Fund benefited from its overweight position relative to the Russell Index in the telecommunication services sector. In terms of industries, Fund returns were bolstered by overweights in diversified telecommunication services; health care providers and services; and hotels, restaurants and leisure.

Which stocks detracted significantly from the Fund’s relative performance during the Reporting Period?

During the Reporting Period, the Fund’s investments in Credit Suisse Group, Targa Resources Partners LP (“NGLS”) and Devon Energy detracted most from performance relative to the Russell Index.

Credit Suisse Group was hurt by difficult market conditions during the Reporting Period overall. Shares of the Switzerland-based financial services holding company also performed poorly after news of weaker than expected fourth quarter 2015 results. In our view, Credit Suisse Group’s growth and its deleveraging initiatives were challenged by a lack of liquidity in the credit markets and ongoing fears of a

PORTFOLIO RESULTS

global economic slowdown. The Fund exited the position during the Reporting Period due to the weakness of the stock price.

NGLS is a master limited partnership (“MLP”) engaged in the business of gathering, processing, transporting, storage and sale of natural gas and natural gas liquids. While lower commodity prices dampened sentiment for NGLS during the Reporting Period, we remained positive on its distribution growth outlook, which may be driven, in our view, by infrastructure growth from the MLP’s leading positions in natural gas liquids in the Permian and Bakken shales as well as by its presence on the U.S. Gulf Coast. Although our investment thesis did not change, we eliminated the Fund’s position in NGLS during the Reporting Period in favor of other opportunities we viewed more favorably.

During the Reporting Period, an investment in Devon Energy detracted from the Fund’s relative returns. The independent natural gas, natural gas liquids and petroleum producer underperformed due to weak energy prices as well as investor concerns about a possible acquisition and an equity offering. We exited the Fund’s position in the stock during the Reporting Period as the company had, in our view, weaker fundamentals and was therefore less attractive compared to other companies in the energy sector.

Which stocks contributed significantly to the Fund’s relative performance during the Reporting Period?

The largest positive contributors to the Fund’s relative performance during the Reporting Period were AT&T, Apache and ConocoPhillips.

AT&T, a telecommunication services provider, was the top contributor to the Fund’s relative returns during the Reporting Period. Shares of the company gained in response to its management’s positive comments during its fourth quarter 2015 earnings report. AT&T expects to generate mid-single-digit earnings growth during 2016, driven by synergies from its acquisition of DirecTV. In addition to these synergies, several other catalysts could, in our view, drive earnings estimates higher, including a potential increase in future cash flow as the company reduces its capital expenditures over the course of the next two years. However, we exited the Fund’s position in AT&T during the Reporting Period because we found other opportunities within the company’s peer group that we believed to be relatively more compelling on a valuation basis.

Another leading contributor to the Fund’s relative performance during the Reporting Period was Apache, a petroleum and natural gas exploration and production company. Its shares rallied on speculation in November 2015 that the company had received an unsolicited takeover offer from an unnamed buyer. Apache continued to refocus on its North American operations through divestitures in its international operations, and we believed the company’s remaining international exposure was likely to generate stable and free cash flows. In our view, Apache also has attractive positions in the Permian Basin and Eagle Ford Shale. At the end of the Reporting Period, we remained confident in what we considered to be Apache’s strong management team, which has executed well on production goals. In our opinion, the company has an investment grade balance sheet, and its stock has an attractive valuation relative to its exploration and production peers. Although our investment thesis did not change during the Reporting Period, we sold the Fund’s position in Apache, taking profits amid the stock’s strong performance.

The Fund benefited from an investment in ConocoPhillips. The exploration and production company announced that production growth remained strong but also reported weak fourth quarter 2015 results due to lower price realizations and asset write-downs. (A write-down is reducing the book value of an asset because it is overvalued compared to the market value.) In addition, its management reduced the company’s shareholder dividend because of the challenging commodity price environment. Although market reaction was negative, we expect the dividend cut to help balance the company’s sources and uses of cash. We also remained positive about its management’s focus on cost reductions and capital efficiency, which has the goal of keeping production stable. That said, we exited the Fund’s position in ConocoPhillips during the Reporting Period as we identified other companies in the energy sector about which we held more positive views.

Were any significant purchases or sales made within the equity allocation of the Fund during the Reporting Period?

During the Reporting Period, the Fund initiated a position in Wal-Mart Stores. We believe the retailer has the potential for incremental traffic growth following improvement initiatives at its existing stores. In addition, we think Wal-Mart Stores may gain from its exposure to lower income consumers, who may be set to benefit from depressed energy prices and an improving U.S. economic backdrop. The company has plans to open 50 to 60 Supercenter stores in the U.S. during 2016.

PORTFOLIO RESULTS

The Fund purchased shares of Verizon Communications, as we believe the telecommunications company has some of the best assets in the industry. We further believe the company can modestly grow should it continue to invest and focus on its strong wireless business. In our view, Verizon is a high quality franchise with solid revenues from its FiOS service, customer growth and improving free cash flow profile.

In addition to those sales already mentioned, we exited the Fund’s position in Boeing. The aerospace company reported strong fourth quarter 2015 results, with earnings per share coming in ahead of consensus. However, its stock declined because the company issued 2016 revenue and earnings guidance below consensus expectations, driven by commercial aircraft delivery timing and lower margins. Additionally, the company announced a Securities and Exchange Commission (“SEC”) investigation, prompted by an internal whistleblower, into accounting methods used on the 747 and 787 aircraft programs. Although we held a positive view on the commercial aerospace market in general and on Boeing in particular, we considered the near term risk/ reward balance less compelling. As a result, we decided to exit the Fund’s position in Boeing to pursue higher conviction ideas.

What changes were made to the Fund’s equity market sector weightings during the Reporting Period?

During the Reporting Period, we shifted the Fund from an overweight position relative to the Russell Index in the financials sector to an underweight position. We reduced the size of the Fund’s overweight in the telecommunication services sector and decreased the size of its underweight in the information technology sector. We shifted the Fund from an underweight in consumer staples to an overweight position. Also, we moved the Fund from relatively neutral positions in health care and utilities to overweight positions. At the end of the Reporting Period, the Fund was overweight the health care, utilities, telecommunication services and consumer staples sectors, and it was underweight the financials, energy, industrials and information technology sectors relative to the Russell Index. Compared to the Russell Index, the Fund was relatively neutrally weighted in the materials and consumer discretionary sectors at the end of the Reporting Period.

Which fixed income market sectors significantly affected the Fund’s performance during the Reporting Period?

Relative to the BofA Merrill Lynch Index, the Fund was hurt by its exposure to energy-related and financial-related high yield corporate bonds. Conversely, its bias toward lower credit quality issues versus the BofA Merrill Lynch Index added to performance. In addition, the Fund benefited from its exposure to corporate credit beta (that is, its sensitivity to the performance of the corporate credit market).

How did the Fund’s duration and yield curve positioning strategies affect performance during the Reporting Period?

During the Reporting Period, the Fund’s duration strategy detracted slightly from its performance. More specifically, the Fund was hampered by its short duration positioning relative to the BofA Merrill Lynch Index, which it held for most of the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. We do not actively manage the Fund’s yield curve positioning as part of our investment process. Yield curve is a spectrum of maturities.

What changes were made to the Fund’s fixed income weightings during the Reporting Period?

During the Reporting Period, we focused the Fund’s investments on industries that we believed were experiencing healthy growth, including consumer-related and real estate-related industries. We also favored certain defensive industries, such as cellular telecommunications and cable. We limited investments in cyclical industries, such as technology, chemicals and metals/mining, which we consider more sensitive to global economic growth worries. For similar reasons, we maintained the Fund’s underweight in commodities-related credits during the Reporting Period. We added positions in B-rated and BB-rated credits and reduced the Fund’s exposure to CCC-rated credits through selective selling in economically sensitive sectors.

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

During the Reporting Period, the Income Builder Team did not use derivatives as part of its active management strategy within the Fund’s equity allocation. In managing the Fund’s fixed income allocation, the Income Builder Team used U.S. Treasury futures and Eurodollar futures to hedge and manage interest rate exposure and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated

PORTFOLIO RESULTS

in U.S. dollars at banks outside the U.S. The Fund also utilized forward foreign currency exchange contracts to hedge currency exposure. The use of these derivatives did not have a material impact on the performance of the Fund’s fixed income allocation during the Reporting Period.

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

During the Reporting Period, Collin Bell, Daniel Lochner and Charles “Brook” Dane became portfolio managers for the equity portion of the Income Builder Fund. By design, all investment decisions for the Fund are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision making has been the cornerstone of our approach and ensures continuity in the Fund. The other portfolio managers for the Fund are Ron Arons, Andrew Braun and David Beers.

What is the Income Builder Team’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, the Income Builder Team believed U.S. equities may generate positive mid-single-digit returns for calendar year 2016, despite a volatile start. Our expectation was that returns would be predominantly driven by earnings growth rather than multiple expansion. In our view, positive returns in a low (and potentially negative) interest rate environment make equities attractive, particularly relative to other asset classes. Overall, we considered the U.S. economy healthy at the end of the Reporting Period, with low unemployment, recovering house prices and low energy prices all supporting consumption. We think consumer spending could continue to broaden from industries, such as automobiles, home improvement and restaurants, that have already benefited from improved economic conditions. That said, we believed at the end of the Reporting Period that the U.S. economy had moved into the late-stage cycle, a time when companies find it harder to generate revenue growth, challenging their earnings. Equity valuations overall also tend to be higher in the late-stage cycle. Accordingly, we believe that scrutiny on earnings could potentially benefit stock-picking strategies in the near term, and we believe that active management provides a way to gain selective exposure. At the end of the Reporting Period, we had a favorable view of industry disruptors within the U.S. equity market, as they are often, in our view, long-term secular growth winners as well as asset light companies. (Asset light means lower operating costs and risks.) In addition, among industry disruptors, there is an abundance of technology companies, especially software and Internet-related, as well as health care companies.

In terms of fixed income at the end of the Reporting Period, the Income Builder Team had a cautiously positive outlook for high yield corporate bonds. We believed the asset class remained a compelling source of yield, although high yield corporate bond spreads (or, yield differentials versus U.S. Treasuries of comparable duration) had narrowed significantly between mid-February 2016 and the end of the Reporting Period. That said, we believed at the end of the Reporting Period that corporate fundamentals were slowly deteriorating with higher mergers and acquisitions levels contributing to increased leverage. Despite a number of positive stories, we noted that the earnings environment for high yield issuers had grown more challenging, and several sectors had experienced year-over-year revenue and earnings declines. Refinancing had slowed. We also believed costs were rising for high yield issuers, which we expect to gradually stress their ability to service their debt. Meanwhile, bank lending surveys pointed to tightening lending standards at the end of the Reporting Period, while the capital markets appear to have become less accommodating to lower rated borrowers. In our view, defaults are likely to accelerate during 2016, led, we believe, by energy and metals/mining names, with some contagion spreading to distressed credits in other industries. Meanwhile, we expect mergers and acquisitions activity to slow and corporate management teams to become less willing to engage in shareholder friendly activities. At the end of the Reporting Period, we believed the performance of high yield corporate bonds in the near term may well be driven by oil prices, lending conditions, central bank policy, global economic growth and liquidity. Our view of these drivers led us to adopt “closer to home” positioning at the end of the Reporting Period, with a preference for U.S. service-related and consumer-related credits as well as those credits with exposure to deleveraging stories. At the end of the Reporting Period, we were also continuing to increase the Fund’s credit quality by adding positions in B-rated and BB-rated credits and reducing exposure to CCC-rated credits through selective selling in some of the most economically sensitive sectors. In addition, we saw value in European high yield corporate bonds, which we believe may benefit from the stimulus measures of the European Central Bank and Europe’s early-stage economic rebound. We also continued to favor high yield loans, as we believe they are less vulnerable to oil prices, offer defensive characteristics and have a higher overall quality profile compared to high yield corporate bonds.

FUND BASICS

Income Builder Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			Russell 1000 Value Index²			Bank of America Merrill Lynch BB to B U.S. High Yield Constrained Index³
Class A		-0.81	%		1.93	%		2.36	%
Class C		-1.17			1.93			2.36
Institutional		-0.66			1.93			2.36
Class IR		-0.68			1.93			2.36
Class R6		-0.65			1.93			2.36

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

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® Index companies with lower price-to-book ratios and lower expected growth values. This index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

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

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

FUND BASICS


PERFORMANCE REVIEW (continued)
November 1, 2015–April 30, 2016	12-Month Distribution Rate⁴			30-Day Standardized Subsidized Yield⁵			30-Day Standardized Unsubsidized Yield⁵
Class A		4.09	%		3.35	%		3.25	%
Class C		3.41			2.81			2.69
Institutional		4.40			3.95			3.83
Class IR		4.26			3.80			3.68
Class R6		4.37			3.87			3.76

⁴

The 12 month distribution rate is calculated by taking the sum of all cash distributions over the past 12 months and dividing by the month end NAV in the last month of the period. Distributions may include interest from fixed income, dividends from equities, short term and long term capital gains, return of capital, and special distributions. Return of capital distribution may include a return of some or all of the money that an investor invested in Fund shares. Distributions from securities such as MLPs passing through the Fund may also be characterized as return of capital. Special distributions may include any off-cycle distributions that occur outside of regular interest or dividend payment dates, such as when a company opts to pay a special dividend. The amounts and sources of distribution are not provided for tax reporting purposes. The Fund reports the character of distributions for federal income tax purposes each calendar year on Form 1099-DIV. Distributions will fluctuate over time and a large proportion of the distribution may occur at the end of the year in the form of capital gains. Distributions and market value movements affect the NAV of the Fund and will also affect this calculation. 12 month distribution rate numbers are based on historical distributions and NAVs and are not predictive of future distributions or yields. 12 month distribution rate is calculated to provide a sense of the total cash flow associated with investment in the Fund, but should not be confused with U.S. Securities and Exchange Commission (“SEC”) yield, dividend yield or interest yield.

⁵

The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the SEC and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁶
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-9.72	%		4.82	%		4.79	%		6.34	%	10/12/94
Class C		-6.20			5.21			4.60			3.70		8/15/97
Institutional		-4.11			6.43			5.81			4.95		8/15/97
Class IR		-4.26			6.27			N/A			8.37		8/31/10
Class R6		N/A			N/A			N/A			-4.22		7/31/15

⁶

The Standardized Total Returns are average annual total returns or cumulative total returns for periods of less than 1 year 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 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 R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.


EXPENSE RATIOS⁷
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.98	%		1.10	%
Class C		1.73			1.85
Institutional		0.58			0.70
Class IR		0.73			0.85
Class R6		0.56			0.69

⁷

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 26, 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 4/30/16⁸
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		1.5	%	Commercial Banks
Pfizer, Inc.		1.4		Pharmaceuticals
Verizon Communications, Inc.		1.2		Diversified Telecommunication Services
Wells Fargo & Co.		1.1		Commercial Banks
Wal-Mart Stores, Inc.		1.1		Food & Staples Retailing
Microsoft Corp.		1.1		Software
BP PLC ADR		1.1		Oil, Gas & Consumable Fuels
Exxon Mobil Corp.		1.0		Oil, Gas & Consumable Fuels
M&T Bank Corp.		0.9		Commercial Banks
Merck & Co., Inc.		0.9		Pharmaceuticals

⁸

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

FUND’S EQUITY SECTOR ALLOCATIONS VS. BENCHMARK⁹

As of April 30, 2016

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⁹

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

FUND BASICS

FUND’S FIXED INCOME FUND COMPOSITION¹⁰

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¹⁰

The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Fund’s Fixed Income investments. Short-term investments represent commercial paper. 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.

PORTFOLIO RESULTS

Goldman Sachs Rising Dividend Growth Fund

Investment Objective

The Fund seeks long-term growth of capital and current income.

Portfolio Management Discussion and Analysis

Below, the Dividend Assets Capital portfolio management team, the Fund’s sub-adviser, discusses the Goldman Sachs Rising Dividend Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 cumulative total returns, without sales charges, of -1.10%, -1.49%, -0.89%, -0.97% and -1.19%, respectively. These returns compare to the 0.43% cumulative total return of the Fund’s benchmark, the Standard & Poor’s^® 500 Index (with dividends reinvested) (the “S&P 500 Index”), during the same time period.

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

The S&P 500 Index return of 0.43% during the Reporting Period we believe masks what was significant volatility. For example, during the six weeks from January 1, 2016 through mid-February 2016, the S&P 500 Index declined approximately 10%. The six weeks that followed demonstrated a considerable recovery.

Much of the volatility can be explained by the actions of the Federal Reserve (the “Fed”). In December 2015, the Fed raised the targeted federal funds rate by 25 basis points, the first increase since 2006. (A basis point equals 1/100th of a percentage point.) At that time, investors seemed to accept the possibility that as many as four additional increases to the federal funds rate might be implemented in 2016.

However, as 2016 progressed, it became increasingly likely that the Fed would not pursue higher interest rates at the pace previously anticipated. The Fed press release dated April 27, 2016 suggested the Fed would continue to be data dependent. The press release pointed out “that labor market conditions have improved further even as growth in economic activity appears to have slowed.” The press release then pointed to moderation in household spending in the face of an expansion in household real income and improved consumer confidence. It also mentioned the division into two mutually exclusive groups between improving capital expenditures on housing while business fixed investment was soft. As we watched various measures of economic growth, it became apparent to us that the U.S. economy, and indeed the global economy, was in a slow growth mode. Of particular concern to the Fed has been China’s decelerating economic growth. In response to the domestic and international softness in economic growth, it appeared at the end of the Reporting Period, there may only be one or two increases to the federal funds rates in 2016 instead of four.

The Fed was not the only central bank that employed low interest rates as a means to stimulate domestic economies. The European Central Bank, the Bank of Japan and the People’s Bank of China are some of the larger central banks to lower interest rates during the Reporting Period. In addition, the central banks put in place asset purchases of fixed income securities. This, in turn, provides liquidity for lending institutions to support credit creation. We believe the activities of central banks was an important factor in the performance of equity markets, including that of the U.S., during the Reporting Period.

There were numerous other factors, some positive and some negative, that impacted equity performance during the Reporting Period. First, the volatility of energy prices had a destabilizing effect on the companies that produce, transport and store the commodity. Gradual price increases improved the broad market outlook for this sector of the economy toward the end of the Reporting Period. Second, the principle U.S. presidential candidate for each party appears to have emerged, which enabled investors to begin to analyze their respective platforms and the potential impact of their policies.

PORTFOLIO RESULTS

Third, the threat of terrorism increased, which was seen as potentially destabilizing the global economy.

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

The Fund posted negative absolute returns that underperformed the S&P 500 Index on a relative basis during the Reporting Period. From a broad perspective, stock selection overall detracted, while sector allocation decisions as a whole contributed positively. More specifically, material differences between the Fund and the S&P 500 Index include the Fund’s emphasis on dividend growth stocks, including its investment in Master Limited Partnerships (“MLPs”). While dividend growth stocks performed well during the Reporting Period on both an absolute and relative basis, the MLP portion of the Fund did not outpace the S&P 500 Index. (We define dividend growth stocks as equities that have averaged at least 10% growth in annual dividends over 10 consecutive years.¹) During the Reporting Period, the portion of the Fund allocated to dividend growth stocks delivered a total return of 0.49%, which outpaced the 0.43% return of the S&P 500 Index. However, the MLPs in the Fund, with an average weight of 13.32% during the Reporting Period, had a total return of -6.49%, while the Alerian MLP Index² posted a total return of -5.67%.

Which equity market sectors most significantly affected Fund performance?

Of the sectors within the S&P 500 Index, the largest detractors from Fund performance were health care, energy and utilities. While the Fund was prudently allocated to the health care sector, stock selection in the sector proved weak. Having an overweight to energy, which outperformed the S&P 500 Index, contributed positively but was more than offset by stock selection, specifically positions in MLPs, which struggled during the Reporting Period. The Fund had no allocation to utilities, which was the second-best performing sector in the S&P 500 Index during the Reporting Period, and thus it detracted from relative results.

The Fund’s strategy is to only buy the stocks of companies where the dividend has increased every year for at least ten years at an average rate of approximately 10% per year (the “10/10 universe”). Dividends are not guaranteed and a company’s future ability to pay dividends may be limited.

The Alerian MLP Index is the leading gauge of large- and mid-cap energy Master Limited Partnerships. The float-adjusted, capitalization-weighted index, which includes 50 prominent companies and captures approximately 75% of available market capitalization, is disseminated real-time on a price-return basis (AMZ) and on a total-return basis (AMZX).

Partially offsetting these detractors were the positive contributions made by positioning in the information technology, materials and consumer staples sectors. The Fund was underweight information technology, and overall performance was supported by both sector allocation and strong security selection. The sector was one of the worst performers during the Reporting Period, as many of the leading stocks during 2015 gave back ground in 2016, led by bellwether Apple (not a stock that met our investment criteria and thus not a Fund holding). For both materials and consumer staples, overweight allocations and effective security selection in each were beneficial to the Fund’s relative results.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to the S&P 500 Index were positions in pharmaceutical company Perrigo, natural gas midstream³, transportation and storage MLP Energy Transfer Equity LP and global economic and financial data supplier FactSet Research Systems.

Perrigo’s shares were particularly impacted after the company successfully rebuffed a takeover attempt by Mylan Pharmaceutical, but it came at the expense of executing the implementation of its recent acquisition of Omega Pharmaceutical. Further, near the close of the Reporting Period, it was announced that the company’s chief executive officer would be leaving to take over embattled Valiant Pharmaceutical, dealing another blow to an already battered company. At the end of the Reporting Period, we were closely evaluating the forward prospects of the company and focusing our efforts on understanding the fundamental picture of the company in the months ahead.

The downstream component of the energy industry is usually defined as the oil and gas operations that take place after the production phase, through to the point of sale. Downstream operations can include refining crude oil and distributing the by-products down to the retail level. By-products can include gasoline, natural gas liquids, diesel and a variety of other energy sources. The upstream component of the energy industry is usually defined as those operations stages in the oil and gas industry that involve exploration and production. Upstream operations deal primarily with the exploration stages of the oil and gas industry, with upstream firms taking the first steps to first locate, test and drill for oil and gas. Later, once reserves are proven, upstream firms will extract any oil and gas from the reserve. The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side, i.e. energy producers, and the demand side, i.e. energy end-users, for any type of energy commodity. Such midstream business can include, but are not limited to, those that process, store, market and transport various energy commodities.

PORTFOLIO RESULTS

The much-maligned merger of Energy Transfer Equity LP and Williams Partners significantly impacted performance within the energy sector broadly and within the MLP space more specifically. As the companies try to work through the viability of merging, what was once viewed as an attractive transaction quickly lost its luster as energy markets changed rapidly and credit markets, needed to fund the transaction, tightened.

FactSet Research Systems was moved from the information technology sector to the financials sector by Standard & Poor’s during the Reporting Period. Its stock suffered as capital markets contracted and investment firms responded with layoffs expected by many analysts to impact the company. Although overall company performance was positive during the Reporting Period, the market seemed to discount more cuts to come and appeared to remain on the sidelines until more information becomes available as it relates to the company’s subscriptions.

What were some of the Fund’s best-performing individual stocks?

The top contributors to the Fund’s relative performance during the Reporting Period were specialty chemicals manufacturer Valspar, packaged foods manufacturer Hormel Foods and industrial products and equipment manufacturer Illinois Tool Works.

The announced acquisition of Valspar by Sherwin Williams (both Fund holdings) during the Reporting Period was an all-cash transaction valued at $9.3 billion and represented a 35% premium for the stock. The transaction is expected to close in the first quarter of 2017, and we intend to prudently reduce the Fund’s exposure over time in consideration of certain technicalities of the merger process and what we perceive as other relative opportunities for investment.

Hormel Foods executed and performed well during the Reporting Period, as the consumer staples sectors served as what many investors considered a “safe harbor” during market volatility. As valuations became more expensive on this stock, we reduced the Fund’s position in Hormel Foods and reallocated to other areas within the Fund’s portfolio.

Shares of Illinois Tool Works rose substantially during the Reporting Period. The industrials sector began to regain investor interest as the U.S. dollar stabilized and then weakened. This scenario provided a tailwind to earnings and improved overall sentiment for the sector.

How did the Fund use derivatives during the Reporting Period?

The Fund did not use derivatives during the Reporting Period.

Did the Fund make any significant purchases or sales during the Reporting Period?

We initiated a Fund position in Aflac, a supplemental insurance company. In the U.S., Aflac offers a wide range of products, including accident insurance and short-term disability insurance. Approximately 71% of its revenue is generated from its Japan business. Aflac is a leading insurance provider in Japan, selling its well-known cancer insurance through the post office. At the end of 2014, Aflac products were sold through approximately 10,000 post offices, with the potential to expand to 20,000 by the end of the first quarter of 2016. Aflac also has a strong track record of returning wealth to shareholders via dividend growth. Despite a challenging business environment in recent years, 2015 marked the 32nd consecutive year of dividend growth, we believe making Aflac one of the most consistent dividend growers in the 10/10 universe. A key growth driver for Aflac in the U.S. is the expansion of its distribution channels to include insurance brokers. As for Japan, we believe the company will continue to focus on what are known as third-sector product offerings (cancer and medical insurance products) along with new product offerings, which could provide strong cross-selling opportunities through its post office network. Prior to our purchase of the position for the Fund, the company had traded at a discount to its peer group and historical average, as a weak yen served as a headwind for the past couple of years. Should the yen strengthen and the company’s strategy start to generate growth, we believe Aflac’s stock price can potentially benefit both from earnings upgrades and multiple expansion in the near and medium term. (A multiple measures some aspect of a company’s financial well-being, determined by dividing one metric by another metric. Multiple expansion is growth of that multiple.)

We established a Fund position in Buckeye Partners LP, a downstream-midstream MLP (i.e. a mover of refined products), which, in our view, has excellent defensive characteristics. Distribution growth is visible, and it has no incentive distribution rights burden, which is rare in the MLP space. (Incentive distribution rights give a limited partnership’s general partner an increasing share in the incremental distributable cash flow the partnership generates.

PORTFOLIO RESULTS

This occurs alongside of per-unit distribution increases to the limited partners.) Despite a challenging oil price environment, Buckeye Partners LP has consistently beaten consensus expectations. Furthermore, from a longer-germ perspective, the MLP’s assets and business model are attractive, we believe, to a larger refiner or integrated sponsor, which can realize significant logistics value by buying and merging the assets with its other sponsored MLP. Without a General Partner burden and with an integrated network of refined product logistics, we believe Buckeye Partners LP presents an attractive investment profile for the Fund.

During the Reporting Period, we sold the Fund’s position in Nestle, as the stock no longer qualified as an investment for the Fund. Although Nestle continued to grow its dividend, its 10-year average dividend growth rate dropped below 10%. Based on the Fund’s investment criteria, which is to invest in companies that grow their respective dividends for at least 10% over 10 consecutive years, we decided to pursue other opportunities.

We exited the Fund’s position in Plains All American Pipeline LP (“PAA”), as its business was facing a persistently challenging oil price environment. In order for PAA’s management to preserve capital, distribution growth may be elusive in the near to medium term, in our view. Although its management affirmed full-year guidance, we believe its assumptions on commodity price and volume growth were too aggressive to meet its goal. Most importantly, the distribution coverage ratio dropped below 1x, implying, in our view, a need to ramp cash flow as the company seeks to sustain its distribution over the longer term. (Distribution coverage ratio is an MLP’s distributable cash flow divided by the total amount of distributions it paid out.) With the above concerns in mind, we believe there are better opportunities elsewhere in the MLP space.

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

During the Reporting Period, the only notable sector allocation shift in the Fund’s weightings was in industrials, which grew from an underweight relative to the S&P 500 Index to an overweight relative to the S&P 500 Index, mostly due to price appreciation.

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

At the end of April 2016, the Fund had overweighted positions relative to the S&P 500 Index in energy (mostly MLPs), materials, consumer discretionary, consumer staples and industrials. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in health care, financials and information technology. The Fund had no exposure to the utilities and telecommunication services sectors at the end of the Reporting Period.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

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

At the end of the Reporting Period, we expected the equity market to continue to exhibit fairly high volatility given the backdrop of global monetary policy initiatives, the upcoming U.S. presidential election and the evolving economic cycle. Additionally, we believe there will likely continue to be heavy emphasis on the U.S. dollar and related consequences to strengthening or weakening relative to global currencies.

The U.S. equity market, at the end of the Reporting Period, was also experiencing a rather weak earnings environment across most economic sectors, as the full impact of the recession in the energy sector takes effect. Amid such conditions, we believe the securities the Fund invests in may perform relatively well given their above-market earnings growth expectations and dividend growth profile. These companies exhibit strong balance sheets, profitable business mixes, strong and innovative product pipelines and shareholder-friendly policies, which, together, should continue to provide profitable investment opportunities, in our view.

Within the equity asset class, we seek to focus on valuations given the multiples some sectors and some companies are trading at and be disciplined to reduce overvalued names. Some sectors, such as consumer staples, performed well during the Reporting Period. But some companies were trading near peak multiples, and we are actively evaluating relative opportunities throughout the Fund’s portfolio.

We maintained the Fund’s lowest weight in MLPs relative to the past ten years during the Reporting Period. Going forward, we expect that we may begin to build those positions back up, as we become more constructive on the energy landscape and operating fundamentals of the MLPs in which the Fund invests. We would expect the energy sector to potentially be impacted by political rhetoric that emerges

PORTFOLIO RESULTS

during the U.S. presidential election, however, so we will be mindful of possibly shifting investor sentiment toward the sector while positioning the Fund.

As always, we continue to monitor domestic and global economies, geopolitical factors, interest rates and equity market fundamentals as we actively manage the Fund, with a focus on income through quality in an effort to offer investors the potential for rising income and competitive total returns with lower volatility.

FUND BASICS

Rising Dividend Growth Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			S&P 500 Index²
Class A		-1.10	%		0.43	%
Class C		-1.49			0.43
Institutional		-0.89			0.43
Class IR		-0.97			0.43
Class R		-1.19			0.43

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


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-11.40	%		6.90	%		6.83	%		7.17	%		3/23/04
Class C		-7.88			7.39			6.78			7.20			4/14/05
Institutional		-5.90			8.57			N/A			7.34			3/21/07
Class IR		-6.00			N/A			N/A			8.84			2/27/12
Class R		-6.50			N/A			N/A			8.31			2/27/12

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. Effective February 27, 2012, the Rising Dividend Growth Fund, a series of Dividend Growth Trust (the “Predecessor Fund”), was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund’s historical performance. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Prior to February 27, 2012 (the effective date of the reorganization of the Predecessor Fund into the Fund), the maximum initial sales charge applicable to sales of Class A Shares of the Predecessor Fund was 5.75%, which is not reflected in the average annual total return figures shown. 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.

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.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.13	%		1.15	%
Class C		1.88			1.90
Institutional		0.73			0.74
Class IR		0.88			0.89
Class R		1.38			1.39

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Lowe’s Cos., Inc.		3.9	%	Specialty Retail
Novo Nordisk A/S ADR		3.9		Pharmaceuticals
The TJX Cos., Inc.		3.6		Specialty Retail
Cardinal Health, Inc.		3.5		Health Care Providers & Services
Ecolab, Inc.		3.4		Chemicals
CVS Health Corp.		3.4		Food & Staples Retailing
PepsiCo., Inc.		3.3		Beverages
Roche Holding AG ADR		3.2		Pharmaceuticals
NIKE, Inc. Class B		2.9		Textiles, Apparel & Luxury Goods
The Sherwin-Williams Co.		2.9		Chemicals

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of April 30, 2016

LOGO

⁶

PORTFOLIO RESULTS

Index Definitions

The Bank of America Merrill Lynch BB to B U.S. High Yield Constrained Index contains all securities in the Bank of America Merrill Lynch U.S. High Yield Index rated BB1 through B3 (based on an average of Moody’s Investors Service, S&P Ratings and Fitch Ratings) but caps issuer exposure at 2%. The Index is rebalanced on the last calendar day of the month.

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 1000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. It is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The S&P 500^® Index is a U.S. stock market index based on the market capitalizations of 500 large companies having common stock listed on the New York Stock Exchange or NASDAQ. The S&P 500^® Index components and their weightings are determined by S&P Dow Jones Indices.

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Bank Loans^(a) – 9.6%
	Aerospace – 0.3%
	Transdigm, Inc.
$	4,626,630		3.750	%		02/28/20	$	4,618,533
	1,969,925		3.750			06/04/21		1,957,613

								6,576,146

	Automotive – Parts – 0.1%
	Gates Global LLC
	3,115,569		4.250			07/06/21		2,978,702

	Building Materials – 0.0%
	Atkore International, Inc.
	350,000		7.750			10/09/21		327,250

	Chemicals – 0.4%
	Univar, Inc.
	3,383,000		4.250			07/01/22		3,340,104
	US Coatings Acquisition, Inc.
	4,437,689		3.750			02/01/20		4,434,005

								7,774,109

	Consumer Cyclical Services – Business – 0.3%
	Equinix, Inc.
	1,200,000		4.000			01/08/23		1,203,000
	First Data Corp.
	5,850,000		4.189			07/08/22		5,851,463

								7,054,463

	Energy – 0.4%
	American Energy – Marcellus LLC
	1,075,000		8.500			08/04/21		129,000
	EP Energy LLC
	450,000		4.500			04/30/19		355,500
	3,525,000		3.500			05/24/18		2,775,938
	Magnum Hunter Resources, Inc.
	987,153		9.000			09/16/16		977,281
	3,291,750		0.000	^(b)		10/22/19		1,607,460
	MEG Energy Corp.
	2,914,473		3.750			03/31/20		2,603,587
	Targa Resources Corp.
	725,581		5.750			02/25/22		689,302

								9,138,068

	Environmental – 0.2%
	EnergySolutions LLC
	5,335,036		6.750			05/29/20		5,174,985

	Financial Co. – Non Captive – 0.1%
	Victory Capital Management, Inc.
	2,537,821		7.000			10/31/21		2,417,274

	Food & Beverage – 0.5%
	Performance Food Group, Inc.
	1,784,609		6.000			11/14/19		1,789,070
	Shearer’s Foods, Inc.
	1,420,000		7.750			06/30/22		1,299,300
	2,000,000		4.938			06/30/21		1,985,000
	1,770,563		5.250			06/30/21		1,752,857


	Bank Loans^(a) – (continued)
	Food & Beverage – (continued)
	US Foods, Inc.
$	3,457,225		4.500	%		03/31/19	$	3,452,904

								10,279,131

	Gaming – 0.1%
	Scientific Games International, Inc.
	1,817,424		6.000			10/01/21		1,787,037

	Health Care – 0.1%
	Community Health Systems, Inc.
	641,656		3.750			12/31/19		631,800
	1,180,629		4.000			01/27/21		1,162,648

								1,794,448

	Health Care – Pharmaceuticals – 0.6%
	Endo Luxembourg Finance Co. I S.A.R.L.
	4,588,500		3.750			09/26/22		4,571,293
	Valeant Pharmaceuticals International, Inc.
	9,007,127		5.000			04/01/22		8,772,942

								13,344,235

	Health Care – Services – 1.2%
	Envision Healthcare Corp.
	7,684,170		4.250			05/25/18		7,689,012
	MPH Acquisition Holdings LLC
	4,061,415		3.750			03/31/21		4,040,093
	Ortho-Clinical Diagnostics, Inc.
	4,540,341		4.750			06/30/21		4,294,663
	Sedgwick Claims Management Services, Inc.
	5,695,000		6.750			02/28/22		5,410,250
	240,000		6.750			02/28/22		228,000
	U.S. Renal Care, Inc.
	4,164,563		5.250			12/31/22		4,167,186

								25,829,204

	Home Construction – 0.1%
	Builders FirstSource, Inc.
	2,314,344		6.000			07/31/22		2,311,451

	Lodging – 0.1%
	Hilton Worldwide Finance LLC
	2,396,875		3.500			10/26/20		2,404,785

	Media – Broadcasting & Radio – 0.3%
	Getty Images, Inc.
	8,056,940		4.750			10/18/19		6,062,847

	Media – Non Cable – 0.3%
	Checkout Holding Corp.
	6,917,726		4.500			04/09/21		5,836,831

	Metals & Mining – 0.0%
	Hi Crush Partners LP
	1,336,364		4.750			04/28/21		891,194

	Packaging – 0.2%
	BWAY Holding Co., Inc.
	3,000,000		5.500			08/14/20		2,988,750


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Bank Loans^(a) – (continued)
	Packaging – (continued)
	Onex Wizard U.S. Acquisition, Inc.
$	2,000,000		4.250	%		03/13/22	$	1,994,640

								4,983,390

	Real Estate – 0.3%
	Communications Sales & Leasing, Inc.
	2,462,594		5.000			10/24/22		2,414,105
	Realogy Corp.
	3,457,316		3.750			03/05/20		3,454,446

								5,868,551

	Restaurants – 0.2%
	1011778 B.C. Unlimited Liability Co.
	3,351,941		3.750			12/10/21		3,357,706

	Retailers – 1.2%
	Burlington Coat Factory Warehouse Corp.
	2,629,604		4.250			08/13/21		2,635,626
	Neiman Marcus Group Ltd., Inc.
	9,397,626		4.250			10/25/20		8,942,405
	PetSmart, Inc.
	6,260,133		4.250			03/11/22		6,239,036
	The Men’s Wearhouse, Inc.
	5,550,000		5.000			06/18/21		5,439,000
	True Religion Apparel, Inc.
	4,197,750		5.875			07/30/19		1,860,989

								25,117,056

	Retailers – Food & Drug – 0.1%
	Rite Aid Corp.
	1,750,000		4.875			06/21/21		1,751,103

	Services Cyclical – Business Services – 0.3%
	ADS Waste Holdings, Inc.
	2,859,203		3.750			10/09/19		2,848,480
	Sabre, Inc.
	3,295,934		4.000			02/19/19		3,301,438

								6,149,918

	Technology – Software/Services – 1.8%
	Aspect Software, Inc.
	1,955,516		4.750			05/09/16		1,923,739
	Avago Technologies Cayman Ltd.
	11,600,000		4.250			02/01/23		11,602,088
	BMC Software Finance, Inc.
	7,021,014		5.000			09/10/20		6,029,296
	Global Payments, Inc.
	1,750,000		3.941			04/22/23		1,763,562
	MA FinanceCo., LLC
	6,205,743		4.500			11/20/19		6,190,229
	Micron Technology, Inc.
	3,300,000		6.000			04/26/22		3,311,352
	NXP BV
	5,860,313		3.750			12/07/20		5,874,963
	Renaissance Learning, Inc.
	150,000		8.000			04/11/22		138,750


	Bank Loans^(a) – (continued)
	Technology – Software/Services – (continued)
	SS&C Technologies, Inc.
$	2,143,251		4.007	%		07/08/22	$	2,148,609
	305,353		4.019			07/08/22		306,116

								39,288,704

	Wireless Telecommunications – 0.2%
	Intelsat Jackson Holdings SA
	3,000,000		3.750			06/30/19		2,810,250
	Neptune Finco Corp.
	2,675,000		5.000			10/09/22		2,683,373

								5,493,623

	Wirelines Telecommunications – 0.2%
	Level 3 Financing, Inc.
	4,850,000		4.000			08/01/19		4,862,125

	TOTAL BANK LOANS
	(Cost $217,404,454)						$	208,854,336


Shares		Description	Value

	Common Stocks – 35.3%
	Aerospace & Defense – 0.4%
	80,330	United Technologies Corp.	$	8,384,042

	Air Freight & Logistics – 0.4%
	76,141	United Parcel Service, Inc. Class B		8,000,135

	Beverages – 0.2%
	38,223	PepsiCo, Inc.		3,935,440

	Capital Markets – 0.7%
	243,827	Invesco Ltd.		7,561,075
	275,387	Morgan Stanley		7,451,972

				15,013,047

	Chemicals – 0.4%
	144,744	E.I. du Pont de Nemours & Co.		9,540,077

	Commercial Banks – 4.3%
	1,687,975	Banco Bilbao Vizcaya Argentaria SA ADR		11,630,148
	166,963	BB&T Corp.		5,907,151
	502,842	JPMorgan Chase & Co.		31,779,614
	168,847	M&T Bank Corp.		19,977,977
	490,769	Wells Fargo & Co.		24,528,635

				93,823,525

	Communications Equipment – 0.5%
	395,397	Cisco Systems, Inc.		10,869,464

	Computers & Peripherals – 0.2%
	197,179	EMC Corp.		5,148,344

	Consumer Finance – 0.5%
	158,383	American Express Co.		10,363,000

	Containers & Packaging – 0.3%
	114,106	Packaging Corp. of America		7,403,197


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

GOLDMAN SACHS INCOME BUILDER FUND


Shares		Description	Value

	Common Stocks – (continued)
	Diversified Telecommunication Services – 1.2%
	530,288	Verizon Communications, Inc.	$	27,012,871

	Electric Utilities – 3.3%
	197,480	Duke Energy Corp.		15,557,474
	1,798,277	Enel SpA ADR		8,110,229
	295,916	FirstEnergy Corp.		9,643,902
	582,390	Iberdrola SA ADR		16,598,115
	88,468	NextEra Energy, Inc.		10,402,068
	167,204	Pinnacle West Capital Corp.		12,147,371

				72,459,159

	Energy Equipment & Services – 0.5%
	124,471	Schlumberger Ltd.		10,000,000

	Food & Staples Retailing – 1.1%
	361,347	Wal-Mart Stores, Inc.		24,163,274

	Health Care Equipment & Supplies – 1.2%
	248,032	Abbott Laboratories		9,648,445
	214,888	Medtronic PLC		17,008,385

				26,656,830

	Health Care Providers & Services – 0.3%
	55,345	UnitedHealth Group, Inc.		7,287,830

	Hotels, Restaurants & Leisure – 0.3%
	71,333	Yum! Brands, Inc.		5,675,253

	Household Products – 1.1%
	31,965	Kimberly-Clark Corp.		4,001,699
	299,239	Reckitt Benckiser Group PLC ADR		5,909,970
	176,609	The Procter & Gamble Co.		14,149,913

				24,061,582

	Industrial Conglomerates – 0.9%
	608,557	General Electric Co.		18,713,128

	Insurance – 1.2%
	86,940	Arthur J. Gallagher & Co.		4,002,717
	243,607	MetLife, Inc.		10,986,676
	139,419	Prudential Financial, Inc.		10,824,491

				25,813,884

	Machinery – 0.8%
	82,177	Stanley Black & Decker, Inc.		9,197,250
	786,347	Volvo AB ADR		9,294,621

				18,491,871

	Media – 1.1%
	193,577	Comcast Corp. Class A		11,761,738
	275,170	Viacom, Inc. Class B		11,254,453

				23,016,191

	Oil, Gas & Consumable Fuels – 3.8%
	683,692	BP PLC ADR		22,958,377
	126,596	Chevron Corp.		12,935,579
	251,069	Exxon Mobil Corp.		22,194,500
	267,732	Royal Dutch Shell PLC ADR Class A		14,160,346
	209,407	Total SA ADR		10,627,405

				82,876,207


	Common Stocks – (continued)
	Personal Products – 0.4%
	175,147	Unilever NV	$	7,709,971

	Pharmaceuticals – 4.0%
	33,796	Allergan PLC^(b)		7,318,862
	114,879	Johnson & Johnson		12,875,638
	348,647	Merck & Co., Inc.		19,119,801
	74,799	Novartis AG ADR		5,682,480
	958,360	Pfizer, Inc.		31,347,956
	236,279	Sanofi ADR		9,711,067

				86,055,804

	Real Estate Investment Trusts – 1.1%
	60,782	Boston Properties, Inc.		7,832,369
	165,784	Brixmor Property Group, Inc.		4,186,046
	306,234	DDR Corp.		5,359,095
	290,421	RLJ Lodging Trust		6,119,170

				23,496,680

	Road & Rail – 0.6%
	139,164	Union Pacific Corp.		12,139,276

	Semiconductors & Semiconductor Equipment – 1.0%
	232,805	Intel Corp.		7,049,335
	277,380	QUALCOMM, Inc.		14,013,238

				21,062,573

	Software – 1.7%
	473,560	Microsoft Corp.		23,616,437
	206,366	Oracle Corp.		8,225,749
	307,859	Symantec Corp.		5,124,313

				36,966,499

	Specialty Retail – 0.5%
	1,643,043	Hennes & Mauritz AB ADR		11,567,023

	Tobacco – 0.4%
	132,223	Altria Group, Inc.		8,291,704

	Transportation Infrastructure – 0.3%
	1,411,644	Sydney Airport		7,278,527

	Wireless Telecommunication Services – 0.6%
	373,045	Vodafone Group PLC ADR		12,213,493

	TOTAL COMMON STOCKS
	(Cost $730,784,025)		$	765,489,901


Shares	Rate			Value

Preferred Stocks – 2.5%
Consumer Finance^(c) – 0.5%
Citigroup Capital XIII
145,263		7.008	%	$	3,798,628
GMAC Capital Trust I
31,474		6.402			789,053
Merrill Lynch Capital Trust I
39,934		6.450			1,037,485


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares	Rate			Value

Preferred Stocks – (continued)
Consumer Finance^(c) – (continued)
Morgan Stanley
183,597		6.375	%	$	4,868,992

					10,494,158

Diversified Telecommunication Services – 0.4%
Verizon Communications, Inc.
299,681		5.900			8,169,304

Electric Utilities – 0.6%
Exelon Corp.
104,612		6.500			5,069,498
SCE Trust III^(c)
320,000		5.750			8,704,000

					13,773,498

Real Estate Investment Trusts – 1.0%
DuPont Fabros Technology, Inc.
76,935		7.625			1,957,996
Public Storage
268,573		5.750			7,066,155
Taubman Centers, Inc.
240,461		6.500			6,456,378
Vornado Realty Trust
232,110		6.625			5,981,475

					21,462,004

TOTAL PREFERRED STOCKS – 2.5%
(Cost $50,537,648)				$	53,898,964


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 46.3%
	Airlines^(d) – 0.1%
	Air Canada
$	2,539,048		5.375	%		11/15/22	$	2,533,462

	Banks – 4.6%
	Ally Financial, Inc.
	3,000,000		8.000			11/01/31		3,607,500
	American Express Co.^(c)(e)
	6,339,000		6.800			09/01/66		6,323,152
	Bank of America Corp.^(c)(e)
	1,700,000		6.300			03/10/49		1,780,750
	6,275,000		6.100			03/17/49		6,275,000
	4,850,000		6.250			09/25/49		4,850,000
	Barclays PLC^(c)(e)
	3,000,000		6.625			09/15/49		2,760,000
	BPCE SA^(d)
	5,000,000		4.625			07/11/24		4,935,190
	Citigroup, Inc.^(c)(e)
	5,425,000		6.250			08/15/49		5,574,188
	CoBank ACB^(c)(e)
	5,350,000		6.250			10/01/49		5,537,250
	Credit Agricole SA^(c)(d)(e)
	2,500,000		6.625			09/23/49		2,356,250


	Corporate Obligations – (continued)
	Banks – (continued)
	Credit Suisse Group AG^(c)(e)
$	4,025,000		7.500	%^(d)		12/11/49	$	3,994,813
	2,500,000		6.250			12/18/49		2,312,500
	ING Groep NV^(c)(e)
	4,275,000		6.000			04/16/49		4,086,772
	6,650,000		6.500			12/29/49		6,159,562
	Intesa Sanpaolo SpA^(d)
	9,100,000		5.017			06/26/24		8,574,821
	JPMorgan Chase & Co.^(c)(e)
	11,225,000		6.125			04/30/49		11,521,340
	KBC Groep NV^(c)(e)
EUR	1,950,000		5.625			03/19/49		2,148,916
	Lloyds Banking Group PLC^(c)(e)
GBP	2,091,000		7.000			06/27/49		2,962,875
	Santander UK Group Holdings PLC^(d)
$	4,250,000		4.750			09/15/25		4,165,123
	UBS Group AG^(c)(e)
	10,600,000		6.875			08/07/49		10,274,580

								100,200,582

	Brokerage^(e) – 0.4%
	Morgan Stanley^(c)
	5,400,000		5.550			07/15/49		5,346,000
	Rialto Holdings LLC/Rialto Corp.^(d)
	3,000,000		7.000			12/01/18		2,940,000

								8,286,000

	Building Materials^(d)(e) – 0.3%
	Masonite International Corp.
	4,000,000		5.625			03/15/23		4,170,000
	RSI Home Products, Inc.
	2,800,000		6.500			03/15/23		2,912,000

								7,082,000

	Chemicals^(e) – 0.4%
	Ashland, Inc.
	5,250,000		6.875			05/15/43		5,230,312
	PQ Corp.^(d)
	3,400,000		6.750			11/15/22		3,510,500

								8,740,812

	Construction Machinery^(d)(e) – 0.1%
	Manitowoc Foodservice, Inc.
	2,650,000		9.500			02/15/24		2,934,875

	Consumer Cyclical Services – Business^(e) – 2.5%
	CoreLogic, Inc.
	5,000,000		7.250			06/01/21		5,193,750
	Corrections Corp. of America
	3,000,000		5.000			10/15/22		3,131,250
	Equinix, Inc.
	5,000,000		5.375			01/01/22		5,225,000
	6,000,000		5.375			04/01/23		6,255,000
	3,000,000		5.750			01/01/25		3,142,500
	First Data Corp.^(d)
	2,000,000		5.000			01/15/24		2,020,000
	6,650,000		5.750			01/15/24		6,799,625


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

GOLDMAN SACHS INCOME BUILDER FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Consumer Cyclical Services – Business^(e) – (continued)
	IHS, Inc.
$	4,000,000		5.000	%		11/01/22	$	4,180,000
	Iron Mountain Europe PLC
GBP	2,950,000		6.125			09/15/22		4,407,465
	Iron Mountain, Inc.^(d)
$	3,300,000		6.000			10/01/20		3,498,000
	WEX, Inc.^(d)
	11,001,000		4.750			02/01/23		10,038,413

								53,891,003

	Consumer Cyclical Services – Rental Equipment^(e) – 0.5%
	Ahern Rentals, Inc.^(d)
	8,850,000		7.375			05/15/23		6,748,125
	United Rentals North America, Inc.
	3,950,000		4.625			07/15/23		3,930,250
	1,000,000		5.750			11/15/24		1,015,000

								11,693,375

	Consumer Products^(e) – 0.4%
	Spectrum Brands, Inc.
	8,835,000		6.625			11/15/22		9,541,800

	Electric^(e) – 1.2%
	Calpine Corp.^(d)
	8,539,000		7.875			01/15/23		9,104,709
	Dynegy, Inc.
	6,020,000		6.750			11/01/19		6,095,250
	EDP – Energias de Portugal SA^(c)
EUR	3,100,000		5.375			09/16/75		3,536,629
	Electricite de France SA^(c)
	3,000,000		5.000			01/22/49		3,303,069
$	2,500,000		5.250	^(d)		01/29/49		2,409,750
	Puget Sound Energy, Inc.^(c)
	550,000		6.974			06/01/67		420,750

								24,870,157

	Energy – 1.9%
	Antero Resources Corp.^(e)
	7,975,000		5.125			12/01/22		7,636,063
	3,525,000		5.625			06/01/23		3,419,250
	Apache Corp.^(e)
	2,525,000		4.750			04/15/43		2,430,953
	2,575,000		4.250			01/15/44		2,357,963
	Centrica PLC^(c)(e)
EUR	2,800,000		3.000			04/10/76		2,898,191
	ConocoPhillips Co.^(e)
$	2,475,000		4.950			03/15/26		2,723,883
	Laredo Petroleum, Inc.^(e)
	3,375,000		5.625			01/15/22		3,105,000
	Nexen Energy ULC
	5,000		6.400			05/15/37		5,802
	50,000		7.500			07/30/39		63,881
	NRG Energy, Inc.^(e)
	7,000,000		7.875			05/15/21		7,262,500
	Oasis Petroleum, Inc.^(e)
	3,000,000		7.250			02/01/19		2,850,000


	Corporate Obligations – (continued)
	Energy – (continued)
	Weatherford International LLC
$	550,000		6.800	%		06/15/37	$	429,000
	Weatherford International Ltd.
	4,250,000		4.500	^(e)		04/15/22		3,750,625
	1,300,000		6.500			08/01/36		1,004,250
	Whiting Petroleum Corp.^(d)
	1,000,000		1.250			04/01/20		755,000

								40,692,361

	Entertainment^(d)(e) – 0.2%
	WMG Acquisition Corp.
	4,725,000		5.625			04/15/22		4,795,875

	Environmental^(e) – 0.1%
	Advanced Disposal Services, Inc.
	3,050,000		8.250			10/01/20		3,172,000

	Financial Co. – Non Captive – 2.0%
	CIT Group, Inc.
	1,800,000		5.250			03/15/18		1,863,000
	7,250,000		5.500	^(d)		02/15/19		7,594,375
	HRG Group, Inc.^(e)
	8,075,000		7.875			07/15/19		8,519,125
	International Lease Finance Corp.^(d)
	3,000,000		7.125			09/01/18		3,277,500
	Nationstar Mortgage LLC/Nationstar Capital Corp.^(e)
	3,000,000		6.500			08/01/18		2,925,000
	6,000,000		6.500			07/01/21		5,265,000
	Navient Corp.
	3,000,000		5.500			01/15/19		2,981,250
	4,000,000		5.875			03/25/21		3,840,000
	Speedy Cash Intermediate Holdings Corp.^(d)(e)
	9,974,000		10.750			05/15/18		6,782,320

								43,047,570

	Food & Beverage – 1.6%
	Anheuser-Busch InBev Finance, Inc.^(e)
	6,625,000		4.900			02/01/46		7,482,413
	Constellation Brands, Inc.
	5,625,000		4.750			12/01/25		5,962,500
	Cott Beverages, Inc.^(e)
	11,075,000		5.375			07/01/22		11,379,562
	Pernod-Ricard SA^(d)
	3,025,000		5.500			01/15/42		3,415,234
	Sysco Corp.^(e)
	5,000,000		4.850			10/01/45		5,441,101

								33,680,810

	Gaming – 0.9%
	CyrusOne LP/CyrusOne Finance Corp.^(e)
	5,299,000		6.375			11/15/22		5,590,445
	GLP Capital LP/GLP Financing II, Inc.
	1,100,000		4.375			04/15/21		1,124,750
	MGM Resorts International
	9,750,000		6.750			10/01/20		10,383,750
	MGP Escrow Issuer LLC/MGP Escrow Co-Issuer, Inc.^(d)(e)
	1,250,000		5.625			05/01/24		1,300,000

								18,398,945


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Health Care – 3.5%
	Centene Corp.^(d)(e)
$	3,000,000		5.625	%		02/15/21	$	3,165,000
	1,550,000		6.125			02/15/24		1,639,125
	CHS/Community Health Systems, Inc.^(e)
	10,625,000		6.875			02/01/22		9,668,750
	DaVita HealthCare Partners, Inc.^(e)
	8,175,000		5.000			05/01/25		8,185,219
	HCA, Inc.
	10,000,000		4.750			05/01/23		10,250,000
	15,000,000		5.000			03/15/24		15,525,000
	7,000,000		5.875	^(e)		02/15/26		7,280,000
	MPT Operating Partnership LP/MPT Finance Corp.^(e)
	5,100,000		6.375			03/01/24		5,431,500
	Tenet Healthcare Corp.
	11,600,000		4.134	^(c)(d)(e)		06/15/20		11,600,000
	3,150,000		6.000			10/01/20		3,339,000

								76,083,594

	Health Care – Pharmaceuticals^(e) – 1.1%
	Actavis Funding SCS
	6,075,000		4.750			03/15/45		6,138,221
	Bayer AG^(c)
EUR	4,000,000		2.375			04/02/75		4,461,116
	Endo Ltd./Endo Finance LLC/Endo Finco, Inc.^(d)
$	3,150,000		6.000			07/15/23		3,090,938
	5,000,000		6.000			02/01/25		4,800,000
	Merck KGaA^(c)
EUR	4,000,000		2.625			12/12/74		4,642,950

								23,133,225

	Health Care – Services^(d)(e) – 0.2%
	MEDNAX, Inc.
$	4,100,000		5.250			12/01/23		4,243,500

	Home Construction – 0.5%
	CBRE Services, Inc.^(e)
	5,000,000		5.250			03/15/25		5,186,533
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc.
	3,000,000		4.375			06/15/19		3,007,500
	William Lyon Homes, Inc.^(e)
	2,000,000		5.750			04/15/19		1,940,000

								10,134,033

	Insurance^(c)(e) – 0.5%
	Standard Life PLC
GBP	7,350,000		6.546			01/06/49		11,222,735

	Lodging^(d)(e) – 0.1%
	MCE Finance Ltd.
$	3,000,000		5.000			02/15/21		2,902,500

	Media – Cable – 4.8%
	Altice Luxembourg SA^(e)
EUR	2,000,000		6.250			02/15/25		2,129,794
	Altice US Finance I Corp.^(d)(e)
$	5,450,000		5.500			05/15/26		5,490,875


	Corporate Obligations – (continued)
	Media – Cable – (continued)
	CCO Holdings LLC/CCO Holdings Capital Corp.^(e)
$	4,300,000		5.125	%		05/01/23	$	4,396,750
	4,000,000		5.750			09/01/23		4,180,000
	3,100,000		5.875	^(d)		04/01/24		3,255,000
	7,000,000		5.375			05/01/25		7,157,500
	4,000,000		5.875	^(d)		05/01/27		4,100,000
	CCO Safari II LLC^(d)(e)
	6,000,000		4.908			07/23/25		6,464,569
	15,000,000		6.484			10/23/45		17,657,184
	CCOH Safari LLC^(d)(e)
	2,195,000		5.750			02/15/26		2,274,569
	Comcast Corp.^(e)
	3,500,000		4.600			08/15/45		3,939,047
	DISH DBS Corp.
	4,050,000		5.875			11/15/24		3,817,125
	Numericable-SFR SA^(d)(e)
	18,300,000		6.000			05/15/22		18,322,875
	2,650,000		7.375			05/01/26		2,703,000
	UPCB Finance IV Ltd.^(d)(e)
	9,275,000		5.375			01/15/25		9,437,313
	Virgin Media Secured Finance PLC^(e)
GBP	4,000,000		4.875			01/15/27		5,468,094
	Ziggo Bond Finance BV^(d)(e)
$	3,000,000		5.875			01/15/25		2,973,750

								103,767,445

	Media – Non Cable – 3.5%
	21st Century Fox America, Inc.
	5,025,000		6.150			02/15/41		6,209,728
	Ancestry.com, Inc.^(e)
	1,900,000		11.000			12/15/20		2,071,000
	Clear Channel Worldwide Holdings, Inc.^(e)
	4,000,000		6.500			11/15/22		3,880,000
	Nielsen Finance LLC/Nielsen Finance Co.^(d)(e)
	12,000,000		5.000			04/15/22		12,240,000
	Sirius XM Radio, Inc.^(d)(e)
	6,500,000		4.625			05/15/23		6,435,000
	16,000,000		6.000			07/15/24		16,920,000
	Univision Communications, Inc.^(e)
	8,950,000		5.125	^(d)		02/15/25		8,860,500
	6,000,000		5.125			02/15/25		5,940,000
	Videotron Ltd.^(d)(e)
	13,000,000		5.375			06/15/24		13,536,250

								76,092,478

	Metals & Mining^(d) – 0.2%
	Glencore Funding LLC
	4,000,000		4.000			04/16/25		3,480,000

	Packaging^(d)(e) – 0.5%
	Ardagh Finance Holdings SA^(f)
	990,968		8.625			06/15/19		988,408
	Ardagh Packaging Finance PLC
	132,353		7.000			11/15/20		125,404


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

GOLDMAN SACHS INCOME BUILDER FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Packaging^(d)(e) – (continued)
	Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc.
$	6,550,000		1.000	%^(c)		05/15/21	$	6,550,000
	3,834,000		7.250			05/15/24		3,834,000

								11,497,812

	Pipelines – 1.3%
	Enterprise Products Operating LLC^(c)(e)
	100,000		8.375			08/01/66		83,286
	1,000,000		7.000			06/01/67		720,000
	Kinder Morgan, Inc.^(e)
	6,325,000		5.050			02/15/46		5,532,145
	Sabine Pass Liquefaction LLC^(e)
	4,000,000		6.250			03/15/22		3,990,000
	10,000,000		5.750			05/15/24		9,725,000
	The Williams Cos., Inc.
	9,000,000		7.500			01/15/31		8,415,000

								28,465,431

	Property/Casualty Insurance – 0.0%
	Transatlantic Holdings, Inc.
	75,000		8.000			11/30/39		98,961

	Real Estate – 0.5%
	DuPont Fabros Technology LP^(e)
	6,000,000		5.875			09/15/21		6,300,000
	Starwood Property Trust, Inc.
	4,000,000		3.750			10/15/17		3,976,000

								10,276,000

	Restaurants^(d)(e) – 0.6%
	New Red Finance, Inc.
	8,150,000		4.625			01/15/22		8,353,750
	Seminole Hard Rock Entertainment, Inc.
	4,450,000		5.875			05/15/21		4,494,500

								12,848,250

	Retailers – 1.4%
	Amazon.com, Inc.^(e)
	10,625,000		4.950			12/05/44		12,432,129
	Dollar Tree, Inc.^(d)(e)
	4,000,000		5.750			03/01/23		4,270,000
	L Brands, Inc.
	6,000,000		5.625			02/15/22		6,615,000
	2,000,000		5.625			10/15/23		2,210,000
	Restoration Hardware Holdings, Inc.^(d)(g)
	3,000,000		0.000			06/15/19		2,471,250
	The Neiman Marcus Group, Inc.
	1,500,000		7.125			06/01/28		1,391,250

								29,389,629

	Retailers – Food & Drug^(e) – 0.5%
	CVS Health Corp.
	4,400,000		5.125			07/20/45		5,154,321
	Rite Aid Corp.
	6,000,000		6.750			06/15/21		6,330,000

								11,484,321


	Corporate Obligations – (continued)
	Technology^(e) – 0.5%
	Hewlett Packard Enterprise Co.^(d)
$	3,000,000		6.200	%		10/15/35	$	2,992,266
	Seagate HDD Cayman
	3,000,000		5.750			12/01/34		2,009,754
	VeriSign, Inc.
	2,000,000		4.625			05/01/23		2,060,000
	4,000,000		5.250			04/01/25		4,120,000

								11,182,020

	Technology – Hardware^(e) – 0.9%
	Micron Technology, Inc.^(d)
	5,400,000		7.500			09/15/23		5,589,000
	NCR Corp.
	5,000,000		5.875			12/15/21		5,187,500
	Qorvo, Inc.^(d)
	3,450,000		6.750			12/01/23		3,536,250
	Western Digital Corp.^(d)
	4,800,000		7.375			04/01/23		4,845,000

								19,157,750

	Technology – Software^(e) – 1.3%
	Aspect Software, Inc.^(b)
	1,000,000		10.625			05/15/17		80,000
	BMC Software Finance, Inc.^(d)
	12,000,000		8.125			07/15/21		8,880,000
	Infor US, Inc.
	7,350,000		6.500			05/15/22		6,798,750
	Microsoft Corp.
	5,000,000		3.750			02/12/45		4,979,695
	Nuance Communications, Inc.^(d)
	7,000,000		5.375			08/15/20		7,140,000

								27,878,445

	Tobacco^(e) – 0.8%
	Reynolds American, Inc.
	14,575,000		5.850			08/15/45		17,886,841

	Wireless Telecommunications – 4.8%
	Altice Financing SA^(d)(e)
	4,425,000		6.625			02/15/23		4,402,875
	Altice Finco SA^(d)(e)
	2,000,000		8.125			01/15/24		1,950,000
	Digicel Group Ltd.^(d)(e)
	3,800,000		8.250			09/30/20		3,467,500
	Digicel Ltd.^(d)(e)
	950,000		7.000			02/15/20		879,938
	Intelsat Jackson Holdings SA^(e)
	3,300,000		7.250			10/15/20		2,409,000
	6,000,000		5.500			08/01/23		3,810,000
	SBA Communications Corp.^(e)
	17,191,000		4.875			07/15/22		17,319,932
	SoftBank Group Corp.
	8,000,000		4.500	^(d)		04/15/20		8,120,000
	4,425,000		6.000	^(e)		07/30/25		4,624,125
	Sprint Communications, Inc.
	8,975,000		6.000			12/01/16		9,019,875
	2,000,000		6.000			11/15/22		1,475,000


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Wireless Telecommunications – (continued)
	Sprint Corp.
$	16,000,000		7.875	%		09/15/23	$	12,460,000
	7,500,000		7.125			06/15/24		5,615,625
	T-Mobile USA, Inc.^(e)
	2,000,000		6.250			04/01/21		2,095,000
	1,550,000		6.633			04/28/21		1,643,000
	8,200,000		6.625			04/01/23		8,774,000
	2,000,000		6.375			03/01/25		2,115,000
	10,550,000		6.500			01/15/26		11,209,375
	VimpelCom Holdings BV
	1,000,000		7.504			03/01/22		1,071,250
	Wind Acquisition Finance SA^(d)(e)
	2,425,000		4.750			07/15/20		2,328,000

								104,789,495

	Wirelines Telecommunications – 1.6%
	AT&T, Inc.^(e)
	6,300,000		4.750			05/15/46		6,336,836
	Communications Sales & Leasing, Inc./CSL Capital LLC^(d)(e)
	3,600,000		6.000			04/15/23		3,591,000
	Frontier Communications Corp.
	4,926,000		8.500			04/15/20		5,233,875
	Telecom Italia SpA^(d)
	12,875,000		5.303			05/30/24		13,486,563
	Verizon Communications, Inc.
	2,500,000		4.862			08/21/46		2,677,710
	2,500,000		4.672			03/15/55		2,442,455

								33,768,439

	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,000,157,732)						$	1,003,344,531


	Mortgage-Backed Obligations – 0.0%
	Collateralized Mortgage Obligations – 0.0%
	Adjustable Rate Non-Agency^(c) – 0.0%
	Countrywide Alternative Loan Trust Series 2005-31, Class 2A1
$	159,476		0.733	%		08/25/35	$	135,133
	Countrywide Alternative Loan Trust Series 2005-38, Class A3
	163,463		0.783			09/25/35		132,647
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
	10,426		2.671			11/20/34		9,788
	JPMorgan Alternative Loan Trust Series 2005-A2, Class 1A1
	130,851		0.693			01/25/36		123,698
	Merrill Lynch Alternative Note Asset Trust Series 2007-OAR3, Class A1
	359,846		0.629			07/25/47		278,538
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-06, Class 3A2
	126,490		2.574			06/25/34		125,134
	Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
	59,557		2.861			08/25/33		60,106

								865,044


	Mortgage-Backed Obligations – (continued)
	Interest Only^(h) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
$	2,161		5.250	%		07/25/33	$	56
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X^(c)
	20,075		0.000			07/25/33		—
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X^(c)
	21,993		0.000			08/25/33		—
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX^(c)
	33,238		0.123			08/25/33		203
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX^(c)
	6,340		0.320			07/25/33		72

								331

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $753,153)						$	865,375


	Asset-Backed Securities – 0.0%
	Home Equity^(c) – 0.0%
	Countrywide Home Equity Loan Trust Series 2004-N, Class 2A
$	48,362		0.713	%		02/15/34	$	41,872

	Manufactured Housing – 0.0%
	Mid-State Trust Series 4, Class A
	22,927		8.330			04/01/30		23,395

	TOTAL ASSET-BACKED SECURITIES
	(Cost $76,110)						$	65,267


	U.S. Treasury Obligations – 4.0%
	United States Treasury Note
$	85,500,000		1.375	%		09/30/20	$	86,045,484
	(Cost $85,968,553)


Shares	Description			Value

Investment Companies^(c)(i) – 0.7%
Goldman Sachs Financial Square Government Fund – FST Institutional Shares
11,460,564		0.250	%	$	11,460,564
Goldman Sachs High Yield Fund – Institutional Shares
462,300		0.060			2,870,886

TOTAL INVESTMENT COMPANIES
(Cost $14,813,477)				$	14,331,450


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

GOLDMAN SACHS INCOME BUILDER FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investments – 1.4%
	Commercial Paper – 1.4%
	Eaton Corp.
$	2,500,000		0.659	%		05/05/16	$	2,499,819
	5,000,000		0.690			05/11/16		4,999,056
	Marriott Internation
	5,000,000		0.669			05/09/16		4,999,267
	Monsanto Co.
	5,000,000		0.832			05/23/16		4,997,494
	Omnicom Cap, Inc.
	5,000,000		0.781			05/16/16		4,998,396
	Schlumberger Holdings Corp.
	5,000,000		1.015			06/03/16		4,995,417
	Tyco International Finance SA
	3,000,000		0.862			05/10/16		2,999,362

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $30,488,811)						$	30,488,811

	TOTAL INVESTMENTS – 99.8%
	(Cost $2,130,983,963)						$	2,163,384,119

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%							3,836,887

	NET ASSETS – 100.0%						$	2,167,221,006


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		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 April 30, 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.
(b)		Security is currently in default and/or non-income producing.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.
(d)		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 $379,453,612, which represents approximately 17.5% of net assets as of April 30, 2016.
(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)		Pay-in-kind securities.
(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(i)		Represents affiliated funds.



Currency Abbreviations:
CHF		—Swiss Franc
EUR		—Euro
GBP		—British Pound
USD		—United States Dollar

Investment Abbreviations:
ADR		—American Depositary Receipt
GMAC		—General Motors Acceptance Corporation
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company


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

GOLDMAN SACHS INCOME BUILDER FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Goldman Sachs Asset Management International	USD	281,073	CHF	269,512	$	281,234		05/24/16	$	(161	)
	USD	22,254,078	EUR	19,831,643		22,720,963		05/19/16		(466,885	)
	USD	24,370,465	GBP	17,146,011		25,054,616		05/27/16		(684,152	)
TOTAL									$	(1,151,198	)

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
2 Year U.S. Treasury Notes		(141	)	June 2016	$	(30,826,125	)	$	(57,497	)
5 Year U.S. Treasury Notes		(364	)	June 2016		(44,012,719	)		(22,985	)
10 Year U.S. Treasury Notes		(956	)	June 2016		(124,339,750	)		(127,560	)
20 Year U.S. Treasury Bonds		(497	)	June 2016		(81,166,312	)		888,590
Ultra Long U.S. Treasury Bonds		(189	)	June 2016		(32,383,969	)		370,141
TOTAL								$	1,050,689


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value


	Common Stocks – 97.5%
	Aerospace & Defense – 1.7%
	499,700	United Technologies Corp.	$	52,153,689

	Beverages – 3.3%
	990,000	PepsiCo., Inc.		101,930,400

	Capital Markets – 1.7%
	262,077	SEI Investments Co.		12,600,662
	511,000	T. Rowe Price Group, Inc.		38,473,190

				51,073,852

	Chemicals – 10.7%
	905,000	Ecolab, Inc.		104,056,900
	535,000	Monsanto Co.		50,118,800
	310,000	The Sherwin-Williams Co.		89,066,100
	800,000	The Valspar Corp.		85,352,000

				328,593,800

	Commercial Banks – 1.6%
	1,200,000	Bank of the Ozarks, Inc.		49,560,000

	Communications Equipment – 2.8%
	1,071,800	Harris Corp.		85,754,718

	Diversified Financial Services – 2.4%
	497,320	FactSet Research Systems, Inc.		74,970,990

	Food & Staples Retailing – 3.4%
	1,034,500	CVS Health Corp.		103,967,250

	Food Products – 2.2%
	1,770,000	Hormel Foods Corp.		68,233,500

	Health Care Providers & Services – 3.5%
	1,348,600	Cardinal Health, Inc.		105,811,156

	Household Products – 2.3%
	750,000	Church & Dwight Co., Inc.		69,525,000

	Industrial Conglomerates – 2.7%
	470,000	Roper Technologies, Inc.		82,762,300

	Insurance – 3.5%
	425,000	Aflac, Inc.		29,312,250
	667,109	Chubb Ltd.		78,625,467

				107,937,717

	IT Services – 3.8%
	935,000	Automatic Data Processing, Inc.		82,691,400
	427,709	Jack Henry & Associates, Inc.		34,657,260

				117,348,660

	Leisure Equipment & Products – 2.5%
	768,290	Polaris Industries, Inc.		75,200,225

	Machinery – 3.9%
	740,700	Illinois Tool Works, Inc.		77,417,964
	376,200	Parker-Hannifin Corp.		43,646,724

				121,064,688

	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 19.5%
	105,000	Buckeye Partners LP	$	7,560,000
	1,017,500	Columbia Pipeline Partners LP		14,784,275
	1,759,629	Enable Midstream Partners LP		20,886,796
	2,499,000	Energy Transfer Equity LP		31,062,570
	1,667,300	Enterprise Products Partners LP		44,500,237
	989,700	EOG Resources, Inc.		81,769,014
	669,816	EQT Midstream Partners LP		53,109,711
	1,480,000	Genesis Energy LP		47,981,600
	697,200	Magellan Midstream Partners LP		50,247,204
	1,324,953	NGL Energy Partners LP		16,932,899
	1,850,000	Suncor Energy, Inc.		54,334,500
	1,399,200	Sunoco Logistics Partners LP		40,968,576
	1,110,000	Tallgrass Energy GP LP		23,121,300
	445,000	Tallgrass Energy Partners LP		18,289,500
	790,000	Tesoro Logistics LP		36,529,600
	569,270	Western Gas Partners LP		27,814,532
	872,904	Williams Partners LP		26,387,888

				596,280,202

	Pharmaceuticals – 9.6%
	2,137,600	Novo Nordisk A/S ADR		119,256,704
	810,000	Perrigo Co. PLC		78,302,700
	3,086,658	Roche Holding AG ADR		97,445,793

				295,005,197

	Road & Rail – 2.8%
	1,403,500	Canadian National Railway Co.		86,399,460

	Specialty Retail – 8.8%
	1,570,000	Lowe’s Cos., Inc.		119,351,400
	250,000	Ross Stores, Inc.		14,195,000
	1,450,000	The TJX Cos., Inc.		109,939,000
	347,590	Tiffany & Co.		24,800,547

				268,285,947

	Textiles, Apparel & Luxury Goods – 4.8%
	1,525,000	NIKE, Inc. Class B		89,883,500
	900,000	VF Corp.		56,745,000

				146,628,500

	TOTAL COMMON STOCKS
	(Cost $2,372,492,883)		$	2,988,487,251


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 2.3%
	Repurchase Agreements – 2.3%
	Joint Repurchase Agreement Account II
$	70,200,000		0.290	%		05/02/16	$	70,200,000
	(Cost $70,200,000)

	TOTAL INVESTMENTS – 99.8%
	(Cost $2,442,692,883)						$	3,058,687,251

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%							5,031,077

	NET ASSETS – 100.0%						$	3,063,718,328


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 33.



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


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Schedule of Investments

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At April 30, 2016, the Rising Dividend Growth Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of May 2, 2016, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Rising Dividend Growth	$	70,200,000	$	70,201,132	$71,674,097

REPURCHASE AGREEMENTS — At April 30, 2016, the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:


Counterparty	Interest Rate			Rising Dividend Growth
BNP Paribas Securities Co.		0.30	%	$	11,655,435
Citigroup Global Markets, Inc.		0.30			14,740,697
Merrill Lynch & Co., Inc.		0.30			9,865,983
Merrill Lynch & Co., Inc.		0.28			33,937,885
TOTAL				$	70,200,000

At April 30, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Banks		3.330	%		02/01/33
Federal Home Loan Banks		3.375 to 5.500			09/01/28 to 07/15/36
Federal Home Loan Mortgage Corp.		4.000 to 7.500			09/01/17 to 11/01/45
Federal National Mortgage Association		2.500 to 6.500			03/01/19 to 08/01/45
Government National Mortgage Association		3.500 to 10.000			02/15/18 to 04/20/46
United States Treasury Floating Rate Note		0.518			10/31/17
United States Treasury Inflation Protected Securities		0.125			07/15/22
U.S. Treasury Notes		1.625 to 2.500			06/30/20 to 08/15/23
United States Treasury Stripped Securities		0.000			11/15/31 to 02/15/44


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)


	Income Builder Fund			Rising Dividend Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $2,116,170,486 and $2,442,692,883)	$	2,149,052,669		$	3,058,687,251
Investments of affiliated issuers, at value (cost $14,813,477 and $0)		14,331,450			—
Cash		20,161,560			14,644
Foreign currencies, at value (cost $2,734 and $0, respectively)		2,914			—
Receivables:
Dividends and interest		18,204,957			5,597,265
Investments sold		16,666,092			10,109,133
Investments sold on an extended-settlement basis		4,447,830			—
Collateral on certain derivative contracts^(a)		4,195,668			—
Fund shares sold		3,838,772			2,129,262
Foreign tax reclaims		168,646			2,608,007
Reimbursement from investment adviser		9,212			49,856
Other assets		6,733			13,144
Total assets		2,231,086,503			3,079,208,562

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		1,151,198			—
Variation margin on certain derivative contracts		576,678			—
Payables:
Investments purchased on an extended-settlement basis		38,623,036			—
Investments purchased		17,128,249			3,827,905
Fund shares redeemed		4,376,680			8,691,821
Distribution and Service fees and Transfer Agency fees		945,467			1,069,334
Management fees		895,959			1,751,099
Accrued expenses		168,272			150,075
Total liabilities		63,865,497			15,490,234

Net Assets:
Paid-in capital		2,286,024,173			2,470,899,451
Distributions in excess of net investment income		(3,296,174	)		(51,106,956	)
Accumulated net realized gain (loss)		(145,296,300	)		33,403,586
Net unrealized gain		29,789,307			610,522,247
NET ASSETS	$	2,167,221,006		$	3,063,718,328
Net Assets:
Class A	$	633,571,178		$	881,806,518
Class C		695,785,447			665,889,440
Institutional		721,089,485			1,185,121,071
Class IR		116,765,122			326,109,416
Class R		—			4,791,883
Class R6		9,774			—
Total Net Assets	$	2,167,221,006		$	3,063,718,328
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		29,924,810			43,366,798
Class C		33,372,180			32,542,854
Institutional		33,392,685			57,069,005
Class IR		5,420,688			15,714,762
Class R		—			235,957
Class R6		453			—
Net asset value, offering and redemption price per share:^(b)
Class A		$21.17			$20.33
Class C		20.85			20.46
Institutional		21.59			20.77
Class IR		21.54			20.75
Class R		—			20.31
Class R6		21.59			—

(a)

Represents initial margin on future transactions.

(b)

Maximum public offering price per share for Class A Shares of the Income Builder and the Rising Dividend Growth Funds is $22.40 and $21.51, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2016 (Unaudited)


	Income Builder Fund			Rising Dividend Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $341,655 and $0)	$	15,781,369		$	25,305,263
Dividends — affiliated issuers		134,077			—
Interest		36,868,695			150,874
Total investment income		52,784,141			25,456,137

Expenses:
Management fees		6,648,384			11,062,665
Distribution and Service fees^(a)		4,211,795			4,515,646
Transfer Agency fees^(a)		1,518,661			2,122,167
Custody, accounting and administrative services		128,694			122,807
Printing and mailing costs		121,802			194,008
Registration fees		82,288			88,774
Professional fees		50,327			62,657
Trustee fees		14,600			17,441
Other		24,069			35,378
Total expenses		12,800,620			18,221,543
Less — expense reductions		(1,243,903	)		(295,385	)
Net expenses		11,556,717			17,926,158
NET INVESTMENT INCOME		41,227,424			7,529,979

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(125,718,303	)		27,243,515
Futures contracts		(5,688,704	)		—
Forward foreign currency exchange contracts		943,695			—
Foreign currency transactions		224,062			(2,075	)
Net change in unrealized gain on:
Investments — unaffiliated issuers		61,320,583			(101,548,811	)
Investments — affiliated issuers		(92,012	)		—
Futures contracts		2,026,229			—
Forward foreign currency exchange contracts		(921,000	)		—
Foreign currency translation		15,569			—
Net realized and unrealized loss		(67,889,881	)		(74,307,371	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,662,457	)	$	(66,777,392	)

(a)

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


Distribution and Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Class R6		Class IR		Class R
	$ 810,604	$	3,401,191	$	—	$	616,059	$	646,226	$	142,554	$	2	$	113,820	$	—
	1,155,043		3,349,019		11,584		877,833		636,314		250,832		—		352,786		4,402


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets


	Income Builder Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	41,227,424		$	78,282,345
Net realized gain (loss)		(130,239,250	)		(17,376,216	)
Net change in unrealized gain (loss)		62,349,369			(79,279,212	)
Net decrease in net assets resulting from operations		(26,662,457	)		(18,373,083	)

Distributions to shareholders:
From net investment income
Class A Shares		(12,809,992	)		(25,272,901	)
Class C Shares		(11,308,695	)		(19,196,423	)
Institutional Shares		(15,185,890	)		(27,929,995	)
Class IR Shares		(2,457,470	)		(4,386,513	)
Class R Shares		—			—
Class R6 Shares^(a)		(202	)		(100	)
Return of capital
Class A Shares		—			(2,841,064	)
Class C Shares		—			(2,157,975	)
Institutional Shares		—			(3,139,763	)
Class IR Shares		—			(493,112	)
Class R Shares		—			—
Class R6 Shares^(a)		—			(11	)
Total distributions to shareholders		(41,762,249	)		(85,417,857	)

From share transactions:
Proceeds from sales of shares		399,374,194			1,079,141,908
Reinvestment of distributions		37,110,599			75,118,014
Cost of shares redeemed		(510,983,836	)		(674,836,151	)
Net increase (decrease) in net assets resulting from share transactions		(74,499,043	)		479,423,771
TOTAL INCREASE (DECREASE)		(142,923,749	)		375,632,831

Net assets:
Beginning of period		2,310,144,755			1,934,511,924
End of period	$	2,167,221,006		$	2,310,144,755
Distributions in excess of net investment income	$	(3,296,174	)	$	(2,399,866	)

(a)

Commenced operations on July 31, 2015.


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Statements of Changes in Net Assets


	Rising Dividend Growth Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	7,529,979		$	13,315,816
Net realized gain (loss)		27,241,440			(19,902,659	)
Net change in unrealized gain (loss)		(101,548,811	)		(71,345,396	)
Net decrease in net assets resulting from operations		(66,777,392	)		(77,932,239	)

Distributions to shareholders:
From net investment income
Class A Shares		(5,410,232	)		(5,209,223	)
Class C Shares		(2,304,747	)		(809,923	)
Institutional Shares		(9,541,858	)		(10,560,502	)
Class IR Shares		(2,566,349	)		(2,740,540	)
Class R Shares		(24,943	)		(15,469	)
Return of capital
Class A Shares		—			(5,665,776	)
Class C Shares		—			(880,908	)
Institutional Shares		—			(11,486,057	)
Class IR Shares		—			(2,980,729	)
Class R Shares		—			(16,824	)
Total distributions to shareholders		(19,848,129	)		(40,365,951	)

From share transactions:
Proceeds from sales of shares		233,299,227			1,287,414,003
Reinvestment of distributions		17,079,957			34,426,282
Cost of shares redeemed		(805,086,927	)		(1,139,920,958	)
Net increase (decrease) in net assets resulting from share transactions		(554,707,743	)		181,919,327
TOTAL INCREASE (DECREASE)		(641,333,264	)		63,621,137

Net assets:
Beginning of period		3,705,051,592			3,641,430,455
End of period	$	3,063,718,328		$	3,705,051,592
Distributions in excess of net investment income	$	(51,106,956.00	)	$	(18,013,483	)


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

GOLDMAN SACHS INCOME BUILDER FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	21.77	$	0.40		$	(0.59	)	$	(0.19	)	$	(0.41	)	$	—		$	—		$	(0.41	)
2016 - C		21.45		0.32			(0.58	)		(0.26	)		(0.34	)		—			—			(0.34	)
2016 - Institutional		22.20		0.45			(0.61	)		(0.16	)		(0.45	)		—			—			(0.45	)
2016 - IR		22.14		0.44			(0.61	)		(0.17	)		(0.43	)		—			—			(0.43	)
2016 - R6		22.20		0.45			(0.61	)		(0.16	)		(0.45	)		—			—			(0.45	)

FOR THE FISCAL YEAR ENDED OCTOBER 31,
2015 - A		22.83		0.84			(0.99	)		(0.15	)		(0.82	)		—			(0.09	)		(0.91	)
2015 - C		22.51		0.66			(0.98	)		(0.32	)		(0.66	)		—			(0.08	)		(0.74	)
2015 - Institutional		23.25		0.94			(0.99	)		(0.05	)		(0.90	)		—			(0.10	)		(1.00	)
2015 - IR		23.20		0.91			(1.01	)		(0.10	)		(0.86	)		—			(0.10	)		(0.96	)
2015 - R6 (Commenced July 31, 2015)		22.83		0.18			(0.56	)		(0.38	)		(0.22	)		—			(0.03	)		(0.25	)
2014 - A		22.47		0.89			0.64			1.53			(0.96	)		(0.21	)		—			(1.17	)
2014 - C		22.17		0.70			0.65			1.35			(0.80	)		(0.21	)		—			(1.01	)
2014 - Institutional		22.86		1.01			0.64			1.65			(1.05	)		(0.21	)		—			(1.26	)
2014 - IR		22.81		0.96			0.66			1.62			(1.02	)		(0.21	)		—			(1.23	)
2013 - A		20.99		0.75			2.21			2.96			(0.88	)		(0.60	)		—			(1.48	)
2013 - C		20.74		0.57			2.19			2.76			(0.73	)		(0.60	)		—			(1.33	)
2013 - Institutional		21.33		0.83			2.27			3.10			(0.97	)		(0.60	)		—			(1.57	)
2013 - IR		21.29		0.79			2.27			3.06			(0.94	)		(0.60	)		—			(1.54	)
2012 - A		19.01		0.55			1.95			2.50			(0.52	)		—			—			(0.52	)
2012 - C		18.79		0.42			1.90			2.32			(0.37	)		—			—			(0.37	)
2012 - Institutional		19.31		0.66			1.97			2.63			(0.61	)		—			—			(0.61	)
2012 - IR		19.28		0.57			2.02			2.59			(0.58	)		—			—			(0.58	)
2011 - A		18.21		0.42	^(f)		0.83			1.25			(0.45	)		—			—			(0.45	)
2011 - C		18.01		0.26	^(f)		0.84			1.10			(0.32	)		—			—			(0.32	)
2011 - Institutional		18.50		0.47	^(f)		0.87			1.34			(0.53	)		—			—			(0.53	)
2011 - IR		18.48		0.40	^(f)		0.90			1.30			(0.50	)		—			—			(0.50	)

(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 deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c)

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

(d)

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

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.08 per share and 0.40% of average net assets.


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

GOLDMAN SACHS INCOME BUILDER 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			Portfolio turnover rate^(d)

$	21.17		(0.81	)%	$	633,571		0.98	%^(e)		1.09	%^(e)		3.91	%^(e)		47	%
	20.85		(1.17	)		695,785		1.73	^(e)		1.84	^(e)		3.16	^(e)		47
	21.59		(0.66	)		721,089		0.58	^(e)		0.69	^(e)		4.30	^(e)		47
	21.54		(0.68	)		116,765		0.73	^(e)		0.84	^(e)		4.16	^(e)		47
	21.59		(0.65	)		10		0.58	^(e)		0.70	^(e)		4.30	^(e)		47


	21.77		(0.70	)		708,457		0.97			1.10			3.73			57
	21.45		(1.44	)		704,566		1.72			1.85			2.98			57
	22.20		(0.25	)		766,537		0.57			0.70			4.13			57
	22.14		(0.45	)		130,575		0.72			0.85			3.98			57
	22.20		(1.63	)		10		0.58	^(e)		0.69	^(e)		3.15	^(e)		57
	22.83		6.96			660,692		0.95			1.13			3.89			52
	22.51		6.20			530,983		1.70			1.88			3.10			52
	23.25		7.39			644,757		0.55			0.73			4.31			52
	23.20		7.24			94,528		0.70			0.88			4.13			52
	22.47		14.81			279,374		0.97			1.27			3.48			53
	22.17		13.94			155,764		1.71			2.02			2.64			53
	22.86		15.25			180,419		0.56			0.86			3.74			53
	22.81		15.06			33,886		0.71			1.01			3.55			53
	20.99		13.26			95,116		1.05			1.44			2.73			369
	20.74		12.39			18,699		1.80			2.21			2.09			369
	21.33		13.74			13,601		0.65			1.06			3.21			369
	21.29		13.55			1,639		0.80			1.19			2.77			369
	19.01		6.95			94,819		1.05			1.38			2.20	^(f)		357
	18.79		6.13			9,297		1.80			2.13			1.38	^(f)		357
	19.31		7.33			6,610		0.65			0.98			2.44	^(f)		357
	19.28		7.09			177		0.80			1.13			2.06	^(f)		357


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

GOLDMAN SACHS RISING DIVIDEND GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			From capital			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	20.68	$	0.04		$	(0.27	)	$	(0.23	)	$	(0.12	)	$	—		$	—		$	(0.12	)
2016 - C		20.84		(0.03	)		(0.28	)		(0.31	)		(0.07	)		—			—			(0.07	)
2016 - Institutional		21.12		0.08			(0.27	)		(0.19	)		(0.16	)		—			—			(0.16	)
2016 - IR		21.10		0.07			(0.28	)		(0.21	)		(0.14	)		—			—			(0.14	)
2016 - R		20.66		0.02			(0.27	)		(0.25	)		(0.10	)		—			—			(0.10	)

FOR THE FISCAL YEAR ENDED OCTOBER 31,
2015 - A		21.25		0.06			(0.42	)		(0.36	)		(0.10	)		—			(0.11	)		(0.21	)
2015 - C		21.41		(0.10	)		(0.42	)		(0.52	)		(0.02	)		—			(0.03	)		(0.05	)
2015 - Institutional		21.69		0.15			(0.43	)		(0.28	)		(0.14	)		—			(0.15	)		(0.29	)
2015 - IR		21.68		0.11			(0.43	)		(0.32	)		(0.13	)		—			(0.13	)		(0.26	)
2015 - R		21.20		0.01			(0.43	)		(0.42	)		(0.06	)		—			(0.06	)		(0.12	)
2014 - A		18.50		0.03			2.88			2.91			(0.07	)		—			(0.09	)		(0.16	)
2014 - C		18.65		(0.13	)		2.92			2.79			(0.02	)		—			(0.01	)		(0.03	)
2014 - Institutional		18.88		0.11			2.94			3.05			(0.11	)		—			(0.13	)		(0.24	)
2014 - IR		18.87		0.07			2.95			3.02			(0.10	)		—			(0.11	)		(0.21	)
2014 - R		18.46		(0.03	)		2.89			2.86			(0.06	)		—			(0.06	)		(0.12	)
2013 - A		15.16		(0.03	)		3.54			3.51			(0.04	)		—			(0.13	)		(0.17	)
2013 - C		15.30		(0.17	)		3.58			3.41			(0.02	)		—			(0.04	)		(0.06	)
2013 - Institutional		15.46		0.04			3.61			3.65			(0.06	)		—			(0.17	)		(0.23	)
2013 - IR		15.46		—	^(e)		3.61			3.61			(0.04	)		—			(0.16	)		(0.20	)
2013 - R		15.15		(0.11	)		3.57			3.46			(0.02	)		—			(0.13	)		(0.15	)

THE PERIOD OCTOBER 1, 2012 TO OCTOBER 31,
2012 - A		15.35		(0.01	)		(0.18	)		(0.19	)		—			—			—			—
2012 - C		15.50		(0.02	)		(0.18	)		(0.20	)		—			—			—			—
2012 - Institutional		15.65		(0.01	)		(0.18	)		(0.19	)		—			—			—			—
2012 - IR		15.65		(0.01	)		(0.18	)		(0.19	)		—			—			—			—
2012 - R		15.34		(0.02	)		(0.17	)		(0.19	)		—			—			—			—

FOR THE FISCAL YEARS ENDED SEPTEMBER 30,
2012 - A		12.82		0.05			2.66			2.71			(0.16	)		(0.02	)		—			(0.18	)
2012 - C		12.97		(0.07	)		2.71			2.64			(0.09	)		(0.02	)		—			(0.11	)
2012 - Institutional		13.06		0.11			2.71			2.82			(0.21	)		(0.02	)		—			(0.23	)
2012 - IR		15.25		(0.01	)		0.57			0.56			(0.14	)		(0.02	)		—			(0.16	)
2012 - R		14.96		(0.07	)		0.57			0.50			(0.10	)		(0.02	)		—			(0.12	)
2011 - A		12.94		0.02			0.12			0.14			(0.03	)		—			(0.15	)		(0.26	)
2011 - C		13.08		(0.07	)		0.15			0.08			(0.02	)		—			(0.11	)		(0.19	)
2011 - Institutional		13.16		0.07			0.14			0.21			(0.03	)		—			(0.18	)		(0.31	)

(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 beginning 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 deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Rising Dividend Growth Fund’s predecessor was the Rising Dividend Growth Fund (the “Predecessor Fund”). On February 27, 2012, the Predecessor Fund was reorganized as a new series of the Goldman Sachs Trust. Performance prior to February 27, 2012 is that of the Predecessor Fund. Total return information of the Predecessor Fund is provided in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.

(f)

Expense ratios include the effect of the operating expenses of the Predecessor Fund prior to Reorganization.


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

GOLDMAN SACHS RISING DIVIDEND GROWTH 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	20.33		(1.10	)%	$	881,807		1.14	%^(d)		1.16	%^(d)		0.44	%^(d)		8	%
	20.46		(1.49	)		665,889		1.89	^(d)		1.91	^(d)		(0.29	)^(d)		8
	20.77		(0.89	)		1,185,121		0.74	^(d)		0.76	^(d)		0.83	^(d)		8
	20.75		(0.97	)		326,109		0.89	^(d)		0.91	^(d)		0.67	^(d)		8
	20.31		(1.19	)		4,792		1.39	^(d)		1.41	^(d)		0.22	^(d)		8


	20.68		(1.72	)		1,054,093		1.13			1.15			0.28			25
	20.84		(2.44	)		732,998		1.88			1.90			(0.47	)		25
	21.12		(1.29	)		1,476,799		0.73			0.74			0.67			25
	21.10		(1.49	)		437,422		0.88			0.89			0.53			25
	20.66		(2.00	)		3,740		1.38			1.39			0.05			25
	21.25		15.81			1,063,292		1.15			1.16			0.13			12
	21.41		14.93			632,859		1.90			1.91			(0.63	)		12
	21.69		16.26			1,509,224		0.75			0.76			0.52			12
	21.68		16.10			428,787		0.90			0.91			0.37			12
	21.20		15.53			7,268		1.40			1.41			(0.14	)		12
	18.50		23.27			858,185		1.18			1.21			(0.18	)		13
	18.65		22.35			384,551		1.93			1.96			(0.98	)		13
	18.88		23.77			918,912		0.78			0.81			0.21			13
	18.87		23.55			258,492		0.93			0.96			0.03			13
	18.46		22.98			4,141		1.42			1.45			(0.63	)		13


	15.16		(1.24	)		252,945		1.20	^(d)		1.32	^(d)		(0.69	)^(d)		2
	15.30		(1.29	)		61,464		1.94	^(d)		2.06	^(d)		(1.39	)^(d)		2
	15.46		(1.21	)		220,145		1.80	^(d)		0.93	^(d)		(0.31	)^(d)		2
	15.46		(1.21	)		45,472		0.95	^(d)		1.07	^(d)		(0.40	)^(d)		2
	15.15		(1.24	)		127		1.45	^(d)		1.57	^(d)		(0.99	)^(d)		2


	15.35		21.15			230,319		1.31	^(f)		1.49	^(f)		0.35	^(f)		18
	15.50		20.38			51,158		2.04	^(f)		2.16	^(f)		(0.45	)^(f)		18
	15.65		21.64			195,794		0.93	^(f)		1.10	^(f)		0.74	^(f)		18
	15.65		3.70			36,122		0.95	^(d)		1.14	^(d)		0.50	^(d)		18
	15.34		3.36			127		1.42	^(d)		1.60	^(d)		(0.17	)^(d)		18
	12.82		0.95			66,336		1.65			1.68			0.12			52
	12.97		0.51			12,332		2.25			2.28			(0.48	)		52
	13.06		1.47			55,565		1.25			1.28			0.51			52


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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Income Builder	A, C, Institutional, IR and R6*	Diversified
Rising Dividend Growth	A, C, Institutional, IR and R	Non-Diversified

Class R6 commenced operations on July 31, 2015.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with contingent deferred sales charge (“CDSC”) of 1.00% which is imposed on redemptions made within 12 months of purchase. Institutional, 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 Funds pursuant to a management agreement (the “Agreement”) with the Trust. Dividend Assets Capital, LLC (“DAC” or the “Sub Adviser”) serves as the sub-adviser to the Rising Dividend Growth Fund. GSAM compensates the Sub Adviser directly in accordance with the terms of the Sub-Advisory Agreement. The Fund is not charged any separate or additional investment advisory fees by the Sub-Adviser.

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 and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. 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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Distributions from Master Limited Partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Funds record their pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

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

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (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 according to the following schedule:


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Income Builder	Monthly	Annually
Rising Dividend Growth	Quarterly	Annually

Net capital losses 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.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and Exchange Traded Funds (“ETFs”). Investments in investment companies are valued at the NAV per share of the Institutional Share class (FST for Money Market Funds) on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. 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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximates fair value and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by the Income Builder Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA.

The Fund is required to deliver securities as collateral to the counterparty that exceeds the value of the reverse repurchase agreement. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that a Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to the Fund.

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.

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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2016:



INCOME BUILDER

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stocks^(a)
Australia and Oceania	$	—		$	7,278,527		$	—
Europe		163,181,630			—			—
North America		595,029,744			—			—
Preferred Stocks^(a)
North America		—			53,898,964			—
Fixed Income
Bank Loans		—			193,958,061			14,896,275
Corporate Obligations		—			1,003,344,531			—
Mortgage-Backed Obligations		—			865,375			—
Asset-Backed Securities		—			65,267			—
U.S. Treasury Obligations		86,045,484			—			—
Investment Companies		14,331,450			—			—
Short-term Investments		—			30,488,811			—
Total	$	858,588,308		$	1,289,899,536		$	14,896,275

Derivative Type
Assets^(b)
Futures Contracts	$	1,258,731		$	—		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,151,198	)	$	—
Futures Contracts		(208,042	)		—			—
Total	$	(208,042	)	$	(1,151,198	)	$	—

RISING DIVIDEND GROWTH

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stocks^(a)
Europe	$	373,630,664		$	—		$	—
North America		2,614,856,587			—			—
Short-term Investments		—			70,200,000			—
Total	$	2,988,487,251		$	70,200,000		$	—

(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.

(b)

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

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of April 30, 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.


Income Builder
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts	$	1,258,731	^(a)	Variation margin on certain derivative contracts	$	(208,042)	^(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		—		Payable for unrealized loss on forward foreign currency exchange contracts		(1,151,198)
Total		$	1,258,731			$	(1,359,240)

(a)

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

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


Income Builder
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(5,688,704	)	$	2,026,229			2,162
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		943,695			(921,000	)		4
Total		$	(4,745,009	)	$	1,105,229			2,166

(a)

Average number of contracts is based on the average of month end balances for the period ended April 30, 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.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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, 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.

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 six months ended April 30, 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^
Income Builder		0.65	%		0.59	%		0.56	%		0.55	%		0.54	%		0.62	%		0.51	%*
Rising Dividend Growth		0.75			0.68			0.64			0.63			0.62			0.69	%		0.69	%

GSAM has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the Funds’ most recent prospectuses. These waivers will be effective through at least February 26, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Effective Net Management Rates above are calculated based on management rates before and after waivers had been adjusted, if applicable.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Income Builder Fund invests in FST Institutional Shares of the Goldman Sachs Financial Square Government Fund and the Institutional Shares of the Goldman Sachs High Yield Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the six months ended April 30, 2016, GSAM waived $52,520 of the Fund’s management fee.

B. Distribution and Service Plans — The Trust, on behalf of each 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 a 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 Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2016, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Income Builder	$	132,988	$	46
Rising Dividend Growth		78,358		—

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class C, Class IR and Class R Shares; 0.04% of the average daily net assets of Institutional Shares; and 0.02% of the average daily net assets of Class R6 Shares.

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, 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 Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Income Builder and Rising Dividend Growth are 0.034% and 0.014%, respectively. These Other Expense limitations will remain in place through at least February 26, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Income Builder	$	1,137,044	$	106,859	$	1,243,903
Rising Dividend Growth		—		295,385		295,385

F. Line of Credit Facility — As of April 30, 2016, the Funds participated in a $1,205,000,000 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 six months ended April 30, 2016, the Funds did not have any borrowings under the facility. The facility was renewed in the amount of $1,100,000,000 effective May 3, 2016.

G. Other Transactions with Affiliates — For the six months ended April 30, 2016, Goldman Sachs earned $49,621, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Income Builder Fund.

The table below shows the transactions in and earnings from investments in the Underlying Fund for the Income Builder Fund for the six months ended April 30, 2016:


Underlying Fund	Market Value 10/31/2015		Purchases at Cost		Proceeds from Sales			Net Change in Unrealized Gain (Loss)			Market Value 4/30/2016		Dividend Income
Goldman Sachs Financial Square Government Fund	$	64,950,238	$	414,859,012	$	(468,348,686	)	$	—		$	11,460,564	$	107,007
Goldman Sachs High Yield Fund		2,878,792		84,106		—			(92,012	)		2,870,886		27,070
Total	$	67,829,030	$	414,943,118	$	(468,348,686	)	$	(92,012	)	$	14,331,450		134,077

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended April 30, 2016, were as follows:


Fund	Purchases of U.S Government Securities		Purchases (Excluding U.S Government Securities)		Sales and Maturities of U.S Government Securities		Sales and Maturities (Excluding U.S Government Securities)
Income Builder	$	85,977,598	$	915,349,670	$	—	$	979,328,126
Rising Dividend Growth		—		256,691,133.00		—		509,602,251.00

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The table below summarizes the reverse repurchase agreement activity for the period ended April 30, 2016:


Fund Name	Average amounts of borrowings		Weighted average interest rate			Number of days outstanding during the period
Income Builder Fund	$	5,008,196		1.92	%		70

In order to present certain components of the Funds’ capital accounts, certain reclassifications have been recorded to the Funds’ accounts to take into consideration return of capital distributions. These reclassifications have no impact on the net asset value of the Funds.


	Income Builder			Rising Dividend Growth
Distributions in excess of net investment income	$	(361,483	)	$	(20,775,323	)
Accumulated net realized gain (loss)		2,886,113			26,247,445
Net unrealized gain		(2,524,630	)		(5,472,122	)

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2015, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Income Builder		Rising Dividend Growth
Capital loss carryforwards:
Perpetual Short-term	$	(7,473,372)	$	(18,476,430	)
Perpetual Long-term		(9,680,873)		—
Total capital loss carryforwards	$	(17,154,245)	$	(18,476,430	)

As of April 30, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Income Builder			Rising Dividend Growth
Tax Cost	$	2,128,417,247		$	2,458,032,271
Gross unrealized gain		128,038,947			764,160,490
Gross unrealized loss		(93,072,075	)		(163,505,510	)
Net unrealized security gain	$	34,966,872		$	600,654,980

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to net mark to market gains/losses on regulated futures and options contracts, net mark to market gain/loss on foreign currency contracts.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

7. TAX INFORMATION (continued)

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:

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[s]. 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 also can 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but are expected to increase in the future with unpredictable effects on the markets and the Funds’ investments.

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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

8. OTHER RISKS (continued)

ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

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.

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 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. 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 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.

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

Non-Diversification Risk — Goldman Sachs Rising Dividend Growth 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

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

8. OTHER RISKS (continued)

adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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

Short Position Risk — The Income Builder 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 Income Builder Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

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 Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Income Builder Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,244,602		$	88,584,633			12,779,697		$	286,853,445
Reinvestment of distributions		593,351			12,280,653			1,196,026			26,711,679
Shares converted from Class B^(a)		—			—			19,114			437,131
Shares redeemed		(7,450,487	)		(154,406,880	)		(10,401,047	)		(232,997,529	)
		(2,612,534	)		(53,541,594	)		3,593,790			81,004,726
Class B Shares^(a)
Shares converted to Class A		—			—			(19,265	)		(437,131	)
Shares redeemed		—			—			(137,506	)		(3,119,537	)
		—			—			(156,771	)		(3,556,668	)
Class C Shares
Shares sold		4,769,805			98,073,302			14,329,849			316,761,315
Reinvestment of distributions		477,327			9,727,098			821,596			18,057,009
Shares redeemed		(4,718,294	)		(96,220,751	)		(5,901,233	)		(130,023,598	)
		528,838			11,579,649			9,250,212			204,794,726
Institutional Shares
Shares sold		8,709,915			185,056,782			17,357,197			396,735,861
Reinvestment of distributions		599,008			12,646,554			1,119,976			25,472,088
Shares redeemed		(10,449,920	)		(220,265,171	)		(11,673,589	)		(266,746,352	)
		(1,140,997	)		(22,561,835	)		6,803,584			155,461,597
Class IR Shares
Shares sold		1,316,141			27,659,477			3,455,961			78,781,282
Reinvestment of distributions		116,653			2,456,092			215,202			4,877,127
Shares redeemed		(1,908,886	)		(40,091,034	)		(1,849,114	)		(41,949,130	)
		(476,092	)		(9,975,465	)		1,822,049			41,709,279
Class R6 Shares^(b)
Shares sold		—			—			439			10,005
Reinvestment of distributions		10			202			5			111
Shares redeemed		—			—			(1	)		(5	)
		10			202			443			10,111
NET INCREASE (DECREASE)		(3,700,775	)	$	(74,499,043	)		21,313,307		$	479,423,771

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b)

Commenced operations on July 31, 2015.

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Rising Dividend Growth Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,528,518		$	49,742,918			14,646,468		$	313,769,741
Reinvestment of distributions		257,129			5,142,587			495,768			10,353,908
Shares redeemed		(10,389,095	)		(202,102,145	)		(14,204,704	)		(300,876,001	)
		(7,603,448	)		(147,216,640	)		937,532			23,247,648
Class C Shares
Shares sold		2,066,061			41,070,962			10,746,927			231,900,878
Reinvestment of distributions		96,152			1,944,187			66,814			1,412,211
Shares redeemed		(4,799,290	)		(94,690,346	)		(5,193,304	)		(110,896,308	)
		(2,637,077	)		(51,675,197	)		5,620,437			122,416,781
Institutional Shares
Shares sold		5,282,397			105,083,850			25,578,313			558,466,208
Reinvestment of distributions		363,947			7,415,499			794,147			16,933,049
Shares redeemed		(18,515,948	)		(369,009,923	)		(26,001,134	)		(558,260,002	)
		(12,869,604	)		(256,510,574	)		371,326			17,139,255
Class IR Shares
Shares sold		1,756,558			35,449,624			8,230,890			179,690,099
Reinvestment of distributions		125,955			2,565,690			268,260			5,718,881
Shares redeemed		(6,897,274	)		(138,428,612	)		(7,548,178	)		(162,697,754	)
		(5,014,761	)		(100,413,298	)		950,972			22,711,226
Class R Shares
Shares sold		97,701			1,951,873			167,414			3,587,077
Reinvestment of distributions		599			11,994			398			8,233
Shares redeemed		(43,334	)		(855,901	)		(329,627	)		(7,190,893	)
		54,966			1,107,966			(161,815	)		(3,595,583	)
NET INCREASE (DECREASE)		(28,069,924	)	$	(554,707,743	)		7,718,452		$	181,919,327

GOLDMAN SACHS DIVIDEND FOCUS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Class IR, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and 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, Class IR, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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

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

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


	Income Builder Fund							Rising Dividend Growth Fund
Share Class	Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*
Class A
Actual	$	1,000.00	$	991.90		$	4.85	$	1,000.00	$	989.00		$	5.64
Hypothetical 5% return		1,000.00		1,019.99	+		4.92		1,000.00		1,019.19	+		5.72
Class C
Actual		1,000.00		988.30			8.55		1,000.00		985.10			9.33
Hypothetical 5% return		1,000.00		1,016.26	+		8.67		1,000.00		1,015.46	+		9.47
Institutional
Actual		1,000.00		993.40			2.87		1,000.00		991.10			3.66
Hypothetical 5% return		1,000.00		1,021.98	+		2.92		1,000.00		1,021.18	+		3.72
Class IR
Actual		1,000.00		993.20			3.62		1,000.00		990.30			4.40
Hypothetical 5% return		1,000.00		1,021.23	+		3.67		1,000.00		1,020.44	+		4.47
Class R
Actual		N/A		N/A			—		1,000.00		988.10			6.87
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,017.95	+		6.97
Class R6
Actual		1,000.00		1,000.00			2.88		N/A		N/A			—
Hypothetical 5% return		1,000.00		1,021.98	+		2.92		N/A		N/A			N/A

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

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


Fund	Class A			Class C			Institutional			Class IR			Class R			Class R6
Income Builder		0.98	%		1.73	%		0.58	%		0.73	%		N/A			0.58	%
Rising Dividend Growth		1.14			1.89			0.74			0.89			1.39	%		N/A

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

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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 $1.11 trillion in assets under supervision as of March 31, 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.

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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 Fund⁸

Balanced Strategy Portfolio

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

An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although a money market portfolio seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in a money market portfolio. The Fund’s sponsor has no legal obligation to provide financial support to a money market portfolio, and you should not expect that the sponsor will provide financial support to the money market portfolio at any time.

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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 Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q 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’ 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. 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).

Fund holdings and allocations shown are as of April 30, 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.

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

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

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

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

Goldman Sachs Funds

LOGO



Semi-Annual Report				April 30, 2016

				Domestic Equity Insights Funds
				Large Cap Growth Insights
				Large Cap Value Insights
				Small Cap Equity Insights
				Small Cap Growth Insights
				Small Cap Value Insights
				U.S. Equity Insights

LOGO

Goldman Sachs Domestic Equity Insights Funds

LARGE CAP GROWTH INSIGHTS

LARGE CAP VALUE INSIGHTS

SMALL CAP EQUITY INSIGHTS

SMALL CAP GROWTH INSIGHTS

SMALL CAP VALUE INSIGHTS

U.S. EQUITY INSIGHTS


TABLE OF CONTENTS

Market Review			1

Investment Process			3

Portfolio Management Discussion and Performance Summaries			5

Schedules of Investments			36

Financial Statements			64

Financial Highlights			72

Notes to Financial Statements			84

Other Information			104



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Domestic Equity Insights Funds

Market Review

The U.S. equity market ended the six months ended April 30, 2016 (the “Reporting Period”) roughly where it started. Federal Reserve (“Fed”) monetary policy, economic data and oil price shifts were some of the biggest themes dominating the U.S. equity markets during the Reporting Period.

At the beginning of 2016, U.S. equities suffered 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 sanguine in April 2016, as oil prices rose and China 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, U.S. equities fell near the end of April 2016, as first quarter 2016 U.S. GDP disappointed the markets by being weaker than expected at 0.5%.

For the Reporting Period overall, the S&P 500^® Index returned 0.43%, with six of the 10 sectors in the Index generating positive returns. The telecommunication services and utilities sectors generated double-digit gains, followed at a distance by the consumer staples and materials sectors. The information technology, financials, health care and consumer discretionary 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 -1.90% 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 1.93% during the Reporting Period, while the Russell 1000^® Growth Index, representing large-cap growth stocks, returned -1.37%.

MARKET REVIEW

Looking Ahead

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

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

What Differentiates Goldman Sachs’ Domestic Equity Insights Funds Investment Process?

At Goldman Sachs Asset Management, L.P. (“GSAM”), Equity Insights combines traditional fundamental analysis with sophisticated quantitative modeling. Our approach is not unlike that of a more traditional active manager: we look at fundamental investment themes that have been effective historically in forecasting excess returns of stocks. However, where we differ from traditional managers is that we seek to rigorously test every potential research theme or signal to verify whether they have shown consistent predictive ability across a wide variety of stocks in different time periods and under different market conditions.

LOGO

Comprehensive – We calculate expected excess returns for more than 10,000 stocks on a daily basis.

Rigorous – We evaluate stocks based on fundamental investment criteria that have outperformed historically.

Objective – Our stock selection process is free from the emotion that may lead to biased investment decisions.

LOGO

Our computer optimization process allocates risk to our high conviction investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns.

We use a proprietary risk model that is designed to be more precise, more focused and faster to respond because it seeks to identify, track and manage risk specific to our process, using daily data.

LOGO

Fully invested, well-diversified portfolio that seeks to:

Maintain style, sector, risk and capitalization characteristics similar to the benchmark.

Offer broad access to a clearly defined equity universe.

Generate excess returns that are positive, consistent and repeatable.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended April 30, 2016

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the six-month period ended April 30, 2016 (the “Reporting Period”).

We enhanced our Management theme by expanding the scope of an existing signal that looks at managements’ personal transactions in the stock of their respective company. Corporate executives purchasing or selling shares can potentially signal their conviction in the company’s stock when assessed under the right circumstances. We obtain and analyze this information through regulatory filings for more than 7,500 companies globally. In addition, we expanded the scope of two signals within our global linkages theme. First, we extended a signal, which analyzes patent data to identify economically linked companies, to all investment regions. We now analyze about 40 million patents from various patent offices for more than 3,000 companies globally to establish the economic linkages between stocks of various industries. Second, we extended a signal that establishes economic linkages between companies in the automotive supply chain from Japan to the U.S. investment region. We take a differentiated, region-specific approach and analyze the potential relationships between the stock returns of suppliers and manufacturers multiple levels down the supply chain.

Changes to the Domestic Equity Insights Funds’ Portfolio Management Team

On February 5, 2016, Ron Hua, Chief Investment Officer of Equity Alpha Strategies for the Quantitative Investment Strategies (“QIS”) Team, announced his intention to retire from Goldman Sachs Asset Management, L.P. (“GSAM”). As such, effective that date, Mr. Hua no longer had portfolio management responsibilities for the Domestic Equity Insights Funds (the “Funds”). Effective February 5, 2016, Armen Avanessians assumed the responsibilities as Chief Investment Officer of GSAM’s Equity Alpha Team, overseeing research, portfolio management and implementation for all of the Funds. As always, the Quantitative Investment Strategies platform is organized into a series of specialist portfolio management teams that focus on generating and implementing investment ideas within their area of expertise. Investment decisions are made by these portfolio management teams, rather than by one portfolio manager or committee. Ultimate accountability for each of the Funds resides with the senior portfolio managers dedicated to each Team strategy, who oversee their respective research, portfolio management and implementation processes.

PORTFOLIO RESULTS

Goldman Sachs Large Cap Growth Insights Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Growth Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -1.67%, -2.01%, -1.49%, -1.73%, -1.56%, -1.84% and -1.46%, respectively. These returns compare to the -1.37% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund benefited from stock selection driven by our quantitative model, with five of our quantitative model’s six investment themes contributing positively to relative returns. However, the Fund underperformed the Index, largely due to the underperformance of our Momentum investment theme.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

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

During the Reporting Period, five of our six investment themes added to the Fund’s relative returns. Sentiment and Quality were our best performing themes. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality. Profitability, Management and Valuation also bolstered relative results. The Profitability theme seeks to assess whether a company is earning more than its cost of capital. The Management theme seeks to assess the characteristics, policies and strategic decisions of company management. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Our Momentum theme detracted from relative performance during the Reporting Period. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies.

How did the Fund’s sector and industry allocations affect relative performance?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance. That said, the Fund was hurt during the Reporting Period by its overweight in energy, though stock selection in the sector added to performance.

PORTFOLIO RESULTS

Did stock selection help or hurt Fund performance during the Reporting Period?

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

During the Reporting Period, security selection overall added modestly to the Fund’s relative performance. Investments in the industrials, consumer discretionary and energy sectors enhanced relative results, while stock picks in the health care, financials and materials sectors detracted from relative returns.

Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

The Fund benefited from overweight positions in Tyson Foods, Illinois Tool Works and HD Supply Holdings. Our positive views on Momentum and Sentiment led to the Fund’s overweight in food maker Tyson Foods. The Fund was overweight Illinois Tool Works, a producer of engineered fasteners and components, equipment and consumable systems, and specialty products, because of our positive views on Quality and Sentiment. We assumed the overweight in industrial distributor HD Supply Holdings based on our positive views on Momentum and Sentiment.

Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

Overweight positions in Marathon Petroleum and HollyFrontier detracted from relative performance. We chose to overweight both petroleum refiners because of our positive views on Sentiment and Valuation. The Fund was also hurt by an overweight in networking products maker Juniper Networks. Our positive views on Profitability and Sentiment led us to overweight the stock.

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

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the information technology, health care and materials sectors relative to the Index. Compared to the Index, the Fund was underweight the consumer staples, industrials, financials, consumer discretionary and telecommunication services sectors. The Fund was relatively neutral compared to the Index in the energy and utilities sectors at the end of the Reporting Period.

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		-1.67	%		-1.37	%
Class C		-2.01			-1.37
Institutional		-1.49			-1.37
Service		-1.73			-1.37
Class IR		-1.56			-1.37
Class R		-1.84			-1.37
Class R6		-1.46			-1.37

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


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-5.17	%		11.73	%		5.50	%		8.18	%	5/1/97
Class C		-1.43			12.16			5.30			3.82		8/15/97
Institutional		0.70			13.46			6.54			8.77		5/1/97
Service		0.24			12.90			6.00			8.36		5/1/97
Class IR		0.59			13.28			N/A			6.79		11/30/07
Class R		0.05			12.73			N/A			6.27		11/30/07
Class R6		N/A			N/A			N/A			-1.38		7/31/15

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 and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). 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.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.16	%
Class C		1.71			1.91
Institutional		0.56			0.76
Service		1.06			1.26
Class IR		0.71			0.91
Class R		1.21			1.41
Class R6		0.54			0.74

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		4.7	%	Computers & Peripherals
The Home Depot, Inc.		2.6		Specialty Retail
Amazon.com, Inc.		2.5		Internet & Catalog Retail
Facebook, Inc. Class A		2.5		Internet Software & Services
PepsiCo., Inc.		2.5		Beverages
Amgen, Inc.		2.2		Biotechnology
Alphabet, Inc. Class A		2.1		Internet Software & Services
Alphabet, Inc. Class C		2.1		Internet Software & Services
Microsoft Corp.		2.0		Software
Oracle Corp.		1.7		Software

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2016

LOGO

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.7% of the Fund’s net assets as of April 30, 2016. 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.

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Insights Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Large Cap Value Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -0.67%, -1.03%, -0.49%, -0.72%, -0.55%, -0.78% and -0.42%, respectively. These returns compare to the 1.93% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund underperformed the Index, largely due to stock selection driven by our quantitative model and one of our quantitative model’s six investment themes. More specifically, our Momentum theme underperformed during the Reporting Period.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, one of our six investment themes — Momentum — detracted from relative returns. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies.

Our five other investment themes added modestly to relative results. Sentiment and Quality were our best performing themes. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality. Valuation, Profitability and Management also contributed positively. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Profitability theme seeks to assess whether a company is earning more than its cost of capital. The Management theme seeks to assess the characteristics, policies and strategic decisions of company management.

How did the Fund’s sector and industry allocations affect relative performance?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

PORTFOLIO RESULTS

Did stock selection help or hurt Fund performance during the Reporting Period?

During the Reporting Period, security selection overall detracted from the Fund’s relative performance. Stock picks in the financials, materials and health care sectors hurt relative results. Investments in the industrials and consumer discretionary sectors contributed positively.

Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

The Fund was hurt during the Reporting Period by its overweight positions in Marathon Petroleum, a refiner; WestRock, a corrugated packaging company; and Flowers Foods, a producer of packaged bakery foods. We adopted the overweight in Marathon Petroleum due to our positive views on Momentum and Quality. The overweight in WestRock was the result of our positive views on Profitability and Quality, while we assumed the overweight in Flowers Foods because of our positive views on Management and Quality.

Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

The Fund’s underweight in semiconductor manufacturer Qualcomm added positively to relative performance during the Reporting Period. We adopted the underweight because of our negative views on Management and Quality. In addition, the Fund benefited from its overweight positions in Tyson Foods, a food maker, and Pioneer Natural Resources, an independent petroleum, natural gas and natural gas liquids exploration and production company. We chose to overweight both stocks because of our positive views on Momentum and Sentiment.

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the materials, information technology and health care sectors relative to the Index. Compared to the Index, the Fund was underweight the industrials, financials, telecommunication services and utilities sectors. The Fund was relatively neutral compared to the Index in the consumer staples, consumer discretionary and energy sectors at the end of the Reporting Period.

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			Russell 1000^® Value Index²
Class A		-0.67	%		1.93	%
Class C		-1.03			1.93
Institutional		-0.49			1.93
Service		-0.72			1.93
Class IR		-0.55			1.93
Class R		-0.78			1.93
Class R6		-0.42			1.93

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


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-8.62	%		8.81	%		3.49	%		4.63	%	12/31/98
Class C		-5.03			9.22			3.30			4.19		12/31/98
Institutional		-3.00			10.48			4.50			5.38		12/31/98
Service		-3.46			9.91			3.98			4.87		12/31/98
Class IR		-3.10			10.31			N/A			4.31		11/30/07
Class R		-3.58			9.76			N/A			3.81		11/30/07
Class R6		N/A			N/A			N/A			-3.70		7/31/15

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.12	%
Class C		1.71			1.87
Institutional		0.56			0.72
Service		1.06			1.22
Class IR		0.71			0.87
Class R		1.21			1.37
Class R6		0.54			0.70

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Johnson & Johnson		3.7	%	Pharmaceuticals
Exxon Mobil Corp.		2.7		Oil, Gas & Consumable Fuels
Merck & Co., Inc.		2.4		Pharmaceuticals
Berkshire Hathaway, Inc. Class B		2.0		Diversified Financial Services
General Electric Co.		1.9		Industrial Conglomerates
The Procter & Gamble Co.		1.9		Household Products
Pfizer, Inc.		1.9		Pharmaceuticals
JPMorgan Chase & Co.		1.6		Commercial Banks
Bank of America Corp.		1.6		Commercial Banks
Oracle Corp.		1.5		Software

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2016

LOGO

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.6% of the Fund’s net assets as of April 30, 2016. 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.

PORTFOLIO RESULTS

Goldman Sachs Small Cap Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -2.11%, -2.50%, -1.95%, -2.18%, -2.02%, -2.26% and -1.91%, respectively. These returns compare to the -1.90% cumulative total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund benefited from stock selection driven by our quantitative model, with five of our quantitative model’s six investment themes contributing positively to relative returns. However, the Fund underperformed the Index in certain share classes, largely due to the underperformance of our Management investment theme.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, five of our six investment themes added to the Fund’s relative returns. Sentiment, Quality and Momentum were our best performing themes. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Profitability and Valuation also contributed positively. The Profitability theme seeks to assess whether a company is earning more than its cost of capital. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Our Management theme, which seeks to assess the characteristics, policies and strategic decisions of company management, detracted from relative performance during the Reporting Period.

How did the Fund’s sector and industry allocations affect relative performance?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative performance.

PORTFOLIO RESULTS

Did stock selection help or hurt Fund performance during the Reporting Period?

During the Reporting Period, security selection overall added modestly to the Fund’s relative performance. The Fund’s investments in the industrials, consumer discretionary and financials sectors enhanced results. Stock selection in the information technology, telecommunication services and health care sectors detracted from relative returns.

Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

The Fund benefited from overweight positions in Coresite Realty, Talen Energy and Dupont Fabros Technology. We adopted the overweight in Coresite Realty, a provider of data centers and interconnection services, because of our positive views on Momentum and Valuation. The Fund was overweight independent power producer Talen Energy due to our positive views on Profitability and Valuation. Our positive views on Momentum and Quality led us to overweight Dupont Fabros Technology, which offers outsourced data center management services.

Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

Overweight positions in American Equity Investment Life Holding Company, a provider of annuity and life insurance products; Delek U.S. Holdings, an energy company focused on petroleum refining, logistics and convenience store retailing; and Anacor Pharmaceuticals, a biopharmaceutical company, detracted from the Fund’s relative performance. The Fund was overweight American Equity Life Holding Company due to our positive views on Momentum and Valuation. We chose to overweight Delek U.S. Holdings because of our positive views on Management and Quality, while the overweight in Anacor Pharmaceuticals was the result of our positive views on Sentiment and Value.

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the industrials and materials sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, financials and consumer staples sectors. The Fund was relatively neutral compared to the Index in the consumer discretionary, health care, information technology, telecommunication services and energy sectors at the end of the Reporting Period.

FUND BASICS

Small Cap Equity Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			Russell 2000^® Index²
Class A		-2.11	%		-1.90	%
Class C		-2.50			-1.90
Institutional		-1.95			-1.90
Service		-2.18			-1.90
Class IR		-2.02			-1.90
Class R		-2.26			-1.90
Class R6		-1.91			-1.90

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


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-13.19	%		6.52	%		3.05	%		5.81	%	8/15/97
Class C		-9.75			6.94			2.86			5.35		8/15/97
Institutional		-7.77			8.18			4.05			6.55		8/15/97
Service		-8.22			7.64			3.53			6.02		8/15/97
Class IR		-7.88			8.01			N/A			6.65		11/30/07
Class R		-8.36			7.49			N/A			6.14		11/30/07
Class R6		N/A			N/A			N/A			-4.65		7/31/15

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.24	%		1.45	%
Class C		1.99			2.20
Institutional		0.84			1.05
Service		1.34			1.56
Class IR		0.99			1.21
Class R		1.49			1.70
Class R6		0.82			1.03

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Vail Resorts, Inc.		0.8	%	Hotels, Restaurants & Leisure
Manhattan Associates, Inc.		0.7		Software
WellCare Health Plans, Inc.		0.7		Health Care Providers & Services
CubeSmart		0.7		Real Estate Investment Trusts
IBERIABANK Corp.		0.7		Commercial Banks
Western Alliance Bancorp		0.7		Commercial Banks
ONE Gas, Inc.		0.7		Gas Utilities
Pool Corp.		0.7		Distributors
Prosperity Bancshares, Inc.		0.7		Commercial Banks
Coresite Realty Corp.		0.7		Real Estate Investment Trusts

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2016

LOGO

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 4.6% of the Fund’s net assets as of April 30, 2016. 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.

PORTFOLIO RESULTS

Goldman Sachs Small Cap Growth Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Growth Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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, R and R6 Shares generated cumulative total returns, without sales charges, of -4.94%, -5.29%, -4.75%, -4.81%, -5.04% and -4.72%, respectively. These returns compare to the -4.96% cumulative total return of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund benefited from stock selection driven by our quantitative model, with five of our quantitative model’s six investment themes contributing positively to relative returns. However, the Fund underperformed the Index in certain share classes, largely due to the underperformance of our Management investment theme.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, five of our six investment themes added to the Fund’s relative returns. Sentiment, Quality and Momentum were our best performing themes. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Valuation and Profitability also contributed positively. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Profitability theme seeks to assess whether a company is earning more than its cost of capital.

Our Management theme, which seeks to assess the characteristics, policies and strategic decisions of company management, detracted from relative performance during the Reporting Period.

How did the Fund’s sector and industry allocations affect relative performance?

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think

PORTFOLIO RESULTS

may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark.

During the Reporting Period, security selection overall added to the Fund’s relative performance. Stock selection in the consumer discretionary, industrials and health care sectors bolstered results. Investments in the information technology, telecommunication services and consumer staples sectors detracted from relative returns.

Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

The Fund benefited from overweight positions in Constant Contact, an online marketing company; Coherent, a supplier of laser products and solutions; and Coresite Realty, a provider of data centers and interconnection services. We chose to overweight all three stocks because of our positive views on Quality and Sentiment.

Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

The Fund was hampered by overweight positions in American Equity Investment Life Holding Company, a provider of annuity and life insurance products; NewLink Genetics, a biopharmaceutical company; and Delek U.S. Holdings, an energy company focused on petroleum refining, logistics and convenience store retailing. The Fund was overweight American Equity Life Holding Company due to our positive views on Valuation and Momentum. Our positive views on Quality and Management led us to overweight NewLink Genetics. We adopted the overweight in Delek U.S. Holdings because of our positive views on Sentiment and Valuation.

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the consumer discretionary and industrials sectors relative to the Index. Compared to the Index, the Fund was underweight the consumer staples and information technology sectors. The Fund was relatively neutral compared to the Index in the financials, materials, utilities, energy, telecommunication services and health care sectors at the end of the Reporting Period.

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			Russell 2000 Growth^® Index²
Class A		-4.94	%		-4.96	%
Class C		-5.29			-4.96
Institutional		-4.75			-4.96
Class IR		-4.81			-4.96
Class R		-5.04			-4.96
Class R6		-4.72			-4.96

The Russell 2000^® Growth Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-15.06	%		7.46	%		4.98	%	6/25/07
Class C		-11.68			7.87			4.87		6/25/07
Institutional		-9.78			9.11			6.08		6/25/07
Class IR		-9.92			8.94			7.43		11/30/07
Class R		-10.36			8.40			6.89		11/30/07
Class R6		N/A			N/A			-8.97		7/31/15

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 and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, 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.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		1.59	%
Class C		2.00			2.35
Institutional		0.85			1.19
Class IR		1.00			1.32
Class R		1.50			1.84
Class R6		0.83			1.17

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Manhattan Associates, Inc.		1.1	%	Software
Vail Resorts, Inc.		1.1		Hotels, Restaurants & Leisure
WellCare Health Plans, Inc.		1.0		Health Care Providers & Services
Pool Corp.		0.9		Distributors
Prestige Brands Holdings, Inc.		0.9		Pharmaceuticals
CubeSmart		0.9		Real Estate Investment Trusts
CoreSite Realty Corp.		0.8		Real Estate Investment Trusts
Bank of the Ozarks, Inc.		0.8		Commercial Banks
West Pharmaceutical Services, Inc.		0.8		Health Care Equipment & Supplies
Cantel Medical Corp.		0.8		Health Care Equipment & Supplies

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2016

LOGO

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 5.8% of the Fund’s net assets as of April 30, 2016. 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.

PORTFOLIO RESULTS

Goldman Sachs Small Cap Value Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Small Cap Value Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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, R and R6 Shares generated cumulative total returns, without sales charges, of 1.04%, 0.64%, 1.23%, 1.17%, 0.91% and 1.21%, respectively. These returns compare to the 1.18% cumulative total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

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

During the Reporting Period, the Fund benefited from stock selection driven by our quantitative model, with four of our quantitative model’s six investment themes contributing positively to relative returns. However, the Fund underperformed the Index in certain share classes, largely due to the underperformance of our Management investment theme.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, four of our six investment themes added to the Fund’s relative returns — Quality, Sentiment, Momentum and Profitability. The Quality theme seeks to assess both firm and management quality. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Profitability theme seeks to assess whether a company is earning more than its cost of capital.

Our Management theme, which seeks to assess the characteristics, policies and strategic decisions of company management, detracted from relative results during the Reporting Period.

The impact of our Valuation theme on relative performance was neutral during the Reporting Period. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

How did the Fund’s sector and industry allocations affect relative performance?

PORTFOLIO RESULTS

Did stock selection help or hurt Fund performance during the Reporting Period?

During the Reporting Period, security selection overall contributed positively to the Fund’s relative returns. Stock picks in the industrials, financials and energy sectors added to performance, while holdings in the materials, information technology and consumer staples sectors dampened relative results.

Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

The Fund benefited from overweight positions in Coresite Realty, Talen Energy and Granite Construction during the Reporting Period. We adopted the overweight in Coresite Realty, a provider of data centers and interconnection services, because of our positive views on Quality and Sentiment. The Fund was overweight independent power producer Talen Energy due to our positive views on Momentum and Profitability. Our positive views on Sentiment and Momentum led us to overweight Granite Construction, which builds transportation infrastructure and produces construction materials.

Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

The Fund was hurt by overweight positions in American Equity Investment Life Holding Company, a provider of annuity and life insurance products; Delek U.S. Holdings, an energy company focused on petroleum refining, logistics and convenience store retailing; and Alon USA Energy, an independent refiner and marketer of petroleum products. The Fund was overweight American Equity Life Holding Company due to our positive views on Valuation and Momentum. We chose to overweight Delek U.S. Holdings because of our positive views on Sentiment and Valuation, while the overweight in Alon USA Energy was the result of our positive views on Valuation and Profitability.

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the industrials and materials sectors relative to the Index. Compared to the Index, the Fund was underweight the utilities, financials and consumer staples sectors. The Fund was relatively neutral compared to the Index in the health care, consumer discretionary, information technology, energy and telecommunication services sectors at the end of the Reporting Period.

FUND BASICS

Small Cap Value Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			Russell 2000^® Value Index²
Class A		1.04	%		1.18	%
Class C		0.64			1.18
Institutional		1.23			1.18
Class IR		1.17			1.18
Class R		0.91			1.18
Class R6		1.21			1.18

The Russell 2000^® Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-11.62	%		5.72	%		2.94	%	6/25/07
Class C		-8.13			6.12			2.81		6/25/07
Institutional		-6.14			7.35			4.04		6/25/07
Class IR		-6.29			7.18			6.09		11/30/07
Class R		-6.74			6.66			5.60		11/30/07
Class R6		N/A			N/A			-1.66		7/31/15

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 and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, 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.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.24	%		1.51	%
Class C		1.99			2.26
Institutional		0.84			1.11
Class IR		0.99			1.26
Class R		1.49			1.76
Class R6		0.82			1.09

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
DCT Industrial Trust, Inc.		1.1	%	Real Estate Investment Trusts
EMCOR Group, Inc.		1.0		Construction & Engineering
PrivateBancorp, Inc.		0.9		Commercial Banks
Prosperity Bancshares, Inc.		0.9		Commercial Banks
Mack-Cali Realty Corp.		0.9		Real Estate Investment Trusts
First Industrial Realty Trust, Inc.		0.9		Real Estate Investment Trusts
ONE Gas, Inc.		0.9		Gas Utilities
Commercial Metals Co.		0.9		Metals & Mining
IBERIABANK Corp.		0.9		Commercial Banks
CVB Financial Corp.		0.8		Commercial Banks

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2016

LOGO

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 (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 2.3% of the Fund’s net assets as of April 30, 2016. 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.

PORTFOLIO RESULTS

Goldman Sachs U.S. Equity Insights Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -1.61%, -1.99%, -1.40%, -1.65%, -1.49%, -1.74% and -1.40%, respectively. These returns compare to the 0.43% cumulative total return of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested) (the “Index”), during the same period.

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

What impact did the Fund’s investment themes have on performance during the Reporting Period?

Three of our other investment themes added to the Fund’s relative returns. Sentiment and Quality were our best performing themes. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality. Our Valuation theme also contributed positively, although to a lesser extent. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

The impact of our Profitability and Management themes on relative performance was neutral during the Reporting Period. The Profitability theme seeks to assess whether a company is earning more than its cost of capital. The Management theme seeks to assess the characteristics, policies and strategic decisions of company management.

How did the Fund’s sector and industry allocations affect relative performance?

PORTFOLIO RESULTS

Did stock selection help or hurt Fund performance during the Reporting Period?

During the Reporting Period, security selection overall detracted from the Fund’s relative performance. Stock picks in the financials, energy and materials sectors hurt relative returns, while investments in the consumer discretionary and industrials sectors were advantageous.

Which individual stock positions detracted most from the Fund’s results during the Reporting Period?

The Fund was hampered by overweight positions in Marathon Petroleum, HollyFrontier and Bank of America. We chose to overweight Marathon Petroleum and HollyFrontier, both petroleum refiners, because of our positive views on Sentiment and Valuation. The overweight in Bank of America was due to our positive views on Momentum and Valuation.

Which individual stock positions contributed most to the Fund’s relative returns during the Reporting Period?

During the Reporting Period, the Fund benefited from overweight positions in Tyson Foods, a food maker, and Pioneer Natural Resources, an independent petroleum, natural gas and natural gas liquids exploration and production company. We chose to overweight both stocks because of our positive views on Momentum and Sentiment. An underweight in pharmaceutical company Allergan also added to relative performance. We adopted the underweight because of our negative views on Profitability and Sentiment.

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

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the information technology, materials and health care sectors relative to the Index. Compared to the Index, the Fund was underweight the industrials, financials, consumer discretionary and utilities sectors. The Fund was relatively neutral compared to the Index in the energy, consumer staples and telecommunication services sectors at the end of the Reporting Period.

FUND BASICS

U.S. Equity Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			S&P 500^® Index²
Class A		-1.61	%		0.43	%
Class C		-1.99			0.43
Institutional		-1.40			0.43
Service		-1.65			0.43
Class IR		-1.49			0.43
Class R		-1.74			0.43
Class R6		-1.40			0.43

The S&P 500^® Index (with dividends reinvested) is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-8.15	%		10.05	%		4.63	%		7.87	%	5/24/91
Class C		-4.51			10.46			4.44			4.68		8/15/97
Institutional		-2.45			11.73			5.64			8.23		6/15/95
Service		-2.90			11.18			5.13			6.75		6/07/96
Class IR		-2.57			11.57			N/A			5.53		11/30/07
Class R		-3.06			11.02			N/A			5.02		11/30/07
Class R6		N/A			N/A			N/A			-3.42		7/31/15

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		1.17	%
Class C		1.71			1.92
Institutional		0.56			0.77
Service		1.06			1.27
Class IR		0.71			0.92
Class R6		1.21			1.42
Class R		0.54			0.74

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Johnson & Johnson		2.7	%	Pharmaceuticals
Apple, Inc.		2.6		Computers & Peripherals
Verizon Communications, Inc.		1.9		Diversified Telecommunication Services
Merck & Co., Inc.		1.8		Pharmaceuticals
PepsiCo., Inc.		1.8		Beverages
The Home Depot, Inc.		1.8		Specialty Retail
Microsoft Corp.		1.7		Software
Oracle Corp.		1.7		Software
Amgen, Inc.		1.6		Biotechnology
Facebook, Inc. Class A		1.5		Internet Software & Services

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2016

LOGO

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.

MARKET REVIEW

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 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 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 the 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 LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.5%
	Aerospace & Defense – 0.9%
	33,294	BE Aerospace, Inc.	$	1,619,087
	91,960	Spirit AeroSystems Holdings, Inc. Class A*		4,335,914
	7,251	The Boeing Co.		977,435

				6,932,436

	Air Freight & Logistics – 0.4%
	61,709	Expeditors International of Washington, Inc.		3,061,383

	Airlines – 0.4%
	12,895	Delta Air Lines, Inc.		537,334
	117,515	JetBlue Airways Corp.*		2,325,622

				2,862,956

	Auto Components – 1.5%
	51,022	Lear Corp.		5,874,163
	72,923	Visteon Corp.		5,809,775

				11,683,938

	Beverages – 3.7%
	85,456	Coca-Cola Enterprises, Inc.		4,484,731
	189,822	PepsiCo., Inc.		19,544,073
	116,004	The Coca-Cola Co.		5,196,979

				29,225,783

	Biotechnology – 7.7%
	107,161	AbbVie, Inc.		6,536,821
	106,951	Amgen, Inc.		16,930,343
	66,566	Baxalta, Inc.		2,792,444
	8,450	Biogen, Inc.*		2,323,665
	101,624	Celgene Corp.*		10,508,938
	80,224	Gilead Sciences, Inc.		7,076,559
	43,790	Incyte Corp.*		3,164,703
	10,666	Medivation, Inc.*		616,495
	3,733	Regeneron Pharmaceuticals, Inc.*		1,406,258
	49,343	United Therapeutics Corp.*		5,190,884
	43,328	Vertex Pharmaceuticals, Inc.*		3,654,284

				60,201,394

	Capital Markets – 1.8%
	3,606	Affiliated Managers Group, Inc.*		614,174
	63,433	Ameriprise Financial, Inc.		6,083,225
	147,004	SEI Investments Co.		7,067,952

				13,765,351

	Chemicals – 3.7%
	38,726	Air Products & Chemicals, Inc.		5,649,736
	61,624	Axalta Coating Systems Ltd.*		1,754,435
	23,402	Celanese Corp. Series A		1,654,522
	71,143	PPG Industries, Inc.		7,853,476
	85,426	Praxair, Inc.		10,034,138
	4,649	The Sherwin-Williams Co.		1,335,704
	11,760	W.R. Grace & Co.*		901,757

				29,183,768


Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 0.1%
	19,963	Tyco International PLC	$	768,975

	Communications Equipment – 0.4%
	51,251	ARRIS International PLC*		1,166,985
	26,235	Brocade Communications Systems, Inc.		252,119
	67,568	Juniper Networks, Inc.		1,581,091

				3,000,195

	Computers & Peripherals – 5.3%
	391,811	Apple, Inc.		36,728,363
	83,551	EMC Corp.		2,181,517
	103,989	NetApp, Inc.		2,458,300

				41,368,180

	*Construction & Engineering – 0.4%**
	129,154	Quanta Services, Inc.		3,063,533

	Construction Materials – 0.9%
	69,198	Vulcan Materials Co.		7,447,781

	Containers & Packaging – 0.4%
	215,952	Graphic Packaging Holding Co.		2,867,843

	*Distributors – 0.1%**
	27,368	LKQ Corp.		877,144

	Diversified Financial Services – 0.6%
	20,276	Intercontinental Exchange, Inc.		4,866,848

	Diversified Telecommunication Services – 1.0%
	160,196	Verizon Communications, Inc.		8,160,384

	Electrical Equipment – 0.3%
	50,717	AMETEK, Inc.		2,438,980

	*Energy Equipment & Services – 0.6%**
	167,371	FMC Technologies, Inc.		5,103,142

	Food & Staples Retailing – 2.5%
	170,881	Sysco Corp.		7,872,488
	148,851	The Kroger Co.		5,267,837
	85,840	Walgreens Boots Alliance, Inc.		6,805,395

				19,945,720

	Food Products – 2.0%
	182,414	ConAgra Foods, Inc.		8,128,368
	94,721	Kellogg Co.		7,275,520

				15,403,888

	Health Care Equipment & Supplies – 3.2%
	159,740	Baxter International, Inc.^(a)		7,063,703
	43,524	C.R. Bard, Inc.		9,234,487
	2,734	Edwards Lifesciences Corp.*		290,378
	229,237	Hologic, Inc.*		7,700,071
	8,524	ResMed, Inc.		475,639

				24,764,278

	Health Care Providers & Services – 3.5%
	12,247	Aetna, Inc.		1,374,970
	16,988	Anthem, Inc.		2,391,401


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	77,722	Cigna Corp.	$	10,767,606
	21,838	Express Scripts Holding Co.*		1,610,116
	47,734	McKesson Corp.		8,010,720
	8,243	UnitedHealth Group, Inc.		1,085,438
	13,913	Universal Health Services, Inc. Class B		1,859,890

				27,100,141

	*Health Care Technology – 0.1%**
	80,452	Allscripts Healthcare Solutions, Inc.		1,078,057

	Hotels, Restaurants & Leisure – 0.6%
	41,592	International Game Technology PLC		721,205
	33,422	McDonald’s Corp.		4,227,549

				4,948,754

	Household Durables – 1.6%
	57,376	D.R. Horton, Inc.		1,724,722
	26,454	Leggett & Platt, Inc.		1,303,918
	22,702	Mohawk Industries, Inc.*		4,373,086
	28,155	Whirlpool Corp.		4,902,912

				12,304,638

	Independent Power Producers & Energy Traders – 0.6%
	80,485	AES Corp.		898,213
	229,120	Calpine Corp.*		3,615,513

				4,513,726

	Industrial Conglomerates – 0.4%
	32,430	Carlisle Cos., Inc.		3,304,617

	Insurance – 0.2%
	30,611	Lincoln National Corp.		1,330,048
	3,258	Reinsurance Group of America, Inc.		310,227

				1,640,275

	Internet & Catalog Retail – 3.6%
	30,234	Amazon.com, Inc.*^(b)		19,942,044
	5,751	Expedia, Inc.		665,793
	28,180	Netflix, Inc.*		2,537,046
	3,658	The Priceline Group, Inc.*		4,915,108
	6,341	TripAdvisor, Inc.*		409,565

				28,469,556

	*Internet Software & Services – 8.3%**
	22,895	Alphabet, Inc. Class A		16,206,912
	23,367	Alphabet, Inc. Class C		16,193,565
	407,156	eBay, Inc.		9,946,821
	168,457	Facebook, Inc. Class A		19,807,174
	7,038	LinkedIn Corp. Class A		881,932
	66,614	Rackspace Hosting, Inc.		1,523,462
	35,727	Twitter, Inc.		522,329

				65,082,195

	IT Services – 3.3%
	43,842	Alliance Data Systems Corp.*		8,913,517
	58,322	Cognizant Technology Solutions Corp. Class A*		3,404,255


Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	19,990	CoreLogic, Inc.*	$	709,245
	9,660	Jack Henry & Associates, Inc.		782,750
	24,115	MasterCard, Inc. Class A		2,338,914
	109,899	Vantiv, Inc. Class A*		5,993,891
	47,924	Visa, Inc. Class A		3,701,650

				25,844,222

	*Leisure Equipment & Products – 0.0%**
	5,971	Vista Outdoor, Inc.		286,489

	Life Sciences Tools & Services – 0.8%
	2,616	Mettler-Toledo International, Inc.*		936,397
	37,556	Thermo Fisher Scientific, Inc.		5,417,453

				6,353,850

	Machinery – 2.1%
	217,657	Allison Transmission Holdings, Inc.		6,270,698
	98,154	Illinois Tool Works, Inc.		10,259,056

				16,529,754

	Media – 3.8%
	133,214	Cablevision Systems Corp. Class A		4,448,015
	25,655	Cinemark Holdings, Inc.		888,946
	67,830	Comcast Corp. Class A		4,121,351
	192,201	The Interpublic Group of Cos., Inc.		4,409,091
	51,797	The Walt Disney Co.		5,348,558
	39,561	Time Warner Cable, Inc.		8,391,284
	31,027	Time Warner, Inc.		2,331,369

				29,938,614

	Metals & Mining – 1.1%
	5,427	Reliance Steel & Aluminum Co.		401,435
	319,903	Steel Dynamics, Inc.		8,064,755

				8,466,190

	Multiline Retail – 0.8%
	49,790	Dollar General Corp.		4,078,299
	27,161	Target Corp.		2,159,299

				6,237,598

	Oil, Gas & Consumable Fuels – 0.7%
	74,682	Newfield Exploration Co.*		2,707,223
	53,470	World Fuel Services Corp.		2,498,653

				5,205,876

	Personal Products – 0.3%
	21,847	The Estee Lauder Cos., Inc. Class A		2,094,472

	Pharmaceuticals – 3.7%
	28,078	Bristol-Myers Squibb Co.		2,026,670
	39,563	Eli Lilly & Co.		2,988,193
	97,698	Johnson & Johnson		10,949,992
	165,860	Merck & Co., Inc.		9,095,762
	99,619	Mylan NV*		4,155,109

				29,215,726


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – 1.1%
	117,995	Empire State Realty Trust, Inc. Class A	$	2,184,087
	74,355	Equity LifeStyle Properties, Inc.		5,092,574
	18,213	Lamar Advertising Co. Class A		1,129,935

				8,406,596

	Road & Rail – 1.4%
	109,930	CSX Corp.		2,997,791
	59,292	Hertz Global Holdings, Inc.*		549,044
	11,459	Norfolk Southern Corp.		1,032,570
	70,938	Union Pacific Corp.		6,187,922

				10,767,327

	Semiconductors & Semiconductor Equipment – 3.2%
	313,509	Applied Materials, Inc.		6,417,529
	122,399	KLA-Tencor Corp.		8,560,586
	24,598	Lam Research Corp.		1,879,287
	219,011	Maxim Integrated Products, Inc.		7,823,073
	11,919	Texas Instruments, Inc.		679,860

				25,360,335

	Software – 9.4%
	109,379	Adobe Systems, Inc.*		10,305,690
	39,525	ANSYS, Inc.*		3,587,684
	364,575	Cadence Design Systems, Inc.*		8,454,494
	81,962	CDK Global, Inc.		3,898,932
	107,096	Citrix Systems, Inc.*		8,764,737
	6,407	Electronic Arts, Inc.*		396,273
	311,241	Microsoft Corp.		15,521,589
	106,879	Nuance Communications, Inc.*		1,836,181
	338,735	Oracle Corp.		13,501,977
	48,947	PTC, Inc.*		1,784,608
	6,490	Red Hat, Inc.*		476,171
	5,179	salesforce.com, Inc.*		392,568
	94,969	Synopsys, Inc.*		4,512,927

				73,433,831

	Specialty Retail – 6.3%
	2,799	Advance Auto Parts, Inc.		436,924
	7,851	AutoZone, Inc.*		6,007,820
	44,737	L Brands, Inc.		3,502,460
	175,491	Lowe’s Cos., Inc.		13,340,826
	12,710	O’Reilly Automotive, Inc.*		3,338,663
	85,478	Sally Beauty Holdings, Inc.*		2,684,009
	151,911	The Home Depot, Inc.		20,339,364

				49,650,066

	Textiles, Apparel & Luxury Goods – 0.7%
	8,569	Carter’s, Inc.		914,055
	26,953	Hanesbrands, Inc.		782,446
	66,848	NIKE, Inc. Class B		3,940,021

				5,636,522

	Tobacco – 0.1%
	6,731	Altria Group, Inc.		422,101


Shares		Description	Value
	Common Stocks – (continued)
	Trading Companies & Distributors – 1.9%
	105,662	HD Supply Holdings, Inc.*	$	3,622,094
	44,056	United Rentals, Inc.*		2,948,668
	61,879	Watsco, Inc.		8,320,869

				14,891,631

	TOTAL COMMON STOCKS
	(Cost $753,192,825)		$	764,177,059


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(c) – 1.1%
	Repurchase Agreements – 1.1%
	Joint Repurchase Agreement Account II
$	8,300,000		0.290	%		05/02/16	$	8,300,000
	(Cost $8,300,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $761,492,825)						$	772,477,059


Shares		Rate	Value

	Securities Lending Reinvestment Vehicle^(d)(e) – 0.7%
	Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
	5,814,625	0.430%	$	5,814,625
	(Cost $5,814,625)

	TOTAL INVESTMENTS – 99.3%
	(Cost $767,307,450)		$	778,291,684

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			5,869,254

	NET ASSETS – 100.0%		$	784,160,938


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 63.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.
(e)		Represents an affiliated issuer.


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index	126	June 2016	$	12,972,330	$	502,202


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.5%
	Aerospace & Defense – 1.1%
	4,273	General Dynamics Corp.	$	600,442
	16,245	L-3 Communications Holdings, Inc.		2,136,705
	29,796	Spirit AeroSystems Holdings, Inc. Class A*		1,404,881

				4,142,028

	*Airlines – 0.1%**
	25,813	JetBlue Airways Corp.		510,839

	Auto Components – 0.7%
	21,914	Lear Corp.		2,522,959
	2,166	Visteon Corp.		172,565

				2,695,524

	Automobiles – 0.3%
	89,758	Ford Motor Co.		1,217,118

	Beverages – 0.1%
	4,322	PepsiCo., Inc.		444,993

	Biotechnology – 1.1%
	19,030	Amgen, Inc.		3,012,449
	18,244	Baxalta, Inc.		765,336
	1,043	United Therapeutics Corp.*		109,723

				3,887,508

	Capital Markets – 2.8%
	28,682	Ameriprise Financial, Inc.		2,750,603
	89,699	ETRADE Financial Corp.		2,258,621
	33,219	Invesco Ltd.		1,030,121
	14,818	Legg Mason, Inc.		475,806
	14,698	Northern Trust Corp.		1,044,734
	64,845	The Bank of New York Mellon Corp.		2,609,363

				10,169,248

	Chemicals – 2.3%
	16,180	Air Products & Chemicals, Inc.		2,360,500
	10,718	Celanese Corp. Series A		757,763
	32,199	Praxair, Inc.		3,782,094
	3,703	The Dow Chemical Co.		194,815
	26,515	Westlake Chemical Corp.		1,330,788

				8,425,960

	Commercial Banks – 8.5%
	404,911	Bank of America Corp.		5,895,504
	43,808	Citigroup, Inc.		2,027,434
	119,136	Fifth Third Bancorp		2,181,380
	39,781	First Horizon National Corp.		560,116
	93,862	JPMorgan Chase & Co.		5,932,078
	301,550	KeyCorp.		3,706,050
	5,893	Popular, Inc.		175,140
	71,110	Regions Financial Corp.		667,012
	82,216	SunTrust Banks, Inc.		3,431,696
	28,767	Synovus Financial Corp.		896,380
	77,893	TCF Financial Corp.		1,062,461
	98,601	Wells Fargo & Co.		4,928,078
	4,983	Zions Bancorp		137,132

				31,600,461


Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 0.0%
	3,121	Tyco International PLC	$	120,221

	Communications Equipment – 1.2%
	13,917	ARRIS International PLC*		316,890
	121,071	Brocade Communications Systems, Inc.		1,163,492
	74,199	Cisco Systems, Inc.		2,039,731
	34,322	Juniper Networks, Inc.		803,135
	27,549	Viavi Solutions, Inc.*		179,344

				4,502,592

	Computers & Peripherals – 1.7%
	141,153	EMC Corp.		3,685,505
	95,224	Hewlett Packard Enterprise Co.		1,586,432
	36,942	NetApp, Inc.		873,309

				6,145,246

	Construction & Engineering – 0.6%
	65,715	KBR, Inc.		1,022,526
	47,924	Quanta Services, Inc.*		1,136,757

				2,159,283

	Construction Materials – 0.9%
	31,437	Vulcan Materials Co.		3,383,564

	Consumer Finance – 1.8%
	53,955	Ally Financial, Inc.*		960,939
	21,264	American Express Co.		1,391,303
	136,302	Synchrony Financial*		4,166,752

				6,518,994

	Containers & Packaging – 0.2%
	43,106	Graphic Packaging Holding Co.		572,448

	Diversified Financial Services – 2.7%
	49,846	Berkshire Hathaway, Inc. Class B*		7,251,596
	10,837	Intercontinental Exchange, Inc.		2,601,205

				9,852,801

	Diversified Telecommunication Services^(a) – 1.1%
	95,024	AT&T, Inc.		3,688,832
	5,381	Verizon Communications, Inc.		274,108

				3,962,940

	Electric Utilities – 2.0%
	88,748	FirstEnergy Corp.		2,892,298
	94,062	Great Plains Energy, Inc.		2,937,556
	38,794	PPL Corp.		1,460,206

				7,290,060

	Electrical Equipment – 0.7%
	36,728	Eaton Corp. PLC		2,323,780
	1,831	Hubbell, Inc.		193,647

				2,517,427

	Energy Equipment & Services – 1.2%
	110,906	FMC Technologies, Inc.*		3,381,524
	12,494	Halliburton Co.		516,127
	36,409	Rowan Cos. PLC Class A		684,853

				4,582,504


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 2.2%
	77,066	Sysco Corp.	$	3,550,431
	6,107	Wal-Mart Stores, Inc.		408,375
	52,303	Walgreens Boots Alliance, Inc.		4,146,582

				8,105,388

	Food Products – 3.4%
	35,899	Bunge Ltd.		2,243,688
	89,497	ConAgra Foods, Inc.		3,987,986
	35,932	Kellogg Co.		2,759,937
	28,873	Pinnacle Foods, Inc.		1,229,701
	19,638	The J.M. Smucker Co.		2,493,633

				12,714,945

	Gas Utilities – 0.0%
	3,791	UGI Corp.		152,550

	Health Care Equipment & Supplies – 1.8%
	58,654	Baxter International, Inc.^(b)		2,593,680
	12,309	C.R. Bard, Inc.		2,611,600
	28,942	Hologic, Inc.*		972,162
	5,146	Medtronic PLC		407,306

				6,584,748

	Health Care Providers & Services – 1.7%
	9,298	Aetna, Inc.		1,043,887
	8,633	Anthem, Inc.		1,215,267
	25,424	Cigna Corp.		3,522,241
	3,231	Universal Health Services, Inc. Class B		431,920

				6,213,315

	Hotels, Restaurants & Leisure – 0.5%
	36,907	Carnival Corp.		1,810,288

	Household Durables – 1.2%
	13,490	D.R. Horton, Inc.		405,509
	8,582	Mohawk Industries, Inc.*		1,653,151
	12,728	Whirlpool Corp.		2,216,454

				4,275,114

	Household Products – 1.9%
	85,955	The Procter & Gamble Co.		6,886,715

	Independent Power Producers & Energy Traders – 1.6%
	338,472	AES Corp.		3,777,348
	138,425	Calpine Corp.*		2,184,346

				5,961,694

	Industrial Conglomerates – 2.3%
	15,746	Carlisle Cos., Inc.		1,604,517
	226,596	General Electric Co.		6,967,827

				8,572,344

	Insurance – 6.7%
	10,051	Allied World Assurance Co. Holdings AG		357,615
	20,029	Assured Guaranty Ltd.		518,150
	90,070	Lincoln National Corp.		3,913,541
	15,625	Principal Financial Group, Inc.		666,875


Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	41,360	Reinsurance Group of America, Inc.	$	3,938,299
	61,972	The Allstate Corp.		4,031,279
	38,735	The Travelers Cos., Inc.		4,256,976
	16,564	Torchmark Corp.		958,890
	19,622	Unum Group		671,269
	31,529	W.R. Berkley Corp.		1,765,624
	116,561	XL Group PLC		3,815,042

				24,893,560

	*Internet Software & Services – 0.9%**
	84,138	eBay, Inc.		2,055,491
	31,012	Yahoo!, Inc.		1,135,039

				3,190,530

	IT Services – 0.4%
	28,885	Amdocs Ltd.		1,633,158

	Life Sciences Tools & Services – 0.8%
	21,151	Thermo Fisher Scientific, Inc.		3,051,032

	Machinery – 1.2%
	129,080	Allison Transmission Holdings, Inc.		3,718,795
	5,209	Kennametal, Inc.		121,787
	9,885	PACCAR, Inc.		582,325

				4,422,907

	Media – 0.7%
	51,204	Cablevision Systems Corp. Class A		1,709,701
	12,027	Time Warner, Inc.		903,709

				2,613,410

	Metals & Mining – 2.9%
	9,052	Newmont Mining Corp.		316,549
	47,399	Nucor Corp.		2,359,522
	53,765	Reliance Steel & Aluminum Co.		3,976,997
	158,440	Steel Dynamics, Inc.		3,994,272

				10,647,340

	Multi-Utilities – 1.4%
	35,757	Ameren Corp.		1,716,336
	23,295	NiSource, Inc.		529,029
	30,090	Sempra Energy		3,109,802

				5,355,167

	Multiline Retail – 1.2%
	16,074	Kohl’s Corp.		712,078
	45,802	Target Corp.		3,641,259

				4,353,337

	Oil, Gas & Consumable Fuels – 11.4%
	33,371	Chevron Corp.		3,409,849
	95,690	ConocoPhillips		4,573,025
	16,156	Devon Energy Corp.		560,290
	2,553	Diamondback Energy, Inc.*		221,039
	40,934	Energen Corp.		1,739,286
	27,972	EOG Resources, Inc.		2,311,047
	112,319	Exxon Mobil Corp.		9,929,000


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	92,770	Kinder Morgan, Inc.	$	1,647,595
	102,988	Newfield Exploration Co.*		3,733,315
	33,750	Noble Energy, Inc.		1,218,712
	65,504	Occidental Petroleum Corp.		5,020,882
	28,345	Pioneer Natural Resources Co.		4,708,104
	66,514	World Fuel Services Corp.		3,108,199

				42,180,343

	Pharmaceuticals – 8.2%
	122,971	Johnson & Johnson		13,782,590
	159,766	Merck & Co., Inc.		8,761,567
	26,860	Mylan NV*		1,120,331
	209,274	Pfizer, Inc.		6,845,352

				30,509,840

	Real Estate Investment Trusts – 2.9%
	143,921	CBL & Associates Properties, Inc.		1,680,997
	119,782	Empire State Realty Trust, Inc. Class A		2,217,165
	82,480	Equity Commonwealth*		2,302,017
	12,174	Post Properties, Inc.		698,301
	24,895	ProLogis, Inc.		1,130,482
	137,951	Starwood Property Trust, Inc.		2,670,731

				10,699,693

	Road & Rail – 1.4%
	78,572	CSX Corp.		2,142,659
	32,247	Norfolk Southern Corp.		2,905,777

				5,048,436

	Semiconductors & Semiconductor Equipment – 3.8%
	133,275	Applied Materials, Inc.		2,728,139
	44,938	Intel Corp.		1,360,723
	33,920	KLA-Tencor Corp.		2,372,365
	5,674	Lam Research Corp.		433,493
	101,165	Maxim Integrated Products, Inc.		3,613,614
	36,591	QUALCOMM, Inc.		1,848,577
	95,402	Teradyne, Inc.		1,804,052

				14,160,963

	Software – 5.5%
	16,897	ANSYS, Inc.*		1,533,741
	40,738	Citrix Systems, Inc.*		3,333,998
	101,274	Microsoft Corp.		5,050,534
	155,182	Nuance Communications, Inc.*		2,666,027
	139,319	Oracle Corp.		5,553,255
	59,750	Symantec Corp.		994,539
	29,297	Synopsys, Inc.*		1,392,193

				20,524,287

	Specialty Retail – 0.4%
	17,729	Lowe’s Cos., Inc.		1,347,759

	Trading Companies & Distributors – 0.0%
	838	Watsco, Inc.		112,686

	TOTAL COMMON STOCKS
	(Cost $356,839,125)		$	360,723,308


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(c) – 6.8%
	Repurchase Agreements – 6.8%
	Joint Repurchase Agreement Account II
$	25,200,000		0.290	%		05/02/16	$	25,200,000
	(Cost $25,200,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $382,039,125)						$	385,923,308


Shares		Rate	Value

	Securities Lending Reinvestment Vehicle^(d)(e) – 0.6%
	Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
	2,253,450	0.430%	$	2,253,450
	(Cost $2,253,450)

	TOTAL INVESTMENTS – 104.9%
	(Cost $384,292,575)		$	388,176,758

	LIABILITIES IN EXCESS OF OTHER ASSETS – (4.9)%			(18,283,252	)

	NET ASSETS – 100.0%		$	369,893,506


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)		All or a portion of security is on loan.
(c)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 63.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.
(e)		Represents an affiliated issuer.


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index	49	June 2016	$	5,044,795	$	195,301


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.5%
	Aerospace & Defense – 0.8%
	37,449	DigitalGlobe, Inc.*	$	829,870
	7,679	Esterline Technologies Corp.*		527,240
	1,162	National Presto Industries, Inc.^(a)		101,315

				1,458,425

	*Air Freight & Logistics – 0.7%**
	22,890	Atlas Air Worldwide Holdings, Inc.		914,226
	10,007	Hub Group, Inc. Class A		385,470

				1,299,696

	Auto Components – 2.3%
	9,326	American Axle & Manufacturing Holdings, Inc.*		144,646
	19,728	Cooper Tire & Rubber Co.		681,405
	4,376	Cooper-Standard Holding, Inc.*		337,433
	47,275	Dana Holding Corp.		611,266
	3,802	Dorman Products, Inc.*^(a)		204,510
	16,366	Drew Industries, Inc.		1,061,008
	40,267	Modine Manufacturing Co.*		435,286
	2,767	Superior Industries International, Inc.		72,274
	2,412	Tenneco, Inc.*		128,560
	13,735	Tower International, Inc.		315,218

				3,991,606

	*Beverages – 0.2%**
	1,750	The Boston Beer Co., Inc. Class A		273,140

	Biotechnology – 5.9%
	3,042	ACADIA Pharmaceuticals, Inc.*^(a)		98,257
	10,306	Acceleron Pharma, Inc.*		308,665
	25,049	Achillion Pharmaceuticals, Inc.*		214,169
	31,738	Acorda Therapeutics, Inc.*		820,427
	9,761	Anacor Pharmaceuticals, Inc.*		612,405
	125,989	Array BioPharma, Inc.*		401,905
	32,264	Cepheid, Inc.*		920,815
	21,509	Emergent Biosolutions, Inc.*		828,527
	14,318	FibroGen, Inc.*		257,724
	3,613	Five Prime Therapeutics, Inc.*		171,943
	27,597	Genomic Health, Inc.*		725,249
	55,769	Halozyme Therapeutics, Inc.*^(a)		588,363
	4,152	Insys Therapeutics, Inc.*^(a)		60,162
	37,310	MiMedx Group, Inc.*^(a)		280,944
	23,401	Myriad Genetics, Inc.*^(a)		842,436
	7,027	Neurocrine Biosciences, Inc.*		320,291
	8,915	NewLink Genetics Corp.*^(a)		144,512
	10,338	Ophthotech Corp.*		483,198
	187,239	PDL BioPharma, Inc.		705,891
	8,074	Prothena Corp. PLC*^(a)		348,716
	36,658	Repligen Corp.*		976,569
	2,195	Sage Therapeutics, Inc.*		82,729
	21,538	ZIOPHARM Oncology, Inc.*^(a)		169,289

				10,363,186

	Building Products – 1.0%
	10,287	Apogee Enterprises, Inc.		426,293
	12,977	Continental Building Products, Inc.*		254,479


Shares		Description	Value
	Common Stocks – (continued)
	Building Products – (continued)
	2,289	Gibraltar Industries, Inc.*	$	60,544
	1,524	Simpson Manufacturing Co., Inc.		57,303
	12,097	Universal Forest Products, Inc.		927,235

				1,725,854

	Capital Markets – 2.0%
	3,915	Associated Capital Group, Inc. Class A*		119,290
	23,801	Cohen & Steers, Inc.		934,665
	3,407	Financial Engines, Inc.^(a)		109,739
	8,554	GAMCO Investors, Inc. Class A^(a)		338,482
	21,952	Investment Technology Group, Inc.		428,503
	12,175	OM Asset Management PLC		163,389
	19,013	Piper Jaffray Cos.*		793,032
	60,276	WisdomTree Investments, Inc.^(a)		656,406

				3,543,506

	Chemicals – 2.9%
	39,813	Chemtura Corp.*		1,108,792
	23,273	FutureFuel Corp.		261,589
	25,792	H.B. Fuller Co.		1,153,418
	18,222	Innophos Holdings, Inc.		673,485
	11,203	Minerals Technologies, Inc.		671,060
	15,643	PolyOne Corp.		562,835
	708	Quaker Chemical Corp.		63,054
	10,225	Stepan Co.		626,690

				5,120,923

	Commercial Banks – 8.1%
	3,778	1st Source Corp.		130,114
	6,333	Banco Latinoamericano de Comercio Exterior SA Class E		163,771
	27,726	Bank of the Ozarks, Inc.^(a)		1,145,084
	51,282	Brookline Bancorp, Inc.		583,589
	35,854	Central Pacific Financial Corp.		836,832
	20,267	Columbia Banking System, Inc.		597,674
	59,487	CVB Financial Corp.^(a)		1,021,987
	23,905	FCB Financial Holdings, Inc. Class A*		835,480
	1,694	First Citizens BancShares, Inc. Class A		431,970
	37,879	First Midwest Bancorp, Inc.		700,004
	1,635	Great Southern Bancorp, Inc.		61,901
	12,483	Hanmi Financial Corp.		288,607
	8,122	Home BancShares, Inc.		349,165
	21,286	IBERIABANK Corp.		1,255,661
	17,720	International Bancshares Corp.		464,087
	18,735	LegacyTexas Financial Group, Inc.		462,005
	69,283	OFG Bancorp		611,769
	26,677	PrivateBancorp, Inc.		1,110,030
	23,065	Prosperity Bancshares, Inc.		1,217,140
	11,148	Renasant Corp.		382,822
	9,960	Trustmark Corp.		244,120
	34,121	Western Alliance Bancorp*		1,248,146

				14,141,958

	Commercial Services & Supplies – 3.4%
	38,054	Brady Corp. Class A		1,008,050
	15,948	Essendant, Inc.		491,039


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – (continued)
	10,336	Herman Miller, Inc.	$	311,837
	4,779	HNI Corp.		208,938
	16,950	Interface, Inc.		288,489
	54,676	Kimball International, Inc. Class B		636,429
	30,944	Knoll, Inc.		722,542
	57,133	Quad Graphics, Inc.		717,019
	17,617	Tetra Tech, Inc.		517,940
	30,826	The Brink’s Co.		1,043,152

				5,945,435

	Communications Equipment – 1.6%
	21,970	Calix, Inc.*		152,252
	10,947	Ciena Corp.*		184,238
	4,824	Finisar Corp.*		79,403
	18,298	Infinera Corp.*		217,563
	17,942	Ixia*		181,573
	21,601	NETGEAR, Inc.*		915,883
	11,066	Plantronics, Inc.		425,488
	35,353	Polycom, Inc.*		422,468
	26,886	ShoreTel, Inc.*		164,542

				2,743,410

	*Computers & Peripherals – 0.4%**
	16,563	Cray, Inc.		627,241

	Construction & Engineering – 2.0%
	45,359	Aegion Corp.*		962,971
	24,428	Comfort Systems USA, Inc.		720,382
	24,193	EMCOR Group, Inc.		1,172,877
	14,278	Granite Construction, Inc.		636,656

				3,492,886

	*Consumer Finance – 0.2%**
	81,038	EZCORP, Inc. Class A		401,138

	Distributors – 1.0%
	6,292	Core-Mark Holding Co., Inc.		513,805
	13,933	Pool Corp.		1,217,883

				1,731,688

	Diversified Consumer Services – 1.6%
	23,209	Bridgepoint Education, Inc.*		221,414
	3,517	Bright Horizons Family Solutions, Inc.*		230,785
	4,098	Capella Education Co.		226,660
	18,909	DeVry Education Group, Inc.^(a)		328,071
	56,127	K12, Inc.*		689,801
	58,694	Regis Corp.*		802,347
	9,278	Sotheby’s		252,733

				2,751,811

	*Diversified Telecommunication Services – 0.6%**
	25,687	General Communication, Inc. Class A		434,110
	119,296	Vonage Holdings Corp.		557,113

				991,223

	Electric Utilities – 0.7%
	20,980	ALLETE, Inc.		1,178,866


Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 2.1%
	18,318	AZZ, Inc.^(b)	$	1,006,025
	20,027	EnerSys		1,168,976
	64,710	General Cable Corp.		1,012,064
	34,160	LSI Industries, Inc.		432,124

				3,619,189

	Electronic Equipment, Instruments & Components – 3.1%
	42,326	Benchmark Electronics, Inc.*		821,971
	26,276	II-VI, Inc.*		548,380
	33,520	Insight Enterprises, Inc.*		828,279
	32,001	Kimball Electronics, Inc.*		350,091
	27,914	Methode Electronics, Inc.		829,883
	12,297	MTS Systems Corp.		691,337
	15,493	Plexus Corp.*		646,988
	7,217	Tech Data Corp.*		495,736
	35,223	TTM Technologies, Inc.*		229,654

				5,442,319

	Energy Equipment & Services – 0.4%
	11,243	Archrock, Inc.		110,744
	71,367	McDermott International, Inc.*^(a)		324,006
	85,965	Pioneer Energy Services Corp.*		267,351

				702,101

	Food & Staples Retailing – 0.3%
	19,676	SpartanNash Co.		545,025
	1,719	United Natural Foods, Inc.*		61,317

				606,342

	Food Products – 0.9%
	5,409	Calavo Growers, Inc.		309,233
	24,225	Fresh Del Monte Produce, Inc.		1,047,973
	3,323	John B. Sanfilippo & Son, Inc.		183,862

				1,541,068

	Gas Utilities – 0.8%
	20,968	ONE Gas, Inc.		1,225,999
	3,281	Southwest Gas Corp.		212,970

				1,438,969

	Health Care Equipment & Supplies – 3.7%
	2,394	Atrion Corp.		951,136
	11,712	Cantel Medical Corp.		784,587
	5,318	Cynosure, Inc. Class A*		260,263
	4,707	Haemonetics Corp.*		152,648
	7,158	ICU Medical, Inc.*		711,076
	6,019	Inogen, Inc.*		294,088
	22,545	Invacare Corp.		253,406
	3,002	LivaNova PLC*		158,295
	12,815	Masimo Corp.*		555,530
	6,446	Merit Medical Systems, Inc.*		130,532
	19,580	Natus Medical, Inc.*		624,015
	8,543	NuVasive, Inc.*		452,266
	7,220	Orthofix International NV*		315,947
	11,113	West Pharmaceutical Services, Inc.		791,246

				6,435,035


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – 2.6%
	1,800	Amedisys, Inc.*	$	92,682
	13,283	Magellan Health, Inc.*		935,920
	6,522	Molina Healthcare, Inc.*		337,579
	31,019	Owens & Minor, Inc.		1,128,781
	31,244	Triple-S Management Corp. Class B*		813,594
	14,253	WellCare Health Plans, Inc.*		1,282,628

				4,591,184

	Health Care Technology – 0.7%
	1,281	Computer Programs & Systems, Inc.^(a)		65,754
	13,139	HMS Holdings Corp.*		221,918
	28,203	Omnicell, Inc.*		898,547

				1,186,219

	Hotels, Restaurants & Leisure – 3.8%
	21,917	BJ’s Restaurants, Inc.*		977,498
	16,753	Bob Evans Farms, Inc.		762,932
	23,709	Boyd Gaming Corp.*		441,936
	1,482	Churchill Downs, Inc.		198,855
	12,604	Isle of Capri Casinos, Inc.*		187,799
	18,268	Papa John’s International, Inc.		1,033,786
	30,664	Pinnacle Entertainment, Inc.*		338,530
	10,370	Ruth’s Hospitality Group, Inc.		164,676
	33,784	Sonic Corp.		1,161,156
	10,500	Vail Resorts, Inc.		1,361,220

				6,628,388

	Household Durables – 1.1%
	5,428	Cavco Industries, Inc.*		475,981
	30,393	Ethan Allen Interiors, Inc.^(a)		1,034,578
	12,718	La-Z-Boy, Inc.		329,015

				1,839,574

	Independent Power Producers & Energy Traders – 0.3%
	6,699	Ormat Technologies, Inc.		290,737
	20,440	Talen Energy Corp.*		238,330

				529,067

	Insurance – 1.6%
	65,264	American Equity Investment Life Holding Co.		913,696
	18,879	Argo Group International Holdings Ltd.		1,037,779
	2,697	FBL Financial Group, Inc. Class A		163,087
	57,740	Maiden Holdings Ltd.		706,160

				2,820,722

	Internet & Catalog Retail – 0.6%
	3,116	FTD Cos., Inc.*		86,656
	6,769	HSN, Inc.		358,960
	10,339	Nutrisystem, Inc.		227,665
	7,786	Shutterfly, Inc.*		358,000

				1,031,281

	Internet Software & Services – 2.2%
	32,076	Bankrate, Inc.*		293,175
	17,631	Blucora, Inc.*		141,224


Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – (continued)
	10,203	Cornerstone OnDemand, Inc.*	$	350,473
	2,980	Cvent, Inc.*		105,343
	152,501	EarthLink Holdings Corp.		886,031
	8,937	LogMeIn, Inc.*		533,539
	33,034	Marchex, Inc. Class B		140,394
	26,489	Monster Worldwide, Inc.*		84,765
	20,482	NIC, Inc.		362,736
	2,188	SPS Commerce, Inc.*		111,435
	40,488	Web.com Group, Inc.*		809,355

				3,818,470

	IT Services – 1.9%
	15,586	Blackhawk Network Holdings, Inc.*		500,778
	7,579	Cardtronics, Inc.*		298,764
	71,829	EVERTEC, Inc.		967,537
	2,741	ExlService Holdings, Inc.*		132,637
	—	Global Payments, Inc.		2
	31,812	ManTech International Corp. Class A		1,075,246
	2,440	Sykes Enterprises, Inc.*		71,126
	12,857	Travelport Worldwide Ltd.		179,355

				3,225,445

	*Leisure Equipment & Products^(a) – 0.2%**
	12,310	Smith & Wesson Holding Corp.		268,727

	Machinery – 2.9%
	10,063	Altra Industrial Motion Corp.		288,808
	5,229	Astec Industries, Inc.		253,084
	2,963	CLARCOR, Inc.		174,135
	50,075	Federal Signal Corp.		685,527
	6,993	Hyster-Yale Materials Handling, Inc.		428,321
	8,671	Kadant, Inc.		410,572
	17,149	Miller Industries, Inc.		364,588
	8,216	Standex International Corp.		630,085
	4,615	Tennant Co.		246,487
	76,252	Wabash National Corp.*		1,086,591
	9,262	Woodward, Inc.		502,093

				5,070,291

	Media – 0.0%
	44,613	Harte-Hanks, Inc.		81,196

	Metals & Mining – 2.6%
	27,441	Carpenter Technology Corp.^(a)		971,686
	63,275	Commercial Metals Co.^(b)		1,133,888
	66,298	Ferroglobe PLC		675,577
	16,592	Materion Corp.		481,002
	40,802	Schnitzer Steel Industries, Inc. Class A		841,337
	11,341	Worthington Industries, Inc.		428,123

				4,531,613

	Multi-Utilities – 0.6%
	19,038	NorthWestern Corp.		1,082,120

	Oil, Gas & Consumable Fuels – 2.2%
	20,138	Alon USA Energy, Inc.^(a)		211,449
	8,233	Carrizo Oil & Gas, Inc.*		291,201


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	109,279	DHT Holdings, Inc.	$	627,262
	19,084	Gener8 Maritime, Inc.*^(a)		137,977
	43,360	Oasis Petroleum, Inc.*		420,158
	3,396	Par Pacific Holdings, Inc.*^(a)		64,898
	10,438	Parsley Energy, Inc. Class A*		244,458
	18,608	PDC Energy, Inc.*		1,168,396
	10,089	REX American Resources Corp.*		548,539
	31,374	Scorpio Tankers, Inc.		196,401

				3,910,739

	Pharmaceuticals – 1.6%
	13,268	Impax Laboratories, Inc.*		442,488
	24,193	Phibro Animal Health Corp. Class A		501,763
	21,282	Prestige Brands Holdings, Inc.*		1,208,392
	22,692	Sagent Pharmaceuticals, Inc.*		264,135
	13,346	SciClone Pharmaceuticals, Inc.*		176,167
	18,946	Sucampo Pharmaceuticals, Inc. Class A*		204,238

				2,797,183

	Professional Services – 0.4%
	4,414	Barrett Business Services, Inc.		136,878
	19,021	CDI Corp.		136,000
	5,220	Insperity, Inc.		275,459
	14,420	RPX Corp.*		159,774

				708,111

	Real Estate Investment Trusts – 9.2%
	65,136	American Capital Mortgage Investment Corp.		965,967
	179,116	Anworth Mortgage Asset Corp.		845,427
	16,174	CoreSite Realty Corp.		1,211,918
	41,776	Cousins Properties, Inc.		432,381
	43,087	CubeSmart		1,275,806
	13,260	CyrusOne, Inc.		585,164
	18,740	DCT Industrial Trust, Inc.		756,534
	12,702	DuPont Fabros Technology, Inc.		505,794
	37,123	FelCor Lodging Trust, Inc.		265,801
	46,709	First Industrial Realty Trust, Inc.		1,071,504
	26,064	Gaming and Leisure Properties, Inc.		854,652
	34,865	Hudson Pacific Properties, Inc.		1,019,801
	73,040	Invesco Mortgage Capital, Inc.		938,564
	46,170	Mack-Cali Realty Corp.		1,180,105
	22,345	Pennsylvania Real Estate Investment Trust		512,594
	11,359	PS Business Parks, Inc.		1,087,738
	2,787	Sovran Self Storage, Inc.		296,035
	3,677	STAG Industrial, Inc.		73,393
	23,154	Summit Hotel Properties, Inc.		263,956
	10,575	Sun Communities, Inc.		717,725
	70,563	Sunstone Hotel Investors, Inc.		903,912
	25,371	Western Asset Mortgage Capital Corp.^(a)		252,949

				16,017,720


Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Management & Development – 1.0%
	24,887	Alexander & Baldwin, Inc.	$	951,679
	20,192	RE/MAX Holdings, Inc. Class A		743,065

				1,694,744

	Road & Rail – 0.1%
	9,019	ArcBest Corp.		172,173

	Semiconductors & Semiconductor Equipment – 3.4%
	31,054	Advanced Energy Industries, Inc.*		1,004,597
	8,706	Cabot Microelectronics Corp.		364,694
	7,378	Cirrus Logic, Inc.*		266,346
	28,113	Entegris, Inc.*		373,622
	17,480	Inphi Corp.*		518,632
	7,387	Integrated Device Technology, Inc.*		142,421
	6,311	MaxLinear, Inc. Class A*		105,709
	28,790	MKS Instruments, Inc.		1,032,410
	87,259	Photronics, Inc.*		923,200
	10,455	Power Integrations, Inc.		504,454
	10,849	Semtech Corp.*		234,772
	1,221	Silicon Laboratories, Inc.*		57,143
	3,206	Synaptics, Inc.*		229,389
	4,767	Tessera Technologies, Inc.		136,908

				5,894,297

	Software – 5.1%
	13,941	Aspen Technology, Inc.*		530,176
	12,661	Blackbaud, Inc.		782,070
	8,367	CommVault Systems, Inc.*		366,224
	14,877	Fleetmatics Group PLC*^(a)		539,291
	6,901	Gigamon, Inc.*		224,904
	4,422	Imperva, Inc.*		205,534
	29,603	Infoblox, Inc.*		495,258
	21,333	Manhattan Associates, Inc.*^(b)		1,291,500
	53,434	Mentor Graphics Corp.		1,066,543
	5,670	MicroStrategy, Inc. Class A*		1,016,744
	7,775	Monotype Imaging Holdings, Inc.		171,283
	15,524	Pegasystems, Inc.		409,678
	12,007	Progress Software Corp.*		306,419
	4,804	Qlik Technologies, Inc.*		147,915
	13,409	Qualys, Inc.*		337,639
	22,717	RealPage, Inc.*		499,547
	18,212	Synchronoss Technologies, Inc.*		565,847

				8,956,572

	Specialty Retail – 2.9%
	9,212	Abercrombie & Fitch Co. Class A		246,237
	24,147	American Eagle Outfitters, Inc.^(a)		345,544
	16,999	Asbury Automotive Group, Inc.*		1,030,479
	3,006	Burlington Stores, Inc.*		171,252
	8,112	Caleres, Inc.		204,504
	13,955	Group 1 Automotive, Inc.		918,797
	11,982	Outerwall, Inc.^(a)		494,976
	12,414	Pier 1 Imports, Inc.		85,532
	34,492	Rent-A-Center, Inc.		507,032
	12,627	Stage Stores, Inc.^(a)		92,935
	25,957	The Cato Corp. Class A		949,767

				5,047,055


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – 0.8%
	1,783	Columbia Sportswear Co.	$	104,430
	14,957	Crocs, Inc.*		124,891
	4,580	Deckers Outdoor Corp.*		264,770
	7,611	G-III Apparel Group Ltd.*		344,398
	27,897	Wolverine World Wide, Inc.		528,648

				1,367,137

	Thrifts & Mortgage Finance – 1.5%
	18,486	BofI Holding, Inc.*^(a)		376,560
	48,279	Dime Community Bancshares, Inc.		874,333
	5,283	Flagstar Bancorp, Inc.*		125,048
	50,328	Oritani Financial Corp.		872,184
	12,354	Radian Group, Inc.		158,008
	4,642	WSFS Financial Corp.		158,478

				2,564,611

	Trading Companies & Distributors – 1.3%
	24,166	Applied Industrial Technologies, Inc.		1,107,528
	25,467	H&E Equipment Services, Inc.		515,197
	42,046	MRC Global, Inc.*		587,803

				2,210,528

	Wireless Telecommunication Services – 0.2%
	22,931	Spok Holdings, Inc.		389,598

	TOTAL COMMON STOCKS
	(Cost $172,242,947)		$	170,001,780

Principal
Amount

Interest
Rate

Maturity
Date

Value

Short-term Investment^(c) – 7.5%

Repurchase Agreements – 7.5%

Joint Repurchase Agreement Account II

$13,100,000

0.290

05/02/16

13,100,000

(Cost $13,100,000)

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE

(Cost $185,342,947)

183,101,780


Shares		Rate	Value
	Securities Lending Reinvestment Vehicle^(d)(e) – 4.6%
	Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
	8,035,251	0.430%	$	8,035,251
	(Cost $8,035,251)

	TOTAL INVESTMENTS – 109.6%
	(Cost $193,378,198)		$	191,137,031

	LIABILITIES IN EXCESS OF OTHER ASSETS – (9.6)%			(16,689,242	)

	NET ASSETS – 100.0%		$	174,447,789


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 63.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.
(e)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	27	June 2016	$	3,044,520	$	49,013


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.3%
	*Air Freight & Logistics – 0.9%**
	12,369	Atlas Air Worldwide Holdings, Inc.	$	494,018
	22,167	Hub Group, Inc. Class A		853,873

				1,347,891

	*Airlines – 0.1%**
	2,769	Hawaiian Holdings, Inc.		116,492

	Auto Components – 2.7%
	25,402	American Axle & Manufacturing Holdings, Inc.*		393,985
	15,943	Cooper Tire & Rubber Co.		550,671
	7,848	Cooper-Standard Holding, Inc.*		605,159
	27,984	Dana Holding Corp.		361,833
	4,580	Dorman Products, Inc.*^(a)		246,358
	16,210	Drew Industries, Inc.		1,050,895
	4,017	Gentherm, Inc.*		147,585
	5,516	Tenneco, Inc.*		294,003
	13,878	Tower International, Inc.		318,500

				3,968,989

	*Beverages – 0.2%**
	2,132	The Boston Beer Co., Inc. Class A		332,763

	*Biotechnology – 10.8%**
	13,640	ACADIA Pharmaceuticals, Inc.^(a)		440,572
	18,141	Acceleron Pharma, Inc.		543,323
	45,967	Achillion Pharmaceuticals, Inc.		393,018
	33,201	Acorda Therapeutics, Inc.		858,246
	13,449	AMAG Pharmaceuticals, Inc.^(a)		356,667
	13,079	Anacor Pharmaceuticals, Inc.		820,576
	126,925	Array BioPharma, Inc.		404,891
	34,668	Cepheid, Inc.		989,425
	29,876	Dyax Corp.		45,262
	23,700	Emergent Biosolutions, Inc.		912,924
	2,677	Enanta Pharmaceuticals, Inc.		78,168
	40,056	Exelixis, Inc.^(a)		184,658
	22,074	FibroGen, Inc.		397,332
	8,759	Five Prime Therapeutics, Inc.		416,841
	31,629	Genomic Health, Inc.		831,210
	17,935	Geron Corp.^(a)		52,908
	73,324	Halozyme Therapeutics, Inc.^(a)(b)		773,568
	12,189	ImmunoGen, Inc.		83,495
	18,800	Insys Therapeutics, Inc.^(a)		272,412
	36,753	Ironwood Pharmaceuticals, Inc.		384,069
	5,920	Kite Pharma, Inc.^(a)		273,978
	1,002	Ligand Pharmaceuticals, Inc.^(a)		121,112
	6,646	Merrimack Pharmaceuticals, Inc.		47,054
	34,570	MiMedx Group, Inc.^(a)		260,312
	25,862	Momenta Pharmaceuticals, Inc.		245,948
	31,229	Myriad Genetics, Inc.^(a)		1,124,244
	20,536	Neurocrine Biosciences, Inc.		936,031
	17,599	NewLink Genetics Corp.^(a)		285,280
	11,640	Ophthotech Corp.		544,054
	4,669	Portola Pharmaceuticals, Inc.		110,935
	14,607	Prothena Corp. PLC^(a)		630,876
	32,893	Repligen Corp.		876,269


Shares		Description	Value
	Common Stocks – (continued)
	*Biotechnology – (continued)**
	14,695	Retrophin, Inc.	$	202,497
	8,466	Sage Therapeutics, Inc.^(a)		319,083
	1,809	Seres Therapeutics, Inc.		53,402
	2,803	TESARO, Inc.		116,156
	3,692	Ultragenyx Pharmaceutical, Inc.		249,653
	42,308	ZIOPHARM Oncology, Inc.^(a)		332,541

				15,968,990

	Building Products – 1.3%
	19,429	Apogee Enterprises, Inc.		805,138
	30,374	Continental Building Products, Inc.*		595,634
	3,110	Masonite International Corp.*		210,423
	5,699	Simpson Manufacturing Co., Inc.		214,282
	2,140	Universal Forest Products, Inc.		164,031

				1,989,508

	Capital Markets – 1.7%
	23,856	Cohen & Steers, Inc.		936,825
	6,907	Evercore Partners, Inc. Class A		356,678
	2,425	Financial Engines, Inc.		78,109
	21,440	Investment Technology Group, Inc.		418,509
	72,780	WisdomTree Investments, Inc.^(a)		792,574

				2,582,695

	Chemicals – 3.4%
	39,951	Chemtura Corp.*		1,112,635
	25,844	H.B. Fuller Co.		1,155,744
	6,366	Innophos Holdings, Inc.		235,287
	16,468	Minerals Technologies, Inc.		986,433
	19,448	PolyOne Corp.		699,739
	741	Quaker Chemical Corp.		65,994
	9,418	Stepan Co.		577,229
	3,323	Trinseo SA*^(a)		142,191

				4,975,252

	Commercial Banks – 1.8%
	29,375	Bank of the Ozarks, Inc.		1,213,187
	1,823	First Financial Bankshares, Inc.^(a)		59,029
	5,463	Home BancShares, Inc.		234,854
	21,419	OFG Bancorp		189,130
	27,570	Western Alliance Bancorp*		1,008,511

				2,704,711

	Commercial Services & Supplies – 4.0%
	26,919	Brady Corp. Class A		713,084
	3,193	G&K Services, Inc. Class A		225,585
	18,522	Herman Miller, Inc.		558,809
	21,398	HNI Corp.		935,521
	45,395	Interface, Inc.		772,623
	40,886	Knoll, Inc.		954,688
	26,791	Quad Graphics, Inc.		336,227
	25,124	Steelcase, Inc. Class A		383,392
	30,122	The Brink’s Co.		1,019,329

				5,899,258


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – 1.3%
	28,973	Ciena Corp.*	$	487,616
	24,982	Infinera Corp.*		297,036
	48,742	Ixia*		493,269
	12,129	Plantronics, Inc.		466,360
	30,524	ShoreTel, Inc.*		186,807

				1,931,088

	*Computers & Peripherals – 0.6%**
	24,613	Cray, Inc.		932,094

	Construction & Engineering – 1.4%
	28,392	Aegion Corp.*		602,762
	30,138	Comfort Systems USA, Inc.		888,769
	10,768	EMCOR Group, Inc.		522,033

				2,013,564

	*Construction Materials – 0.1%**
	5,787	Headwaters, Inc.		115,798

	Distributors – 1.2%
	6,486	Core-Mark Holding Co., Inc.		529,647
	14,695	Pool Corp.		1,284,490

				1,814,137

	Diversified Consumer Services – 1.6%
	9,796	Bright Horizons Family Solutions, Inc.*		642,814
	11,741	Capella Education Co.		649,395
	30,755	Regis Corp.*		420,421
	25,998	Sotheby’s		708,185

				2,420,815

	Diversified Financial Services – 0.0%
	518	MarketAxess Holdings, Inc.		63,590

	*Diversified Telecommunication Services – 0.7%**
	29,287	General Communication, Inc. Class A		494,950
	114,640	Vonage Holdings Corp.		535,369

				1,030,319

	Electrical Equipment – 1.8%
	17,901	AZZ, Inc.		983,123
	14,533	EnerSys		848,291
	56,345	General Cable Corp.		881,236

				2,712,650

	Electronic Equipment, Instruments & Components – 2.6%
	2,218	Belden, Inc.		140,044
	19,569	Benchmark Electronics, Inc.*		380,030
	15,143	Insight Enterprises, Inc.*		374,183
	12,016	InvenSense, Inc.*^(a)		92,283
	31,000	Methode Electronics, Inc.		921,630
	14,873	MTS Systems Corp.		836,160
	17,468	Plexus Corp.*		729,464
	8,327	Rofin-Sinar Technologies, Inc.*		268,046
	1,157	Universal Display Corp.*		67,465

				3,809,305


Shares		Description	Value
	Common Stocks – (continued)
	*Energy Equipment & Services – 0.1%**
	31,729	Pioneer Energy Services Corp.	$	98,677

	Food & Staples Retailing – 0.2%
	1,185	Casey’s General Stores, Inc.		132,720
	3,629	United Natural Foods, Inc.*		129,446

				262,166

	Food Products – 0.2%
	4,193	Calavo Growers, Inc.		239,714
	1,584	John B. Sanfilippo & Son, Inc.		87,642

				327,356

	Gas Utilities – 0.1%
	1,356	ONE Gas, Inc.		79,285

	Health Care Equipment & Supplies – 5.3%
	1,762	ABIOMED, Inc.*		171,161
	17,445	Cantel Medical Corp.		1,168,641
	11,812	Cynosure, Inc. Class A*		578,079
	2,734	Globus Medical, Inc. Class A*		68,459
	4,854	Haemonetics Corp.*		157,415
	5,310	ICU Medical, Inc.*		527,495
	10,432	Inogen, Inc.*		509,707
	7,132	Insulet Corp.*		237,496
	8,632	Invacare Corp.		97,024
	7,541	LivaNova PLC*		397,637
	18,851	Masimo Corp.*		817,191
	21,163	Natus Medical, Inc.*		674,465
	16,100	NuVasive, Inc.*		852,334
	10,776	NxStage Medical, Inc.*		173,709
	3,127	STERIS PLC		220,985
	16,784	West Pharmaceutical Services, Inc.		1,195,021

				7,846,819

	Health Care Providers & Services – 2.4%
	7,416	Amedisys, Inc.*		381,850
	652	Chemed Corp.		84,617
	1,199	CorVel Corp.*		54,195
	9,048	HealthSouth Corp.		375,130
	13,419	Molina Healthcare, Inc.*		694,567
	12,416	Owens & Minor, Inc.		451,818
	2,966	Triple-S Management Corp. Class B*		77,235
	16,167	WellCare Health Plans, Inc.*		1,454,868

				3,574,280

	Health Care Technology – 2.0%
	13,333	Computer Programs & Systems, Inc.^(a)		684,383
	36,872	HMS Holdings Corp.*		622,768
	13,749	Medidata Solutions, Inc.*		599,869
	30,612	Omnicell, Inc.*		975,298

				2,882,318

	Hotels, Restaurants & Leisure – 6.3%
	18,656	BJ’s Restaurants, Inc.*		832,058
	19,905	Bloomin’ Brands, Inc.		372,223


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	15,673	Bob Evans Farms, Inc.	$	713,748
	41,865	Boyd Gaming Corp.*		780,364
	4,913	Churchill Downs, Inc.		659,226
	25,352	Denny’s Corp.*		250,731
	35,479	Isle of Capri Casinos, Inc.*		528,637
	8,991	Jack in the Box, Inc.		607,342
	12,826	La Quinta Holdings, Inc.*		163,788
	18,208	Papa John’s International, Inc.		1,030,391
	31,846	Pinnacle Entertainment, Inc.*		351,580
	13,274	Ruth’s Hospitality Group, Inc.		210,791
	12,115	Scientific Games Corp. Class A*^(a)		120,181
	30,986	Sonic Corp.		1,064,989
	12,425	Vail Resorts, Inc.		1,610,777

				9,296,826

	Household Durables – 0.8%
	5,615	Cavco Industries, Inc.*		492,379
	9,941	Ethan Allen Interiors, Inc.		338,392
	13,947	La-Z-Boy, Inc.		360,809

				1,191,580

	Independent Power Producers & Energy Traders – 0.2%
	3,830	Ormat Technologies, Inc.		166,222
	14,192	Talen Energy Corp.*		165,479

				331,701

	Insurance – 1.0%
	46,096	American Equity Investment Life Holding Co.		645,344
	4,022	Argo Group International Holdings Ltd.		221,090
	4,138	Heritage Insurance Holdings, Inc.		54,994
	43,310	Maiden Holdings Ltd.		529,681

				1,451,109

	Internet & Catalog Retail – 1.1%
	15,529	HSN, Inc.		823,503
	2,207	Liberty TripAdvisor Holdings, Inc. Class A*		48,686
	21,927	Nutrisystem, Inc.		482,833
	6,462	Shutterfly, Inc.*		297,123

				1,652,145

	Internet Software & Services – 4.1%
	8,553	comScore, Inc.*		261,893
	17,116	Cornerstone OnDemand, Inc.*		587,935
	6,411	Cvent, Inc.*		226,629
	6,231	Demandware, Inc.*		287,125
	150,287	EarthLink Holdings Corp.		873,167
	9,140	Gogo, Inc.*^(a)		96,793
	16,065	Intralinks Holdings, Inc.*		143,139
	4,501	j2 Global, Inc.		285,904
	16,732	LogMeIn, Inc.*		998,900
	39,923	NIC, Inc.		707,036
	7,261	RetailMeNot, Inc.*		61,210
	3,629	SPS Commerce, Inc.*		184,825


Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – (continued)
	976	Stamps.com, Inc.*	$	80,383
	44,474	Web.com Group, Inc.*		889,035
	13,722	Wix.com Ltd.*		339,208

				6,023,182

	IT Services – 2.4%
	30,968	Blackhawk Network Holdings, Inc.*		995,002
	18,104	Cardtronics, Inc.*		713,660
	66,231	EVERTEC, Inc.		892,131
	12,624	ExlService Holdings, Inc.*		610,875
	1	Global Payments, Inc.		65
	28,658	Travelport Worldwide Ltd.		399,779

				3,611,512

	*Leisure Equipment & Products^(a) – 0.3%**
	17,919	Smith & Wesson Holding Corp.		391,172

	*Life Sciences Tools & Services – 0.0%**
	1,085	Cambrex Corp.		52,340

	Machinery – 2.7%
	1,466	Albany International Corp. Class A		59,065
	10,261	Altra Industrial Motion Corp.		294,491
	9,939	CLARCOR, Inc.		584,115
	6,902	Federal Signal Corp.		94,489
	8,976	Hyster-Yale Materials Handling, Inc.		549,780
	9,722	Standex International Corp.		745,580
	6,469	Tennant Co.		345,509
	67,834	Wabash National Corp.*		966,635
	6,954	Woodward, Inc.		376,976

				4,016,640

	Media^(a) – 0.1%
	2,520	MDC Partners, Inc.		51,005
	2,351	Nexstar Broadcasting Group, Inc. Class A		120,677

				171,682

	Metals & Mining – 1.2%
	13,098	Carpenter Technology Corp.		463,800
	73,877	Ferroglobe PLC		752,807
	3,229	Schnitzer Steel Industries, Inc. Class A		66,582
	13,468	Worthington Industries, Inc.		508,417

				1,791,606

	Multiline Retail – 0.2%
	4,915	Big Lots, Inc.		225,402

	Oil, Gas & Consumable Fuels – 1.1%
	10,546	Alon USA Energy, Inc.		110,733
	2,975	Carrizo Oil & Gas, Inc.*		105,226
	16,614	Gener8 Maritime, Inc.*		120,119
	10,095	Matador Resources Co.*^(a)		217,547
	9,511	Oasis Petroleum, Inc.*		92,162
	3,918	Par Pacific Holdings, Inc.*		74,873
	10,140	Parsley Energy, Inc. Class A*		237,479
	827	PDC Energy, Inc.*		51,927


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	3,496	REX American Resources Corp.*	$	190,077
	13,754	Western Refining, Inc.^(b)		368,057

				1,568,200

	Paper & Forest Products – 0.2%
	2,501	Neenah Paper, Inc.		162,790
	1,495	Schweitzer-Mauduit International, Inc.		51,413

				214,203

	Pharmaceuticals – 3.0%
	22,246	Amphastar Pharmaceuticals, Inc.*		273,626
	29,803	Impax Laboratories, Inc.*		993,930
	5,435	Nektar Therapeutics*		85,221
	7,748	Pacira Pharmaceuticals, Inc.*		419,244
	23,760	Phibro Animal Health Corp. Class A		492,782
	22,465	Prestige Brands Holdings, Inc.*		1,275,563
	25,418	Sagent Pharmaceuticals, Inc.*		295,866
	23,077	SciClone Pharmaceuticals, Inc.*		304,616
	32,650	Sucampo Pharmaceuticals, Inc. Class A*		351,967

				4,492,815

	Professional Services – 1.0%
	1,413	CEB, Inc.		87,168
	2,914	Heidrick & Struggles International, Inc.		57,493
	2,523	Huron Consulting Group, Inc.*		140,304
	15,396	Insperity, Inc.		812,447
	35,615	RPX Corp.*		394,614

				1,492,026

	Real Estate Investment Trusts – 3.5%
	62,513	Anworth Mortgage Asset Corp.		295,061
	16,739	CoreSite Realty Corp.		1,254,253
	43,049	CubeSmart		1,274,681
	14,809	CyrusOne, Inc.		653,521
	7,986	DuPont Fabros Technology, Inc.		318,003
	27,069	Gaming and Leisure Properties, Inc.		887,596
	5,596	PS Business Parks, Inc.		535,873

				5,218,988

	Road & Rail – 0.2%
	13,284	ArcBest Corp.		253,591
	2,991	Saia, Inc.*		86,500

				340,091

	Semiconductors & Semiconductor Equipment – 4.6%
	27,195	Advanced Energy Industries, Inc.*		879,758
	1,817	Ambarella, Inc.*^(a)		74,679
	11,525	Cabot Microelectronics Corp.		482,782
	7,515	Cavium, Inc.*		371,016
	15,412	Cirrus Logic, Inc.*		556,373
	20,288	Entegris, Inc.*		269,628
	22,799	Inphi Corp.*		676,446
	30,162	Integrated Device Technology, Inc.*		581,523
	19,476	MaxLinear, Inc. Class A*		326,223


Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	69,952	Photronics, Inc.*	$	740,092
	14,894	Power Integrations, Inc.		718,636
	10,338	Semtech Corp.*		223,714
	4,378	Silicon Laboratories, Inc.*		204,890
	8,379	Synaptics, Inc.*		599,518
	4,582	Tessera Technologies, Inc.		131,595

				6,836,873

	Software – 8.2%
	29,373	Aspen Technology, Inc.*		1,117,055
	17,445	Blackbaud, Inc.		1,077,578
	16,656	CommVault Systems, Inc.*		729,033
	26,637	EPIQ Systems, Inc.		393,429
	1,212	Fair Isaac Corp.		129,333
	17,834	Fleetmatics Group PLC*		646,483
	14,799	Gigamon, Inc.*		482,299
	6,642	Imperva, Inc.*		308,720
	34,731	Infoblox, Inc.*		581,050
	26,683	Manhattan Associates, Inc.*		1,615,389
	17,891	Mentor Graphics Corp.		357,104
	5,894	MicroStrategy, Inc. Class A*		1,056,912
	22,233	Pegasystems, Inc.		586,729
	3,309	QAD, Inc. Class A		64,889
	22,842	Qlik Technologies, Inc.*		703,305
	21,461	Qualys, Inc.*		540,388
	23,472	RealPage, Inc.*		516,149
	19,250	RingCentral, Inc. Class A*		367,290
	24,232	Synchronoss Technologies, Inc.*		752,888
	906	Tyler Technologies, Inc.*		132,647

				12,158,670

	Specialty Retail – 3.6%
	61,795	American Eagle Outfitters, Inc.^(a)		884,287
	16,523	Asbury Automotive Group, Inc.*		1,001,624
	9,500	Burlington Stores, Inc.*		541,215
	10,218	Caleres, Inc.		257,596
	17,926	Express, Inc.*		325,895
	7,974	Group 1 Automotive, Inc.		525,008
	14,364	Outerwall, Inc.^(a)		593,377
	38,727	Pier 1 Imports, Inc.		266,829
	21,304	The Cato Corp. Class A		779,513
	4,649	Zumiez, Inc.*		78,010

				5,253,354

	Textiles, Apparel & Luxury Goods – 1.3%
	763	Columbia Sportswear Co.		44,689
	14,340	Crocs, Inc.*		119,739
	4,123	Deckers Outdoor Corp.*		238,351
	13,678	G-III Apparel Group Ltd.*		618,929
	866	Oxford Industries, Inc.		57,520
	45,443	Wolverine World Wide, Inc.		861,145

				1,940,373

	*Thrifts & Mortgage Finance^(a) – 0.4%**
	28,816	BofI Holding, Inc.		586,982


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Trading Companies & Distributors – 1.3%
	19,796	Applied Industrial Technologies, Inc.	$	907,250
	8,352	Beacon Roofing Supply, Inc.*		356,881
	29,634	H&E Equipment Services, Inc.		599,496
	6,212	MRC Global, Inc.*		86,844

				1,950,471

	TOTAL COMMON STOCKS
	(Cost $144,343,471)		$	144,060,753

Principal
Amount

Interest
Rate

Maturity
Date

Value

Short-term Investment^(c) – 3.0%

Repurchase Agreements – 3.0%

Joint Repurchase Agreement Account II

$4,500,000

0.290

05/02/16

4,500,000

(Cost $4,500,000)

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE

(Cost $148,843,471)

148,560,753


Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(d)(e) – 5.8%
Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
8,640,910		0.430	%	$	8,640,910
(Cost $8,640,910)

TOTAL INVESTMENTS – 106.1%
(Cost $157,484,381)				$	157,201,663

LIABILITIES IN EXCESS OF OTHER ASSETS – (6.1)%					(9,096,661	)

NET ASSETS – 100.0%				$	148,105,002


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 63.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.
(e)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	21	June 2016	$	2,367,960	$	59,512


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.5%
	Aerospace & Defense – 1.4%
	35,436	DigitalGlobe, Inc.*	$	785,262
	8,277	Ducommun, Inc.*		131,687
	9,216	Esterline Technologies Corp.*		632,770
	3,324	National Presto Industries, Inc.^(a)		289,820

				1,839,539

	*Air Freight & Logistics – 0.8%**
	18,160	Atlas Air Worldwide Holdings, Inc.		725,310
	8,925	Hub Group, Inc. Class A		343,791

				1,069,101

	Auto Components – 1.6%
	19,059	Cooper Tire & Rubber Co.		658,298
	6,717	Cooper-Standard Holding, Inc.*		517,948
	10,890	Dana Holding Corp.		140,808
	32,950	Modine Manufacturing Co.*		356,189
	1,738	Standard Motor Products, Inc.		61,716
	4,357	Superior Industries International, Inc.		113,805
	10,835	Tower International, Inc.		248,663

				2,097,427

	Biotechnology – 2.1%
	8,032	Acorda Therapeutics, Inc.*		207,627
	57,669	Array BioPharma, Inc.*		183,964
	20,073	Cepheid, Inc.*		572,884
	15,218	Emergent Biosolutions, Inc.*		586,197
	199,739	PDL BioPharma, Inc.		753,016
	17,311	Repligen Corp.*		461,165

				2,764,853

	Building Products – 1.0%
	2,442	Gibraltar Industries, Inc.*		64,591
	8,212	Simpson Manufacturing Co., Inc.		308,771
	12,056	Universal Forest Products, Inc.		924,093

				1,297,455

	Capital Markets – 0.8%
	19,795	Investment Technology Group, Inc.		386,398
	15,964	Piper Jaffray Cos.*		665,859

				1,052,257

	Chemicals – 2.2%
	17,496	Chemtura Corp.*		487,264
	30,291	FutureFuel Corp.		340,471
	18,693	Innophos Holdings, Inc.		690,893
	17,255	Kraton Performance Polymers, Inc.*		391,861
	5,451	Minerals Technologies, Inc.		326,515
	11,191	Stepan Co.		685,896

				2,922,900

	Commercial Banks – 14.8%
	13,745	1st Source Corp.		473,378
	3,402	Banco Latinoamericano de Comercio Exterior SA Class E		87,976
	81,638	Brookline Bancorp, Inc.		929,041
	34,947	Central Pacific Financial Corp.		815,663

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Banks – (continued)
	30,316	Columbia Banking System, Inc.	$	894,019
	64,732	CVB Financial Corp.		1,112,096
	24,375	FCB Financial Holdings, Inc. Class A*		851,906
	4,077	First Citizens BancShares, Inc. Class A		1,039,635
	40,412	First Financial Bancorp		788,034
	14,622	First Interstate BancSystem, Inc.		396,256
	36,675	First Merchants Corp.		940,714
	50,203	First Midwest Bancorp, Inc.		927,751
	14,262	Flushing Financial Corp.		284,527
	9,256	Great Southern Bancorp, Inc.		350,432
	26,851	Hanmi Financial Corp.		620,795
	2,703	Heartland Financial USA, Inc.		90,578
	7,231	Home BancShares, Inc.		310,861
	18,971	IBERIABANK Corp.		1,119,099
	29,446	International Bancshares Corp.		771,191
	66,300	Investors Bancorp, Inc.		765,765
	21,999	LegacyTexas Financial Group, Inc.		542,495
	57,321	OFG Bancorp		506,144
	29,881	PrivateBancorp, Inc.		1,243,348
	23,458	Prosperity Bancshares, Inc.		1,237,879
	15,330	Renasant Corp.		526,432
	8,384	Towne Bank^(a)		176,064
	3,912	TriCo Bancshares		105,311
	25,319	Trustmark Corp.		620,569
	25,602	Western Alliance Bancorp*		936,521

				19,464,480

	Commercial Services & Supplies – 2.4%
	30,975	Brady Corp. Class A		820,528
	22,430	Essendant, Inc.		690,620
	47,710	Kimball International, Inc. Class B		555,344
	55,693	Quad Graphics, Inc.		698,947
	14,298	Tetra Tech, Inc.		420,361

				3,185,800

	Communications Equipment – 1.8%
	19,659	Calix, Inc.*		136,237
	4,846	Comtech Telecommunications Corp.		117,273
	18,484	Finisar Corp.*		304,247
	24,372	Ixia*		246,645
	20,330	NETGEAR, Inc.*		861,992
	47,521	Polycom, Inc.*		567,876
	13,470	ShoreTel, Inc.*		82,436

				2,316,706

	Construction & Engineering – 2.7%
	43,876	Aegion Corp.*		931,487
	18,587	Comfort Systems USA, Inc.		548,131
	25,913	EMCOR Group, Inc.		1,256,262
	19,110	Granite Construction, Inc.		852,115

				3,587,995

	Consumer Finance – 0.9%
	1,361	Cash America International, Inc.		50,302
	21,854	Enova International, Inc.*		192,534
	68,482	EZCORP, Inc. Class A*		338,986


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – (continued)
	13,280	Nelnet, Inc. Class A	$	556,565

				1,138,387

	Distributors – 0.2%
	3,446	Core-Mark Holding Co., Inc.		281,400

	Diversified Consumer Services – 1.5%
	7,757	Apollo Education Group, Inc.*		60,505
	29,421	Bridgepoint Education, Inc.*		280,676
	20,509	DeVry Education Group, Inc.^(a)		355,831
	37,415	K12, Inc.*		459,831
	57,427	Regis Corp.*		785,027

				1,941,870

	*Diversified Telecommunication Services – 0.6%**
	43,832	Cincinnati Bell, Inc.		167,438
	122,461	Vonage Holdings Corp.		571,893

				739,331

	Electric Utilities – 1.6%
	19,307	ALLETE, Inc.		1,084,861
	26,546	Portland General Electric Co.		1,054,407

				2,139,268

	Electrical Equipment – 1.5%
	14,627	EnerSys		853,778
	49,309	General Cable Corp.		771,193
	26,942	LSI Industries, Inc.		340,816

				1,965,787

	Electronic Equipment, Instruments & Components – 3.3%
	40,294	Benchmark Electronics, Inc.*		782,509
	28,055	II-VI, Inc.*		585,508
	32,289	Insight Enterprises, Inc.*		797,861
	2,231	Itron, Inc.*		91,739
	28,883	Kimball Electronics, Inc.*		315,980
	11,905	Plexus Corp.*		497,153
	5,406	Rofin-Sinar Technologies, Inc.*		174,019
	3,736	SYNNEX Corp.		308,482
	7,574	Tech Data Corp.*		520,258
	34,357	TTM Technologies, Inc.*		224,008

				4,297,517

	Energy Equipment & Services – 1.0%
	7,705	Archrock, Inc.		75,894
	6,898	Atwood Oceanics, Inc.^(a)		66,635
	86,087	McDermott International, Inc.*^(a)		390,835
	16,699	Oil States International, Inc.*		578,453
	63,563	Pioneer Energy Services Corp.*		197,681

				1,309,498

	Food & Staples Retailing – 0.7%
	11,294	Ingles Markets, Inc. Class A		407,375
	19,676	SpartanNash Co.		545,025

				952,400

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 0.9%
	20,697	Fresh Del Monte Produce, Inc.	$	895,352
	1,401	John B. Sanfilippo & Son, Inc.		77,517
	2,167	Lancaster Colony Corp.		252,456

				1,225,325

	Gas Utilities – 1.8%
	2,864	Northwest Natural Gas Co.		147,610
	19,371	ONE Gas, Inc.		1,132,622
	1,161	Piedmont Natural Gas Co., Inc.		69,428
	8,949	Southwest Gas Corp.		580,880
	5,393	WGL Holdings, Inc.		366,131

				2,296,671

	*Health Care Equipment & Supplies – 0.3%**
	1,943	Cynosure, Inc. Class A		95,090
	1,805	Haemonetics Corp.		58,536
	800	ICU Medical, Inc.		79,472
	7,795	Merit Medical Systems, Inc.		157,849
	2,632	SurModics, Inc.		52,956

				443,903

	Health Care Providers & Services – 2.0%
	8,415	Magellan Health, Inc.*		592,921
	26,829	Owens & Minor, Inc.		976,307
	18,579	Triple-S Management Corp. Class B*		483,797
	6,698	WellCare Health Plans, Inc.*		602,753

				2,655,778

	Hotels, Restaurants & Leisure – 2.1%
	17,532	Bob Evans Farms, Inc.		798,407
	1,896	International Speedway Corp. Class A		63,497
	15,811	Isle of Capri Casinos, Inc.*		235,584
	12,210	Papa John’s International, Inc.		690,964
	26,373	Sonic Corp.		906,440

				2,694,892

	Household Durables – 1.3%
	4,279	Cavco Industries, Inc.*		375,225
	6,605	CSS Industries, Inc.		184,676
	25,974	Ethan Allen Interiors, Inc.		884,155
	11,500	La-Z-Boy, Inc.		297,505

				1,741,561

	*Household Products – 0.2%**
	19,472	Central Garden & Pet Co. Class A		317,199

	Independent Power Producers & Energy Traders – 1.1%
	15,253	Ormat Technologies, Inc.		661,980
	68,795	Talen Energy Corp.*		802,150

				1,464,130

	Insurance – 3.6%
	60,646	American Equity Investment Life Holding Co.		849,044
	18,013	Argo Group International Holdings Ltd.		990,175
	2,720	FBL Financial Group, Inc. Class A		164,478


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	24,818	Heritage Insurance Holdings, Inc.	$	329,831
	57,144	Maiden Holdings Ltd.		698,871
	3,876	Primerica, Inc.		192,095
	17,443	Selective Insurance Group, Inc.		605,446
	17,149	Stewart Information Services Corp.		597,128
	7,868	United Fire Group, Inc.		352,644

				4,779,712

	*Internet & Catalog Retail – 0.5%**
	7,740	FTD Cos., Inc.		215,249
	8,464	Shutterfly, Inc.		389,175

				604,424

	Internet Software & Services – 0.6%
	23,209	Bankrate, Inc.*		212,130
	37,306	Blucora, Inc.*		298,821
	25,877	Marchex, Inc. Class B		109,977
	22,699	Monster Worldwide, Inc.*		72,637
	5,417	Web.com Group, Inc.*		108,286

				801,851

	IT Services – 0.8%
	1,522	CACI International, Inc. Class A*		146,340
	5,337	EVERTEC, Inc.		71,889
	20,357	ManTech International Corp. Class A		688,067
	2,084	Sykes Enterprises, Inc.*		60,749
	3,195	Travelport Worldwide Ltd.		44,570

				1,011,615

	Leisure Equipment & Products – 0.2%
	24,736	Callaway Golf Co.		231,034

	Machinery – 2.8%
	3,023	Altra Industrial Motion Corp.		86,760
	3,559	Astec Industries, Inc.		172,256
	10,571	Barnes Group, Inc.		343,452
	1,682	CLARCOR, Inc.		98,851
	50,303	Federal Signal Corp.		688,648
	8,284	Hyster-Yale Materials Handling, Inc.		507,395
	7,378	Kadant, Inc.		349,348
	13,414	Miller Industries, Inc.		285,182
	5,245	Standex International Corp.		402,239
	6,987	Tennant Co.		373,176
	20,862	Wabash National Corp.*		297,283
	1,856	Woodward, Inc.		100,614

				3,705,204

	Metals & Mining – 3.3%
	30,662	Carpenter Technology Corp.^(a)		1,085,741
	62,942	Commercial Metals Co.		1,127,921
	18,448	Ferroglobe PLC		187,985
	22,678	Materion Corp.		657,435
	34,209	Schnitzer Steel Industries, Inc. Class A		705,390
	16,463	Worthington Industries, Inc.		621,478

				4,385,950

Shares		Description	Value
	Common Stocks – (continued)
	Multi-Utilities – 0.8%
	17,899	NorthWestern Corp.	$	1,017,379

	Oil, Gas & Consumable Fuels – 3.5%
	43,724	Alon USA Energy, Inc.^(b)		459,102
	8,945	Callon Petroleum Co.*		94,012
	14,275	Carrizo Oil & Gas, Inc.*		504,907
	17,296	Contango Oil & Gas Co.*		217,584
	97,440	DHT Holdings, Inc.		559,306
	18,805	Gener8 Maritime, Inc.*		135,960
	4,199	Matador Resources Co.*		90,488
	53,409	Oasis Petroleum, Inc.*		517,533
	9,394	Par Pacific Holdings, Inc.*		179,519
	10,803	Parsley Energy, Inc. Class A*		253,006
	14,968	PDC Energy, Inc.*		939,841
	8,302	REX American Resources Corp.*		451,380
	29,801	Scorpio Tankers, Inc.		186,554

				4,589,192

	Paper & Forest Products – 0.1%
	3,853	Schweitzer-Mauduit International, Inc.		132,505

	*Pharmaceuticals – 0.2%**
	5,558	Prestige Brands Holdings, Inc.		315,583

	Professional Services – 0.5%
	14,377	CDI Corp.		102,795
	8,101	Heidrick & Struggles International, Inc.		159,833
	1,908	Huron Consulting Group, Inc.*		106,104
	22,711	RPX Corp.*		251,638

				620,370

	Real Estate Investment Trusts – 15.0%
	55,555	American Capital Mortgage Investment Corp.		823,881
	158,457	Anworth Mortgage Asset Corp.		747,917
	24,986	ARMOUR Residential REIT, Inc.^(a)		531,702
	4,467	Chatham Lodging Trust		95,192
	11,345	CoreSite Realty Corp.		850,081
	94,339	Cousins Properties, Inc.		976,409
	29,828	CubeSmart		883,207
	9,194	CyrusOne, Inc.		405,731
	34,988	DCT Industrial Trust, Inc.		1,412,465
	26,993	DuPont Fabros Technology, Inc.		1,074,861
	39,859	FelCor Lodging Trust, Inc.		285,390
	50,162	First Industrial Realty Trust, Inc.		1,150,716
	36,416	Hudson Pacific Properties, Inc.		1,065,168
	70,622	Invesco Mortgage Capital, Inc.		907,493
	48,111	Mack-Cali Realty Corp.		1,229,717
	110,217	New York Mortgage Trust, Inc.^(a)		573,128
	44,087	Pennsylvania Real Estate Investment Trust		1,011,356
	11,001	PS Business Parks, Inc.		1,053,456
	1,039	QTS Realty Trust, Inc. Class A		50,308
	28,985	Rouse Properties, Inc.		535,353
	6,185	Sovran Self Storage, Inc.		656,971
	26,311	STAG Industrial, Inc.		525,168
	36,269	Summit Hotel Properties, Inc.		413,467


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	9,785	Sun Communities, Inc.	$	664,108
	80,548	Sunstone Hotel Investors, Inc.		1,031,820
	5,788	The Geo Group, Inc.		185,390
	50,688	Western Asset Mortgage Capital Corp.^(a)		505,359
	8,131	Xenia Hotels & Resorts, Inc.		125,055

				19,770,869

	Real Estate Management & Development – 1.4%
	27,175	Alexander & Baldwin, Inc.		1,039,172
	3,053	Kennedy-Wilson Holdings, Inc.		65,975
	19,621	RE/MAX Holdings, Inc. Class A		722,053

				1,827,200

	Road & Rail – 0.1%
	5,741	ArcBest Corp.		109,596

	Semiconductors & Semiconductor Equipment – 2.6%
	26,571	Advanced Energy Industries, Inc.*		859,572
	9,773	Cabot Microelectronics Corp.		409,391
	9,116	Entegris, Inc.*		121,152
	25,913	MKS Instruments, Inc.		929,240
	75,151	Photronics, Inc.*		795,098
	4,651	Power Integrations, Inc.		224,411
	2,607	Semtech Corp.*		56,415

				3,395,279

	Software – 1.2%
	47,529	Mentor Graphics Corp.		948,679
	931	MicroStrategy, Inc. Class A*		166,947
	7,709	Progress Software Corp.*		196,734
	10,255	QAD, Inc. Class A		201,100
	4,690	Rovi Corp.*		82,638

				1,596,098

	Specialty Retail – 2.2%
	17,328	Abercrombie & Fitch Co. Class A		463,178
	23,901	American Eagle Outfitters, Inc.^(a)		342,023
	708	Asbury Automotive Group, Inc.*		42,919
	5,752	Caleres, Inc.		145,008
	7,068	Group 1 Automotive, Inc.		465,357
	34,672	Rent-A-Center, Inc.		509,678
	15,312	Stage Stores, Inc.		112,696
	21,035	The Cato Corp. Class A		769,671

				2,850,530

	Textiles, Apparel & Luxury Goods – 0.3%
	8,948	Crocs, Inc.*		74,716
	3,797	Deckers Outdoor Corp.*		219,504
	3,898	Movado Group, Inc.		109,963

				404,183

	Thrifts & Mortgage Finance – 3.7%
	46,677	Dime Community Bancshares, Inc.		845,321
	7,045	Flagstar Bancorp, Inc.*		166,755
	48,327	Northfield Bancorp, Inc.		766,466
	53,668	Oritani Financial Corp.		930,066
	27,059	Radian Group, Inc.		346,085
	8,498	TrustCo Bank Corp. NY		54,472
	40,639	Washington Federal, Inc.		987,121

Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – (continued)
	22,171	WSFS Financial Corp.	$	756,918

				4,853,204

	Trading Companies & Distributors – 1.3%
	19,465	Applied Industrial Technologies, Inc.		892,081
	5,753	Beacon Roofing Supply, Inc.*		245,826
	37,420	MRC Global, Inc.*		523,131

				1,661,038

	Wireless Telecommunication Services – 0.2%
	16,569	Spok Holdings, Inc.		281,507

	TOTAL COMMON STOCKS
	(Cost $122,000,554)		$	128,147,753


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(c) – 2.6%
	Repurchase Agreements – 2.6%
	Joint Repurchase Agreement Account II
$	3,400,000		0.290	%		05/02/16	$	3,400,000
	(Cost $3,400,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $125,400,554)						$	131,547,753


Shares		Rate	Value

	Securities Lending Reinvestment Vehicle^(d)(e) – 2.3%
	Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
	2,972,375	0.430%	$	2,972,375
	(Cost $2,972,375)

	TOTAL INVESTMENTS – 102.4%
	(Cost $128,372,929)		$	134,520,128

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.4)%			(3,092,152	)

	NET ASSETS – 100.0%		$	131,427,976


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 63.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.
(e)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	21	June 2016	$	2,367,960	$	146,851


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.4%
	Aerospace & Defense – 0.8%
	16,936	General Dynamics Corp.	$	2,379,847
	7,466	L-3 Communications Holdings, Inc.		982,003
	16,615	Spirit AeroSystems Holdings, Inc. Class A*		783,397

				4,145,247

	Airlines – 0.1%
	12,190	Delta Air Lines, Inc.		507,957

	Auto Components – 0.3%
	11,097	Lear Corp.		1,277,597
	2,589	Visteon Corp.		206,266

				1,483,863

	Beverages – 2.9%
	62,355	Coca-Cola Enterprises, Inc.		3,272,390
	20,055	Dr. Pepper Snapple Group, Inc.		1,823,200
	85,335	PepsiCo., Inc.		8,786,092

				13,881,682

	Biotechnology – 4.2%
	42,658	AbbVie, Inc.		2,602,138
	50,045	Amgen, Inc.		7,922,123
	27,996	Baxalta, Inc.		1,174,432
	39,819	Celgene Corp.*		4,117,683
	16,655	Gilead Sciences, Inc.		1,469,138
	8,305	Incyte Corp.*		600,202
	6,484	United Therapeutics Corp.*		682,117
	19,481	Vertex Pharmaceuticals, Inc.*		1,643,028

				20,210,861

	Capital Markets – 1.9%
	34,091	Ameriprise Financial, Inc.		3,269,327
	53,144	ETRADE Financial Corp.		1,338,166
	36,001	SEI Investments Co.		1,730,928
	71,279	The Bank of New York Mellon Corp.		2,868,267

				9,206,688

	Chemicals – 3.5%
	16,212	Air Products & Chemicals, Inc.		2,365,169
	19,108	Axalta Coating Systems Ltd.*		544,005
	6,611	Celanese Corp. Series A		467,398
	33,192	PPG Industries, Inc.		3,664,065
	48,530	Praxair, Inc.		5,700,334
	13,107	The Dow Chemical Co.		689,559
	9,747	The Sherwin-Williams Co.		2,800,410
	15,965	Westlake Chemical Corp.		801,283

				17,032,223

	Commercial Banks – 3.4%
	251,502	Bank of America Corp.		3,661,869
	133,556	Fifth Third Bancorp		2,445,410
	35,232	JPMorgan Chase & Co.		2,226,663
	180,541	KeyCorp		2,218,849
	115,587	SunTrust Banks, Inc.		4,824,601
	27,816	Wells Fargo & Co.		1,390,244

				16,767,636

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 0.1%
	19,148	Tyco International PLC	$	737,581

	Communications Equipment – 0.3%
	53,894	Brocade Communications Systems, Inc.		517,921
	34,512	Juniper Networks, Inc.		807,581

				1,325,502

	Computers & Peripherals – 4.2%
	136,470	Apple, Inc.		12,792,698
	240,100	EMC Corp.		6,269,011
	27,643	Hewlett Packard Enterprise Co.		460,532
	41,777	NetApp, Inc.		987,608

				20,509,849

	*Construction & Engineering – 0.2%**
	36,032	Quanta Services, Inc.		854,679

	Construction Materials – 0.9%
	39,070	Vulcan Materials Co.		4,205,104

	Consumer Finance – 0.8%
	10,350	Ally Financial, Inc.*		184,334
	9,586	American Express Co.		627,212
	101,018	Synchrony Financial*		3,088,120

				3,899,666

	Containers & Packaging – 0.0%
	15,904	Graphic Packaging Holding Co.		211,205

	Diversified Financial Services – 1.6%
	28,778	Berkshire Hathaway, Inc. Class B*		4,186,623
	15,869	Intercontinental Exchange, Inc.		3,809,036

				7,995,659

	Diversified Telecommunication Services – 2.3%
	42,940	AT&T, Inc.		1,666,931
	185,562	Verizon Communications, Inc.		9,452,528

				11,119,459

	Electric Utilities – 0.8%
	75,543	FirstEnergy Corp.		2,461,946
	48,177	Great Plains Energy, Inc.		1,504,568

				3,966,514

	Electrical Equipment – 0.3%
	14,824	AMETEK, Inc.		712,886
	14,707	Eaton Corp. PLC		930,512

				1,643,398

	*Electronic Equipment, Instruments & Components – 0.5%**
	190,937	Flextronics International Ltd.		2,319,885

	*Energy Equipment & Services – 0.4%**
	59,028	FMC Technologies, Inc.		1,799,764

	Food & Staples Retailing – 2.3%
	73,795	Sysco Corp.		3,399,736
	74,777	The Kroger Co.		2,646,358


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – (continued)
	63,007	Walgreens Boots Alliance, Inc.	$	4,995,195

				11,041,289

	Food Products – 2.8%
	4,518	Bunge Ltd.		282,375
	117,163	ConAgra Foods, Inc.		5,220,783
	69,177	Kellogg Co.		5,313,486
	3,639	Pinnacle Foods, Inc.		154,985
	4,141	The J.M. Smucker Co.		525,824
	30,783	Tyson Foods, Inc. Class A		2,026,137

				13,523,590

	Health Care Equipment & Supplies – 2.1%
	16,075	Baxter International, Inc.		710,837
	25,532	C.R. Bard, Inc.		5,417,124
	120,905	Hologic, Inc.*		4,061,199

				10,189,160

	Health Care Providers & Services – 2.7%
	13,398	Aetna, Inc.		1,504,194
	3,746	Anthem, Inc.		527,324
	42,723	Cigna Corp.		5,918,844
	28,373	Express Scripts Holding Co.*		2,091,941
	18,696	McKesson Corp.		3,137,563

				13,179,866

	Hotels, Restaurants & Leisure – 1.3%
	48,447	Carnival Corp.		2,376,325
	20,903	McDonald’s Corp.		2,644,021
	18,468	Yum! Brands, Inc.		1,469,314

				6,489,660

	Household Durables – 0.9%
	15,523	Mohawk Industries, Inc.*		2,990,196
	9,215	Whirlpool Corp.		1,604,700

				4,594,896

	Household Products – 1.4%
	67,418	Colgate-Palmolive Co.^(a)		4,781,285
	24,367	The Procter & Gamble Co.		1,952,284

				6,733,569

	Independent Power Producers & Energy Traders – 0.8%
	185,264	AES Corp.		2,067,546
	101,797	Calpine Corp.*		1,606,357

				3,673,903

	Industrial Conglomerates – 0.6%
	96,357	General Electric Co.		2,962,978

	Insurance – 4.2%
	102,970	Lincoln National Corp.		4,474,047
	13,706	Principal Financial Group, Inc.		584,972
	50,841	Reinsurance Group of America, Inc.		4,841,080
	21,660	The Allstate Corp.		1,408,983
	47,109	The Travelers Cos., Inc.		5,177,279

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	2,976	W.R. Berkley Corp.		166,656
	109,826	XL Group PLC		3,594,605

				20,247,622

	Internet & Catalog Retail – 2.0%
	10,426	Amazon.com, Inc.*		6,876,886
	1,991	Expedia, Inc.		230,498
	9,836	Netflix, Inc.*		885,535
	1,220	The Priceline Group, Inc.*		1,639,265

				9,632,184

	*Internet Software & Services – 5.3%**
	8,019	Alphabet, Inc. Class A		5,676,490
	8,146	Alphabet, Inc. Class C		5,645,259
	224,301	eBay, Inc.		5,479,673
	61,786	Facebook, Inc. Class A		7,264,798
	39,909	Rackspace Hosting, Inc.		912,719
	21,561	Yahoo!, Inc.		789,133

				25,768,072

	IT Services – 1.5%
	14,082	Alliance Data Systems Corp.*		2,863,011
	12,516	Amdocs Ltd.		707,655
	17,604	Cognizant Technology Solutions Corp. Class A*		1,027,545
	11,812	MasterCard, Inc. Class A		1,145,646
	26,835	Vantiv, Inc. Class A*		1,463,581

				7,207,438

	Life Sciences Tools & Services – 1.0%
	34,048	Thermo Fisher Scientific, Inc.		4,911,424

	Machinery – 2.1%
	139,774	Allison Transmission Holdings, Inc.		4,026,889
	54,606	Illinois Tool Works, Inc.		5,707,419
	3,088	Stanley Black & Decker, Inc.		345,609

				10,079,917

	Media – 2.2%
	24,865	Cablevision Systems Corp. Class A		830,242
	16,148	Comcast Corp. Class A		981,153
	69,249	Liberty Global PLC Series C*		2,534,513
	26,642	The Interpublic Group of Cos., Inc.		611,168
	19,035	Time Warner Cable, Inc.		4,037,514
	14,373	Time Warner, Inc.		1,079,987
	19,966	Twenty-First Century Fox, Inc. Class A		604,171

				10,678,748

	Metals & Mining – 1.7%
	27,984	Nucor Corp.		1,393,044
	39,758	Reliance Steel & Aluminum Co.		2,940,899
	152,431	Steel Dynamics, Inc.		3,842,785

				8,176,728

	Multi-Utilities – 0.7%
	30,899	Sempra Energy		3,193,412


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Multiline Retail – 1.0%
	20,603	Dollar General Corp.	$	1,687,592
	38,833	Target Corp.		3,087,223

				4,774,815

	Oil, Gas & Consumable Fuels – 6.2%
	2,622	Chevron Corp.		267,916
	59,244	ConocoPhillips		2,831,271
	10,396	Energen Corp.		441,726
	40,094	EOG Resources, Inc.		3,312,566
	54,149	Exxon Mobil Corp.		4,786,772
	34,738	Kinder Morgan, Inc.		616,947
	107,964	Newfield Exploration Co.*		3,913,695
	17,203	Noble Energy, Inc.		621,200
	81,378	Occidental Petroleum Corp.		6,237,624
	34,164	Pioneer Natural Resources Co.		5,674,640
	26,394	World Fuel Services Corp.^(a)		1,233,392

				29,937,749

	Personal Products – 0.1%
	7,523	The Estee Lauder Cos., Inc. Class A		721,230

	Pharmaceuticals – 6.2%
	3,896	Eli Lilly & Co.		294,265
	117,992	Johnson & Johnson		13,224,543
	161,939	Merck & Co., Inc.		8,880,735
	23,016	Mylan NV*		959,997
	207,248	Pfizer, Inc.		6,779,082

				30,138,622

	Real Estate Investment Trusts – 0.9%
	19,333	Apartment Investment & Management Co. Class A		774,480
	6,323	Equity Commonwealth*		176,475
	35,970	Equity LifeStyle Properties, Inc.		2,463,585
	4,181	Post Properties, Inc.		239,822
	10,106	ProLogis, Inc.		458,914
	11,242	Starwood Property Trust, Inc.		217,645

				4,330,921

	Road & Rail – 1.6%
	58,577	CSX Corp.		1,597,395
	33,732	Norfolk Southern Corp.		3,039,590
	35,504	Union Pacific Corp.		3,097,014

				7,733,999

	Semiconductors & Semiconductor Equipment – 3.8%
	100,055	Applied Materials, Inc.		2,048,126
	46,042	Intel Corp.		1,394,152
	70,674	KLA-Tencor Corp.		4,942,939
	16,790	Lam Research Corp.		1,282,756
	101,290	Maxim Integrated Products, Inc.		3,618,079
	15,646	QUALCOMM, Inc.		790,436
	42,045	Teradyne, Inc.		795,071
	60,307	Texas Instruments, Inc.		3,439,911

				18,311,470

Shares		Description	Value
	Common Stocks – (continued)
	Software – 7.2%
	54,018	Adobe Systems, Inc.*	$	5,089,576
	6,007	ANSYS, Inc.*		545,255
	84,889	Cadence Design Systems, Inc.*		1,968,576
	27,928	CDK Global, Inc.		1,328,535
	63,314	Citrix Systems, Inc.*		5,181,618
	167,722	Microsoft Corp.		8,364,296
	83,529	Nuance Communications, Inc.*		1,435,028
	204,424	Oracle Corp.		8,148,341
	18,002	PTC, Inc.*		656,353
	107,160	Symantec Corp.		1,783,678
	10,983	Synopsys, Inc.*		521,912

				35,023,168

	Specialty Retail – 3.8%
	2,804	AutoZone, Inc.*		2,145,705
	2,319	L Brands, Inc.		181,555
	88,915	Lowe’s Cos., Inc.		6,759,318
	23,223	Sally Beauty Holdings, Inc.*		729,202
	63,645	The Home Depot, Inc.		8,521,429

				18,337,209

	Textiles, Apparel & Luxury Goods – 0.3%
	21,541	NIKE, Inc. Class B		1,269,626

	Trading Companies & Distributors – 1.2%
	34,799	HD Supply Holdings, Inc.*		1,192,910
	3,307	United Rentals, Inc.*		221,337
	34,214	Watsco, Inc.		4,600,757

				6,015,004

	TOTAL COMMON STOCKS
	(Cost $447,307,470)		$	472,702,691


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(b) – 2.7%
	Repurchase Agreements – 2.7%
	Joint Repurchase Agreement Account II
$	12,900,000		0.290	%		05/02/16	$	12,900,000
	(Cost $12,900,000)

	TOTAL INVESTMENTS – 100.1%
	(Cost $460,207,470)						$	485,602,691

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%							(571,222	)

	NET ASSETS – 100.0%						$	485,031,469


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 63.


The accompanying notes are an integral part of these financial statements.		61

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index	83	June 2016	$	8,545,265	$	245,118


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At April 30, 2016, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of May 2, 2016, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Large Cap Growth Insights	$	8,300,000	$	8,300,134	$	8,474,288
Large Cap Value Insights		25,200,000		25,200,406		25,729,163
Small Cap Equity Insights		13,100,000		13,100,211		13,375,081
Small Cap Growth Insights		4,500,000		4,500,073		4,594,493
Small Cap Value Insights		3,400,000		3,400,055		3,471,395
U.S. Equity Insights		12,900,000		12,900,208		13,170,881

REPURCHASE AGREEMENTS — At April 30, 2016, the Principal Amount of the Funds’ interest in the Joint Repurchase Agreement Account II was as follows:


Counterparty	Interest Rate			Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
BNP Paribas Securities Co.		0.30	%		1,378,064		4,184,002		2,175,017		747,143		564,508		2,141,811
Citigroup Global Markets, Inc.		0.30			1,742,846		5,291,532		2,750,757		944,916		713,937		2,708,761
Merrill Lynch & Co., Inc.		0.30			1,166,491		3,541,636		1,841,088		632,436		477,840		1,812,979
Merrill Lynch & Co., Inc.		0.28			4,012,599		12,182,830		6,333,138		2,175,505		1,643,715		6,236,449
TOTAL					8,300,000		25,200,000		13,100,000		4,500,000		3,400,000		12,900,000

At April 30, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Banks		3.330	%		02/01/33
Federal Home Loan Banks		3.375 to 5.500			09/01/28 to 07/15/36
Federal Home Loan Mortgage Corp.		4.000 to 7.500			09/01/17 to 11/01/45
Federal National Mortgage Association		2.500 to 6.500			03/01/19 to 08/01/45
Government National Mortgage Association		3.500 to 10.000			02/15/18 to 04/20/46
United States Treasury Floating Rate Note		0.518			10/31/17
United States Treasury Inflation Protected Securities		0.125			07/15/22
U.S. Treasury Notes		1.625 to 2.500			06/30/20 to 08/15/23
United States Treasury Stripped Securities		0.000			11/15/31 to 02/15/44


The accompanying notes are an integral part of these financial statements.		63

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)


	Large Cap Growth Insights Fund
Assets:
Investments, at value (cost $761,492,825, $382,039,125, $185,342,947, $148,843,471, $125,400,554 and $460,207,470)^(a)	$	772,477,059
Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		5,814,625
Cash		75,169
Receivables:
Investments sold		49,751,518
Fund shares sold		1,183,536
Dividends and interest		464,267
Reimbursement from investment adviser		37,512
Securities lending income		122
Other assets		1,674
Total assets		829,805,482

Liabilities:
Variation margin on certain derivative contracts		83,767
Payables:
Investments purchased		38,417,412
Payable upon return of securities loaned		5,814,625
Fund shares redeemed		724,075
Management fees		345,837
Distribution and Service fees and Transfer Agency fees		158,494
Accrued expenses		100,334
Total liabilities		45,644,544

Net Assets:
Paid-in capital		1,022,234,049
Undistributed net investment income		3,048,184
Accumulated net realized loss		(252,607,731	)
Net unrealized gain (loss)		11,486,436
NET ASSETS	$	784,160,938
Net Assets:
Class A	$	217,437,172
Class C		50,617,263
Institutional		460,407,697
Service		5,575,492
Class IR		33,063,358
Class R		16,314,687
Class R6		745,269
Total Net Assets	$	784,160,938
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		9,618,343
Class C		2,462,418
Institutional		19,758,799
Service		249,552
Class IR		1,480,115
Class R		736,739
Class R6		31,987
Net asset value, offering and redemption price per share:^(b)
Class A		$22.61
Class C		20.56
Institutional		23.30
Service		22.34
Class IR		22.34
Class R		22.14
Class R6		23.30

(a)

Includes loaned securities having a market value of $5,687,410, $2,204,148, $7,824,793, $8,413,661 and $2,870,770 for the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights and Small Cap Value Insights Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $23.93, $17.66, $19.76, $28.61, $38.47 and $41.50, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Large Cap Value Insights Fund			Small Cap Equity Insights Fund			Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund

$	385,923,308		$	183,101,780		$	148,560,753		$	131,547,753		$	485,602,691
	2,253,450			8,035,251			8,640,910			2,972,375			—
	40,500			42,152			95,121			77,671			8,285

	18,780,668			2,629,608			1,990,288			1,922,560			24,376,534
	342,045			82,702			140,402			48,964			287,403
	373,996			370,813			381,795			40,706			434,141
	26,844			27,590			27,694			28,623			30,651
	—			8,318			15,562			1,479			—
	3,642			591			923			517			1,567
	407,744,453			194,298,805			159,853,448			136,640,648			510,741,272


	32,579			32,602			25,393			25,574			55,176

	34,593,796			11,394,923			2,754,368			1,787,241			24,270,768
	2,253,450			8,035,251			8,640,910			2,972,375			—
	688,968			118,596			109,049			180,094			695,271
	150,460			112,509			98,767			85,758			207,398
	46,062			33,138			31,534			50,975			149,990
	85,632			123,997			88,425			110,655			331,200
	37,850,947			19,851,016			11,748,446			5,212,672			25,709,803


	681,756,336			253,150,641			153,419,270			127,587,897			464,348,525
	434,301			675,812			367,185			170,237			1,674,081
	(316,376,615	)		(77,186,510	)		(5,458,247	)		(2,624,208	)		(6,631,476	)
	4,079,484			(2,192,154	)		(223,206	)		6,294,050			25,640,339
$	369,893,506		$	174,447,789		$	148,105,002		$	131,427,976		$	485,031,469

$	59,761,662		$	31,270,943		$	52,206,143		$	89,570,889		$	258,725,234
	14,218,239			12,672,553			7,408,127			15,377,140			34,327,653
	280,787,496			119,595,062			75,321,573			19,389,093			153,236,546
	6,830,088			688,010			—			—			4,240,475
	6,956,509			865,644			5,534,872			1,911,195			5,916,996
	1,329,696			9,328,921			3,529,079			5,169,703			28,574,839
	9,816			26,656			4,105,208			9,956			9,726
$	369,893,506		$	174,447,789		$	148,105,002		$	131,427,976		$	485,031,469

	3,580,130			1,674,940			1,930,572			2,464,399			6,596,283
	859,127			773,267			341,575			554,546			957,979
	16,832,238			6,184,124			2,413,873			420,884			3,806,266
	407,563			37,368			—			—			108,485
	417,797			46,690			200,709			52,757			152,425
	80,059			508,398			134,354			144,054			739,234
	589			1,378			131,525			216			242

	$16.69			$18.67			$27.04			$36.35			$39.22
	16.55			16.39			21.69			27.73			35.83
	16.68			19.34			31.20			46.07			40.26
	16.76			18.41			—			—			39.09
	16.65			18.54			27.58			36.23			38.82
	16.61			18.35			26.27			35.89			38.65
	16.68			19.34			31.21			46.06			40.25


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2016 (Unaudited)


	Large Cap Growth Insights Fund
Investment income:
Dividends	$	6,105,680
Interest		30,736
Securities lending income — affiliated issuer		162
Total investment income		6,136,578

Expenses:
Management fees		2,654,565
Distribution and Service fees^(a)		530,983
Transfer Agency fees^(a)		387,758
Registration fees		74,260
Custody, accounting and administrative services		56,117
Professional fees		55,521
Printing and mailing costs		36,193
Trustee fees		12,336
Service Share fees — Service Plan		4,527
Service Share fees — Shareholder Administration Plan		4,527
Other		9,538
Total expenses		3,826,325
Less — expense reductions		(758,542	)
Net expenses		3,067,783
NET INVESTMENT INCOME		3,068,795

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		5,880,138
Futures contracts		(263,501	)
Net change in unrealized gain (loss) on:
Investments		(24,345,161	)
Futures contracts		(96,853	)
Net realized and unrealized gain (loss)		(18,825,377	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,756,582	)

(a)

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


	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Class IR		Class R		Class R6
Large Cap Growth Insights	$	252,598	$	245,738	$	32,647	$	191,975	$	46,690	$	102,766	$	724	$	33,185	$	12,406	$	12
Large Cap Value Insights		74,277		70,603		3,184		56,451		13,414		52,790		1,322		5,456		1,210		1
Small Cap Equity Insights		38,844		65,178		22,325		29,521		12,384		18,936		160		937		8,483		1
Small Cap Growth Insights		57,317		38,883		6,578		43,561		7,388		13,764		—		4,642		2,499		71
Small Cap Value Insights		108,354		75,723		12,026		82,349		14,387		3,735		—		1,664		4,570		1
U.S. Equity Insights		319,552		173,300		67,726		242,860		32,927		25,777		726		4,946		25,736		1


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Large Cap Value Insights Fund			Small Cap Equity Insights Fund			Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund

$	4,294,743		$	1,553,647		$	993,886		$	1,435,675		$	4,536,252
	11,859			6,446			6,202			3,838			19,089
	1,536			32,370			72,931			10,544			691
	4,308,138			1,592,463			1,073,019			1,450,057			4,556,032


	1,053,378			635,447			555,367			540,062			1,479,162
	148,064			126,347			102,778			196,103			560,578
	130,644			70,422			71,925			106,706			332,973
	24,716			39,880			46,355			40,153			37,334
	43,936			40,379			37,002			37,137			44,666
	57,399			52,485			50,900			50,900			43,054
	23,436			18,435			18,992			29,761			48,170
	12,081			11,633			11,526			11,588			12,103
	8,262			998			—			—			4,537
	8,262			998			—			—			4,537
	8,305			7,411			6,096			6,700			9,116
	1,518,483			1,004,435			900,941			1,019,110			2,576,230
	(303,303	)		(195,518	)		(194,392	)		(201,382	)		(481,173	)
	1,215,180			808,917			706,549			817,728			2,095,057
	3,092,958			783,546			366,470			632,329			2,460,975



	(14,204,072	)		(2,562,193	)		(4,975,246	)		(2,429,229	)		(4,404,920	)
	377,536			426,230			1,087			(104,525	)		48,963

	5,208,133			(362,386	)		(981,183	)		2,626,395			(4,916,902	)
	(2,256	)		33,074			(28,039	)		138,450			(178,192	)
	(8,620,659	)		(2,465,275	)		(5,983,381	)		231,091			(9,451,051	)
$	(5,527,701	)	$	(1,681,729	)	$	(5,616,911	)	$	863,420		$	(6,990,076	)


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets


	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	3,068,795		$	6,101,448
Net realized gain (loss)		5,616,637			30,915,791
Net change in unrealized gain (loss)		(24,442,014	)		8,494,396
Net increase (decrease) in net assets resulting from operations		(15,756,582	)		45,511,635

Distributions to shareholders:
From net investment income
Class A Shares		(1,188,498	)		(704,224	)
Class C Shares		(92,936	)		(52,165	)
Institutional Shares		(4,313,410	)		(2,655,012	)
Service Shares		(25,083	)		(4,970	)
Class IR Shares		(299,441	)		(245,804	)
Class R Shares		(79,335	)		(9,043	)
Class R6 Shares^(a)		(88	)		—
Total distributions to shareholders		(5,998,791	)		(3,671,218	)

From share transactions:
Proceeds from sales of shares		223,408,779			612,742,539
Reinvestment of distributions		5,424,452			3,567,272
Cost of shares redeemed		(216,297,514	)		(271,948,342	)
Net increase (decrease) in net assets resulting from share transactions		12,535,717			344,361,469
TOTAL INCREASE (DECREASE)		(9,219,656	)		386,201,886

Net assets:
Beginning of period		793,380,594			407,178,708
End of period	$	784,160,938		$	793,380,594
Undistributed net investment income	$	3,048,184		$	5,978,180

(a)

Commenced operations on July 31, 2015.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Large Cap Value Insights Fund						Small Cap Equity Insights Fund
For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015

$	3,092,958		$	7,849,572		$	783,546		$	545,667
	(13,826,536	)		28,538,590			(2,135,963	)		21,650,757
	5,205,877			(25,324,467	)		(329,312	)		(14,512,014	)
	(5,527,701	)		11,063,695			(1,681,729	)		7,684,410



	(425,614	)		(916,581	)		(49,354	)		—
	(48,386	)		(110,236	)		—			—
	(2,346,094	)		(6,499,235	)		(488,722	)		(426,236	)
	(43,680	)		(91,882	)		—			—
	(49,530	)		(107,537	)		(5,495	)		(629	)
	(7,807	)		(12,248	)		(2,485	)		—
	(85	)		(46	)		(59	)		—
	—			—			—			—
	(2,921,196	)		(7,737,765	)		(546,115	)		(426,865	)


	67,058,690			111,021,958			72,114,643			43,084,859
	2,852,280			7,574,820			538,997			412,488
	(79,756,099	)		(214,777,809	)		(36,953,423	)		(95,160,861	)
	(9,845,129	)		(96,181,031	)		35,700,217			(51,663,514	)
	(18,294,026	)		(92,855,101	)		33,472,373			(44,405,969	)


	388,187,532			481,042,633			140,975,416			185,381,385
$	369,893,506		$	388,187,532		$	174,447,789		$	140,975,416
$	434,301		$	262,539		$	675,812		$	438,381


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)


	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income (loss)	$	366,470		$	(200,477	)
Net realized gain (loss)		(4,974,159	)		10,935,297
Net change in unrealized gain (loss)		(1,009,222	)		(8,428,187	)
Net increase (decrease) in net assets resulting from operations		(5,616,911	)		2,306,633

Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares^(a)		—			—
From net realized gains
Class A Shares		(3,786,153	)		(1,954,522	)
Class C Shares		(870,412	)		(477,017	)
Institutional Shares		(5,329,256	)		(1,549,403	)
Service Shares		—			—
Class IR Shares		(408,028	)		(73,879	)
Class R Shares		(208,003	)		(64,282	)
Class R6 Shares^(a)		(728	)		—
Total distributions to shareholders		(10,602,580	)		(4,119,103	)

From share transactions:
Proceeds from sales of shares		53,977,740			72,721,872
Reinvestment of distributions		9,066,848			4,024,778
Cost of shares redeemed		(21,346,444	)		(26,153,981	)
Net increase (decrease) in net assets resulting from share transactions		41,698,144			50,592,669
TOTAL INCREASE (DECREASE)		25,478,653			48,780,199

Net assets:
Beginning of period		122,626,349			73,846,150
End of period	$	148,105,002		$	122,626,349
Undistributed net investment income	$	367,185		$	715

(a)

Commenced operations on July 31, 2015.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Small Cap Value Insights Fund						U.S. Equity Insights Fund
For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015

$	632,329		$	989,755		$	2,460,975		$	5,147,271
	(2,533,754	)		7,372,054			(4,355,957	)		14,964,030
	2,764,845			(7,809,543	)		(5,095,094	)		(2,280,819	)
	863,420			552,266			(6,990,076	)		17,830,482



	(737,825	)		(362,473	)		(2,582,334	)		(2,013,475	)
	(57,118	)		—			(113,480	)		(35,665	)
	(197,818	)		(94,110	)		(1,769,015	)		(1,488,787	)
	—			—			(37,629	)		(7,403	)
	(18,949	)		(10,792	)		(66,496	)		(10,626	)
	(44,265	)		(666	)		(262,202	)		(6,367	)
	(97	)		—			(134	)		—

	(4,933,022	)		(1,537,176	)		(7,754,822	)		—
	(1,118,515	)		(364,017	)		(1,167,573	)		—
	(884,302	)		(192,609	)		(3,424,724	)		—
	—			—			(96,766	)		—
	(95,047	)		(26,978	)		(144,544	)		—
	(268,921	)		(15,861	)		(832,819	)		—
	(419	)		—			(275	)		—
	(8,356,298	)		(2,604,682	)		(18,252,813	)		(3,562,323	)


	7,040,874			20,239,128			66,955,600			157,816,504
	8,059,965			2,536,171			17,393,557			3,432,073
	(13,558,541	)		(24,313,088	)		(42,141,173	)		(132,760,111	)
	1,542,298			(1,537,789	)		42,207,984			28,488,466
	(5,950,580	)		(3,590,205	)		16,965,095			42,756,625


	137,378,556			140,968,761			468,066,374			425,309,749
$	131,427,976		$	137,378,556		$	485,031,469		$	468,066,374
$	170,237		$	593,980		$	1,674,081		$	4,044,396


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	23.13	$	0.06		$	(0.45	)	$	(0.39	)	$	(0.13	)
2016 - C		21.02		(0.02	)		(0.40	)		(0.42	)		(0.04	)
2016 - Institutional		23.86		0.11			(0.47	)		(0.36	)		(0.20	)
2016 - Service		22.89		0.04			(0.44	)		(0.40	)		(0.15	)
2016 - IR		22.88		0.09			(0.45	)		(0.36	)		(0.18	)
2016 - R		22.71		0.03			(0.45	)		(0.42	)		(0.15	)
2016 - R6		23.86		0.06			(0.41	)		(0.35	)		(0.21	)

FOR THE YEAR ENDED OCTOBER 31,
2015 - A		21.57		0.16			1.55			1.71			(0.15	)
2015 - C		19.67		(0.01	)		1.41			1.40			(0.05	)
2015 - Institutional		22.22		0.26			1.60			1.86			(0.22	)
2015 - Service		21.41		0.13			1.55			1.68			(0.20	)
2015 - IR		21.36		0.22			1.52			1.74			(0.22	)
2015 - R		21.25		0.09			1.55			1.64			(0.18	)
2015 - R6 (Commenced July 31, 2015)		23.90		0.06			(0.10	)		(0.04	)		—
2014 - A		18.05		0.12			3.54			3.66			(0.14	)
2014 - C		16.51		(0.02	)		3.23			3.21			(0.05	)
2014 - Institutional		18.59		0.21			3.62			3.83			(0.20	)
2014 - Service		17.81		0.18			3.42			3.60			—
2014 - IR		17.88		0.14			3.52			3.66			(0.18	)
2014 - R		17.85		0.07			3.48			3.55			(0.15	)
2013 - A		14.05		0.21	^(e)		3.95			4.16			(0.16	)
2013 - C		12.88		0.06	^(e)		3.65			3.71			(0.08	)
2013 - Institutional		14.48		0.27	^(e)		4.07			4.34			(0.23	)
2013 - Service		13.88		0.16	^(e)		3.93			4.09			(0.16	)
2013 - IR		13.95		0.22	^(e)		3.93			4.15			(0.22	)
2013 - R		13.97		0.11	^(e)		3.97			4.08			(0.20	)
2012 - A		12.60		0.12	^(f)		1.47			1.59			(0.14	)
2012 - C		11.57		0.01	^(f)		1.35			1.36			(0.05	)
2012 - Institutional		12.98		0.17	^(f)		1.52			1.69			(0.19	)
2012 - Service		12.47		0.10	^(f)		1.47			1.57			(0.16	)
2012 - IR		12.53		0.13	^(f)		1.48			1.61			(0.19	)
2012 - R		12.46		0.06	^(f)		1.50			1.56			(0.05	)
2011 - A		11.54		0.10	^(g)		1.09			1.19			(0.13	)
2011 - C		10.62		0.01	^(g)		1.01			1.02			(0.07	)
2011 - Institutional		11.88		0.16	^(g)		1.12			1.28			(0.18	)
2011 - Service		11.43		0.06	^(g)		1.10			1.16			(0.12	)
2011 - IR		11.48		0.13	^(g)		1.08			1.21			(0.16	)
2011 - R		11.42		0.08	^(g)		1.06			1.14			(0.10	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.31% of average net assets.

(f)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.22% of average net assets.

(g)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	22.61		(1.67	)%	$	217,437		0.96	%^(d)		1.15	%^(d)		0.53	%^(d)		125	%
	20.56		(2.01	)		50,617		1.71	^(d)		1.90	^(d)		(0.21	)^(d)		125
	23.30		(1.49	)		460,408		0.56	^(d)		0.75	^(d)		0.94	^(d)		125
	22.34		(1.73	)		5,575		1.06	^(d)		1.25	^(d)		0.40	^(d)		125
	22.34		(1.56	)		33,063		0.71	^(d)		0.90	^(d)		0.80	^(d)		125
	22.14		(1.84	)		16,315		1.21	^(d)		1.40	^(d)		0.27	^(d)		125
	23.30		(1.46	)		745		0.54	^(d)		0.73	^(d)		0.49	^(d)		125


	23.13		7.96			200,634		0.96			1.16			0.72			222
	21.02		7.12			49,658		1.71			1.91			(0.05	)		222
	23.86		8.41			493,322		0.56			0.76			1.13			222
	22.89		7.88			3,096		1.06			1.26			0.60			222
	22.88		8.21			36,001		0.71			0.91			0.97			222
	22.71		7.73			10,660		1.21			1.41			0.39			222
	23.86		(0.17	)		10		0.54	^(d)		0.74	^(d)		1.00	^(d)		222
	21.57		20.41			94,053		0.96			1.20			0.63			234
	19.67		19.51			19,448		1.71			1.95			(0.12	)		234
	22.22		20.88			269,611		0.56			0.80			1.05			234
	21.41		20.21			408		1.06			1.30			0.96			234
	21.36		20.69			20,793		0.71			0.97			0.68			234
	21.25		20.10			535		1.21			1.45			0.37			234
	18.05		29.90			74,524		0.95			1.20			1.34	^(e)		232
	16.51		28.96			14,133		1.70			1.95			0.42	^(e)		232
	18.59		30.40			289,326		0.55			0.80			1.65	^(e)		232
	17.81		29.77			1,155		1.05			1.30			1.05	^(e)		232
	17.88		30.26			784		0.70			0.95			1.40	^(e)		232
	17.85		29.53			359		1.20			1.46			0.70	^(e)		232
	14.05		12.69			118,956		0.95			1.16			0.83	^(f)		146
	12.88		11.81			12,555		1.70			1.91			0.08	^(f)		146
	14.48		13.81			311,286		0.55			0.76			1.23	^(f)		146
	13.88		12.67			963		1.05			1.26			0.73	^(f)		146
	13.95		12.96			667		0.70			0.90			0.95	^(f)		146
	13.97		12.50			127		1.20			1.39			0.39	^(f)		146
	12.60		10.38			150,750		0.95			1.16			0.84	^(g)		76
	11.57		9.63			12,999		1.70			1.91			0.10	^(g)		76
	12.98		10.83			392,373		0.55			0.76			1.22	^(g)		76
	12.47		10.23			1,004		1.05			1.26			0.49	^(g)		76
	12.53		10.66			45		0.70			0.91			1.07	^(g)		76
	12.46		10.06			26		1.20			1.41			0.63	^(g)		76


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			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			Distributions to Shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	16.92	$	0.12		$	(0.24	)	$	(0.12	)	$	(0.11	)
2016 - C		16.78		0.06			(0.23	)		(0.17	)		(0.06	)
2016 - Institutional		16.91		0.15			(0.24	)		(0.09	)		(0.14	)
2016 - Service		16.99		0.11			(0.23	)		(0.12	)		(0.11	)
2016 - IR		16.88		0.14			(0.24	)		(0.10	)		(0.13	)
2016 - R		16.84		0.10			(0.23	)		(0.13	)		(0.10	)
2016 - R6		16.90		0.15			(0.22	)		(0.07	)		(0.15	)

FOR THE YEAR ENDED OCTOBER 31,
2015 - A		16.86		0.24			0.06			0.30			(0.24	)
2015 - C		16.71		0.11			0.07			0.18			(0.11	)
2015 - Institutional		16.85		0.31			0.06			0.37			(0.31	)
2015 - Service		16.92		0.22			0.07			0.29			(0.22	)
2015 - IR		16.81		0.27			0.08			0.35			(0.28	)
2015 - R		16.81		0.18			0.08			0.26			(0.23	)
2015 - R6 (Commenced July 31, 2015)		17.23		0.07			(0.32	)		(0.25	)		(0.08	)
2014 - A		14.75		0.16			2.10			2.26			(0.15	)
2014 - C		14.63		0.04			2.08			2.12			(0.04	)
2014 - Institutional		14.74		0.22			2.11			2.33			(0.22	)
2014 - Service		14.81		0.14			2.11			2.25			(0.14	)
2014 - IR		14.72		0.21			2.08			2.29			(0.20	)
2014 - R		14.71		0.08			2.13			2.21			(0.11	)
2013 - A		11.49		0.25	^(e)		3.22			3.47			(0.21	)
2013 - C		11.40		0.12	^(e)		3.23			3.35			(0.12	)
2013 - Institutional		11.48		0.28	^(e)		3.25			3.53			(0.27	)
2013 - Service		11.54		0.21	^(e)		3.26			3.47			(0.20	)
2013 - IR		11.47		0.23	^(e)		3.27			3.50			(0.25	)
2013 - R		11.46		0.16	^(e)		3.28			3.44			(0.19	)
2012 - A		10.19		0.17			1.29	^(f)		1.46			(0.16	)
2012 - C		10.11		0.09			1.29	^(f)		1.38			(0.09	)
2012 - Institutional		10.18		0.21			1.30	^(f)		1.51			(0.21	)
2012 - Service		10.23		0.17			1.29	^(f)		1.46			(0.15	)
2012 - IR		10.17		0.19			1.30	^(f)		1.49			(0.19	)
2012 - R		10.17		0.13			1.30	^(f)		1.43			(0.14	)
2011 - A		9.47		0.13			0.74			0.87			(0.15	)
2011 - C		9.40		0.06			0.72			0.78			(0.07	)
2011 - Institutional		9.46		0.17			0.74			0.91			(0.19	)
2011 - Service		9.51		0.12			0.74			0.86			(0.14	)
2011 - IR		9.45		0.15			0.74			0.89			(0.17	)
2011 - R		9.45		0.12			0.72			0.84			(0.12	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from a special dividend which amounted to $0.04 per share and 0.32% of average net assets.

(f)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.01 per share. Excluding such payment, the total return would have been 14.34%, 13.51%, 13.55%, 14.81%, 14.28%, 14.67% and 13.98%, respectively.


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	16.69		(0.67	)%	$	59,762		0.96	%^(d)		1.14	%^(d)		1.49	%^(d)		118	%
	16.55		(1.03	)		14,218		1.71	^(d)		1.89	^(d)		0.75	^(d)		118
	16.68		(0.49	)		280,787		0.56	^(d)		0.74	^(d)		1.89	^(d)		118
	16.76		(0.72	)		6,830		1.06	^(d)		1.23	^(d)		1.40	^(d)		118
	16.65		(0.55	)		6,957		0.71	^(d)		0.89	^(d)		1.76	^(d)		118
	16.61		(0.78	)		1,330		1.21	^(d)		1.39	^(d)		1.24	^(d)		118
	16.68		(0.42	)		10		0.55	^(d)		0.73	^(d)		1.91	^(d)		118


	16.92		1.82			62,150		0.96			1.12			1.39			221
	16.78		1.11			15,658		1.71			1.87			0.64			221
	16.91		2.24			296,403		0.56			0.72			1.81			221
	16.99		1.77			7,271		1.06			1.22			1.29			221
	16.88		2.14			5,425		0.71			0.87			1.60			221
	16.84		1.56			1,270		1.21			1.37			1.07			221
	16.90		(1.41	)		10		0.58	^(d)		0.74	^(d)		1.62	^(d)		221
	16.86		15.42			62,704		0.96			1.14			1.00			222
	16.71		14.50			16,567		1.71			1.89			0.25			222
	16.85		15.89			389,534		0.56			0.74			1.39			222
	16.92		15.24			6,062		1.06			1.24			0.91			222
	16.81		15.62			5,238		0.71			0.88			1.27			222
	16.81		15.13			332		1.21			1.39			0.49			222
	14.75		30.54			52,993		0.95			1.14			1.95	^(e)		221
	14.63		29.61			13,723		1.70			1.90			0.91	^(e)		221
	14.74		31.13			245,662		0.55			0.75			2.21	^(e)		221
	14.81		30.40			5,061		1.05			1.25			1.64	^(e)		221
	14.72		30.88			293		0.71			0.91			1.72	^(e)		221
	14.71		30.25			79		1.20			1.40			1.23	^(e)		221
	11.49		14.44	^(f)		107,535		0.95			1.11			1.53			135
	11.40		13.65	^(f)		11,018		1.70			1.86			0.77			135
	11.48		14.91	^(f)		337,650		0.55			0.71			1.91			135
	11.54		14.38	^(f)		5,117		1.05			1.21			1.48			135
	11.47		14.77	^(f)		128		0.70			0.86			1.74			135
	11.46		14.08	^(f)		33		1.20			1.36			1.18			135
	10.19		9.15			133,611		0.95			1.13			1.31			56
	10.11		8.30			11,928		1.70			1.88			0.55			56
	10.18		9.61			365,385		0.55			0.73			1.69			56
	10.23		9.02			7,699		1.05			1.23			1.19			56
	10.17		9.48			67		0.70			0.88			1.48			56
	10.17		8.96			10		1.20			1.38			1.13			56


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	19.10	$	0.07		$	(0.47	)	$	(0.40	)	$	(0.03	)
2016 - C		16.81		—			(0.42	)		(0.42	)		—
2016 - Institutional		19.84		0.12			(0.51	)		(0.39	)		(0.11	)
2016 - Service		18.82		0.06			(0.47	)		(0.41	)		—
2016 - IR		19.02		0.09			(0.48	)		(0.39	)		(0.09	)
2016 - R		18.78		0.05			(0.48	)		(0.43	)		—	^(e)
2016 - R6		19.84		0.15			(0.53	)		(0.38	)		(0.12	)

FOR THE YEAR ENDED OCTOBER 31,
2015 - A		18.25		0.03			0.82			0.85			—
2015 - C		16.18		(0.10	)		0.73			0.63			—
2015 - Institutional		18.94		0.11			0.86			0.97			(0.07	)
2015 - Service		18.00		0.02			0.80			0.82			—
2015 - IR		18.14		0.06			0.84			0.90			(0.02	)
2015 - R		17.98		(0.02	)		0.82			0.80			—
2015 - R6 (Commenced July 31, 2015)		20.22		0.02			(0.40	)		(0.38	)		—
2014 - A		16.86		0.01			1.52			1.53			(0.14	)
2014 - C		15.01		(0.11	)		1.36			1.25			(0.08	)
2014 - Institutional		17.48		0.09			1.57			1.66			(0.20	)
2014 - Service		16.64		(0.01	)		1.50			1.49			(0.13	)
2014 - IR		16.70		0.08			1.48			1.56			(0.12	)
2014 - R		16.67		(0.03	)		1.49			1.46			(0.15	)
2013 - A		12.93		0.20	^(f)		3.75			3.95			(0.02	)
2013 - C		11.57		0.06	^(f)		3.38			3.44			—
2013 - Institutional		13.42		0.25	^(f)		3.91			4.16			(0.10	)
2013 - Service		12.78		0.17	^(f)		3.72			3.89			(0.03	)
2013 - IR		12.83		0.23	^(f)		3.72			3.95			(0.08	)
2013 - R		12.81		0.03	^(f)		3.86			3.89			(0.03	)
2012 - A		12.06		0.01	^(g)		0.96	^(h)		0.97			(0.10	)
2012 - C		10.81		(0.07	)^(g)		0.86	^(h)		0.79			(0.03	)
2012 - Institutional		12.53		0.07	^(g)		0.98	^(h)		1.05			(0.16	)
2012 - Service		11.94		0.01	^(g)		0.94	^(h)		0.95			(0.11	)
2012 - IR		12.00		0.05	^(g)		0.94	^(h)		0.99			(0.16	)
2012 - R		11.97		(0.01	)^(g)		0.94	^(h)		0.93			(0.09	)
2011 - A		10.92		0.06	⁽ⁱ⁾		1.15			1.21			(0.07	)
2011 - C		9.82		(0.04	)⁽ⁱ⁾		1.04			1.00			(0.01	)
2011 - Institutional		11.34		0.11	⁽ⁱ⁾		1.19			1.30			(0.11	)
2011 - Service		10.82		0.04	⁽ⁱ⁾		1.13			1.17			(0.05	)
2011 - IR		10.87		0.08	⁽ⁱ⁾		1.15			1.23			(0.10	)
2011 - R		10.86		0.02	⁽ⁱ⁾		1.15			1.17			(0.06	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.

(f)

Reflects income recognized from special dividends which amounted to $0.13 per share and 0.85% of average net assets.

(g)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(h)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.04 per share. Excluding such payment, the total return would have been 7.71%, 6.95%, 6.89%, 8.17%, 7.63%, 8.02%, and 7.44%, respectively.

(i)

Reflects income recognized from special dividends which amounted to $0.07 per share and 0.55% of average net assets.


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	18.67		(2.11	)%	$	31,271		1.26	%^(d)		1.52	%^(d)		0.82	%^(d)		68	%
	16.39		(2.50	)		12,673		2.01	^(d)		2.27	^(d)		0.05	^(d)		68
	19.34		(1.95	)		119,595		0.85	^(d)		1.12	^(d)		1.31	^(d)		68
	18.41		(2.18	)		688		1.36	^(d)		1.62	^(d)		0.65	^(d)		68
	18.54		(2.02	)		866		1.01	^(d)		1.27	^(d)		1.02	^(d)		68
	18.35		(2.26	)		9,329		1.51	^(d)		1.77	^(d)		0.58	^(d)		68
	19.34		(1.91	)		27		0.84	^(d)		1.09	^(d)		1.59	^(d)		68


	19.10		4.66			34,680		1.26			1.47			0.15			127
	16.81		3.89			14,153		2.01			2.22			(0.60	)		127
	19.84		5.13			81,067		0.86			1.07			0.57			127
	18.82		4.56			959		1.36			1.58			0.12			127
	19.02		4.99			1,119		1.01			1.23			0.32			127
	18.78		4.45			8,986		1.51			1.72			(0.11	)		127
	19.84		(1.88	)		10		0.86	^(d)		1.06	^(d)		0.38	^(d)		127
	18.25		9.16			40,458		1.27			1.51			0.07			130
	16.18		8.33			15,348		2.02			2.26			(0.68	)		130
	18.94		9.58			119,013		0.87			1.11			0.47			130
	18.00		9.02			1,769		1.37			1.60			(0.04	)		130
	18.14		9.39			448		1.02			1.24			0.47			130
	17.98		8.83			8,126		1.52			1.76			(0.18	)		130
	16.86		30.64			42,607		1.26			1.46			1.39	^(f)		151
	15.01		29.73			16,202		2.01			2.21			0.45	^(f)		151
	17.48		31.18			134,276		0.86			1.06			1.61	^(f)		151
	16.64		30.55			2,514		1.36			1.56			1.13	^(f)		151
	16.70		30.94			1,767		1.01			1.21			1.62	^(f)		151
	16.67		30.39			7,450		1.51			1.73			0.18	^(f)		151
	12.93		8.04	^(h)		49,863		1.25			1.46			0.15	^(g)		125
	11.57		7.26	^(h)		12,487		2.00			2.21			(0.57	)^(g)		125
	13.42		8.49	^(h)		123,556		0.85			1.06			0.55	^(g)		125
	12.78		7.97	^(h)		2,133		1.35			1.56			0.10	^(g)		125
	12.83		8.36	^(h)		5,389		1.00			1.21			0.43	^(g)		125
	12.81		7.78	^(h)		357		1.50			1.71			(0.05	)^(g)		125
	12.06		11.05			65,299		1.25			1.42			0.45	⁽ⁱ⁾		34
	10.81		10.14			13,338		2.00			2.17			(0.32	)⁽ⁱ⁾		34
	12.53		11.49			86,058		0.85			1.02			0.87	⁽ⁱ⁾		34
	11.94		10.84			1,548		1.35			1.52			0.32	⁽ⁱ⁾		34
	12.00		11.32			4,959		1.00			1.17			0.70	⁽ⁱ⁾		34
	11.97		10.78			207		1.50			1.67			0.14	⁽ⁱ⁾		34


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	31.15	$	0.05		$	(1.47	)	$	(1.42	)	$	—		$	(2.69	)	$	(2.69	)
2016 - C		25.61		(0.05	)		(1.18	)		(1.23	)		—			(2.69	)		(2.69	)
2016 - Institutional		35.46		0.12			(1.69	)		(1.57	)		—			(2.69	)		(2.69	)
2016 - IR		31.68		0.09			(1.50	)		(1.41	)		—			(2.69	)		(2.69	)
2016 - R		30.37		0.03			(1.44	)		(1.41	)		—			(2.69	)		(2.69	)
2016 - R6		35.46		0.39			(1.95	)		(1.56	)		—			(2.69	)		(2.69	)

FOR THE YEAR ENDED OCTOBER 31,
2015 - A		31.17		(0.10	)		1.87			1.77			—			(1.79	)		(1.79	)
2015 - C		26.12		(0.28	)		1.56			1.28			—			(1.79	)		(1.79	)
2015 - Institutional		35.10		0.02			2.13			2.15			—			(1.79	)		(1.79	)
2015 - IR		31.59		(0.04	)		1.92			1.88			—			(1.79	)		(1.79	)
2015 - R		30.51		(0.18	)		1.83			1.65			—			(1.79	)		(1.79	)
2015 - R6 (Commenced July 31, 2015)		36.95		(0.01	)		(1.48	)		(1.49	)		—			—			—
2014 - A		31.10		(0.10	)		2.67			2.57			—			(2.50	)		(2.50	)
2014 - C		26.64		(0.27	)		2.25			1.98			—			(2.50	)		(2.50	)
2014 - Institutional		34.59		0.01			3.00			3.01			—			(2.50	)		(2.50	)
2014 - IR		31.41		(0.04	)		2.72			2.68			—			(2.50	)		(2.50	)
2014 - R		30.56		(0.19	)		2.64			2.45			—			(2.50	)		(2.50	)
2013 - A		23.40		0.18	^(e)		7.70			7.88			(0.18	)		—			(0.18	)
2013 - C		20.09		(0.03	)^(e)		6.63			6.60			(0.05	)		—			(0.05	)
2013 - Institutional		26.01		0.29	^(e)		8.57			8.86			(0.28	)		—			(0.28	)
2013 - IR		23.64		0.18	^(e)		7.83			8.01			(0.24	)		—			(0.24	)
2013 - R		23.08		—	^(e)^(f)		7.68			7.68			(0.20	)		—			(0.20	)
2012 - A		21.22		0.04	^(g)		2.14	^(h)		2.18			—			—			—
2012 - C		18.35		(0.11	)^(g)		1.85	^(h)		1.74			—			—			—
2012 - Institutional		23.49		0.15	^(g)		2.37	^(h)		2.52			—			—			—
2012 - IR		21.39		0.03	^(g)		2.22	^(h)		2.25			—			—			—
2012 - R		20.98		(0.01	)^(g)		2.11	^(h)		2.10			—			—			—
2011 - A		18.49		(0.05	)⁽ⁱ⁾		2.78			2.73			—			—			—
2011 - C		16.11		(0.18	)⁽ⁱ⁾		2.42			2.24			—			—			—
2011 - Institutional		20.38		0.03	⁽ⁱ⁾		3.08			3.11			—			—			—
2011 - IR		18.58		(0.08	)⁽ⁱ⁾		2.89			2.81			—			—			—
2011 - R		18.33		(0.11	)⁽ⁱ⁾		2.76			2.65			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from special dividends which amounted to $0.17 per share and 0.65% of average net assets.

(f)

Amount is less than $0.005 per share.

(g)

Reflects income recognized from special dividends which amounted to $0.11 per share and 0.51% of average net assets.

(h)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.11 per share. Excluding such payment, the total return would have been 9.73%, 8.82%, 8.86%, 10.23%, 9.98% and 9.46%, respectively.

(i)

Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	27.04		(4.94	)%	$	52,206		1.25	%^(d)		1.55	%^(d)		0.40	%^(d)		60	%
	21.69		(5.29	)		7,408		2.00	^(d)		2.30	^(d)		(0.44	)^(d)		60
	31.20		(4.75	)		75,322		0.85	^(d)		1.15	^(d)		0.77	^(d)		60
	27.58		(4.81	)		5,535		1.00	^(d)		1.30	^(d)		0.64	^(d)		60
	26.27		(5.04	)		3,529		1.50	^(d)		1.80	^(d)		0.24	^(d)		60
	31.21		(4.72	)		4,105		0.83	^(d)		1.10	^(d)		2.53	^(d)		60


	31.15		5.95			43,647		1.26			1.60			(0.33	)		145
	25.61		5.18			7,964		2.01			2.36			(1.06	)		145
	35.46		6.39			64,023		0.86			1.20			0.06			145
	31.68		6.24			4,683		1.01			1.33			(0.12	)		145
	30.37		5.67			2,299		1.51			1.85			(0.60	)		145
	35.46		(4.03	)		10		0.85	^(d)		1.16	^(d)		(0.07	)^(d)		145
	31.17		8.74			32,390		1.30			1.86			(0.33	)		162
	26.12		7.96			7,124		2.05			2.61			(1.08	)		162
	35.10		9.15			30,166		0.90			1.47			0.02			162
	31.59		9.02			1,269		1.05			1.62			(0.12	)		162
	30.51		8.48			847		1.54			2.09			(0.63	)		162
	31.10		33.98			30,803		1.30			1.93			0.67	^(e)		163
	26.64		32.92			7,402		2.05			2.68			(0.12	)^(e)		163
	34.59		34.48			14,171		0.90			1.53			0.96	^(e)		163
	31.41		34.25			639		1.05			1.71			0.62	^(e)		163
	30.56		33.60			209		1.55			2.18			(0.01	)^(e)		163
	23.40		10.24	^(h)		25,662		1.25			1.96			0.16	^(g)		116
	20.09		9.46	^(h)		5,247		2.00			2.71			(0.59	)^(g)		116
	26.01		10.70	^(h)		7,733		0.85			1.55			0.57	^(g)		116
	23.64		10.49	^(h)		176		1.00			1.70			0.12	^(g)		116
	23.08		9.98	^(h)		30		1.50			2.20			(0.08	)^(g)		116
	21.22		14.76			24,979		1.25			1.96			(0.26	)⁽ⁱ⁾		52
	18.35		13.90			5,180		2.00			2.71			(1.00	)⁽ⁱ⁾		52
	23.49		15.26			6,959		0.85			1.56			0.14	⁽ⁱ⁾		52
	21.39		15.12			38		1.00			1.71			(0.38	)⁽ⁱ⁾		52
	20.98		14.46			19		1.50			2.21			(0.51	)⁽ⁱ⁾		52


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	38.37	$	0.18		$	0.14		$	0.32		$	(0.29	)	$	(2.05	)	$	(2.34	)
2016 - C		29.75		0.04			0.09			0.13			(0.10	)		(2.05	)		(2.15	)
2016 - Institutional		48.06		0.32			0.18			0.50			(0.44	)		(2.05	)		(2.49	)
2016 - IR		38.31		0.22			0.14			0.36			(0.39	)		(2.05	)		(2.44	)
2016 - R		37.99		0.13			0.14			0.27			(0.32	)		(2.05	)		(2.37	)
2016 - R6		48.07		0.32			0.17			0.49			(0.45	)		(2.05	)		(2.50	)

FOR THE YEAR ENDED OCTOBER 31,
2015 - A		38.89		0.30			(0.09	)		0.21			(0.14	)		(0.59	)		(0.73	)
2015 - C		30.40		—			(0.06	)		(0.06	)		—			(0.59	)		(0.59	)
2015 - Institutional		48.49		0.55			(0.10	)		0.45			(0.29	)		(0.59	)		(0.88	)
2015 - IR		38.84		0.39			(0.10	)		0.29			(0.23	)		(0.59	)		(0.82	)
2015 - R		38.50		0.14			(0.04	)		0.10			(0.02	)		(0.59	)		(0.61	)
2015 - R6 (Commenced July 31, 2015)		48.87		0.10			(0.90	)		(0.80	)		—			—			—
2014 - A		35.97		0.15			2.95			3.10			(0.18	)		—			(0.18	)
2014 - C		28.20		(0.10	)		2.31			2.21			(0.01	)		—			(0.01	)
2014 - Institutional		44.76		0.38			3.67			4.05			(0.32	)		—			(0.32	)
2014 - IR		35.92		0.25			2.94			3.19			(0.27	)		—			(0.27	)
2014 - R		35.62		0.07			2.92			2.99			(0.11	)		—			(0.11	)
2013 - A		28.75		0.42	^(e)		7.12			7.54			(0.32	)		—			(0.32	)
2013 - C		22.62		0.15	^(e)		5.60			5.75			(0.17	)		—			(0.17	)
2013 - Institutional		35.67		0.69	^(e)		8.84			9.53			(0.44	)		—			(0.44	)
2013 - IR		28.75		0.49	^(e)		7.11			7.60			(0.43	)		—			(0.43	)
2013 - R		28.54		0.31	^(e)		7.09			7.40			(0.32	)		—			(0.32	)
2012 - A		26.36		0.22	^(f)		2.31	^(g)		2.53			(0.14	)		—			(0.14	)
2012 - C		20.79		—	^(f)^(h)		1.83	^(g)		1.83			—			—			—
2012 - Institutional		32.66		0.47	^(f)		2.79	^(g)		3.26			(0.25	)		—			(0.25	)
2012 - IR		26.40		0.31	^(f)		2.28	^(g)		2.59			(0.24	)		—			(0.24	)
2012 - R		26.21		0.15	^(f)		2.30	^(g)		2.45			(0.12	)		—			(0.12	)
2011 - A		24.10		0.15	⁽ⁱ⁾		2.27			2.42			(0.16	)		—			(0.16	)
2011 - C		19.06		(0.04	)⁽ⁱ⁾		1.80			1.76			(0.03	)		—			(0.03	)
2011 - Institutional		29.80		0.32	⁽ⁱ⁾		2.79			3.11			(0.25	)		—			(0.25	)
2011 - IR		24.15		0.24	⁽ⁱ⁾		2.24			2.48			(0.23	)		—			(0.23	)
2011 - R		23.99		0.07	⁽ⁱ⁾		2.26			2.33			(0.11	)		—			(0.11	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from special dividends which amounted to $0.20 per share and 0.65% of average net assets.

(f)

Reflects income recognized from special dividends which amounted to $0.09 per share and 0.33% of average net assets.

(g)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.07 per share. Excluding such payment, the total return would have been 9.34%, 8.35%, 8.44%, 9.81%, 9.55% and 9.09%, respectively.

(h)

Amount is less than $0.005 per share.

(i)

Reflects income recognized from special dividends which amounted to $0.07 per share and 0.27% of average net assets.


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	36.35		1.04	%	$	89,571		1.25	%^(d)		1.57	%^(d)		1.03	%^(d)		56	%
	27.73		0.64			15,377		2.00	^(d)		2.32	^(d)		0.28	^(d)		56
	46.07		1.23			19,389		0.85	^(d)		1.17	^(d)		1.44	^(d)		56
	36.23		1.17			1,911		1.00	^(d)		1.32	^(d)		1.27	^(d)		56
	35.89		0.91			5,170		1.50	^(d)		1.82	^(d)		0.78	^(d)		56
	46.06		1.21			10		0.84	^(d)		1.16	^(d)		1.44	^(d)		56


	38.37		0.53			93,151		1.25			1.52			0.76			133
	29.75		(0.21	)		16,416		2.00			2.27			0.01			133
	48.06		0.93			21,036		0.85			1.12			1.13			133
	38.31		0.76			1,774		1.00			1.27			1.00			133
	37.99		0.27			4,992		1.51			1.77			0.36			133
	48.07		(1.64	)		10		0.83	^(d)		1.09	^(d)		0.83	^(d)		133
	38.89		8.66			96,094		1.27			1.59			0.41			114
	30.40		7.84			18,994		2.02			2.34			(0.34	)		114
	48.49		9.12			15,973		0.87			1.20			0.81			114
	38.84		8.94			1,788		1.02			1.35			0.66			114
	38.50		8.40			1,176		1.52			1.84			0.18			114
	35.97		26.54			99,381		1.26			1.54			1.32	^(e)		141
	28.20		25.63			19,416		2.00			2.29			0.58	^(e)		141
	44.76		27.05			12,204		0.86			1.13			1.74	^(e)		141
	35.92		26.91			1,310		1.01			1.29			1.53	^(e)		141
	35.62		26.21			1,154		1.51			1.79			0.96	^(e)		141
	28.75		9.60	^(g)		87,084		1.25			1.52			0.79	^(f)		85
	22.62		8.78	^(g)		17,808		2.00			2.27			0.04	^(f)		85
	35.67		10.02	^(g)		12,310		0.85			1.11			1.30	^(f)		85
	28.75		9.82	^(g)		455		1.00			1.26			1.11	^(f)		85
	28.54		9.35	^(g)		699		1.50			1.75			0.52	^(f)		85
	26.36		10.03			91,426		1.25			1.54			0.58	⁽ⁱ⁾		33
	20.79		9.21			194,248		2.00			2.29			(0.17	)⁽ⁱ⁾		33
	32.66		10.46			3,479		0.85			1.14			0.97	⁽ⁱ⁾		33
	26.40		10.29			223		1.00			1.29			0.96	⁽ⁱ⁾		33
	26.21		9.71			214		1.50			1.79			0.26	⁽ⁱ⁾		33


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		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 SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	41.46	$	0.20		$	(0.87	)	$	(0.67	)	$	(0.38	)	$	(1.19	)	$	(1.57	)
2016 - C		37.88		0.05			(0.80	)		(0.75	)		(0.11	)		(1.19	)		(1.30	)
2016 - Institutional		42.60		0.28			(0.88	)		(0.60	)		(0.55	)		(1.19	)		(1.74	)
2016 - Service		41.37		0.18			(0.86	)		(0.68	)		(0.41	)		(1.19	)		(1.60	)
2016 - IR		41.13		0.24			(0.86	)		(0.62	)		(0.50	)		(1.19	)		(1.69	)
2016 - R		40.91		0.15			(0.86	)		(0.71	)		(0.36	)		(1.19	)		(1.55	)
2016 - R6		42.60		0.29			(0.89	)		(0.60	)		(0.56	)		(1.19	)		(1.75	)

FOR THE YEAR ENDED OCTOBER 31,
2015 - A		40.20		0.43			1.12			1.55			(0.29	)		—			(0.29	)
2015 - C		36.78		0.11			1.03			1.14			(0.04	)		—			(0.04	)
2015 - Institutional		41.29		0.60			1.16			1.76			(0.45	)		—			(0.45	)
2015 - Service		40.12		0.36			1.15			1.51			(0.26	)		—			(0.26	)
2015 - IR		39.89		0.51			1.13			1.64			(0.40	)		—			(0.40	)
2015 - R		39.80		0.26			1.18			1.44			(0.33	)		—			(0.33	)
2015 - R6 (Commenced July 31, 2015)		43.19		0.14			(0.73	)		(0.59	)		—			—			—
2014 - A		34.52		0.33			5.71			6.04			(0.36	)		—			(0.36	)
2014 - C		31.63		0.05			5.24			5.29			(0.14	)		—			(0.14	)
2014 - Institutional		35.44		0.49			5.86			6.35			(0.50	)		—			(0.50	)
2014 - Service		34.44		0.29			5.71			6.00			(0.32	)		—			(0.32	)
2014 - IR		34.26		0.42			5.67			6.09			(0.46	)		—			(0.46	)
2014 - R		34.16		0.23			5.67			5.90			(0.26	)		—			(0.26	)
2013 - A		26.80		0.44			7.68			8.12			(0.40	)		—			(0.40	)
2013 - C		24.59		0.19			7.07			7.26			(0.22	)		—			(0.22	)
2013 - Institutional		27.51		0.53			7.91			8.44			(0.51	)		—			(0.51	)
2013 - Service		26.76		0.41			7.65			8.06			(0.38	)		—			(0.38	)
2013 - IR		26.62		0.45			7.67			8.12			(0.48	)		—			(0.48	)
2013 - R		26.58		0.36			7.61			7.97			(0.39	)		—			(0.39	)
2012 - A		24.21		0.33	^(e)		2.70	^(f)		3.03			(0.44	)		—			(0.44	)
2012 - C		22.25		0.13	^(e)		2.48	^(f)		2.61			(0.27	)		—			(0.27	)
2012 - Institutional		24.82		0.44	^(e)		2.77	^(f)		3.21			(0.52	)		—			(0.52	)
2012 - Service		24.14		0.30	^(e)		2.70	^(f)		3.00			(0.38	)		—			(0.38	)
2012 - IR		24.08		0.37	^(e)		2.69	^(f)		3.06			(0.52	)		—			(0.52	)
2012 - R		23.98		0.22	^(e)		2.73	^(f)		2.95			(0.35	)		—			(0.35	)
2011 - A		22.32		0.31	^(g)		1.87			2.18			(0.29	)		—			(0.29	)
2011 - C		20.54		0.12	^(g)		1.72			1.84			(0.13	)		—			(0.13	)
2011 - Institutional		22.89		0.44	^(g)		1.87			2.31			(0.38	)		—			(0.38	)
2011 - Service		22.25		0.28	^(g)		1.87			2.15			(0.26	)		—			(0.26	)
2011 - IR		22.21		0.36	^(g)		1.86			2.22			(0.35	)		—			(0.35	)
2011 - R		22.11		0.24	^(g)		1.85			2.09			(0.22	)		—			(0.22	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from non-recurring special dividends which amounted to $0.06 per share and 0.23% of average net assets.

(f)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.02 per share. Excluding such payment, the total return would have been 12.61%, 11.75%, 11.75%, 13.08%, 12.50%, 12.87%, and 12.33%, respectively.

(g)

Reflects income recognized from a non-recurring special dividend which amounted to $0.03 per share and 0.13% of average net assets.


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	39.22		(1.61	)%	$	258,725		0.96	%^(d)		1.18	%^(d)		1.05	%^(d)		103	%
	35.83		(1.99	)		34,328		1.71	^(d)		1.93	^(d)		0.30	^(d)		103
	40.26		(1.40	)		153,237		0.56	^(d)		0.78	^(d)		1.41	^(d)		103
	39.09		(1.65	)		4,240		1.06	^(d)		1.28	^(d)		0.93	^(d)		103
	38.82		(1.49	)		5,917		0.71	^(d)		0.93	^(d)		1.28	^(d)		103
	38.65		(1.74	)		28,575		1.21	^(d)		1.43	^(d)		0.79	^(d)		103
	40.25		(1.40	)		10		0.55	^(d)		0.76	^(d)		1.46	^(d)		103


	41.46		3.86			272,738		0.96			1.17			1.04			224
	37.88		3.09			37,811		1.71			1.92			0.28			224
	42.60		4.27			121,863		0.56			0.77			1.42			224
	41.37		3.75			3,344		1.06			1.27			0.86			224
	41.13		4.12			4,615		0.71			0.92			1.24			224
	40.91		3.58			27,685		1.21			1.42			0.64			224
	42.60		(1.37	)		10		0.55	^(d)		0.74	^(d)		1.37	^(d)		224
	40.20		17.67			275,574		0.97			1.21			0.88			222
	36.78		16.80			36,503		1.72			1.96			0.13			222
	41.29		18.14			105,300		0.57			0.81			1.27			222
	40.12		17.57			1,132		1.07			1.31			0.78			222
	39.89		17.98			1,003		0.72			0.96			1.13			222
	39.80		17.42			457		1.22			1.46			0.63			222
	34.52		30.75			256,626		0.95			1.21			1.46			203
	31.63		29.78			34,143		1.70			1.96			0.70			203
	35.44		31.27			64,809		0.56			0.82			1.70			203
	34.44		30.57			1,020		1.05			1.31			1.37			203
	34.26		31.06			546		0.71			0.97			1.48			203
	34.16		30.42			343		1.20			1.46			1.19			203
	26.80		12.69	^(f)		239,796		0.95			1.20			1.31	^(e)		121
	24.59		11.84	^(f)		30,979		1.70			1.95			0.55	^(e)		121
	27.51		13.16	^(f)		33,613		0.55			0.80			1.69	^(e)		121
	26.76		12.58	^(f)		1,036		1.05			1.30			1.18	^(e)		121
	26.62		12.96	^(f)		198		0.70			0.95			1.45	^(e)		121
	26.58		12.42	^(f)		336		1.20			1.44			0.85	^(e)		121
	24.21		9.83			278,353		0.95			1.19			1.28	^(g)		46
	22.25		9.00			32,665		1.70			1.94			0.52	^(g)		46
	24.82		10.20			33,581		0.55			0.79			1.76	^(g)		46
	24.14		9.74			962		1.05			1.29			1.19	^(g)		46
	24.08		10.09			105		0.70			0.94			1.57	^(g)		46
	23.98		9.53			29		1.20			1.44			1.03	^(g)		46


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights and U.S. Equity Insights	A, C, Institutional, Service, IR, R and R6	Diversified
Small Cap Growth Insights and Small Cap Value Insights	A, C, Institutional, IR, R and R6	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR, Class R and Class R6 Shares are not subject to a sales charge.

2. SIGNIFICANT ACCOUNTING POLICIES

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

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Large Cap Value Insights	Quarterly	Annually
Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights	Annually	Annually

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post enactment capital losses that are carried forward will retain their character as either short term or long term capital losses rather than being considered all short-term as under previous law.


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).

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Money Market Funds — Investments in the Goldman Sachs Financial Square Money Market Fund (“Underlying Fund”) are valued at the NAV of the FST Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

i. 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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

ii. 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.

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.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2016:



LARGE CAP GROWTH INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	764,177,059	$	—	$	—
Short-term Investments		—		8,300,000		—
Securities Lending Reinvestment Vehicle		5,814,625
Total	$	769,991,684	$	8,300,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	502,202	$	—	$	—

LARGE CAP VALUE INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	4,579,963	$	—	$	—
North America		356,143,345		—		—
Short-term Investments		—		25,200,000		—
Securities Lending Reinvestment Vehicle		2,253,450		—		—
Total	$	362,976,758	$	25,200,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	195,301	$	—	$	—

SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	167,740,756	$	—	$	—
Europe		2,261,024		—		—
Short-term Investments		—		13,100,000		—
Securities Lending Reinvestment Vehicle		8,035,251		—		—
Total	$	178,037,031	$	13,100,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	49,013	$	—	$	—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SMALL CAP GROWTH INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	339,208	$	—	$	—
Europe		3,048,567		—		—
North America		140,627,716		—		45,262
Short-term Investments		—		4,500,000		—
Securities Lending Reinvestment Vehicle		8,640,910		—		—
Total	$	152,656,401	$	4,500,000	$	45,262

Derivative Type
Assets^(b)
Futures Contracts	$	59,512	$	—	$	—

SMALL CAP VALUE INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	127,728,644	$	—	$	—
Europe		419,109		—		—
Short-term Investments		—		3,400,000		—
Securities Lending Reinvestment Vehicle		2,972,375		—		—
Total	$	131,120,128	$	3,400,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	146,851	$	—	$	—

U.S. EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	6,129,118	$	—	$	—
North America		466,573,573		—		—
Short-term Investments		—		12,900,000		—
Total	$	472,702,691	$	12,900,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	245,118	$	—	$	—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(a)

(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

Risk

Fund

Statements of Assets and Liabilities

Assets^(a)

Equity

Large Cap Growth Insights

Variation margin on certain derivative contracts

$502,202

Equity

Large Cap Value Insights

Variation margin on certain derivative contracts

195,301

Equity

Small Cap Equity Insights

Variation margin on certain derivative contracts

49,013

Equity

Small Cap Growth Insights

Variation margin on certain derivative contracts

59,512

Equity

Small Cap Value Insights

Variation margin on certain derivative contracts

146,851

Equity

U.S. Equity Insights

Variation margin on certain derivative contracts

245,118

(a)

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


Risk	Fund	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Large Cap Growth Insights	$	(263,501	)	$	(96,853	)		127
Equity	Large Cap Value Insights		377,536			(2,256	)		48
Equity	Small Cap Equity Insights		426,230			33,074			50
Equity	Small Cap Growth Insights		1,087			(28,039	)		20
Equity	Small Cap Value Insights		(104,525	)		138,450			21
Equity	U.S. Equity Insights		48,963			(178,192	)		93

(a)

Average number of contracts is based on the average of month end balances for the period ended April 30, 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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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.

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 six months ended April 30, 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*
Large Cap Growth Insights		0.65	%		0.59	%		0.56	%		0.55	%		0.54	%		0.65	%		0.52	%
Large Cap Value Insights		0.60			0.54			0.51			0.50			0.49			0.60			0.52
Small Cap Equity Insights		0.85			0.85			0.77			0.73			0.72			0.85			0.81
Small Cap Growth Insights		0.85			0.85			0.77			0.73			0.72			0.85			0.81
Small Cap Value Insights		0.85			0.85			0.77			0.73			0.72			0.85			0.81
U.S. Equity Insights		0.65			0.59			0.56			0.55			0.54			0.65			0.52

GSAM has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the Funds’ most recent prospectus. These waivers will be effective through at least February 26, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

February 26, 2016, the effective net management rates for the Small Cap Equity Insights and Small Cap Value Insights Funds were 0.82% and 0.81% respectively. The Effective Net Management Rates above are calculated based on management rates before and after waivers had been adjusted, if applicable.


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


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Large Cap Growth Insights	$	13,561	$	—
Large Cap Value Insights		4,071		453
Small Cap Equity Insights		1,514		397
Small Cap Growth Insights		1,291		—
Small Cap Value Insights		883		—
U.S. Equity Insights		5,022		46

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations 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.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class C, 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.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

net assets are 0.004%. These Other Expense limitations will remain in place through at least February 26, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Large Cap Growth Insights	$	530,913	$	227,629	$	758,542
Large Cap Value Insights		140,450		162,853		303,303
Small Cap Equity Insights		28,285		167,233		195,518
Small Cap Growth Insights		26,135		168,257		194,392
Small Cap Value Insights		27,686		173,696		201,382
U.S. Equity Insights		295,832		185,341		481,173

G. Line of Credit Facility — As of April 30, 2016, the Funds participated in a $1,205,000,000 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 six months ended April 30, 2016, the Funds did not have any borrowings under the facility. The facility was renewed in the amount of $1,100,000,000 effective May 3, 2016.

H. Other Transactions with Affiliates — For the six months ended April 30, 2016, Goldman Sachs earned $460, $601, $626, $302, $100 and $457 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, respectively.

As of April 30, 2016, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class R Shares of the following Funds:


Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Equity Growth Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio
Large Cap Growth Insights		—	%		—	%		7	%		12	%		13	%
Large Cap Value Insights		6			—			15			21			25
Small Cap Equity Insights		—			23			5			7			9

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended April 30, 2016, were as follows:


Fund	Purchases		Sales and Maturities
Large Cap Growth Insights	$	1,002,604,892	$	989,048,771
Large Cap Value Insights		413,246,619		421,675,477
Small Cap Equity Insights		137,320,205		101,482,453
Small Cap Growth Insights		109,372,611		77,248,086
Small Cap Value Insights		72,686,879		78,633,867
U.S. Equity Insights		493,988,370		461,986,101

The following table sets forth the amounts of the Funds’ overnight and continuous agreements collateralized by Common Stocks which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of April 30, 2016:


Fund	Total
Large Cap Growth Insights	$	5,814,625
Large Cap Value Insights	$	2,253,450
Small Cap Equity Insights	$	8,035,251
Small Cap Growth Insights	$	8,640,910
Small Cap Value Insights	$	2,972,375

7. SECURITIES LENDING

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

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), an affiliated series of the Trust. The Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

7. SECURITIES LENDING (continued)

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by GSAL to exercise these remedies, the Funds sustain losses as a result of a borrower’s default, GSAL indemnifies the Funds by purchasing replacement securities at GSAL’s expense, or paying the Funds an amount equal to the market value of the replacement securities, subject to an exclusion for any shortfalls resulting from a loss of value in the cash collateral pool due to reinvestment risk and a requirement that the Funds agree to assign rights to the collateral to GSAL for purpose of using the collateral to cover purchase of replacement securities as more fully described in the Securities Lending Agency Agreement. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral is at least equal to the value of the cash received. The value of loaned securities and cash collateral at period end are disclosed in the Funds’ Statement of Assets and Liabilities.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2016, are reported under Investment Income on the Statements of Operations.

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


	For the Period Ended April 30, 2016				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2016
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	18	$	—	$	—
Large Cap Value Insights		175		1,388		—
Small Cap Equity Insights		3,638		5,480		1,425,075
Small Cap Growth Insights		8,182		7,692		2,242,242
Small Cap Value Insights		1,185		2,284		791,600
U.S. Equity Insights		78		431		—

The following table provides information about the Funds’ investment in the Money Market Fund For the six months ended April 30, 2016:


Fund	Number of Shares Held Beginning of Year		Shares Bought		Shares Sold			Number of Shares Held End of Year		Value at End of Year
Large Cap Growth Insights		—		6,016,725		(202,100	)		5,814,625	$	5,814,625
Large Cap Value Insights		1,543,540		3,241,605		(2,531,695	)		2,253,450		2,253,450
Small Cap Equity Insights		3,040,011		32,947,988		(27,952,748	)		8,035,251		8,035,251
Small Cap Growth Insights		3,384,225		27,213,016		(21,956,331	)		8,640,910		8,640,910
Small Cap Value Insights		3,158,375		14,724,775		(14,910,775	)		2,972,375		2,972,375
U.S. Equity Insights		729,425		1,140,350		(1,869,775	)		—		—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2015, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
Capital loss carryforwards:
Expiring 2017		(257,361,720	)		(302,004,878	)		(74,933,486	)		—		—		—
Total capital loss carryforwards	$	(257,361,720	)	$	(302,004,878	)	$	(74,933,486	)	$	—	$	—	$	—

As of April 30, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Tax Cost	$	767,571,044		$	384,640,220		$	193,477,334		$	157,879,852		$	128,444,486		$	462,063,248
Gross unrealized gain		40,510,847			14,696,648			13,893,652			11,478,956			14,826,630			32,942,043
Gross unrealized loss		(29,790,207	)		(11,160,110	)		(16,233,955	)		(12,157,145	)		(8,750,988	)		(9,402,600	)
Net unrealized security gain (loss)	$	10,720,640		$	3,536,538		$	(2,340,303	)	$	(678,189	)	$	6,075,642		$	23,539,443

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark-to-market gains (losses) on regulated futures contracts, and underlying fund investments.

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 NAVs of the Funds and result primarily from net operating losses, redemptions utilized as distributions, and differences in the tax treatment of partnerships and underlying fund investments.

9. 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 also can result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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 a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

9. OTHER RISKS (continued)

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period 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.

10. INDEMNIFICATIONS

11. SUBSEQUENT EVENTS

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Large Cap Growth Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,185,396		$	48,924,282			6,980,525		$	158,182,514
Reinvestment of distributions		44,935			1,011,487			29,769			663,856
Shares converted from Class B^(a)		—			—			84,680			1,853,649
Shares redeemed		(1,287,046	)		(28,293,549	)		(2,780,922	)		(61,357,303	)
		943,285			21,642,220			4,314,052			99,342,716
Class B Shares^(a)
Shares sold		—			—			1,430			28,727
Shares converted to Class A		—			—			(92,267	)		(1,853,649	)
Shares redeemed		—			—			(26,872	)		(539,733	)
		—			—			(117,709	)		(2,364,655	)
Class C Shares
Shares sold		440,716			9,027,835			1,668,170			34,397,515
Reinvestment of distributions		3,411			70,030			2,142			43,723
Shares redeemed		(343,588	)		(6,850,048	)		(297,232	)		(6,075,919	)
		100,539			2,247,817			1,373,080			28,365,319
Institutional Shares
Shares sold		6,318,559			145,650,620			16,236,775			370,091,930
Reinvestment of distributions		172,457			3,995,824			113,490			2,601,195
Shares redeemed		(7,406,779	)		(168,179,639	)		(7,807,696	)		(179,500,970	)
		(915,763	)		(18,533,195	)		8,542,569			193,192,155
Service Shares
Shares sold		150,832			3,432,845			129,202			2,926,882
Reinvestment of distributions		1,126			25,064			224			4,945
Shares redeemed		(37,672	)		(785,432	)		(13,229	)		(296,508	)
		114,286			2,672,477			116,197			2,635,319
Class IR Shares
Shares sold		370,774			8,060,561			1,604,319			35,541,423
Reinvestment of distributions		13,466			299,351			11,163			245,693
Shares redeemed		(477,767	)		(10,308,031	)		(1,015,414	)		(22,474,490	)
		(93,527	)		(1,948,119	)		600,068			13,312,626
Class R Shares
Shares sold		353,187			7,578,117			521,668			11,563,543
Reinvestment of distributions		1,024			22,608			358			7,860
Shares redeemed		(86,950	)		(1,880,015	)		(77,735	)		(1,703,414	)
		267,261			5,720,710			444,291			9,867,989
Class R6 Shares^(b)
Shares sold		31,600			734,519			418			10,005
Reinvestment of distributions		4			88			—			—
Shares redeemed		(35	)		(800	)		—			(5	)
		31,569			733,807			418			10,000
NET INCREASE		447,650		$	12,535,717			15,272,966		$	344,361,469

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b)

Commenced operations on July 31, 2015.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Large Cap Value Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		636,432		$	10,347,117			902,296		$	15,392,196
Reinvestment of distributions		23,298			381,743			49,079			819,032
Shares converted from Class B^(a)		—			—			6,658			113,458
Shares redeemed		(752,255	)		(11,898,953	)		(1,005,320	)		(17,091,804	)
		(92,525	)		(1,170,093	)		(47,287	)		(767,118	)
Class B Shares^(a)
Shares converted to Class A		—			—			(6,694	)		(113,458	)
Shares redeemed		—			—			(29,394	)		(498,274	)
		—			—			(36,088	)		(611,732	)
Class C Shares
Shares sold		124,345			2,004,126			235,997			3,989,634
Reinvestment of distributions		2,818			45,822			6,337			104,927
Shares redeemed		(201,141	)		(3,201,950	)		(300,441	)		(5,066,530	)
		(73,978	)		(1,152,002	)		(58,107	)		(971,969	)
Institutional Shares
Shares sold		3,098,884			51,096,993			4,901,399			82,201,640
Reinvestment of distributions		142,169			2,327,308			385,344			6,445,256
Shares redeemed		(3,937,560	)		(62,178,319	)		(10,882,262	)		(184,786,985	)
		(696,507	)		(8,754,018	)		(5,595,519	)		(96,140,089	)
Service Shares
Shares sold		54,974			881,586			183,049			3,146,866
Reinvestment of distributions		2,651			43,618			5,491			91,694
Shares redeemed		(78,038	)		(1,281,366	)		(118,827	)		(2,023,233	)
		(20,413	)		(356,162	)		69,713			1,215,327
Class IR Shares
Shares sold		162,079			2,559,155			313,549			5,305,827
Reinvestment of distributions		3,031			49,530			6,425			107,537
Shares redeemed		(68,692	)		(1,106,000	)		(310,210	)		(5,271,427	)
		96,418			1,502,685			9,764			141,937
Class R Shares
Shares sold		10,242			169,713			57,648			975,790
Reinvestment of distributions		256			4,174			387			6,328
Shares redeemed		(5,868	)		(89,511	)		(2,338	)		(39,551	)
		4,630			84,376			55,697			942,567
Class R6 Shares^(b)
Shares sold		—			—			580			10,005
Reinvestment of distributions		6			85			3			46
Shares redeemed		—			—			—			(5	)
		6			85			583			10,046
NET DECREASE		(782,369	)	$	(9,845,129	)		(5,601,244	)	$	(96,181,031	)

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b)

Commenced operations on July 31, 2015.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small Cap Equity Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		192,798		$	3,491,321			466,697		$	8,958,486
Reinvestment of distributions		2,490			46,002			—			—
Shares converted from Class B^(a)		—			—			1,362			25,015
Shares redeemed		(335,767	)		(5,940,218	)		(869,634	)		(16,742,214	)
		(140,479	)		(2,402,895	)		(401,575	)		(7,758,713	)
Class B Shares^(a)
Shares converted to Class A		—			—			(1,528	)		(25,015	)
Shares redeemed		—			—			(11,958	)		(195,796	)
		—			—			(13,486	)		(220,811	)
Class C Shares
Shares sold		93,921			1,517,396			135,642			2,304,561
Shares redeemed		(162,758	)		(2,571,911	)		(242,355	)		(4,088,653	)
		(68,837	)		(1,054,515	)		(106,713	)		(1,784,092	)
Institutional Shares
Shares sold		3,437,266			64,114,808			1,320,351			26,154,847
Reinvestment of distributions		25,392			484,997			21,563			411,859
Shares redeemed		(1,365,273	)		(25,621,818	)		(3,538,107	)		(68,844,250	)
		2,097,385			38,977,987			(2,196,193	)		(42,277,544	)
Service Shares
Shares sold		6,070			105,188			57,853			1,105,413
Shares redeemed		(19,682	)		(334,561	)		(105,174	)		(1,938,964	)
		(13,612	)		(229,373	)		(47,321	)		(833,551	)
Class IR Shares
Shares sold		1,147			21,176			48,785			949,246
Reinvestment of distributions		300			5,495			34			629
Shares redeemed		(13,602	)		(243,941	)		(14,659	)		(275,001	)
		(12,155	)		(217,270	)		34,160			674,874
Class R Shares
Shares sold		158,867			2,847,919			189,009			3,602,301
Reinvestment of distributions		134			2,444			—			—
Shares redeemed		(129,195	)		(2,240,797	)		(162,322	)		(3,075,978	)
		29,806			609,566			26,687			526,323
Class R6 Shares^(b)
Shares sold		890			16,835			496			10,005
Reinvestment of distributions		3			59			—			—
Shares redeemed		(10	)		(177	)		(1	)		(5	)
		883			16,717			495			10,000
NET INCREASE (DECREASE)		1,892,991		$	35,700,217			(2,703,946	)	$	(51,663,514	)

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b) Commenced operations on July 31, 2015.

100

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small Cap Growth Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		590,116		$	15,315,410			545,679		$	17,350,391
Reinvestment of distributions		132,878			3,757,782			64,770			1,925,847
Shares converted from Class B^(a)		—			—			58,348			1,833,293
Shares redeemed		(193,626	)		(5,210,628	)		(306,789	)		(9,648,220	)
		529,368			13,862,564			362,008			11,461,311
Class B Shares^(a)
Shares converted to Class A		—			—			(70,295	)		(1,833,293	)
Shares redeemed		—			—			(8,938	)		(233,385	)
		—			—			(79,233	)		(2,066,678	)
Class C Shares
Shares sold		79,634			1,796,707			74,499			1,948,046
Reinvestment of distributions		35,861			815,833			18,097			445,240
Shares redeemed		(84,953	)		(1,814,209	)		(54,287	)		(1,413,619	)
		30,542			798,331			38,309			979,667
Institutional Shares
Shares sold		900,478			28,854,547			1,138,272			41,373,091
Reinvestment of distributions		120,842			3,937,033			45,703			1,541,332
Shares redeemed		(412,840	)		(12,693,432	)		(237,885	)		(8,362,847	)
		608,480			20,098,148			946,090			34,551,576
Class IR Shares
Shares sold		86,110			2,285,276			315,493			10,368,520
Reinvestment of distributions		14,163			408,028			2,448			73,879
Shares redeemed		(47,404	)		(1,317,603	)		(210,284	)		(6,241,716	)
		52,869			1,375,701			107,657			4,200,683
Class R Shares
Shares sold		64,122			1,618,195			54,765			1,671,819
Reinvestment of distributions		5,362			147,444			1,324			38,480
Shares redeemed		(10,827	)		(274,169	)		(8,145	)		(254,189	)
		58,657			1,491,470			47,944			1,456,110
Class R6 Shares^(b)
Shares sold		132,390			4,107,605			271			10,005
Reinvestment of distributions		22			728			—			—
Shares redeemed		(1,158	)		(36,403	)		—			(5	)
		131,254			4,071,930			271			10,000
NET INCREASE		1,411,170		$	41,698,144			1,423,046		$	50,592,669

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b)

Commenced operations on July 31, 2015.

101

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small Cap Value Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		59,255		$	2,055,749			134,243		$	5,261,353
Reinvestment of distributions		157,232			5,565,515			48,801			1,870,547
Shares converted from Class B^(a)		—			—			154,047			6,012,436
Shares redeemed		(179,774	)		(6,226,257	)		(380,194	)		(14,892,445	)
		36,713			1,395,007			(43,103	)		(1,748,109	)
Class B Shares^(a)
Shares converted to Class A		—			—			(223,262	)		(6,012,436	)
Shares redeemed		—			—			(35,384	)		(953,437	)
		—			—			(258,646	)		(6,965,873	)
Class C Shares
Shares sold		20,630			568,615			19,470			593,064
Reinvestment of distributions		40,482			1,093,112			11,198			335,036
Shares redeemed		(58,402	)		(1,576,952	)		(103,611	)		(3,148,417	)
		2,710			84,775			(72,943	)		(2,220,317	)
Institutional Shares
Shares sold		68,913			3,011,481			166,189			8,136,287
Reinvestment of distributions		22,329			1,000,594			5,823			278,565
Shares redeemed		(108,048	)		(4,599,480	)		(63,746	)		(3,074,349	)
		(16,806	)		(587,405	)		108,266			5,340,503
Class IR Shares
Shares sold		8,798			292,210			23,922			941,810
Reinvestment of distributions		3,185			112,448			989			37,771
Shares redeemed		(5,523	)		(186,708	)		(24,651	)		(957,187	)
		6,460			217,950			260			22,394
Class R Shares
Shares sold		32,599			1,112,819			133,943			5,296,609
Reinvestment of distributions		8,221			287,780			375			14,252
Shares redeemed		(28,157	)		(969,144	)		(33,476	)		(1,287,248	)
		12,663			431,455			100,842			4,023,613
Class R6 Shares^(b)
Shares sold		—			—			205			10,005
Reinvestment of distributions		11			516			—			—
Shares redeemed		—			—			—			(5	)
		11			516			205			10,000
NET INCREASE (DECREASE)		41,751		$	1,542,298			(165,119	)	$	(1,537,789	)

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b)

Commenced operations on July 31, 2015.

102

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	U.S. Equity Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		220,563		$	8,386,374			489,069		$	20,148,539
Reinvestment of distributions		247,520			9,779,889			45,885			1,901,942
Shares converted from Class B^(a)		—			—			75,598			3,085,169
Shares redeemed		(449,832	)		(17,391,783	)		(887,276	)		(36,595,041	)
		18,251			774,480			(276,724	)		(11,459,391	)
Class B Shares^(a)
Shares converted to Class A		—			—			(80,912	)		(3,085,169	)
Shares redeemed		—			—			(61,227	)		(2,334,656	)
		—			—			(142,139	)		(5,419,825	)
Class C Shares
Shares sold		57,168			2,035,805			183,157			6,931,701
Reinvestment of distributions		31,570			1,140,209			834			31,814
Shares redeemed		(129,045	)		(4,552,173	)		(178,172	)		(6,731,425	)
		(40,307	)		(1,376,159	)		5,819			232,090
Institutional Shares
Shares sold		1,177,709			46,577,162			2,051,350			84,969,389
Reinvestment of distributions		126,138			5,110,347			34,827			1,478,041
Shares redeemed		(357,990	)		(14,052,243	)		(1,775,794	)		(74,669,520	)
		945,857			37,635,266			310,383			11,777,910
Service Shares
Shares sold		29,837			1,142,994			68,476			2,788,613
Reinvestment of distributions		2,888			113,703			85			3,524
Shares redeemed		(5,071	)		(194,929	)		(15,949	)		(650,758	)
		27,654			1,061,768			52,612			2,141,379
Class IR Shares
Shares sold		51,828			1,986,972			217,171			8,858,924
Reinvestment of distributions		5,398			211,040			259			10,626
Shares redeemed		(17,026	)		(643,905	)		(130,350	)		(5,389,955	)
		40,200			1,554,107			87,080			3,479,595
Class R Shares
Shares sold		178,803			6,826,293			821,845			34,109,333
Reinvestment of distributions		26,635			1,037,960			149			6,126
Shares redeemed		(142,939	)		(5,306,140	)		(156,732	)		(6,388,751	)
		62,499			2,558,113			665,262			27,726,708
Class R6 Shares^(b)
Shares sold		—			—			232			10,005
Reinvestment of distributions		10			409			—			—
Shares redeemed		—			—			—			(5	)
		10			409			232			10,000
NET INCREASE		1,054,164		$	42,207,984			702,525		$	28,488,466

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b)

Commenced operations on July 31, 2015.

103

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and 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, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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

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


	Large Cap Growth Insights Fund							Large Cap Value Insights Fund							Small Cap Equity Insights Fund							Small Cap Growth Insights Fund							Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*
Class A
Actual	$	1,000.00	$	983.30		$	4.73	$	1,000.00	$	993.30		$	4.76	$	1,000.00	$	978.90		$	6.20	$	1,000.00	$	950.60		$	6.06	$	1,000.00	$	1,010.40		$	6.25	$	1,000.00	$	983.90		$	4.74
Hypothetical 5% return		1,000.00		1,020.09	+		4.82		1,000.00		1,020.09	+		4.82		1,000.00		1,018.60	+		6.32		1,000.00		1,018.65	+		6.27		1,000.00		1,018.65	+		6.27		1,000.00		1,020.09	+		4.82
Class C
Actual		1,000.00		979.90			8.42		1,000.00		989.70			8.46		1,000.00		1,000.00			10.00		1,000.00		947.10			9.68		1,000.00		1,006.40			9.98		1,000.00		980.10			8.42
Hypothetical 5% return		1,000.00		1,016.36	+		8.57		1,000.00		1,016.36	+		8.57		1,000.00		1,014.87	+		10.07		1,000.00		1,014.92	+		10.02		1,000.00		1,014.92	+		10.02		1,000.00		1,016.36	+		8.57
Institutional
Actual		1,000.00		985.10			2.76		1,000.00		995.10			2.78		1,000.00		980.50			4.19		1,000.00		952.50			4.13		1,000.00		1,012.30			4.25		1,000.00		986.00			2.77
Hypothetical 5% return		1,000.00		1,022.08	+		2.82		1,000.00		1,022.08	+		2.82		1,000.00		1,020.64	+		4.27		1,000.00		1,020.64	+		4.27		1,000.00		1,020.64	+		4.27		1,000.00		1,022.08	+		2.82
Service
Actual		1,000.00		982.70			5.23		1,000.00		992.80			5.25		1,000.00		978.20			6.69		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		983.50			5.23
Hypothetical 5% return		1,000.00		1,019.59	+		5.32		1,000.00		1,019.59	+		5.32		1,000.00		1,018.10	+		6.82		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,019.59	+		5.32
Class IR
Actual		1,000.00		984.40			3.50		1,000.00		994.50			3.52		1,000.00		979.80			4.97		1,000.00		951.90			4.85		1,000.00		1,011.70			5.00		1,000.00		985.10			3.50
Hypothetical 5% return		1,000.00		1,021.33	+		3.57		1,000.00		1,021.33	+		3.57		1,000.00		1,019.84	+		5.07		1,000.00		1,019.89	+		5.02		1,000.00		1,019.89	+		5.02		1,000.00		1,021.33	+		3.57
Class R
Actual		1,000.00		981.60			5.96		1,000.00		992.20			5.99		1,000.00		977.40			7.42		1,000.00		949.60			7.27		1,000.00		1,009.10			7.49		1,000.00		982.60			5.96
Hypothetical 5% return		1,000.00		1,018.85	+		6.07		1,000.00		1,018.85	+		6.07		1,000.00		1,017.35	+		7.57		1,000.00		1,017.40	+		7.52		1,000.00		1,017.40	+		7.52		1,000.00		1,018.85	+		6.07
Class R6
Actual		1,000.00		985.40			2.67		1,000.00		995.80			2.73		1,000.00		980.90			4.14		1,000.00		952.80			4.03		1,000.00		1,012.10			4.20		1,000.00		986.00			2.72
Hypothetical 5% return		1,000.00		1,022.18	+		2.72		1,000.00		1,022.13	+		2.77		1,000.00		1,020.69	+		4.22		1,000.00		1,020.74	+		4.17		1,000.00		1,020.69	+		4.22		1,000.00		1,022.13	+		2.77


Fund	Class A			Class C			Institutional			Service			Class IR			Class R			Class R6
Large Cap Growth Insights		0.96	%		1.71	%		0.56	%		1.06	%		0.71	%		1.21	%		0.54	%
Large Cap Value Insights		0.96			1.71			0.56			1.06			0.71			1.21			0.55
Small Cap Equity Insights		1.26			2.01			0.85			1.36			1.01			1.51			0.84
Small Cap Growth Insights		1.25			2.00			0.85			N/A			1.00			1.50			0.83
Small Cap Value Insights		1.25			2.00			0.85			N/A			1.00			1.50			0.84
U.S. Equity Insights		0.96			1.71			0.56			1.06			0.71			1.21			0.55

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

104

FUNDS PROFILE

Goldman Sachs Funds

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Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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

Multi-Manager U.S. Small Cap Equity Fund

Tactical Tilt Overlay Fund⁸

Balanced Strategy Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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 Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. 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 be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2016

				Fundamental Emerging Markets Equity Funds
				Asia Equity
				Emerging Markets Equity
				N-11 Equity

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Goldman Sachs Fundamental

Emerging Markets Equity Funds

ASIA EQUITY

EMERGING MARKETS EQUITY

N-11 EQUITY


TABLE OF CONTENTS

Investment Process			1

Market Review			2

Portfolio Management Discussions and Performance Summaries			4

Schedules of Investments			22

Financial Statements			32

Financial Highlights			36

Notes to Financial Statements			42

Other Information			56



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

What Differentiates Goldman Sachs’ Fundamental Emerging Markets Equity Investment Process?

Goldman Sachs’ Fundamental Emerging Markets Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by our dedicated Emerging Markets Team that works together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to identify its best investment ideas.

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The Emerging Markets Equity research team, based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil, India and Australia, focuses on long- term business and management quality

Proprietary, bottom-up research is the key driver of our investment process

Analysts collaborate regularly to leverage regional and industry-specific research and insights

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Members of each local investment team are aligned by sector and are responsible for finding ideas with the best risk-adjusted upside in their respective areas of coverage

The decision-making process includes active participation in frequent and regular research meetings

The Emerging Markets Equity team benefits from the country and currency expertise of our Global Emerging Markets Debt and Currency teams

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Security selections are aligned with levels of investment conviction and risk-adjusted upside

Continual risk monitoring identifies various risks at the stock and portfolio level and assesses whether they are intended and justified

Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Funds

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Emerging markets equity portfolios that strive to offer:

Access to markets across emerging markets

Disciplined approach to stock selection

Optimal risk/return profiles

MARKET REVIEW

Goldman Sachs Fundamental Emerging

Markets Equity Funds

Market Review

Emerging markets equities were roughly flat during the six-month period ended April 30, 2016 (the “Reporting Period”). The MSCI^® Emerging Markets Index (Net, USD, Unhedged) (the “MSCI^® EM Index”) posted a return of -0.13%.* While absolute returns were disappointing, emerging markets equities outpaced developed markets equities, as measured by the MSCI^® Europe, Australasia, Far East (EAFE) Index. In our opinion, weakness in emerging market equities for most of the Reporting Period reflected concerns about slowing economic growth, particularly in China, and the impact of weak commodity prices, particularly oil prices.

There was broad emerging market “risk off” sentiment in November 2015, as the Reporting Period began, likely due to a combination of Federal Reserve (“Fed”) interest rate hike concerns and disappointing macroeconomic data and negative news flow from China. When the Fed finally hiked U.S. interest rates by 25 basis points in December 2015, we believe the fairly dovish language in its statement, which emphasized “gradual” future adjustments to policy, helped to somewhat assuage market sentiment. (A basis point is 1/100th of a percentage point. Dovish language tends to suggest lower interest rates.)

Emerging market equities suffered a rout at the beginning of 2016, in our opinion, triggered by investor concerns of an intensifying economic slowdown in China, 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 Bank of Japan (“BOJ”) introduced negative interest rates in late January 2016 and the People’s Bank of China eased, 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 markets equities. Notably, the European Central Bank implemented heavy 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 sanguine in April 2016, as oil prices rose and China 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 Bank of Japan disappointed markets by not implementing additional monetary stimulus.

Materials and energy were the best performing sectors in the MSCI^® EM Index during the Reporting Period, followed at some distance by utilities and consumer staples, the only other two sectors in the MSCI^® EM Index to post a positive absolute return during the Reporting Period. Health care and industrials were the weakest sectors in the MSCI^® EM Index during the Reporting Period, followed by consumer discretionary and financials.

From a country perspective, Hungary, Brazil and Peru were by a wide margin the best performing individual country constituents of the MSCI^® EM Index for the Reporting Period. Indonesia, Turkey, Russia and Malaysia also notably outpaced the MSCI^® EM Index

All index returns are expressed in U.S. dollar terms.

MARKET REVIEW

during the Reporting Period. Conversely, Greece was by far the weakest individual country constituent of the MSCI^® EM Index during the Reporting Period, followed at some distance by China, Poland and Qatar, which also significantly lagged the MSCI^® EM Index during the Reporting Period.

Looking Ahead

Many emerging markets rallied in the first quarter of 2016 on rising oil prices and the expectation that China may re-boot investment to spur lagging economic growth. In our view, the rally underscores why we continue to invest in companies across the emerging markets, regardless of our view on an individual country’s economic outlook. We believe fundamentals in many countries are not improving in the way they are in some developed markets. We believe Brazil, Russia and South Africa, for example, face further challenges as persistently low oil and other commodity prices appear to be beginning to affect consumption. We believe India has the best macroeconomic outlook among the MSCI^® EM Index constituents.

We remain cautious on state-owned enterprises across most of the emerging markets, as they have objectives, in our view, other than maximizing shareholder returns. Having significantly less exposure to some of these large weightings in the MSCI^® EM Index allows us extra capital to invest in what we consider to be more innovative parts of the market.

We find many interesting opportunities related to the evolving emerging market consumer, especially with regard to e-commerce. One of the key questions we continue to consider is how local and global competitors might share the emerging market retail marketplace, both on the ground and online. We believe a growing e-commerce ecosystem is likely to spawn development in financial technology and other Internet-related development.

We further believe other emerging market consumer markets are continuing to change in ways that may create new winners and losers in the retail market. In China, for instance, customer traffic has shifted away from hyper-markets to e-commerce within the last decade. (A hyper-market is a retail store that combines a department store and a grocery supermarket. Often a very large establishment, hyper-markets may offer a large variety of products such as appliances, clothing and groceries.) Many companies we speak with have also noted an increasing focus on value for money from Chinese consumers, some of which may be attributed to being able to easily compare prices on the Internet. Tourism, which is booming in China, is also increasingly moving online. At the end of the Reporting Period, we favored companies exposed to the growth of e-commerce as well as other areas of consumer growth, such as travel, tourism, wellness and leisure activities.

As always, we maintain our focus on seeking high-quality equity investments trading at compelling valuations and intend to stay true to our long-term discipline as we seek to navigate potentially volatile markets ahead.

PORTFOLIO RESULTS

Goldman Sachs Asia Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Asia ex Japan Equity Portfolio Management Team discusses the Goldman Sachs Asia Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of -4.19%, -4.57%, -4.00% and -4.05%, respectively. These returns compare to the -3.00% cumulative total return of the Fund’s benchmark, the MSCI^® All Country Asia ex-Japan 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 underperformed the Index on a relative basis during the Reporting Period, primarily attributable to individual stock selection. From a country perspective, allocation positioning in South Korea, Taiwan and Singapore detracted from the Fund’s relative results most during the Reporting Period. Stock selection in China and having overweighted allocations to India and Indonesia, each of which outpaced the Index during the Reporting Period, contributed most positively.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to the Index were positions in Hotel Shilla, Shinsegae and Fubon Financial.

Hotel Shilla operates hotels in South Korea’s capital, Seoul, as well as in popular tourist destination, Jeju Island. It is also one of the nation’s top two duty-free shop operators. Near-term concerns on increasing competition due to regulatory changes weighed on its share price during the Reporting Period. At the end of the Reporting Period, we remained positive on Hotel Shilla owing to the strong demand environment driven by Chinese tourists.

Shinsegae, a new purchase for the Fund during the Reporting Period, is a South Korea-based department store franchise that retails food, clothing, household goods, electronics and other items through several branch stores. Its stock underperformed the Index during the Reporting Period due to shopping disruptions following the summer of 2015 MERS outbreak and due to concerns about competition from new outlet malls and e-commerce. Its share price had felt downward pressures, as investors were likely wary of the segment given large space expansions and flip-flopping from the government on duty-free license periods.

Fubon Financial is a Taiwan-based provider of banking, insurance, securities and asset management services. It detracted from performance during the Reporting Period, as its share price moved in tandem with Asian peers in general, who have, in our opinion, been struggling amidst rising non-performing loans from the small-to-medium enterprise business segment and declining loan yields due mainly to a low interest rate environment. (A non-performing loan is the sum of borrowed money upon which the debtor has not made his or her schedule payments for at least 90 days. A non-performing loan is either in default or close to being in default.)

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Index from holdings in Airports of Thailand, Viatron Technologies and Nongshim.

Airports of Thailand owns and operates several airports in Thailand, including the Bangkok, Chiang Mai and Phuket airports. Its stock outperformed the Index during the Reporting Period on robust air travel demand and strong

PORTFOLIO RESULTS

growth momentum in passenger volumes. At the end of the Reporting Period, we maintained our conviction in the stock, as we expect strong air traffic growth to sustain, underpinned by the company’s monopoly position as the gateway to Thailand, a buoyant tourism industry and aggressive capacity additions by low-cost carriers in the region. Given its significant operating leverage and delivery of better than expected cost controls, we expect its margins to expand further going forward.

Viatron Technologies is a South Korea-based equipment supplier to the display industry in the information technology sector. Asian display panel makers have been expanding their capacity aggressively, and Viatron Technologies particularly benefited from the capital expenditure cycle in China.

Nongshim is the largest producer in South Korea of processed foods, such as instant noodles. Its stock outperformed the Index during the Reporting Period based largely on the success of its product premiumization plan. (Premiumization is the creation of a bridge between the desirability of the luxury world and the function and necessity of the mass market.) Additional catalysts supporting its stock price included further penetration of its premium segment, average selling price hikes and decent cost savings from lower packing costs as a result of the lower oil price.

Which equity market sectors most significantly affected Fund performance during the Reporting Period?

The sectors that detracted most from the Fund’s relative results during the Reporting Period were consumer discretionary, health care and materials, each driven primarily by weak stock selection. At an individual stock level, the Fund’s positions in Hotel Shilla, mentioned earlier, China Biologic Products, a Chinese biopharmaceutical company, and Gujarat Fluorochemicals, an Indian chemicals manufacturer, disappointed most in each sector respectively.

The sectors that contributed most positively to the Fund’s performance relative to the Index were consumer staples, industrials and information technology, where stock selection in each boosted relative results. At an individual stock level, the Fund’s positions in Nongshim, Airports of Thailand and Viatron Technologies, each mentioned earlier, were the strongest positive contributors in each sector respectively.

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

During the Reporting Period the Fund gained exposure to select stocks through equity-linked notes and participatory notes. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Did the Fund make any significant purchases or sales during the Reporting Period?

In addition to the purchase already mentioned, we initiated a Fund position in Kumho Petrochemical, a South Korean manufacturer of petrochemical and synthetic resin products, including synthetic rubber. We believe that rubber prices have found a bottom and a turnaround may be imminent, as a supply glut of synthetic rubber is widely expected to continue easing over the next several years given no major capacity additions and given a tight supply of butadiene, the raw material of synthetic rubber.

Within the information technology sector in India, we established a Fund position in Infosys, India’s third largest information technology services provider. We believe in the company management’s growth guidance in the medium term, driven by in-line performance in the past four quarters coupled with what we see as strong deal wins and a healthy deals pipeline.

Conversely, we exited the Fund’s position in Sino Biopharmaceutical in the Chinese health care sector. Sino Biopharmaceutical is an out-of-Index holding that is primarily engaged in the research and development, manufacturing and sales of a series of generic chemical drugs and is a market leader in drugs for hepatitis and cardio- cerebral diseases. Sino Biopharmaceutical experienced a slowdown in sales during the fourth quarter of 2015 to reduce inventory in the distribution channel. As such, we believe this has heightened the risk of price-cutting pressures in the upcoming 2016 drug offerings. As a result, we sold the Fund’s position in the company.

Within the telecommunication services sector in China, we eliminated the Fund’s position in China Mobile, a company that operates as an investment holding company and, through its subsidiaries, offers mobile services using the global system for mobile communications (“GSM”) standard. China’s government is planning to issue new operation licenses to the China Broadcasting Network Company,

PORTFOLIO RESULTS

which has triggered concerns regarding competition. Further, China Mobile showed slow growth of its fourth generation subscribers during the first quarter of 2016, increasing concerns about potential market share loss. The company did outperform the Index due to its defensive nature. However, given our view that we might see future share price pressures should China Mobile start to lose market share, we decided to sell the Fund’s position in the company.

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

Most sector weights are usually established within a relatively narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary, materials, information technology and energy increased, and its allocations to consumer staples, health care, utilities, industrials, telecommunication services and financials decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. During the Reporting Period, the Fund’s allocations to India, Indonesia, South Vietnam, South Korea, Taiwan and Singapore increased, and its exposure to China, Thailand, the Philippines, Hong Kong and Malaysia decreased.

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

Hee Sun Oh, Vice President of our Asia ex-Japan research team, departed in January 2016.

How was the Fund positioned relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had overweighted exposure to China, India and Indonesia compared to the Index and held an out-of-Index allocation to South Vietnam. On the same date, the Fund had underweighted exposure relative to the Index to Hong Kong, Singapore, Taiwan and Malaysia and had rather neutral exposure relative to the Index in South Korea, Thailand and the Philippines.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in the consumer discretionary, consumer staples and materials sectors at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the Index in the financials, telecommunication services and energy sectors and was relatively neutrally weighted compared to the Index in health care, industrials and information technology. The Fund had no exposure to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

Asia Equity Fund

as of April 30, 2016

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PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® AC (All Country) Asia ex-Japan Index²
Class A		-4.19	%		-3.00	%
Class C		-4.57			-3.00
Institutional		-4.00			-3.00
Class IR		-4.05			-3.00

The MSCI^® All Country (AC) Asia ex-Japan Index (Net, USD, Hedged) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. The MSCI AC Asia ex-Japan Index consists of the following 10 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand. This index is net of dividends re-invested after deduction of withholding taxes, using a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. This series approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties. MSCI Barra uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-11.55	%		-0.96	%		2.74	%		2.04	%		7/08/94
Class C		-8.07			-0.57			2.54			1.24			8/15/97
Institutional		-6.04			0.58			3.74			2.09			2/02/96
Class IR		-6.19			N/A			N/A			0.15			2/28/14

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 5.5% 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 and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.55	%		1.99	%
Class C		2.30			2.76
Institutional		1.15			1.61
Class IR		1.30			1.75

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		5.0	%	Software & Services	China
AIA Group Ltd.		4.6		Insurance	Hong Kong
Kweichow Moutai Co. Ltd.		3.7		Food, Beverage & Tobacco	China
LG Chem Ltd.		3.3		Materials	South Korea
Taiwan Semiconductor Manufacturing Co. Ltd.		3.3		Semiconductors & Semiconductor Equipment	Taiwan
Kumho Petrochemical Co. Ltd.		3.2		Materials	South Korea
Galaxy Entertainment Group Ltd.		2.8		Consumer Services	Hong Kong
Hong Kong Exchanges and Clearing Ltd.		2.8		Diversified Financials	Hong Kong
China Petroleum & Chemical Corp. Class H		2.5		Energy	China
Airports of Thailand PCL		2.4		Transportation	Thailand

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 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 percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. 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.

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs Emerging Markets Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R6 Shares generated cumulative total returns, without sales charges, of 0.14%, -0.23%, 0.35%, 0.14%, 0.27% and 0.43%, respectively. These returns compare to the -0.13% cumulative total return of the Fund’s benchmark, the MSCI^® Emerging Markets Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

While the Fund’s absolute returns were disappointing, the Fund outperformed the Index on a relative basis during the Reporting Period. Effective stock selection in China and Thailand and having an overweighted allocation to Peru benefited the Fund’s performance most. Such positive contributors were only partially offset by the detracting effect of weak stock selection in South Korea and Russia and of having an overweighted allocation to India, which underperformed the Index during the Reporting Period.

What were some of the Fund’s best-performing individual stocks?

The strongest contributors to the Fund’s performance during the Reporting Period were Viatron Technologies, BM&FBovespa and Credicorp.

BM&FBovespa performed well after the Brazilian stock exchange made a bidding offer for securities clearinghouse Cetip. At the end of the Reporting Period, we believed the potential merger could enhance significantly the value of BM&FBovespa due to increased barriers to entry. We continued to hold the stock given what we viewed as the potential of the deal with Cetip and its high free cash flow yield.

Credicorp, a Peru-based bank, was a strong performer as it reported better than expected results, including improving margins and healthy loan growth. At the end of the Reporting Period, we continued to like the company for its strong competitive position in the industry and what we view as positive balance sheet trends.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to the Index were positions in Naver, Hotel Shilla and China Traditional.

Naver is a South Korea-based Internet service provider that operates a search portal, a social network and online gaming platforms. Its stock underperformed the Index during the Reporting Period, as the company reported disappointing top-line growth, driven by decelerating growth from its mobile gaming division. Although the company has made some progress on its cost savings program announced last year, it fell short of investor expectations.

PORTFOLIO RESULTS

China Traditional Medicine (“CTM”) is an integrated pharmaceutical company mainly engaged in the research and development, manufacture and distribution of traditional Chinese medicines (“TCMs”). Through organic growth and acquisitions, CTM has a product portfolio of more than 500 TCM drugs under well-known brands. Its stock underperformed the Index during the Reporting Period, as its sales were impacted by a broad industry slowdown.

Which equity market sectors most significantly affected Fund performance during the Reporting Period?

Relative to the Index, strong stock selection within the financials, industrials and consumer staples sectors contributed most positively to the Fund’s performance. In financials, the Fund’s holding in BM&FBovespa, mentioned earlier, was the strongest contributor. In industrials, the Fund’s position in InterGlobe Aviation, the operator of India’s largest domestic carrier by market capitalization, was an outstanding performer. Notably, the Fund’s holding in Nongshim, South Korea’s largest processed food manufacturer, boosted Fund results within the consumer staples sector.

Conversely, weak stock selection in consumer discretionary and health care and having no allocation to energy, which outperformed the Index during the Reporting Period, detracted most from the Fund’s relative results. In consumer discretionary, the Fund’s position in Hotel Shilla, mentioned earlier, was the largest detractor from relative returns. In health care, the Fund’s position in CTM, also already mentioned, was the biggest disappointment. In energy, the Fund’s underweighted position in Lukoil Holding, a Russian oil company, detracted most from returns.

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

During the Reporting Period, the Fund used equity-linked notes and participatory notes to gain exposure to select stocks. The use of these derivatives did not have a material impact on the Fund’s performance during the Reporting Period.

Did the Fund make any significant purchases or sales during the Reporting Period?

Within the financials sector in China, we initiated a Fund position in AIA Group. It is the largest independent publicly- listed pan-Asian life insurance group. We are constructive about AIA Group’s ability to tap life insurance demand growth in Asia, which is still under-penetrated. In our view, AIA Group has a strong brand franchise within Asia. Further, we believe the insurance company has demonstrated superior execution capabilities with its double-digit growth in new business value. We expect its China exposure to grow strongly, as the insurer has successfully captured high margin regular premium business. We believe its diversified regional life insurance exposure and high quality execution track record by its management were contributing factors to the stock’s strong performance since our purchase during the Reporting Period.

Conversely, we exited the Fund’s position in Sino Biopharmaceutical in the Chinese health care sector. Sino Biopharmaceutical is an out-of-Index holding that is primarily engaged in the research and development, manufacturing and sales of a series of generic chemical drugs and is a market leader in drugs for hepatitis and cardio-cerebral diseases. Sino Biopharmaceutical experienced a slowdown in sales during the fourth quarter of 2015 to reduce inventory in the distribution channel. As such, we believe this has heightened the risk of price-cutting pressures in the upcoming 2016 drug offerings. As a result, we sold the Fund’s position in the company.

Within the financials sector, we eliminated the Fund’s position in Cetip during the Reporting Period. Cetip is engaged in the provision of financial management services and is Brazil’s biggest securities clearinghouse. Its stock price had traded sideways during the Reporting Period, following a bidding offer for the company in February 2016 by BM&FBovespa.

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

Most sector weights are usually established within a narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, the Fund’s exposure relative to the Index to information technology and financials increased, and its

PORTFOLIO RESULTS

allocations relative to the Index to consumer discretionary, consumer staples and health care decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s exposure relative to the Index in India, China and Peru increased, and its allocations relative to the Index to South Africa, Indonesia and South Korea decreased.

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

There were no changes to the Fund’s portfolio management team during the Reporting Period. However, Niraj Mansingka and Sumit Mangal joined the India equity research team.

How was the Fund positioned relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had overweighted exposures to India, Peru, Turkey and China and underweighted exposures to South Africa, South Korea, Taiwan, Malaysia and Russia relative to the Index. On the same date, the Fund was relatively neutrally weighted to the Index in the remaining components of the Index and had exposure to several equity markets that are not components of the Index, including Singapore, Vietnam, Georgia and Kenya. The Fund had no exposure to the Philippines, Qatar and the Czech Republic at the end of the Reporting Period.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in financials, consumer discretionary, health care, consumer staples and information technology at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the telecommunication services, materials and industrials sectors at the end of the Reporting Period. The Fund had no allocation to the utilities sector at the end of the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

Emerging Markets Equity Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® Emerging Markets Index²
Class A		0.14	%		-0.13	%
Class C		-0.23			-0.13
Institutional		0.35			-0.13
Service		0.14			-0.13
Class IR		0.27			-0.13
Class R6		0.43			-0.13

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 January 1, 2016 the MSCI^® Emerging Markets Index consists of the following 21 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-12.31	%		-3.89	%		1.10	%		5.24	%		12/15/97
Class C		-8.83			-3.52			0.91			4.89			12/15/97
Institutional		-6.93			-2.41			2.08			6.10			12/15/97
Service		-7.39			-2.90			1.57			5.46			12/15/97
Class IR		-7.04			-2.57			N/A			1.10			8/31/10
Class R6		N/A			N/A			N/A			-5.09			7/31/15

The Standardized Total Returns are average annual or cumulative total returns for periods less than 1 year 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 and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service , Class IR and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.65	%		1.92	%
Class C		2.40			2.67
Institutional		1.25			1.52
Service		1.75			2.02
Class IR		1.40			1.67
Class R6		1.23			1.50

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 26, 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.


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business	Country
Tencent Holdings Ltd.		5.0	%	Software & Services	China
Taiwan Semiconductor Manufacturing Co. Ltd.		3.7		Semiconductors & Semiconductor Equipment	Taiwan
Hong Kong Exchanges and Clearing Ltd.		3.1		Diversified Financials	Hong Kong
AIA Group Ltd.		2.7		Insurance	Hong Kong
iShares MSCI South Korea Capped Fund		2.6		Exchange Traded Fund	United States
Kweichow Moutai Co. Ltd.		2.6		Food, Beverage & Tobacco	China
PChome Online, Inc.		2.4		Software & Services	Taiwan
PT Bank Central Asia Tbk		2.1		Banks	Indonesia
Infosys Ltd.		2.1		Software & Services	India
Moscow Exchange MICEX-RTS PJSC		2.0		Diversified Financials	Russia

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2016

LOGO

⁶

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

PORTFOLIO RESULTS

Goldman Sachs N-11 Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental Emerging Markets Equity Portfolio Management Team discusses the Goldman Sachs N-11 Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of -1.44%, -1.78%, -1.28% and -1.30%, respectively. These returns compare to the 1.43% cumulative total return of the Fund’s benchmark, the MSCI^® GDP Weighted Next 11 ex-Iran Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

The Fund underperformed the Index during the Reporting Period. The Fund’s stock selection in Mexico, South Korea and Egypt detracted most from performance. Such detractors were only partially offset by the positive contributions of effective stock selection in Vietnam and Turkey and of having an underweighted allocation to Nigeria, which lagged the Index during the Reporting Period.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to the Index were positions in Cemex, Hotel Shilla and Integrated Diagnostics Holdings.

Cemex is a Mexican multinational building materials company. Its stock detracted from relative performance driven by the Fund’s underweighted position. Cemex yielded stronger margins than the market anticipated during the Reporting Period on the back of its management’s “value before volume” and cost-cutting strategies. The company also benefited from an ongoing economic recovery in many of its markets and a clearer path to deleveraging.

Hotel Shilla operates hotels in South Korea’s capital Seoul as well as in popular tourist destination Jeju Island. It is also one of the nation’s top two duty-free shop operators. Near-term concerns on increasing competition due to regulatory changes weighed on its share price during the Reporting Period. At the end of the Reporting Period, we remained positive on Hotel Shilla owing to the strong demand environment driven by Chinese tourists.

Integrated Diagnostics Holdings provides various medical diagnostics services to patients and other laboratories in Egypt, Jordan and Sudan. Its stock performed poorly during the Reporting Period likely due to a change in revenue mix in favor of lower margin contracts coupled with higher competition.

What were some of the Fund’s best-performing individual stocks?

The strongest contributors to the Fund’s performance during the Reporting Period were Sampoerna, Ulker Biskuvi and Akbank.

Sampoerna is the largest Indonesian tobacco company. Its stock performed well, as the company benefited from its leading position in the cigarettes industry, robust pricing power, strong free cash flow to the firm and sound corporate governance as consumption recovered during the Reporting Period. In addition, its low free float, drove its stock price higher. (The free float of a company is the portion of its shares that can be publicly traded.) We sold the Fund’s position in Sampoerna, taking profits, as the stock was buoyed by price hikes and rising disposable incomes in its domestic market.

Ulker Biskuvi is one of the leading Turkey-based producers and exporters of biscuits, chocolates and related products. Its stock performed well during the Reporting Period owing to

PORTFOLIO RESULTS

positive earnings and a recent acquisition of an Egyptian entity, which investors widely saw as reaping potential synergies in terms of improved demand and higher penetration.

Turkey-based Akbank engages in providing commercial and private banking services. Its stock contributed to the Fund’s relative results on the back of its stronger than peers liquidity position, efficient cost base facilitated by digitization, and conservative approach toward a potential risk-driven year in terms of growth and asset quality.

Which equity market sectors most significantly affected Fund performance during the Reporting Period?

Relative to the Index, weak stock selection within the health care, materials and consumer discretionary sectors detracted most from the Fund’s performance during the Reporting Period. At an individual stock level, the Fund’s position in Integrated Diagnostics Holdings, mentioned earlier, was the largest detractor from relative results within the consumer staples sector. In materials, the Fund’s underweight position in Cemex, also mentioned already, hurt most. In consumer discretionary, the Fund’s position in Hotel Shilla, already mentioned, dampened results most.

Conversely, strong stock selection within consumer staples and having underweighted allocations to information technology and industrials, which each lagged the Index during the Reporting Period, contributed most positively to the Fund’s performance. In consumer staples, the Fund’s holding in Sampoerna, mentioned earlier, was the strongest contributor to performance. In information technology, the Fund’s underweight holding in Samsung Electronics, the world’s largest smartphone manufacturer, was the greatest positive contributor to results. In industrials, the Fund’s position in Jasa Marga, which operates the Indonesian highway system, was the strongest individual performer.

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

During the Reporting Period, the Fund gained exposure to select stocks through equity-linked notes and participatory notes. The use of these derivatives did not have a material impact on Fund results during the Reporting Period.

Did the Fund make any significant purchases or sales during the Reporting Period?

Within the financials sector in South Korea, we initiated a Fund position in Dongbu Insurance. It engages in the business of providing non-life insurance services. We established the Fund position due to better than expected improvement in its loss ratio. (Loss ratio is the difference between the ratios of premiums paid to an insurance company and the claims settled by the company. Loss ratio is the total losses paid by an insurance company in the form of claims.)

We initiated a Fund position in Osstem Implant. It is a South Korea-based company that engages in the provision of dental implants. It operates through several business segments, including dental implants, dental equipment, dental information technology and an advanced dental implant research and education center. We established the Fund position as we believe the company should benefit from a recent regulation that aims to subsidize implant costs for those aged over 65 years.

In addition to those sales mentioned earlier, we exited the Fund’s position in Emlak Konut Gayrimenkul Yatirim Ortakligi. It is a real estate investment trust that engages in the development of residential and commercial projects. It is involved in commercial housing, educational units, social facilities, infrastructure and roads and landscaping. We sold the position due to weak delivery schedules and lower revenue generated than the market consensus.

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

Most sector weights are usually established within a narrow range from the Index, as our team prefers to make decisions at the individual stock level, where we believe we can generate more added value. That said, during the Reporting Period, the Fund’s exposure relative to the Index to financials, information technology and health care increased, and its allocations relative to the Index to consumer staples, industrials and consumer discretionary decreased.

Similarly, allocations to countries are directly the result of various stock selection decisions. As such, the Fund’s allocation relative to the Index to Egypt, South Korea and Nigeria increased, and its exposure relative to the Index in Indonesia, Turkey and the Philippines decreased.

PORTFOLIO RESULTS

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

There were no changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to the Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was relatively neutrally weighted to the Index in all of the country components of the Index, with the exceptions of Egypt, where the Fund held an overweight relative to the Index, and Turkey, where the Fund held an underweight relative to the Index.

From a sector allocation perspective, the Fund had overweighted positions relative to the Index in financials, consumer staples and health care at the end of the Reporting Period. The Fund had underweighted positions compared to the Index in the industrials, materials, telecommunication services, energy, consumer discretionary, information technology and utilities sectors at the end the Reporting Period.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

N-11 Equity Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® GDP Weighted Next 11 ex Iran Index²
Class A		-1.44	%		1.43	%
Class C		-1.78			1.43
Institutional		-1.28			1.43
Class IR		-1.30			1.43

The MSCI^® Next 11 ex-Iran GDP Weighted Index (Net, Unhedged, USD) comprises the following 10 emerging and frontier market indices: Bangladesh, Egypt, Indonesia, Mexico, Nigeria, Pakistan, Philippines, South Korea, Turkey and Vietnam. The index is designed to reflect the performance of the N-11 ex Iran countries based on the size of each country’s economy rather than the size of its equity market, by using country weights based on a country’s gross domestic product (GDP). Each country is divided into large- and mid-cap segments and provides exhaustive coverage of these size segments by targeting a coverage range around 85% of free float-adjusted market capitalization in that market. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-17.80	%		-4.39	%		-3.02	%		2/28/11
Class C		-14.52			-4.03			-2.68			2/28/11
Institutional		-12.66			-2.93			-1.56			2/28/11
Class IR		-12.79			-3.05			-1.70			2/28/11

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.73	%		2.07	%
Class C		2.48			2.82
Institutional		1.33			1.68
Class IR		1.48			1.82

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd.		4.7	%	Technology Hardware & Equipment	South Korea
PT Bank Central Asia Tbk		4.3		Banks	Indonesia
Commercial International Bank Egypt SAE		4.2		Banks	Egypt
BIM Birlesik Magazalar AS		3.7		Food & Staples Retailing	Turkey
Akbank TAS		3.2		Banks	Turkey
Wal-Mart de Mexico SAB de CV		3.0		Food & Staples Retailing	Mexico
PT Telekomunikasi Indonesia (Persero) Tbk		2.9		Telecommunication Services	Indonesia
Ulker Biskuvi Sanayi AS		2.2		Food, Beverage & Tobacco	Turkey
Alsea SAB de CV		2.1		Consumer Services	Mexico
Samsung Fire & Marine Insurance Co. Ltd.		2.1		Insurance	South Korea

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2016

LOGO

⁶

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

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 93.7%
	China – 24.3%
	10,245	Alibaba Group Holding Ltd. ADR (Software & Services)*	$	788,250
	466,800	Anhui Conch Cement Co. Ltd. Class H (Materials)		1,230,050
	149,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		379,537
	175,000	Bloomage Biotechnology Corp. Ltd. (Materials)		343,212
	5,434	China Biologic Products, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*		635,778
	518,000	China Communications Construction Co. Ltd. Class H (Capital Goods)		621,774
	206,000	China Merchants Bank Co. Ltd. Class H (Banks)		451,269
	2,512,000	China Petroleum & Chemical Corp. Class H (Energy)		1,770,168
	18,990	Ctrip.com International Ltd. ADR (Retailing)*		828,154
	1,434,635	Industrial & Commercial Bank of China Ltd. Class H (Banks)		768,105
	25,358	JD.com, Inc. ADR (Retailing)*		648,151
	564,000	Minth Group Ltd. (Automobiles & Components)		1,476,002
	18,463	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)		723,011
	351,220	PICC Property & Casualty Co. Ltd. Class H (Insurance)		638,896
	349,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		1,637,886
	138,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)		713,395
	171,800	Tencent Holdings Ltd. (Software & Services)		3,495,841

				17,149,479

	Hong Kong – 13.8%
	545,036	AIA Group Ltd. (Insurance)		3,261,826
	214,000	Brilliance China Automotive Holdings Ltd. (Automobiles & Components)		211,078
	28,000	Cheung Kong Property Holdings Ltd. (Real Estate)		191,226
	380,000	China Overseas Land & Investment Ltd. (Real Estate)		1,206,221
	597,000	Galaxy Entertainment Group Ltd. (Consumer Services)		2,006,660
	77,864	Hong Kong Exchanges and Clearing Ltd. (Diversified Financials)		1,962,738
	154,200	IMAX China Holding, Inc. (Media)*^(a)		861,613
	1,960,000	Peace Mark Holdings Ltd. (Consumer Durables & Apparel)*		—

				9,701,362

	India – 11.9%
	10,294	Alstom India Ltd. (Capital Goods)		98,266
	104,219	Ashiana Housing Ltd. (Real Estate)		252,177

	Common Stocks – (continued)
	India – (continued)
	20,353	Atul Auto Ltd. (Automobiles & Components)	$	161,439
	25,678	Aurobindo Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		293,667
	4,398	Bajaj Finance Ltd. (Diversified Financials)		452,165
	2,690	Bayer CropScience Ltd. (Materials)		162,069
	11,402	Britannia Industries Ltd. (Food, Beverage & Tobacco)		491,405
	605	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)*^(a)		8,952
	2,530	Dynamatic Technologies Ltd. (Automobiles & Components)*		81,664
	7,892	eClerx Services Ltd. (Software & Services)		157,026
	630	Eicher Motors Ltd. (Capital Goods)		189,887
	2,917	Gillette India Ltd. (Household & Personal Products)		183,834
	25,777	Indo Count Industries Ltd. (Consumer Durables & Apparel)		407,314
	10,726	Info Edge India Ltd. (Software & Services)		121,388
	82,439	Infosys Ltd. (Software & Services)		1,499,715
	145,301	Mahindra & Mahindra Financial Services Ltd. (Diversified Financials)		656,082
	6,692	Maruti Suzuki India Ltd. (Automobiles & Components)		381,969
	9,381	MPS Ltd. (Media)		96,073
	13,980	Multi Commodity Exchange of India Ltd. (Diversified Financials)		194,429
	7,275	Navin Fluorine International Ltd. (Materials)		190,994
	5,815	Navkar Corp. Ltd. (Transportation)*^(a)		15,824
	49,146	Prestige Estates Projects Ltd. (Real Estate)		124,718
	1,908	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)		181,635
	12,159	SRF Ltd. (Consumer Durables & Apparel)		249,713
	15,770	Strides Shasun Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		256,496
	31,938	TeamLease Services Ltd. (Commercial & Professional Services)*		450,589
	12,409	Thermax Ltd. (Capital Goods)		144,262
	43,423	VRL Logistics Ltd. (Transportation)		261,679
	435,540	Welspun India Ltd. (Consumer Durables & Apparel)		654,934

				8,420,365

	Indonesia – 4.4%
	862,500	PT Indofood CBP Sukses Makmur Tbk (Food, Beverage & Tobacco)		997,077
	497,300	PT Matahari Department Store Tbk (Retailing)		713,060


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

GOLDMAN SACHS ASIA EQUITY FUND


Shares		Description	Value
	Common Stocks – (continued)
	Indonesia – (continued)
	4,469,000	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)*	$	1,199,001
	807,700	XL Axiata Tbk PT (Telecommunication Services)*		215,238

				3,124,376

	Israel – 0.2%
	1,181	Taro Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		165,033

	Malaysia – 2.2%
	495,700	Bursa Malaysia Bhd (Diversified Financials)		1,066,394
	534,200	IJM Corp. Bhd (Capital Goods)		471,775

				1,538,169

	Philippines – 1.1%
	74,880	Jollibee Foods Corp. (Consumer Services)		366,315
	251,820	Robinsons Retail Holdings, Inc. (Food & Staples Retailing)		412,787

				779,102

	Singapore – 2.1%
	127,430	DBS Group Holdings Ltd. (Banks)		1,441,370

	South Korea – 18.3%
	1,364	Amorepacific Corp. (Household & Personal Products)		486,456
	4,115	Cuckoo Electronics Co. Ltd. (Consumer Durables & Apparel)		750,782
	11,758	Dongbu Insurance Co. Ltd. (Insurance)		720,715
	2,135	Hanssem Co. Ltd. (Consumer Durables & Apparel)		356,718
	5,282	Hotel Shilla Co. Ltd. (Retailing)		338,585
	9,490	Korea Kolmar Co. Ltd. (Household & Personal Products)		722,317
	37,539	Kumho Petrochemical Co. Ltd. (Materials)		2,237,191
	8,962	LG Chem Ltd. (Materials)		2,324,691
	1,521	NAVER Corp. (Software & Services)		901,417
	2,069	NongShim Co. Ltd. (Food, Beverage & Tobacco)		677,566
	10,451	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		654,399
	1,101	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		1,199,905
	2,668	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		687,766
	13,301	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		326,244
	20,479	Viatron Technologies, Inc. (Semiconductors & Semiconductor Equipment)		514,066

				12,898,818

	Common Stocks – (continued)
	Taiwan – 11.1%
	351,000	Advanced Semiconductor Engineering, Inc. (Semiconductors & Semiconductor Equipment)	$	337,745
	29,000	Catcher Technology Co. Ltd. (Technology Hardware & Equipment)		202,966
	149,000	Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)		197,703
	37,000	Chunghwa Precision Test Tech Co. Ltd. (Technology Hardware & Equipment)		703,300
	3,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		209,412
	67,506	PChome Online, Inc. (Software & Services)		713,504
	124,530	Poya International Co. Ltd. (Retailing)		1,316,762
	310,000	Sercomm Corp. (Technology Hardware & Equipment)		734,966
	44,752	Silergy Corp. (Semiconductors & Semiconductor Equipment)		594,328
	114,158	Superalloy Industrial Co. Ltd. (Automobiles & Components)		499,921
	503,338	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,312,521

				7,823,128

	Thailand – 2.4%
	148,600	Airports of Thailand PCL (Transportation)		1,665,907

	United States – 1.9%
	23,093	Cognizant Technology Solutions Corp. Class A (Software & Services)*		1,347,939

	TOTAL COMMON STOCKS
	(Cost $69,451,716)		$	66,055,048


Units	Description	Expiration Month		Value
Participation Notes* – 5.0%

China – 3.7%
68,182	Kweichow Moutai Co. Ltd. (Food, Beverage & Tobacco)		12/24	$	2,631,922

India – 0.2%
2,678	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)		01/17		39,625
760	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)		12/17		11,245


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

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Units	Description	Expiration Month		Value
Participation Notes* – (continued)

India – (continued)
31,099	Navkar Corp. Ltd. (Transportation)		09/17	$	84,627
1,588	TeamLease Services Ltd. (Commercial & Professional Services)		01/17		22,404

					157,901

Vietnam – 1.1%
117,670	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		01/17		732,643

TOTAL PARTICIPATION NOTES
(Cost $3,160,751)				$	3,522,466


Warrants* – 0.0%
India – 0.0%
2,011	Navkar Corp. Ltd. (Transportation)		05/17	$	5,473
(Cost $5,893)

TOTAL INVESTMENTS – 98.7%
(Cost $72,618,360)				$	69,582,987

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%					950,693

NET ASSETS – 100.0%				$	70,533,680


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. Under procedures approved by the Board of Trustees, 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 $886,389, which represents approximately 1.3% of net assets as of April 30, 2016.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 90.9%
	Argentina – 0.6%
	21,198	MercadoLibre, Inc. (Software & Services)	$	2,647,418

	Austria – 1.1%
	43,681	DO & CO AG (Consumer Services)		4,951,676

	Brazil – 4.8%
	752,141	BB Seguridade Participacoes SA (Insurance)		6,560,800
	1,141,655	BM&FBovespa SA – Bolsa de Valores Mercadorias e Futuros (Diversified Financials)		5,702,881
	374,703	Ez Tec Empreendimentos e Participacoes SA (Consumer Durables & Apparel)		1,819,449
	944,300	FPC Par Corretora de Seguros SA (Insurance)		3,171,233
	771,709	Odontoprev SA (Health Care Equipment & Services)		2,347,045
	153,700	Sao Martinho SA (Food, Beverage & Tobacco)		1,998,983

				21,600,391

	Chile – 0.4%
	26,124	Banco de Chile ADR (Banks)		1,720,527

	China – 11.3%
	64,806	58.com, Inc. ADR (Software & Services)*		3,541,648
	23,045	Baidu, Inc. ADR (Software & Services)*		4,477,643
	98,475	Ctrip.com International Ltd. ADR (Retailing)*		4,294,495
	103,700	JD.com, Inc. ADR (Retailing)*		2,650,572
	116,835	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)		4,575,259
	1,599,500	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		7,506,747
	1,094,900	Tencent Holdings Ltd. (Software & Services)		22,279,371
	84,496	Vipshop Holdings Ltd. ADR (Retailing)*		1,152,525

				50,478,260

	Colombia – 0.6%
	85,329	Banco de Bogota SA (Banks)		1,886,488
	100,000	Grupo Aval Acciones y Valores SA ADR (Banks)		809,000

				2,695,488

	Egypt – 0.5%
	604,515	Commercial International Bank Egypt SAE (Registered) GDR (Banks)		2,257,693

	Georgia – 0.7%
	32,622	BGEO Group PLC (Banks)		1,093,137

	Common Stocks – (continued)
	Georgia – (continued)
	30,207	TBC Bank JSC GDR (Banks)	$	317,174
	175,110	TBC Bank JSC GDR (Banks)^(a)		1,838,655

				3,248,966

	Greece – 1.0%
	466,034	Hellenic Exchanges – Athens Stock Exchange SA Holding (Diversified Financials)		2,653,841
	182,250	Sarantis SA (Household & Personal Products)		1,823,910

				4,477,751

	Hong Kong – 9.4%
	1,989,400	AIA Group Ltd. (Insurance)		11,905,775
	1,868,000	Galaxy Entertainment Group Ltd. (Consumer Services)		6,278,795
	540,980	Hong Kong Exchanges and Clearing Ltd. (Diversified Financials)		13,636,623
	859,400	IMAX China Holding, Inc. (Media)*^(a)		4,802,014
	1,399,000	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		5,244,389

				41,867,596

	India – 13.1%
	51,222	Alstom India Ltd. (Capital Goods)		488,961
	982,857	Ashiana Housing Ltd. (Real Estate)		2,378,201
	130,330	Atul Auto Ltd. (Automobiles & Components)		1,033,769
	189,420	Aurobindo Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,166,309
	26,138	Bajaj Finance Ltd. (Diversified Financials)		2,687,285
	20,410	Bayer CropScience Ltd. (Materials)		1,229,677
	49,597	Britannia Industries Ltd. (Food, Beverage & Tobacco)		2,137,540
	18,277	Dynamatic Technologies Ltd. (Automobiles & Components)*		589,950
	74,068	eClerx Services Ltd. (Software & Services)		1,473,721
	4,052	Eicher Motors Ltd. (Capital Goods)		1,221,308
	42,878	Gillette India Ltd. (Household & Personal Products)		2,702,240
	128,513	Indo Count Industries Ltd. (Consumer Durables & Apparel)		2,030,692
	103,639	Info Edge India Ltd. (Software & Services)		1,172,899
	502,634	Infosys Ltd. (Software & Services)		9,143,827
	890,144	Mahindra & Mahindra Financial Services Ltd. (Diversified Financials)		4,019,294
	38,976	Maruti Suzuki India Ltd. (Automobiles & Components)		2,224,690
	106,621	MPS Ltd. (Media)		1,091,929
	134,855	Multi Commodity Exchange of India Ltd. (Diversified Financials)		1,875,517


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	36,020	Navin Fluorine International Ltd. (Materials)	$	945,650
	15,259	Navkar Corp. Ltd. (Transportation)*^(a)		41,523
	684,355	Prestige Estates Projects Ltd. (Real Estate)		1,736,693
	18,315	Procter & Gamble Hygiene & Health Care Ltd. (Household & Personal Products)		1,743,528
	64,709	SRF Ltd. (Consumer Durables & Apparel)		1,328,946
	126,439	Strides Shasun Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,056,508
	155,958	TeamLease Services Ltd. (Commercial & Professional Services)*		2,200,294
	165,445	Thermax Ltd. (Capital Goods)		1,923,393
	514,685	VRL Logistics Ltd. (Transportation)		3,101,628
	2,558,199	Welspun India Ltd. (Consumer Durables & Apparel)		3,846,838

				58,592,810

	Indonesia – 3.3%
	9,519,700	PT Bank Central Asia Tbk (Banks)		9,394,990
	1,751,400	PT Indofood CBP Sukses Makmur Tbk (Food, Beverage & Tobacco)		2,024,673
	1,871,700	PT Semen Indonesia (Persero) Tbk (Materials)*		1,399,065
	17,492,600	PT Summarecon Agung Tbk (Real Estate)		2,063,796

				14,882,524

	Israel – 0.4%
	11,325	Taro Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		1,582,555

	Jersey – 0.9%
	471,281	Integrated Diagnostics Holdings PLC (Health Care Equipment & Services)^(a)		2,191,457
	937,090	Petra Diamonds Ltd. (Materials)		1,615,690

				3,807,147

	Kenya – 0.4%
	9,227,400	Safaricom Ltd. (Telecommunication Services)		1,561,039

	Malaysia – 1.8%
	3,212,200	7-Eleven Malaysia Holdings Bhd (Food & Staples Retailing)		1,142,956
	3,107,000	Bursa Malaysia Bhd (Diversified Financials)		6,684,055

				7,827,011

	Common Stocks – (continued)
	Mexico – 4.2%
	1,006,585	Alsea SAB de CV (Consumer Services)	$	3,854,998
	3,783,210	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		6,282,389
	1,190,820	Gentera SAB de CV (Diversified Financials)		2,368,537
	2,055,440	Unifin Financiera SAPI de CV SOFOM ENR (Diversified Financials)		6,059,520

				18,565,444

	Peru – 2.7%
	1,925,698	BBVA Banco Continental SA (Banks)		2,139,404
	53,615	Credicorp Ltd. (Banks)		7,796,693
	70,093	Intercorp Financial Services, Inc. (Banks)		1,997,651

				11,933,748

	Poland – 1.2%
	33,766	Bank Pekao SA (Banks)		1,373,170
	382,116	Warsaw Stock Exchange (Diversified Financials)		3,774,001

				5,147,171

	Russia – 2.9%
	235,404	Lenta Ltd. GDR (Food & Staples Retailing)*		1,521,370
	5,688,277	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		8,978,137
	18,237	PJSC Magnit (Food & Staples Retailing)		2,536,285

				13,035,792

	Singapore – 1.7%
	1,339,500	Singapore Exchange Ltd. (Diversified Financials)		7,476,493

	South Africa – 2.1%
	4,580,932	Alexander Forbes Group Holdings Ltd. (Diversified Financials)		2,310,538
	309,806	JSE Ltd. (Diversified Financials)		3,594,555
	206,312	Santam Ltd. (Insurance)		3,403,545

				9,308,638

	South Korea – 8.8%
	5,733	Amorepacific Corp. (Household & Personal Products)		2,044,614
	18,452	Cuckoo Electronics Co. Ltd. (Consumer Durables & Apparel)		3,366,567
	67,248	Dongbu Insurance Co. Ltd. (Insurance)		4,122,015
	21,400	Hanssem Co. Ltd. (Consumer Durables & Apparel)		3,575,534
	12,309	LG Chem Ltd. (Materials)		3,192,884
	9,309	NAVER Corp. (Software & Services)		5,516,954
	7,845	NongShim Co. Ltd. (Food, Beverage & Tobacco)		2,569,118


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND


Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	82,539	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*	$	5,168,251
	95,814	Samchuly Bicycle Co. Ltd. (Consumer Durables & Apparel)		1,860,184
	16,064	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		4,141,030
	47,319	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		1,160,632
	102,188	Viatron Technologies, Inc. (Semiconductors & Semiconductor Equipment)		2,565,135

				39,282,918

	Taiwan – 9.7%
	1,007,000	Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)		1,336,157
	99,000	Chunghwa Precision Test Tech Co. Ltd. (Technology Hardware & Equipment)		1,881,802
	24,000	Largan Precision Co. Ltd. (Technology Hardware & Equipment)		1,675,298
	276,150	Merida Industry Co. Ltd. (Consumer Durables & Apparel)		1,131,304
	1,001,012	PChome Online, Inc. (Software & Services)		10,580,182
	341,370	Poya International Co. Ltd. (Retailing)		3,609,596
	203,000	President Chain Store Corp. (Food & Staples Retailing)		1,435,288
	188,497	Silergy Corp. (Semiconductors & Semiconductor Equipment)		2,503,331
	614,383	Superalloy Industrial Co. Ltd. (Automobiles & Components)		2,690,507
	3,608,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		16,580,543

				43,424,008

	Thailand – 1.5%
	494,900	Airports of Thailand PCL (Transportation)		5,548,165
	243,900	Kasikornbank PCL (Banks)		1,163,700

				6,711,865

	Turkey – 2.0%
	171,371	BIM Birlesik Magazalar AS (Food & Staples Retailing)		3,771,290
	241,117	Cimsa Cimento Sanayi VE Ticaret AS (Materials)		1,403,316
	477,050	Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)		3,798,399

				8,973,005

	United Arab Emirates – 0.7%
	212,780	NMC Health PLC (Health Care Equipment & Services)		3,255,159

	Common Stocks – (continued)
	United States – 2.5%
	137,888	Cognizant Technology Solutions Corp. Class A (Software & Services)*	$	8,048,523
	1,019,400	Samsonite International SA (Consumer Durables & Apparel)		3,278,444

				11,326,967

	Vietnam – 0.6%
	405,650	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		2,525,680

	TOTAL COMMON STOCKS
	(Cost $391,066,383)		$	405,165,740


Shares	Description	Rate			Value

Preferred Stocks – 1.4%
Brazil – 1.1%
677,170	Banco Bradesco SA (Banks)		0.190	%	$	5,099,572

Colombia – 0.3%
2,832,071	Grupo Aval Acciones y Valores SA (Banks)		4.900			1,183,058

TOTAL PREFERRED STOCKS
(Cost $7,912,702)					$	6,282,630


Shares		Description	Value

	Exchange Traded Funds – 3.1%
	United States – 3.1%
	40,483	iShares MSCI South Africa Fund	$	2,250,855
	221,414	iShares MSCI South Korea Capped Fund		11,566,667

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $13,965,423)		$	13,817,522


Units	Description	Expiration Month		Value

Participation Notes* – 4.1%
China – 3.4%
472,462	Jiangsu Hengrui Medicine Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		03/17	$	3,394,634
299,180	Kweichow Moutai Co. Ltd. (Food, Beverage & Tobacco)		12/24		11,548,771

					14,943,405


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Units	Description	Expiration Month		Value
Participation Notes* – (continued)

India – 0.2%
16,248	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)		01/17	$	240,411
4,616	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)		12/17		68,300
126,278	Navkar Corp. Ltd. (Transportation)		09/17		343,630
9,124	TeamLease Services Ltd. (Commercial & Professional Services)		01/17		128,724

					781,065

Vietnam – 0.5%
379,786	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		01/17	$	2,364,645

TOTAL PARTICIPATION NOTES
(Cost $15,997,800)				$	18,089,115


Warrants* – 0.0%
India – 0.0%
91,078	Navkar Corp. Ltd. (Transportation)		05/17	$	247,843
(Cost $266,913)

TOTAL INVESTMENTS – 99.5%
(Cost $$429,209,221)				$	443,602,850

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%					2,224,666

NET ASSETS – 100.0%				$	445,827,516


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. Under procedures approved by the Board of Trustees, 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 $8,873,649, which represents approximately 2.0% of net assets as of April 30, 2016.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt


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

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 96.7%
	Bangladesh – 2.4%
	1,329,500	BRAC Bank Ltd. (Banks)*	$	700,899
	188,000	GrameenPhone Ltd. (Telecommunication Services)		591,046
	214,367	Olympic Industries Ltd. (Food, Beverage & Tobacco)		830,663
	186,944	Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		604,687
	667,920	Titas Gas Transmission & Distribution Co. Ltd. (Energy)		379,234

				3,106,529

	Egypt – 4.6%
	1,040,857	Commercial International Bank Egypt SAE (Banks)		5,295,741
	154,988	Commercial International Bank Egypt SAE (Registered) GDR (Banks)		578,837

				5,874,578

	Indonesia – 14.0%
	1,912,600	PT Astra International Tbk (Automobiles & Components)		970,558
	5,478,500	PT Bank Central Asia Tbk (Banks)		5,406,731
	954,300	PT Bank Rakyat Indonesia (Persero) Tbk (Banks)		745,772
	710,000	PT Indocement Tunggal Prakarsa Tbk (Materials)		1,057,664
	527,100	PT Indofood CBP Sukses Makmur Tbk (Food, Beverage & Tobacco)		609,344
	2,593,800	PT Indofood Sukses Makmur Tbk (Food, Beverage & Tobacco)		1,394,154
	8,367,900	PT Kalbe Farma Tbk (Pharmaceuticals, Biotechnology & Life Sciences)		870,081
	1,036,900	PT Matahari Department Store Tbk (Retailing)		1,486,773
	823,600	PT Semen Indonesia (Persero) Tbk (Materials)*		615,627
	7,475,100	PT Summarecon Agung Tbk (Real Estate)		881,920
	13,619,500	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)*		3,654,015

				17,692,639

	Jersey – 1.6%
	436,498	Integrated Diagnostics Holdings PLC (Health Care Equipment & Services)^(a)		2,029,716

	Mexico – 20.7%
	790,300	Alfa SAB de CV Class A (Capital Goods)		1,485,546
	705,927	Alsea SAB de CV (Consumer Services)		2,703,544

	Common Stocks – (continued)
	Mexico – (continued)
	145,339	America Movil SAB de CV Class L ADR (Telecommunication Services)	$	2,058,000
	105,100	Arca Continental SAB de CV (Food, Beverage & Tobacco)		725,483
	221,100	Banregio Grupo Financiero SAB de CV (Banks)		1,324,956
	853,100	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		1,416,656
	91,000	El Puerto de Liverpool SAB de CV (Retailing)		1,034,422
	835,672	Fibra Uno Administracion SA de CV (REIT)		1,989,528
	26,245	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)		2,446,296
	490,182	Gentera SAB de CV (Diversified Financials)		974,971
	74,331	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation)*		1,141,493
	259,900	Grupo Financiero Banorte SAB de CV Class O (Banks)		1,475,440
	423,508	Grupo Mexico SAB de CVSeries B (Materials)		1,077,192
	24,569	Grupo Televisa SAB ADR (Media)		718,152
	664,085	Unifin Financiera SAPI de CV SOFOM ENR (Diversified Financials)		1,957,749
	1,518,824	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)		3,756,308

				26,285,736

	Nigeria – 7.2%
	885,276	Dangote Cement PLC (Materials)		726,941
	31,525,408	FBN Holdings PLC (Banks)		570,338
	20,891,434	Guaranty Trust Bank PLC (Banks)		1,748,629
	434,877	Nestle Nigeria PLC (Food, Beverage & Tobacco)		1,344,104
	4,424,591	Nigerian Breweries PLC (Food, Beverage & Tobacco)		2,576,842
	64,345,900	United Bank for Africa PLC (Banks)		1,103,156
	16,729,608	Zenith Bank PLC (Banks)		1,063,352

				9,133,362

	Pakistan – 4.7%
	450,433	Engro Corp. Ltd. (Materials)		1,343,006
	1,014,000	Habib Bank Ltd. (Banks)		1,825,042
	525,700	MCB Bank Ltd. (Banks)		1,061,132
	595,400	Oil & Gas Development Co. Ltd. (Energy)		743,723
	636,200	United Bank Ltd. (Banks)		994,707

				5,967,610


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

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Philippines – 3.9%
	74,930	Ayala Corp. (Diversified Financials)	$	1,230,636
	2,492,400	Ayala Land, Inc. (Real Estate)		1,838,953
	130,110	Jollibee Foods Corp. (Consumer Services)		636,502
	352,108	Metropolitan Bank & Trust Co. (Banks)		609,726
	399,120	Robinsons Retail Holdings, Inc. (Food & Staples Retailing)		654,243

				4,970,060

	South Korea – 20.5%
	3,159	Amorepacific Corp. (Household & Personal Products)		1,126,624
	3,230	Cuckoo Electronics Co. Ltd. (Consumer Durables & Apparel)		589,313
	31,153	Dongbu Insurance Co. Ltd. (Insurance)		1,909,545
	50,182	Hana Financial Group, Inc. (Banks)		1,125,309
	8,428	Hanssem Co. Ltd. (Consumer Durables & Apparel)		1,408,159
	52,607	KB Financial Group, Inc. (Banks)		1,609,623
	30,919	KT Corp. (Telecommunication Services)		828,230
	6,716	LG Chem Ltd. (Materials)		1,742,092
	1,674	LG Household & Health Care Ltd. (Household & Personal Products)		1,473,904
	2,530	NAVER Corp. (Software & Services)		1,499,398
	3,984	NongShim Co. Ltd. (Food, Beverage & Tobacco)		1,304,699
	25,996	Osstem Implant Co. Ltd. (Health Care Equipment & Services)*		1,627,762
	5,520	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		6,015,871
	10,447	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		2,693,061
	42,578	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)		1,044,345

				25,997,935

	Turkey – 13.1%
	1,308,051	Akbank TAS (Banks)		4,019,155
	192,129	Aygaz AS (Utilities)		791,613
	215,446	BIM Birlesik Magazalar AS (Food & Staples Retailing)		4,741,230
	73,540	Cimsa Cimento Sanayi VE Ticaret AS (Materials)		428,007
	403,448	Soda Sanayii AS (Materials)		678,749
	730,612	Turkiye Garanti Bankasi AS (Banks)		2,248,983
	1,450,094	Turkiye Sinai Kalkinma Bankasi AS (Banks)		906,861
	342,931	Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)		2,730,508

				16,545,106

	Common Stocks – (continued)
	Vietnam – (continued)
	577,436	Bank for Foreign Trade of Vietnam JSC (Banks)	$	1,190,451
	476,430	Masan Group Corp. (Food, Beverage & Tobacco)*		1,494,077
	63,556	Saigon Thuong Tin Commercial JSB (Banks)*		29,321
	249,592	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		1,554,023
	328,758	Vingroup JSC (Real Estate)*		773,937

				5,041,809

	TOTAL COMMON STOCKS
	(Cost $115,359,920)		$	122,645,080


	Exchange Traded Funds – 2.5%
	United States – 2.5%
	27,232	iShares MSCI Indonesia Fund	$	628,787
	47,973	iShares MSCI South Korea Capped Fund		2,506,109

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $3,123,661)		$	3,134,896


Units	Description	Expiration Month		Value
Participation Note* – 0.2%
Vietnam – 0.2%
33,367	Vietnam Dairy Products JSC (Food, Beverage & Tobacco)		01/17	$	207,752
(Cost $153,391)

TOTAL INVESTMENTS – 99.4%
(Cost $118,636,972)				$	125,987,728

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%					763,455

NET ASSETS – 100.0%				$	126,751,183


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

GOLDMAN SACHS N-11 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. Under procedures approved by the Board of Trustees, 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 $2,029,716, which represents approximately 1.6% of net assets as of April 30, 2016.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)


	Asia Equity Fund			Emerging Markets Equity Fund			N-11 Equity Fund
Assets:
Investments, at value (cost $72,618,360, $429,209,221 and $118,636,972)	$	69,582,987		$	443,602,850		$	125,987,728
Cash		1,445,101			2,109,122			363,873
Foreign currencies, at value (cost $297,715, $1,795,210 and $1,639,933)		297,449			1,795,183			1,641,149
Receivables:
Investments sold		446,069			9,012,048			—
Reimbursement from investment adviser		70,032			174,954			—
Dividends		28,938			888,608			811,511
Foreign tax reclaims		22,041			16,451			9,223
Fund shares sold		2,686			8,974,840			88,868
Other assets		7,484			—			—
Total assets		71,902,787			466,574,056			128,902,352

Liabilities:
Payables:
Investments purchased		1,021,488			17,805,559			981,723
Foreign capital gains taxes		175,119			514,993			138,893
Management fees		58,796			367,218			171,970
Fund shares redeemed		11,495			1,703,987			591,184
Distribution and Service fees and Transfer Agency fees		9,048			68,917			22,684
Accrued expenses		93,161			285,866			244,715
Total liabilities		1,369,107			20,746,540			2,151,169

Net Assets:
Paid-in capital		83,151,422			947,794,724			185,304,204
Undistributed (distributions in excess of) net investment income		(333,657	)		650,723			915,140
Accumulated net realized loss		(9,071,715	)		(516,314,598	)		(66,697,718	)
Net unrealized gain (loss)		(3,212,370	)		13,696,667			7,229,557
NET ASSETS	$	70,533,680		$	445,827,516		$	126,751,183
Net Assets:
Class A	$	14,900,777		$	57,295,340		$	32,400,781
Class C		1,797,164			30,212,123			7,006,388
Institutional		53,781,706			339,101,088			76,916,792
Service		—			15,679,895			—
Class IR		54,033			2,413,520			10,427,222
Class R6		—			1,125,550			—
Total Net Assets	$	70,533,680		$	445,827,516		$	126,751,183
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		767,025			3,878,569			3,557,392
Class C		100,098			2,275,505			794,427
Institutional		2,634,323			21,479,853			8,420,540
Service		—			1,096,112			—
Class IR		2,653			153,703			1,143,490
Class R6		—			71,292			—
Net asset value, offering and redemption price per share:^(a)
Class A		$19.43			$14.77			$9.11
Class C		17.95			13.28			8.82
Institutional		20.42			15.79			9.13
Service		—			14.31			—
Class IR		20.36			15.70			9.12
Class R6		—			15.79			—

(a)

Maximum public offering price per share for Class A Shares of the Asia Equity, Emerging Markets Equity and N-11 Equity Funds is $20.56, $15.63 and $9.64, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2016 (Unaudited)


	Asia Equity Fund			Emerging Markets Equity Fund			N-11 Equity Fund
Investment income:
Dividends (net of foreign taxes withheld of $33,639, $247,795 and $276,158)	$	255,931		$	3,687,179		$	2,207,444

Expenses:
Management fees		359,339			2,586,739			922,667
Custody, accounting and administrative services		146,492			374,339			293,903
Professional fees		59,738			36,441			95,534
Registration fees		38,133			94,647			54,974
Distribution and Service fees^(a)		28,069			228,925			82,585
Transfer Agency fees^(a)		27,139			154,162			69,854
Printing and mailing costs		15,736			131,693			15,164
Trustee fees		11,548			12,036			11,677
Service share fees — Service Plan		—			18,858			—
Service share fees — Shareholder Administration Plan		—			18,858			—
Other		12,346			22,148			8,183
Total expenses		698,540			3,678,846			1,554,541
Less — expense reductions		(211,262	)		(644,240	)		(484,015	)
Net expenses		487,278			3,034,606			1,070,526
NET INVESTMENT INCOME (LOSS)		(231,347	)		652,573			1,136,918

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(984,271	)		(14,670,335	)		(11,051,688	)
Foreign currency transactions		(58,589	)		(140,450	)		14,734
Net change in unrealized gain (loss) on:
Investments (including the effects of the net change in the foreign capital gains tax liability of $109,387, $387,195 and $272,766)		(1,957,966	)		11,219,151			3,781,949
Foreign currency translation		84,246			260,102			208,622
Net realized and unrealized loss		(2,916,580	)		(3,331,532	)		(7,046,383	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,147,927	)	$	(2,678,959	)	$	(5,909,465	)

(a)

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


	Distribution and Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Service		Class IR		Class R6
Asia Equity	$	18,925	$	9,144	$	14,383	$	1,737	$	10,970	$	—	$	49	$	—
Emerging Markets Equity		72,039		156,886		54,750		29,808		65,073		3,017		1,506		8
N-11 Equity		46,468		36,117		35,316		6,862		17,333		—		10,343		—


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Statements of Changes in Net Assets


	Asia Equity Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income (loss)	$	(231,347	)	$	89,404
Net realized gain (loss)		(1,042,860	)		3,089,222
Net change in unrealized gain (loss)		(1,873,720	)		(2,442,214	)
Net increase (decrease) in net assets resulting from operations		(3,147,927	)		736,412

Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			(192,643	)
Service Shares		—			—
Class IR Shares		—			(134	)
Class R6 Shares		—			—
Total distributions to shareholders		—			(192,777	)

From share transactions:
Proceeds from sales of shares		1,752,038			8,571,414
Proceeds received in connection with merger		—			—
Reinvestment of distributions		—			191,574
Cost of shares redeemed		(5,349,521	)		(11,155,431	)
Net increase (decrease) in net assets resulting from share transactions		(3,597,483	)		(2,392,443	)
TOTAL INCREASE (DECREASE)		(6,745,410	)		(1,848,808	)

Net assets:
Beginning of period		77,279,090			79,127,898
End of period	$	70,533,680		$	77,279,090
Undistributed (distributions in excess of) net investment income	$	(333,657	)	$	(102,310	)


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS


Emerging Markets Equity Fund						N-11 Equity Fund
For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015

$	652,573		$	1,393,435		$	1,136,918		$	2,148,057
	(14,810,785	)		2,172,377			(11,036,954	)		(40,015,173	)
	11,479,253			(31,224,649	)		3,990,571			(31,329,806	)
	(2,678,959	)		(27,658,837	)		(5,909,465	)		(69,196,922	)



	—			—			(67,836	)		(5,746	)
	—			—			—			—
	(356,614	)		(949,860	)		(833,232	)		(1,254,995	)
	—			—			—			—
	(1,110	)		(472	)		(71,347	)		(73,277	)
	(11	)		—			—			—
	(357,735	)		(950,332	)		(972,415	)		(1,334,018	)


	181,186,521			185,526,680			8,753,694			59,598,379
	—			103,215,861			—			—
	350,863			866,901			913,483			1,139,428
	(176,029,451	)		(178,691,818	)		(66,834,423	)		(248,502,383	)
	5,507,933			110,917,624			(57,167,246	)		(187,764,576	)
	2,471,239			82,308,455			(64,049,126	)		(258,295,516	)


	443,356,277			361,047,822			190,800,309			449,095,825
$	445,827,516		$	443,356,277		$	126,751,183		$	190,800,309
$	650,723		$	355,885		$	915,140		$	750,637


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

GOLDMAN SACHS ASIA EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	20.28	$	(0.09	)	$	(0.76	)	$	(0.85	)	$	—
2016 - C		18.81		(0.15	)		(0.71	)		(0.86	)		—
2016 - Institutional		21.27		(0.05	)		(0.80	)		(0.85	)		—
2016 - IR		21.23		(0.07	)		(0.80	)		(0.87	)		—

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2015 - A		20.04		(0.03	)		0.27			0.24			—
2015 - C		18.73		(0.18	)		0.26			0.08			—
2015 - Institutional		20.99		0.05			0.29			0.34			(0.06	)
2015 - IR		20.98		0.01			0.29			0.30			(0.05	)
2014 - A		19.21		—	^(e)(f)		0.91			0.91			(0.08	)
2014 - C		18.02		(0.13	)^(f)		0.84			0.71			—
2014 - Institutional		20.13		0.12	^(f)		0.90			1.02			(0.16	)
2014 - IR (Commenced February 28, 2014)		20.71		0.06	^(f)		0.21			0.27			—
2013 - A		17.78		0.04			1.51			1.55			(0.12	)
2013 - C		16.77		(0.10	)		1.43			1.33			(0.08	)
2013 - Institutional		18.71		0.12			1.58			1.70			(0.28	)
2012 - A		17.33		0.11			0.41			0.52			(0.07	)
2012 - C		16.39		(0.03	)		0.41			0.38			—
2012 - Institutional		18.24		0.19			0.43			0.62			(0.15	)
2011 - A		19.14		0.12			(1.69	)		(1.57	)		(0.24	)
2011 - C		18.12		(0.03	)		(1.59	)		(1.62	)		(0.11	)
2011 - Institutional		20.12		0.23			(1.80	)		(1.57	)		(0.31	)

(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 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 deduction of taxes that a shareholder would pay on 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. If such transactions were included, the Fund's portfolio turnover rate may be higher.

(d)

Annualized.

(e)

Amount is less than $0.005 per share.

(f)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.25% of average net assets.


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

GOLDMAN SACHS ASIA 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	19.43		(4.19	)%	$	14,901		1.64	%^(d)		2.23	%^(d)		(0.93	)%^(d)		71	%
	17.95		(4.57	)		1,797		2.40	^(d)		2.98	^(d)		(1.68	)^(d)		71
	20.42		(4.00	)		53,782		1.24	^(d)		1.83	^(d)		(0.53	)^(d)		71
	20.36		(4.05	)		54		1.39	^(d)		1.99	^(d)		(0.69	)^(d)		71


	20.28		1.20			16,310		1.69			1.99			(0.16	)		153
	18.81		0.43			1,951		2.44			2.76			(0.91	)		153
	21.27		1.60			58,967		1.29			1.61			0.21			153
	21.23		1.46			52		1.44			1.75			0.06			153
	20.04		4.75			13,711		1.73			2.24			0.02	^(f)		169
	18.73		4.00			2,114		2.48			3.00			(0.71	)^(f)		169
	20.99		5.15			62,951		1.32			1.87			0.59	^(f)		169
	20.98		1.30			51		1.43	^(d)		2.06	^(d)		0.41	^(d)(f)		169
	19.21		8.72			14,097		1.72			2.25			0.21			102
	18.02		7.87			2,331		2.47			2.99			(0.56	)		102
	20.13		9.16			43,208		1.32			1.85			0.62			102
	17.78		3.05			15,136		1.60			2.24			0.66			83
	16.77		2.31			2,684		2.35			2.97			(0.18	)		83
	18.71		3.50			44,345		1.20			1.79			1.03			83
	17.33		(8.33	)		39,688		1.60			2.17			0.61			107
	16.39		(9.00	)		3,219		2.35			2.92			(0.18	)		107
	18.24		(7.94	)		27,071		1.20			1.77			1.15			107


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

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	14.75	$	—	^(d)	$	0.02		$	0.02		$	—
2016 - C		13.31		(0.05	)		0.02			(0.03	)		—
2016 - Institutional		15.75		0.04			0.02			0.06			(0.02	)
2016 - Service		14.29		—	^(d)		0.02			0.02			—
2016 - IR		15.67		0.03			0.01			0.04			(0.01	)
2016 - R6		15.74		0.14			(0.07	)		0.07			(0.02	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2015 - A		16.00		0.03			(1.28	)		(1.25	)		—
2015 - C		14.55		(0.10	)		(1.14	)		(1.24	)		—
2015 - Institutional		17.08		0.08			(1.36	)		(1.28	)		(0.05	)
2015 - Service		15.52		—	^(d)		(1.23	)		(1.23	)		—
2015 - IR		16.99		0.01			(1.30	)		(1.29	)		(0.03	)
2015 - R6 (Commenced July 31 , 2015)		16.72		0.01			(0.99	)		(0.98	)		—
2014 - A		15.20		0.03			0.83			0.86			(0.06	)
2014 - C		13.87		(0.08	)		0.76			0.68			—
2014 - Institutional		16.22		0.10			0.88			0.98			(0.12	)
2014 - Service		14.74		0.02			0.80			0.82			(0.04	)
2014 - IR		16.14		0.08			0.87			0.95			(0.10	)
2013 - A		14.68		0.05			0.54			0.59			(0.07	)
2013 - C		13.42		(0.06	)		0.51			0.45			—
2013 - Institutional		15.65		0.13			0.58			0.71			(0.14	)
2013 - Service		14.24		0.04			0.53			0.57			(0.07	)
2013 - IR		15.58		0.10			0.58			0.68			(0.12	)
2012 - A		14.66		0.06			(0.04	)		0.02			—
2012 - C		13.51		(0.05	)		(0.04	)		(0.09	)		—
2012 - Institutional		15.63		0.12			(0.05	)		0.07			(0.05	)
2012 - Service		14.24		0.05			(0.05	)		—	^(d)		—
2012 - IR		15.59		0.12			(0.07	)		0.05			(0.06	)
2011 - A		16.38		0.04			(1.73	)		(1.69	)		(0.03	)
2011 - C		15.20		(0.07	)		(1.60	)		(1.67	)		(0.02	)
2011 - Institutional		17.48		0.11			(1.84	)		(1.73	)		(0.12	)
2011 - Service		15.95		0.02			(1.68	)		(1.66	)		(0.05	)
2011 - IR		17.56		0.02			(1.87	)		(1.85	)		(0.12	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

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

(d)

Amount is less than $0.005 per share.

(e)

Annualized.


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

GOLDMAN SACHS EMERGING MARKETS 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	14.77		0.14	%	$	57,295		1.65	%^(e)		1.95	%^(e)		0.03	%^(e)		56	%
	13.28		(0.23	)		30,212		2.41	^(e)		2.70	^(e)		(0.74	)^(e)		56
	15.79		0.35			339,101		1.25	^(e)		1.55	^(e)		0.47	^(e)		56
	14.31		0.14			15,680		1.75	^(e)		2.05	^(e)		(0.06	)^(e)		56
	15.70		0.27			2,414		1.40	^(e)		1.74	^(e)		0.39	^(e)		56
	15.79		0.43			1,126		1.23	^(e)		2.12	^(e)		1.84	^(e)		56


	14.75		(7.81	)		64,169		1.67			1.91			0.17			118
	13.31		(8.52	)		35,927		2.41			2.67			(0.68	)		118
	15.75		(7.49	)		326,068		1.28			1.52			0.48			118
	14.29		(7.93	)		15,759		1.77			2.02			0.02			118
	15.67		(7.62	)		1,424		1.42			1.69			0.04			118
	15.74		(5.86	)		9		1.24	^(e)		1.53	^(e)		0.14	^(e)		118
	16.00		5.67			28,157		1.70			1.93			0.19			114
	14.55		4.90			11,217		2.46			2.68			(0.55	)		114
	17.08		6.17			303,676		1.30			1.53			0.58			114
	15.52		5.55			15,919		1.81			2.03			0.11			114
	16.99		5.93			313		1.46			1.68			0.46			114
	15.20		4.04			36,578		1.73			1.89			0.32			159
	13.87		3.35			11,869		2.48			2.64			(0.44	)		159
	16.22		4.49			388,046		1.33			1.49			0.80			159
	14.74		4.02			14,584		1.83			1.99			0.25			159
	16.14		4.37			329		1.48			1.64			0.62			159
	14.68		0.14			38,889		1.82			1.94			0.39			119
	13.42		(0.66	)		15,418		2.57			2.69			(0.35	)		119
	15.65		0.49			310,167		1.41			1.54			0.80			119
	14.24		0.00			15,446		1.91			2.03			0.36			119
	15.58		0.35			240		1.55			1.68			0.78			119
	14.66		(10.33	)		51,221		1.90			1.93			0.24			121
	13.51		(11.01	)		18,896		2.65			2.68			(0.49	)		121
	15.63		(9.98	)		351,982		1.50			1.53			0.61			121
	14.24		(10.43	)		14,432		2.00			2.03			0.15			121
	15.59		(10.21	)		21		1.65			1.68			0.16			121


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

GOLDMAN SACHS N-11 EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	9.26	$	0.06		$	(0.19	)	$	(0.13	)	$	(0.02	)
2016 - C		8.98		0.03			(0.19	)		(0.16	)		—
2016 - Institutional		9.33		0.08			(0.20	)		(0.12	)		(0.08	)
2016 - IR		9.30		0.08			(0.20	)		(0.12	)		(0.06	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2015 - A		11.25		0.04			(2.03	)		(1.99	)		—	^(e)
2015 - C		10.99		(0.04	)		(1.97	)		(2.01	)		—
2015 - Institutional		11.34		0.08			(2.04	)		(1.96	)		(0.05	)
2015 - IR		11.30		0.06			(2.03	)		(1.97	)		(0.03	)
2014 - A		11.03		0.02			0.26			0.28			(0.06	)
2014 - C		10.81		(0.06	)		0.25			0.19			(0.01	)
2014 - Institutional		11.12		0.06			0.26			0.32			(0.10	)
2014 - IR		11.08		0.05			0.25			0.30			(0.08	)
2013 - A		10.38		0.01			0.65			0.66			(0.01	)
2013 - C		10.25		(0.07	)		0.63			0.56			—
2013 - Institutional		10.45		0.05			0.65			0.70			(0.03	)
2013 - IR		10.42		0.03			0.65			0.68			(0.02	)
2012 - A		9.57		0.01			0.80			0.81			—
2012 - C		9.52		(0.06	)		0.79			0.73			—
2012 - Institutional		9.60		0.05			0.80			0.85			—
2012 - IR		9.59		0.02			0.81			0.83			—
2011 - A (Commenced February 28, 2011)		10.00		(0.03	)		(0.40	)		(0.43	)		—
2011 - C (Commenced February 28, 2011)		10.00		(0.08	)		(0.40	)		(0.48	)		—
2011 - Institutional (Commenced February 28, 2011)		10.00		0.02			(0.42	)		(0.40	)		—
2011 - IR (Commenced February 28, 2011)		10.00		(0.02	)		(0.39	)		(0.41	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS N-11 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	9.11		(1.44	)%	$	32,401		1.74	%^(d)		2.42	%^(d)		1.34	%^(d)		16	%
	8.82		(1.78	)		7,006		2.49	^(d)		3.16	^(d)		0.73	^(d)		16
	9.13		(1.28	)		76,917		1.34	^(d)		2.02	^(d)		1.77	^(d)		16
	9.12		(1.30	)		10,427		1.49	^(d)		2.16	^(d)		1.73	^(d)		16


	9.26		(17.68	)		54,045		1.73			2.07			0.35			48
	8.98		(18.29	)		8,564		2.48			2.82			(0.41	)		48
	9.33		(17.34	)		115,099		1.33			1.68			0.78			48
	9.30		(17.45	)		13,092		1.48			1.82			0.59			48
	11.25		2.54			96,440		1.74			2.08			0.20			41
	10.99		1.76			15,127		2.49			2.83			(0.54	)		41
	11.34		2.88			310,186		1.34			1.68			0.57			41
	11.30		2.76			27,343		1.49			1.82			0.44			41
	11.03		6.31			114,658		1.74			2.12			0.07			53
	10.81		5.46			19,018		2.49			2.87			(0.66	)		53
	11.12		6.73			308,502		1.35			1.72			0.44			53
	11.08		6.48			36,429		1.49			1.87			0.26			53
	10.38		8.33			35,417		1.79			2.35			0.09			90
	10.25		7.53			6,720		2.54			3.12			(0.57	)		90
	10.45		8.83			111,826		1.39			1.94			0.52			90
	10.42		8.73			9,500		1.54			2.05			0.22			90
	9.57		(4.20	)		18,335		1.82	^(d)		3.92	^(d)		(0.40	)^(d)		73
	9.52		(4.70	)		3,528		2.57	^(d)		4.67	^(d)		(1.29	)^(d)		73
	9.60		(4.00	)		42,740		1.42	^(d)		3.52	^(d)		0.24	^(d)		73
	9.59		(4.10	)		1,448		1.57	^(d)		3.67	^(d)		(0.28	)^(d)		73


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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Asia Equity	A, C, Institutional and IR	Diversified
Emerging Markets Equity	A, C, Institutional, Service, IR and R6	Diversified
N-11 Equity	A, C, Institutional and IR	Non-diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management International (“GSAMI”), 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. 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 United States (“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.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 GSAMI’s assumptions in determining fair value measurement).

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMI 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, GSAMI regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAMI 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.

Exchange-Traded Funds — Investments in exchange-traded funds (“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. 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 ETF’s accounting policies and investment holdings, please see the ETF’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 GSAMI 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. GSAMI, 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.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of April 30, 2016:



ASIA EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	3,788,377	$	64,446,671	$	—
North America		1,347,939		—		—
Total	$	5,136,316	$	64,446,671	$	—

EMERGING MARKETS EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—	$	13,127,370	$	—
Asia		22,274,697		295,977,937		—
Europe		—		21,632,711		—
North America		40,431,489		3,278,444		—
South America		40,597,572		6,282,630		—
Total	$	103,303,758	$	340,299,092	$	—

N-11 EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—	$	15,007,940	$	—
Asia		—		79,529,440		—
Europe		—		2,029,716		—
North America		29,420,632		—		—
Total	$	29,420,632	$	96,567,096	$	—

(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.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAMI 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, GSAMI is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2016, contractual and effective net management fees with GSAMI 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^
Asia Equity		1.00	%		0.90	%		0.86	%		0.84	%		0.82	%		1.00	%		1.00	%
Emerging Markets Equity		1.20			1.20			1.08			1.03			1.01			1.20			1.02	*
N-11 Equity		1.30			1.30			1.24			1.21			1.19			1.30			1.13	*

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

GSAMI agreed to waive a portion of its management fee in order to achieve net management rates as defined in the Funds’ most recent prospectuses. These waivers will be effective through at least February 26, 2017, and prior to such date, GSAMI may not terminate the arrangements without the approval of the Trustees.


	Distribution and Service Plan Rates
	Class A*			Class C
Distribution Plan		0.25	%		0.75	%
Service Plan		—			0.25

With respect to Class A 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.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares front end sales charge and Class C Shares’ CDSC. During the six months ended April 30, 2016, Goldman Sachs advised that it retained the following amounts:

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class C, and Class IR 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 — GSAMI has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, 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 Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Asia Equity, Emerging Markets Equity and N-11 Equity Funds are 0.114%, 0.194% and 0.164%, respectively. Prior to February 26, 2016, the Other Expense limitation was 0.254% for the Asia Equity Fund. These Other Expense limitations will remain in place through at least February 26, 2017 and prior to such date GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Asia Equity	$	—	$	210,453	$	809	$	211,262
Emerging Markets Equity		388,009		253,542		2,689		644,240
N-11 Equity		120,656		363,196		163		484,015

G. Line of Credit Facility — As of April 30, 2016, the Funds participated in a $1,205,000,000 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 GSAMI 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 six months ended April 30, 2016, the Funds did not have any borrowings under the facility. The facility was renewed in the amount of $1,100,000,000 effective May 3, 2016.

H. Other Transactions with Affiliates — As of April 30, 2016, the Goldman Sachs Satellite Strategies Portfolio was the beneficial owner of 5% or more of total outstanding shares of the Emerging Markets Equity Fund.

As of April 30, 2016, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 44% of the Class IR Shares of the Asia Equity Fund.

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2016, were as follows:


Fund	Purchases		Sales and Maturities
Asia Equity	$	50,461,880	$	55,102,791
Emerging Markets Equity		247,201,994		241,875,542
N-11 Equity		23,737,909		78,514,034

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

6. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2015, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Asia Equity			Emerging Markets Equity			N-11 Equity
Capital loss carryforwards:⁽¹⁾
Expiring 2016	$	—		$	(12,534,998	)	$	—
Expiring 2017		(7,699,879	)		(445,745,035	)		—
Perpetual short-term		—			(21,047,638	)		(30,591,946	)
Perpetual long-term		—			(20,030,158	)		(21,830,630	)
Total capital loss carryforwards	$	(7,699,879	)	$	(499,357,829	)	$	(52,422,576	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral)	$	(102,310	)	$	—		$	—

(1)

With the exception of perpetual capital loss carryforwards, expiration occurs on October 31 of the year indicated.

As of April 30, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Asia Equity			Emerging Markets Equity			N-11 Equity
Tax cost	$	72,947,336		$	431,355,204		$	121,878,005
Gross unrealized gain		4,459,876			41,011,038			15,341,473
Gross unrealized loss		(7,824,225	)		(28,763,392	)		(11,231,750	)
Net unrealized security gain (loss)	$	(3,364,349	)	$	12,247,646		$	4,109,723

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

GSAMI 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.

7. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information 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 U.S. 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.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

7. OTHER RISKS (continued)

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 Risk — Concentration of the investments of a Fund in issuers located in a particular country or region will subject the Fund, to a greater extent than if investments were less concentrated, to the risks of adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in a given country or region. The Asia Equity Fund invests primarily in equity investments in Asian issuers. The N-11 Equity Fund invests primarily in equity investments in the N-11 countries, and may invest up to 50% of its assets in any one N-11 country.

Investments in Other Investment Companies — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

7. OTHER RISKS (continued)

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — The N-11 Equity 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.

Portfolio Concentration Risk — As a result of the N-11 Equity Fund’s 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 or political development may affect the value of the Fund’s investments more than if its investments were not so concentrated.

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 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, GSAMI believes the risk of loss under these arrangements to be remote.

9. SUBSEQUENT EVENTS

Given the monetary policy announcement made by the Central Bank of Nigeria on May 24, 2016 and concerns about a potential devaluation of the Nigerian currency, the N-11 Equity Fund (“Fund”) made a fair value determination on May 24, 2016 to adjust the Nigerian Naira (“NGN”) to the US Dollar (“USD”) spot foreign exchange rate. Through June 23, 2016, the fair value methodology has continued to be used to determine the USD value of NGN denominated investments and/or cash held by the Fund and has resulted in a reduction to the net asset value of the Fund of up to 3.5%.

Subsequent events other than the above item have been evaluated through the date the financial statements were issued. GSAMI has concluded that there is no impact requiring further adjustment or disclosure in the financial statements.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Asia Equity Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,409		$	87,079			235,104		$	5,013,336
Shares converted from Class B^(a)		—			—			3,947			79,446
Shares redeemed		(41,782	)		(807,013	)		(119,009	)		(2,450,235	)
		(37,373	)		(719,934	)		120,042			2,642,547
Class B Shares^(a)
Shares converted to Class A		—			—			(4,175	)		(79,446	)
Shares redeemed		—			—			(11,670	)		(221,835	)
		—			—			(15,845	)		(301,281	)
Class C Shares
Shares sold		1,870			34,595			14,511			294,885
Shares redeemed		(5,495	)		(97,686	)		(23,699	)		(445,511	)
		(3,625	)		(63,091	)		(9,188	)		(150,626	)
Institutional Shares
Shares sold		80,620			1,624,825			148,725			3,263,191
Reinvestment of distributions		—			—			9,275			191,440
Shares redeemed		(219,176	)		(4,443,322	)		(383,547	)		(8,037,850	)
		(138,556	)		(2,818,497	)		(225,547	)		(4,583,219	)
Class IR Shares
Shares sold		286			5,539			—			2
Reinvestment of distributions		—			—			6			134
Shares redeemed		(77	)		(1,500	)		—			—
		209			4,039			6			136
NET DECREASE		(179,345	)	$	(3,597,483	)		(130,532	)	$	(2,392,443	)

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Emerging Markets Equity Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		230,962		$	3,291,621			1,408,550		$	22,392,294
Shares issued in connection with merger		—			—			2,662,878			40,049,765
Shares converted from Class B^(a)		—			—			22,303			355,064
Shares redeemed		(704,333	)		(10,016,100	)		(1,501,117	)		(22,992,112	)
		(473,371	)		(6,724,479	)		2,592,614			39,805,011
Class B Shares^(a)
Shares converted to Class A		—			—			(24,726	)		(355,064	)
Shares redeemed		—			—			(97,564	)		(1,400,667	)
		—			—			(122,290	)		(1,755,731	)
Class C Shares
Shares sold		63,705			830,619			102,126			1,490,580
Shares issued in connection with merger		—			—			2,054,325			27,877,096
Shares redeemed		(488,999	)		(6,246,074	)		(226,822	)		(3,176,820	)
		(425,294	)		(5,415,455	)		1,929,629			26,190,856
Institutional Shares
Shares sold		11,283,996			172,718,341			9,734,085			154,429,954
Shares issued in connection with merger		—			—			2,177,674			34,951,589
Reinvestment of distributions		22,405			349,742			52,352			866,429
Shares redeemed		(10,540,103	)		(157,480,373	)		(9,033,668	)		(145,961,176	)
		766,298			15,587,710			2,930,443			44,286,796
Service Shares
Shares sold		86,847			1,199,788			407,392			6,240,052
Shares redeemed		(93,860	)		(1,281,852	)		(329,709	)		(4,956,992	)
		(7,013	)		(82,064	)		77,683			1,283,060
Class IR Shares
Shares sold		135,232			2,029,111			64,260			963,795
Shares issued in connection with merger		—			—			21,115			337,411
Reinvestment of distributions		71			1,110			29			472
Shares redeemed		(72,441	)		(1,005,052	)		(12,957	)		(204,046	)
		62,862			1,025,169			72,447			1,097,632
Class R6 Shares^(b)
Shares sold		70,693			1,117,041			598			10,005
Reinvestment of distributions		1			11			—			—
Shares redeemed		—			—			—			(5	)
		70,694			1,117,052			598			10,000
NET INCREASE (DECREASE)		(5,824	)	$	5,507,933			7,481,124		$	110,917,624

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

(b)

Class R6 Shares commenced operations on July 31, 2015.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	N-11 Equity Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		439,123		$	3,825,464			1,245,917		$	12,523,320
Reinvestment of distributions		7,693			67,624			541			5,728
Shares redeemed		(2,725,495	)		(23,566,689	)		(3,985,792	)		(40,013,042	)
		(2,278,679	)		(19,673,601	)		(2,739,334	)		(27,483,994	)
Class C Shares
Shares sold		10,210			85,831			42,651			421,093
Shares redeemed		(169,080	)		(1,433,492	)		(465,541	)		(4,541,897	)
		(158,870	)		(1,347,661	)		(422,890	)		(4,120,804	)
Institutional Shares
Shares sold		461,365			4,144,756			4,351,003			43,841,194
Reinvestment of distributions		87,939			774,739			99,758			1,060,423
Shares redeemed		(4,460,026	)		(38,735,430	)		(19,466,511	)		(191,323,722	)
		(3,910,722	)		(33,815,935	)		(15,015,750	)		(146,422,105	)
Class IR Shares
Shares sold		82,657			697,643			278,920			2,812,772
Reinvestment of distributions		8,082			71,120			6,906			73,277
Shares redeemed		(354,480	)		(3,098,812	)		(1,297,666	)		(12,623,722	)
		(263,741	)		(2,330,049	)		(1,011,840	)		(9,737,673	)
NET DECREASE		(6,612,012	)	$	(57,167,246	)		(19,189,814	)	$	(187,764,576	)

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to and Class C Shares); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A and Class C 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 and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2015 through April 30, 2016, which represents a period of 182 days of a 366 day year.

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

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


	Asia Equity Fund							Emerging Markets Equity Fund							N-11 Equity Fund
Share Class	Beginning Account Value 11/01/2015		Ending Account Value 04/30/2016			Expenses Paid for the 6 Months Ended 04/30/2016*		Beginning Account Value 11/01/2015		Ending Account Value 04/30/2016			Expenses Paid for the 6 Months Ended 04/30/2016*		Beginning Account Value 11/01/2015		Ending Account Value 04/30/2016			Expenses Paid for the 6 Months Ended 04/30/2016*
Class A
Actual	$	1,000	$	958.10		$	7.98	$	1,000	$	1,001.40		$	8.21	$	1,000	$	985.60		$	8.59
Hypothetical 5% return		1,000		1,016.71	+		8.22		1,000		1,016.66	+		8.27		1,000		1,016.21	+		8.72
Class C
Actual		1,000		954.30			11.66		1,000		997.70			11.97		1,000		982.20			12.27
Hypothetical 5% return		1,000		1,012.93	+		12.01		1,000		1,012.88	+		12.06		1,000		1,012.48	+		12.46
Institutional
Actual		1,000		960.00			6.04		1,000		1,003.50			6.23		1,000		987.20			6.62
Hypothetical 5% return		1,000		1,018.70	+		6.22		1,000		1,018.65	+		6.27		1,000		1,018.20	+		6.72
Service
Actual		N/A		N/A			N/A		1,000		1,001.40			8.71		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,016.16	+		8.77		N/A		N/A			N/A
Class IR
Actual		1,000		959.50			6.77		1,000		1,002.70			6.97		1,000		987.00			7.36
Hypothetical 5% return		1,000		1,017.95	+		6.97		1,000		1,017.90	+		7.02		1,000		1,017.45	+		7.47
Class R6
Actual		N/A		N/A			N/A		1,000		1,004.30			6.13		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.75	+		6.17		N/A		N/A			N/A

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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	Class A			Class C			Institutional			Service			Class IR			Class R6
Asia Equity		1.64	%		2.40	%		1.24	%		N/A			1.39	%		N/A
Emerging Markets Equity		1.65			2.41			1.25			1.75	%		1.40			1.23	%
N-11 Equity		1.74			2.49			1.34			N/A			1.49			N/A

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

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income

Fund Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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 Fund⁸

Balanced Strategy Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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 INTERNATIONAL 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

Holdings and allocations shown are as of April 30, 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. 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.

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2016

				Fundamental International Equity Funds
				Focused International Equity
				Strategic International Equity

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Goldman Sachs Fundamental International Equity Funds

FOCUSED INTERNATIONAL EQUITY

STRATEGIC INTERNATIONAL EQUITY


TABLE OF CONTENTS

Investment Process			1

Market Review			2

Portfolio Management Discussions and Performance Summaries			4

Schedule of Investments			17

Financial Statements			21

Financial Highlights			24

Notes to the Financial Statements			28

Other Information			40



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

What Differentiates Goldman Sachs’ Fundamental International Equity Investment Process?

Goldman Sachs’ Fundamental International Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection, performed by research teams working together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to identify its high conviction investment ideas.

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Fundamental research teams based in the United States, United Kingdom, Japan, China, Korea, Singapore, Brazil, and India and focusing on long-term business and management quality

Analysts collaborate regularly to leverage regional and industry-specific research and insights

Global perspective is informed by local market expertise

A common valuation framework, focusing on long-term earnings power, ensures consistency when valuing and comparing a company to its peers globally

LOGO

Team of experienced Research Analysts is regionally aligned and has sector expertise

Team leverages the research of the approximately 80+ regional investment professionals

Decision-making process is informed by active participation in the global research process

LOGO

Security selections are aligned with level of investment conviction

Risk monitoring considers whether investment and other risks to the Funds are intended and justified

Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Funds

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International equity portfolios that strive to offer:

Access to markets across the world

Disciplined approach to stock selection

Optimal risk/return profiles

MARKET REVIEW

Goldman Sachs Fundamental International

Equity Funds

Market Review

International equities lost ground during the six-month period ended April 30, 2016 (the “Reporting Period”). The MSCI^® Europe, Australasia, Far East (EAFE) Index (Net, USD, Unhedged) (the “MSCI^® Index”) posted a return of -3.07%.* Central bank policy, economic sluggishness, currency movements and oil price shifts were some of the biggest themes dominating the international equities markets during the Reporting Period.

After holding the targeted federal funds rate in September and October 2015, in light of external risks, 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 suggest lower interest rates.) Meanwhile, the Bank of Japan (“BoJ”) announced supplementary support for its quantitative and qualitative easing programs. While the European Central Bank (“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, 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. However, the MSCI^® Index still fell 1.83% in February 2016. In 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 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 sanguine in April 2016, as oil prices rose and China economic growth concerns abated with modestly improving economic data. Both the ECB and BoJ were on hold, or did not make any monetary policy changes, in April 2016. 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 first quarter U.S. Gross Domestic Product (“GDP”) release and an uneventful Fed meeting during which rates were left unchanged.

During the Reporting Period, materials, consumer staples, energy and industrials were the only sectors in the MSCI^® Index to post a positive return. The weakest performing sectors in the MSCI^® Index during the Reporting Period were financials and consumer discretionary, followed at some distance by health care.

From a country perspective, Australia and Denmark were the only constituents of the MSCI^® Index to post a positive return during the Reporting Period. Italy was the weakest individual country constituent in the MSCI^® Index during the Reporting Period, followed at some distance by Spain, Switzerland and the U.K.

All index returns are expressed in U.S. dollar terms.

MARKET REVIEW

Looking Ahead

At the end of the Reporting Period, we believed global equities could still generate positive mid-single digit returns for calendar year 2016, despite a volatile start. Our expectation was that returns would be predominantly driven by earnings growth rather than multiple expansion. (A multiple measures some aspect of a company’s financial well-being, determined by dividing one metric by another metric. Multiple expansion is growth of that multiple.) In our view, positive returns in a low (and potentially negative) interest rate environment makes equities attractive, particularly relative to other asset classes. We believed European and Japanese equities would have more upside potential than other international equity markets given their recent relative underperformance. Still, within these regions, there are areas of each major market we may want to own and those we will seek to avoid.

We believe the primary driver of European equities going forward is the potential for an earnings growth catch-up with that of the U.S. One reason we remain optimistic is that European companies, on average, have higher operating leverage — that is, a higher proportion of fixed-to-variable costs — so their earnings benefit more from increases in sales.

In Japan, corporate reforms introduced as part of Prime Minister Abe’s Three Arrows plan appear to be having a meaningful impact on corporate profitability and shareholder returns. Continued economic progress could be a significant driver of equity returns looking ahead. Japanese companies have often lagged their peers in other developed markets when it comes to measures of profitability, including return on equity, but seem to be catching up to the developed market average. Many companies have also made progress on corporate governance, with more independent directors and further unwinding of cross shareholdings. (Cross shareholdings are shares that are mutually held among companies. These companies have been increasingly unwinding, i.e. selling, their cross-held shares.) An improvement in shareholder orientation has boosted share buybacks and dividends to multi-year highs.

Further, both the ECB and the BoJ remain accommodative, which we see as helpful for equities. As mentioned earlier, the BoJ introduced negative interest rates in January 2016, and the ECB announced a broad set of easing measures that exceeded market expectations in March 2016.

Overall, we continued to believe at the end of the Reporting Period that domestically-focused companies in the major developed regions could benefit from increasing domestic consumption while being more insulated from currency volatility. In Europe, we are interested in companies that can benefit from domestic recovery in Europe as well as those less exposed to relatively weak emerging market end-markets. In Japan, negative interest rates combined with record-low unemployment and expectations of rising wage growth means consumer spending could increase, in our view. Furthermore, inbound tourism to Japan remains high, and tourist spending appears to be helping to boost domestic consumption. These factors support our favorable view on domestically-oriented Japanese companies.

As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.

PORTFOLIO RESULTS

Goldman Sachs Focused International Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Equity Team discusses the Goldman Sachs Focused International Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of -2.85%, -3.19%, -2.63%, -2.90% and -2.69%, respectively. These returns compare to the -3.07% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI^®) Europe, Australasia, Far East Index (Net, USD, Unhedged) (the “MSCI^® Index”), during the same period.

Since their inception on February 26, 2016, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 10.71%. This return compares to the 9.61% cumulative total return of the MSCI^® Index during the same period.

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

While the Fund’s absolute returns were disappointing, its outperformance of the MSCI^® Index during the Reporting Period can be primarily attributed to individual stock selection. Sector and country allocation also contributed positively.

What were some of the Fund’s best-performing individual stocks?

The greatest contributors to Fund performance relative to the MSCI^® Index during the Reporting Period were Rio Tinto, Pola Orbis and Syngenta.

U.K.-based international mining company Rio Tinto was the top positive contributor to the Fund’s relative results during the Reporting Period. We purchased the stock for the Fund in January 2016, seeing it as a high quality company in a challenged sector that had suffered significant underperformance. The stock performed well during the Reporting Period owing primarily to a rebound in the materials sector in 2016 driven, in turn, by a recovery in metals prices.

Another strong positive contributor during the Reporting Period was Pola Orbis, a Japanese cosmetics maker known for products such as Pola, Orbis, H2O and Jurlique. The company’s products are popular both domestically and with foreigners, such as Chinese tourists. The company has been a beneficiary of heightened tourism, the entry of millennials into the marketplace and Japan’s corporate governance revolution. Its margins continued to improve in Japan on the back of an increase in private-brand stores for Pola, an average selling price boost for Orbis as it shifts from the mid-price to high-price bracket, overall market share gains and higher sales of up-and-coming brands.

Swiss agricultural chemicals producer Syngenta was a strong positive contributor during the Reporting Period. Syngenta performed well early in the Reporting Period mainly due to speculation of a takeover and following the announced merger of Dow Chemical and E.I. DuPont de Nemours. Then, in February 2016, Syngenta agreed to a cash takeover by ChemChina for approximately 463 Swiss francs per share on then-current exchange rates.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

The biggest detractors from Fund performance relative to the MSCI^® Index during the Reporting Period were Credit Suisse, UniCredit and Banco Popular Espanol — each a bank in the financials sector.

PORTFOLIO RESULTS

fourth quarter 2015 results, citing difficult market conditions amidst its transition to shrink its investment bank and focus on its private bank. At the end of the Reporting Period, we believed the stock still presented significant long-term value.

Shares of UniCredit sold off along with other Italian banks in January 2016 following increased concerns surrounding Italian non-performing loans. This came after the resolution of four small Italian banks at the end of 2015, which triggered the bail-in of their subordinated debt. (A non-performing loan is the sum of borrowed money upon which the debtor has not made his or her schedule payments for at least 90 days. A non-performing loan is either in default or close to being in default. A bail-in occurs when the borrower’s creditors are forced to bear some of the burden by having a portion of their debt written off.) We believe these banks represented isolated cases and that asset quality in Italy is gradually improving. At the end of the Reporting Period, we believed UniCredit remained attractively valued relative to other European banks.

Banco Popular Espanol performed poorly driven by political uncertainty surrounding the December 2015 elections in Spain. These elections resulted in a hung parliament and then continued to weigh on the Spanish financial sector. Even though we continued to like the bank’s strong presence in the small to medium enterprise market and its improvement in asset quality, we trimmed the position by the end of the Reporting Period in an effort to manage the Fund’s overall exposure to the Spanish banking industry.

Which equity market sectors most significantly affected Fund performance during the Reporting Period?

The sectors that contributed most positively to the Fund’s performance relative to the MSCI^® Index during the Reporting Period were materials, consumer discretionary and consumer staples, each due primarily to effective stock selection. Sector positioning in materials added value as well.

The sectors that detracted most from the Fund’s relative results during the Reporting Period were financials, industrials and health care, each due primarily to weak stock selection.

Which countries most affected the Fund’s performance during the Reporting Period?

Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI^® Index.

This effect may be even more pronounced in a concentrated portfolio or in countries that represent only a modest proportion of the MSCI^® Index.

That said, effective stock selection in France, Sweden and Japan boosted the Fund’s relative returns most. The countries that detracted most from the Fund’s performance during the Reporting Period were Australia, Switzerland and Italy, where stock selection overall hurt.

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

During the Reporting Period, the Fund did not use derivatives or similar instruments.

Did the Fund make any significant purchases or sales during the Reporting Period?

In addition to the purchase of Rio Tinto, already mentioned, we established a new Fund position during the Reporting Period in Bank of Ireland, an Irish commercial bank that also conducts business in the U.K. and Northern Ireland. While it was aided by government during the 2008 crisis, it was the only Irish bank to avoid state control during that time. Its shares had been beaten down by dilution through the financial crisis, but the company emerged as what we view as the strongest of the Irish banks, currently boasting a BB+ rating. In our view, the bank also benefits from decreased competition post-crisis, favorable monetary policy and an overall Eurozone recovery. Its margins have been improving thanks to lower funding costs and a positive impact from new lending. Its asset quality has shown what we view as encouraging trends, and its valuation remained attractive at the end of the Reporting Period, in our view, given its prospects for growth. We considered the purchase of Bank of Ireland an attractive opportunity among domestically-exposed mid-cap names.

We sold the Fund’s position in Denmark-based pharmaceuticals company Novo Nordisk following the

PORTFOLIO RESULTS

stock’s strong performance due to overall concerns surrounding pricing in the health care sector.

We eliminated the Fund’s position in French banking group Societe Generale following poor performance and based on concerns around its ability to improve its efficiency to improve returns.

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

In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI^® Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary modestly increased relative to the MSCI^® Index during the Reporting Period, while its relative exposure to industrials and energy modestly decreased. From a country perspective, there were no notable changes made during the Reporting Period.

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

There were no material changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to the MSCI^® Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had more exposure to France, Germany, Ireland, Spain, South Korea and the U.K. and less exposure to Australia, Japan and Switzerland relative to the MSCI^® Index. At the end of the Reporting Period, the Fund held neutral positions relative to the MSCI^® Index in several countries, most notably Sweden and Italy.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI^® Index in health care and industrials at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI^® Index in telecommunication services, consumer staples and financials and was rather neutrally weighted compared to the MSCI^® Index in information technology, consumer discretionary, materials, energy and utilities.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

Focused International Equity Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® Index²
Class A		-2.85	%		-3.07	%
Class C		-3.19			-3.07
Institutional		-2.63			-3.07
Service		-2.90			-3.07
Class IR		-2.69			-3.07


February 26, 2016–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® Index²
Class R6		10.71	%		9.61	%

The MSCI^® Index is a market capitalization-weighted composite of securities in 22 developed markets. The Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® Index is unmanaged and the figures for the MSCI^® Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-10.82	%		0.45	%		-0.61	%		3.96	%	12/01/92
Class C		-7.26			0.85			-0.78			1.28		8/15/97
Institutional		-5.22			2.02			0.37			3.72		2/07/96
Service		-5.75			1.50			-0.14			3.11		3/06/96
Class IR		-5.40			1.87			N/A			4.88		8/31/10
Class R6		N/A			N/A			N/A			7.69		2/26/16

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. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.64	%
Class C		2.05			2.39
Institutional		0.90			1.24
Service		1.40			1.73
Class IR		1.05			1.39
Class R6		0.88			1.22

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business	Country
Royal Dutch Shell PLC Class A		4.1	%	Energy	Netherlands
Bayer AG (Registered)		4.0		Pharmaceuticals, Biotechnology & Life Sciences	Germany
Computershare Ltd.		3.9		Software & Services	Australia
Reckitt Benckiser Group PLC		3.3		Household & Personal Products	United Kingdom
Mitsubishi Estate Co. Ltd.		3.2		Real Estate	Japan
Klepierre		3.2		Real Estate Investment Trust	France
Iberdrola SA		3.2		Utilities	Spain
Shire PLC		3.2		Pharmaceuticals, Biotechnology & Life Sciences	Ireland
Safran SA		3.2		Capital Goods	France
Wolseley PLC		3.0		Capital Goods	Switzerland

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2016

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs Strategic International Equity Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Fundamental International Equity Team discusses the Goldman Sachs Strategic International Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 cumulative total returns, without sales charges, of -3.36%, -3.68%, -3.12%, -3.17% and -3.42%, respectively. These returns compare to the -3.07% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI^®) Europe, Australasia, Far East Index (Net, USD, Unhedged) (the “MSCI^® Index”), during the same period.

Since their inception on February 26, 2016, the Fund’s Class R6 Shares generated a cumulative total return, without sales charge, of 9.54%. This return compares to the 9.61% cumulative total return of the MSCI^® Index during the same period.

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

The Fund’s underperformance of the MSCI^® Index during the Reporting Period can be primarily attributed to individual stock selection. Country allocation also detracted, although sector allocation contributed positively.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Among the biggest detractors from Fund performance relative to the MSCI^® Index during the Reporting Period were three banks in the financials sector — Credit Suisse, UniCredit and Sumitomo Mitsui Financial Group.

Credit Suisse’s share price came under pressure in the first part of the Reporting Period, as it was in the process of raising equity. The company finished its rights issue in the second week of November 2015. However, it performed poorly following the announcement of weaker than expected fourth quarter 2015 results, citing difficult market conditions amidst its transition to shrink its investment bank and focus on its private bank. At the end of the Reporting Period, we believed the stock still presented significant long-term value.

Sumitomo Mitsui Financial Group, which provides commercial banking and a variety of financial services, was a detractor during the Reporting Period due to the introduction of a negative interest rate by the Bank of Japan. Although its third quarter 2015 earnings results were in line with market expectations, its stock underperformed the MSCI^® Index on investor concerns about the potentially detrimental effects of the negative interest rate, such as a squeeze on the bank’s net interest margin and low returns from securities investments.

What were some of the Fund’s best-performing individual stocks?

The greatest contributors to Fund performance relative to the MSCI^® Index during the Reporting Period were Japan Tobacco, Covestro and Adidas.

PORTFOLIO RESULTS

Japan Tobacco was the top positive contributor to the Fund’s relative results during the Reporting Period. Through an enduring emphasis on cost rationalization, the company has created meaningful earnings quality and dividend growth during the Reporting Period, helping to drive its stock performance. At the end of the Reporting Period, we continued to like the company due to its significant market share and brand value in both Asia and Europe (through international licensing rights of local brands). We also liked the relative stability of Japan Tobacco’s diversified, non-core businesses in consumer staples and pharmaceuticals.

Another top positive contributor to the Fund’s results during the Reporting Period was Covestro. Covestro is a global leader in polyurethanes and polycarbonates and operates a coatings, adhesives and specialties business. In October 2015, the German health care company Bayer conducted an Initial Public Offering (“IPO”) on approximately 35% of its materials science business known as Covestro. We took part in the IPO and purchased shares for the Fund in what we believed to be a company trading at a significant discount to both its intrinsic value and competitors in the industry. Covestro’s stock performed well as investors began to recognize the intrinsic value of the company following the IPO. At the end of the Reporting Period, we continued to believe the company was trading at a significant discount to both its intrinsic value and competitors in the industry with strong free cash flow anticipated during the next few years.

Also contributing positively to the Fund’s relative performance during the Reporting Period was Adidas, the German-based sports apparel and equipment company. Its stock performed strongly as the company posted consistently strong earnings results for the most recent three quarters and upgraded its fiscal year 2016 guidance. At the end of the Reporting Period, we continued to like the stock and believed Adidas has a strong global brand that remained undervalued.

Which equity market sectors most significantly affected Fund performance during the Reporting Period?

The biggest detractors from the Fund’s results during the Reporting Period were financials, health care and utilities, where weak stock selection in each hurt most. Sector allocation positioning in financials and utilities also detracted, albeit modestly.

The sectors that contributed most to the Fund’s performance relative to the MSCI^® Index were consumer staples, consumer discretionary and industrials. Stock selection in all three sectors proved effective during the Reporting Period as did allocation positioning in consumer staples and consumer discretionary.

Which countries most affected the Fund’s performance during the Reporting Period?

Typically, the Fund’s individual stock holdings will significantly influence the Fund’s performance within a particular country or region relative to the MSCI^® Index. This effect may be even more pronounced in countries that represent only a modest proportion of the MSCI^® Index.

That said, the countries that detracted most from the Fund’s relative performance were Switzerland, Australia and Italy, where stock selection overall hurt. Allocation positioning in Australia further detracted. Conversely, effective individual stock selection in Japan, Germany and the U.K. contributed most positively to the Fund’s results relative to the MSCI^® Index.

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

During the Reporting Period, the Fund did not use derivatives or similar instruments.

Did the Fund make any significant purchases or sales during the Reporting Period?

During the Reporting Period, we purchased Fund positions in Moncler, Virgin Money and UBM.

We initiated a Fund position in Moncler, a French/Italian apparel brand, most known for its down jackets and sportswear. The company operates in a niche segment of luxury, where there is little competition and where it has continued to have strong momentum. We believe the company should benefit as the “affordable luxury” segment gains traction with millennials. There is substantial growth potential compared to other luxury brands, in our opinion, which have already over-expanded and are now seeing declining revenue growth. Moncler’s management team is thoughtful, in our view, about the longer-term sustainability of its business, recently choosing to bring its production in

PORTFOLIO RESULTS

house, focus on new product lines and invest in digital/ online. (Digital/online is an umbrella term for the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital medium.) Its stock underperformed the MSCI^® Index during the Reporting Period due to warm weather, weak sentiment around exposure to China and a small change in business strategy that concerned the market but which we view as positive. We see each of these headwinds as short-term and believe they created an attractive entry point for the Fund.

We introduced Virgin Money to the Fund during the Reporting Period. Virgin Money is a financial services company based in the U.K. (services available in the U.K, South Africa and Australia), offering retail mortgage, credit cards, savings, individual savings accounts (U.K. tax free accounts), investments and insurance. We saw the company as a favorable opportunity, as it attracts customers with its brand (it calls branches “lounges” as part of its customer experience) and information technology platform. When Northern Rock was bailed out by the U.K. government, Virgin Money bought its platform as a distressed asset. In our view, Virgin Money benefits from strong earnings growth potential as it expands, owing to a fixed cost base (ex-Northern Rock platform) and therefore high operating leverage.

UBM is a global business-to-business event organizer headquartered in the U.K. The majority of its revenues are derived from participating companies in the trade shows, who tend to book attendance one year in advance. We find the company attractive, as it offers steady growth potential and relative immunity to recessions, since companies book in advance and likely still attend trade shows in a downturn. UBM is also debt light.

Conversely, we sold out of the Fund’s positions in Start Today, Banco Bilbau Vizcaya Argentaria (“BBVA”) and Total during the Reporting Period.

We sold the Fund’s position in Start Today, a Japan-based online apparel shopping site, following a period of strong performance and as we viewed its valuation to have become stretched.

We eliminated the Fund’s position in BBVA. Its stock underperformed the MSCI^® Index during the Reporting Period due to political uncertainty in Spain following the December 2015 elections. The election resulted in a hung parliament and continued to weigh on the financials sector. We sold the position to avoid exposure to Spanish financials until the political uncertainty is resolved.

We exited the Fund’s position in French integrated oil company Total following a span of relative outperformance. We decided to redeploy capital in other opportunities in the energy sector.

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

In this Fund, both sector weightings and country allocations are largely the result of our bottom-up stock selection process rather than any top-down macroeconomic views or regional, country, sector or industry bets. We seek to outpace the MSCI^® Index by overweighting stocks that we expect to outperform and underweighting those we think may lag. Consequently, changes in its sector or country weightings are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to telecommunication services increased modestly relative to the MSCI^® Index during the Reporting Period, while its relative exposure to energy and information technology decreased modestly. From a country perspective, there were no notable changes made during the Reporting Period.

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

There were no material changes to the Fund’s portfolio management team during the Reporting Period.

How was the Fund positioned relative to the MSCI^® Index at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had more exposure to Ireland, Belgium, Germany, Sweden, China and Spain relative to the MSCI^® Index and less exposure to the U.K., Australia, the Netherlands and Japan relative to the MSCI^® Index. At the end of the Reporting Period, the Fund held neutral positions relative to the MSCI^® Index in several countries, most notably South Korea, Norway, Italy, France, Singapore, Switzerland and Denmark.

From a sector allocation perspective, the Fund had overweight positions relative to the MSCI^® Index in consumer staples at the end of the Reporting Period. On the same date, the Fund had underweighted positions compared to the MSCI^® Index in industrials, consumer discretionary,

PORTFOLIO RESULTS

utilities and materials and rather neutral positions relative to the MSCI^® Index in health care, energy, information technology, financials and telecommunication services.

As always, we remained focused on individual stock selection, with sector and country positioning being a secondary, closely-monitored effect.

FUND BASICS

Strategic International Equity Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® Index²
Class A		-3.36	%		-3.07	%
Class C		-3.68			-3.07
Institutional		-3.12			-3.07
Class IR		-3.17			-3.07
Class R		-3.42			-3.07


February 26, 2016–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® Index²
Class R6		9.54	%		9.61	%

The MSCI^® Index is a market capitalization-weighted composite of securities in 22 developed markets. The MSCI^® Index approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction for withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI^® Inc. uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The MSCI^® Index is unmanaged and the figures for the Index do not include any deduction for fees or expenses. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-12.80	%		0.93	%		-1.84	%	6/25/07
Class C		-9.34			1.33			-1.94		6/25/07
Institutional		-7.34			2.50			-0.82		6/25/07
Class IR		-7.50			2.35			-1.84		11/30/07
Class R		-7.99			1.81			-2.39		11/30/07
Class R6		N/A			N/A			6.75		2/26/16

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. These returns reflect a maximum initial sales charge of 5.5% 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 R, Class IR and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.82	%
Class C		2.05			2.57
Institutional		0.90			1.42
Class IR		1.05			1.56
Class R		1.55			2.07
Class R6		0.88			1.40

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business	Country
Royal Dutch Shell PLC Class A		4.2	%	Energy	Netherlands
Anheuser-Busch InBev NV		3.5		Food, Beverage & Tobacco	Belgium
Novartis AG (Registered)		2.8		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Japan Tobacco, Inc.		2.6		Food, Beverage & Tobacco	Japan
Iberdrola SA		2.3		Utilities	Spain
Beiersdorf AG		2.3		Household & Personal Products	Germany
Australia & New Zealand Banking Group Ltd.		2.2		Banks	Australia
Bayer AG (Registered)		2.2		Pharmaceuticals, Biotechnology & Life Sciences	Germany
UBS Group AG (Registered)		2.2		Diversified Financials	Switzerland
Mitsubishi Estate Co. Ltd.		2.0		Real Estate	Japan

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2016

LOGO

⁶

GOLDMAN SACHS FOCUSED INTERNATIONAL EQUITY FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 95.2%
	Australia – 3.9%
	1,131,817	Computershare Ltd. (Software & Services)	$	8,663,931

	France – 15.2%
	150,733	Klepierre (REIT)		7,089,344
	90,104	Publicis Groupe SA (Media)		6,667,986
	307,069	Rexel SA (Capital Goods)		4,655,958
	101,194	Safran SA (Capital Goods)		6,976,276
	47,978	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		3,954,662
	57,735	Vinci SA (Capital Goods)		4,312,130

				33,656,356

	Germany – 13.5%
	76,684	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		8,862,132
	72,386	Beiersdorf AG (Household & Personal Products)		6,499,923
	519,400	Commerzbank AG (Banks)		4,870,603
	116,937	Covestro AG (Materials)*^(a)		4,625,865
	62,093	SAP SE (Software & Services)		4,871,882

				29,730,405

	Ireland – 7.3%
	15,992,012	Bank of Ireland (Banks)*		4,863,942
	951,157	C&C Group PLC (Food, Beverage & Tobacco)		4,286,097
	112,381	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)		7,012,799

				16,162,838

	Italy – 2.0%
	1,143,636	UniCredit SpA (Banks)		4,435,031

	Japan – 19.6%
	112,100	Dentsu, Inc. (Media)		5,695,690
	144,500	Hoya Corp. (Health Care Equipment & Services)		5,533,523
	501,400	Isuzu Motors Ltd. (Automobiles & Components)		5,365,121
	377,000	Mitsubishi Estate Co. Ltd. (Real Estate)		7,163,986
	84,100	Nidec Corp. (Capital Goods)		6,162,349
	384,200	ORIX Corp. (Diversified Financials)		5,434,484
	44,500	Pola Orbis Holdings, Inc. (Household & Personal Products)		3,539,007
	149,300	Sumitomo Mitsui Financial Group, Inc. (Banks)		4,492,694

				43,386,854

	Common Stocks – (continued)
	Netherlands – 4.1%
	348,075	Royal Dutch Shell PLC Class A (Energy)	$	9,117,198

	South Korea – 1.9%
	98,393	Kia Motors Corp. (Automobiles & Components)		4,126,767

	Spain – 5.3%
	1,658,440	Banco Popular Espanol SA (Banks)		4,522,031
	994,991	Iberdrola SA (Utilities)		7,083,083

				11,605,114

	Sweden – 2.1%
	388,514	Volvo AB Class B (Capital Goods)		4,556,011

	Switzerland – 9.8%
	286,127	Credit Suisse Group AG (Registered) (Diversified Financials)*		4,354,413
	11,126	Syngenta AG (Registered) (Materials)		4,463,365
	18,016	The Swatch Group AG (Consumer Durables & Apparel)		6,146,725
	119,611	Wolseley PLC (Capital Goods)		6,699,659

				21,664,162

	United Kingdom – 10.5%
	759,532	BTG PLC (Pharmaceuticals, Biotechnology & Life Sciences)*		6,584,994
	73,887	Reckitt Benckiser Group PLC (Household & Personal Products)		7,197,990
	135,557	Rio Tinto PLC (Materials)		4,547,435
	1,494,586	Vodafone Group PLC (Telecommunication Services)		4,815,313

				23,145,732

	TOTAL INVESTMENTS – 95.2%
	(Cost $233,086,212)		$	210,250,399

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.8%			10,691,479

	NET ASSETS – 100.0%		$	220,941,878


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

GOLDMAN SACHS FOCUSED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


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. Under procedures approved by the Board of Trustees, 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 $4,625,865, which represents approximately 2.1% of net assets as of April 30, 2016.



Investment Abbreviation:
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 96.4%
	Australia – 4.5%
	88,297	Australia & New Zealand Banking Group Ltd. (Banks)	$	1,618,478
	30,221	BHP Billiton PLC (Materials)		412,955
	164,818	Computershare Ltd. (Software & Services)		1,261,663

				3,293,096

	Belgium – 3.5%
	20,304	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)		2,518,790

	China – 1.3%
	217,000	ANTA Sports Products Ltd. (Consumer Durables & Apparel)		552,749
	217,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)		366,973

				919,722

	Denmark – 1.9%
	24,012	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,340,696

	France – 10.2%
	8,615	Air Liquide SA (Materials)		977,084
	27,007	Klepierre (REIT)		1,270,206
	11,791	Publicis Groupe SA (Media)		872,572
	36,203	Rexel SA (Capital Goods)		548,931
	15,188	Safran SA (Capital Goods)		1,047,055
	9,787	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		806,709
	21,102	Societe Generale SA (Banks)		830,304
	14,180	Vinci SA (Capital Goods)		1,059,080

				7,411,941

	Germany – 10.6%
	6,228	Adidas AG (Consumer Durables & Apparel)		803,520
	13,897	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,606,033
	18,254	Beiersdorf AG (Household & Personal Products)		1,639,124
	74,877	Commerzbank AG (Banks)		702,149
	25,780	Covestro AG (Materials)*^(a)		1,019,821
	16,120	GEA Group AG (Capital Goods)		749,089
	14,977	SAP SE (Software & Services)		1,175,111

				7,694,847

	Ireland – 5.5%
	3,382,198	Bank of Ireland (Banks)*		1,028,690
	19,050	Kerry Group PLC Class A (Food, Beverage & Tobacco)		1,697,711
	19,630	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)		1,224,951

				3,951,352

	Common Stocks – (continued)
	Italy – 2.6%
	33,680	Moncler SpA (Consumer Durables & Apparel)	$	547,427
	698,184	Telecom Italia SpA (Telecommunication Services)*		681,758
	170,906	UniCredit SpA (Banks)		662,775

				1,891,960

	Japan – 19.2%
	7,000	Dentsu, Inc. (Media)		355,663
	37,100	HIS Co. Ltd. (Consumer Services)		916,317
	30,600	Hoya Corp. (Health Care Equipment & Services)		1,171,805
	46,700	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		1,908,066
	26,000	Kao Corp. (Household & Personal Products)		1,438,241
	43,000	KDDI Corp. (Telecommunication Services)		1,238,647
	52,400	Kubota Corp. (Capital Goods)		763,303
	78,000	Mitsubishi Estate Co. Ltd. (Real Estate)		1,482,204
	16,900	Nidec Corp. (Capital Goods)		1,238,332
	80,100	ORIX Corp. (Diversified Financials)		1,133,009
	11,800	Pola Orbis Holdings, Inc. (Household & Personal Products)		938,433
	42,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		1,284,916

				13,868,936

	Netherlands – 5.4%
	9,361	ASML Holding NV (Semiconductors & Semiconductor Equipment)*		904,795
	115,452	Royal Dutch Shell PLC Class A (Energy)		3,024,057

				3,928,852

	Norway – 1.3%
	53,287	Statoil ASA (Energy)		937,920

	Singapore – 1.6%
	103,105	DBS Group Holdings Ltd. (Banks)		1,166,228

	South Korea – 1.0%
	16,652	Kia Motors Corp. (Automobiles & Components)		698,413

	Spain – 4.4%
	148,091	Banco Bilbao Vizcaya Argentaria SA (Banks)		1,017,653
	183,180	Banco Popular Espanol SA (Banks)		499,473
	232,525	Iberdrola SA (Utilities)		1,655,285

				3,172,411

	Sweden – 4.3%
	36,786	Hennes & Mauritz AB Class B (Retailing)*		1,309,963


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

GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Sweden – (continued)
	37,714	Svenska Cellulosa AB SCA Class B (Household & Personal Products)	$	1,189,938
	53,822	Volvo AB Class B (Capital Goods)		631,158

				3,131,059

	Switzerland – 11.1%
	57,232	Credit Suisse Group AG (Registered) (Diversified Financials)*		870,983
	26,668	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		2,029,495
	2,848	Syngenta AG (Registered) (Materials)		1,142,519
	3,322	The Swatch Group AG (Consumer Durables & Apparel)		1,133,405
	90,358	UBS Group AG (Registered) (Diversified Financials)		1,566,397
	23,586	Wolseley PLC (Capital Goods)		1,321,101

				8,063,900

	United Kingdom – 8.0%
	126,398	Aviva PLC (Insurance)		800,793
	74,347	BTG PLC (Pharmaceuticals, Biotechnology & Life Sciences)*		644,574
	136,013	Just Eat PLC (Software & Services)*		764,090
	31,983	Melrose Industries PLC (Capital Goods)		174,752
	16,171	Rio Tinto PLC (Materials)		542,477
	82,526	UBM PLC (Media)		687,580
	131,841	Virgin Money Holdings UK PLC (Banks)		704,892
	451,279	Vodafone Group PLC (Telecommunication Services)		1,453,947

				5,773,105

	TOTAL COMMON STOCKS
	(Cost $74,008,683)		$	69,763,228


	Exchange Traded Fund – 1.5%
	United States – 1.5%
	92,419	iShares MSCI Japan Fund	$	1,055,425
	(Cost $1,164,331)

	TOTAL INVESTMENTS – 97.9%
	(Cost $75,173,014)		$	70,818,653

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1%			1,537,117

	NET ASSETS – 100.0%		$	72,355,770


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $1,019,821, which represents approximately 1.4% of net assets as of April 30, 2016.



Investment Abbreviation:
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)


	Focused International Equity Fund			Strategic International Equity Fund
Assets:
Investments, at value (cost $233,086,212 and $75,173,014)	$	210,250,399		$	70,818,653
Cash		33,149,991			865,833
Foreign currencies, at value (cost $434,349 and $164,147 )		437,164			159,082
Receivables:		—			—
Dividends		623,190			224,048
Foreign tax reclaims		517,746			245,462
Investments sold		93,083			340,756
Fund shares sold		50,911			89,532
Reimbursement from investment adviser		30,105			22,393
Other assets		70,028			—
Total assets		245,222,617			72,765,759

Liabilities:
Payables:
Investments purchased		23,626,870			196,609
Fund shares redeemed		389,020			82,157
Management fees		133,520			50,542
Distribution and Service fees and Transfer Agency fees		36,196			13,580
Accrued expenses		95,133			67,101
Total liabilities		24,280,739			409,989

Net Assets:
Paid-in capital		460,282,441			119,951,588
Undistributed net investment income		4,717,886			278,485
Accumulated net realized loss		(221,203,881	)		(43,518,535	)
Net unrealized loss		(22,854,568	)		(4,355,768	)
NET ASSETS	$	220,941,878		$	72,355,770
Net Assets:
Class A	$	43,234,078		$	21,166,313
Class C		16,843,021			4,547,421
Institutional		159,836,531			46,180,357
Service		33,877			—
Class IR		983,297			438,051
Class R		—			12,676
Class R6		11,074			10,952
Total Net Assets	$	220,941,878		$	72,355,770
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		2,501,889			1,703,508
Class C		1,049,128			406,618
Institutional		9,088,985			3,554,838
Service		1,938			—
Class IR		56,113			35,274
Class R		—			1,012
Class R6		630			844
Net asset value, offering and redemption price per share:^(a)
Class A		$17.28			$12.43
Class C		16.05			11.18
Institutional		17.59			12.99
Service		17.48			—
Class IR		17.52			12.42
Class R		—			12.53
Class R6		17.57			12.98

(a)

Maximum public offering price per share for Class A Shares of the Focused International Equity and Strategic International Equity Funds is $18.29 and $13.15, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2016 (Unaudited)


	Focused International Equity Fund			Strategic International Equity Fund
Investment income:
Dividends (net of foreign taxes withheld of $193,412 and $91,282)	$	5,798,550		$	904,386

Expenses:
Management fees		989,632			315,457
Distribution and Service fees^(a)		138,170			49,208
Transfer Agency fees^(a)		85,600			34,724
Registration fees		63,704			55,787
Custody, accounting and administrative services		58,610			52,451
Professional fees		56,039			51,170
Trustee fees		11,641			11,412
Printing and mailing costs		8,067			23,966
Service share fees — Service Plan		42			—
Service share fees — Shareholder Administration Plan		42			—
Other		8,702			869
Total expenses		1,420,249			595,044
Less — expense reductions		(342,095	)		(191,163	)
Net expenses		1,078,154			403,881
NET INVESTMENT INCOME		4,720,396			500,505

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(5,255,467	)		(220,224	)
Foreign currency transactions		92,887			7,314
Net change in unrealized gain (loss) on:
Investments		(6,929,023	)		(3,012,105	)
Foreign currency translation		15,513			31,918
Net realized and unrealized loss		(12,076,090	)		(3,193,097	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,355,694	)	$	(2,692,592	)

(a)

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


	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Class IR		Class R		Class R6^(b)
Focused International Equity	$	54,705	$	83,465	$	—	$	41,576	$	15,858	$	27,221	$	7	$	937	$	—	$	1
Strategic International Equity		27,100		22,080		28		20,596		4,195		9,544		—		377		11		1

(b)

Commenced operations on February 26, 2016.


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Statements of Changes in Net Assets


	Focused International Equity Fund						Strategic International Equity Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	4,720,396		$	3,098,565		$	500,505		$	886,902
Net realized gain (loss)		(5,162,580	)		(11,319,078	)		(212,910	)		354,960
Net change in unrealized gain (loss)		(6,913,510	)		8,208,306			(2,980,187	)		(2,049,780	)
Net decrease in net assets resulting from operations		(7,355,694	)		(12,207	)		(2,692,592	)		(807,918	)

Distributions to shareholders:
From net investment income
Class A Shares		(534,931	)		(1,737,059	)		(178,101	)		(849,696	)
Class C Shares		(98,242	)		(456,968	)		(5,202	)		(152,361	)
Institutional Shares		(2,308,981	)		(5,428,826	)		(638,376	)		(1,528,500	)
Service Shares		(118	)		(9,843	)		—			—
Class IR Shares		(16,690	)		(70,733	)		(4,313	)		(5,027	)
Class R Shares		—			—			(22	)		(557	)
Total distributions to shareholders		(2,958,962	)		(7,703,429	)		(826,014	)		(2,536,141	)

From share transactions:
Proceeds from sales of shares		42,830,021			48,121,899			26,497,181			25,441,147
Reinvestment of distributions		2,904,017			7,537,145			799,748			2,501,122
Cost of shares redeemed		(34,724,240	)		(78,117,189	)		(25,541,200	)		(24,346,563	)
Net increase (decrease) in net assets resulting from share transactions		11,009,798			(22,458,145	)		1,755,729			3,595,706
TOTAL INCREASE (DECREASE)		695,142			(30,173,781	)		(1,762,877	)		251,647

Net assets:
Beginning of period		220,246,736			250,420,517			74,118,647			73,867,000
End of period	$	220,941,878		$	220,246,736		$	72,355,770		$	74,118,647
Undistributed net investment income	$	4,717,886		$	2,956,452		$	278,485		$	603,994


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

GOLDMAN SACHS FOCUSED INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each 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			Distributions to shareholders from net investment income			Increase from regulatory settlements
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
	2016 - A	$	17.98	$	0.38	^(d)	$	(0.88	)	$	(0.50	)	$	(0.20	)	$	—
	2016 - C		16.67		0.29	^(d)		(0.82	)		(0.53	)		(0.09	)		—
	2016 - Institutional		18.34		0.42	^(d)		(0.89	)		(0.47	)		(0.28	)		—
	2016 - Service		18.05		0.39	^(d)		(0.90	)		(0.51	)		(0.06	)		—
	2016 - IR		18.25		0.34	^(d)		(0.83	)		(0.49	)		(0.24	)		—
	2016 - R6 (Commenced February 26, 2016)		15.87		0.09	^(d)		1.61			1.70			—			—

	FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2015 - A		18.49		0.21			(0.16	)		0.05			(0.56	)		—
	2015 - C		17.18		0.08			(0.16	)		(0.08	)		(0.43	)		—
	2015 - Institutional		18.86		0.29			(0.16	)		0.13			(0.65	)		—
	2015 - Service		18.57		0.14			(0.11	)		0.03			(0.55	)		—
	2015 - IR		18.76		0.26			(0.17	)		0.09			(0.60	)		—
	2014 - A		20.00		0.55	^(f)		(1.99	)		(1.44	)		(0.07	)		—
	2014 - C		18.65		0.36	^(f)		(1.83	)		(1.47	)		—			—
	2014 - Institutional		20.39		0.64	^(f)		(2.02	)		(1.38	)		(0.15	)		—
	2014 - Service		20.08		0.52	^(f)		(1.98	)		(1.46	)		(0.05	)		—
	2014 - IR		20.29		0.75	^(f)		(2.14	)		(1.39	)		(0.14	)		—
	2013 - A		15.58		0.15			4.71			4.86			(0.44	)		—
	2013 - C		14.60		0.02			4.41			4.43			(0.38	)		—
	2013 - Institutional		15.92		0.23			4.79			5.02			(0.55	)		—
	2013 - Service		15.69		0.14			4.72			4.86			(0.47	)		—
	2013 - IR		15.87		0.16			4.82			4.98			(0.56	)		—
	2012 - A		14.74		0.28			0.93			1.21			(0.47	)		0.10
	2012 - C		13.82		0.16			0.87			1.03			(0.35	)		0.10
	2012 - Institutional		15.07		0.32			0.97			1.29			(0.54	)		0.10
	2012 - Service		14.85		0.26			0.94			1.20			(0.46	)		0.10
	2012 - IR		15.06		0.28			0.98			1.26			(0.55	)		0.10
	2011 - A		16.81		0.42	^(h)		(2.22	)		(1.80	)		(0.27	)		—
	2011 - C		15.79		0.29	^(h)		(2.09	)		(1.80	)		(0.17	)		—
	2011 - Institutional		17.18		0.50	^(h)		(2.27	)		(1.77	)		(0.34	)		—
	2011 - Service		16.92		0.42	^(h)		(2.24	)		(1.82	)		(0.25	)		—
	2011 - IR		17.22		0.63	^(h)		(2.45	)		(1.82	)		(0.34	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from a corporate action which amounted to $0.30 per share and 1.79% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from a corporate action which amounted to $0.35 per share and 1.76% of average net assets.

(g)

Total returns reflect the impact of payments for regulatory settlements entitled to be received during the year and recorded as an increase to capital by the Fund. Excluding such payments, the total return would have been:


	Class A			Class C			Institutional			Service			Class IR
For the Fiscal Year Ended October 31, 2012		8.66	%		7.81	%		9.15	%		8.57	%		8.92	%

(h)

Reflects income recognized from a corporate action which amounted to $0.26 per share and 1.55% of average net assets.


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

GOLDMAN SACHS FOCUSED INTERNATIONAL 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			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	17.28		(2.85	)%	$	43,234		1.30	%^(e)		1.65	%^(e)		4.54	%^(d)(e)		30	%
	16.05		(3.19	)		16,843		2.06	^(e)		2.40	^(e)		3.80	^(d)(e)		30
	17.59		(2.63	)		159,837		0.90	^(e)		1.25	^(e)		4.98	^(d)(e)		30
	17.48		(2.90	)		34		1.41	^(e)		1.75	^(e)		4.58	^(d)(e)		30
	17.52		(2.69	)		983		1.05	^(e)		1.40	^(e)		3.94	^(d)(e)		30
	17.57		10.71			11		0.88	^(e)		1.23	^(e)		3.05	^(d)(e)		30


	17.98		0.34			48,772		1.30			1.64			1.18			105
	16.67		(0.42	)		18,415		2.05			2.39			0.44			105
	18.34		0.74			151,755		0.90			1.24			1.56			105
	18.05		0.19			37		1.40			1.73			0.76			105
	18.25		0.56			1,268		1.05			1.39			1.38			105
	18.49		(7.16	)		58,368		1.33			1.63			2.78	^(f)		121
	17.18		(7.83	)		18,247		2.08			2.38			1.97	^(f)		121
	18.86		(6.79	)		170,954		0.93			1.23			3.17	^(f)		121
	18.57		(7.28	)		332		1.43			1.73			2.62	^(f)		121
	18.76		(6.90	)		2,253		1.07			1.38			3.73	^(f)		121
	20.00		31.94			61,224		1.46			1.69			0.89			189
	18.65		30.97			17,910		2.20			2.44			0.15			189
	20.39		32.50			112,707		1.06			1.29			1.29			189
	20.08		31.86			364		1.56			1.79			0.80			189
	20.29		32.36			1,609		1.20			1.44			0.89			189
	15.58		9.36	^(g)		52,564		1.48			1.72			1.95			144
	14.60		8.55	^(g)		14,039		2.23			2.47			1.14			144
	15.92		9.84	^(g)		61,874		1.08			1.31			2.11			144
	15.69		9.26	^(g)		299		1.58			1.82			1.77			144
	15.87		9.61	^(g)		30		1.23			1.46			1.87			144
	14.74		(10.89	)		118,977		1.53			1.67			2.55	^(h)		135
	13.82		(11.55	)		15,883		2.28			2.42			1.86	^(h)		135
	15.07		(10.53	)		28,105		1.13			1.27			2.94	^(h)		135
	14.85		(10.96	)		300		1.63			1.77			2.51	^(h)		135
	15.06		(10.80	)		3		1.28			1.42			3.87	^(h)		135


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

GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each 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			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	12.95	$	0.07		$	(0.49	)	$	(0.42	)	$	(0.10	)
2016 - C		11.62		0.02			(0.45	)		(0.43	)		(0.01	)
2016 - Institutional		13.56		0.10			(0.52	)		(0.42	)		(0.15	)
2016 - IR		12.97		0.09			(0.50	)		(0.41	)		(0.14	)
2016 - R		13.00		0.07			(0.51	)		(0.44	)		(0.03	)
2016 - R6 (Commenced February 26, 2016)		11.85		0.06			1.07			1.13			—

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2015 - A		13.52		0.15			(0.23	)		(0.08	)		(0.49	)
2015 - C		12.17		0.04			(0.20	)		(0.16	)		(0.39	)
2015 - Institutional		14.13		0.20			(0.23	)		(0.03	)		(0.54	)
2015 - IR		13.55		0.15			(0.20	)		(0.05	)		(0.53	)
2015 - R		13.57		0.11			(0.23	)		(0.12	)		(0.45	)
2014 - A		13.81		0.45	^(e)		(0.63	)		(0.18	)		(0.11	)
2014 - C		12.45		0.31	^(e)		(0.57	)		(0.26	)		(0.02	)
2014 - Institutional		14.44		0.52	^(e)		(0.67	)		(0.15	)		(0.16	)
2014 - IR		13.84		0.40	^(e)		(0.56	)		(0.16	)		(0.13	)
2014 - R		13.88		0.41	^(e)		(0.63	)		(0.22	)		(0.09	)
2013 - A		11.06		0.14			2.80			2.94			(0.19	)
2013 - C		10.01		0.04			2.54			2.58			(0.14	)
2013 - Institutional		11.58		0.19			2.93			3.12			(0.26	)
2013 - IR		11.11		0.18			2.80			2.98			(0.25	)
2013 - R		11.14		0.08			2.85			2.93			(0.19	)
2012 - A		10.62		0.20			0.61			0.81			(0.37	)
2012 - C		9.64		0.10			0.57			0.67			(0.30	)
2012 - Institutional		11.11		0.19			0.71			0.90			(0.43	)
2012 - IR		10.70		0.21			0.63			0.84			(0.43	)
2012 - R		10.57		0.16			0.64			0.80			(0.23	)
2011 - A		11.71		0.28	^(f)		(1.25	)		(0.97	)		(0.12	)
2011 - C		10.63		0.17	^(f)		(1.12	)		(0.95	)		(0.04	)
2011 - Institutional		12.24		0.25	^(f)		(1.22	)		(0.97	)		(0.16	)
2011 - IR		11.70		0.17	^(f)		(1.06	)		(0.89	)		(0.11	)
2011 - R		11.64		0.27	^(f)		(1.26	)		(0.99	)		(0.08	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from a corporate action which amounted to $0.33 per share and 2.32% of average net assets.

(f)

Reflects income recognized from a corporate action which amounted to $0.14 per share and 1.22% of average net assets.


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

GOLDMAN SACHS STRATEGIC INTERNATIONAL 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			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	12.43		(3.36	)%	$	21,166		1.30	%^(d)		1.82	%^(d)		1.14	%^(d)		42	%
	11.18		(3.68	)		4,547		2.05	^(d)		2.57	^(d)		0.42	^(d)		42
	12.99		(3.12	)		46,180		0.90	^(d)		1.42	^(d)		1.53	^(d)		42
	12.42		(3.17	)		438		1.05	^(d)		1.57	^(d)		1.49	^(d)		42
	12.53		(3.42	)		13		1.56	^(d)		2.07	^(d)		1.07	^(d)		42
	12.98		9.54			11		0.88	^(d)		1.39	^(d)		2.85	^(d)		42


	12.95		(0.57	)		23,111		1.30			1.82			1.11			83
	11.62		(1.33	)		4,841		2.05			2.57			0.35			83
	13.56		(0.15	)		45,795		0.90			1.42			1.47			83
	12.97		(0.32	)		355		1.05			1.56			1.17			83
	13.00		(0.84	)		17		1.55			2.07			0.86			83
	13.52		(1.41	)		22,384		1.33			1.77			3.21	^(e)		89
	12.17		(2.10	)		4,873		2.08			2.52			2.44	^(e)		89
	14.13		(1.05	)		45,118		0.93			1.37			3.55	^(e)		89
	13.55		(1.14	)		128		1.07			1.52			2.86	^(e)		89
	13.57		(1.58	)		17		1.58			2.02			2.92	^(e)		89
	13.81		27.11			23,850		1.47			1.87			1.16			102
	12.45		26.06			5,700		2.22			2.62			0.37			102
	14.44		27.63			41,058		1.07			1.47			1.51			102
	13.84		27.37			65		1.22			1.62			1.49			102
	13.88		26.72			17		1.72			2.11			0.61			102
	11.06		8.17			21,854		1.45			1.95			1.91			119
	10.01		7.35			5,147		2.20			2.70			1.01			119
	11.58		8.58			23,684		1.05			1.51			1.68			119
	11.11		8.42			79		1.20			1.68			2.01			119
	11.14		7.87			7		1.70			2.19			1.49			119
	10.62		(8.40	)		41,862		1.45			1.78			2.36	^(f)		139
	9.64		(9.00	)		6,643		2.20			2.53			1.63	^(f)		139
	11.11		(8.04	)		6,416		1.05			1.38			2.02	^(f)		139
	10.70		(7.69	)		56		1.20			1.53			1.56	^(f)		139
	10.57		(8.61	)		7		1.70			2.03			2.30	^(f)		139


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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Focused International Equity	A, C, Institutional, Service, IR and R6⁺	Diversified
Strategic International Equity	A, C, Institutional, IR, R and R6⁺	Diversified

Class R6 commenced operations on February 26, 2016.

2. SIGNIFICANT ACCOUNTING POLICIES

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

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. 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 United States (“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.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

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 GSAMI’s assumptions in determining fair value measurement).

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange Traded Funds — Investments in exchange-traded funds (“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. 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 ETF’s accounting policies and investment holdings, please see the ETF’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 GSAMI 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. GSAMI, 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 classified in the fair value hierarchy as of April 30, 2016:



FOCUSED INTERNATIONAL EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—	$	47,513,621	$	—
Australia and Oceania		—		8,663,931		—
Europe		—		154,072,847		—
Total	$	—	$	210,250,399	$	—

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC INTERNATIONAL EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—	$	16,653,299	$	—
Australia and Oceania		—		3,293,096		—
Europe		—		49,816,833		—
North America		1,055,425		—		—
Total	$	1,055,425	$	69,763,228	$	—

(a)

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

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAMI 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, GSAMI is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2016, contractual and effective net management fees with GSAMI 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^
Focused International Equity		1.00%		0.90%		0.86%		0.84%		0.82%		1.00%		0.85%	*
Strategic International Equity		0.85		0.77		0.73		0.72		0.71		0.85		0.85

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

GSAMI agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least February 26, 2017, and prior to such date GSAMI may not terminate the arrangement without the approval of the Trustees.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


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


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Focused International Equity	$	1,986	$	244
Strategic International Equity		1,542		—

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAMI has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, 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 Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Funds are 0.014%. These Other Expense limitations will remain in place through at least February 26, 2017, and prior to such date GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
Focused International Equity	$	148,446	$	728	$	192,921	$	342,095
Strategic International Equity		—		705		190,458		191,163

G. Line of Credit Facility — As of April 30, 2016, the Funds participated in a $1,205,000,000 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 GSAMI 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 six months ended April 30, 2016, the Funds did not have any borrowings under the facility. The facility was renewed in the amount of $1,100,000,000 effective May 3, 2016.

H. Other Transactions with Affiliates — As of April 30, 2016, the Goldman Sachs Growth Strategy Portfolio was the beneficial owner of 5% or more of total outstanding shares of the Focused International Equity Fund.

As of April 30, 2016, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of the Class R6 Shares of the Focused International Equity Fund and approximately 66% and 100% of the Class R Shares and Class R6 Shares, respectively, of the Strategic International Equity Fund.

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2016, were as follows:


Fund	Purchases		Sales and Maturities
Focused International Equity	$	64,071,103	$	59,978,019
Strategic International Equity		33,110,508		30,285,241

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

6. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2015, the Funds’ capital loss carryforwards on a tax basis were as follows:


	Focused International Equity			Strategic International Equity
Capital loss carryforwards:⁽¹⁾
Expiring 2016	$	(89,358,426	)	$	(14,821,928	)
Expiring 2017		(106,107,378	)		(28,233,535	)
Expiring 2019		(9,250,431	)		—
Perpetual short-term		(4,531,331	)		—
Perpetual long-term		(6,146,886	)		—
Total capital loss carryforwards	$	(215,394,452	)	$	(43,055,463	)

(1)

With the exception of perpetual capital loss carryforwards, expiration occurs on October 31 of the year indicated.

As of April 30, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Focused International Equity			Strategic International Equity
Tax cost	$	233,733,061		$	75,437,060
Gross unrealized gain		7,610,393			3,789,874
Gross unrealized loss		(31,093,055	)		(8,408,281	)
Net unrealized security loss	$	(23,482,662	)	$	(4,618,407	)

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 and differences related to the tax treatment of underlying fund investments and passive foreign investment company investments.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

7. OTHER RISKS

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

Issuer Concentration Risk — The Focused International Equity Fund intends to invest in a relatively small number of issuers. As a result, it may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a mutual fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer in the Fund and may be susceptible to greater losses because of these developments.

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 the 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 a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

7. OTHER RISKS (continued)

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 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, GSAMI believes the risk of loss under these arrangements to be remote.

9. SUBSEQUENT EVENTS

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

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Focused International Equity Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		93,793		$	1,602,663			293,167		$	5,383,781
Shares converted from Class B^(a)		—			—			4,363			79,894
Reinvestment of distributions		29,815			520,578			94,946			1,684,348
Shares redeemed		(334,464	)		(5,591,946	)		(835,896	)		(15,008,792	)
		(210,856	)		(3,468,705	)		(443,420	)		(7,860,769	)
Class B Shares^(a)
Shares converted to Class A		—			—			(4,448	)		(79,894	)
Shares redeemed		—			—			(10,228	)		(183,739	)
		—			—			(14,676	)		(263,633	)
Class C Shares
Shares sold		114,486			1,814,194			234,732			3,933,741
Reinvestment of distributions		5,841			94,977			26,339			435,904
Shares redeemed		(176,124	)		(2,748,338	)		(218,263	)		(3,686,491	)
		(55,797	)		(839,167	)		42,808			683,154
Institutional Shares
Shares sold		2,225,023			39,155,185			2,042,402			38,294,257
Reinvestment of distributions		128,053			2,271,654			296,453			5,345,040
Shares redeemed		(1,539,612	)		(25,906,572	)		(3,126,278	)		(57,420,654	)
		813,464			15,520,267			(787,423	)		(13,781,357	)
Service Shares
Shares sold		—			—			516			9,235
Reinvestment of distributions		7			118			63			1,120
Shares redeemed		(108	)		(1,715	)		(16,435	)		(284,841	)
		(101	)		(1,597	)		(15,856	)		(274,486	)
Class IR Shares
Shares sold		14,937			247,979			26,620			500,885
Reinvestment of distributions		943			16,690			3,938			70,733
Shares redeemed		(29,255	)		(475,669	)		(81,206	)		(1,532,672	)
		(13,375	)		(211,000	)		(50,648	)		(961,054	)
Class R6 Shares^(b)
Shares sold		630			10,000			—			—
		630			10,000			—			—
NET INCREASE (DECREASE)		533,965		$	11,009,798			(1,269,215	)	$	(22,458,145	)

(a)

Class B Shares converted into Class A Shares at the close of business on November 14, 2014.

(b)

Class R6 Shares commenced operations on February 26, 2016.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Strategic International Equity Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		175,677		$	2,187,989			287,002		$	3,820,054
Shares converted from Class B^(a)		—			—			82,120			1,098,759
Reinvestment of distributions		12,966			163,244			64,638			831,893
Shares redeemed		(270,193	)		(3,205,026	)		(304,568	)		(3,998,001	)
		(81,550	)		(853,793	)		129,192			1,752,705
Class B Shares^(a)
Shares converted to Class A		—			—			(92,333	)		(1,098,759	)
Shares redeemed		—			—			(19,706	)		(234,677	)
		—			—			(112,039	)		(1,333,436	)
Class C Shares
Shares sold		30,891			339,380			78,335			951,232
Reinvestment of distributions		428			4,859			11,937			138,834
Shares redeemed		(41,256	)		(448,456	)		(74,129	)		(882,624	)
		(9,937	)		(104,217	)		16,143			207,442
Institutional Shares
Shares sold		1,857,577			23,682,635			1,464,658			20,425,892
Reinvestment of distributions		47,740			627,310			113,557			1,525,075
Shares redeemed		(1,727,622	)		(21,689,399	)		(1,393,101	)		(19,206,286	)
		177,695			2,620,546			185,114			2,744,681
Class IR Shares
Shares sold		23,294			273,000			19,455			243,705
Reinvestment of distributions		343			4,313			391			5,027
Shares redeemed		(15,772	)		(190,601	)		(1,894	)		(24,975	)
		7,865			86,712			17,952			223,757
Class R Shares
Shares sold		342			4,177			20			264
Reinvestment of distributions		2			22			23			293
Shares redeemed		(603	)		(7,718	)		—			—
		(259	)		(3,519	)		43			557
Class R6 Shares^(b)
Shares sold		844			10,000			—			—
		844			10,000			—			—
NET INCREASE		94,658		$	1,755,729			236,405		$	3,595,706

(a)

Class B Shares converted into Class A Shares at the close of business on November 14, 2014.

(b)

Class R6 Shares commenced operations on February 26, 2016.

GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS


Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R or Class R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to and Class C Shares); and (2) ongoing costs, including management fees; distribution and 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, Class R and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example for all share classes other than Class R6 Shares is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2015 through April 30, 2016, which represents a period of 182 days of a 366 day year. The example for Class R6 Shares is based on the period from February 26, 2015 through April 30, 2016, which represents a period of 65 out of 366 days.

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


	Focused International Equity Fund							Strategic International Equity Fund
Share Class	Beginning Account Value 11/01/2015		Ending Account Value 04/30/2016			Expenses Paid for the 6 Months Ended 04/30/2016*		Beginning Account Value 11/01/2015		Ending Account Value 04/30/2016			Expenses Paid for the 6 Months Ended 04/30/2016*
Class A
Actual	$	1,000	$	971.50		$	6.37	$	1,000	$	966.40		$	6.36
Hypothetical 5% return		1,000		1,018.40	+		6.52		1,000		1,018.40	+		6.52
Class C
Actual		1,000		968.10			10.08		1,000		963.20			10.01
Hypothetical 5% return		1,000		1,014.62	+		10.32		1,000		1,014.67	+		10.27
Institutional
Actual		1,000		973.70			4.42		1,000		968.80			4.41
Hypothetical 5% return		1,000		1,020.39	+		4.52		1,000		1,020.39	+		4.52
Service
Actual		1,000		971.00			6.91		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,017.85			7.07		N/A		N/A			N/A
Class IR
Actual		1,000		973.10			5.15		1,000		968.30			5.14
Hypothetical 5% return		1,000		1,019.64	+		5.27		1,000		1,019.64	+		5.27
Class R
Actual		N/A		N/A			N/A		1,000		965.80			7.62
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.11	+		7.82
Class R6^(a)
Actual		1,000		1,107.12			1.96		1,000		1,095.36			2.34
Hypothetical 5% return		1,000		1,019.39	+		5.52		1,000		1,018.30	+		6.62

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the periods ended April 30, 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	Class A			Class C			Institutional			Service			Class IR			Class R			Class R6^(a)
Focused International Equity		1.30	%		2.06	%		0.90	%		1.41	%		1.05	%		N/A			1.10	%
Strategic International Equity		1.30			2.05			0.90			N/A			1.05			1.56	%		1.32

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

(a)

Commenced operations on February 26, 2016.

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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

Multi-Manager U.S. Small Cap Equity Fund

Tactical Tilt Overlay Fund⁸

Balanced Strategy Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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 INTERNATIONAL 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 Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q 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’ 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. 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).

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

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2016

				Global Managed Beta Fund

LOGO

Goldman Sachs Global Managed Beta Fund


TABLE OF CONTENTS

Portfolio Management Discussion and Performance Summaries			1

Schedule of Investments			5

Financial Statements			7

Financial Highlights			10

Notes to Financial Statements			12

Other Information			24



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Global Managed Beta Fund

Investment Objective

The Fund seeks to provide long-term capital growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Global Managed

Beta Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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, without sales charges, of -1.41%. This return compares to the -1.28% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All World Index Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) (the “Index”), during the same time period.

What economic and market factors most influenced the Fund during the Reporting Period?

Global equity markets declined slightly during the Reporting Period as volatility increased, driven primarily by renewed concerns during January 2016 about weakness in China’s economy. Volatility spiked, with global equities (as represented by the Index) falling 12% from January 2016 through mid-February 2016 before recovering by the end of the Reporting Period. Large swings in energy prices added extra uncertainty about global economic growth prospects, significantly affecting the stocks of energy-sensitive economies, such as those of Canada and emerging markets countries.

Beyond the global equity markets, the price of Eurodollar futures, which move in response to the interest rate offered on U.S. dollar-denominated deposits held in European banks, declined as the Federal Reserve (the “Fed”) hiked the targeted federal funds rate in December 2015. Eurodollar prices then rebounded at the start of 2016 as investors sought safe haven assets amid heightened volatility. U.S. Treasury yields experienced a similar decline due to the “risk off” sentiment. Although riskier asset classes broadly rebounded after mid-February 2016, U.S. Treasury yields stayed below 2%, as the Fed shifted market expectations of interest rate hikes further into 2016.

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

The Fund primarily seeks to achieve its investment objective by investing in a diversified portfolio of global equity asset classes that provide broad beta exposure to the global equity markets. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) During the Reporting Period, the Fund underperformed the Index, largely because of its long exposure to global equities. This positioning detracted significantly at the beginning of 2016 amid substantial market volatility, especially in the Chinese equity markets. On the positive side, the Fund benefited from the effectiveness of its macro hedging strategy through which we seek to diversify the Fund’s overall exposure to global equity asset classes. The macro hedging strategy generated a positive return, partly buffering the losses of the Fund’s global equity positions. The Fund was also helped during the Reporting Period by its lower sensitivity than the Index to energy prices, which was the result of its structural underweight in Canadian equities.

How was the Fund positioned at the beginning of the Reporting Period?

In terms of its strategic allocation at the beginning of the Reporting Period, the Fund had 97.79% of its total net assets invested in equity-related investments and 2.21% in cash and cash equivalents. The Fund also maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

How did you tactically manage the Fund’s allocations during the Reporting Period?

Because we had a more favorable outlook for the U.S. economy relative to other developed markets economies, we

PORTFOLIO RESULTS

allowed the Fund’s exposure to U.S. equities to drift above our target allocation during the Reporting Period, while at the same time maintaining the Fund’s slight underweight in other developed markets equities. Near the end of the Reporting Period, we re-balanced the Fund’s equity exposures relative to our long-term targets. We also added exposure to Canadian equities and decreased the Fund’s exposure to international small-cap equities relative to the Index. Most notably, we partly reduced the Fund’s macro hedge near the end of the Reporting Period because we believed the Fed would keep interest rates “lower for longer” and because the Fund’s macro hedge strategy tends to be less effective during periods of equity drawdowns. (An equity drawdown is a peak-to-trough decline during a specific timeframe.)

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

During the Reporting Period, the Fund used equity futures to express passive investment views with greater versatility across the Canadian equity market and the U.S. small-cap equity market. In addition, the Fund used interest rate options and currency forwards to afford greater risk management of macroeconomic and foreign exchange risks in the portfolio. The currency forwards detracted from the Fund’s performance as the U.S. dollar weakened versus other developed markets currencies during the Reporting Period. This was partially offset by gains on the interest rate options within the Fund’s macro hedge strategy. The use of equity futures did not have a material impact on performance during the Reporting Period.

How was the Fund positioned at the end of the Reporting Period?

In terms of its strategic allocation at the end of the Reporting Period, the Fund had 98.51% of its total net assets invested in equity-related investments and 1.49% in cash and cash equivalents. The Fund also maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This above sector breakout is inclusive of derivative exposure across all asset classes.

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

At the end of the Reporting Period, we thought the U.S. economy was in the late stages of recovery, but we believed that, absent external shocks, it still had room to grow. Accordingly, we remained cautiously optimistic on the outlook for riskier asset classes. Overall, we believed the slowdown in economic growth at the beginning of 2016 was temporary and expected growth for the 2016 calendar year to be on par with that of 2015, due in part to the Fed’s supportive monetary policy. However, we recognized that tighter U.S. labor markets and continued accommodative monetary policy could lead to an inflation scare later in 2016. Market concerns about the Fed remaining on hold could, in turn, result in a temporary selloff in riskier asset classes and a more sustained selloff in government bonds.

Broadly speaking, at the end of the Reporting Period, we remained more constructive on equities than on corporate credit and on corporate credit relative to interest rates and increasingly on emerging markets over developed markets. On balance, we believe equities may perform better than bonds in the near term. Our view is based mostly on how high bond yields were at the end of the Reporting Period rather than on anticipation of strong equity market performance. Indeed, we expect equities to remain rather range-bound in the short term. That said, we believe European stocks may advance, driven by improving economic growth, better fundamentals, accommodative monetary policy by the European Central Bank, tailwinds from a weaker euro and thawing credit markets. We expect the U.S. economy to be resilient overall, although U.S. equity returns, in our view, are likely to be muted. In terms of emerging markets equities, we held a marginally positive view at the end of the Reporting Period as better economic data, dovish global central banks and a stabilizing U.S. dollar had helped improve investor sentiment about the asset class. (Dovish tends to imply lower interest rates.) Within emerging markets equities, we continued to focus on China where we believe economic growth is likely to improve in the near term on the back of monetary policy support, though we maintain a cautious view for the longer term.

Looking ahead, we plan to continue positioning the Fund in line with our long-term strategic asset allocation model, maintaining overweights and underweights relative to the Index, and do not anticipate significant tactical changes in the near term. This is likely to result in an overweight to small-cap equities, mainly within developed markets equities other than the U.S., with a commensurate underweight in U.S. large-cap stocks relative to the Index. At the end of the Reporting Period, the Fund’s allocation to emerging markets equities was relatively neutral compared to the Index. Additionally, in anticipation of further Fed rate hikes, we plan to maintain a reduced allocation to our macro hedging strategy as we position the Fund to potentially generate an attractive return with lower sensitivity to market volatility.

FUND BASICS

Global Managed Beta Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI All Country World Investable Market Index²
Institutional		-1.41	%		-1.28	%

The Fund’s benchmark index is the MSCI All Country World Investable Market Index (Net, USD, 50% Non-US Developed Hedged to USD) (the “Index”). The Index captures large, mid and small cap representation across 23 developed markets and 23 emerging markets countries.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	Since Inception			Inception Date
Institutional		-5.18	%	4/30/2015

The Standardized Total Returns are cumulative 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		0.62	%		0.93	%

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 26, 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


HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Vanguard S&P 500 ETF		33.2	%	Exchange Traded Funds
iShares MSCI EAFE ETF		28.5		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		13.7		Exchange Traded Funds
iShares Core MSCI Emerging Markets ETF		11.0		Exchange Traded Funds
Goldman Sachs Financial Square Government Fund		9.5		Investment Companies

⁵

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Exchange Traded Funds – 86.4%
	348,929	iShares Core MSCI Emerging Markets ETF	$	14,627,104
	651,887	iShares MSCI EAFE ETF		38,089,757
	362,154	iShares MSCI EAFE Small-Cap ETF		18,248,940
	234,284	Vanguard S&P 500 ETF		44,331,219

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $113,886,031)		$	115,297,020


Contracts		Exercise Price		Expiration Date		Value
	Option Contracts Purchased – 1.2%
	Options on Futures
	Credit Suisse International (London) Call – Eurodollar Futures
	38	$	99.000		06/13/16	$	30,875
	Credit Suisse International (London) Call – Eurodollar Futures
	257		99.125		06/19/17		107,619
	Credit Suisse International (London) Call – Eurodollar Futures
	248		99.000		09/18/17		153,450
	Credit Suisse International (London) Call – Eurodollar Futures
	196		98.875		12/18/17		158,025
	Credit Suisse International (London) Call – Eurodollar Futures
	34		98.875		09/19/16		29,750
	Credit Suisse International (London) Call – Eurodollar Futures
	14		98.750		12/19/16		14,088
	Credit Suisse International (London) Call – Eurodollar Futures
	4		98.625		03/13/17		4,850
	Credit Suisse International (London) Call – Eurodollar Futures
	77		98.375		06/18/18		123,200
	Credit Suisse International (London) Call – Eurodollar Futures
	37		98.375		03/19/18		58,737
	Credit Suisse International (London) Call – Eurodollar Futures
	106		98.250		09/17/18		192,125
	Credit Suisse International (London) Call – Eurodollar Futures
	133		98.125		12/17/18		265,169
	Credit Suisse International (London) Call – Eurodollar Futures
	45		98.375		06/19/17		75,656
	Credit Suisse International (London) Call – Eurodollar Futures
	85		98.500		06/13/16		175,312
	Credit Suisse International (London) Call – Eurodollar Futures
	27		98.625		09/19/16		40,331
	Credit Suisse International (London) Call – Eurodollar Futures
	49		99.000		12/19/16		24,500
	Credit Suisse International (London) Call – Eurodollar Futures
	6		98.875		12/19/16		4,388
	Credit Suisse International (London) Call – Eurodollar Futures
	58		99.000		09/19/16		33,712
	Credit Suisse International (London) Call – Eurodollar Futures
	88		98.875		06/13/16		99,000
	Credit Suisse International (London) Call – Eurodollar Futures
	529		99.375		09/19/16		16,531
	Credit Suisse International (London) Call – Eurodollar Futures
	64		99.250		06/13/16		13,600

	Option Contracts Purchased – (continued)
	Options on Futures – (continued)
	Credit Suisse International (London) Call – Eurodollar Futures
	30	$	98.750		03/13/17	$	28,688

							1,649,606

	TOTAL OPTION CONTRACTS PURCHASED
	(Cost $1,981,817)					$	1,649,606


Shares	Distribution Rate			Value
Investment Company^(a)(b) – 9.5%
Goldman Sachs Financial Square Government Fund – FST Institutional Shares
12,726,587		0.250	%	$	12,726,587
(Cost $12,726,587)

TOTAL INVESTMENTS – 97.1%
(Cost $128,594,435)				$	129,673,213

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.9%					3,810,441

NET ASSETS – 100.0%				$	133,483,654


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Represents an Affiliated Fund.
(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
CHF		—Swiss Franc
DKK		—Danish Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
ILS		—Israeli Shekel
JPY		—Japanese Yen
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
SEK		—Swedish Krona
SGD		—Singapore Dollar

Investment Abbreviations:
ETF		—Exchange Traded Fund
PLC		—Public Limited Company


The accompanying notes are an integral part of these financial statements.		5

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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. International PLC	CAD	1,610,000	USD	1,264,961	$	1,283,185		06/15/16	$	18,225
	CHF	10,000	USD	10,428		10,445		06/15/16		17
	ILS	40,000	USD	10,663		10,714		06/15/16		52
	JPY	19,000,000	USD	174,278		178,795		06/15/16		4,517
	NOK	50,000	USD	6,158		6,208		06/15/16		50
	SEK	75,000	USD	9,300		9,355		06/15/16		55
	USD	62,389	AUD	80,000		60,710		06/15/16		1,679
	USD	65,793	HKD	510,000		65,776		06/15/16		17
	USD	29,916	SGD	40,000		29,711		06/15/16		206
TOTAL									$	24,818

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC	USD	2,093,069	AUD	2,880,000		2,185,573		06/15/16	$	(92,504	)
	USD	2,864,174	CHF	2,840,000		2,966,476		06/15/16		(102,302	)
	USD	607,420	DKK	4,150,000		639,391		06/15/16		(31,972	)
	USD	9,386,685	EUR	8,620,000		9,884,339		06/15/16		(497,655	)
	USD	6,124,557	GBP	4,345,000		6,349,548		06/15/16		(224,990	)
	USD	933,056	HKD	7,250,000		935,053		06/15/16		(1,997	)
	USD	206,107	ILS	800,000		214,285		06/15/16		(8,178	)
	USD	7,047,277	JPY	797,000,000		7,499,980		06/15/16		(452,703	)
	USD	178,625	NOK	1,550,000		192,461		06/15/16		(13,836	)
	USD	52,953	NZD	80,000		55,722		06/15/16		(2,769	)
	USD	891,253	SEK	7,650,000		954,221		06/15/16		(62,968	)
	USD	387,500	SGD	540,000		401,093		06/15/16		(13,595	)
TOTAL									$	(1,505,469	)

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index		106	June 2016	$	11,952,560	$	627,412
S&P Toronto Stock Exchange 60 Index		33	June 2016		4,280,242		17,599
TOTAL						$	645,011


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Assets and Liabilities

April 30, 2016 (Unaudited)



Assets:
Investments of unaffiliated issuers, at value (cost $115,867,848)	$	116,946,626
Investments of affiliated issuers, at value (cost $12,726,587)		12,726,587
Cash		2,702,093
Unrealized gain on forward foreign currency exchange contracts		24,818
Receivables:
Collateral on certain derivative contracts^(a)		2,451,711
Investments sold		962,564
Reimbursement from investment adviser		67,050
Dividends and interest		2,119
Total assets		135,883,568

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		1,505,469
Variation margin on certain derivative contracts		109,507
Payables:
Fund shares redeemed		700,000
Management fees		5,592
Transfer Agency fees		2,187
Investments purchased		2,119
Accrued expenses		75,040
Total liabilities		2,399,914

Net Assets:
Paid-in capital		133,893,129
Undistributed net investment income		23,194
Accumulated net realized loss		(675,807	)
Net unrealized gain		243,138
NET ASSETS	$	133,483,654
Shares Outstanding $0.001 par value (unlimited number of shares authorized):		14,178,882
Net asset value, offering and redemption price per share:		$9.41

(a)

Includes amount segregated for initial margin and/or collateral on forward and futures transactions of $1,610,000 and $841,711, respectively.


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statement of Operations

For the Six Months Ended April 30, 2016 (Unaudited)



Investment income:
Dividends — unaffiliated issuers	$	1,198,671
Dividends — affiliated issuers		7,931
Total investment income		1,206,602

Expenses:
Management fees		195,439
Professional fees		58,193
Printing and mailing costs		25,185
Custody, accounting and administrative services		17,657
Transfer Agency fees		13,029
Trustee fees		10,470
Other		9,837
Total expenses		329,810
Less — expense reductions		(202,183	)
Net expenses		127,627
NET INVESTMENT INCOME		1,078,975

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(232,251	)
Futures contracts		(365,765	)
Forward foreign currency exchange contracts		423,771
Net change in unrealized gain (loss) on:
Investments		(1,177,000	)
Futures contracts		248,323
Forward foreign currency exchange contracts		(1,626,534	)
Net realized and unrealized loss		(2,729,456	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,650,481	)


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Statements of Changes in Net Assets


	For the Six Months Ended April 30, 2016 (Unaudited)			For the Period Ended October 31, 2015^(a)
From operations:
Net investment income	$	1,078,975		$	298,117
Net realized loss		(174,245	)		(16,536	)
Net change in unrealized gain (loss)		(2,555,211	)		2,798,349
Net increase (decrease) in net assets resulting from operations		(1,650,481	)		3,079,930

Distributions to shareholders:
From net investment income		(1,511,756	)		—
From net realized gains		(327,168	)		—
Total distributions to shareholders		(1,838,924	)		—

From share transactions:
Proceeds from sales of shares		6,950,005			136,000,015
Reinvestment of distributions		1,838,924			—
Cost of shares redeemed		(8,800,005	)		(2,095,810	)
Net increase (decrease) in net assets resulting from share transactions		(11,076	)		133,904,205
TOTAL INCREASE (DECREASE)		(3,500,481	)		136,984,135

Net assets:
Beginning of period		136,984,135			—
End of period	$	133,483,654		$	136,984,135
Undistributed net investment income	$	23,194		$	455,975

(a)

Commenced operations on April 30, 2015.


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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 period		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 SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - Institutional Shares	$	9.68	$	0.08	$	(0.22	)	$	(0.14	)	$	(0.11	)	$	(0.02	)	$	(0.13	)

FOR THE PERIOD ENDED OCTOBER 31,
2015 - Institutional Shares (Commenced April 30,2015)		10.00		0.05		(0.37	)		(0.32	)		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

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

(d)

Annualized.

(e)

(f)

Portfolio Turnover rounds to less than 0.5%.


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

GOLDMAN SACHS GLOBAL MANAGED BETA 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)(d)			Ratio of total expenses to average net assets^(c)(d)			Ratio of net investment income to average net assets^(d)			Portfolio turnover rate^(e)

$	9.41		(1.41	)%	$	133,484		0.20	%		0.51	%		1.66	%		9	%


	9.68		(3.20	)		136,984		0.37			0.68			1.04			—	^(f)


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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Global Managed Beta Fund (the “Fund”) is a diversified fund that currently offers one class of shares — Institutional Shares. The Fund commenced operations on April 30, 2015. 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.

2. SIGNIFICANT ACCOUNTING POLICIES

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

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (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 Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

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 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:

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

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.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. Option Contracts — When the 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.

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. 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 GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of April 30, 2016:



GLOBAL MANAGED BETA FUND

Investment Type	Level 1		Level 2			Level 3
Assets
Exchange Traded Funds	$	115,297,020	$	—		$	—
Investment Company		12,726,587		—			—
Total	$	128,023,607	$	—		$	—

Derivative Type
Assets
Option Contracts Purchased	$	1,649,606	$	—		$	—
Forward Foreign Currency Exchange Contracts^(a)		—		24,818			—
Futures Contracts^(a)		645,011		—			—
Total	$	2,294,617	$	24,818		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(1,505,469	)	$	—

(a)

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

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

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of April 30, 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	Statement of Assets and Liabilities	Assets		Statement of Assets and Liabilities	Liabilities
Interest	Investment, at value	$	1,649,606	—	$	—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		24,818	Payable for unrealized loss on forward foreign currency exchange contracts		(1,505,469)
Equity	Variation margin on certain derivative contracts^(a)		645,011	—		—
Total		$	2,319,435		$	(1,505,469)

(a)

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

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 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 Statement of Operations:


Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest	Net realized gain (loss) from investment/ Net change in unrealized gain (loss) on investments	$	666,740		$	(436,469	)		16
Currency	Net realized gain (loss) from forward foreign currency exchange contracts and/ Net change in unrealized gain (loss) on forward foreign currency exchange contracts		423,771			(1,626,534	)		36
Equity	Net realized gain (loss) on futures contracts/ Net change in unrealized gain (loss) on futures contracts		(365,765	)		248,323			112
Total		$	724,746		$	(1,814,680	)		164

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2016.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the 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 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 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 Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

4. INVESTMENTS IN DERIVATIVES (continued)

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 April 30, 2016:


	Derivative Assets⁽¹⁾		Derivative Liabilities⁽¹⁾			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Forward Currency Contracts		Forward Currency Contracts			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Morgan Stanley & Co. International PLC	$	24,818	$	(1,505,469	)	$	(1,480,651	)	$	1,480,651	$	—
Total	$	24,818	$	(1,505,469	)	$	(1,480,651	)	$	1,480,651	$	—

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of 0.30% of the Institutional Shares Class’ average daily net assets.

GSAM has agreed to waive all management fees payable by the Fund. This arrangement will remain in place through at least February 26, 2017 and prior to such date GSAM may not terminate this arrangement without the approval of the Trustees. For the six months ended April 30, 2016, GSAM waived $195,439 in management fees.

The Fund invests in FST Institutional Shares of Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to reduce or limit “Other Expenses” in an amount equal to any management fee it earns as the investment adviser to any of the affiliated money market funds in which the Fund invest. These Other Expense limitations will remain in place through at least February 26, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

For the six months ended April 30, 2016 these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Management Fees		Other Expense Reimbursements		Total Expense Reimbursements
$	195,439	$	6,744	$	202,183

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

C. Line of Credit Facility — As of April 30, 2016, the Fund participated in a $1,205,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“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 six months ended April 30, 2016, the Fund did not have any borrowings under the facility. The facility was renewed in the amount of $1,100,000,000 effective May 3, 2016.

D. Other Transactions with Affiliates — For the six months ended April 30, 2016, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as Futures Commission Merchant, on behalf of the Fund.

The table below shows the transaction in and earnings from investments in the Underlying Fund For the six months ended April 30, 2016:

Underlying Fund

Market
Value
10/31/2015

Purchases

at Cost

Proceeds

from Sales

Market

Value
4/30/2016

Dividend
Income

Goldman Sachs Financial Square Government Fund

9,060,782

20,996,224

(17,330,419

)

12,726,587

7,931

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2016, were $11,071,613 and $15,350,937, respectively.

7. TAX INFORMATION

As of April 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Global Managed Beta
Tax Cost	$	128,594,435
Gross unrealized gain		2,606,450
Gross unrealized loss		(1,527,672	)
Net unrealized security gain	$	1,078,778

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to net mark-to-market gains/losses on regulated futures and options contracts, net mark-to-market gain/loss on foreign currency contracts.

GSAM has reviewed the Fund’s tax positions for the current open tax year 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 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 also can 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 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.

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.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

8. OTHER RISKS (continued)

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.

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.

Portfolio Concentration Risk — As a result of the Fund’s 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 or political development may affect the value of the Fund’s investments more than if its investments were not so concentrated.

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.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND

10. SUBSEQUENT EVENTS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Six Months Ended April 30, 2016 (Unaudited)						For the Period Ended October 31, 2015^(a)
	Shares			Dollars			Shares			Dollars

Institutional Shares
Shares sold		768,426		$	6,950,005			14,383,148		$	136,000,015
Reinvestment of distributions		195,312			1,838,924			—			—
Shares redeemed		(937,496	)		(8,800,005	)		(230,508	)		(2,095,810	)
NET INCREASE (DECREASE)		26,242		$	(11,076	)		14,152,640		$	133,904,205

(a)

Commenced operations on April 30, 2015.

GOLDMAN SACHS GLOBAL MANAGED BETA FUND


Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of Institutional Shares of the Fund, 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 Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

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 Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


Share Class	Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*
Institutional
Actual	$	1,000.00	$	985.90		$	0.99
Hypothetical 5% return		1,000.00		1,023.87	+		1.01

Expenses are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period ended April 30, 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 ratio for the period was 0.20%.

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.

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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 Fund⁸

Balanced Strategy Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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 a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (’’SEC’’) web site at http://www.sec.gov.

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Forms N-Qs. The Fund’s Forms N-Qs 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-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. Forms N-Qs 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).

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

Goldman Sachs Funds

LOGO



Semi-Annual Report				April 30, 2016

				International Equity Insights Funds
				Emerging Markets Equity Insights
				International Equity Insights
				International Small Cap Insights

LOGO

Goldman Sachs International Equity Insights Funds

EMERGING MARKETS EQUITY INSIGHTS

INTERNATIONAL EQUITY INSIGHTS

INTERNATIONAL SMALL CAP INSIGHTS


TABLE OF CONTENTS

Investment Process			1

Market Review			4

Portfolio Management Discussions and Performance Summaries			7

Schedules of Investments			24

Financial Statements			44

Financial Highlights			48

Notes to the Financial Statements			54

Other Information			72



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Goldman Sachs’ International Equity Insights Investment Process

LOGO

Comprehensive – We forecast returns on over 8,000 international stocks and 43 equity markets on a daily basis.

Rigorous – We evaluate stocks, countries and currencies based on fundamental investment criteria that have outperformed historically.

Objective – Our stock and equity market selection process is free from emotion that may lead to biased investment decisions.

LOGO

Our computer optimization process allocates risk to our high conviction investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns.

We use proprietary risk models that are designed to be more precise, more focused and faster to respond because they seek to identify, track and manage risk specific to our process, using daily data.

LOGO

Fully invested, well-diversified international portfolio that seeks to:

Blend top-down market views with bottom-up stock selection.

Maintain style, sector, risk and capitalization characteristics similar to the benchmark.

Achieve excess returns by taking many small diversified stock positions. Additionally, in the Goldman Sachs Emerging Markets Equity Insights Fund and the Goldman Sachs International Equity Insights Fund we take intentional country bets.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended April 30, 2016

We enhanced our Management theme in Europe and the emerging markets by expanding the scope of an existing signal that looks at managements’ personal transactions in the stock of their respective company. Corporate executives purchasing or selling shares can potentially signal their conviction in the company’s stock when assessed under the right circumstances. We obtain and analyze this information through regulatory filings for more than 7,500 companies globally. In addition, we expanded the scope of two signals within our global linkages theme. First, we extended a signal, which analyzes patent data to identify economically linked companies, to all investment regions. We now analyze about 40 million patents from various patent offices for more than 3,000 companies globally to establish the economic linkages between stocks of various industries. Second, we extended a signal that establishes economic linkages between companies in the automotive supply chain from Japan to the Europe investment region. We take a differentiated, region-specific approach and analyze the potential relationships between the stock returns of suppliers and manufacturers multiple levels down the supply chain. During the Reporting Period, we also extended a signal within our Profitability theme to the emerging markets and Japan investment regions. The signal analyzes web traffic data that we believe can potentially forecast corporate revenue growth. We analyze this information for about 4,000 companies spanning across various sectors. Furthermore, during the Reporting Period, we enhanced certain investment themes specific to our country/currency selection model. Specifically, we enhanced our Valuation theme with the addition of a residual income model-based valuation metric. We favor markets that generate higher earnings and are growing faster; we consider growth more valuable in markets with higher valuations. We also enhanced our Risk Premium theme by incorporating the change in forecasted earnings to price. We favor markets where forecasted earnings to price is increasing, as we consider this a proxy for higher distress risk (i.e., cheaper valuations) with positive premia.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Changes to the International Equity Insights Funds’ Portfolio Management Team

On February 5, 2016, Ron Hua, Chief Investment Officer of Equity Alpha Strategies for the Quantitative Investment Strategies (“QIS”) Team, announced his intention to retire from Goldman Sachs Asset Management, L.P. (“GSAM”). As such, effective that date, Mr. Hua no longer had portfolio management responsibilities for the International Equity Insights Funds (the “Funds”). Effective February 5, 2016, Armen Avanessians assumed the responsibilities as Chief Investment Officer of GSAM’s Equity Alpha Team, overseeing research, portfolio management and implementation for all of the Funds. As always, the Quantitative Investment Strategies platform is organized into a series of specialist portfolio management teams that focus on generating and implementing investment ideas within their area of expertise. Investment decisions are made by these portfolio management teams, rather than by one portfolio manager or committee. Ultimate accountability for each of the Funds resides with the senior portfolio managers dedicated to each Team strategy, who oversee their respective research, portfolio management and implementation processes.

MARKET REVIEW

Goldman Sachs International Equity

Insights Funds

Market Review

Emerging markets equities finished the six-month period ended April 30, 2016 (the “Reporting Period”) approximately where they started, while international developed markets equities declined.

Emerging Markets Equities

Emerging markets equities were roughly flat during the Reporting Period. The MSCI^® Emerging Markets Index (Net, USD, Unhedged) (the “MSCI^® EM Index”) posted a return of -0.13%.* While absolute returns were disappointing, emerging markets equities outpaced developed markets equities, as measured by the MSCI^® Europe, Australasia, Far East (“EAFE”) Index. Weakness in emerging market equities for most of the Reporting Period reflected concerns about slowing economic growth, particularly in China, and the impact of weak commodity prices, particularly oil prices.

There was broad emerging markets “risk off” sentiment in November 2015, as the Reporting Period began, on a combination of Federal Reserve (“Fed”) rate hike concerns and disappointing macroeconomic data and negative news flow from China. When the Fed finally hiked 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. (A basis point is 1/100th of a percentage point. Dovish language tends to suggest lower interest rates.)

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 Bank of Japan (“BoJ”) introduced negative interest rates in late January 2016 and the People’s Bank of China eased, 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 markets equities. Notably, the European Central Bank implemented heavy 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 sanguine 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 additional monetary stimulus.

Materials and energy were the best performing sectors in the MSCI^® EM Index during the Reporting Period, followed at some distance by consumer staples and utilities, the only other two sectors in the MSCI^® EM Index to post a positive absolute return during the Reporting Period. Health care and industrials were the weakest sectors in the MSCI^® EM Index during the Reporting Period, followed by information technology and consumer discretionary.

All index returns are expressed in U.S. dollar terms.

MARKET REVIEW

From a country perspective, Hungary, Brazil and Peru were by a wide margin the best performing individual country constituents of the MSCI^® EM Index for the Reporting Period. Turkey, Indonesia, Russia and Malaysia also notably outpaced the MSCI^® EM Index during the Reporting Period. Conversely, Greece was by far the weakest individual country constituent of the MSCI^® EM Index during the Reporting Period, followed at some distance by China, Qatar and India which also significantly lagged the MSCI^® EM Index during the Reporting Period.

International Equities

International equities lost ground during the Reporting Period. The MSCI^® EAFE Index posted a return of -3.07%.* Central bank policy, economic sluggishness, currency movements and oil price shifts were some of the biggest themes dominating the international equities markets.

After holding the targeted federal funds rate in September and October 2015, in light of external risks, 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. The BoJ announced supplementary support for its quantitative and qualitative easing programs. While the European Central Bank (“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. However, the MSCI^® EAFE Index still fell 1.83% in February 2016. In 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 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 sanguine 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. 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 first quarter U.S. Gross Domestic Product (“GDP”) release and an uneventful Fed meeting during which rates were left unchanged.

During the Reporting Period, materials, consumer staples, energy and industrials 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 financials and consumer discretionary, followed at some distance by health care.

All index returns are expressed in U.S. dollar terms.

MARKET REVIEW

From a country perspective, New Zealand was the strongest individual country constituent in the MSCI^® EAFE Index, followed by Australia and Denmark. Italy was the weakest individual country constituent in the MSCI^® EAFE Index during the Reporting Period, followed by Spain and Israel.

In the international small cap arena, equities provided a positive return during the Reporting Period, with the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) (“MSCI^® EAFE Small Cap Index”) gaining 2.46%. The strongest performing sectors in the MSCI^® EAFE Small Cap Index were consumer staples, health care and materials, while energy, telecommunication services and financials were the weakest performing sectors.

From a country perspective, New Zealand, Australia and Finland were the strongest performing individual country constituents in the MSCI^® EAFE Small Cap Index during the Reporting Period. Portugal, Hong Kong and the U.K. were the weakest performing individual country constituents in the MSCI^® EAFE Small Cap Index during the Reporting Period.

Looking Ahead

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

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity

Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Emerging Markets Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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, R and R6 Shares generated cumulative total returns, without sales charges, of -0.36%, -0.70%, -0.10%, -0.19%, -0.41% and -0.06%, respectively. These returns compare to the -0.13% cumulative total return of the Fund’s benchmark, the MSCI^® Emerging Markets Standard Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. During the Reporting Period, the Fund benefited from our stock selection strategy, which uses fundamental research and stock selection models based on six investment themes. However, it underperformed the Index, largely due to the underperformance of our Management theme. Our country/currency selection strategy contributed positively.

Which investment themes helped and which hurt within the Team’s stock selection strategy?

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

During the Reporting Period, four of our six investment themes added to the Fund’s relative returns. Valuation was our best performing theme. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Momentum, Sentiment and Quality also added to relative results. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality.

Our Management theme, which assesses the characteristics, policies and strategic decisions of company management, detracted from relative results during the Reporting Period.

The impact of our Profitability theme on relative performance was rather neutral during the Reporting Period. The Profitability theme assesses whether a company is earning more than its cost of capital.

How did the Fund’s sector and industry allocations affect relative results?

In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns.

PORTFOLIO RESULTS

Did stock selection help or hurt Fund performance during the Reporting Period?

During the Reporting Period, our stock selection added to the Fund’s relative performance. Investments in the energy, information technology and materials sectors contributed positively. Stock picks in the financials, consumer staples and health care sectors detracted from results.

Which stock positions contributed most to the Fund’s relative returns during the Reporting Period?

The Fund benefited from overweight positions in BM&F Bovespa, a Brazil-based stock exchange; Lotte Chemical, a South Korea-based chemical company; and Rosneft Oil, a Russia-based oil company. We chose to overweight BM&F Bovespa due to our positive views on Sentiment, Management and Momentum, while the overweight in Lotte Chemical was the result of our positive views on Momentum, Valuation and Quality. The Fund was overweight Rosneft Oil because of our positive views on Valuation, Quality and Sentiment.

Which Fund positions detracted most from results during the Reporting Period?

The Fund was hurt by overweight positions in JBS, People’s Insurance Company Group of China and Fubon Financial Holding. Our positive views on Valuation and Momentum led us to overweight JBS, a Brazil-based meat processing company. The overweight in People’s Insurance Company Group of China was based on our positive views on Sentiment and Valuation. We adopted the overweight in Taiwan-based Fubon Financial Holding as a result of our positive views on Valuation and Management.

What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

Our country/currency strategy enhanced relative performance during the Reporting Period. Overweight positions in Hungary, Turkey and Russia contributed positively. The Fund was hampered by underweight positions in Brazil and Malaysia, as well as by an overweight in Poland.

We made our picks using our proprietary models, which, during the Reporting Period, were based on three investment themes specific to our country/currency strategy—Valuation, Risk Premium and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Risk Premium evaluates whether a country is overcompensating investors for various types of risk. Macro assesses a market’s macroeconomic environment and growth prospects.

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

During the Reporting Period, the Fund did not use derivatives or similar instruments as part of its investment process.

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we increased the size of the Fund’s overweight position in China. We reduced the size of the Fund’s underweight positions in Malaysia and South Africa. In addition, we moved within the Fund from a neutral position compared to the Index in Taiwan to an underweight position and from an overweight position compared to the Index in Mexico to a neutral position. We also reduced the size of the Fund’s overweight in Turkey.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight relative to the Index in the energy, materials and industrials sectors. Compared to the Index, the Fund was underweight the telecommunication services, consumer discretionary, utilities, consumer staples and health care sectors. The Fund was relatively neutral compared to the Index in the information technology and financials sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight China, South Korea, Brazil, Turkey and Russia relative to the Index at the end of the Reporting Period. Compared to the Index, the Fund was underweight Taiwan, Malaysia, South Africa and Chile. The Fund was relatively neutral compared to the Index in Thailand, United Arab Emirates, Hungary, the Czech Republic, Indonesia, Egypt, Mexico, Greece, Peru, India, Colombia, Qatar, the Philippines and Poland at the end of the Reporting Period.

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI@ Emerging Markets Standard Index²
Class A		-0.36	%		-0.13	%
Class C		-0.70			-0.13
Institutional		-0.10			-0.13
Class IR		-0.19			-0.13
Class R		-0.41			-0.13
Class R6		-0.06			-0.13

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

The MSCI^® Emerging Markets Standard Index 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 Standard Index consists of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-14.32	%		-3.60	%		-2.44	%	10/5/07
Class C		-10.96			-3.26			-2.47		10/5/07
Institutional		-9.03			-2.14			-1.40		10/5/07
Class IR		-9.23			-2.31			1.85		8/31/10
Class R		-9.60			N/A			-1.96		2/28/14
Class R6		N/A			N/A			-6.97		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. These returns reflect a maximum initial sales charge of 5.5% 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, Class R6 and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.55	%		1.67	%
Class C		2.30			2.42
Institutional		1.15			1.27
Class IR		1.30			1.42
Class R		1.80			1.93
Class R6		1.14			1.28

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Total Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd.		2.8	%	Technology Hardware & Equipment	South Korea
Tencent Holdings Ltd.		2.8		Software & Services	China
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2.6		Semiconductors & Semiconductor Equipment	Taiwan
Baidu, Inc. ADR		2.3		Software & Services	China
China Mobile Ltd.		2.2		Telecommunication Services	Hong Kong
Industrial & Commercial Bank of China Ltd. Class H		2.2		Banks	China
POSCO		2.0		Materials	South Korea
Hon Hai Precision Industry Co. Ltd.		1.9		Technology Hardware & Equipment	Taiwan
Vanguard FTSE Emerging Markets Fund		1.8		Exchange Traded Fund	United States
Ultrapar Participacoes SA		1.8		Energy	Brazil

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2016

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.4% of the Fund’s net assets at April 30, 2016. 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.

PORTFOLIO RESULTS

Goldman Sachs International Equity Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -0.46%, -0.95%, -0.34%, -0.65%, -0.34%, -0.70% and -0.31%, respectively. These returns compare to the -3.07% cumulative total return of the Fund’s benchmark, the MSCI^® EAFE Standard Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. Our bottom-up stock selection strategy, which uses fundamental research and stock selection models based on six investment themes, added to relative performance during the Reporting Period. Our country/currency selection strategy also contributed positively.

Which investment themes helped and which hurt within the Team’s stock selection strategy?

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

During the Reporting Period, four of our six investment themes contributed positively to the Fund’s relative performance. Our best performing theme was Momentum. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment, Quality and Valuation also enhanced results. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Quality theme seeks to assess both firm and management quality. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Our Management theme, which assesses the characteristics, policies and strategic decisions of company management, detracted from relative results during the Reporting Period.

PORTFOLIO RESULTS

How did the Fund’s sector and industry allocations affect relative results?

Did stock selection help or hurt Fund performance during the Reporting Period?

During the Reporting Period, security selection bolstered the Fund’s relative returns. Stock picks in the consumer discretionary, financials and health care sectors added to relative performance. Holdings in the materials and energy sectors detracted from results.

Which stock positions contributed most to the Fund’s relative returns during the Reporting Period?

The Fund benefited from overweight positions in Actelion, a Switzerland-based pharmaceutical company, and Treasury Wine Estates, an Australian-based winemaking and distribution business. Our positive views on Sentiment and Valuation resulted in the Fund’s overweight in Actelion, while we assumed the overweight in Treasury Wine Estates due to our positive views on Momentum and Management. An underweight position in Japan-based Toyota Motor also added to relative performance. The Fund was underweight the stock because of our negative views on Quality and Sentiment.

Which Fund positions detracted most from results during the Reporting Period?

The Fund was hampered by overweight positions in Japan-based Mitsubishi UFJ Financial Group and in China Travel International Investment Hong Kong, which operates tourist attractions, golf clubs, hotels and other travel related activities. We adopted the overweight in Mitsubishi UFJ Financial Group based on our positive views on Valuation and Momentum. The Fund was overweight China Travel International Investment Hong Kong because of our positive views on Momentum and Valuation. An underweight position in Netherlands-headquartered oil and gas company Royal Dutch Shell also detracted from the Fund’s relative performance. We chose to underweight Royal Dutch Shell primarily as a result of our negative views on Sentiment.

What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

Our country/currency selection strategy enhanced Fund returns during the Reporting Period. Overweight positions in Denmark and Japan and an underweight in Italy added most to relative returns. The Fund was hurt by underweight positions in Australia and Belgium.

We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment themes specific to our country/currency strategy — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. Momentum favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s macroeconomic environment and growth prospects.

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

During the Reporting Period, we used financial futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of financial futures contracts. The use of these derivatives had a significantly negative impact on Fund results during the Reporting Period.

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we shifted within the Fund from a neutral position relative to the Index to an overweight position in Germany. We moved from an underweight to a neutral position in Switzerland. We also reduced the size of Fund’s underweight position in Australia. Furthermore, we substantially reduced the size of the Fund’s overweight positions compared to the Index in Japan and the Netherlands.

PORTFOLIO RESULTS

What were the Fund’s sector and country weightings at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the health care and materials sectors relative to the Index. Compared to the Index, the Fund was underweight the financials and utilities sectors. The Fund was relatively neutral compared to the Index in the industrials, telecommunication services, energy, consumer discretionary, information technology and consumer staples sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight relative to the Index in Germany, the Netherlands, Denmark, Japan, Sweden and Norway. Compared to the Index, the Fund was underweight in the U.K., Australia and Spain. The Fund was relatively neutral compared to the Index in Portugal, Switzerland, Hong Kong, Austria, France, New Zealand, Italy, Ireland, Belgium, Israel, Finland and Singapore.

FUND BASICS

International Equity Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® EAFE Standard Index (Net, USD, Unhedged)²
Class A		-0.46	%		-3.07	%
Class C		-0.95			-3.07
Institutional		-0.34			-3.07
Service		-0.65			-3.07
Class IR		-0.34			-3.07
Class R		-0.70			-3.07
Class R6		-0.31			-3.07

The unmanaged MSCI^® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2016, the MSCI^® EAFE Standard Index consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-6.55	%		1.37	%		0.87	%		2.87	%	8/15/97
Class C		-2.92			1.74			0.69			2.52		8/15/97
Institutional		-0.75			2.94			1.86			3.69		8/15/97
Service		-1.25			2.41			1.34			3.18		8/15/97
Class IR		-0.97			2.76			N/A			-1.14		11/30/07
Class R		-1.32			2.27			N/A			-1.59		11/30/07
Class R6		N/A			N/A			N/A			-6.03		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. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR, Class R6 and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.27	%		1.37	%
Class C		2.01			2.12
Institutional		0.87			0.97
Service		1.37			1.47
Class IR		1.01			1.13
Class R		1.52			1.62
Class R6		0.84			0.93

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Total Net Assets			Line of Business	Country
Roche Holding AG		2.5	%	Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
British American Tobacco PLC		2.3		Food, Beverage & Tobacco	United Kingdom
ING Groep NV CVA		1.6		Banks	Netherlands
Actelion Ltd. (Registered)		1.6		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
BP PLC ADR		1.4		Energy	United Kingdom
GlaxoSmithKline PLC ADR		1.4		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
BASF SE		1.4		Materials	Germany
Reckitt Benckiser Group PLC		1.4		Household & Personal Products	United Kingdom
Deutsche Telekom AG (Registered)		1.4		Telecommunication Services	Germany
Sanofi		1.3		Pharmaceuticals, Biotechnology & Life Sciences	France

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2016

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 3.4% of the Fund’s net assets at April 30, 2016. The above 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.

PORTFOLIO RESULTS

Goldman Sachs International Small Cap Insights Fund

Investment Objective

The Fund seeks long-term growth of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Small Cap Insights Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 R6 Shares generated cumulative total returns, without sales charges, of 2.05%, 1.58%, 2.18%, 2.10% and 2.40%, respectively. These returns compare to the 2.46% cumulative total return of the Fund’s benchmark, the MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) (the “Index”), during the same period.

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

During the Reporting Period, the Fund benefited from stock selection driven by our quantitative model, with four of our quantitative model’s six investment themes contributing positively to relative returns. However, the Fund underperformed the Index, largely because of the underperformance of our Management investment theme.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

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

During the Reporting Period, four of our six investment themes contributed positively to the Fund’s relative performance. Our best performing theme was Momentum. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment, Valuation and Quality also enhanced results. The Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Quality theme seeks to assess both firm and management quality.

Our Management theme, which assesses the characteristics, policies and strategic decisions of company management, detracted from relative results during the Reporting Period.

How did the Fund’s sector and industry allocations affect relative results?

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think

PORTFOLIO RESULTS

During the Reporting Period, security selection contributed positively. Investments in the consumer discretionary, information technology and financials sectors added to relative returns. Stock choices in the health care, consumer staples and industrials sectors detracted from results.

Which stock positions contributed most to the Fund’s relative results during the Reporting Period?

The Fund benefited from overweight positions in BE Semiconductor Industries, which is headquartered in the Netherlands and Switzerland; Georg Fischer, a Switzerland-based provider of piping systems, automotive components and machining solutions; and Advance Residence Investment, a Japan-based real estate investment trust. We chose to overweight BE Semiconductor Industries and Georg Fischer based on our positive views on Valuation and Sentiment. Our positive views on Momentum and Valuation led us to overweight Advance Residence Investment.

Which stock positions detracted most from the Fund’s relative returns during the Reporting Period?

The Fund was hurt by overweight positions in Japan Display, a liquid crystal display technology joint venture, and Regus, a Belgium-based operator of business centers around the world. We assumed the overweight in Japan Display due to our positive views on Valuation and Quality, while the overweight in Regus was the result of our positive views on Sentiment and Momentum. An underweight in Japan-based biopharmaceutical company Sosei Group also detracted from relative performance. The Fund was underweight the stock because of our negative views on Valuation and Momentum.

What impact did country selection have on the Fund’s relative performance during the Reporting Period?

To construct the portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocation; changes in its country weightings are generally the result of our stock picking. That said, the Fund benefited during the Reporting Period from its overweight positions relative to the Index in the Netherlands, Switzerland and Germany. Compared to the Index, the Fund was hampered by its underweight positions in the U.K. and New Zealand. Its overweight position in France also dampened relative performance. Security selection in all six countries added positively to returns.

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

During the Reporting Period, we used financial futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of financial futures contracts. The use of these derivatives had a negative impact on Fund results during the Reporting Period.

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we shifted within the Fund from neutral positions relative to the Index in the Netherlands and Italy to overweight positions. We also increased the size of the Fund’s overweight in Japan. In addition, we increased the size of the Fund’s underweight compared to the Index in the U.K., moved from a neutral position in France to an underweight position, and shifted from an overweight position in Spain to a neutral position.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the information technology, materials and consumer staples sectors relative to the Index. Compared to the Index, the Fund was underweight the financials, consumer discretionary and telecommunication services sectors. The Fund was relatively neutral compared to the Index in the energy, utilities, health care and industrials sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight Japan, Italy and the Netherlands relative to the Index. Compared to the Index, the Fund was underweight the U.K., Singapore, France and Hong Kong. The Fund was relatively neutral compared to the Index in Belgium, Germany, Norway, Sweden, Australia, Switzerland, Portugal, Spain, Denmark, Austria, Finland, New Zealand, Israel and Ireland at the end of the Reporting Period.

FUND BASICS

International Small Cap Insights Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			MSCI^® EAFE Small Cap Index (Net, USD, Unhedged)²
Class A		2.05	%		2.46	%
Class C		1.58			2.46
Institutional		2.18			2.46
Class IR		2.10			2.46
Class R6		2.40			2.46

The MSCI^® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. MSCI^® selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Five Years			Since Inception			Inception Date
Class A		-3.02	%		4.95	%		2.68	%	9/28/07
Class C		0.88			5.39			2.63		9/28/07
Institutional		3.17			6.59			3.79		9/28/07
Class IR		2.99			6.44			11.10		8/31/10
Class R6		N/A			N/A			-1.69		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. These returns reflect a maximum initial sales charge of 5.5% 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 R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.39	%
Class C		2.05			2.14
Institutional		0.90			0.99
Class IR		1.05			1.14
Class R6		0.90			0.96

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Total Net Assets			Line of Business	Country
Georg Fischer AG (Registered)		1.2	%	Capital Goods	Switzerland
Aurubis AG		1.0		Materials	Germany
OZ Minerals Ltd.		1.0		Materials	Australia
Advance Residence Investment Corp.		1.0		Real Estate Investment Trust	Japan
OKUMA Corp.		1.0		Capital Goods	Japan
Aperam SA		0.9		Materials	Luxembourg
Software AG		0.9		Software & Services	Germany
The Star Entertainment Group Ltd.		0.9		Consumer Services	Australia
Gerresheimer AG		0.9		Pharmaceuticals, Biotechnology & Life Sciences	Germany
BE Semiconductor Industries NV		0.9		Semiconductors & Semiconductor Equipment	Netherlands

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2016

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle). Investments in the securities lending reinvestment vehicle represented 6.0% of the Fund’s net assets at April 30, 2016. The above 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.

PORTFOLIO RESULTS

Index Definitions

The MSCI^® Emerging Markets Standard 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 MSCI^® EAFE^® Standard 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^® EAFE^® Small Cap Index is an equity index that captures small-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index covers approximately 14% 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.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 96.4%
	Brazil – 8.5%
	137,060	Banco Bradesco SA ADR (Banks)	$	1,023,838
	636,000	Banco do Brasil SA (Banks)		4,088,671
	414,800	Banco Santander Brasil SA ADR (Banks)^(a)		2,231,624
	364,500	BB Seguridade Participacoes SA (Insurance)		3,179,472
	1,295,100	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros (Diversified Financials)		6,469,381
	163,600	BTG Pactual Group (Diversified Financials)		934,721
	264,600	CCR SA (Transportation)		1,244,814
	604,400	CETIP SA - Mercados Organizados (Diversified Financials)		7,419,573
	551,900	Companhia Siderurgica Nacional SA (Materials)*		2,108,589
	549,200	Cosan SA Industria e Comercio (Energy)		5,084,402
	187,100	EDP - Energias do Brasil SA (Utilities)		696,338
	195,800	Grendene SA (Consumer Durables & Apparel)		967,258
	1,050,400	MRV Engenharia e Participacoes SA (Consumer Durables & Apparel)		3,671,093
	70,200	Multiplan Empreendimentos Imobiliarios SA (Real Estate)		1,203,254
	344,200	Multiplus SA (Media)		3,798,035
	500,500	Qualicorp SA (Health Care Equipment & Services)		2,168,336
	213,400	Smiles SA (Media)		2,475,732
	137,800	Sul America SA (Insurance)		671,120
	624,600	Ultrapar Participacoes SA (Energy)		13,152,150
	76,600	Vale SA ADR (Materials)^(a)		434,322

				63,022,723

	China – 22.9%
	19,953,000	Agricultural Bank of China Ltd. Class H (Banks)		7,201,297
	86,400	Baidu, Inc. ADR (Software & Services)*		16,787,520
	4,594,000	Bank of China Ltd. Class H (Banks)		1,860,086
	10,165,000	Bank of Communications Co. Ltd. Class H (Banks)		6,406,669
	10,311,000	China Communications Construction Co. Ltd. Class H (Capital Goods)		12,376,663
	13,817,000	China Construction Bank Corp. Class H (Banks)		8,775,550
	345,000	China Machinery Engineering Corp. Class H (Capital Goods)		234,392
	2,173,000	China Merchants Bank Co. Ltd. Class H (Banks)		4,760,232
	10,660,000	China Petroleum & Chemical Corp. Class H (Energy)		7,511,939

	Common Stocks – (continued)
	China – (continued)
	3,638,000	China Railway Construction Corp. Ltd. Class H (Capital Goods)	$	4,624,963
	766,000	China Railway Group Ltd. Class H (Capital Goods)		606,312
	3,042,000	China Southern Airlines Co. Ltd. Class H (Transportation)		1,907,465
	11,550,000	China Telecom Corp. Ltd. Class H (Telecommunication Services)		5,718,016
	1,647,700	China Vanke Co. Ltd. Class H (Real Estate)		4,112,701
	6,215,000	Chongqing Rural Commercial Bank Co. Ltd. Class H (Banks)		3,266,480
	4,543,000	CNOOC Ltd. (Energy)		5,612,065
	548,800	Dalian Wanda Commercial Properties Co. Ltd. Class H (Real Estate)^(b)		3,592,816
	3,868,000	Dongfeng Motor Group Co. Ltd. Class H (Automobiles & Components)		4,226,907
	7,532,000	Evergrande Real Estate Group Ltd. (Real Estate)		5,565,668
	1,234,400	Guangzhou R&F Properties Co. Ltd. Class H (Real Estate)		1,721,394
	30,778,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)		16,478,568
	50,500	NetEase, Inc. ADR (Software & Services)		7,105,350
	49,400	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)		1,934,504
	428,000	PetroChina Co. Ltd. Class H (Energy)		313,138
	2,038,000	PICC Property & Casualty Co. Ltd. Class H (Insurance)		3,707,280
	6,208,000	Sino-Ocean Land Holdings Ltd. Class H (Real Estate)		2,791,970
	532,000	Sinopec Engineering Group Co. Ltd. Class H (Capital Goods)		493,445
	1,024,600	Tencent Holdings Ltd. (Software & Services)		20,848,884
	9,970,000	The People’s Insurance Co. Group of China Ltd. Class H (Insurance)		4,009,589
	1,909,000	TravelSky Technology Ltd. Class H (Software & Services)		3,547,551
	594,000	Xinhua Winshare Publishing and Media Co. Ltd. Class H (Retailing)		552,919
	1,402,000	Zhejiang Expressway Co. Ltd. Class H (Transportation)		1,430,604

				170,082,937

	Czech Republic – 0.1%
	2,140	Komercni banka as (Banks)		440,135

	Hong Kong – 4.2%
	1,456,500	China Mobile Ltd. (Telecommunication Services)		16,721,745


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Hong Kong – (continued)
	1,598,000	China Overseas Land & Investment Ltd. (Real Estate)	$	5,072,479
	3,004,000	China Resources Land Ltd. (Real Estate)		7,379,893

	476,000	China Resources Power Holdings Co. Ltd. (Utilities)		801,702
	1,498,000	China Travel International Investment Hong Kong Ltd. (Consumer Services)		436,581
	801,000	Shimao Property Holdings Ltd. (Real Estate)		1,105,513

				31,517,913

	Hungary – 0.3%
	86,412	OTP Bank PLC (Banks)		2,289,666

	India – 7.4%
	677,964	Apollo Tyres Ltd. (Automobiles & Components)		1,631,107
	639,734	Ashok Leyland Ltd. (Capital Goods)		1,027,398
	35,275	Bajaj Auto Ltd. (Automobiles & Components)		1,322,818
	8,550	Bajaj Finance Ltd. (Diversified Financials)		879,038
	58,196	Bajaj Holdings & Investment Ltd. (Diversified Financials)		1,260,607
	282,944	Bharat Petroleum Corp. Ltd. (Energy)		4,168,013
	238,102	Cadila Healthcare Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,173,663
	351,322	Cairn India Ltd. (Energy)		767,272
	1,325,461	Dish TV India Ltd. (Media)*		1,804,451
	50,043	Divi’s Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		791,866
	11,701	Eicher Motors Ltd. (Capital Goods)		3,526,783
	16,070	Godrej Consumer Products Ltd. (Household & Personal Products)		319,655
	103,890	HCL Technologies Ltd. (Software & Services)		1,172,844
	538,063	Indian Oil Corp. Ltd. (Energy)		3,508,679
	510,053	Infosys Ltd. ADR (Software & Services)		9,588,996
	158,549	IRB Infrastructure Developers Ltd. (Capital Goods)		509,332
	1,109,617	ITC Ltd. (Food, Beverage & Tobacco)		5,432,349
	66,857	Mindtree Ltd. (Software & Services)		682,676
	4,283	MRF Ltd. (Automobiles & Components)		2,178,416
	20,716	Oracle Financial Services Software Ltd. (Software & Services)		1,125,275
	173,328	Rajesh Exports Ltd. (Consumer Durables & Apparel)		1,542,819
	34,919	Reliance Industries Ltd. (Energy)		516,224

	Common Stocks – (continued)
	India – (continued)
	171,281	Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	3,690,646
	422,450	Wipro Ltd. (Software & Services)		3,525,595
	98,400	WNS Holdings Ltd. ADR (Software & Services)*		3,118,296

				55,264,818

	Indonesia – 2.4%
	784,900	PT Bank Mandiri (Persero) Tbk (Banks)		570,563
	13,661,400	PT Bank Rakyat Indonesia (Persero) Tbk (Banks)		10,676,187
	392,500	PT Gudang Garam Tbk (Food, Beverage & Tobacco)		2,056,892
	228,800	PT Indofood CBP Sukses Makmur Tbk (Food, Beverage & Tobacco)		264,500
	735,700	PT Semen Indonesia (Persero) Tbk (Materials)*		549,924
	5,909,600	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)*		1,585,503
	479,500	PT Unilever Indonesia Tbk (Household & Personal Products)		1,544,361
	542,100	PT United Tractors Tbk (Capital Goods)		613,671

				17,861,601

	Luxembourg – 0.2%
	84,800	Ternium SA ADR (Materials)		1,730,768

	Malaysia – 1.3%
	143,200	British American Tobacco Malaysia Bhd (Food, Beverage & Tobacco)		1,681,816
	1,937,900	IOI Corp. Bhd (Food, Beverage & Tobacco)		2,187,931
	745,200	MISC Bhd (Transportation)		1,611,914
	3,056,600	Top Glove Corp Bhd (Health Care Equipment & Services)		3,878,248

				9,359,909

	Mexico – 3.9%
	1,819,400	Alfa SAB de CV Class A (Capital Goods)		3,419,970
	245,700	Alpek SAB de CV (Materials)		410,294
	454,100	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)		754,077
	66,370	Controladora Vuela Cia de Aviacion SAB de CV ADR (Transportation)*		1,385,806
	589,200	Grupo Aeroportuario del Centro Norte Sab de CV (Transportation)*		3,409,587
	39,530	Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation)		3,732,423
	332,000	Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation)		3,128,061


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Mexico – (continued)
	37,132	Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation)	$	5,712,387
	1,412,900	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		3,344,055
	574,900	PLA Administradora Industrial S de RL de CV (REIT)*		1,061,941
	187,600	Prologis Property Mexico SA de CV (REIT)*		295,499
	173,690	Promotora y Operadora de Infraestructura SAB de CV (Transportation)		2,202,743

				28,856,843

	Netherlands – 0.4%
	504,362	Steinhoff International Holdings NV (Consumer Durables & Apparel)		3,155,053

	Philippines – 0.7%
	50,870	Globe Telecom, Inc. (Telecommunication Services)		2,376,544
	82,760	Manila Electric Co. (Utilities)		605,369
	578,550	Universal Robina Corp. (Food, Beverage & Tobacco)		2,569,121

				5,551,034

	Poland – 0.3%
	4,269	mBank SA (Banks)*		360,643
	1,418,192	Polskie Gornictwo Naftowe i Gazownictwo SA (Energy)		1,888,965

				2,249,608

	Qatar – 0.3%
	272,286	Barwa Real Estate Co. (Real Estate)		2,504,428

	Russia – 5.1%
	288,864	Lukoil PJSC ADR (Energy)		12,307,809
	596,550	MMC Norilsk Nickel PJSC ADR (Materials)		8,815,389
	299,840	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)		473,255
	1,907,640	OAO Rosneft GDR (Energy)		10,469,338
	824,700	Sberbank of Russia PJSC (Banks)		1,574,455
	350,880	PAO Severstal GDR (Materials)		4,086,445

				37,726,691

	South Africa – 5.7%
	684,568	AngloGold Ashanti Ltd. ADR (Materials)*		11,261,144
	43,261	Barclays Africa Group Ltd. (Banks)		438,071
	774,666	Hyprop Investments Ltd. (REIT)		6,679,856
	74,104	JSE Ltd. (Diversified Financials)		859,799
	139,396	MTN Group Ltd. (Telecommunication Services)		1,459,268
	2,086,623	Redefine Properties Ltd. (REIT)		1,801,153
	95,171	Resilient REIT Ltd. (REIT)		909,275

	Common Stocks – (continued)
	South Africa – (continued)
	499,844	RMB Holdings Ltd. (Diversified Financials)	$	2,043,497
	274,964	Sasol Ltd. (Energy)		8,994,116
	868,668	Standard Bank Group Ltd. (Banks)		7,800,935

				42,247,114

	South Korea – 16.6%
	14,725	Daelim Industrial Co. Ltd. (Capital Goods)		1,165,316
	1,351	Dong-A Socio Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		219,746
	84,462	Hankook Tire Co. Ltd. (Automobiles & Components)		3,928,615
	98,355	Hanwha Chemical Corp. (Materials)		2,153,805
	119,740	Hanwha Life Insurance Co. Ltd. (Insurance)		700,670
	19,673	Hyosung Corp. (Materials)		2,104,808
	61,575	Hyundai Development Co. - Engineering & Construction (Capital Goods)		2,712,568
	6,110	Hyundai Steel Co. (Materials)		335,143
	196,962	Korea Electric Power Corp. (Utilities)		10,698,732
	11,987	Korea Petro Chemical Ind Co. Ltd. (Materials)		2,462,518
	435,589	Korea Real Estate Investment & Trust Co. Ltd. (Real Estate)		1,339,224
	844	Korea Zinc Co. Ltd. (Materials)		365,984
	12,408	KT Corp. (Telecommunication Services)		332,374
	75,412	KT&G Corp. (Food, Beverage & Tobacco)		8,124,524
	1,854	LG Chem Ltd. (Materials)		480,917
	7,887	LG Corp. (Capital Goods)		470,062
	159,501	LG Electronics, Inc. (Consumer Durables & Apparel)		8,116,193
	8,778	LG Household & Health Care Ltd. (Household & Personal Products)		7,728,749
	74,735	LG Uplus Corp. (Telecommunication Services)		733,132
	28,455	Lotte Chemical Corp. (Materials)		7,258,002
	1,841	NCSoft Corp. (Software & Services)		368,913
	138,485	Poongsan Corp. (Materials)		3,856,075
	69,302	POSCO (Materials)		14,519,827
	19,373	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)		21,113,308
	4,274	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)		1,101,766
	24,374	Samsung Life Insurance Co. Ltd. (Insurance)		2,338,250
	273,384	Shinhan Financial Group Co. Ltd. (Banks)		10,023,883
	3,773	SK Holdings Co. Ltd. (Capital Goods)		739,468


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	South Korea – 16.6%
	251,511	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)	$	6,169,014
	13,739	SK Innovation Co. Ltd. (Energy)		1,855,554

				123,517,140

	Taiwan – 8.6%
	626,000	Elite Material Co. Ltd. (Technology Hardware & Equipment)		1,113,461
	227,000	Farglory Land Development Co. Ltd. (Real Estate)		271,498
	332,000	Formosa Petrochemical Corp. (Energy)		941,673
	5,188,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)		6,284,322
	930,000	Getac Technology Corp. (Technology Hardware & Equipment)		626,761
	5,982,000	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)		14,249,514
	359,000	Kung Long Batteries Industrial Co. Ltd. (Capital Goods)		1,480,501
	737,000	Lite-On Technology Corp. (Technology Hardware & Equipment)		895,175
	1,220,000	Micro-Star International Co. Ltd. (Technology Hardware & Equipment)		1,941,769
	196,000	Namchow Chemical Industrial Co. Ltd. (Food, Beverage & Tobacco)		363,137
	552,000	Nien Hsing Textile Co. Ltd. (Consumer Durables & Apparel)		405,185
	979,000	Powertech Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,975,821
	79,000	Sitronix Technology Corp. (Semiconductors & Semiconductor Equipment)		230,352
	106,000	Standard Foods Corp. (Food, Beverage & Tobacco)		256,586
	985,000	Systex Corp. (Software & Services)*		1,653,337
	825,000	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		19,461,750
	4,818,000	Uni-President Enterprises Corp. (Food, Beverage & Tobacco)		8,673,316
	1,674,000	Win Semiconductors Corp. (Semiconductors & Semiconductor Equipment)		3,143,428

				63,967,586

	Thailand – 3.1%
	879,600	Airports of Thailand PCL (Transportation)		9,860,912

	Common Stocks – (continued)
	Thailand – (continued)
	1,744,200	CP ALL PCL (Food & Staples Retailing)	$	2,280,413
	38,794,400	IRPC PCL (Energy)		5,652,622
	249,800	PTT PCL (Energy)		2,169,335
	1,578,900	Thai Oil PCL (Energy)		2,978,191
	15,100	The Siam Cement PCL (Registered) (Materials)		210,592

				23,152,065

	Turkey – 3.0%
	529,504	Akbank TAS (Banks)		1,626,969
	903,642	Arcelik AS (Consumer Durables & Apparel)		6,066,814
	2,718,518	Eregli Demir ve Celik Fabrikalari TAS (Materials)		4,534,684
	107,228	Ford Otomotiv Sanayi AS (Automobiles & Components)		1,441,474
	364,596	Koza Altin Isletmeleri AS (Materials)*		2,386,795
	461,135	TAV Havalimanlari Holding AS (Transportation)		2,687,288
	92,102	Tupras Turkiye Petrol Rafinerileri AS (Energy)		2,429,233
	39,389	Turk Traktor ve Ziraat Makineleri AS (Capital Goods)		1,166,441

				22,339,698

	United Arab Emirates – 1.4%
	1,746,245	Aldar Properties PJSC (Real Estate)		1,286,536
	3,560,135	DAMAC Properties Dubai Co. PJSC (Real Estate)		2,481,634
	1,266,436	Dubai Islamic Bank PJSC (Banks)		1,998,794
	2,327,720	Emaar Properties PJSC (Real Estate)		4,259,887

				10,026,851

	TOTAL COMMON STOCKS
	(Cost $671,203,030)		$	716,864,581


Shares	Description	Rate			Value

Preferred Stocks – 0.7%
Brazil – 0.4%
280,000	Braskem SA Class A (Materials)		1.257	%	$	1,998,692
38,600	Companhia Paranaense de Energia (Utilities)		0.495			317,734
138,200	Vale SA (Materials)		0.374			632,483

						2,948,909


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares	Description	Rate			Value

Preferred Stocks – (continued)
South Korea – 0.3%
4,991	LG Household & Health Care Ltd. (Household & Personal Products)		5,550	%	$	2,571,553

TOTAL PREFERRED STOCKS
(Cost $4,206,828)					$	5,520,462


Shares		Description	Value

	Exchange Traded Fund^(a) – 1.8%
	United States – 1.8%
	388,886	Vanguard FTSE Emerging Markets Fund	$	13,583,788
	(Cost $12,977,166)


Units	Description	Expiration Month		Value

*Warrant – 0.0%**
Thailand – 0.0%
1,567,600	BTS Group Holdings PCL (Transportation)		11/18	$	34,556
(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $688,387,024)				$	736,003,387


Shares		Distribution Rate			Value

	Securities Lending Reinvestment Vehicle^(c)(d) – 0.4%
	Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
	2,728,800		0.427	%	$	2,728,800
	(Cost $2,728,800)

	TOTAL INVESTMENTS – 99.3%
	(Cost $691,115,824)				$	738,732,187

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%					5,202,494

	NET ASSETS – 100.0%				$	743,934,681


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $3,592,816, which represents approximately 0.5% of net assets as of April 30, 2016.
(c)		Represents an affiliated issuer.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 95.5%
	Australia – 5.6%
	717,972	AMP Ltd. (Insurance)	$	3,190,314
	139,762	Australian Pharmaceutical Industries Ltd. (Health Care Equipment & Services)		207,610
	474,042	BHP Billiton PLC (Materials)		6,477,544
	341,597	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		2,225,499
	46,504	Domino’s Pizza Enterprises Ltd. (Consumer Services)		2,178,087
	107,763	Iluka Resources Ltd. (Materials)		523,018
	97,373	JB Hi-Fi Ltd. (Retailing)^(a)		1,619,923
	412,818	Northern Star Resources Ltd. (Materials)		1,227,844
	221,052	Oil Search Ltd. (Energy)		1,171,958
	1,095,305	OZ Minerals Ltd. (Materials)		4,862,740
	1,700,558	Qantas Airways Ltd. (Transportation)*		4,146,356
	601,682	Regis Resources Ltd. (Materials)		1,338,179
	148,618	Sandfire Resources NL (Materials)		664,499
	175,469	Scentre Group (REIT)		622,831
	94,697	St. Barbara Ltd. (Materials)*		168,508
	47,410	The Reject Shop Ltd. (Retailing)		446,466
	1,085,437	The Star Entertainment Grp Ltd. (Consumer Services)		4,634,789
	733,260	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		5,163,070

				40,869,235

	Austria – 0.3%
	45,488	OMV AG (Energy)		1,368,736
	4,060	Strabag SE (Capital Goods)		127,612
	19,687	voestalpine AG (Materials)		710,403

				2,206,751

	Belgium – 0.9%
	3,914	Befimmo SA (REIT)		261,779
	2,809	Bekaert SA NV (Materials)		123,706
	31,351	bpost SA (Transportation)		885,340
	3,661	Melexis NV (Semiconductors & Semiconductor Equipment)		202,614
	64,086	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)		4,807,038

				6,280,477

	China – 0.1%
	509,500	Fosun International Ltd. (Capital Goods)		703,985

	Denmark – 3.5%
	284,234	Danske Bank A/S (Banks)		8,042,278
	29,759	NKT Holding A/S (Capital Goods)		1,696,692
	87,220	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		4,869,876
	7,633	Royal Unibrew A/S (Food, Beverage & Tobacco)		344,867

	Common Stocks – (continued)
	Denmark – (continued)
	679,080	TDC A/S (Telecommunication Services)	$	3,477,075
	100,088	Vestas Wind Systems A/S (Capital Goods)		7,164,508

				25,595,296

	Finland – 0.1%
	10,609	Cramo OYJ (Capital Goods)		212,590
	30,483	Finnair OYJ (Transportation)*		181,504
	4,443	Kone OYJ Class B (Capital Goods)		203,011
	45,333	Ramirent OYJ (Capital Goods)		317,088

				914,193

	France – 9.9%
	1,909	Alten SA (Software & Services)		117,870
	237,452	AXA SA (Insurance)		5,995,567
	141,444	BNP Paribas SA (Banks)		7,490,721
	17,316	Coface SA (Insurance)		139,872
	53,427	Compagnie Generale des Etablissements Michelin Class B (Automobiles & Components)		5,580,453
	1,071	Gecina SA (REIT)		154,770
	363,081	Orange SA (Telecommunication Services)		6,032,203
	35,108	Publicis Groupe SA (Media)		2,598,105
	56,208	Renault SA (Automobiles & Components)		5,423,385
	44,387	Safran SA (Capital Goods)		3,060,023
	111,190	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		9,165,009
	98,896	Schneider Electric SE (Capital Goods)*		6,466,571
	77,488	SCOR SE (Insurance)^(a)		2,639,682
	150,757	Societe Generale SA (Banks)		5,931,861
	11,847	UBISOFT Entertainment (Software & Services)*		343,860
	17,258	Unibail-Rodamco SE (REIT)		4,625,925
	31,310	Valeo SA (Automobiles & Components)		4,966,359
	312,150	Vallourec SA (Energy)^(a)		1,625,532

				72,357,768

	Germany – 10.9%
	3,271	Allianz SE (Registered) (Insurance)		556,488
	42,104	Aurubis AG (Materials)		2,288,191
	121,843	BASF SE (Materials)		10,080,167
	19,320	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		2,232,753
	3,705	Bechtle AG (Software & Services)		387,487
	29,560	Continental AG (Automobiles & Components)		6,509,508
	29,967	Covestro AG (Materials)*^(b)		1,185,453
	561,286	Deutsche Telekom AG (Registered) (Telecommunication Services)		9,852,492
	56,219	Evotec AG (Pharmaceuticals, Biotechnology & Life Sciences)*		224,445


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Germany – (continued)
	2,485	Fresenius Medical Care AG & Co. KGaA (Health Care Equipment & Services)	$	216,287
	112,280	Fresenius SE & Co. KGaA (Health Care Equipment & Services)		8,187,259
	39,528	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		2,948,060
	21,896	Hannover Rueck SE (Insurance)		2,503,172
	453,509	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		6,470,474
	29,471	Jenoptik AG (Technology Hardware & Equipment)		461,035
	17,241	Linde AG (Materials)		2,637,907
	46,310	Metro AG (Food & Staples Retailing)		1,477,459
	36,149	Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance)		6,720,303
	16,944	OSRAM Licht AG (Capital Goods)		884,798
	2,250	Pfeiffer Vacuum Technology AG (Capital Goods)		242,347
	107,533	ProSiebenSat.1 Media SE (Registered) (Media)		5,493,324
	51,804	Siemens AG (Registered) (Capital Goods)		5,421,198
	57,913	Software AG (Software & Services)		2,217,052

				79,197,659

	Hong Kong – 3.3%
	1,783,500	BOC Hong Kong Holdings Ltd. (Banks)		5,327,134
	61,000	Cathay Pacific Airways Ltd. (Transportation)		97,255
	7,548,000	China Travel International Investment Hong Kong Ltd. (Consumer Services)		2,199,811
	743,000	CLP Holdings Ltd. (Utilities)		6,869,049
	56,000	Hang Lung Group Ltd. (Real Estate)		171,767
	52,800	Jardine Strategic Holdings Ltd. (Capital Goods)		1,533,114
	624,000	New World Development Co. Ltd. (Real Estate)		620,636
	127,000	NWS Holdings Ltd. (Capital Goods)		192,906
	216,000	Sino Land Co. Ltd. (Real Estate)		339,108
	249,500	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		935,293
	560,000	Wheelock & Co. Ltd. (Real Estate)		2,592,580
	740,500	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		2,697,214

				23,575,867

	Italy – 1.6%
	12,877	De’ Longhi SpA (Consumer Durables & Apparel)		297,277
	394,622	Eni SpA (Energy)		6,446,911
	78,357	Prysmian SpA (Capital Goods)		1,853,836

	Common Stocks – (continued)
	Italy – (continued)
	24,513	Recordati SpA (Pharmaceuticals, Biotechnology & Life Sciences)	$	623,756
	92,115	Salini Impregilo SpA (Capital Goods)		404,010
	1,142,931	Saras SpA (Energy)*		1,996,343

				11,622,133

	Japan – 22.6%
	51,800	Aeon Mall Co. Ltd. (Real Estate)		712,413
	45,200	Amada Holdings Co. Ltd. (Capital Goods)		454,101
	10,100	Asatsu-DK, Inc. (Media)		250,794
	453,900	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		6,119,749
	32,500	Central Japan Railway Co. (Transportation)		5,693,213
	166,900	Chubu Electric Power Co., Inc. (Utilities)		2,198,434
	36,000	Daito Trust Construction Co. Ltd. (Real Estate)		5,091,561
	230,100	Daiwa House Industry Co. Ltd. (Real Estate)		6,147,520
	24,600	DCM Holdings Co. Ltd. (Retailing)		185,978
	6,000	Doshisha Co. Ltd. (Retailing)		112,654
	7,900	Dydo Drinco, Inc. (Food, Beverage & Tobacco)		398,983
	5,900	Foster Electric Co. Ltd. (Consumer Durables & Apparel)		122,765
	16,700	Geo Holdings Corp. (Retailing)		275,799
	232,000	Gree, Inc. (Software & Services)		1,300,206
	14,000	Heiwa Corp. (Consumer Durables & Apparel)		294,080
	174,700	Iida Group Holdings Co. Ltd. (Consumer Durables & Apparel)		3,262,714
	32,600	IT Holdings Corp. (Software & Services)		770,393
	150,200	Itochu Techno-Solutions Corp. (Software & Services)		2,943,370
	117,700	Japan Airlines Co. Ltd. (Transportation)		4,236,528
	33,000	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,802,894
	183,300	KDDI Corp. (Telecommunication Services)		5,280,091
	183,800	Kinden Corp. (Capital Goods)		2,158,767
	8,100	Kokuyo Co. Ltd. (Commercial & Professional Services)		106,121
	89,300	Konica Minolta, Inc. (Technology Hardware & Equipment)		770,799
	15,000	Maeda Road Construction Co. Ltd. (Capital Goods)		273,275
	132,000	Makino Milling Machine Co. Ltd. (Capital Goods)		793,048
	5,300	Mandom Corp. (Household & Personal Products)		239,879


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	816,700	Marubeni Corp. (Capital Goods)	$	4,335,254
	53,400	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		2,613,763
	35,500	Miraca Holdings, Inc. (Health Care Equipment & Services)		1,508,648
	909,800	Mitsubishi Chemical Holdings Corp. (Materials)		4,747,827
	327,400	Mitsubishi Corp. (Capital Goods)		5,503,137
	311,700	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		5,549,664
	1,582,200	Mitsubishi UFJ Financial Group, Inc. (Banks)		7,301,561
	466,100	Mitsui & Co. Ltd. (Capital Goods)		5,693,524
	30,000	Mitsui Fudosan Co. Ltd. (Real Estate)		732,673
	35,700	Nexon Co. Ltd. (Software & Services)		536,049
	752,000	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		3,981,412
	99,800	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		4,466,083
	251,100	Nippon Television Holdings, Inc. (Media)		4,044,721
	118,200	Nipro Corp. (Health Care Equipment & Services)		1,151,440
	157,000	Nishimatsu Construction Co. Ltd. (Capital Goods)		685,599
	176,300	NTT DOCOMO, Inc. (Telecommunication Services)		4,228,376
	119,000	OKUMA Corp. (Capital Goods)		928,397
	528,500	ORIX Corp. (Diversified Financials)		7,475,599
	5,200	Paltac Corp. (Retailing)		92,294
	118,700	Sankyo Co. Ltd. (Consumer Durables & Apparel)		4,494,119
	55,300	Seino Holdings Co. Ltd. (Transportation)		562,037
	393,300	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		4,915,493
	22,300	Sekisui House Ltd. (Consumer Durables & Apparel)		387,202
	4,800	Shimachu Co. Ltd. (Retailing)		111,715
	17,500	SoftBank Group Corp. (Telecommunication Services)		940,984
	16,900	Square Enix Holdings Co. Ltd. (Software & Services)		432,637
	1,106,000	Sumitomo Chemical Co. Ltd. (Materials)		4,998,923
	515,700	Sumitomo Corp. (Capital Goods)		5,452,115
	204,100	Sumitomo Mitsui Financial Group, Inc. (Banks)		6,141,720
	56,100	Tadano Ltd. (Capital Goods)		535,334
	19,100	TDK Corp. (Technology Hardware & Equipment)		1,117,615
	588,000	Teijin Ltd. (Materials)		2,105,182
	44,000	The Nishi-Nippon City Bank Ltd. (Banks)		79,387

	Common Stocks – (continued)
	Japan – (continued)
	53,100	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	$	3,509,496
	1,148,000	Tokyo Gas Co. Ltd. (Utilities)		5,066,899
	519,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		4,437,646
	56,000	Tosoh Corp. (Materials)		255,963
	5,700	Toyota Motor Corp. (Automobiles & Components)		288,932
	33,100	Wacom Co. Ltd. (Technology Hardware & Equipment)^(a)		137,599
	19,000	West Japan Railway Co. (Transportation)		1,146,958
	15,500	Yamato Kogyo Co. Ltd. (Materials)		363,855

				165,053,961

	Luxembourg – 0.4%
	60,206	Aperam SA (Materials)		2,370,156
	2,019	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		749,101

				3,119,257

	Netherlands – 3.2%
	48,762	ASM International NV (Semiconductors & Semiconductor Equipment)		1,991,816
	61,440	Boskalis Westminster (Capital Goods)		2,562,235
	53,998	Heineken Holding NV (Food, Beverage & Tobacco)		4,457,898
	937,141	ING Groep NV CVA (Banks)		11,483,181
	11,096	NXP Semiconductors NV (Semiconductors & Semiconductor Equipment)*		946,267
	37,407	Royal Dutch Shell PLC Class A (Energy)		988,213
	39,813	Royal Dutch Shell PLC Class B (Energy)		1,045,285

				23,474,895

	New Zealand – 0.1%
	129,611	Auckland International Airport Ltd. (Transportation)		555,995
	20,996	EBOS Group Ltd. (Health Care Equipment & Services)		233,851

				789,846

	Norway – 1.7%
	11,720	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		571,994
	1,335,540	Norsk Hydro ASA (Materials)^(a)		5,810,913
	626,807	Orkla ASA (Food, Beverage & Tobacco)		5,471,982
	35,339	Tomra Systems ASA (Commercial & Professional Services)		410,514

				12,265,403


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Portugal – 0.7%
	348,613	Galp Energia SGPS SA (Energy)	$	4,789,743

	Singapore – 0.3%
	64,800	Singapore Airlines Ltd. (Transportation)		553,164
	234,700	Venture Corp. Ltd. (Technology Hardware & Equipment)		1,459,509

				2,012,673

	South Africa – 0.5%
	190,484	Mondi PLC (Materials)		3,648,634

	Spain – 1.8%
	387,526	Banco Bilbao Vizcaya Argentaria SA (Banks)		2,663,003
	1,188,640	Banco Santander SA (Banks)		6,036,297
	78,384	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)		1,709,022
	195,454	Repsol SA (Energy)		2,575,392

				12,983,714

	Sweden – 3.9%
	30,040	Atlas Copco AB Class A (Capital Goods)^(a)		778,254
	310,036	Boliden AB (Materials)^(a)		5,422,635
	16,898	Dios Fastigheter AB (Real Estate)		123,662
	209,197	Electrolux ABSeries B (Consumer Durables & Apparel)		6,079,205
	104,181	Granges AB (Materials)		769,218
	15,238	Hemfosa Fastigheter AB (Real Estate)		158,962
	43,695	Intrum Justitia AB (Commercial & Professional Services)		1,570,678
	34,943	Inwido AB (Capital Goods)		440,224
	32,298	Loomis AB Class B (Commercial & Professional Services)		897,148
	374,083	Nordea Bank AB (Banks)		3,636,141
	148,965	Svenska Cellulosa AB SCA Class B (Household & Personal Products)		4,700,089
	129,138	Swedish Match AB (Food, Beverage & Tobacco)^(a)		4,101,661

				28,677,877

	Switzerland – 8.8%
	99,012	ABB Ltd. (Registered) (Capital Goods)*		2,096,112
	69,869	Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		11,324,375
	51,191	Ascom Holding AG (Registered) (Technology Hardware & Equipment)		838,868
	4,140	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)*		276,201
	2,616	Bobst Group SA (Registered) (Capital Goods)		142,894

	Common Stocks – (continued)
	Switzerland – (continued)
	2,098	dorma+kaba Holding AG (Registered) Class B (Commercial & Professional Services)	$	1,362,397
	898	Flughafen Zuerich AG (Registered) (Transportation)*		824,962
	455	Forbo Holding AG (Registered) (Consumer Durables & Apparel)*		554,397
	5,969	Georg Fischer AG (Registered) (Capital Goods)		4,852,936
	36,656	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		6,113,795
	1,050	Mobimo Holding AG (Registered) (Real Estate)*		240,590
	44,841	Nestle SA (Registered) (Food, Beverage & Tobacco)		3,346,918
	28,833	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		2,194,257
	4,116	Partners Group Holding AG (Diversified Financials)		1,697,598
	1,292	Rieter Holding AG (Registered) (Capital Goods)*		267,821
	73,269	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		18,537,733
	152	Schweiter Technologies AG (Capital Goods)		143,772
	626	Sika AG (Materials)		2,667,978
	77,585	Swiss Re AG (Insurance)		6,895,646

				64,379,250

	United Kingdom – 15.3%
	449,382	3i Group PLC (Diversified Financials)		3,116,947
	150,521	Amec Foster Wheeler PLC (Energy)		1,090,714
	212,741	Anglo American PLC (Materials)		2,379,566
	15,831	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		908,265
	128,102	AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		3,709,834
	489,992	Beazley PLC (Insurance)*		2,335,450
	86,853	Berkeley Group Holdings PLC (Consumer Durables & Apparel)		3,805,940
	41,613	Booker Group PLC (Food & Staples Retailing)		98,678
	314,403	BP PLC ADR (Energy)		10,557,653
	276,790	British American Tobacco PLC (Food, Beverage & Tobacco)		16,876,464
	509,414	BT Group PLC (Telecommunication Services)		3,302,057
	344,517	CNH Industrial NV (Capital Goods)^(a)		2,648,607
	9,710	Derwent London PLC (REIT)		466,684
	10,070	Dialog Semiconductor PLC (Semiconductors & Semiconductor Equipment)*		351,206


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	352,729	Dixons Carphone PLC (Retailing)	$	2,195,720
	235,946	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		10,124,443
	7,907	Hill & Smith Holdings PLC (Materials)		107,850
	1,066,383	HSBC Holdings PLC (Banks)		7,066,788
	110,241	Imperial Brands PLC (Food, Beverage & Tobacco)		5,994,158
	148,656	Inchcape PLC (Retailing)		1,474,519
	628,965	Man Group PLC (Diversified Financials)		1,360,439
	100,659	Meggitt PLC (Capital Goods)		605,198
	14,406	Micro Focus International PLC (Software & Services)		322,226
	56,381	National Grid PLC (Utilities)		804,478
	183,097	Prudential PLC (Insurance)		3,614,249
	102,714	Reckitt Benckiser Group PLC (Household & Personal Products)		10,006,284
	311,008	RELX NV (Media)		5,222,937
	143,376	Severn Trent PLC (Utilities)		4,674,107
	52,453	Unilever NV CVA (Household & Personal Products)		2,304,252
	77,218	Unilever PLC (Household & Personal Products)		3,450,245
	3,618	Unilever PLC ADR (Household & Personal Products)		162,304
	105,587	William Hill PLC (Consumer Services)		483,411

				111,621,673

	TOTAL COMMON STOCKS
	(Cost $663,003,023)		$	696,140,290


Shares	Description	Rate			Value
Preferred Stocks – 0.9%
Germany – 0.9%
58,901	Henkel AG & Co. KGaA (Household & Personal Products)		1.470	%	$	6,727,604
946	Sartorius AG (Health Care Equipment & Services)		1.520			233,778

TOTAL PREFERRED STOCKS
(Cost $6,292,870)					$	6,961,382

Units	Description	Expiration Month			Value
*Right – 0.0%**
Sweden – 0.0%
15,238	Hemfosa Fastigheter AB (Real Estate)		05/16		$	5,503
(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $669,295,893)					$	703,107,175


Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(c)(d) – 3.4%
	Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
	24,797,079	0.427%	$	24,797,079
	(Cost $24,797,079)

	TOTAL INVESTMENTS – 99.8%
	(Cost $694,092,972)		$	727,904,254

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			1,377,027

	NET ASSETS – 100.0%		$	729,281,281


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $1,185,453, which represents approximately 0.2% of net assets as of April 30, 2016.
(c)		Represents an affiliated issuer.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.



Investment Abbreviations:
ADR		—American Depositary Receipt
CVA		—Dutch Certification
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

XXXXXXXX

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		187	June 2016	$	6,374,482	$	(79,377	)
FTSE 100 Index		34	June 2016		3,086,066		57,525
Hang Seng Index		2	May 2016		268,845		(4,973	)
MSCI Singapore Index		9	May 2016		212,745		(4,851	)
SPI 200 Index		13	June 2016		1,292,652		17,757
TSE TOPIX Index		24	June 2016		2,992,105		(52,929	)
TOTAL						$	(66,848	)


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.1%
	Australia – 5.9%
	2,063,553	Australian Pharmaceutical Industries Ltd. (Health Care Equipment & Services)	$	3,065,321
	551,927	BlueScope Steel Ltd. (Materials)		2,694,702
	464,810	BT Investment Management Ltd. (Diversified Financials)		3,472,576
	2,652,626	Investa Office Fund (REIT)		8,375,721
	817,605	JB Hi-Fi Ltd. (Retailing)^(a)		13,601,892
	139,874	Macquarie Atlas Roads Group (Transportation)		515,530
	213,850	Magellan Financial Group Ltd. (Diversified Financials)		3,469,026
	1,084,690	Northern Star Resources Ltd. (Materials)		3,226,191
	3,514,420	OZ Minerals Ltd. (Materials)		15,602,696
	2,583,866	Pacific Brands Ltd. (Retailing)		2,233,032
	858,590	Pact Group Holdings Ltd. (Materials)		3,363,150
	2,052,316	Regis Resources Ltd. (Materials)		4,564,482
	402,146	SAI Global Ltd. (Commercial & Professional Services)		1,111,094
	1,968,575	Sandfire Resources NL (Materials)		8,801,864
	1,504,185	St. Barbara Ltd. (Materials)*		2,676,615
	3,359,126	The Star Entertainment Group Ltd. (Consumer Services)		14,343,384

				91,117,276

	Austria – 0.7%
	385,993	BUWOG AG (Real Estate)*		8,125,697
	22,652	Lenzing AG (Materials)		1,755,202
	12,433	Porr AG (Capital Goods)		393,603
	47,174	S IMMO AG (Real Estate)*		463,016

				10,737,518

	Belgium – 2.6%
	399,433	Agfa-Gevaert NV (Health Care Equipment & Services)*		1,588,269
	19,136	Barco NV (Technology Hardware & Equipment)		1,336,393
	32,949	Befimmo SA (REIT)		2,203,722
	146,828	Bekaert SA NV (Materials)		6,466,187
	285,583	bpost SA (Transportation)		8,064,748
	23,152	Cie d’Entreprises CFE (Capital Goods)		2,301,155
	66,260	D’ieteren SA NV (Retailing)		2,939,173
	48,619	Euronav NV (Energy)		535,496
	329,828	Fagron (Health Care Equipment & Services)^(a)		2,411,608
	13,371	Intervest Offices & Warehouses NV (REIT)*		382,588
	99,549	Melexis NV (Semiconductors & Semiconductor Equipment)^(a)		5,509,422

	Common Stocks – (continued)
	Belgium – (continued)
	92,819	Tessenderlo Chemie NV (Materials)*	$	3,194,532
	40,868	Warehouses De Pauw SCA (REIT)		3,723,083

				40,656,376

	Bermuda – 0.2%
	281,067	Hiscox Ltd. (Insurance)		3,704,672

	Denmark – 2.2%
	368,246	Bakkafrost P/F (Food, Beverage & Tobacco)		13,026,578
	121,336	NKT Holding A/S (Capital Goods)		6,917,901
	50,770	PER Aarsleff A/S (Capital Goods)		1,403,102
	213,439	Royal Unibrew A/S (Food, Beverage & Tobacco)		9,643,411
	24,541	Schouw & Co. A/S (Food, Beverage & Tobacco)		1,435,474
	113,399	Spar Nord Bank A/S (Banks)		925,865

				33,352,331

	Finland – 0.7%
	76,364	Cramo OYJ (Capital Goods)		1,530,234
	188,106	Ramirent OYJ (Capital Goods)		1,315,731
	697,943	Sponda OYJ (Real Estate)		3,039,339
	128,140	Tieto OYJ (Software & Services)		3,367,290
	284,136	YIT OYJ (Capital Goods)^(a)		1,939,829

				11,192,423

	France – 3.0%
	15,704	Adocia (Pharmaceuticals, Biotechnology & Life Sciences)*		1,115,758
	260,970	Air France-KLM (Transportation)*^(a)		2,338,067
	24,541	Alten SA (Software & Services)		1,515,269
	39,576	Assystem (Commercial & Professional Services)		1,026,872
	20,806	Cegid Group SA (Software & Services)		1,472,318
	225,599	Coface SA (Insurance)		1,822,301
	116,078	Derichebourg SA (Commercial & Professional Services)		370,095
	229,397	Elior Group (Commercial & Professional Services)^(b)		4,931,129
	10,603	Euler Hermes Group (Insurance)		1,007,982
	11,796	Guerbet (Health Care Equipment & Services)		774,813
	185,346	Havas SA (Media)		1,554,075
	158,701	Innate Pharma SA (Pharmaceuticals, Biotechnology & Life Sciences)*		2,296,321
	100,996	IPSOS (Media)		3,011,561
	164,029	Nexans SA (Capital Goods)*		7,630,897
	10,649	Nexity SA (Real Estate)		570,797
	146,070	Saft Groupe SA (Capital Goods)		4,537,960
	1,121	Sartorius Stedim Biotech (Health Care Equipment & Services)		428,392
	41,895	Technicolor SA (Registered) (Media)		287,369


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	France – (continued)
	87,990	UBISOFT Entertainment (Software & Services)*	$	2,553,915
	1,240,097	Vallourec SA (Energy)^(a)		6,457,849
	5,777	Vicat SA (Materials)		402,155

				46,105,895

	Germany – 6.8%
	204,893	Aareal Bank AG (Banks)		7,294,216
	4,156	Amadeus Fire AG (Commercial & Professional Services)		312,084
	288,762	Aurubis AG (Materials)		15,693,106
	28,121	Bechtle AG (Software & Services)		2,941,029
	37,608	CENTROTEC Sustainable AG (Capital Goods)		622,261
	94,624	Deutsche EuroShop AG (Real Estate)		4,414,942
	39,202	Deutz AG (Capital Goods)		200,400
	85,242	DIC Asset AG (Real Estate)		786,041
	1,067,912	Evotec AG (Pharmaceuticals, Biotechnology & Life Sciences)*		4,263,468
	8,824	Freenet AG (Telecommunication Services)		270,115
	190,324	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		14,194,663
	23,168	Homag Group AG (Capital Goods)		954,761
	55,397	Indus Holding AG (Capital Goods)		2,826,932
	189,627	Jenoptik AG (Technology Hardware & Equipment)		2,966,465
	183,122	Kloeckner & Co. SE (Capital Goods)^(a)		2,137,648
	12,015	MorphoSys AG (Pharmaceuticals, Biotechnology & Life Sciences)*		602,897
	89,539	Nemetschek SE (Software & Services)		5,010,509
	91,957	Pfeiffer Vacuum Technology AG (Capital Goods)		9,904,680
	41,098	Rheinmetall AG (Capital Goods)		3,219,914
	377,676	Software AG (Software & Services)		14,458,366
	8,080	STRATEC Biomedical AG (Health Care Equipment & Services)		462,970
	30,306	Stroeer SE & Co KGaA (Media)^(a)		1,495,030
	636,777	TAG Immobilien AG (Real Estate)		8,466,857
	50,780	Takkt AG (Retailing)		1,061,158

				104,560,512

	Hong Kong – 1.4%
	1,862,000	Champion REIT (REIT)		996,669
	406,400	Dah Sing Financial Holdings Ltd. (Banks)		2,777,248
	1,165,000	Emperor Entertainment Hotel Ltd. (Consumer Services)		360,724
	1,418,000	Emperor International Holdings Ltd. (Real Estate)		284,572
	1,552,000	Giordano International Ltd. (Retailing)		701,145

	Common Stocks – (continued)
	Hong Kong – (continued)
	55,000	Great Eagle Holdings Ltd. (Real Estate)	$	222,789
	22,899,000	G-Resources Group Ltd. (Materials)		526,085
	1,460,000	Guotai Junan International Holdings Ltd. (Diversified Financials)		486,114
	5,472,000	Haitong International Securities Group Ltd. (Diversified Financials)		3,149,323
	3,127,000	Hutchison Telecommunications Hong Kong Holdings Ltd. (Telecommunication Services)		1,093,883
	236,000	NewOcean Energy Holdings Ltd. (Energy)		80,318
	1,453,000	Samson Holding Ltd. (Consumer Durables & Apparel)		166,528
	5,570,000	Shun Tak Holdings Ltd. (Capital Goods)		1,852,767
	1,662,208	SmarTone Telecommunications Holdings Ltd. (Telecommunication Services)		2,747,808
	607,000	Sunlight Real Estate Investment Trust (REIT)		319,554
	3,214,000	Texwinca Holdings Ltd. (Consumer Durables & Apparel)		3,125,488
	4,824,000	Truly International Holdings Ltd. (Technology Hardware & Equipment)		1,883,361

				20,774,376

	Ireland – 0.8%
	109,521	DCC PLC (Capital Goods)		9,713,977
	76,774	Grafton Group PLC (Capital Goods)		776,306
	320,500	Hibernia REIT PLC (REIT)		473,048
	129,410	Irish Continental Group PLC (Transportation)		763,132

				11,726,463

	Israel – 0.4%
	90,514	Amot Investments Ltd. (Real Estate)		328,514
	175,101	Delek Automotive Systems Ltd. (Retailing)		1,626,612
	15,218	IDI Insurance Co. Ltd. (Insurance)		794,334
	323,001	Plus500 Ltd. (Diversified Financials)		2,789,672
	285,468	Shufersal Ltd. (Food & Staples Retailing)		968,094

				6,507,226

	Italy – 6.1%
	143,928	ACEA SpA (Utilities)		2,116,093
	121,188	Ascopiave SpA (Utilities)		331,374
	245,267	Astaldi SpA (Capital Goods)^(a)		1,204,022
	134,855	ASTM SpA (Transportation)		1,774,578


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Italy – (continued)
	102,146	Banca IFIS SpA (Diversified Financials)	$	2,928,037
	8,792,382	Banca Popolare di Milano Scarl (Banks)		6,691,246
	2,324,754	Beni Stabili SpA SIIQ (REIT)		1,726,028
	169,845	Biesse SpA (Capital Goods)		2,587,379
	205,264	Buzzi Unicem SpA (Materials)		3,898,897
	165,612	De’ Longhi SpA (Consumer Durables & Apparel)^(a)		3,823,299
	124,906	DiaSorin SpA (Health Care Equipment & Services)		7,301,556
	17,854	Engineering SpA (Software & Services)		1,351,196
	92,000	ERG SpA (Energy)		1,199,411
	3,076,040	Hera SpA (Utilities)		9,265,118
	3,178,855	Immobiliare Grande Distribuzione SIIQ SpA (REIT)		2,894,039
	81,314	Interpump Group SpA (Capital Goods)		1,173,454
	3,229,280	Iren SpA (Utilities)		5,979,718
	243,625	La Doria SpA (Food, Beverage & Tobacco)		3,549,985
	228,709	Maire Tecnimont SpA (Capital Goods)*		696,243
	3,136,681	Mediaset SpA (Media)		14,170,464
	295,866	Recordati SpA (Pharmaceuticals, Biotechnology & Life Sciences)		7,528,587
	10,158	Reply SpA (Software & Services)		1,445,785
	203,302	Salini Impregilo SpA (Capital Goods)		891,668
	3,812,761	Saras SpA (Energy)*^(a)		6,659,699
	263,053	Societa Iniziative Autostradali e Servizi SpA (Transportation)		2,751,331

				93,939,207

	Japan – 32.4%
	301,800	Accordia Golf Co. Ltd. (Consumer Services)		2,864,895
	120,450	Achilles Corp. (Materials)		153,880
	462,200	Aderans Co. Ltd. (Household & Personal Products)		2,323,822
	5,672	Advance Residence Investment Corp. (REIT)		15,276,850
	213,110	AOKI Holdings, Inc. (Retailing)		2,472,822
	93,600	Aoyama Trading Co. Ltd. (Retailing)		3,489,837
	144,600	Arcs Co. Ltd. (Food & Staples Retailing)		3,394,699
	56,900	Artnature, Inc. (Household & Personal Products)		471,779
	359,000	Asatsu-DK, Inc. (Media)		8,914,372
	18,900	BML, Inc. (Health Care Equipment & Services)		805,547
	9,600	C. Uyemura & Co. Ltd. (Materials)		408,745
	84,400	Canon Electronics, Inc. (Technology Hardware & Equipment)		1,219,051

	Common Stocks – (continued)
	Japan – (continued)
	379,200	Canon Marketing Japan, Inc. (Retailing)	$	6,796,128
	88,500	Cawachi Ltd. (Food & Staples Retailing)		2,072,821
	60,700	Century Tokyo Leasing Corp. (Diversified Financials)		2,063,983
	41,500	Chiyoda Integre Co. Ltd. (Capital Goods)		829,758
	172,000	Chugoku Marine Paints Ltd. (Materials)		1,218,488
	36,200	Cocokara fine, Inc. (Food & Staples Retailing)		1,612,568
	1,129,000	Daikyo, Inc. (Real Estate)		1,807,961
	19,400	Daiseki Co. Ltd. (Commercial & Professional Services)		359,715
	1,283	Daiwa House Residential Investment Corp. (REIT)		3,148,954
	31,000	Daiwa Industries Ltd. (Capital Goods)		265,730
	1,151,500	DCM Holdings Co. Ltd. (Retailing)		8,705,415
	120,400	DeNA Co. Ltd. (Software & Services)		2,026,273
	686,000	Denka Co. Ltd. (Materials)		2,887,759
	38,300	Doshisha Co. Ltd. (Retailing)		719,108
	243,100	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		4,267,928
	159,300	DTS Corp. (Software & Services)		3,152,842
	235,590	Duskin Co. Ltd. (Commercial & Professional Services)		4,286,538
	28,500	Dydo Drinco, Inc. (Food, Beverage & Tobacco)		1,439,368
	735,200	EDION Corp. (Retailing)^(a)		5,948,664
	51,300	Fields Corp. (Consumer Durables & Apparel)		763,749
	87,700	Foster Electric Co. Ltd. (Consumer Durables & Apparel)		1,824,830
	383,400	Fuji Machine Manufacturing Co. Ltd. (Capital Goods)		3,937,291
	19,700	Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco)		366,456
	71,400	Fuji Soft, Inc. (Software & Services)		1,619,391
	669,000	Fujibo Holdings, Inc. (Consumer Durables & Apparel)		1,300,573
	76,310	Fujicco Co. Ltd. (Food, Beverage & Tobacco)		1,625,431
	61,000	Fujikura Ltd. (Capital Goods)		295,683
	20,400	Fujimi, Inc. (Materials)		270,362
	50,500	Fuyo General Lease Co. Ltd. (Diversified Financials)		2,120,643
	96,600	Geo Holdings Corp. (Retailing)		1,595,338
	1,275	Global One Real Estate Investment Corp. (REIT)		5,295,523
	386,000	Godo Steel Ltd. (Materials)		701,883
	1,381,200	Gree, Inc. (Software & Services)		7,740,708
	140,400	Happinet Corp. (Retailing)		1,172,335


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	60,300	Hazama Ando Corp. (Capital Goods)	$	294,146
	536,700	Heiwa Corp. (Consumer Durables & Apparel)		11,273,767
	142,800	Heiwa Real Estate Co. Ltd. (Real Estate)		1,770,137
	1,619	Heiwa Real Estate REIT, Inc. (REIT)		1,358,435
	64,900	Hitachi Capital Corp. (Diversified Financials)		1,386,112
	26,100	Hitachi Maxell Ltd. (Technology Hardware & Equipment)		392,382
	110,500	IBJ Leasing Co. Ltd. (Diversified Financials)		1,902,412
	1,329	Ichigo Office REIT Investment (REIT)		1,029,141
	102,800	Ines Corp. (Software & Services)		1,073,611
	337	Invesco Office J-Reit, Inc. (REIT)		309,061
	447,200	IT Holdings Corp. (Software & Services)		10,568,086
	275,200	Jafco Co. Ltd. (Diversified Financials)		7,613,510
	55,200	Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)		746,702
	441,300	Japan Display, Inc. (Technology Hardware & Equipment)		844,733
	712	Japan Logistics Fund, Inc. (REIT)		1,580,739
	206,400	Japan Securities Finance Co. Ltd. (Diversified Financials)		804,200
	245,000	J-Oil Mills, Inc. (Food, Beverage & Tobacco)		789,687
	71,400	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,900,806
	1,279	Kenedix Retail REIT Corp. (REIT)*		3,372,948
	111,600	Kenedix, Inc. (Real Estate)		476,978
	214,100	Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,924,673
	633,500	Kitz Corp. (Capital Goods)		2,567,877
	59,760	Koei Tecmo Holdings Co. Ltd. (Software & Services)		930,074
	202,100	Kohnan Shoji Co. Ltd. (Retailing)^(a)		3,447,109
	413,700	Kokuyo Co. Ltd. (Commercial & Professional Services)		5,420,051
	170,800	Komeri Co. Ltd. (Retailing)		4,283,091
	154,000	Komori Corp. (Capital Goods)		1,810,775
	268,000	Kurabo Industries Ltd. (Consumer Durables & Apparel)		470,803
	1,168,000	KYB Corp. (Automobiles & Components)		3,903,395
	186,300	Kyokuto Securities Co. Ltd. (Diversified Financials)^(a)		2,157,682

	Common Stocks – (continued)
	Japan – (continued)
	138,100	KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	$	2,724,890
	165,900	Kyowa Exeo Corp. (Capital Goods)		1,875,461
	21,800	Lintec Corp. (Materials)		417,904
	65,550	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)		725,878
	332,000	Maeda Road Construction Co. Ltd. (Capital Goods)		6,048,482
	2,069,000	Makino Milling Machine Co. Ltd. (Capital Goods)		12,430,423
	36,300	Mandom Corp. (Household & Personal Products)		1,642,946
	59,100	Maruwa Co. Ltd. (Technology Hardware & Equipment)		1,678,237
	1,168,300	Marvelous, Inc. (Software & Services)^(a)		9,493,984
	183,100	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		8,962,171
	176,500	Meiko Network Japan Co. Ltd. (Consumer Services)		1,946,629
	90,600	Melco Holdings, Inc. (Technology Hardware & Equipment)		1,797,441
	64,900	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)		622,865
	284,300	Mirait Holdings Corp. (Capital Goods)		2,491,976
	155,000	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		699,110
	43,300	Mochida Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,220,140
	5,656	Mori Trust Sogo REIT, Inc. (REIT)		11,107,148
	88,700	Namura Shipbuilding Co. Ltd. (Capital Goods)		657,612
	125,600	NEC Networks & System Integration Corp. (Software & Services)		1,947,893
	816,300	NET One Systems Co. Ltd. (Software & Services)		4,238,596
	11,800	Nichiha Corp. (Capital Goods)		179,870
	15,300	Nihon M&A Center, Inc. (Diversified Financials)		881,127
	415,000	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		3,203,858
	56,500	Nippon Shokubai Co. Ltd. (Materials)		2,926,468
	260,000	Nippon Thompson Co. Ltd. (Capital Goods)		938,238
	627,800	Nipro Corp. (Health Care Equipment & Services)		6,115,685
	1,164,000	Nishimatsu Construction Co. Ltd. (Capital Goods)		5,083,041


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	107,000	Nittetsu Mining Co. Ltd. (Materials)	$	395,662
	119,600	Nitto Kogyo Corp. (Capital Goods)		1,893,604
	455,900	North Pacific Bank Ltd. (Banks)		1,155,796
	189,900	NSD Co. Ltd. (Software & Services)		2,977,989
	1,129,000	NTN Corp. (Capital Goods)		3,498,423
	289,000	Okamura Corp. (Commercial & Professional Services)		2,672,253
	183,000	Okasan Securities Group, Inc. (Diversified Financials)		965,672
	1,943,000	OKUMA Corp. (Capital Goods)		15,158,612
	232,900	Paltac Corp. (Retailing)		4,133,690
	51,300	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)		1,908,301
	122,400	Plenus Co. Ltd. (Consumer Services)		2,245,072
	51,000	Riso Kagaku Corp. (Technology Hardware & Equipment)		795,584
	1,289,400	Round One Corp. (Consumer Services)		7,567,598
	95,000	Ryobi Ltd. (Capital Goods)		344,626
	110,000	Sakai Chemical Industry Co. Ltd. (Materials)		302,701
	1,163,000	Sanyo Shokai Ltd. (Consumer Durables & Apparel)		2,785,238
	79,000	Sanyo Special Steel Co. Ltd. (Materials)		359,538
	1,273,600	Seino Holdings Co. Ltd. (Transportation)		12,944,125
	322,100	Shimachu Co. Ltd. (Retailing)		7,496,512
	393,000	Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,418,097
	680,400	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,779,179
	526,000	Shinmaywa Industries Ltd. (Capital Goods)		3,604,724
	52,650	Showa Sangyo Co. Ltd. (Food, Beverage & Tobacco)		234,662
	32,800	Sintokogio Ltd. (Capital Goods)		277,331
	771,900	SKY Perfect JSAT Holdings, Inc. (Media)		4,109,076
	124,200	Sodick Co. Ltd. (Capital Goods)		962,024
	161,350	St. Marc Holdings Co. Ltd. (Consumer Services)		4,364,782
	13,600	Sumitomo Real Estate Sales Co. Ltd. (Real Estate)		272,721
	107,600	Sumitomo Riko Co. Ltd. (Automobiles & Components)		923,217
	660,100	Tadano Ltd. (Capital Goods)		6,299,005
	117,700	Tamron Co. Ltd. (Consumer Durables & Apparel)		1,902,629
	145,035	Tatsuta Electric Wire and Cable Co. Ltd. (Capital Goods)		455,318
	7,500	Tenma Corp. (Materials)		111,649

	Common Stocks – (continued)
	Japan – (continued)
	156,900	The Nippon Signal Co. Ltd. (Technology Hardware & Equipment)	$	1,306,107
	344,000	The Nippon Synthetic Chemical Industry Co. Ltd. (Materials)		2,075,819
	2,798,000	The Nishi-Nippon City Bank Ltd. (Banks)		5,048,302
	725,000	The Nisshin Oillio Group Ltd. (Food, Beverage & Tobacco)		3,081,277
	51,750	The Okinawa Electric Power Co., Inc. (Utilities)		1,322,450
	321,600	Toagosei Co. Ltd. (Materials)		2,900,344
	15,100	Tocalo Co. Ltd. (Capital Goods)		271,625
	295,900	Toho Holdings Co. Ltd. (Health Care Equipment & Services)		6,845,658
	75,300	Tokai Tokyo Financial Holdings, Inc. (Diversified Financials)		390,266
	115,400	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,393,147
	838,800	Tokyotokeiba Co. Ltd. (Consumer Services)		1,685,157
	5,687	Tokyu REIT, Inc. (REIT)		8,198,317
	1,230	Top REIT, Inc. (REIT)		4,651,196
	298,400	Toppan Forms Co. Ltd. (Commercial & Professional Services)		3,282,029
	204,800	Tosei Corp. (Real Estate)		1,434,043
	2,524,000	Tosoh Corp. (Materials)		11,536,630
	219,350	Toyo Securities Co. Ltd. (Diversified Financials)		507,831
	590,000	Tsubakimoto Chain Co. (Capital Goods)		3,847,766
	297,700	Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences)		7,660,664
	43,600	TV Asahi Holdings Corp. (Media)		724,060
	1,440,000	Ube Industries Ltd. (Materials)		2,734,976
	1,267,300	UNY Group Holdings Co. Ltd. (Food & Staples Retailing)		9,248,404
	86,600	Wacom Co. Ltd. (Technology Hardware & Equipment)^(a)		360,001
	122,400	Wakita & Co. Ltd. (Capital Goods)		849,300
	43,200	Warabeya Nichiyo Co. Ltd. (Food, Beverage & Tobacco)		807,868
	132,000	Xebio Holdings Co. Ltd. (Retailing)		2,105,480
	414,600	Yamato Kogyo Co. Ltd. (Materials)		9,732,535
	41,600	Yodogawa Steel Works Ltd. (Materials)		939,200
	90,100	Yorozu Corp. (Automobiles & Components)		1,802,895

				497,556,449

	Jersey – 0.3%
	2,807,764	Petra Diamonds Ltd. (Materials)		4,841,026


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Luxembourg – 1.8%
	369,446	Aperam SA (Materials)^(a)	$	14,544,142
	14,834	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)		5,503,797
	1,676,006	Regus PLC (Commercial & Professional Services)		7,171,144

				27,219,083

	Netherlands – 2.5%
	8,600	Accell Group (Consumer Durables & Apparel)		182,259
	30,584	Arcadis NV (Capital Goods)		524,236
	280,932	ASM International NV (Semiconductors & Semiconductor Equipment)^(a)		11,475,432
	470,909	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		14,185,371
	204,091	Corbion NV (Materials)		5,213,085
	3,384	Eurocommercial Properties NV CVA (Real Estate)		158,042
	8,710	Euronext NV (Diversified Financials)^(b)		368,188
	208,848	NSI NV (REIT)		992,604
	349,050	SNS REAAL NV (Diversified Financials)*^(a)		—
	27,020	TKH Group NV CVA (Capital Goods)		1,068,266
	72,479	Vastned Retail NV (REIT)		3,192,376
	95,248	Wessanen (Food, Beverage & Tobacco)		983,646

				38,343,505

	New Zealand – 0.4%
	2,632,558	Air New Zealand Ltd. (Transportation)		4,517,075
	576,986	Nuplex Industries Ltd. (Materials)		2,119,928

				6,637,003

	Norway – 1.3%
	112,313	Atea ASA (Software & Services)		1,053,732
	288,528	Austevoll Seafood ASA (Food, Beverage & Tobacco)		2,427,404
	224,650	Borregaard ASA (Materials)		1,681,433
	114,273	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		5,577,089
	325,016	Salmar ASA (Food, Beverage & Tobacco)		8,075,611
	187,320	SpareBank 1 SMN (Banks)		1,151,799

				19,967,068

	Portugal – 0.4%
	815,928	Altri SGPS SA (Materials)		3,178,584
	958,770	REN – Redes Energeticas Nacionais SGPS SA (Utilities)		2,875,413

				6,053,997

	Common Stocks – (continued)
	Singapore – 0.8%
	410,600	Asian Pay Television Trust (Media)	$	182,897
	785,000	Indofood Agri Resources Ltd. (Food, Beverage & Tobacco)		311,598
	1,155,000	United Engineers Ltd. (Capital Goods)*		2,003,844
	1,035,000	Venture Corp. Ltd. (Technology Hardware & Equipment)		6,436,265
	382,700	Wing Tai Holdings Ltd. (Real Estate)		532,702
	2,462,310	Yanlord Land Group Ltd. (Real Estate)		2,212,525

				11,679,831

	Spain – 2.5%
	207,013	Almirall SA (Pharmaceuticals, Biotechnology & Life Sciences)		3,407,866
	517,199	Ebro Foods SA (Food, Beverage & Tobacco)		11,735,303
	646,393	Ence Energia y Celulosa SA (Materials)		1,870,375
	301,824	Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences)		951,152
	149,293	Gamesa Corp. Tecnologica SA (Capital Goods)		2,948,233
	173,753	Lar Espana Real Estate Socimi SA (REIT)*		1,787,022
	30,191	Let’s GOWEX SA (Telecommunication Services)*^(a)		—
	8,645	Miquel y Costas & Miquel SA (Materials)		353,644
	88,715	Papeles y Cartones de Europa SA (Materials)		550,322
	1,051,487	Prosegur Cia de Seguridad SA (Commercial & Professional Services)		6,091,057
	147,717	Viscofan SA (Food, Beverage & Tobacco)		8,298,457

				37,993,431

	Sweden – 5.2%
	330,482	Betsson AB (Consumer Services)*		4,473,319
	417,322	Byggmax Group AB (Retailing)		3,381,352
	683,406	Castellum AB (Real Estate)^(a)		10,947,167
	84,601	Dios Fastigheter AB (Real Estate)^(a)		619,122
	10,612	Duni AB (Consumer Durables & Apparel)		154,532
	252,776	Fabege AB (Real Estate)		4,221,197
	410,288	Fastighets AB Balder Class B (Real Estate)*		10,465,256
	378,422	Granges AB (Materials)		2,794,071
	60,019	Haldex AB (Capital Goods)*		508,776
	483,257	Hemfosa Fastigheter AB (Real Estate)^(a)		5,041,326
	252,576	Intrum Justitia AB (Commercial & Professional Services)		9,079,201
	289,603	Inwido AB (Capital Goods)		3,648,523


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Sweden – (continued)
	381,372	Klovern AB Class B (Real Estate)^(a)	$	448,194
	408,114	Kungsleden AB (Real Estate)^(a)		2,809,294
	180,671	Loomis AB Class B (Commercial & Professional Services)^(a)		5,018,534
	155,590	Mycronic AB (Technology Hardware & Equipment)^(a)		1,216,776
	23,182	NetEnt AB (Software & Services)*		1,459,860
	128,333	Nobia AB (Consumer Durables & Apparel)		1,465,545
	85,789	Nolato AB Class B (Capital Goods)^(a)		2,318,905
	33,113	Peab AB (Capital Goods)		276,721
	8,413	SkiStar AB (Consumer Services)		116,812
	362,830	SSAB AB Class A (Materials)*^(a)		1,528,718
	559,187	SSAB AB Class B (Materials)*^(a)		1,940,971
	262,558	Wihlborgs Fastigheter AB (Real Estate)^(a)		5,334,677

				79,268,849

	Switzerland – 4.7%
	64,018	Ascom Holding AG (Registered) (Technology Hardware & Equipment)		1,049,064
	4,455	Autoneum Holding AG (Automobiles & Components)		1,063,995
	11,795	Bobst Group SA (Registered) (Capital Goods)		644,280
	2,352	Burckhardt Compression Holding AG (Capital Goods)		838,350
	12,348	Daetwyler Holding AG (Capital Goods)		1,836,953
	14,192	dorma+kaba Holding AG (Registered) Class B (Commercial & Professional Services)		9,215,982
	3,368	Emmi AG (Registered) (Food, Beverage & Tobacco)*		2,019,060
	6,824	Forbo Holding AG (Registered) (Consumer Durables & Apparel)*		8,314,739
	22,367	Georg Fischer AG (Registered) (Capital Goods)		18,184,891
	20,836	Kardex AG (Registered) (Capital Goods)*		1,681,694
	2,752	Komax Holding AG (Registered) (Capital Goods)*		608,574
	25,170	Mobimo Holding AG (Registered) (Real Estate)*		5,767,298
	233,471	Oriflame Holding AG (Household & Personal Products)*^(a)		4,701,064
	16,255	Rieter Holding AG (Registered) (Capital Goods)*		3,369,528
	2,001	Schweiter Technologies AG (Capital Goods)		1,892,684
	3,970	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		744,918

	Common Stocks – (continued)
	Switzerland – (continued)
	38,887	Tecan AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	$	5,405,286
	23,030	Valiant Holding AG (Registered) (Banks)		2,555,513
	39,345	Zehnder Group AG (Capital Goods)*		1,664,600

				71,558,473

	United Kingdom – 14.0%
	145,681	Abcam PLC (Pharmaceuticals, Biotechnology & Life Sciences)		1,260,244
	1,688,352	Amec Foster Wheeler PLC (Energy)		12,234,238
	63,239	Ashmore Group PLC (Diversified Financials)^(a)		284,200
	1,245,884	Beazley PLC (Insurance)*		5,938,261
	47,724	Bellway PLC (Consumer Durables & Apparel)		1,708,865
	302,586	Berendsen PLC (Commercial & Professional Services)		5,227,984
	191,048	Bodycote PLC (Capital Goods)		1,667,787
	4,861,641	Booker Group PLC (Food & Staples Retailing)		11,528,553
	409,560	Britvic PLC (Food, Beverage & Tobacco)		4,219,424
	132,311	Carillion PLC (Capital Goods)		569,487
	326,625	Dart Group PLC (Transportation)		2,980,414
	1,494,248	Debenhams PLC (Retailing)		1,716,070
	64,315	Derwent London PLC (REIT)		3,091,119
	44,743	Dialog Semiconductor PLC (Semiconductors & Semiconductor Equipment)*		1,560,477
	38,667	Domino’s Pizza Group PLC (Consumer Services)		519,864
	136,055	esure Group PLC (Insurance)		533,571
	168,115	Foxtons Group PLC (Real Estate)		354,952
	311,019	Galliford Try PLC (Capital Goods)		5,814,141
	1,755,112	Globo PLC (Software & Services)*^(a)		—
	806,923	Great Portland Estates PLC (REIT)		8,947,336
	359,946	Greggs PLC (Food & Staples Retailing)		5,444,457
	1,240,646	Hansteen Holdings PLC (REIT)		1,881,655
	1,502,443	Henderson Group PLC (Diversified Financials)		5,624,601
	69,625	Hunting PLC (Energy)		374,227
	702,525	IG Group Holdings PLC (Diversified Financials)		7,948,449
	1,351,709	Inchcape PLC (Retailing)		13,407,602
	1,564,881	Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)		3,685,111
	973,611	Intermediate Capital Group PLC (Diversified Financials)		8,752,534
	1,364,697	John Wood Group PLC (Energy)		12,484,352
	324,388	KAZ Minerals PLC (Materials)*^(a)		813,261
	69,149	Keller Group PLC (Capital Goods)		892,662


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	196,417	Lancashire Holdings Ltd. (Insurance)	$	1,578,764
	2,337,613	LondonMetric Property PLC (REIT)		5,416,908
	100,221	Lonmin PLC (Materials)*		275,854
	3,677,145	Man Group PLC (Diversified Financials)		7,953,590
	670,731	Melrose Industries PLC (Capital Goods)		3,664,814
	616,806	Micro Focus International PLC (Software & Services)		13,796,398
	611,421	Mitie Group PLC (Commercial & Professional Services)		2,428,136
	1,177,455	Moneysupermarket.com Group PLC (Software & Services)		5,408,779
	65,290	Morgan Advanced Materials PLC (Capital Goods)		225,045
	193,491	OneSavings Bank PLC (Banks)		810,556
	983,925	Ophir Energy PLC (Energy)*		1,087,565
	494,384	Premier Oil PLC (Energy)*		534,944
	2,849,848	QinetiQ Group PLC (Capital Goods)		9,333,484
	293,818	Rentokil Initial PLC (Commercial & Professional Services)		757,160
	349,345	Safestore Holdings PLC (REIT)		1,731,973
	407,732	Savills PLC (Real Estate)		4,422,424
	178,723	Spectris PLC (Technology Hardware & Equipment)		4,768,222
	365,811	Subsea 7 SA (Energy)*		3,356,394
	33,556	SVG Capital PLC (Diversified Financials)*		252,918
	569,268	Synthomer PLC (Materials)		2,899,863
	544,163	The Paragon Group of Cos. PLC (Banks)		2,366,185
	528,132	Tullett Prebon PLC (Diversified Financials)		2,618,283
	94,583	Workspace Group PLC (REIT)		1,154,971
	268,776	WS Atkins PLC (Commercial & Professional Services)		5,244,693
	18,213	Zeal Network SE (Consumer Services)		844,311

				214,398,132

	TOTAL COMMON STOCKS
	(Cost $1,398,976,110)		$	1,489,891,122


Shares		Distribution Rate	Value
	Investment Company^(c)(d) – 0.1%
	Goldman Sachs Financial Square Government Fund – FST Institutional Shares
	1,700,138	0.278%	$	1,700,138
	(Cost $1,700,138)

Units

Description

Expiration
Month

Value

Right*^(a) – 0.0%

Sweden – 0.0%

483,257

Hemfosa Fastigheter AB (Real Estate)

05/16

174,517

(Cost $0)

Warrant* – 0.0%

France – 0.0%

9,966

Societe de la Tour Eiffel (Real Estate)

07/16

2,967

(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE

(Cost $1,400,676,248)

1,491,768,744


Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(c)(d) – 6.0%
	Goldman Sachs Financial Square Money Market Fund – FST Institutional Shares
	91,779,427	0.427%	$	91,779,427
	(Cost $91,779,427)

	TOTAL INVESTMENTS – 103.2%
	(Cost $1,492,455,675)		$	1,583,548,171

	LIABILITIES IN EXCESS OF OTHER ASSETS – (3.2)%			(48,623,609	)

	NET ASSETS – 100.0%		$	1,534,924,562


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, 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 $5,299,317, which represents approximately 0.3% of net assets as of April 30, 2016.
(c)		Represents an affiliated issuer.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.



Investment Abbreviations:
CVA		—Dutch Certification
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		273	June 2016	$	9,306,062	$	63,242
FTSE 100 Index		53	June 2016		4,810,632		84,357
Hang Seng Index		7	May 2016		940,956		(17,414	)
MSCI Singapore Index		22	May 2016		520,043		(11,862	)
SPI 200 Index		22	June 2016		2,187,565		67,178
TSE TOPIX Index		49	June 2016		6,108,882		(119,732	)
TOTAL						$	65,769


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)


	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $688,387,024, $669,295,893 and $1,398,976,110)^(a)	$	736,003,387		$	703,107,175		$	1,490,068,606
Investments in affiliated issuers, at value (cost $0, $0 and $1,700,138)		—			—			1,700,138
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		2,728,800			24,797,079			91,779,427
Cash		37,074,881			—			72,642
Foreign currencies, at value (cost $11,794,991, $2,480,394 and $30,426,820)		11,819,112			2,544,347			31,018,117
Receivables:
Investments sold		28,724,197			42,335,247			27,912,121
Fund shares sold		1,629,138			652,503			4,176,997
Dividends		479,192			4,058,043			7,962,614
Foreign tax reclaims		139,337			1,185,091			1,144,780
Securities lending income		4,292			96,383			209,883
Collateral on certain derivative contracts^(b)		—			1,424,853			1,706,662
Reimbursement from investment adviser		—			105,498			328,555
Other assets		—			53,653			11,207
Total assets		818,602,336			780,359,872			1,658,091,749

Liabilities:
Variation margin on certain derivative contracts		—			206,929			301,278
Payables:
Investments purchased		70,435,723			23,702,979			26,505,317
Payable upon return of securities loaned		2,728,800			24,797,079			91,779,427
Management fees		591,345			501,135			1,058,512
Fund shares redeemed		480,841			405,016			3,002,044
Foreign capital gains taxes		147,484			—			—
Distribution and Service fees and Transfer Agency fees		38,454			59,375			185,495
Due to custodian		—			1,260,447			—
Accrued expenses		245,008			145,631			335,114
Total liabilities		74,667,655			51,078,591			123,167,187

Net Assets:
Paid-in capital		796,775,781			2,068,992,011			1,445,721,260
Undistributed net investment income		277,245			4,171,576			4,485,968
Accumulated net realized loss		(100,542,798	)		(1,377,998,155	)		(7,367,685	)
Net unrealized gain		47,424,453			34,115,849			92,085,019
NET ASSETS	$	743,934,681		$	729,281,281		$	1,534,924,562
Net Assets:
Class A	$	40,381,976		$	86,454,321		$	244,622,415
Class C		1,012,167			5,447,266			49,295,749
Institutional		693,597,539			634,032,603			1,164,358,816
Service		—			1,666,181			—
Class IR		1,837,172			1,167,948			73,650,050
Class R		6,993,271			503,351			—
Class R6		112,556			9,611			2,997,532
Total Net Assets	$	743,934,681		$	729,281,281		$	1,534,924,562
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		5,165,224			8,332,349			23,320,658
Class C		130,346			533,845			4,840,593
Institutional		88,916,395			59,583,669			110,954,206
Service		—			159,070			—
Class IR		235,609			114,544			7,044,508
Class R		903,691			49,573			—
Class R6		14,433			903			285,266
Net asset value, offering and redemption price per share:^(c)
Class A		$7.82			$10.38			$10.49
Class C		7.77			10.20			10.18
Institutional		7.80			10.64			10.49
Service		—			10.47			—
Class IR		7.80			10.20			10.45
Class R		7.74			10.15			—
Class R6		7.80			10.64			10.51

(a)

Includes loaned securities having a market value of $2,761,409, $23,443,669 and $86,708,498 for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

(b)

Includes amount segregated for initial margin and/or collateral on futures transactions of $1,424,853 and $1,706,662, respectively for the International Equity Insights and International Small Cap Insights Funds.

(c)

Maximum public offering price per share for Class A Shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds is $8.28, $10.98 and $11.10, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2016 (Unaudited)


	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:
Dividends — affiliated issuer (net of foreign taxes withheld of $516,266, $943,091 and $1,997,478)	$	4,980,214		$	10,462,649		$	17,689,680
Dividend — affiliated issuer		—			—			11,521
Securities lending income — affiliated issuer		96,351			196,122			648,532
Total investment income		5,076,565			10,658,771			18,349,733

Expenses:
Management fees		2,534,172			3,002,694			5,642,650
Custody, accounting and administrative services		401,721			152,421			374,112
Transfer Agency fees^(a)		134,685			205,218			505,896
Registration fees		79,524			79,812			141,326
Distribution and Service fees^(a)		64,181			122,367			487,696
Printing and mailing costs		52,759			24,892			101,435
Trustee fees		12,100			12,395			12,836
Professional fees		7,818			51,513			61,024
Service share fees — Service Plan		—			1,989			—
Service share fees — Shareholder Administration Plan		—			1,989			—
Other		27,082			34,660			49,577
Total expenses		3,314,042			3,689,950			7,376,552
Less — expense reductions		(248,284	)		(487,427	)		(659,938	)
Net expenses		3,065,758			3,202,523			6,716,614
NET INVESTMENT INCOME		2,010,807			7,456,248			11,633,119

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(43,516,749	)		(20,014,224	)		4,770,623
Futures contracts		—			(1,433,941	)		(1,593,951	)
Foreign currency transactions		(617,071	)		884,621			(571,441	)
Net change in unrealized gain (loss) on:
Investments (including the effects of the net change in the foreign capital gains tax liability of $203,371, $0 and $0)		38,374,166			14,150,144			32,049,926
Futures contracts		—			(490,974	)		(1,688,234	)
Foreign currency translation		276,344			770,034			1,119,868
Net realized and unrealized gain (loss)		(5,483,310	)		(6,134,340	)		34,086,791
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,472,503	)	$	1,321,908		$	45,719,910

(a)

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


	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Class IR		Class R		Class R6
Emerging Markets Equity Insights	$	45,882	$	4,762	$	13,537	$	34,871	$	905	$	92,474	$	—	$	1,287	$	5,144	$	4
International Equity Insights		98,087		23,997		283		74,547		4,559		124,064		318		983		746		1
International Small Cap Insights		276,841		210,855		—		210,443		40,062		201,207		—		54,075		—		109


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets


	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	2,010,807		$	10,586,672
Net realized gain (loss)		(44,133,820	)		(53,580,965	)
Net change in unrealized gain (loss)		38,650,510			(25,465,209	)
Net increase (decrease) in net assets resulting from operations		(3,472,503	)		(68,459,502	)

Distributions to shareholders:
From net investment income
Class A Shares		(333,631	)		(540,220	)
Class C Shares		(1,954	)		(4,206	)
Institutional Shares		(5,711,198	)		(11,716,286	)
Service Shares		—			—
Class IR Shares		(13,689	)		(11,352	)
Class R Shares		(42,141	)		(21,187	)
Class R6 Shares		(121	)		—
From net realized gains
Class A Shares		—			(300,785	)
Class C Shares		—			(6,674	)
Institutional Shares		—			(5,218,737	)
Class IR Shares		—			(5,790	)
Class R Shares		—			(10,409	)
Total distributions to shareholders		(6,102,734	)		(17,835,646	)

From share transactions:
Proceeds from sales of shares		372,609,078			233,575,432
Proceeds received in connection with merger		—			—
Reinvestment of distributions		6,068,454			17,524,245
Cost of shares redeemed		(177,567,066	)		(314,048,730	)
Net increase (decrease) in net assets resulting from share transactions		201,110,466			(62,949,053	)
TOTAL INCREASE (DECREASE)		191,535,229			(149,244,201	)

Net assets:
Beginning of period		552,399,452			701,643,653
End of period	$	743,934,681		$	552,399,452
Undistributed net investment income	$	277,245		$	4,369,172


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS


International Equity Insights Fund						International Small Cap Insights Fund
For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015			For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015

$	7,456,248		$	15,346,268		$	11,633,119		$	17,665,996
	(20,563,544	)		(20,975,277	)		2,605,231			(6,256,157	)
	14,429,204			22,207,615			31,481,560			39,964,817
	1,321,908			16,578,606			45,719,910			51,374,656



	(836,569	)		(3,035,885	)		(2,985,588	)		(2,355,924	)
	(29,349	)		(98,011	)		(363,016	)		(229,064	)
	(8,419,997	)		(29,792,716	)		(15,775,913	)		(13,054,172	)
	(16,104	)		(85,003	)		—			—
	(17,727	)		(11,495	)		(847,395	)		(400,411	)
	(3,210	)		(6,273	)		—			—
	(139	)		—			(3,693	)		—

	—			—			—			(1,419,007	)
	—			—			—			(191,500	)
	—			—			—			(6,378,743	)
	—			—			—			(208,754	)
	—			—			—			—
	(9,323,095	)		(33,029,383	)		(19,975,605	)		(24,237,575	)


	194,991,344			204,211,026			457,173,067			618,521,766
	—			—			124,352,810			—
	9,272,014			32,820,575			17,136,594			20,405,481
	(195,892,632	)		(320,374,840	)		(261,297,607	)		(345,845,914	)
	8,370,726			(83,343,239	)		337,364,864			293,081,333
	369,539			(99,794,016	)		363,109,169			320,218,414


	728,911,742			828,705,758			1,171,815,393			851,596,979
$	729,281,281		$	728,911,742		$	1,534,924,562		$	1,171,815,393
$	4,171,576		$	6,038,423		$	4,485,968		$	12,828,454


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

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 period		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 SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	7.92	$	0.02		$	(0.05	)	$	(0.03	)	$	(0.07	)	$	—		$	(0.07	)
2016 - C		7.84		(0.01	)		(0.05	)		(0.06	)		(0.01	)		—			(0.01	)
2016 - Institutional		7.91		0.03			(0.04	)		(0.01	)		(0.10	)		—			(0.10	)
2016 - IR		7.91		0.03			(0.05	)		(0.02	)		(0.09	)		—			(0.09	)
2016 - R		7.84		0.01			(0.04	)		(0.03	)		(0.07	)		—			(0.07	)
2016 - R6		7.91		0.05			(0.06	)		(0.01	)		(0.10	)		—			(0.10	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2015 - A		8.99		0.11			(0.98	)		(0.87	)		(0.13	)		(0.07	)		(0.20	)
2015 - C		8.88		0.05			(0.98	)		(0.93	)		(0.04	)		(0.07	)		(0.11	)
2015 - Institutional		8.98		0.14			(0.98	)		(0.84	)		(0.16	)		(0.07	)		(0.23	)
2015 - IR		8.97		0.14			(0.99	)		(0.85	)		(0.14	)		(0.07	)		(0.21	)
2015 - R		8.94		0.09			(0.98	)		(0.89	)		(0.14	)		(0.07	)		(0.21	)
2015 - R6 (Commenced July 31, 2015)		8.40		0.01			(0.50	)		(0.49	)		—			—			—
2014 - A		8.95		0.14			(0.02	)		0.12			(0.08	)		—			(0.08	)
2014 - C		8.90		0.07			(0.01	)		0.06			(0.08	)		—			(0.08	)
2014 - Institutional		8.95		0.17			(0.02	)		0.15			(0.12	)		—			(0.12	)
2014 - IR		8.94		0.13			0.02			0.15			(0.12	)		—			(0.12	)
2014 - R (Commenced February 28, 2014)		8.26		0.02			0.66			0.68			—			—			—
2013 - A		8.40		0.07			0.60			0.67			(0.12	)		—			(0.12	)
2013 - C		8.36		0.04			0.55			0.59			(0.05	)		—			(0.05	)
2013 - Institutional		8.40		0.16			0.53			0.69			(0.14	)		—			(0.14	)
2013 - IR		8.39		0.14			0.54			0.68			(0.13	)		—			(0.13	)
2012 - A		8.08		0.13			0.28			0.41			(0.09	)		—			(0.09	)
2012 - C		8.00		0.08			0.28			0.36			—			—			—
2012 - Institutional		8.12		0.16			0.28			0.44			(0.16	)		—			(0.16	)
2012 - IR		8.11		0.25			0.18			0.43			(0.15	)		—			(0.15	)
2011 - A		8.91		0.11			(0.87	)		(0.76	)		(0.07	)		—			(0.07	)
2011 - C		8.82		—	^(e)		(0.81	)		(0.81	)		(0.01	)		—			(0.01	)
2011 - Institutional		8.96		0.16			(0.88	)		(0.72	)		(0.12	)		—			(0.12	)
2011 - IR		8.98		0.15			(0.90	)		(0.75	)		(0.12	)		—			(0.12	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	7.82		(0.36	)%	$	40,382		1.57	%^(d)		1.69	%^(d)		0.46	%^(d)		122	%
	7.77		(0.70	)		1,012		2.32	^(d)		2.44	^(d)		(0.33	)^(d)		122
	7.80		(0.10	)		693,598		1.17	^(d)		1.27	^(d)		0.83	^(d)		122
	7.80		(0.19	)		1,837		1.32	^(d)		1.43	^(d)		0.78	^(d)		122
	7.74		(0.41	)		6,993		1.82	^(d)		1.93	^(d)		0.25	^(d)		122
	7.80		(0.06	)		113		1.14	^(d)		1.17	^(d)		1.32	^(d)		122


	7.92		(9.84	)		37,307		1.58			1.67			1.30			199
	7.84		(10.50	)		1,053		2.33			2.42			0.60			199
	7.91		(9.52	)		508,685		1.18			1.27			1.69			199
	7.91		(9.63	)		798		1.33			1.42			1.63			199
	7.84		(10.06	)		4,547		1.83			1.93			1.10			199
	7.91		(5.83	)		9		1.17	^(d)		1.28	^(d)		0.59	^(d)		199
	8.99		1.38			37,905		1.58			1.66			1.59			180
	8.88		0.66			944		2.33			2.41			0.80			180
	8.98		1.65			660,922		1.18			1.26			1.95			180
	8.97		1.70			875		1.34			1.39			1.47			180
	8.94		8.23			998		1.82	^(d)		2.07	^(d)		0.31	^(d)		180
	8.95		8.00			24,758		1.52			1.65			0.82			249
	8.90		7.02			989		2.31			2.48			0.51			249
	8.95		8.41			556,434		1.14			1.27			1.87			249
	8.94		8.16			1,649		1.32			1.50			1.59			249
	8.40		5.26			50,760		1.45			1.69			1.58			180
	8.36		4.49			228		2.20			2.46			0.97			180
	8.40		5.68			464,180		1.05			1.30			1.98			180
	8.39		5.48			118		1.20			1.41			3.06			180
	8.08		(8.58	)		17,089		1.45			1.71			1.17			200
	8.00		(9.23	)		207		2.20			2.46			0.01			200
	8.12		(8.19	)		273,027		1.05			1.31			1.75			200
	8.11		(8.54	)		1		1.20			1.46			1.67			200


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each 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			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
	2016 - A	$	10.54	$	0.09		$	(0.14	)	$	(0.05	)	$	(0.11	)
	2016 - C		10.36		0.05			(0.15	)		(0.10	)		(0.06	)
	2016 - Institutional		10.83		0.11			(0.15	)		(0.04	)		(0.15	)
	2016 - Service		10.64		0.08			(0.15	)		(0.07	)		(0.10	)
	2016 - IR		10.38		0.09			(0.13	)		(0.04	)		(0.14	)
	2016 - R		10.34		0.10			(0.17	)		(0.07	)		(0.12	)
	2016 - R6		10.83		0.11			(0.14	)		(0.03	)		(0.16	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2015 - A		10.69		0.18			0.08			0.26			(0.41	)
	2015 - C		10.51		0.10			0.08			0.18			(0.33	)
	2015 - Institutional		10.97		0.22			0.09			0.31			(0.45	)
	2015 - Service		10.76		0.16			0.09			0.25			(0.37	)
	2015 - IR		10.53		0.16			0.12			0.28			(0.43	)
	2015 - R		10.52		0.14			0.09			0.23			(0.41	)
	2015 - R6 (Commenced July 31, 2015)		11.23		0.04			(0.44	)		(0.40	)		—
	2014 - A		10.99		0.37	^(e)		(0.39	)		(0.02	)		(0.28	)
	2014 - C		10.83		0.28	^(e)		(0.37	)		(0.09	)		(0.23	)
	2014 - Institutional		11.29		0.42	^(e)		(0.40	)		0.02			(0.34	)
	2014 - Service		11.06		0.35	^(e)		(0.37	)		(0.02	)		(0.28	)
	2014 - IR		10.86		0.38	^(e)		(0.38	)		—	^(f)		(0.33	)
	2014 - R		10.85		0.34	^(e)		(0.38	)		(0.04	)		(0.29	)
	2013 - A		9.00		0.19			2.11			2.30			(0.31	)
	2013 - C		8.87		0.16			2.04			2.20			(0.24	)
	2013 - Institutional		9.25		0.30			2.09			2.39			(0.35	)
	2013 - Service		9.06		0.22			2.08			2.30			(0.30	)
	2013 - IR		8.91		0.22			2.08			2.30			(0.35	)
	2013 - R		8.88		0.21			2.04			2.25			(0.28	)
	2012 - A		9.02		0.19			0.21			0.40			(0.42	)
	2012 - C		8.89		0.13			0.20			0.33			(0.35	)
	2012 - Institutional		9.27		0.24			0.21			0.45			(0.47	)
	2012 - Service		9.08		0.18			0.21			0.39			(0.41	)
	2012 - IR		8.97		0.20			0.21			0.41			(0.47	)
	2012 - R		8.93		0.17			0.20			0.37			(0.42	)
	2011 - A		10.21		0.28			(1.26	)		(0.98	)		(0.21	)
	2011 - C		10.06		0.19			(1.23	)		(1.04	)		(0.13	)
	2011 - Institutional		10.49		0.33			(1.30	)		(0.97	)		(0.25	)
	2011 - Service		10.27		0.27			(1.27	)		(1.00	)		(0.19	)
	2011 - IR		10.15		0.23			(1.18	)		(0.95	)		(0.23	)
	2011 - R		10.12		0.19			(1.18	)		(0.99	)		(0.20	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from a corporate action which amounted to $0.13 per share and 1.18% of average net assets.

(f)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	10.38		(0.46	)%	$	86,454		1.25	%^(d)		1.39	%^(d)		1.77	%^(d)		89	%
	10.20		(0.95	)		5,447		2.00	^(d)		2.14	^(d)		1.02	^(d)		89
	10.64		(0.34	)		634,033		0.85	^(d)		0.99	^(d)		2.17	^(d)		89
	10.47		(0.65	)		1,666		1.35	^(d)		1.49	^(d)		1.56	^(d)		89
	10.20		(0.34	)		1,168		1.00	^(d)		1.14	^(d)		1.90	^(d)		89
	10.15		(0.70	)		503		1.50	^(d)		1.65	^(d)		2.05	^(d)		89
	10.64		(0.31	)		10		0.84	^(d)		0.94	^(d)		2.10	^(d)		89


	10.54		2.58			78,527		1.27			1.37			1.70			154
	10.36		1.82			4,409		2.01			2.12			0.93			154
	10.83		3.05			642,473		0.87			0.97			2.08			154
	10.64		2.48			1,641		1.37			1.47			1.51			154
	10.38		2.85			1,666		1.01			1.13			1.54			154
	10.34		2.32			186		1.52			1.62			1.33			154
	10.83		(3.56	)		10		0.84	^(d)		0.93	^(d)		1.56	^(d)		154
	10.69		(0.14	)		79,214		1.29			1.36			3.31	^(e)		142
	10.51		(0.85	)		3,054		2.04			2.11			2.61	^(e)		142
	10.97		0.22			742,016		0.89			0.96			3.74	^(e)		142
	10.76		(0.17	)		2,779		1.39			1.45			3.17	^(e)		142
	10.53		0.12			278		1.04			1.10			3.52	^(e)		142
	10.52		(0.33	)		161		1.54			1.61			3.09	^(e)		142
	10.99		26.31			92,919		1.29			1.37			1.98			189
	10.83		25.33			3,166		2.04			2.11			1.61			189
	11.29		26.71			945,546		0.89			0.96			2.99			189
	11.06		26.13			6,237		1.39			1.46			2.25			189
	10.86		26.55			468		1.04			1.11			2.22			189
	10.85		25.99			95		1.54			1.61			2.14			189
	9.00		4.94			210,612		1.28			1.37			2.21			203
	8.87		4.10			3,087		2.04			2.12			1.48			203
	9.25		5.47			596,986		0.88			0.97			2.69			203
	9.06		4.77			7,945		1.38			1.47			2.09			203
	8.91		5.16			65		1.04			1.11			2.33			203
	8.88		4.69			71		1.53			1.62			1.98			203
	9.02		(9.87	)		314,225		1.25			1.31			2.74			101
	8.89		(10.50	)		3,660		2.00			2.06			1.94			101
	9.27		(9.52	)		1,013,458		0.85			0.91			3.18			101
	9.08		(9.91	)		12,982		1.35			1.41			2.60			101
	8.97		(9.58	)		45		1.00			1.06			2.53			101
	8.93		(9.99	)		116		1.50			1.56			1.87			101


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

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 period		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 SIX MONTHS ENDED APRIL 30, (UNAUDITED)
	2016 - A	$	10.42	$	0.07	$	0.14		$	0.21		$	(0.14	)	$	—		$	(0.14	)
	2016 - C		10.11		0.03		0.13			0.16			(0.09	)		—			(0.09	)
	2016 - Institutional		10.44		0.09		0.14			0.23			(0.18	)		—			(0.18	)
	2016 - IR		10.40		0.09		0.13			0.22			(0.17	)		—			(0.17	)
	2016 - R6		10.44		0.18		0.07			0.25			(0.18	)		—			(0.18	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2015 - A		10.03		0.16		0.49			0.65			(0.16	)		(0.10	)		(0.26	)
	2015 - C		9.76		0.08		0.49			0.57			(0.12	)		(0.10	)		(0.22	)
	2015 - Institutional		10.05		0.20		0.49			0.69			(0.20	)		(0.10	)		(0.30	)
	2015 - IR		10.01		0.19		0.49			0.68			(0.19	)		(0.10	)		(0.29	)
	2015 - R6 (Commenced July 31, 2015)		10.75		0.05		(0.36	)		(0.31	)		—			—			—
	2014 - A		10.62		0.14		(0.34	)		(0.20	)		(0.32	)		(0.07	)		(0.39	)
	2014 - C		10.40		0.06		(0.33	)		(0.27	)		(0.30	)		(0.07	)		(0.37	)
	2014 - Institutional		10.62		0.17		(0.33	)		(0.16	)		(0.34	)		(0.07	)		(0.41	)
	2014 - IR		10.59		0.18		(0.35	)		(0.17	)		(0.34	)		(0.07	)		(0.41	)
	2013 - A		8.29		0.23		2.49			2.72			(0.39	)		—			(0.39	)
	2013 - C		8.13		0.14		2.47			2.61			(0.34	)		—			(0.34	)
	2013 - Institutional		8.30		0.26		2.50			2.76			(0.44	)		—			(0.44	)
	2013 - IR		8.28		0.22		2.52			2.74			(0.43	)		—			(0.43	)
	2012 - A		7.92		0.17		0.38			0.55			(0.18	)		—			(0.18	)
	2012 - C		7.79		0.11		0.38			0.49			(0.15	)		—			(0.15	)
	2012 - Institutional		7.94		0.20		0.38			0.58			(0.22	)		—			(0.22	)
	2012 - IR		7.93		0.16		0.40			0.56			(0.21	)		—			(0.21	)
	2011 - A		8.20		0.17		(0.21	)		(0.04	)		(0.24	)		—			(0.24	)
	2011 - C		8.08		0.13		(0.23	)		(0.10	)		(0.19	)		—			(0.19	)
	2011 - Institutional		8.21		0.20		(0.20	)		—			(0.27	)		—			(0.27	)
	2011 - IR		8.21		0.20		(0.21	)		(0.01	)		(0.27	)		—			(0.27	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS 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			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	10.49		2.05	%	$	244,622		1.30	%^(d)		1.40	%^(d)		1.41	%^(d)		67	%
	10.18		1.58			49,296		2.05	^(d)		2.15	^(d)		0.71	^(d)		67
	10.49		2.18			1,164,359		0.90	^(d)		1.00	^(d)		1.87	^(d)		67
	10.45		2.10			73,650		1.05	^(d)		1.16	^(d)		1.78	^(d)		67
	10.51		2.40			2,998		0.88	^(d)		1.03	^(d)		3.59	^(d)		67


	10.42		6.70			204,067		1.30			1.39			1.58			131
	10.11		5.96			38,777		2.05			2.14			0.82			131
	10.44		7.11			888,071		0.90			0.99			1.97			131
	10.40		7.00			40,890		1.05			1.14			1.83			131
	10.44		(2.88	)		10		0.90	^(d)		0.96	^(d)		1.94	^(d)		131
	10.03		(1.94	)		144,558		1.30			1.39			1.33			129
	9.76		(2.71	)		19,158		2.05			2.15			0.57			129
	10.05		(1.54	)		668,746		0.90			0.99			1.65			129
	10.01		(1.68	)		19,134		1.05			1.14			1.66			129
	10.62		34.41			53,564		1.30			1.48			2.52			166
	10.40		33.40			3,514		2.05			2.24			1.53			166
	10.62		34.96			441,964		0.90			1.07			2.85			166
	10.59		34.77			3,605		1.05			1.26			2.28			166
	8.29		7.32			18,914		1.30			1.51			2.13			150
	8.13		6.56			896		2.05			2.26			1.44			150
	8.30		7.80			244,135		0.90			1.11			2.59			150
	8.28		7.54			345		1.05			1.26			2.06			150
	7.92		(0.68	)		29,729		1.30			1.47			1.95			79
	7.79		(1.39	)		856		2.05			2.22			1.56			79
	7.94		(0.16	)		249,545		0.90			1.07			2.30			79
	7.93		(0.33	)		1,368		1.05			1.22			2.39			79


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Emerging Markets Equity Insights	A, C, Institutional, IR, R and R6	Diversified
International Equity Insights	A, C, Institutional, Service, IR, R and R6	Diversified
International Small Cap Insights	A, C, Institutional, IR and R6	Diversified

Pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”) approved by the Trust’s Board of Trustees, all of the assets and liabilities of the Goldman Sachs International Small Cap Fund (the “Acquired Fund”) were transferred to the Goldman Sachs International Small Cap Insights Fund (the “Survivor Fund”) as of the close of business on February 5, 2016 (the “Reorganization”). As part of the Reorganization, holders of Class A, Class C, Institutional and Class IR shares of the Acquired Fund respectively received Class A, Class C, Institutional and Class IR shares of the Survivor Fund, in an amount equal to the aggregate net asset value of his or her investment in the Acquired Fund. Shareholders of Service Shares of the Acquired Fund received Class A Shares of the Survivor Fund, in an amount equal to the aggregate net asset value of his or her investment in the Acquired Fund. The exchange was a tax-free event to shareholders and the Survivor Fund was the accounting survivor in the reorganization.

2. SIGNIFICANT ACCOUNTING POLICIES

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

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. 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 United States (“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.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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:

Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities 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.

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 (the FST Institutional Share class for Money Market Funds) on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2016:



EMERGING MARKETS EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	11,261,144		$	30,985,970	$	—
Asia		57,996,416			517,482,364		—
Europe		1,730,768			8,134,462		—
North America		42,440,631			—		—
South America		63,022,723			2,948,909		—
Securities Lending Reinvestment Vehicle		2,728,800			—		—
Total	$	179,180,482		$	559,551,705	$	—

INTERNATIONAL EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	3,648,634	$	—
Asia		1,533,114			189,813,372		—
Australia and Oceania		—			41,659,081		—
Europe		25,500,501			440,952,473		—
Securities Lending Reinvestment Vehicle		24,797,079			—		—
Total	$	51,830,694		$	676,073,560	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	75,282		$	—	$	—
Liabilities^(b)
Futures Contracts	$	(142,130	)	$	—	$	—

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INTERNATIONAL SMALL CAP INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—		$	536,517,882	$	—
Australia and Oceania		—			97,754,279		—
Europe		—			852,091,773		—
North America		—			3,704,672		—
Investment Company		1,700,138			—		—
Securities Lending Reinvestment Vehicle		91,779,427			—		—
Total	$	93,479,565		$	1,490,068,606	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	214,777		$	—	$	—

Derivative Type
Liabilities^(b)
Futures Contracts	$	(149,008	)	$	—	$	—

(a)

(b)

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

The following is a reconciliation of Level 3 investments for the period ended April 30, 2016:


Emerging Markets Equity Insights	Common Stock and/or Other Equity Investments
Beginning Balance as of October 31, 2015	$	6,714,232
Realized gain (loss)		(2,526,096	)
Net Change in unrealized gain (loss) relating to instruments still held at reporting date		(443,853	)
Sales		(3,744,283	)
Ending Balance as of April 30, 2016	$	—

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of April 30, 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 table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

Fund

Risk

Statements of Assets and Liabilities

Assets^(a)

Statements of Assets and Liabilities

Liabilities^(a)

International Equity Insights

Equity

Receivable for unrealized gain on futures variation margin

75,282

Payable for unrealized loss on futures variation margin

(142,130)

International Small Cap Insights

Equity

Receivable for unrealized gain on futures variation margin

214,777

Payable for unrealized loss on futures variation margin

(149,008)

(a)

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


Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
International Equity Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(1,433,941	)		(490,974	)		334
International Small Cap Insights	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(1,593,951	)		(1,688,234)			472

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2016.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 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^
Emerging Markets Equity Insights		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%		1.00	%
International Equity Insights		0.85			0.77			0.73			0.72			0.71			0.85			0.81	⁽¹⁾
International Small Cap Insights		0.85			0.85			0.77			0.73			0.72			0.85			0.85

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

(1)

GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least February 26, 2017, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

The International Small Cap Insights Fund invests in the FST Institutional Shares of Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the six months ended April 30, 2016, GSAM waived $12,247 of the Fund’s management fees.


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

For the period ended April 30, 2016, Goldman Sachs did not retain any CDSC charges on Class C Shares.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, 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 each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.114%, 0.004% and 0.014%, respectively. Prior to February 26, 2016, the Other Expense limitation was 0.144% for the Emerging Markets Equity Insights Fund. These Other Expense limitations will remain in place through at least February 26, 2017, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
Emerging Markets Equity Insights	$	—	$	2,307	$	245,977	$	248,284
International Equity Insights		141,304		4,545		341,578		487,427
International Small Cap Insights		12,247		298		647,393		659,938

H. Other Transactions with Affiliates — For the six months ended April 30, 2016, Goldman Sachs earned $3,014 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Insights Fund.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The following table provides information about the International Small Cap Insights Fund’s investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2016:

Fund

Market

Value
10/31/2015

Purchases at
Cost

Proceeds

from Sales

Market
Value
4/30/2016

Dividend
Income

International Small Cap Insights

29,164,962

225,251,093

(252,715,917

)

1,700,138

11,521

As of April 30, 2016, the following Goldman Sachs Fund of Funds Portfolios and Goldman Sachs Global Tax-Aware Equity Portfolios were beneficial owners of 5% or more of total outstanding shares of the following Funds:


Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Equity Growth Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Satellite Strategies Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Emerging Markets Equity Insights		—	%		—	%		—	%		9	%		7	%		6	%		13	%
International Equity Insights		5			—			13			24			19			—			—
International Small Cap Insights		—			—			—			—			—			8			—

As of April 30, 2016, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 8% of the Class R6 Shares of the Emerging Markets Equity Insights Fund and approximately 100% of the Class R6 Shares of the International Equity Insights Fund.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2016, were as follows:


Fund	Purchases		Sales and Maturities
Emerging Markets Equity Insights	$	835,253,393	$	639,984,139
International Equity Insights		615,935,092		610,724,764
International Small Cap Insights		1,065,639,532		863,625,585

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

7. SECURITIES LENDING (continued)

business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), an affiliated series of the Trust. The Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

Both the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2016, are reported under Investment Income on the Statements of Operations.

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


	For the Six Months ended April 30, 2016				Amounts Payable to Goldman Sachs upon Return of Securities Loaned as of April 30, 2016
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	10,647	$	7,102	$	—
International Equity Insights		22,043		37,383		2,511,824
International Small Cap Insights		73,904		138,703		16,113,712

The following table provides information about the Funds’ investment in the Money Market Fund for the six months ended April 30, 2016:


Fund	Market Value 10/31/2015		Purchases at Cost		Proceeds from Sales			Market Value 4/30/2016
Emerging Markets Equity Insights	$	31,533,953	$	78,515,077	$	(107,320,230	)	$	2,728,800
International Equity Insights		26,299,180		117,156,167		(118,658,268	)		24,797,079
International Small Cap Insights		49,255,589		159,947,644		(117,423,806	)		91,779,427

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2015, the Funds’ capital loss carryforwards on a tax-basis were as follows:


	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Capital loss carryforwards:⁽¹⁾
Expiring 2016	$	—		$	(392,271,823	)	$	—
Expiring 2017		—			(940,883,655	)		—
Expiring 2019		—			(2,867,280	)		—
Perpetual short-term		(42,463,393	)		(19,095,448	)		(5,290,806	)
Total capital loss carryforwards	$	(42,463,393	)	$	(1,355,118,206	)	$	(5,290,806	)

(1)

With the exception of perpetual capital loss carryforwards, expiration occurs on October 31 of the year indicated.

As of April 30, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Tax cost	$	705,150,139		$	696,338,985		$	1,501,441,499
Gross unrealized gain		67,079,600			58,175,465			138,221,151
Gross unrealized loss		(33,497,552	)		(26,610,196	)		(56,114,479	)
Net unrealized security gain (loss)	$	33,582,048		$	31,565,269		$	82,106,672

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

9. 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 also can result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

9. OTHER RISKS (continued)

invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the U.S. 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.

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 the 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 a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

10. INDEMNIFICATIONS

11. OTHER MATTERS

Mergers and Reorganizations — At a meeting held on October 14-15, 2015, the Trustees approved an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the tax-free acquisition of the Goldman Sachs International Small Cap Fund (the “Acquired Fund”) by the Goldman Sachs International Small Cap Insights Fund (the “Survivor Fund”). The acquisition was completed on February 5, 2016.

Pursuant to the Reorganization Agreement, the assets and liabilities of the Acquired Fund’s Shares were transferred in exchange for the Survivor Fund’s Shares, in a tax-free exchange as follows:


Survivor/Acquired Fund	Exchanged Shares of Survivor Fund		Value of Exchanged Shares		Acquired Fund’s Shares Outstanding as of February 5, 2016
International Small Cap Insights Class A/International Small Cap Class A		1,319,500	$	12,667,203		735,704
International Small Cap Insights Class C/International Small Cap Class C		336,631		3,144,130		189,506
International Small Cap Insights Institutional Class/International Small Cap Institutional Class		11,039,313		105,977,401		5,993,654
International Small Cap Insights Class A/International Small Cap Service Class		123,678		1,187,304		69,907
International Small Cap Insights Class IR/International Small Cap Class IR		144,014		1,376,771		77,777

The financial statements reflect the operations of the Survivor Fund for the period prior to the acquisition and for the period subsequent to the acquisition. Assuming the acquisition had been completed on November 1, 2015, the Fund’s pro forma results of operations for the six months ended April 30, 2016, would be as follows:


Net investment income	$	11,579,147
Net loss on investments	$	(10,577,143	)
Net increase in net assets resulting from operations	$	1,002,004

Because the combined investment portfolios have been managed as a single integrated Fund since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of International Small Cap Fund that have been included in the Fund’s Statement of Operations since February 5, 2016.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

11. OTHER MATTERS (continued)

The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation:

Survivor/Acquired Fund

Survivor Fund’s

Aggregate Net

Assets before

acquisition

Acquired Fund’s

Aggregate Net

Assets before

acquisition

Survivor Fund’s

Aggregate Net

Assets immediately

after acquisition

Acquired Fund’s

Unrealized

Depreciation

Acquired Fund’s

Capital Loss

Carryforward*

International Small Cap Insights/International Small Cap

1,261,539,102.00

124,352,810.00

1,385,892,154.00

(1,092,050.00

)

(17,180,096

)

Due to Fund reorganizations, utilization of acquired losses may be substantially limited under the Code.

12. SUBSEQUENT EVENTS

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Emerging Markets Equity Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,624,295		$	11,996,492			1,831,857		$	15,491,486
Reinvestment of distributions		43,777			331,829			97,926			827,477
Shares redeemed		(1,215,859	)		(8,942,520	)		(1,434,964	)		(12,316,990	)
		452,213			3,385,801			494,819			4,001,973
Class C Shares
Shares sold		33,045			247,719			72,805			621,855
Reinvestment of distributions		220			1,663			1,125			9,472
Shares redeemed		(37,274	)		(267,029	)		(45,881	)		(379,906	)
		(4,009	)		(17,647	)		28,049			251,421
Institutional Shares
Shares sold		46,969,051			356,157,423			25,344,354			212,286,064
Reinvestment of distributions		751,192			5,679,011			1,976,076			16,638,558
Shares redeemed		(23,084,351	)		(167,455,186	)		(36,627,575	)		(300,150,389	)
		24,635,892			194,381,248			(9,307,145	)		(71,225,767	)
Class IR Shares
Shares sold		157,520			1,150,424			101,302			856,635
Reinvestment of distributions		1,811			13,689			2,036			17,142
Shares redeemed		(24,640	)		(185,563	)		(100,019	)		(814,815	)
		134,691			978,550			3,319			58,962
Class R
Shares sold		417,887			2,959,086			511,434			4,309,387
Reinvestment of distributions		5,611			42,141			3,766			31,596
Shares redeemed		(99,619	)		(716,074	)		(47,012	)		(386,625	)
		323,879			2,285,153			468,188			3,954,358
Class R6^(a)
Shares sold		13,315			97,934			1,191			10,005
Reinvestment of distributions		16			121			—			—
Shares redeemed		(88	)		(694	)		(1	)		(5	)
		13,243			97,361			1,190			10,000
NET INCREASE (DECREASE)		25,555,909		$	201,110,466			(8,311,580	)	$	(62,949,053	)

(a)

Commenced operations on July 31, 2015.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	International Equity Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,864,293		$	18,714,669			1,868,895		$	19,519,895
Shares converted from Class B^(a)		—			—			24,889			263,075
Reinvestment of distributions		80,129			829,331			291,811			2,932,700
Shares redeemed		(1,060,400	)		(10,717,548	)		(2,146,266	)		(22,454,171	)
		884,022			8,826,452			39,329			261,499
Class B Shares^(a)
Shares converted to Class A		—			—			(25,175	)		(263,075	)
Shares redeemed		—			—			(88,787	)		(927,959	)
		—			—			(113,962	)		(1,191,034	)
Class C Shares
Shares sold		201,673			2,026,558			185,882			1,949,987
Reinvestment of distributions		2,542			25,930			8,739			86,865
Shares redeemed		(96,029	)		(932,886	)		(59,564	)		(610,073	)
		108,186			1,119,602			135,057			1,426,779
Institutional Shares
Shares sold		16,898,891			172,594,426			17,109,923			180,629,424
Reinvestment of distributions		790,870			8,383,219			2,889,476			29,732,706
Shares redeemed		(17,431,285	)		(182,418,210	)		(28,291,881	)		(294,640,896	)
		258,476			(1,440,565	)		(8,292,482	)		(84,278,766	)
Service Shares
Shares sold		26,115			270,393			24,694			262,287
Reinvestment of distributions		1,373			14,350			5,162			52,390
Shares redeemed		(22,732	)		(226,602	)		(133,921	)		(1,372,691	)
		4,756			58,141			(104,065	)		(1,058,014	)
Class IR Shares
Shares sold		101,902			1,002,828			164,932			1,769,692
Reinvestment of distributions		1,745			17,727			1,163			11,495
Shares redeemed		(149,509	)		(1,528,403	)		(32,061	)		(324,237	)
		(45,862	)		(507,848	)		134,034			1,456,950
Class R Shares
Shares sold		38,680			382,470			6,876			69,735
Reinvestment of distributions		130			1,319			447			4,419
Shares redeemed		(7,259	)		(68,983	)		(4,582	)		(44,808	)
		31,551			314,806			2,741			29,346
Class R6 Shares^(b)
Shares sold		—			—			891			10,006
Reinvestment of distributions		12			138			—			—
Shares redeemed		—			—			—			(5	)
		12			138			891			10,001
NET INCREASE (DECREASE)		1,241,141		$	8,370,726			(8,198,457	)	$	(83,343,239	)

(a)

Class B Shares converted into Class A Shares at the close of business on November 14, 2014.

(b)

Commenced operations on July 31, 2015.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	International Small Cap Insights Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		6,775,392		$	68,745,937			10,164,659		$	105,767,772
Shares issued in connection with merger		1,443,178			13,854,507			—			—
Reinvestment of distributions		265,744			2,771,715			377,041			3,661,067
Shares redeemed		(4,746,850	)		(47,828,880	)		(5,368,860	)		(55,033,086	)
		3,737,464			37,543,279			5,172,840			54,395,753
Class C Shares
Shares sold		1,235,621			12,184,690			2,593,933			26,548,629
Shares issued in connection with merger		336,631			3,144,130			—			—
Reinvestment of distributions		28,258			286,821			39,196			371,581
Shares redeemed		(597,007	)		(5,791,384	)		(758,657	)		(7,530,969	)
		1,003,503			9,824,257			1,874,472			19,389,241
Institutional Shares
Shares sold		32,789,560			330,392,557			43,990,057			456,097,807
Shares issued in connection with merger		11,039,312			105,977,401			—			—
Reinvestment of distributions		1,269,392			13,227,063			1,626,828			15,763,967
Shares redeemed		(19,234,158	)		(193,817,005	)		(27,091,726	)		(273,799,729	)
		25,864,106			255,780,016			18,525,159			198,062,045
Class IR Shares
Shares sold		4,293,475			43,064,767			2,889,011			30,097,553
Shares issued in connection with merger		144,014			1,376,771			—			—
Reinvestment of distributions		81,550			847,302			63,030			608,866
Shares redeemed		(1,407,275	)		(13,843,941	)		(930,661	)		(9,482,125	)
		3,111,764			31,444,899			2,021,380			21,224,294
Class R6 Shares^(a)
Shares sold		285,624			2,785,117			930			10,005
Reinvestment of distributions		354			3,693
Shares redeemed		(1,642	)		(16,397	)		—			(5	)
		284,336			2,772,413			930			10,000
NET INCREASE		34,001,173		$	337,364,864			27,594,781		$	293,081,333

(a)

Commenced operations on July 31, 2015.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R or R6 Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class C Shares); and (2) ongoing costs, including management fees; distribution and 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, Class R and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

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

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


	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/30/15		Ending Account Value 4/30/16			Expenses Paid for the 6 Month Ended 4/30/16*		Beginning Account Value 11/30/15		Ending Account Value 4/30/16			Expenses Paid for the 6 Month Ended 4/30/16*		Beginning Account Value 11/30/15		Ending Account Value 4/30/16			Expenses Paid for the 6 Month Ended 4/30/16*
Class A
Actual	$	1,000	$	996.40		$	7.79	$	1,000	$	995.40		$	6.20	$	1,000	$	1,020.50		$	6.53
Hypothetical 5% return		1,000		1,017.06	+		7.87		1,000		1,018.65	+		6.27		1,000		1,018.40	+		6.52
Class C
Actual		1,000		993.00			11.50		1,000		990.50			9.90		1,000		1,015.80			10.27
Hypothetical 5% return		1,000		1,013.33	+		11.61		1,000		1,014.92	+		10.02		1,000		1,014.67	+		10.27
Institutional
Actual		1,000		999.00			5.82		1,000		996.60			4.22		1,000		1,021.80			4.52
Hypothetical 5% return		1,000		1,019.05	+		5.87		1,000		1,020.64	+		4.27		1,000		1,020.39	+		4.52
Service
Actual		N/A		N/A			N/A		1,000		993.50			6.69		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.15	+		6.77		N/A		N/A			N/A
Class IR
Actual		1,000		998.10			6.56		1,000		996.60			4.96		1,000		1,021.00			5.28
Hypothetical 5% return		1,000		1,018.30	+		6.62		1,000		1,019.89	+		5.02		1,000		1,019.64	+		5.27
Class R
Actual		1,000		995.90			9.03		1,000		993.00			7.43		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,015.81	+		9.12		1,000		1,017.40	+		7.52		N/A		N/A			N/A
Class R6
Actual		1,000		999.40			5.67		1,000		996.90			4.17		1,000		1,024.00			4.43
Hypothetical 5% return		1,000		1,019.19	+		5.72		1,000		1,020.69	+		4.22		1,000		1,020.49	+		4.42


Fund	Class A			Class C			Institutional			Service			Class IR			Class R			Class R6
Emerging Markets Equity Insights		1.57	%		2.32	%		1.17	%		N/A			1.32	%		1.82	%		1.14	%
International Equity Insights		1.25			2.00			0.85			1.35	%		1.00			1.50			0.84
International Small Cap Insights		1.30			2.05			0.90			N/A			1.05			N/A			0.88

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.

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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

Multi-Manager U.S. Small Cap Equity Fund

Tactical Tilt Overlay Fund⁸

Balanced Strategy Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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

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

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q 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’ 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. 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).

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.

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2016

				Multi-Asset Class Funds
				Absolute Return Multi-Asset
				Multi-Asset Real Return

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Goldman Sachs Multi-Asset Class Funds

ABSOLUTE RETURN MULTI-ASSET

MULTI-ASSET REAL RETURN


TABLE OF CONTENTS

Investment Process			1

Portfolio Management Discussion and Performance Summary			2

Schedules of Investments			19

Financial Statements			34

Financial Highlights			38

Notes to the Financial Statements			42

Other Information			60



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

What Differentiates Goldman Sachs Absolute Return Multi-Asset Fund’s Investment Process?

The Goldman Sachs Absolute Return Multi-Asset Fund (the “Fund”) seeks to deliver consistent returns in all market environments through broad diversification and dynamic management. The Fund aims to provide exposure beyond traditional asset classes, with less dependence on the direction of stock and bond markets, and thoughtfully combines the investment capabilities across Goldman Sachs Asset Management (GSAM).

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By investing across asset classes using less-traditional strategies and techniques, we aim to incorporate distinct sources of return into the portfolio that are different from traditional core equities and bond returns

We use a proprietary, factor-based risk-budgeting framework that seeks to balance risk across unique return drivers and active strategies

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The Fund capitalizes on the changing economic cycle and tactically adjusts for dislocations in the current environment, with the aim of enhancing returns and mitigating portfolio losses

We seek to profit from opportunities across medium- to shorter-term time horizons and multiple geographies

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For over two decades, we have managed multi-asset class solutions for clients including sovereign wealth funds, pension plans, endowments, and foundations

We leverage the insights and alpha generation of GSAM’s 800+ investment professionals in 33 offices around the globe (as of March 31, 2016)

We monitor portfolio risk daily and have a robust risk management framework with multiple layers of oversight at the strategic allocation, security selection and firm levels

Diversification does not protect an investor from market risk and does not ensure a profit. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

PORTFOLIO RESULTS

Goldman Sachs Absolute Return Multi-Asset Fund

Investment Objective

The Fund seeks to achieve long-term absolute return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Absolute Return Multi-Asset Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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, R and R6 Shares generated cumulative total returns, without sales charges, of -1.97%, -2.32%, -1.74%, -1.89%, -2.05% and -1.73%, respectively. These returns compare to the 0.22% cumulative total return of the Fund’s benchmark, the Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

References to the Fund’s benchmark 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 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.

What economic and market factors most influenced the Fund during the Reporting Period?

Divergence in central bank monetary policy across countries and global regions — particularly in the developed markets where low inflation persisted — continued to unfold during the Reporting Period. In December 2015, the U.S. Federal Reserve (the “Fed”) announced its first interest rate hike since 2006, raising the targeted federal funds rate to a range of 0.25% to 0.50%. The Fed subsequently adopted a more dovish tone due to global economic growth concerns and market volatility. (A dovish tone tends to indicate lower interest rates.) However, following its April 2016 policy meeting at which interest rates were left unchanged, the Fed expressed less concern about these factors. Outside the U.S., accommodative monetary policies were reinforced in many developed markets, including Europe and Japan. In December 2015, the European Central Bank (“ECB”) lowered interest rates into negative territory and expanded its stimulus program. In January 2016, it increased its asset purchase program to include purchases of non-financial corporate credit and announced a new series of easing measures. The Bank of Japan introduced a negative interest rate at its January 2016 policy meeting, reaffirming its commitment to achieving a 2% inflation target. Later in the Reporting Period, it chose to leave monetary policy unchanged, surprising markets.

Investor sentiment was dominated during the Reporting Period overall by this divergent central bank monetary policy as well as by concerns about China and global economic growth. In this environment, the financial markets experienced bouts of heightened volatility, with varied performance across regions and asset classes around the world. Early in 2016, equity markets struggled to gain traction amid concerns about global economic growth, political instability, oil price volatility and currency fluctuations. The U.S. dollar weakened against most major world currencies, reversing course after a strong rally in 2015 to reach its low of the Reporting Period in March 2016. Meanwhile, commodity prices were volatile. The price of West Texas Intermediate (“WTI”) crude oil, for example, which continued to decline at the beginning of the Reporting Period, hit a 12-year low in mid-January 2016 before rising significantly through the end of the Reporting Period. The turbulence in the commodity markets had a substantial impact on energy-related sectors in both the equities and fixed income markets, most notably among high yield corporate bonds that managed nevertheless to eke out a small gain during the Reporting Period. Broadly speaking, fixed income securities and less risky asset classes provided the best returns during the Reporting Period overall.

PORTFOLIO RESULTS

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

The Fund seeks to achieve its investment objective through investments in different asset classes, geographic regions and security selection strategies in a portfolio primarily of equity, fixed income, real assets and currency asset classes. During the Reporting Period overall, the Fund posted negative absolute returns. At the asset class level, the Fund’s exposures to equity and real assets detracted from performance, while its exposures to fixed income and currencies contributed positively for the Reporting Period as a whole.

The Fund’s negative performance within equities was due largely to underlying security selection in certain active equity strategies as well as tactical country selection. Specifically, the long/short equity strategy was the largest detractor from performance, mainly due to substantial selloffs in several of the strategy’s largest long positions in the health care and financials sectors. Additionally, tactical long positions in European and Japanese equities detracted from performance as these regions lagged the broader market and did not fully participate in a March 2016 rally, led by U.S. stocks. On the other hand, the Fund benefited from gains in the U.S. and European equity volatility-selling strategies, which seek to benefit from the difference between implied volatility (i.e., expectations of future volatility) and realized volatility (i.e., historical volatility) in equity markets, as market volatility remained elevated throughout the Reporting Period.

The Fund’s positions in real assets also detracted overall during the Reporting Period. As commodity prices rose in the latter part of the Reporting Period, tactical short positions in copper and crude oil hampered performance. However, a long position in gold was advantageous amid safe haven buying early in 2016. The Fund’s results were also bolstered by the strong performance of its holdings of U.S. real estate equities, which benefited from investors’ improved appetite for both risk and yield between mid-February 2016 and the end of the Reporting Period.

Fixed income positions contributed positively to the Fund’s overall results during the Reporting Period. A tactical breakeven inflation position, in which the Fund held a long position in Treasury inflation protected securities (“TIPS”) and a short position in U.S. Treasury futures, contributed positively amid market expectations for increased inflation. (The breakeven inflation rate is the difference between the nominal yield on a fixed-rate investment and the real yield on an inflation-linked investment of similar maturity and credit quality. If inflation averages more than the breakeven, the inflation-linked investment will outperform the fixed-rate. Conversely, if inflation averages below the breakeven, the fixed-rate will outperform the inflation-linked.) In addition, a strategy that purchases options on short-dated U.S. Treasury futures helped performance, particularly in early 2016 when interest rates fell during a broad flight to safety.

The Fund’s currency positions helped performance overall during the Reporting Period, driven by long exposure to appreciating currencies and short exposure to depreciating currencies.

How was the Fund positioned at the beginning of the Reporting Period?

At the beginning of the Reporting Period, the Fund had approximately 30% of its total net assets in long equity- related positions; approximately 35% of its total net assets in long fixed income-related investments; approximately 14% of its total net assets in long real assets investments; and approximately 17% in long currency-related investments. It had short positions of approximately -13% of its total net assets in equity-related positions; approximately -34% of its total net assets in fixed income-related assets; approximately -6% of its total net assets in real asset investments; and approximately -17% of its total net assets in currency-related investments. These short positions were accomplished through the use of equity index futures, equity options, interest rates futures, commodity futures and currency forwards.

How did you tactically manage the Fund’s allocations during the Reporting Period?

Throughout the Reporting Period, the Fund’s positioning reflected our expectation of continued, albeit muted, global economic expansion and divergent monetary policy across the world. Tactically, this was expressed by the Fund’s exposure to the interest rates of various countries. In February 2016, the Fund initiated a breakeven inflation position, through a long position in TIPS and a short position in U.S. Treasury futures, as we sought to take advantage of increased inflation expectations. We had identified a number of factors, including a tighter U.S. labor market and the Fed’s continued accommodative monetary policy, that we believed could lift inflation expectations in the near term. Early in March 2016, we implemented a short position in 30-year German government bonds to express our view that interest rates would rise, causing fixed income asset prices to fall, as the longer-term economic growth outlook improved. In

PORTFOLIO RESULTS

addition, during the latter part of the first quarter of 2016, the Fund adopted a steepening position on the U.S. yield curve, in which it was long September 2016 Eurodollar futures and short September 2017 Eurodollar futures. We implemented this positioning based on our belief that markets had overreacted to volatility in early 2016 and were underestimating the speed at which the Fed could raise rates. Yield curve is a spectrum of maturities.

Additionally, during the Reporting Period, we tactically adjusted the Fund’s exposure to U.S. and international developed equities. Near the end of 2015, we reduced the Fund’s U.S. equities exposure based on our belief that the late calendar year rally was over and that there was limited room for further gains. In late January 2016, we increased the Fund’s exposure to the U.S. equity market through a combination of equity index options on the S&P 500^® Index. U.S. equities had experienced a large decline early in January 2016, and we believed the losses were driven by market technicals, or supply/demand factors, not fundamentals. By adding exposure to U.S. equities through equity index options, we sought to allow the Fund to participate in a portion of the upside if the U.S. equity market rallied and to mitigate a portion of the downside if the market retreated. Furthermore, we increased the Fund’s exposure to global equities as energy prices stabilized and global monetary policy remained accommodative. Near the end of the Reporting Period, we reduced the Fund’s exposure to global equities because we believed the first quarter 2016 rally had run its course and the market might retrace some of its gains.

Additionally, within equities, we sought to tactically deploy capital in select countries and sectors to express our macro views. In January 2016, for example, the Fund added exposure to European equities. European equities had sold off significantly since December 2015 on concerns about China’s economic growth and the failure of the ECB to satisfy investor expectations for additional easing. After the ECB reaffirmed its commitment to monetary policy support, we believed European equities would respond positively to expected quantitative easing measures. We also added a long position in U.S. banks, which had underperformed the broader U.S. equity market at the beginning of 2016 as yields fell on decreased expectations of a Fed rate hike. In our view, the market had overly punished the banking sector, and we believed loan growth fundamentals remained strong.

We also expressed our macro views during the Reporting Period by tactically managing a basket of currencies. In particular, we used the basket of currencies to express our views on the monetary and inflationary environment across developed and emerging markets countries and on slowing economic growth in China and other emerging markets countries. We also believed that lower commodity prices should have a positive impact on the currencies of commodity importers, such as India, and a negative impact on the currencies of commodity exporters, such as Australia.

Throughout the Reporting Period, we also tactically shifted the Fund’s exposure among equity, fixed income, commodities and currency asset classes using systematic trend-following strategies, which seek to profit from price trends across and within asset classes as investors react to new information.

Finally, we sought to manage the Fund’s risk exposure and to add a number of diversifying positions with the aim of protecting the Fund in “risk-off” environments. To this end, we added a long position in gold during December 2015 to express our belief in longer-term global economic growth and our view that the U.S. equity market was unlikely to appreciate further in the near term. At the end of January 2016, we implemented a tactical long position in WTI crude oil based on our belief that the market was overly pessimistic about the direction of oil prices. We also initiated a short position in copper as we sought to hedge against the potential of Chinese economic growth disappointments.

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

During the Reporting Period, the Fund used exchange-traded index futures contracts to gain exposure to the following markets, all contributing negatively to performance: U.S. large-cap and small-cap equities; non-U.S. developed markets equities, including Europe; and emerging markets equities, including Taiwan and India. Interest rate futures, which were used to hedge interest rate exposure in order to manage exposure to fluctuations in interest rates and to facilitate specific duration and yield curve strategies, added to performance. The Fund’s use of U.S. Treasury futures, employed as part of its breakeven inflation position during the Reporting Period, detracted from results. The Fund’s use of U.S. Treasury futures and German Bund futures to gain access to U.S. and German government bonds did not have a meaningful impact on performance. In addition, the Fund used Eurodollar futures to take tactical positions on the U.S. interest rate yield curve, which had no impact on performance during the Reporting Period. (Different positions may be taken within the Fund based on expectations of changes in interest rates and expectations of changes in the yield

PORTFOLIO RESULTS

curve. Changes in the shape of the yield curve will change the relative price of bonds represented by the curve.) Equity and commodity futures, which were used to implement our directional views or to mitigate the Fund’s exposure to market volatility, detracted from performance during the Reporting Period overall. In addition, the Fund used listed equity options to gain or reduce exposure to commodities and the fixed income and equity markets of certain countries. Overall, the Fund’s use of listed equity options had negative impact on performance. More specifically, the Fund was hurt by its use of listed equity options to control exposure to U.S. and European large-cap equities and to gain exposure to oil. This was offset somewhat by the use of listed equity options to obtain exposure to gold and short-term U.S. interest rates. In addition, the Fund used foreign exchange currency forward contracts to take long and short positions in select non-U.S. developed markets and in emerging markets as well as to take advantage of relative-value, momentum- based investment opportunities. These instruments added to the Fund’s performance during the Reporting Period overall. The Fund utilized commodity swaps to implement tactical short positions in copper and WTI oil. Both positions detracted from the Fund’s returns, driven by an uptick in the prices of both commodities during the Reporting Period. Also, a specialized index of credit default swaps (“CDX”) was employed during the Reporting Period to modulate the Fund’s exposure to U.S. investment grade credit, which had a positive impact on performance overall. Lastly, the Fund obtained exposure to the underlying asset classes through the use of underlying funds, which may also invest in derivatives to provide exposure to equity, fixed income and commodity asset classes. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

How was the Fund positioned at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had approximately 33% of its total net assets in long equity- related investments; approximately 33% of its total net assets in long fixed income-related investments; approximately 14% of its total net assets in long real assets investments; and approximately 19% of its total net assets in long currency- related investments. It had short positions of approximately -15% of its total net assets in equity-related investments; approximately -20% of its total net assets in fixed income-related assets; approximately -5% of its total net assets in real asset investments; and approximately -19% of its total net assets in currency-related investments. These short positions were accomplished through the use of equity index futures, equity options, interest rates futures, commodity futures and currency forwards.

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

At the end of the Reporting Period, we believed the macro environment remained highly uncertain and that the returns of many asset classes, most notably equities, would remain capped on both the upside and downside. We expected idiosyncratic geopolitical and economic risks to cause substantial volatility. Some of these risks might include “Brexit” (the upcoming referendum about the withdrawal of the U.K. from the European Union), an economic hard landing in China, an inflation scare, lack of clarity about oil prices and a crisis in the Eurozone. That said, we believed at the end of the Reporting Period that risk/reward dynamics were attractive, and we held a broadly positive view of riskier asset classes. As longer-term trends struggle to materialize, we plan to continue emphasizing our relative value views that seek to take advantage of what we consider to be asset mispricings.

Looking ahead, we think global equities overall should remain supported by slowly improving conditions in developed markets, low levels of inflation and supportive central bank monetary policy. However, we believed the broad equity rally, which had begun after a difficult start to 2016, had played out, as valuations at the end of the Reporting Period were near previous highs. As a result, we tactically positioned the Fund in a more defensive stance. In our view, a more tactical and selective approach to equity selection is required in this environment. We plan to focus on equity markets where we see scope for an improvement in fundamentals, such as in the developed markets where there is ample monetary policy support or in places where there may be opportunity for secular improvement.

In terms of global fixed income, we note that interest rates remained rather range-bound during the Reporting Period, after moving broadly lower since the middle of 2015. In our opinion, the markets have underestimated the pace of rate hikes and have priced in more dovish sentiment by the Fed than is supported by recent statements by policymakers. Although the Fund was positioned at the end of the Reporting Period for a Fed rate hike in the near term, we were more focused on the potential pace of rate increases, rather than

PORTFOLIO RESULTS

on the timing of them. At the end of the Reporting Period, the Fund maintained long positions in a number of income-producing assets, such as global public real estate securities and U.S. high yield corporate credit. In particular, the Fund held a position in international real estate securities, which may benefit from continued low global interest rates. Relative to corporate credit in general, we believe the U.S. is at the point in the credit cycle when corporate bond spreads (yield differentials versus U.S. Treasuries) typically imply a market bottom. Overall, we believe the balance between deteriorating credit fundamentals, continued macroeconomic expansion and policy support may keep spreads range-bound, broadly supporting corporate bonds.

At the end of the Reporting Period, we saw some tenuous signs of commodity price stabilization, though we maintained the Fund’s short positions in the industrial metals and energy sectors via our systematic trend-following strategy. In the near term, we expect oil to be highly sentiment-driven, which skews risks to the downside. However, we see potential for more sustainable rallies starting later in 2016 and plan to look for tactical opportunities to invest. In terms of currencies, we plan to focus on positive risk/return opportunities with a focus on two main themes. First, we believe economies with significant export dependence, slowing economic growth and disinflation may need to ease monetary policy and depreciate their currency to boost economic growth and inflation. Second, we think certain economies are likely to be supported by lower commodity prices and improving fundamentals, while others may face headwinds if their economies are dominated by commodity exports.

FUND BASICS

Goldman Sachs Absolute Return Multi-Asset Fund

as of April 30, 2016

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PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			BofA ML U.S. Dollar 3-Month LIBOR Constant Maturity Index²
Class A		-1.97	%		0.22	%
Class C		-2.32			0.22
Institutional		-1.74			0.22
Class IR		-1.89			0.22
Class R		-2.05			0.22
Class R6		-1.73			0.22

The Fund’s benchmark index is the Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”). The Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	Since Inception			Inception Date
Class A		-7.52	%	9/2/15
Class C		-3.57		9/2/15
Institutional		-1.92		9/2/15
Class IR		-2.07		9/2/15
Class R		-2.34		9/2/15
Class R6		-1.92		9/2/15

The Standardized Total Returns are cumulative 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, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.48	%		3.88	%
Class C		2.23			4.63
Institutional		1.08			3.48
Class IR		1.23			3.63
Class R		1.73			4.13
Class R6		1.06			3.46

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TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Government Fund		40.1	%	Investment Companies
Goldman Sachs Fixed Income Macro Strategies Fund		9.9		Investment Companies
Goldman Sachs Long Short Fund		9.8		Investment Companies
Goldman Sachs High Yield Fund		8.8		Investment Companies
Goldman Sachs Inflation Protected Securities Fund		6.3		Investment Companies
Goldman Sachs Real Estate Securities Fund		3.6		Investment Companies
Goldman Sachs International Real Estate Securities Fund		3.6		Investment Companies
SPDR S&P Bank ETF		1.4		Exchange Traded Funds
Yum! Brands, Inc.		0.5		Hotels, Restaurants & Leisure
Mitsubishi Estate Co. Ltd.		0.5		Real Estate Management & Development

⁵

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

FUND BASICS


		SECTOR ALLOCATION⁶
		As of April 30, 2016

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. Underlying sector allocations of Exchange Traded Funds and Investment Companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND

What Differentiates Goldman Sachs Multi-Asset Real Return Fund’s Investment Process?

The Goldman Sachs Multi-Asset Real Return Fund (the “Fund”) seeks to achieve long-term real return. The Fund invests primarily in a portfolio of equity, fixed income and commodity securities in an attempt to perform favorably in rising or high inflationary environments. The Fund seeks to provide exposure beyond traditional asset classes to protect against a broader set of inflation catalysts in various market environments.

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Inflation-sensitive assets tend to move in the same direction as inflation which may preserve real portfolio returns.

We seek to provide access to investments that have historically provided the necessary growth to protect purchasing power in periods of high or rising inflation.

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Traditional stocks and bonds may not be able to provide the necessary diversification to improve portfolio returns across changing market environments.

The Fund invests in a diversified portfolio in an attempt to provide investors with lower volatility over the long-term.

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We utilize a comprehensive investment process that opportunistically shifts portfolio assets through long-term strategic allocation, tactical adjustments, underlying security selection and active risk management.

The flexibility in our investment process helps us to respond to ever-changing markets and to balance the portfolio’s risk and potential return.

We have a robust risk management framework, with multiple layers of oversight at the strategic allocation, security selection and firm levels.

PORTFOLIO RESULTS

Goldman Sachs Multi-Asset Real Return Fund

Investment Objective

The Fund seeks to achieve long-term real return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Multi-Asset Real Return Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 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 cumulative total returns, without sales charges, of -0.74%, -0.95%, -0.50%, -0.54% and -0.74%, respectively. These returns compare to the 3.12% cumulative total return of the Fund’s benchmark, the Barclays 1-10 Year U.S. TIPS Index (the “Index”), during the same time period.

During the period from their inception on February 26, 2016 through April 30, 2016, the Fund’s Class R6 Shares generated a cumulative total return, without sales charges, of -6.33% compared to the 1.94% cumulative total return of the Index.

What economic and market factors most influenced the Fund during the Reporting Period?

Continued accommodative monetary policies by many global central banks, including the European Central Bank (“ECB”), Bank of Japan (“BoJ”) and People’s Bank of China, as well as falling energy prices and muted global economic growth combined to keep inflation low throughout the Reporting Period. U.S. monetary policy diverged from those of other global central banks, as the Federal Reserve (the “Fed”) hiked interest rates in December 2015 for the first time since 2006. Market expectations for further rate increases remained low thereafter and through the end of the Reporting Period.

Global equity market volatility increased during the Reporting Period on concerns about global economic growth (particularly in China), negative sentiment about oil prices and signs the U.S. economy was entering the later stages of the credit cycle. In January 2016, the S&P 500^® Index (a measure of U.S. stock market performance) suffered its worst single month decline since 1933. Despite this rocky start, U.S. equities rebounded to end the first calendar quarter in positive territory. For the Reporting Period overall, U.S. stocks eked out a small gain, while other developed markets stocks retreated. Political instability in Europe surrounding the potential of “Brexit” (the upcoming referendum about the withdrawal of the U.K. from the European Union) and the trajectory of BoJ monetary policy concerned investors within the developed markets.

Global fixed income generated positive returns during the Reporting Period, as global yields remained low and investors sought safe-haven assets amid increased global market volatility. Although U.S. inflation expectations stayed low during the Reporting Period overall, U.S. inflation indicators appeared to pick up. This trend contributed to a rally in Treasury inflation protected securities (“TIPS”), which are generally perceived as a hedge against inflation risk.

Within currencies during late 2015 and early 2016, the U.S. dollar was strong compared to other developed markets currencies. However, later in the Reporting Period, the U.S. dollar weakened, providing a currency tailwind to the emerging markets. Meanwhile, commodity prices, including energy, rallied during the first quarter of 2016 after several consecutive quarters of losses. At the end of the Reporting Period, commodity prices remained volatile, with oil prices still well below their historic average.

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

In seeking its objective to achieve long-term real return, the Fund invests in a diversified portfolio of inflation- sensitive equity, fixed income and commodity securities and exposures. (Real return is the return on an investment in excess of inflation.) The Fund’s portfolio managers seek to address the multiple potential drivers of inflation by allocating across these diversified exposures in what we

PORTFOLIO RESULTS

determine to be a balanced way. This sets the Fund’s strategic asset allocation, which was the primary source of the Fund’s underperformance relative to the Index during the Reporting Period.

The underperformance of the Fund’s strategic asset allocation was due primarily to its exposure to real assets, particularly commodities and master limited partnerships (“MLPs”), which weakened as energy prices remained below their longer term levels. MLPs were also pressured by a number of structural headwinds. In addition, the Fund was hurt by its underweight relative to the Index in TIPS. TIPS rallied during the first quarter of 2016, outpacing conventional U.S. Treasury securities, as breakeven inflation levels were positively impacted by the rally in energy prices and positive economic indicators. (The breakeven inflation rate is the difference between the nominal yield on a fixed-rate investment and the real yield on an inflation-linked investment of similar maturity and credit quality. If inflation averages more than the breakeven, the inflation-linked investment will outperform the fixed-rate. Conversely, if inflation averages below the breakeven, the fixed-rate will outperform the inflation-linked.) In addition, the Fund’s strategic allocation to specific sectors, such as health care, weighed on relative returns. During the Reporting Period, health care companies faced increased scrutiny about drug pricing policies. On the positive side, the Fund benefited from strategic allocations to U.S. equities, local emerging markets debt, global infrastructure securities and U.S. real estate securities, all of which benefited from low interest rates and accommodative monetary policy. These securities, like many other riskier asset classes, also performed well after a difficult start to 2016 as the equity market rebounded strongly and oil prices stabilized.

Tactical asset allocation overall slightly hampered the Fund’s results during the Reporting Period. As mentioned earlier, in seeking its objective to achieve long-term real return, the Fund will allocate to a set of asset classes that we believe are sensitive to different sources of inflation. We then adjust the relative sizing of these exposures based on a shorter investment horizon that reflects tactical market views. Relative to the strategic asset allocation set during the Reporting Period, the Fund was tactically overweight equities and riskier asset classes in general. It was underweight commodities, infrastructure securities and fixed income. More specifically, overweight positions in Japanese, European and U.S. large-cap equities, especially during the first quarter of 2016, detracted from performance. Underweights in local emerging markets debt and infrastructure securities dampened Fund returns during the Reporting Period overall. Conversely, the Fund’s allocation to gold was advantageous amid a broad flight to safety during the first six weeks of the first quarter of 2016. The Fund also benefited from an overweight in U.S. bank stocks, an overweight in MLPs and an underweight in commodities between mid-February 2016 and the end of the Reporting Period.

Underlying fund implementation and security selection overall detracted modestly from the Fund’s returns. Detractors were broad based, led by bottom-up stock selection within U.S. real estate securities and MLPs as well as by the Fund’s unconstrained fixed income strategy.

How was the Fund positioned during the Reporting Period?

At the start of the Reporting Period, the Fund had approximately 8.0% of its total net assets invested in commodity-related investments; approximately 47.9% of its total net assets invested in equity-related investments; approximately 31.5% of its total net assets invested in fixed income-related investments; and approximately 12.6% of its total net assets invested in cash and cash equivalents. The strategic asset allocation of the Fund reflects a risk-based allocation approach to increase diversification across the portfolio.

How did you tactically manage the Fund’s allocations during the Reporting Period?

During the Reporting Period, positioning within the Fund was adjusted to reflect our expectations that moderately positive global economic growth would continue, led by the U.S. and to a lesser extent, other developed markets. Strategically, this positioning translated into a positive view on riskier asset classes, maintained through the Fund’s broad tilt toward U.S. and other developed markets equities, which was modulated based on regional and sector exposure views. During the Reporting Period, we expressed our view that U.S. interest rates would rise by positioning the Fund in the front, or short-term, end of the yield curve, which is more sensitive than the longer-term end to changes in interest rates. Yield curve is a spectrum of maturities.

In terms of our tactical positioning, we maintained Fund’s allocation to MLPs during the Reporting Period. In our view, MLPs had declined more than fundamentally warranted, primarily due to negative investor sentiment. To diversify the Fund’s exposure to the energy sector, we shifted the Fund to an underweight in commodities during March 2016. West Texas Intermediate crude oil prices had rallied approximately 27% during the course of the month on the

PORTFOLIO RESULTS

back of positive investor sentiment, which we believed was not fully supported by fundamentals. We thought the oil price rally was unsustainable and would lead to additional supply, limiting price increases. Also within the Fund’s commodities allocation, we implemented a long position in gold during December 2015 in order to diversify the Fund’s sensitivity to global economic growth. The Fund exited the position in gold in March 2016.

During the Reporting Period, we increased the size of the Fund’s breakeven inflation position, wherein the Fund was long TIPS and short U.S. Treasury futures, to take advantage of any increase in inflation expectations. In our opinion, base effects might lift U.S. inflation meaningfully in the near term, which — combined with a tighter U.S. labor market and continued accommodative monetary policy from the Fed — could lead to an inflation scare. (Base effects are the consequence of abnormally high or low levels of inflation in a previous month that distort headline inflation numbers for the most recent month. A base effect can make it difficult to accurately assess inflation levels over time.)

We continued to tactically manage a basket of currencies to express our views on the monetary and inflationary environment across developed and emerging markets countries and on slowing economic growth in China and other emerging markets countries. We also believed that lower commodity prices should have a positive impact on the currencies of commodity importers, such as India, and a negative impact on the currencies of commodity exporters, such as Australia.

Within the Fund’s allocation to equities, we adopted a long position in Japanese stocks during February 2016 on the belief they would perform well in the near to medium term because of the BoJ’s monetary policy support and Japan’s improving corporate fundamentals. Also in February 2016, we implemented a long position in U.S. bank stocks as the sector had underperformed the broad global stock market on concerns around European banks. We believed the selloff had been excessive and that fundamentals, such as loan growth, a focus on expense controls, and adequate capital support, buttressed the sector. Within fixed income during April 2016, we established a short position in 30-year U.S. investment grade corporate bonds because we believed the U.S. credit cycle had reached the later stage.

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

During the Reporting Period, the Fund used Eurodollar futures to take tactical positions on the U.S. interest rate yield curve, which detracted from performance. (Different positions may be taken within the Fund based on expectations of changes in interest rates and expectations of changes in the yield curve. Changes in the shape of the yield curve will change the relative price of bonds represented by the curve.) The Fund employed equity index futures during the Reporting Period to tactically adjust the amount of risk incurred from exposure to equities in three markets — the U.S., Europe and Japan — all of which had a negative impact on performance. The Fund also sold U.S. Treasury futures to hedge duration as part of a breakeven inflation position, as we sought to take advantage of an increase in U.S. inflation expectations. These instruments had a negative impact on performance during the Reporting Period. Furthermore, the Fund employed forward foreign currency contracts to take long and short positions in developed and emerging markets currencies. The use of forward foreign currency contracts contributed positively to the Fund’s performance during the Reporting Period. In addition, some of the Fund’s underlying fund investments used derivatives during the Reporting Period to manage duration along the yield curve, to apply their active investment views with greater versatility, to seek greater risk management precision and to gain exposure to equity, fixed income and commodity asset classes.

How was the Fund positioned at the end of the Reporting Period?

At the end of the Reporting Period, the Fund had approximately 4.5% of its total net assets invested in commodity-related investments; approximately 46.6% of its total net assets invested in equity-related investments; approximately 33.7% of its total net assets invested in fixed income-related investments; and approximately 15.2% of its total net assets invested in cash and cash equivalents.

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

At the end of the Reporting Period, we remained aware of latent inflation risks. More specifically, we noted that tighter labor markets and rising wage growth could increase inflationary pressures, particularly if commodity prices or global demand stabilized further. In our opinion, these risks were not priced into the markets at the end of the Reporting Period, partly because of the market’s persistent belief that structural headwinds in the commodities complex and short- term volatility spikes would result in ongoing risk aversion.

Overall, at the end of the Reporting Period, we were broadly positive on riskier asset classes given the generally supportive monetary policies of global central banks and low inflation

PORTFOLIO RESULTS

expectations around the world. That said, we believed the global equity rally, which began after a difficult start to 2016, had played out and that valuations at the end of the Reporting Period were near previous highs. This view, coupled with rising inflationary pressures in the U.S., led us to tactically position the Fund in a more defensive stance. In our view, a more tactical and selective approach to equity selection is required in this environment. We plan to focus on equity markets where we see scope for an improvement in fundamentals, such as in the developed markets where there is ample monetary policy support or in places where there may be opportunity for secular improvement. We remain bullish on prospects in Europe and Japan given the accommodative monetary policies of their central banks but remain cautious on deploying additional assets in those economies that are in the mid-cycle expansion phase. Within the emerging markets, we believe ongoing monetary and fiscal policy stimulus has helped stabilize the Chinese economy, but we also believe China faces structural headwinds and represents a meaningful risk to the trajectory of the global equity markets in the near term. On the other hand, given the market’s muted expectations, any additional stabilization in China could assuage concerns about the emerging markets overall and, in turn, the export sectors of developed economies.

In terms of global fixed income, we believe the markets have underestimated the pace of rate hikes and have priced in more dovish sentiment by the Fed than is supported by recent statements by policymakers. (Dovish sentiment tends to indicate lower interest rates.) Accordingly, at the end of the Reporting Period, we favored equities over corporate credit, maintained the Fund’s position in the front end of the yield curve and held a marginally positive view on emerging markets debt.

Given our views, we believed the Fund was well positioned at the end of the Reporting Period to perform well in a variety of inflationary environments. We continue to seek opportunities to incorporate our tactical market views on a shorter-term basis.

FUND BASICS

Goldman Sachs Multi-Asset Real Return Fund

as of April 30, 2016

LOGO


PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Fund Total Return (based on NAV)¹			Barclays 1-10 Year U.S. TIPS Index²
Class A		-0.74	%		3.12	%
Class C		-0.95			3.12
Institutional		-0.50			3.12
Class IR		-0.54			3.12
Class R		-0.74			3.12


February 26, 2016–April 30, 2016
Class R6		6.81	%		1.94	%

The Barclays 1-10 Year U.S. TIPS Index is an unmanaged index comprised of U.S. Treasury Inflation Protected securities having a maturity of at least 1 year and less than 10 years. It is not possible to invest in an unmanaged index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/16	One Year			Since Inception			Inception Date
Class A		-12.37	%		-3.57	%	8/30/13
Class C		-8.86			-2.19		8/30/13
Institutional		-6.86			-1.05		8/30/13
Class IR		-6.98			-1.18		8/30/13
Class R		-7.40			-1.68		8/30/13
Class R6		N/A			6.81		2/26/16

The Standardized Total Returns are average annual or cumulative total returns for periods less than 1 year 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, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.12	%		4.16	%
Class C		1.87			4.90
Institutional		0.72			3.77
Class IR		0.87			3.91
Class R		1.37			4.41
Class R6		0.70			3.75

⁴


TOP TEN HOLDINGS AS OF 4/30/16⁵
Holding	% of Net Assets			Line of Business

Goldman Sachs Inflation Protected Securities Fund		35.4	%	Investment Company
Goldman Sachs Strategic Income Fund		10.4		Investment Company
Goldman Sachs Commodity Strategy Fund		5.1		Investment Company
iShares Global Infrastructure ETF		2.2		Exchange Traded Funds
Enterprise Products Partners LP		1.2		Oil, Gas & Consumable Fuels
Magellan Midstream Partners LP		1.1		Oil, Gas & Consumable Fuels
Exxon Mobil Corp.		0.9		Oil, Gas & Consumable Fuels
Energy Transfer Partners LP		0.9		Oil, Gas & Consumable Fuels
Simon Property Group, Inc.		0.9		Real Estate Investment Trusts
SPDR S&P Bank ETF		0.8		Exchange Traded Funds

⁵

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

FUND BASICS


		SECTOR ALLOCATION (%)⁶
		As of April 30, 2016

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. Underlying sector allocations of Exchange Traded Funds and Investment Companies held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of 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.

FUND BASICS

Index Definitions

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 9.5%
	Denmark – 0.2%
	911	Novo Nordisk A/S Class B (Pharmaceuticals)	$	50,865

	France – 0.6%
	671	Air Liquide SA (Chemicals)		76,103
	985	Safran SA (Aerospace & Defense)		67,905

				144,008

	Germany – 0.6%
	524	Bayer AG (Pharmaceuticals)		60,557
	909	Beiersdorf AG (Personal Products)		81,624

				142,181

	Japan – 1.1%
	1,600	Hoya Corp. (Health Care Equipment & Supplies)		61,271
	1,800	Kubota Corp. (Machinery)		26,220
	6,000	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		114,016
	1,000	Nidec Corp. (Electrical Equipment)		73,274

				274,781

	Netherlands* – 0.2%
	1,359	Mylan NV (Pharmaceuticals)		56,684

	Sweden – 0.3%
	2,434	Svenska Cellulosa AB SCA Class B (Household Products)		76,797

	Switzerland – 0.8%
	637	Novartis AG (Pharmaceuticals)		48,477
	230	Syngenta AG (Chemicals)		92,268
	3,558	UBS Group AG (Capital Markets)		61,679

				202,424

	United Kingdom – 0.7%
	2,315	Royal Dutch Shell PLC (Oil, Gas & Consumable Fuels)		60,637
	1,862	Wolseley PLC (Trading Companies & Distributors)		104,295

				164,932

	United States – 5.0%
	1,971	Abbott Laboratories (Health Care Equipment & Supplies)		76,672
	389	Affiliated Managers Group, Inc.* (Capital Markets)		66,254
	137	Alphabet, Inc. Class A* (Internet Software & Services)		96,980
	1,052	American Tower Corp. (Real Estate Investment Trusts)		110,334
	129	Biogen, Inc.* (Biotechnology)		35,474
	593	Celgene Corp.* (Biotechnology)		61,322
	2,699	EMC Corp. (Computers & Peripherals)		70,471
	410	FedEx Corp. (Air Freight & Logistics)		67,695
	643	Honeywell International, Inc. (Aerospace & Defense)		73,476

	Common Stocks – (continued)
	United States – (continued)
	409	Intercontinental Exchange, Inc. (Diversified Financial Services)	$	98,172
	625	Intuit, Inc. (Software)		63,056
	570	NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods)		33,596
	1,365	Northern Trust Corp. (Capital Markets)		97,024
	876	PVH Corp. (Textiles, Apparel & Luxury Goods)		83,746
	1,314	QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		66,383
	1,504	Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		119,658

				1,220,313

	TOTAL COMMON STOCKS
	(Cost $2,358,320)		$	2,332,985


Contracts		Exercise Price		Expiration Date		Value
	Option Contracts Purchased – 1.8%
	Options on Equities – 0.4%
	Morgan Stanley Capital Services, Inc. Call – EQO Stox Indices
	374	EUR	2,931.380		05/23/16	$	42,528
	Morgan Stanley Capital Services, Inc. Call – Topix Index
	39,024	JPY	1,400.000		07/20/16		10,918
	Barclays Bank PLC Call – iShares China Large Cap ETF
	13,300	$	36.140		07/27/16		7,640
	Morgan Stanley Capital Services, Inc. Put – EQO USO
	21,850		10.393		08/29/16		13,643
	Barclays Bank PLC Put – iShares iBoxx $ High Yield Corporate Bond ETF
	18,060		75.680		09/30/16		14,225

							88,954

	Options on Futures – 1.4%
	Barclays Bank PLC Call – Eurodollar Futures
	18		98.875		06/13/16		20,250
	Barclays Bank PLC Call – Eurodollar Futures
	10		99.000		09/19/16		5,812
	Barclays Bank PLC Call – Eurodollar Futures
	5		98.625		09/19/16		7,469
	Barclays Bank PLC Call – Eurodollar Futures
	10		99.000		12/19/16		5,000
	Barclays Bank PLC Call – Eurodollar Futures
	8		98.375		06/19/17		13,450
	Credit Suisse International (London) Call – Eurodollar Futures
	15		99.000		06/13/16		12,187
	Credit Suisse International (London) Call – Eurodollar Futures
	21		98.500		06/13/16		43,312
	Credit Suisse International (London) Call – Eurodollar Futures
	111		99.375		09/19/16		3,469
	Credit Suisse International (London) Call – Eurodollar Futures
	10		98.875		09/19/16		8,750


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Contracts		Exercise Price		Expiration Date		Value
	Option Contracts Purchased – (continued)
	Options on Futures – (continued)
	Credit Suisse International (London) Call – Eurodollar Futures
	4	$	98.750		12/19/16	$	4,025
	Credit Suisse International (London) Call – Eurodollar Futures
	6		98.750		03/13/17		5,738
	Credit Suisse International (London) Call – Eurodollar Futures
	1		98.625		03/13/17		1,213
	Credit Suisse International (London) Call – Eurodollar Futures
	56		99.125		06/19/17		23,450
	Credit Suisse International (London) Call – Eurodollar Futures
	52		99.000		09/18/17		32,175
	Credit Suisse International (London) Call – Eurodollar Futures
	41		98.875		12/18/17		33,056
	Credit Suisse International (London) Call – Eurodollar Futures
	8		98.375		03/19/18		12,700
	Credit Suisse International (London) Call – Eurodollar Futures
	16		98.375		06/18/18		25,600
	Credit Suisse International (London) Call – Eurodollar Futures
	22		98.250		09/17/18		39,875
	Credit Suisse International (London) Call – Eurodollar Futures
	28		98.125		12/17/18		55,825

							353,356

	TOTAL OPTION CONTRACTS PURCHASED
	(Cost $531,300)					$	442,310


Shares	Distribution Rate			Value
Investment Companies^(a) – 82.0%
United States – 82.0%
Goldman Sachs Financial Square Government Fund – FST Institutional Shares^(b)
9,817,350		0.250	%	$	9,817,350
Goldman Sachs Fixed Income Macro Strategies Fund – Institutional Shares
275,425		0.000			2,420,986
Goldman Sachs High Yield Fund – Institutional Shares
348,760		0.060			2,165,802
Goldman Sachs Inflation Protected Securities Fund – Institutional Shares
144,841		0.006			1,532,421
Goldman Sachs International Real Estate Securities Fund – Institutional Shares
140,397		0.015			869,055
Goldman Sachs Long Short Fund – Institutional Shares
284,925		0.000			2,393,365
Goldman Sachs Real Estate Securities Fund – Institutional Shares
42,980		0.017			874,214

TOTAL INVESTMENT COMPANIES
(Cost $20,594,436)				$	20,073,193


Shares		Description	Value
	Exchange Traded Fund – 1.5%
	United States – 1.5%
	10,849	SPDR S&P Bank ETF (Cost $314,816)	$	352,050

	TOTAL INVESTMENTS – 94.8%
	(Cost $23,798,872)		$	23,200,538

	OTHER ASSETS IN EXCESS OF LIABILITIES – 5.2%			1,273,764

	NET ASSETS – 100.0%		$	24,474,302


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Represents Affiliated Funds.
(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
CZK		—Czech Koruna
DKK		—Danish Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PHP		—Philippine Peso
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
ZAR		—South African Rand

Investment Abbreviations:
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
PLC		—Public Limited Company


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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. International PLC	AUD	20,000	USD	14,835	$	15,178		06/15/16	$	343
	CAD	250,000	USD	185,924		199,252		06/15/16		13,328
	CHF	10,000	USD	10,307		10,445		06/15/16		138
	CLP	130,000,000	USD	187,807		195,955		06/15/16		8,148
	CNY	40,000	USD	6,136		6,155		06/15/16		20
	EUR	170,000	USD	191,091		194,935		06/15/16		3,844
	HUF	2,000,000	USD	7,162		7,337		06/15/16		175
	IDR	4,860,000,000	USD	356,096		365,304		06/15/16		9,208
	INR	37,500,000	USD	539,968		559,826		06/15/16		19,860
	JPY	1,000,000	USD	9,134		9,410		06/15/16		276
	KRW	360,000,000	USD	312,500		313,794		06/15/16		1,294
	NZD	20,000	USD	13,568		13,930		06/15/16		363
	PLN	1,410,000	USD	359,227		369,063		06/15/16		9,836
	RUB	24,000,000	USD	351,335		366,031		06/15/16		14,696
	SEK	1,500,000	USD	174,779		187,102		06/15/16		12,324
	TRY	1,040,000	USD	356,380		366,963		06/15/16		10,583
	USD	7,875	PLN	30,000		7,852		06/15/16		23
UBS AG (London)	BRL	1,520,000	USD	424,749		438,216		05/25/16		13,467
	CAD	50,000	USD	39,437		39,850		05/25/16		414
	EUR	10,000	USD	11,443		11,459		05/24/16		16
	GBP	30,000	USD	43,646		43,836		05/24/16		190
	JPY	9,280,000	USD	84,821		87,267		05/24/16		2,446
	MXN	710,000	USD	40,621		41,167		05/24/16		546
	NZD	90,000	USD	62,290		62,758		05/24/16		467
	RUB	21,750,000	USD	330,497		333,438		05/25/16		2,941
	SGD	100,000	USD	74,188		74,307		05/24/16		119
	TRY	1,140,000	USD	399,640		404,744		05/24/16		5,105
	USD	7,610	AUD	10,000		7,596		05/24/16		14
	USD	5,157	MYR	20,000		5,102		05/25/16		54
	USD	52,738	PHP	2,450,000		51,992		05/25/16		746
	ZAR	4,100,000	USD	284,872		286,501		05/24/16		1,628
TOTAL									$	132,612

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC	AUD	250,000	USD	190,152	$	189,720		06/15/16	$	(432	)
	MYR	30,000	USD	7,674		7,650		06/15/16		(24	)
	TWD	300,000	USD	9,286		9,286		06/15/16		—
	USD	370,648	AUD	510,000		387,029		06/15/16		(16,381	)
	USD	15,449	CAD	20,000		15,940		06/15/16		(491	)
	USD	434,013	CHF	430,000		449,149		06/15/16		(15,136	)
	USD	185,463	CLP	130,000,000		195,955		06/15/16		(10,492	)
	USD	363,764	CNY	2,400,000		369,314		06/15/16		(5,548	)
	USD	181,458	COP	550,000,000		191,722		06/15/16		(10,263	)
	USD	185,179	EUR	170,000		194,935		06/15/16		(9,755	)
	USD	362,303	GBP	255,000		372,643		06/15/16		(10,340	)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC (continued)	USD	185,603	HUF	52,000,000	$	190,759		06/15/16	$	(5,156	)
	USD	6,743	IDR	90,000,000		6,765		06/15/16		(22	)
	USD	7,375	INR	500,000		7,464		06/15/16		(90	)
	USD	187,459	JPY	21,000,000		197,616		06/15/16		(10,157	)
	USD	291,003	KRW	360,000,000		313,794		06/15/16		(22,791	)
	USD	178,835	MYR	750,000		191,252		06/15/16		(12,417	)
	USD	185,281	NZD	280,000		195,025		06/15/16		(9,745	)
	USD	243,075	TWD	8,100,000		250,712		06/15/16		(7,637	)
UBS AG (London)	AUD	190,000	USD	147,382		144,320		05/24/16		(3,064	)
	CLP	33,910,000	USD	51,344		51,205		05/25/16		(138	)
	INR	7,810,000	USD	117,331		116,978		05/25/16		(353	)
	KRW	16,730,000	USD	14,646		14,589		05/25/16		(59	)
	PLN	80,000	USD	21,033		20,947		05/24/16		(86	)
	USD	175,274	CHF	170,000		177,395		05/24/16		(2,120	)
	USD	50,832	CNY	330,000		50,870		05/25/16		(38	)
	USD	45,962	CZK	1,100,000		46,595		05/24/16		(636	)
	USD	56,512	EUR	50,000		57,293		05/24/16		(780	)
	USD	229,447	GBP	160,000		233,798		05/24/16		(4,351	)
	USD	12,528	HUF	3,450,000		12,659		05/24/16		(132	)
	USD	101,066	ILS	380,000		101,735		05/24/16		(669	)
	USD	53,931	JPY	5,960,000		56,047		05/24/16		(2,114	)
	USD	9,780	NOK	80,000		9,935		05/24/16		(155	)
	USD	46,378	PLN	180,000		47,131		05/24/16		(754	)
	USD	32,086	SEK	260,000		32,405		05/24/16		(318	)
	USD	6,799	TWD	220,000		6,810		05/25/16		(12	)
TOTAL									$	(162,656	)

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
10 Year German Euro-Bund		2		June 2016	$	370,722		$	96
10 Year U.S. Treasury Notes		(14	)	June 2016		(1,820,875	)		(5,598	)
2 Year German Euro-Schatz		3		June 2016		383,930			(159	)
2 Year U.S. Treasury Notes		(5	)	June 2016		(1,093,125	)		101
20 Year U.S. Treasury Bonds		3		June 2016		489,938			(5,128	)
20 Year U.S. Treasury Bonds		(4	)	June 2016		(653,250	)		11,243
3 Month Bank Bills		(2	)	September 2016		(1,513,163	)		(543	)
3 Month Bank Bills		(2	)	December 2016		(1,513,311	)		(283	)
3 Month Bank Bills		(1	)	March 2017		(756,674	)		(39	)
3 Month Sterling Interest Rate		1		September 2016		181,511			(2	)
3 Month Sterling Interest Rate		1		December 2016		181,420			236
3 Month Sterling Interest Rate		1		March 2017		181,329			(203	)
3 Month Sterling Interest Rate		1		June 2017		181,201			(276	)
3 Month Sterling Interest Rate		1		September 2017		181,091			(221	)
3 Month Sterling Interest Rate		1		December 2017		180,982			(166	)
3 Month Sterling Interest Rate		1		March 2018		180,890			(311	)
3 Month Sterling Interest Rate		1		June 2018		180,799			35
5 Year German Euro-Bobl		3		June 2016		449,490			(633	)


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
5 Year U.S. Treasury Notes		(3	)	June 2016	$	(362,742	)	$	(341	)
Cattle Feeder		(2	)	August 2016		(140,375	)		10,707
Cocoa		5		July 2016		161,650			18,035
Coffee		(1	)	July 2016		(45,563	)		166
Copper		(1	)	July 2016		(57,088	)		(4,653	)
Cotton No. 2		4		July 2016		127,540			643
Crude Oil		(2	)	May 2016		(91,840	)		(8,026	)
Euro Buxl 30 Year Bonds		(3	)	June 2016		(561,579	)		(1	)
Euro Stoxx 50 Index		11		June 2016		374,970			(1,197	)
Euro Stoxx 50 Index		(1	)	June 2016		(34,088	)		(1,651	)
Eurodollars		12		September 2016		2,976,600			1,036
Eurodollars		2		December 2016		495,675			(92	)
Eurodollars		(1	)	December 2016		(262,770	)		(27	)
Eurodollars		2		March 2017		495,400			(305	)
Eurodollars		2		June 2017		495,100			(342	)
Eurodollars		2		September 2017		494,775			483
Eurodollars		(9	)	September 2017		(2,226,488	)		(1,258	)
Eurodollars		2		December 2017		494,425			533
Eurodollars		2		March 2018		494,150			404
Eurodollars		2		June 2018		493,825			508
FTSE 100 Index		1		June 2016		90,767			(572	)
Gold 100 Oz		3		June 2016		387,150			8,032
Hang Seng Index		(2	)	May 2016		(268,845	)		6,286
Hard Red Winter Wheat		(2	)	July 2016		(47,850	)		(1,331	)
iShares MSCI Taiwan ETF		10		May 2016		304,400			(9,795	)
Lead		4		May 2016		180,200			(6,909	)
Lead		(4	)	May 2016		(180,200	)		(8,021	)
Lead		3		June 2016		135,319			5,362
Lead		(3	)	June 2016		(135,319	)		(3,876	)
Lean Hogs		3		June 2016		98,040			692
Live Cattle		(3	)	June 2016		(137,910	)		7,091
Low Sulphur Gas Oil		(1	)	June 2016		(41,400	)		(8,077	)
Mini MSCI Emerging Market		(14	)	June 2016		(1,163,330	)		(22,448	)
MSCI Singapore Index		14		May 2016		330,937			(7,547	)
Nasdaq 100 E-Mini Index		1		June 2016		86,630			(3,437	)
Natural Gas		(4	)	May 2016		(87,120	)		(3,091	)
Nickel		4		May 2016		226,008			18,984
Nickel		(4	)	May 2016		(226,008	)		(10,631	)
Nickel		1		June 2016		56,571			1,555
Nickel		(1	)	June 2016		(56,571	)		(6,103	)
NY Harbor ULSD		(1	)	May 2016		(58,212	)		(2,006	)
Primary Aluminum		9		May 2016		376,594			36,385
Primary Aluminum		(9	)	May 2016		(376,594	)		(35,471	)
Primary Aluminum		4		June 2016		167,975			7,928
Primary Aluminum		(6	)	June 2016		(251,963	)		(27,164	)
Russell 2000 Mini Index		3		June 2016		338,280			17,757
S&P 500 E-Mini Index		3		June 2016		308,865			2,572
S&P 500 E-Mini Index		(17	)	June 2016		(1,750,235	)		(52,387	)
S&P 500 E-Mini Index		(1	)	September 2016		(262,718	)		(1	)
S&P Toronto Stock Exchange 60 Index		1		June 2016		129,704			348
SGX Nifty 50 Index		20		May 2016		315,700			(322	)
Silver		2		July 2016		178,190			16,235


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Soybean		5		July 2016	$	257,438		$	16,022
Sugar No. 11		7		June 2016		127,949			9,376
U.K. Long Gilt		1		June 2016		174,754			(2,106	)
Wheat		3		July 2016		73,275			741
Zinc		3		May 2016		145,050			8,343
Zinc		(3	)	May 2016		(145,050	)		(12,568	)
Zinc		2		June 2016		96,750			8,959
Zinc		(1	)	June 2016		(48,375	)		(1,287	)
TOTAL								$	(39,711	)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at April 30, 2016^(a)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
CDX North American Investment Grade Index 26	$910		(1.000	)%		06/20/21		0.779	%	$	(9,097	)	$	(1,797	)

(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 TOTAL RETURN SWAP CONTRACTS ON COMMODITY INDICES


Counterparty	Referenced Obligation^(b)	Notional Amount (000s)		Paid Rate			Termination Date		Unrealized Gain (Loss)*

Morgan Stanley & Co. International PLC	S&P GSCI 3 Month Forward Copper Index	$	310		0.000	%		06/30/16	$	(13,256	)

(b)

The Fund receives quarterly payments based on any positive monthly return of the Referenced Obligation. The Fund makes payments on any negative monthly return of such referenced obligation.

There are no upfront payments on the swap contracts, therefore the unrealized gain/loss of the swap contracts is equal to their market value.


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — For the period ended April 30, 2016 the Fund had written the following option contracts:

OPTIONS ON EQUITIES CONTRACTS


Counterparty	Description	Contracts		Expiration Date		Strike Price		Value
Barclays Bank PLC	Put – iShares iBoxx $ High Yield Corporate Bond ETF		18,060		09/30/16	$	70.77	$	(7,305	)
Deutsche Bank AG	Call – S&P 500 Index		9		05/31/16		2,100		(13,689	)
	Put – S&P 500 Index		9		05/31/16		2,014		(18,000	)
Morgan Stanley Capital Services, Inc.	Call – EQO Stox Indices		374		05/23/16	EUR	3,186		(2,221	)
	Put – EQO Stox Indices		187		05/23/16		2,859		(5,507	)
	Call – Topix Index		39,024		07/20/16	JPY	1,500		(2,874	)
	Call – EQO USO		21,850		08/29/16	$	13.329		(8,005	)
TOTAL (Premium Received $102,701)			79,513					$	(57,601	)

For the period ended April 30, 2016, the Fund had the following written option activities:

OPTIONS ON EQUITIES CONTRACTS


	Contracts	Premiums Received
Contracts Outstanding October 31, 2015	148	$	70,913
Contracts Written	113,742		355,697
Contracts Bought to Close	(6,687)		(91,229	)
Contracts Expired	(27,690)		(232,680	)
Contracts Outstanding April 30, 2016	79,513	$	102,701


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND

Schedule of Investments

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 36.9%
	Beverages – 0.9%
	22	Brown-Forman Corp. Class B	$	2,119
	47	Coca-Cola Enterprises, Inc.		2,467
	39	Constellation Brands, Inc. Class A		6,086
	44	Dr. Pepper Snapple Group, Inc.		4,000
	40	Molson Coors Brewing Co. Class B		3,825
	34	Monster Beverage Corp.*		4,904
	320	PepsiCo., Inc.		32,947
	3	The Boston Beer Co., Inc. Class A*		468
	853	The Coca-Cola Co.		38,215

				95,031

	Biotechnology – 1.1%
	302	AbbVie, Inc.		18,422
	46	Alexion Pharmaceuticals, Inc.*		6,407
	141	Amgen, Inc.		22,320
	128	Baxalta, Inc.		5,370
	41	Biogen, Inc.*		11,274
	148	Celgene Corp.*		15,305
	256	Gilead Sciences, Inc.		22,582
	5	Ligand Pharmaceuticals, Inc.*		604
	15	Regeneron Pharmaceuticals, Inc.*		5,651
	9	United Therapeutics Corp.*		947
	51	Vertex Pharmaceuticals, Inc.*		4,301

				113,183

	Chemicals – 2.9%
	23	A. Schulman, Inc.		641
	129	Air Products & Chemicals, Inc.		18,820
	42	Airgas, Inc.		5,982
	79	Albemarle Corp.		5,227
	41	Ashland, Inc.		4,576
	26	Balchem Corp.		1,595
	41	Cabot Corp.		2,000
	56	Calgon Carbon Corp.		918
	165	CF Industries Holdings, Inc.		5,457
	580	E.I. du Pont de Nemours & Co.		38,228
	102	Eastman Chemical Co.		7,791
	178	Ecolab, Inc.		20,466
	95	FMC Corp.		4,110
	42	H.B. Fuller Co.		1,878
	22	Innophos Holdings, Inc.		813
	20	Innospec, Inc.		967
	54	International Flavors & Fragrances, Inc.		6,451
	28	Koppers Holdings, Inc.*		704
	24	Kraton Performance Polymers, Inc.*		545
	233	LyondellBasell Industries NV Class A		19,262
	29	Minerals Technologies, Inc.		1,737
	291	Monsanto Co.		27,261
	7	NewMarket Corp.		2,842
	109	Olin Corp.		2,375
	58	PolyOne Corp.		2,087
	178	PPG Industries, Inc.		19,649
	188	Praxair, Inc.		22,083
	12	Quaker Chemical Corp.		1,069
	86	RPM International, Inc.		4,346
	31	Sensient Technologies Corp.		2,085

	Common Stocks – (continued)
	Chemicals – (continued)
	18	Stepan Co.	$	1,103
	116	The Chemours Co.		1,058
	743	The Dow Chemical Co.		39,089
	241	The Mosaic Co.		6,746
	31	The Scotts Miracle-Gro Co. Class A		2,194
	52	The Sherwin-Williams Co.		14,940
	50	The Valspar Corp.		5,335

				302,430

	Construction Materials – 0.2%
	32	Eagle Materials, Inc.		2,372
	62	Headwaters, Inc.*		1,241
	43	Martin Marietta Materials, Inc.		7,277
	10	US Concrete, Inc.*		617
	89	Vulcan Materials Co.		9,579

				21,086

	Containers & Packaging – 0.5%
	42	AptarGroup, Inc.		3,192
	62	Avery Dennison Corp.		4,502
	95	Ball Corp.		6,781
	66	Bemis Co., Inc.		3,312
	21	Greif, Inc. Class A		729
	272	International Paper Co.		11,769
	111	Owens-Illinois, Inc.*		2,049
	62	Packaging Corp. of America		4,023
	129	Sealed Air Corp.		6,109
	27	Silgan Holdings, Inc.		1,370
	68	Sonoco Products Co.		3,188
	169	WestRock Co.		7,073

				54,097

	Energy Equipment & Services – 0.6%
	123	Baker Hughes, Inc.		5,948
	30	Diamond Offshore Drilling, Inc.		728
	14	Dril-Quip, Inc.*		907
	53	Ensco PLC Class A		634
	62	FMC Technologies, Inc.*		1,890
	235	Halliburton Co.		9,708
	36	Helmerich & Payne, Inc.		2,380
	98	Nabors Industries Ltd.		960
	97	National Oilwell Varco, Inc.		3,496
	64	Noble Corp. PLC		719
	30	Oceaneering International, Inc.		1,100
	16	Oil States International, Inc.*		554
	36	Patterson-UTI Energy, Inc.		711
	65	Rowan Cos. PLC Class A		1,223
	376	Schlumberger Ltd.		30,208
	43	Superior Energy Services, Inc.		725
	63	Tidewater, Inc.		552
	92	Transocean Ltd.		1,019
	18	US Silica Holdings, Inc.		460

				63,922


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND


Shares		Description	Value
	Common Stocks – (continued)
	Food & Staples Retailing – 0.9%
	11	Casey’s General Stores, Inc.	$	1,232
	98	Costco Wholesale Corp.		14,517
	242	CVS Health Corp.		24,321
	73	Safeway Casa Ley		74
	73	Safeway PDC, LLC		3
	32	Sprouts Farmers Market, Inc.*		898
	111	Sysco Corp.		5,114
	220	The Kroger Co.		7,786
	15	United Natural Foods, Inc.*		535
	348	Wal-Mart Stores, Inc.		23,271
	192	Walgreens Boots Alliance, Inc.		15,222
	70	Whole Foods Market, Inc.		2,035

				95,008

	Food Products – 0.8%
	132	Archer-Daniels-Midland Co.		5,272
	7	Cal-Maine Foods, Inc.		355
	40	Campbell Soup Co.		2,468
	95	ConAgra Foods, Inc.		4,233
	35	Darling Ingredients, Inc.*		507
	45	Flowers Foods, Inc.		862
	132	General Mills, Inc.		8,097
	68	Hormel Foods Corp.		2,621
	18	Ingredion, Inc.		2,072
	56	Kellogg Co.		4,301
	6	Lancaster Colony Corp.		699
	31	McCormick & Co., Inc.		2,907
	44	Mead Johnson Nutrition Co.		3,835
	348	Mondelez International, Inc. Class A		14,950
	14	Post Holdings, Inc.*		1,006
	8	Sanderson Farms, Inc.		734
	13	Snyder’s-Lance, Inc.		416
	26	The Hain Celestial Group, Inc.*		1,088
	34	The Hershey Co.		3,166
	22	The J.M. Smucker Co.		2,794
	133	The Kraft Heinz Co.		10,383
	15	TreeHouse Foods, Inc.*		1,326
	64	Tyson Foods, Inc. Class A		4,213
	42	WhiteWave Foods Co. Class A*		1,689

				79,994

	Health Care Equipment & Supplies – 0.9%
	274	Abbott Laboratories		10,659
	8	ABIOMED, Inc.*		777
	16	Align Technology, Inc.*		1,155
	98	Baxter International, Inc.		4,334
	42	Becton Dickinson & Co.		6,773
	253	Boston Scientific Corp.*		5,546
	15	C.R. Bard, Inc.		3,182
	6	Cantel Medical Corp.		402
	46	DENTSPLY SIRONA, Inc.		2,742
	40	Edwards Lifesciences Corp.*		4,248
	13	Greatbatch, Inc.*		452
	11	Haemonetics Corp.*		357
	12	Halyard Health, Inc.*		338

	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	13	Hill-Rom Holdings, Inc.	$	629
	53	Hologic, Inc.*		1,780
	4	ICU Medical, Inc.*		397
	20	IDEXX Laboratories, Inc.*		1,687
	7	Integra LifeSciences Holdings Corp.*		496
	7	Intuitive Surgical, Inc.*		4,384
	10	LivaNova PLC*		527
	13	Masimo Corp.*		564
	260	Medtronic PLC		20,579
	10	Natus Medical, Inc.*		319
	10	Neogen Corp.*		472
	12	NuVasive, Inc.*		635
	23	ResMed, Inc.		1,283
	53	St. Jude Medical, Inc.		4,039
	16	STERIS PLC		1,131
	58	Stryker Corp.		6,323
	8	Teleflex, Inc.		1,246
	11	The Cooper Cos., Inc.		1,684
	17	Varian Medical Systems, Inc.*		1,380
	15	West Pharmaceutical Services, Inc.		1,068
	30	Zimmer Biomet Holdings, Inc.		3,473

				95,061

	Health Care Providers & Services – 1.0%
	64	Aetna, Inc.		7,185
	11	Air Methods Corp.*		407
	32	AmerisourceBergen Corp.		2,723
	14	AMN Healthcare Services, Inc.*		497
	13	Amsurg Corp.*		1,053
	50	Anthem, Inc.		7,038
	58	Cardinal Health, Inc.		4,551
	37	Centene Corp.*		2,293
	4	Chemed Corp.		519
	47	CIGNA Corp.		6,511
	28	Community Health Systems, Inc.*		534
	32	DaVita HealthCare Partners, Inc.*		2,365
	116	Express Scripts Holding Co.*		8,553
	58	HCA Holdings, Inc.*		4,676
	17	Henry Schein, Inc.*		2,868
	30	Humana, Inc.		5,312
	19	Laboratory Corp. of America Holdings*		2,381
	10	LifePoint Health, Inc.*		676
	8	Magellan Health, Inc.*		564
	44	McKesson Corp.		7,384
	22	MEDNAX, Inc.*		1,568
	9	Molina Healthcare, Inc.*		466
	20	Owens & Minor, Inc.		728
	18	Patterson Cos., Inc.		780
	24	Quest Diagnostics, Inc.		1,804
	34	Select Medical Holdings Corp.		455
	24	Tenet Healthcare Corp.*		761
	177	UnitedHealth Group, Inc.		23,307
	18	Universal Health Services, Inc. Class B		2,406


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	20	VCA, Inc.*	$	1,259
	11	WellCare Health Plans, Inc.*		990

				102,614

	Health Care Technology* – 0.0%
	49	Allscripts Healthcare Solutions, Inc.		657
	59	Cerner Corp.		3,312
	14	Medidata Solutions, Inc.		611

				4,580

	Household Durables* – 0.1%
	233	Toll Brothers, Inc.		6,361

	Household Products – 0.7%
	28	Church & Dwight Co., Inc.		2,596
	196	Colgate-Palmolive Co.		13,900
	19	Energizer Holdings, Inc.		826
	80	Kimberly-Clark Corp.		10,015
	27	The Clorox Co.		3,381
	582	The Procter & Gamble Co.		46,630

				77,348

	Life Sciences Tools & Services – 0.2%
	54	Agilent Technologies, Inc.		2,210
	7	Bio-Techne Corp.		652
	11	Charles River Laboratories International, Inc.*		872
	30	Illumina, Inc.*		4,050
	6	Mettler-Toledo International, Inc.*		2,148
	11	PAREXEL International Corp.*		672
	26	PerkinElmer, Inc.		1,311
	77	Thermo Fisher Scientific, Inc.		11,107
	16	Waters Corp.*		2,082

				25,104

	Metals & Mining – 0.7%
	151	AK Steel Holding Corp.*		707
	886	Alcoa, Inc.		9,897
	83	Allegheny Technologies, Inc.		1,356
	39	Carpenter Technology Corp.		1,381
	102	Commercial Metals Co.		1,828
	24	Compass Minerals International, Inc.		1,799
	851	Freeport-McMoRan, Inc.		11,914
	10	Kaiser Aluminum Corp.		948
	356	Newmont Mining Corp.		12,449
	215	Nucor Corp.		10,703
	53	Reliance Steel & Aluminum Co.		3,920
	46	Royal Gold, Inc.		2,881
	177	Steel Dynamics, Inc.		4,462
	92	Stillwater Mining Co.*		1,122
	108	United States Steel Corp.		2,064
	36	Worthington Industries, Inc.		1,359

				68,790

	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 15.1%
	134	Anadarko Petroleum Corp.	$	7,070
	1,682	Antero Midstream Partners LP		42,958
	109	Apache Corp.		5,930
	1,126	Buckeye Partners LP		81,072
	126	Cabot Oil & Gas Corp.		2,948
	14	Carrizo Oil & Gas, Inc.*		495
	899	Cheniere Energy Partners LP		26,224
	132	Chesapeake Energy Corp.		907
	500	Chevron Corp.		51,090
	26	Cimarex Energy Co.		2,831
	113	Columbia Pipeline Group, Inc.		2,895
	855	Columbia Pipeline Partners LP		12,423
	37	Concho Resources, Inc.*		4,298
	331	ConocoPhillips		15,818
	62	CONSOL Energy, Inc.		933
	259	Denbury Resources, Inc.		1,000
	147	Devon Energy Corp.		5,098
	26	Energen Corp.		1,105
	2,597	Energy Transfer Partners LP		92,012
	4,709	Enterprise Products Partners LP		125,683
	146	EOG Resources, Inc.		12,063
	40	EQT Corp.		2,804
	1,131	EQT GP Holdings LP		29,926
	812	EQT Midstream Partners LP		64,383
	1,110	Exxon Mobil Corp.		98,124
	1,008	Genesis Energy LP		32,679
	20	Gulfport Energy Corp.*		626
	71	Hess Corp.		4,233
	785	Holly Energy Partners LP		26,863
	54	HollyFrontier Corp.		1,922
	491	Kinder Morgan, Inc.		8,720
	1,543	Magellan Midstream Partners LP		111,204
	253	Marathon Oil Corp.		3,565
	148	Marathon Petroleum Corp.		5,784
	2,266	MPLX LP		72,943
	39	Murphy Oil Corp.		1,394
	57	Newfield Exploration Co.*		2,066
	111	Noble Energy, Inc.		4,008
	203	Occidental Petroleum Corp.		15,560
	1,300	ONEOK Partners LP		46,098
	53	ONEOK, Inc.		1,916
	13	PDC Energy, Inc.*		816
	125	Phillips 66		10,264
	573	Phillips 66 Partners LP		32,799
	45	Pioneer Natural Resources Co.		7,474
	2,684	Plains All American Pipeline LP		61,571
	60	QEP Resources, Inc.		1,076
	41	Range Resources Corp.		1,808
	454	SemGroup Corp. Class A		13,920
	673	Shell Midstream Partners LP		25,419
	22	SM Energy Co.		686
	90	Southwestern Energy Co.*		1,209
	182	Spectra Energy Corp.		5,691
	708	Spectra Energy Partners LP		35,704
	2,423	Sunoco Logistics Partners LP		70,945
	1,003	Targa Resources Corp.		40,581


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND


Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	477	TC Pipelines LP	$	26,125
	33	Tesoro Corp.		2,630
	742	Tesoro Logistics LP		34,310
	189	The Williams Cos., Inc.		3,665
	124	Valero Energy Corp.		7,300
	909	Valero Energy Partners LP		43,350
	1,027	Western Gas Partners LP		50,179
	457	Western Refining Logistics LP		12,042
	17	Western Refining, Inc.		455
	1,899	Williams Partners LP		57,407
	24	World Fuel Services Corp.		1,122
	83	WPX Energy, Inc.*		802

				1,579,021

	Paper & Forest Products – 0.1%
	30	Boise Cascade Co.*		626
	14	Clearwater Paper Corp.*		836
	6	Deltic Timber Corp.		375
	48	Domtar Corp.		1,855
	58	KapStone Paper and Packaging Corp.		922
	96	Louisiana-Pacific Corp.*		1,632
	10	Neenah Paper, Inc.		651
	41	PH Glatfelter Co.		940
	24	Schweitzer-Mauduit International, Inc.		825

				8,662

	Personal Products – 0.1%
	122	Avon Products, Inc.		575
	15	Edgewell Personal Care Co.		1,231
	52	The Estee Lauder Cos., Inc. Class A		4,985

				6,791

	Pharmaceuticals – 1.8%
	16	Akorn, Inc.*		407
	74	Allergan PLC*		16,025
	314	Bristol-Myers Squibb Co.		22,665
	25	Catalent, Inc.*		738
	182	Eli Lilly & Co.		13,746
	37	Endo International PLC*		999
	16	Impax Laboratories, Inc.*		534
	509	Johnson & Johnson		57,049
	24	Mallinckrodt PLC*		1,500
	513	Merck & Co., Inc.		28,133
	86	Mylan NV*		3,587
	39	Nektar Therapeutics*		612
	27	Perrigo Co. PLC		2,610
	1,117	Pfizer, Inc.		36,537
	11	Prestige Brands Holdings, Inc.*		625
	17	The Medicines Co.*		605
	94	Zoetis, Inc.		4,421

				190,793

	Real Estate Investment Trusts – 7.6%
	414	Acadia Realty Trust		13,952
	149	Alexandria Real Estate Equities, Inc.		13,850
	82	American Tower Corp.		8,600

	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	297	AvalonBay Communities, Inc.	$	52,507
	343	Boston Properties, Inc.		44,199
	1,232	Brixmor Property Group, Inc.		31,108
	400	Care Capital Properties, Inc.		10,668
	984	Chesapeake Lodging Trust		24,236
	524	Corporate Office Properties Trust		13,456
	593	CyrusOne, Inc.		26,169
	1,438	DDR Corp.		25,165
	182	EastGroup Properties, Inc.		10,875
	52	Equinix, Inc.		17,178
	190	Equity Residential		12,933
	172	Federal Realty Investment Trust		26,158
	465	HCP, Inc.		15,731
	306	Highwoods Properties, Inc.		14,300
	387	Liberty Property Trust		13,506
	335	Mid-America Apartment Communities, Inc.		32,063
	564	Pebblebrook Hotel Trust		15,589
	484	Post Properties, Inc.		27,762
	464	ProLogis, Inc.		21,070
	241	Public Storage		58,999
	967	RLJ Lodging Trust		20,375
	455	Simon Property Group, Inc.		91,532
	227	Sovran Self Storage, Inc.		24,112
	123	Taubman Centers, Inc.		8,542
	681	Ventas, Inc.		42,304
	466	Vornado Realty Trust		44,610
	362	Welltower, Inc.		25,130
	700	WP Glimcher, Inc.		7,343

				794,022

	Tobacco – 0.7%
	427	Altria Group, Inc.		26,777
	340	Philip Morris International, Inc.		33,361
	189	Reynolds American, Inc.		9,374
	10	Universal Corp.		546

				70,058

	TOTAL COMMON STOCKS
	(Cost $3,469,007)		$	3,853,956


	Exchange Traded Funds – 3.0%
	5,898	iShares Global Infrastructure ETF	$	235,743
	2,542	SPDR S&P Bank ETF		82,488

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $301,053)		$	318,231


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)


Shares	Distribution Rate			Value

Investment Companies^(a) – 50.9%
Goldman Sachs Commodity Strategy Fund – Institutional Shares
46,486		0.002	%	$	530,400
Goldman Sachs Inflation Protected Securities Fund – Institutional Shares
349,340		0.006			3,696,015
Goldman Sachs Strategic Income Fund – Institutional Shares
114,691		0.027			1,084,974

TOTAL INVESTMENT COMPANIES
(Cost $5,676,529)				$	5,311,389


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(b) – 6.7%
	Repurchase Agreements – 6.7%
	Joint Repurchase Agreement Account II
$	700,000		0.290	%		05/02/16	$	700,000
	(Cost $700,000)

	TOTAL INVESTMENTS – 97.5%
	(Cost $10,146,589)						$	10,183,576

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.5%							257,338

	NET ASSETS – 100.0%						$	10,440,914


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Represents an affiliated fund.
(b)		Joint repurchase agreement was entered into on April 29, 2016. Additional information appears on page 33.



Currency Abbreviations:
AUD		—Australian Dollar
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MYR		—Malaysian Ringgit
NZD		—New Zealand Dollar
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
TRY		—Turkish Lira
TWD		—Taiwan Dollar

Investment Abbreviations:
ETF		—Exchange Traded Fund
GP		—General Partnership
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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. International PLC	CAD	60,000	USD	44,622	$	47,821		06/15/16	$	3,199
	CHF	10,000	USD	10,307		10,445		06/15/16		138
	CLP	30,000,000	USD	43,183		45,220		06/15/16		2,038
	EUR	40,000	USD	44,962		45,867		06/15/16		905
	IDR	1,170,000,000	USD	85,727		87,943		06/15/16		2,217
	INR	9,500,000	USD	137,088		141,822		06/15/16		4,736
	KRW	90,000,000	USD	78,125		78,448		06/15/16		323
	PLN	360,000	USD	91,924		94,229		06/15/16		2,305
	RUB	6,000,000	USD	87,883		91,508		06/15/16		3,625
	SEK	375,000	USD	43,695		46,776		06/15/16		3,081
	TRY	260,000	USD	89,108		91,740		06/15/16		2,633
TOTAL									$	25,200

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC	AUD	60,000	USD	45,637	$	45,533		06/15/16	$	(104	)
	USD	87,211	AUD	120,000		91,066		06/15/16		(3,854	)
	USD	121,376	CHF	120,000		125,343		06/15/16		(3,967	)
	USD	42,799	CLP	30,000,000		45,220		06/15/16		(2,421	)
	USD	90,989	CNY	600,000		92,328		06/15/16		(1,340	)
	USD	43,550	COP	132,000,000		46,013		06/15/16		(2,463	)
	USD	43,511	EUR	40,000		45,867		06/15/16		(2,356	)
	USD	92,352	GBP	65,000		94,987		06/15/16		(2,636	)
	USD	42,841	HUF	12,000,000		44,021		06/15/16		(1,181	)
	USD	44,633	JPY	5,000,000		47,051		06/15/16		(2,418	)
	USD	73,000	KRW	90,000,000		78,449		06/15/16		(5,448	)
	USD	42,921	MYR	180,000		45,901		06/15/16		(2,980	)
	USD	46,279	NZD	70,000		48,756		06/15/16		(2,478	)
	USD	63,140	TWD	2,100,000		65,000		06/15/16		(1,861	)
TOTAL									$	(35,507	)


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND

Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At April 30, 2016, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollar		(5	)	December 2017	$	(1,236,063	)	$	(19,121	)
Euro Stoxx 50 Index		13		June 2016		443,146			(1,419	)
S&P 500 E-Mini Index		1		June 2016		102,955			803
10 Year U.S. Treasury Notes		(18	)	June 2016		(2,341,125	)		3,656
U.S. Long Bonds		(1	)	June 2016		(163,312	)		2,811
TOTAL								$	(13,270	)


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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Schedule of Investments

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At April 30, 2016, the Multi-Asset Real Return Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of May 2, 2016, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Multi-Asset Real Return Fund	$	700,000	$	700,011	$714,699

REPURCHASE AGREEMENTS — At April 30, 2016, the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:


Counterparty	Interest Rate	Multi-Asset Real Return Fund
BNP Paribas Securities Co.	0.30%	$	116,222
Citigroup Global Markets, Inc.	0.30		146,987
Merrill Lynch & Co., Inc.	0.30		98,379
Merrill Lynch & Co., Inc.	0.28		338,412
TOTAL		$	700,000

At April 30, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Banks		3.330	%		02/01/33
Federal Home Loan Banks		3.375 to 5.500			09/01/28 to 07/15/36
Federal Home Loan Mortgage Corp.		4.000 to 7.500			09/01/17 to 11/01/45
Federal National Mortgage Association		2.500 to 6.500			03/01/19 to 08/01/45
Government National Mortgage Association		3.500 to 10.000			02/15/18 to 04/20/46
United States Treasury Floating Rate Note		0.518			10/31/17
United States Treasury Inflation Protected Securities		0.125			07/15/22
U.S. Treasury Notes		1.625 to 2.500			06/30/20 to 08/15/23
United States Treasury Stripped Securities		0.000			11/15/31 to 02/15/44


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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Statements of Assets and Liabilities

April 30, 2016 (Unaudited)


	Absolute Return Multi-Asset Fund^(a)			Multi-Asset Real Return Fund
Assets:
Investments, at value (cost $3,204,436 and $4,470,060)	$	3,127,345		$	4,872,187
Foreign currencies, at value (cost $5,470 and $0, respectively)		5,562			—
Investments of affiliated issuers, at value (cost $20,594,436 and $5,676,529)		20,073,193			5,311,389
Cash		393,012			79,477
Unrealized gain on forward foreign currency exchange contracts		132,612			25,200
Variation margin on certain derivative contracts		20,674			—
Receivables:
Collateral on certain derivative contracts^(b)		908,442			81,159
Deferred offering costs		58,705			—
Investments sold		39,059			142,641
Reimbursement from investment adviser		75,017			24,261
Dividends and interest		16,794			16,358
Foreign tax reclaims		1,171			—
Total assets		24,851,586			10,552,672

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		162,656			35,507
Written option contracts, at value (premium received $102,701 and $0, respectively)		57,601			—
Unrealized loss on swap contracts		13,256			—
Variation margin on certain derivative contracts		—			14,574
Payables:
Due to broker—upfront payment		41,275			—
Investments purchased		37,947			11,350
Management fees		13,802			3,764
Distribution and service fees and transfer agency fees		871			379
Fund shares redeemed		820			—
Accrued expenses and other liabilities		49,056			46,184
Total liabilities		377,284			111,758

Net Assets:
Paid-in capital		25,188,160			11,191,451
Undistributed (distributions in excess of) net investment income		(53,873	)		(19,240	)
Accumulated net realized loss		(22,147	)		(755,313	)
Net unrealized loss		(637,838	)		24,016
NET ASSETS	$	24,474,302		$	10,440,914
Net Assets:
Class A	$	86,763		$	52,240
Class C		24,206			9,658
Institutional		24,290,292			10,314,303
Class IR		24,364			29,559
Class R		24,284			24,468
Class R6		24,393			10,686
Total Net Assets	$	24,474,302		$	10,440,914
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,956			5,573
Class C		2,505			1,033
Institutional		2,504,668			1,102,883
Class IR		2,514			3,158
Class R		2,509			2,609
Class R6		2,515			1,142
Net asset value, offering and redemption price per share:^(c)
Class A		$9.69			$9.37
Class C		9.66			9.35
Institutional		9.70			9.35
Class IR		9.69			9.36
Class R		9.68			9.38
Class R6		9.70			9.35

(a)

Statement of Assets and Liabilities for the Absolute Return Multi-Asset Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — ARM, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes amounts segregated for initial margin and/or collateral on futures transactions, options and swaps transactions of $354,845, $8,676 and $544,921, respectively for Absolute Return Multi-Asset Fund and $81,159, $0 and $0 respectively for Multi-Asset Real Return Fund.

(c)

Maximum public offering price per share for Class A Shares of the Absolute Return Multi-Asset Fund and the Multi-Asset Real Return Fund are $10.25 and $9.92. At redemption, Class C shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2016 (Unaudited)


	Absolute Return Multi-Asset Fund^(a)			Multi-Asset Real Return Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,712 and $0)	$	21,595		$	59,073
Dividends — affiliated issuers		248,056			18,359
Interest		—			859
Total investment income		269,651			78,291

Expenses:
Management fees		91,540			34,973
Amortization of offering costs		87,494			—
Professional fees		42,524			45,029
Custody, accounting and administrative services		28,859			34,902
Registration fees		21,990			25,187
Printing and mailing costs		9,360			27,733
Transfer Agency fees^(b)		4,969			2,082
Trustee fees		2,817			11,393
Distribution and Service fees^(b)		239			167
Other		1,205			3,209
Total expenses		290,997			184,675
Less — expense reductions		(189,243	)		(154,948	)
Net expenses		101,754			29,727
NET INVESTMENT INCOME		167,897			48,564

Realized and unrealized gain (loss):
Capital gain distributions from Affiliated Underlying Funds		26,359			—
Net realized gain (loss) from:
Investments — unaffiliated issuers		278,121			(48,312	)
Investments — affiliated issuers		(121,650	)		(339,392	)
Futures contracts		(254,733	)		(112,530	)
Written option contracts		41,305			—
Swap contracts		(49,291	)		—
Forward foreign currency exchange contracts		69,348			16,669
Foreign currency transactions		4,972			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(161,548	)		130,834
Investments — affiliated issuers		(374,787	)		306,521
Futures contracts		(44,802	)		(34,713	)
Written option contracts		26,208			—
Swap contracts		(15,053	)		—
Forward foreign currency exchange contracts		(47,885	)		(14,629	)
Foreign currency translation		1,204			—
Net realized and unrealized loss		(622,232	)		(95,552	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(454,335	)	$	(46,988	)

(a)

Statement of Operations for the Absolute Return Multi-Asset Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — ARM, 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 Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Class IR		Class R		Class R6
Absolute Return Multi-Asset	$	56	$	122	$	61	$	43	$	24	$	4,852	$	24	$	24	$	2
Multi-Asset Real Return		62		46		59		47		9		1,976		27		22		1


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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Consolidated Statements of Changes in Net Assets


	Absolute Return Multi-Asset Fund^(a)
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Period Ended October 31, 2015^(b)
From operations:
Net investment income	$	167,897		$	1,523
Net realized loss		(5,569	)		(138,218	)
Net change in unrealized loss		(616,663	)		(21,175	)
Net decrease in net assets resulting from operations		(454,335	)		(157,870	)

Distributions to shareholders:
From net investment income
Class A Shares		(112	)		—
Class C Shares		(50	)		—
Institutional Shares		(143,778	)		—
Class IR Shares		(132	)		—
Class R Shares		(91	)		—
Class R6 Shares		(147	)		—
Total distributions to shareholders		(144,310	)		—

From share transactions:
Proceeds from sales of shares		88,142			25,001,156
Reinvestment of distributions		144,310			—
Cost of shares redeemed		(2,706	)		(85	)
Net increase in net assets resulting from share transactions		229,746			25,001,071
TOTAL INCREASE (DECREASE)		(368,899	)		24,843,201

Net assets:
Beginning of period		24,843,201			—
End of period	$	24,474,302		$	24,843,201
Distributions in excess of net investment income	$	(53,873	)	$	(77,460	)

(a)

Statement of Changes in Net Assets for the Absolute Return Multi-Asset Fund is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity — ARM, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Commenced operations on September 2, 2015.


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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Statements of Changes in Net Assets


	Multi-Asset Real Return Fund
	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	48,564		$	172,034
Net realized loss		(483,565	)		(305,359	)
Net change in unrealized gain (loss)		388,013			(739,878	)
Net decrease in net assets resulting from operations		(46,988	)		(873,203	)

Distributions to shareholders:
From net investment income
Class A Shares		(162	)		(622	)
Class C Shares		—			(34	)
Institutional Shares		(77,978	)		(159,243	)
Class IR Shares		(179	)		(409	)
Class R Shares		(25	)		(210	)
Class R6 Shares^(a)		(19	)		—
From net realized gains
Class A Shares		—			(1,311	)
Class C Shares		—			(219	)
Institutional Shares		—			(230,605	)
Class IR Shares		—			(660	)
Class R Shares		—			(551	)
Class R6 Shares^(a)		—			—
Total distributions to shareholders		(78,363	)		(393,864	)

From share transactions:
Proceeds from sales of shares		10,000			75,412
Reinvestment of distributions		78,363			386,425
Cost of shares redeemed		(61,532	)		(40,691	)
Net increase in net assets resulting from share transactions		26,831			421,146
TOTAL DECREASE		(98,520	)		(845,921	)

Net assets:
Beginning of period		10,539,434			11,385,355
End of period	$	10,440,914		$	10,539,434
Undistributed net investment income	$	(19,240	)	$	39,134

(a)

Commenced operations on February 26, 2016.


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2016 - A	$	9.93	$	0.02		$	(0.22	)	$	(0.20	)	$	(0.04	)
2016 - C		9.92		0.01			(0.25	)		(0.24	)		(0.02	)
2016 - Institutional		9.94		0.07			(0.25	)		(0.18	)		(0.06	)
2016 - IR		9.93		0.06			(0.25	)		(0.19	)		(0.05	)
2016 - R		9.93		0.04			(0.25	)		(0.21	)		(0.04	)
2016 - R6		9.94		0.07			(0.25	)		(0.18	)		(0.06	)

FOR THE PERIOD ENDED OCTOBER 31,
2015 - A (Commenced September 2, 2015)		10.00		(0.01	)		(0.06	)		(0.07	)		—
2015 - C (Commenced September 2, 2015)		10.00		(0.02	)		(0.06	)		(0.08	)		—
2015 - Institutional (Commenced September 2, 2015)		10.00		—	^(f)		(0.06	)		(0.06	)		—
2015 - IR (Commenced September 2, 2015)		10.00		—	^(g)		(0.07	)		(0.07	)		—
2015 - R (Commenced September 2, 2015)		10.00		(0.01	)		(0.06	)		(0.07	)		—
2015 - R6 (Commenced September 2, 2015)		10.00		—	^(f)		(0.06	)		(0.06	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(d)

Annualized.

(e)

(f)

Amount is less than $0.005 per share.

(g)

Amount is less than ($0.005) per share.


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

GOLDMAN SACHS ABSOLUTE RETURN MULTI-ASSET 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)(d)			Ratio of total expenses to average net assets^(c)(d)			Ratio of net investment income (loss) to average net assets^(d)			Portfolio turnover rate^(e)

$	9.69		(1.97	)%	$	87		1.24	%		2.69	%		0.43	%		9	%
	9.66		(2.32	)		24		1.98			3.17			0.23			9
	9.70		(1.74	)		24,290		0.83			2.02			1.38			9
	9.69		(1.89	)		24		0.99			2.17			1.23			9
	9.68		(2.05	)		24		1.48			2.67			0.73			9
	9.70		(1.73	)		24		0.80			2.00			1.41			9


	9.93		(0.70	)		25		1.23			3.81			(0.36	)		1
	9.92		(0.90	)		26		1.98			4.55			(1.10	)		1
	9.94		(0.70	)		24,718		0.82			3.40			0.04			1
	9.93		(0.70	)		25		0.98			3.57			(0.11	)		1
	9.93		(0.80	)		25		1.48			4.07			(0.62	)		1
	9.94		(0.70	)		25		0.77			3.35			0.10			1


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN FUND

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 period		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 SIX MONTHS ENDED APRIL 30, (UNAUDITED)
	2016 - A	$	9.47	$	0.03		$	(0.10	)	$	(0.07	)	$	(0.03	)	$	—		$	(0.03	)
	2016 - C		9.44		(0.01	)		(0.08	)		(0.09	)		—			—			—
	2016 - Institutional		9.47		0.04			(0.09	)		(0.05	)		(0.07	)		—			(0.07	)
	2016 - IR		9.47		0.04			(0.09	)		(0.05	)		(0.06	)		—			(0.06	)
	2016 - R		9.46		0.02			(0.09	)		(0.07	)		(0.01	)		—			(0.01	)
	2016 - R6 (Commenced February 26, 2016)		8.77		(0.01	)		0.61			0.60			(0.02	)		—			(0.02	)

	FOR THE FISCAL YEAR ENDED OCTOBER 31,
	2015 - A		10.63		0.11			(0.95	)		(0.84	)		(0.14	)		(0.18	)		(0.32	)
	2015 - C		10.61		0.04			(0.96	)		(0.92	)		(0.07	)		(0.18	)		(0.25	)
	2015 - Institutional		10.64		0.16			(0.97	)		(0.81	)		(0.18	)		(0.18	)		(0.36	)
	2015 - IR		10.63		0.14			(0.95	)		(0.81	)		(0.17	)		(0.18	)		(0.35	)
	2015 - R		10.62		0.09			(0.95	)		(0.86	)		(0.12	)		(0.18	)		(0.30	)

	FOR THE FISCAL YEAR ENDED OCTOBER 31,
	2014 - A		10.35		0.11			0.33			0.44			(0.12	)		(0.04	)		(0.16	)
	2014 - C		10.34		0.03			0.33			0.36			(0.05	)		(0.04	)		(0.09	)
	2014 - Institutional		10.35		0.15			0.34			0.49			(0.16	)		(0.04	)		(0.20	)
	2014 - IR		10.35		0.14			0.32			0.46			(0.14	)		(0.04	)		(0.18	)
	2014 - R		10.34		0.08			0.33			0.41			(0.09	)		(0.04	)		(0.13	)

FOR THE PERIOD ENDED OCTOBER 31,
	2013 - A (Commenced August 30, 2013)		10.00		0.01			0.34			0.35			—			—			—
	2013 - C (Commenced August 30, 2013)		10.00		—	^(f)		0.34			0.34			—			—			—
	2013 - Institutional (Commenced August 30, 2013)		10.00		0.02			0.33			0.35			—			—			—
	2013 - IR (Commenced August 30, 2013)		10.00		0.02			0.33			0.35			—			—			—
	2013 - R (Commenced August 30, 2013)		10.00		0.01			0.33			0.34			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests.

(d)

(e)

Annualized.

(f)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS MULTI-ASSET REAL RETURN 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			Portfolio turnover rate^(d)

$	9.37		(0.74	)%	$	52		0.99	%^(e)		4.09	%		0.58	%^(e)		20	%
	9.35		(0.95	)		10		1.76	^(e)		4.87			(0.20	)^(e)		20
	9.35		(0.50	)		10,314		0.59	^(e)		3.69			0.98	^(e)		20
	9.36		(0.54	)		30		0.74	^(e)		3.84			0.83	^(e)		20
	9.38		(0.74	)		24		1.23	^(e)		4.34			0.34	^(e)		20
	9.35		6.81			11		0.50	^(e)		3.63			(0.62	)^(e)		20


	9.47		(8.04	)		53		0.96			3.86			1.15			38
	9.44		(8.84	)		10		1.69			4.60			0.45			38
	9.47		(7.75	)		10,423		0.56			3.47			1.58			38
	9.47		(7.80	)		30		0.71			3.61			1.44			38
	9.46		(8.28	)		25		1.21			4.11			0.94			38


	10.63		4.28			49		0.99			4.75			1.00			34
	10.61		3.47			11		1.76			5.86			0.28			34
	10.64		4.77			11,272		0.59			4.69			1.45			34
	10.63		4.51			27		0.73			4.83			1.31			34
	10.62		4.00			27		1.24			5.34			0.80			34


	10.35		3.50			10		0.97	^(e)		5.91	^(e)		0.80	^(e)		4
	10.34		3.40			10		1.72	^(e)		6.66	^(e)		0.06	^(e)		4
	10.35		3.50			10,413		0.61	^(e)		5.54	^(e)		1.16	^(e)		4
	10.35		3.50			26		0.79	^(e)		5.71	^(e)		0.98	^(e)		4
	10.34		3.40			26		1.25	^(e)		6.18	^(e)		0.52	^(e)		4


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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/ Non-diversified
Absolute Return Multi-Asset	A, C, Institutional, IR, R and R6	Diversified
Multi-Asset Real Return	A, C, Institutional, IR, R and R6*	Diversified

Class R6 commenced operations on February 26, 2016.

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, Class R and Class R6 are not subject to a sales charge.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Consolidation for Absolute Return Multi-Asset Fund — The Cayman Commodity — ARM, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on May 14, 2015 and is currently a wholly-owned subsidiary of the Absolute Return Multi-Asset 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 September 2, 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 April 30, 2016, the Fund’s net assets were $24,474,302, of which, $5,058,210, or 21%, represented the Subsidiary’s net assets.

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

C. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. 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.

Distributions from master limited partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return. The Funds record their pro-rata share of the income/loss and capital gains/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

E. Offering Costs — Offering costs paid in connection with the initial offering of shares of the Absolute Return Multi-Asset Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.

F. 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 daily and paid monthly, and capital gains distributions, if any, are declared and paid annually.

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).

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

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.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

B. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2016:



ABSOLUTE RETURN MULTI-ASSET FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	—		$	781,207		$	—
Asia		—			274,781			—
North America		1,276,997			—			—
Investment Companies		20,073,193			—			—
Exchange Traded Fund		352,050			—			—
Total	$	21,702,240		$	1,055,988		$	—

Derivative Type	Level 1			Level 2			Level 3
Assets
Options Purchased	$	353,356		$	88,954		$	—
Forward Foreign Currency Exchange Contracts^(b)		—			132,612			—
Futures Contracts^(b)		216,894			—			—
Total	$	570,250		$	221,566		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(b)	$	—		$	(162,656	)	$	—
Futures Contracts^(b)		(256,605	)		—			—
Credit Default Swap Contracts^(b)		—			(1,797	)		—
Total Return Swap Contracts^(b)		—			(13,256	)		—
Written Options Contracts		—			(57,601	)		—
Total	$	(256,605	)	$	(235,310	)	$	—

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MULTI-ASSET REAL RETURN FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	3,824,438		$	77		$	—
Europe		29,441			—			—
Exchange Traded Funds		318,231			—			—
Investment Companies		5,311,389			—			—
Short-term Investments		—			700,000			—
Total	$	9,483,499		$	700,077		$	—

Derivative Type
Assets^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	25,200		$	—
Futures Contracts		7,270			—			—
Total	$	7,270		$	25,200		$	—
Liabilities^(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(35,507	)	$	—
Futures Contracts		(20,540	)		—			—
Total	$	(20,540	)	$	(35,507	)	$	—

(a)

(b)

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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

4. INVESTMENTS IN DERIVATIVES

Absolute Return Multi-Asset Fund

Risk

Consolidated Statements of Assets

and Liabilities

Assets

Consolidated Statements of Assets

and Liabilities

Liabilities

Interest rate

Variation margin on certain derivative contracts; Investments, at value

368,031

^(a)

Variation margin on certain derivative contracts

(18,034)

^(a)

Commodity

Variation margin on certain derivative contracts

175,256

^(a)

Variation margin on certain derivative Contracts; Payable for unrealized loss on swap contracts

(152,470)

^(a)(b)

Credit

—

Payable for unrealized loss on swap contracts

(1,797)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

132,612

Payable for unrealized loss on forward foreign currency exchange contracts

(162,656)

Equity

Variation margin on certain derivative contracts; Investments, at value

115,917

^(a)

Variation margin on certain derivative Contracts; Investments, at value

(156,958)

^(a)

Total

791,816

(491,915)

(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 Consolidated Statements of Assets and Liabilities.

(b)

Aggregate of amounts include $13,256 for Absolute Return Multi-Asset Fund, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do 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.

Multi-Asset Real Return Fund

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Interest rate

Variation margin on certain derivative contracts

6,467

^(a)

Variation margin on certain derivative contracts

(19,121)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

25,200

Payable for unrealized loss on forward foreign currency exchange contracts

(35,507)

Equity

Variation margin on certain derivative contracts

803

^(a)

Variation margin on certain derivative contracts

(1,419)

^(a)

Total

32,470

(56,047)

(a)

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



Absolute Return Multi-Asset Fund
Risk	Consolidated 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 investments and futures contracts/Net change in unrealized gain (loss) on investments and futures contracts	$	54,691		$	(75,304	)		111
Commodity	Net realized gain (loss) from future contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts		35,100			(43,110	)		108
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		14,084			(1,797	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		69,348			(47,885	)		116
Equity	Net realized gain (loss) from investments, futures contracts and written options contracts/Net change in unrealized gain (loss) on investment, futures contracts and written options contracts		(49,927	)		(52,978	)		110
Total		$	123,296		$	(221,074	)		446

(a)

Average number of contracts is based on the average of month end balances for the period ended April 30, 2016.



Multi-Asset Real Return Fund
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/Net change in unrealized gain (loss) on futures contracts	$	(101,024	)	$	48,386			27
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		16,669			(14,629	)		41
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		(11,506	)		(83,099	)		16
Total		$	(95,861	)	$	(49,342	)		84

(a)

Average number of contracts is based on the average of month end balances for the period ended April 30, 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.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

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 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.



Absolute Return Multi-Asset Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	21,865	$	—	$	21,865	$	—		$	—		$	(7,305	)	$	(7,305	)	$	14,560		$	—	$	14,560
Deutsche Bank AG		—		—		—		—			—			(31,689	)		(31,689	)		(31,689	)		—		(31,689	)
Morgan Stanley & Co. International PLC		—		104,459		104,459		(13,256	)		(146,877	)		—			(160,133	)		(55,674	)		55,674		—
Morgan Stanley Capital Services, Inc.		67,089		—		67,089		—			—			(18,607	)		(18,607	)		48,482			—		48,482
UBS AG (London)		—		28,153		28,153		—			(15,779	)		—			(15,779	)		12,374			—		12,374
Total	$	88,954	$	132,612	$	221,566	$	(13,256	)	$	(162,656	)	$	(57,601	)	$	(233,513	)	$	(11,947	)	$	55,674	$	43,727

(1)

Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

(2)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2016, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Fee Rate																		Effective Net Management Fee Rate*^
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Fee Rate			Effective Net Management Fee Rate*^
Absolute Return Multi-Asset		0.85	%		0.85	%		0.77	%		0.73	%		0.71	%		0.85	%		0.69	%^(a)
Multi-Asset Real Return		0.70			0.63			0.60			0.59			0.57			0.70			0.51

GSAM agreed to waive a portion of its management fee rates, set forth in the Funds’ most recent prospectus. These waivers will be effective through at least February 26, 2017 for the funds, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

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

(a)

Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement as defined below after waivers.

The Absolute Return Multi-Asset Fund invests in the Institutional Shares of the Goldman Sachs Fixed Income Macro Strategies, Goldman Sachs High Yield, Goldman Sachs Inflation Protected Securities, Goldman Sachs International Real Estate Securities, Goldman Sachs Long Short, Goldman Sachs Real Estate Securities and the FST Institutional Shares of the Financial Square Government Funds and the Multi-Asset Real Return Fund invests in the Institutional Shares of the Goldman Sachs Commodity Strategy, Goldman Sachs Inflation Protected Securities, and Goldman Sachs Strategic Income Funds, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the six months ended April 30, 2016, GSAM waived $14,930 and $7,991 of the Absolute Return Multi-Asset and the Multi-Asset Real Return Funds’ management fees, respectively.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Absolute Return Multi-Asset Fund’s management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended April 30, 2016 GSAM waived $10,687 of Absolute Return Multi-Asset Fund’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.


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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Absolute Return Multi-Asset	$	—	$	11

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, 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 Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Absolute Return Multi-Asset and the Multi-Asset Real Return are 0.104% and 0.004%, respectively. Prior to February 26, 2016, the Other Expenses limitation for the Multi-Asset Real Return Fund was 0.064%. These Other Expense limitations will remain in place through at least February 26, 2017 for the Funds, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management fees		Other Expense Reimbursements		Total Expense Reimbursements
Absolute Return Multi-Asset	$	8,111	$	181,132	$	189,243
Multi-Asset Real Return		9,612		145,336		154,948

G. Other Transactions with Affiliates — For the six months ended April 30, 2016, Goldman Sachs earned $83 in brokerage commissions from portfolio transactions on behalf of the Multi-Asset Real Return Fund.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of April 30, 2016, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding shares of the following funds:


Fund	Class A			Class C			Institutional			Class IR			Class R			Class R6
Absolute Return Multi-Asset		28	%		10	%		10	%		10	%		10	%		10	%
Multi-Asset Real Return		19			100			96			84			100			100

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2016:



Absolute Return Multi-Asset Fund
Underlying Fund	Market Value 10/31/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Market Value 4/30/2016		Dividend Income
Goldman Sachs Commodity Strategy Fund	$	553,846	$	1,419	$	(429,269	)	$	(134,650	)	$	8,654		$	—	$	1,419
Goldman Sachs Financial Square Government Fund		10,987,309		4,026,641		(5,196,600	)		—			—			9,817,350		52,401
Goldman Sachs Fixed Income Macro Strategies Fund		2,510,751		146,667		(88,053	)		(4,792	)		(143,587	)		2,420,986		146,668
Goldman Sachs High Yield Fund		2,171,767		63,450		—			—			(69,415	)		2,165,802		20,421
Goldman Sachs Inflation Protected Securities Fund		—		1,460,000		—			—			72,421			1,532,421		—
Goldman Sachs International Real Estate Securities Fund		932,740		15,191		(60,803	)		357			(18,430	)		869,055		15,190
Goldman Sachs Long Short Fund		2,392,439		220,830		—			—			(219,904	)		2,393,365		6,621
Goldman Sachs Real Estate Securities Fund		958,819		107,486		(205,000	)		17,435			(4,526	)		874,214		5,336
Total	$	20,507,671	$	6,041,684	$	(5,979,725	)	$	(121,650	)	$	(374,787	)	$	20,073,193	$	248,056

Multi-Asset Real Return Fund
Underlying Fund	Market Value 10/31/2015		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Market Value 4/30/2016		Dividend Income
Goldman Sachs Commodity Strategy Fund	$	851,672	$	24,856	$	(222,866	)	$	(298,671	)	$	175,409		$	530,400	$	2,182
Goldman Sachs Inflation Protected Securities Fund		3,366,315		518,579		(325,000	)		(5,319	)		141,440			3,696,015		—
Goldman Sachs Strategic Income Fund		1,243,219		322,485		(435,000	)		(35,402	)		(10,328	)		1,084,974		16,177
Total	$	5,461,206	$	865,920	$	(982,866	)	$	(339,392	)	$	306,521		$	5,311,389	$	18,359

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2016, were as follows:


Fund	Purchases		Sales
Absolute Return Multi-Asset	$	2,854,303	$	1,130,753
Multi-Asset Real Return		1,885,542		1,918,218

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2015, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Absolute Return Multi-Asset Fund			Multi-Asset Real Return Fund
Capital loss carryforwards:
Perpetual Short-term	$	(19,808	)	$	(223,666	)
Perpetual Long-term		(23,745	)		(42,042	)
Total capital loss carryforwards	$	(43,553	)	$	(265,708	)
Timing differences (Passive Activity Losses Carryforward)	$	—		$	(44,337	)

As of April 30, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Absolute Return Multi-Asset Fund			Multi-Asset Real Return Fund
Tax Cost	$	23,798,872		$	10,094,797
Gross unrealized gain		338,502			732,843
Gross unrealized loss		(936,836	)		(644,064	)
Net unrealized security gain (loss)	$	(598,334	)	$	88,779

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences related to the tax treatment of net mark to market gains/(losses) on regulated futures, partnership and other underlying fund investments, and foreign currency transactions.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

8. OTHER RISKS

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the 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.

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 a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in a Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that 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 a Fund more volatile. When a Fund uses leverage, the sum of that 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.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

8. OTHER RISKS (continued)

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

Tax Risk — The Absolute Return Multi-Asset Fund seeks to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes 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. 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 PLRs, pending review of its position on this matter. In light of this, Absolute Return Multi-Asset 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 a 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

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Absolute Return Multi-Asset Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Period Ended October 31, 2015^(a)

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		6,614		$	64,480			2,501		$	25,015
Reinvestment of distributions		11			112			—			—
Shares redeemed		(169	)		(1,640	)		(1	)		(10	)
		6,456			62,952			2,500			25,005
Class C Shares
Shares sold		—			—			2,609			26,081
Reinvestment of distributions		5			50			—			—
Shares redeemed		(107	)		(1,066	)		(2	)		(15	)
		(102	)		(1,016	)		2,607			26,066
Institutional Shares
Shares sold		2,452			23,662			2,487,501			24,875,015
Reinvestment of distributions		14,716			143,778			—			—
Shares redeemed		—			—			(1	)		(15	)
		17,168			167,440			2,487,500			24,875,000
Class IR Shares
Shares sold		—			—			2,502			25,015
Reinvestment of distributions		14			132			—			—
Shares redeemed		—			—			(2	)		(15	)
		14			132			2,500			25,000
Class R Shares
Shares sold		—			—			2,501			25,015
Reinvestment of distributions		9			91			—			—
Shares redeemed		—			—			(1	)		(15	)
		9			91			2,500			25,000
Class R6
Shares sold		—			—			2,502			25,015
Reinvestment of distributions		15			147			—			—
Shares redeemed		—			—			(2	)		(15	)
		15			147			2,500			25,000
NET INCREASE		23,560		$	229,746			2,500,107		$	25,001,071

(a)

Commenced operations September 2, 2015.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Multi-Asset Real Return Fund

	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		—		$	—			3,621		$	37,152
Reinvestment of distributions		18			162			191			1,933
Shares redeemed		—			—			(2,849	)		(28,448	)
		18			162			963			10,637
Class C Shares
Reinvestment of distributions		—			—			24			253
		—			—			24			253
Institutional Shares
Shares sold		—			—			3,328			33,060
Reinvestment of distributions		8,542			77,978			38,744			382,409
Shares redeemed		(6,372	)		(61,532	)		(1,218	)		(12,243	)
		2,170			16,446			40,854			403,226
Class IR Shares
Shares sold		—			—			489			5,200
Reinvestment of distributions		19			179			106			1,069
		19			179			595			6,269
Class R Shares
Reinvestment of distributions		2			25			76			761
		2			25			76			761
Class R6 Shares^(a)
Shares sold		1,140			10,000			—			—
Reinvestment of distributions		2			19			—			—
		1,142			10,019			—			—
NET INCREASE		3,351		$	26,831			42,512		$	421,146

(a)

Commenced operations February 26, 2016.

GOLDMAN SACHS MULTI-ASSET CLASS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2015 through April 30, 2016, which represents a period of 182 days in a 366-day year. The Class R6 Shares Example for Multi-Asset Real Return Fund is based on the period from February 26, 2016 through April 30, 2016, which represents a period of 65 days in 366-day year.


	Absolute Return Multi-Asset Fund							Multi-Asset Real Return Fund
Share Class	Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*		Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*
Class A
Actual	$	1,000.00	$	980.30		$	6.11	$	1,000.00	$	992.60		$	4.90
Hypothetical 5% return		1,000.00		1,018.70	+		6.22		1,000.00		1,019.94	+		4.97
Class C
Actual		1,000.00		976.80			9.73		1,000.00		990.50			8.71
Hypothetical 5% return		1,000.00		1,015.02	+		9.92		1,000.00		1,016.11	+		8.82
Institutional
Actual		1,000.00		982.60			4.09		1,000.00		995.00			2.93
Hypothetical 5% return		1,000.00		1,020.74	+		4.17		1,000.00		1,021.93	+		2.97
Class IR
Actual		1,000.00		981.10			4.88		1,000.00		994.60			3.67
Hypothetical 5% return		1,000.00		1,019.94			4.97		1,000.00		1,021.18	+		3.72
Class R
Actual		1,000.00		979.50			7.28		1,000.00		992.60			6.09
Hypothetical 5% return		1,000.00		1,017.50	+		7.42		1,000.00		1,018.75	+		6.17
Class R6^(a)
Actual		1,000.00		982.70			3.94		1,000.00		936.70			0.82
Hypothetical 5% return		1,000.00		1,020.88	+		4.02		1,000.00		1,007.62	+		0.85

(a)

Commenced operations on February 26, 2016 for Multi-Asset Real Return Fund.


Fund	Class A			Class C			Institutional			Class IR			Class R			Class R6
Absolute Return Multi-Asset		1.24	%		1.98	%		0.83	%		0.99	%		1.48	%		0.80	%
Multi-Asset Real Return		0.99			1.76			0.59			0.74			1.23			0.50

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.

FUNDS PROFILE

Goldman Sachs Funds

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

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Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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

Multi-Manager U.S. Small Cap Equity Fund

Tactical Tilt Overlay Fund⁸

Balanced Strategy Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q 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’ 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 be obtained by calling 1-800-SEC-0330. 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).

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2016

				Tactical Tilt Overlay Fund*

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

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Goldman Sachs Tactical Tilt Overlay Fund


TABLE OF CONTENTS

Portfolio Management Discussions and Performance Summaries			1

Schedule of Investments			8

Financial Statements			13

Financial Highlights			16

Notes to the Financial Statements			18

Other Information			32



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

PORTFOLIO RESULTS

Goldman Sachs Tactical Tilt Overlay Fund

Investment Objective and Principal Strategy

The Fund seeks long-term total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Portfolio Solutions Team discusses the Goldman Sachs Tactical Tilt Overlay Fund’s (the “Portfolio”) performance and positioning for the six-month period ended April 30, 2016 (the “Reporting Period”).

How did the Portfolio perform during the Reporting Period?

During the Reporting Period, the Portfolio’s Institutional Shares generated a cumulative total return, without sales charges, of -4.19%. This return compares to the 0.22% cumulative total return of the Portfolio’s benchmark, the Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

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

What economic and market factors most influenced the Portfolio during the Reporting Period?

Central bank monetary policy across countries and global regions, as well as global economic growth concerns — particularly related to China — dominated financial markets during the Reporting Period, which was marked by periods of heightened volatility.

Accommodative monetary policies were reinforced in many developed markets, notably Europe and Japan. In December 2015, the European Central Bank (“ECB”) lowered interest rates into negative territory and expanded its stimulus program. Then in January 2016, the ECB increased its asset purchase program to include purchases of non-financial corporate credit and announced a new series of easing measures. The Bank of Japan (“BoJ”) introduced a negative interest rate at its January 2016 policy meeting, reaffirming its commitment to achieving a 2% inflation target. In April 2016, it chose to leave monetary policy unchanged, surprising markets. In the U.S., during December 2015, the Federal Reserve (the “Fed”) announced its first interest rate hike since 2006, raising the targeted federal funds rate to a range between 0.25% and 0.50%. The Fed subsequently adopted a more dovish tone due to global economic growth concerns and market volatility. (A dovish tone tends to indicate lower interest rates.) However, following its April 2016 policy meeting at which rates were left unchanged, the Fed expressed less concern about these factors.

Concerns about global economic growth, especially China’s, and volatile oil and commodity prices increased market turbulence during the Reporting Period. The price of West Texas Intermediate (“WTI”) crude oil, which continued to decline at the beginning of the Reporting Period, hit a 12-year low in mid-January 2016 before rising significantly through the end of the Reporting Period. The turmoil in the commodity markets had a substantial impact on energy-related sectors in both the equities and fixed income markets, most notably among high yield corporate bonds that managed nevertheless to eke out a small gain during the Reporting Period.

Within developed markets equities, the first quarter of 2016 was particularly challenging. Japanese equities had a rough time due to Japan’s disappointing economic growth, negative interest rates and the ongoing strength of the Japanese yen. Meanwhile, European and U.S. equities experienced a turbulent start to the calendar year but found some footing in mid-February 2016.

In terms of currencies, the U.S. dollar was strong compared to other developed markets currencies during late 2015 and early 2016. Near the end of the Reporting Period, however, the U.S. dollar softened, providing a currency tailwind to the emerging markets. The Chinese renminbi, which had weakened during 2015, stabilized in the closing months of the Reporting Period, largely because of the depreciation of the U.S. dollar and China’s tightening of capital controls.

PORTFOLIO RESULTS

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

The Portfolio seeks to achieve its investment objective through the implementation of investment ideas that are generally derived from short-term or medium-term market views on a variety of asset classes and instruments. During the Reporting Period overall, the Portfolio’s exposure to riskier asset classes detracted from performance. Investors generally had a preference for perceived safe haven assets in the “risk off” environment that dominated much of the Reporting Period. The Portfolio was also hurt by its long position in the U.S. dollar and its short positions in the Japanese yen and Chinese renminbi, as the U.S. dollar weakened over the course of the Reporting Period. In addition, certain country-specific European equity exposures dampened performance during the Reporting Period overall.

Within fixed income, the Portfolio was hampered by its holdings of high yield corporate bonds, which declined during the Reporting Period. Although energy-related high yield corporate bonds rebounded in April 2016 after what had otherwise been a steady decline, the broader high yield corporate bond market generated only a small gain.

Within equities, the Portfolio’s exposure to European equities detracted, with its position in Italian equities hurting results the most amid market concerns about Italy’s financial companies. The Portfolio’s position in Spanish equities, which suffered due to geopolitical concerns, also detracted from returns. In addition, the Portfolio’s tactical long position in Japanese bank stocks hindered performance during the last four months of the Reporting Period. Japanese banks reacted adversely to the BoJ’s introduction of negative interest rates in January 2016. Separately, the Portfolio benefited modestly from a long position in master limited partnerships (“MLPs”).

In terms of currencies, the Portfolio’s long position in the U.S. dollar versus its short position in the Japanese yen detracted from returns, as the yen strengthened relative to the U.S. dollar, driven by the BoJ’s decision in April 2016 to withhold additional monetary easing. The yen also benefited from investment inflows due to its use as a funding currency and its perceived safe haven status during times of market stress. (A funding currency is the currency exchanged in a currency carry trade. In a currency carry trade, investors borrow the funding currency, which generally has a low interest rate, and purchase a currency with a higher interest rate, seeking to profit from the difference.) On the positive side, the Portfolio benefited during the Reporting Period from its short position in the euro versus its long position in the U.S. dollar. The euro weakened relative to the U.S. dollar due to geopolitical risks and weak economic data during the last four months of the Reporting Period.

Within commodities, a long position in the S&P GSCI^® Crude Oil Enhanced Index versus a short position in the S&P GSCI^® Crude Oil Index added most to the Portfolio’s returns, performing particularly well at the beginning of the Reporting Period when oil prices fell on the back of abundant supply.

How was the Portfolio positioned at the beginning of the Reporting Period?

In terms of its allocations at the beginning of the Reporting Period, the Portfolio had 24.88% of its total net assets invested in equity-related investments; 27.70% of its total net assets invested in fixed income-related investments; 12.77% of its total net assets invested in currency-related investments; and 0.23% of its total net assets invested in commodity-related investments. The Portfolio’s allocation to cash and cash equivalents was 34.42% of its total net assets at the beginning of the Reporting Period. In addition, the Portfolio maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This represented 24.09% of the Portfolio’s accounting balance of cash, which totaled 58.51% at the beginning of the Reporting Period. The above sector breakout is inclusive of derivative exposure across all asset classes.

How did you tactically manage the Portfolio’s allocations during the Reporting Period?

During the Reporting Period, in response to shifting macroeconomic and market dynamics, we made a number of changes to the Portfolio’s exposures. Overall, the Portfolio expressed a number of views posited on a favorable outlook for U.S. economic fundamentals, attractive valuations in European and Japanese equities, and our belief that oil prices had fallen too low and would rise. In addition, the Portfolio expressed our view that the U.S. dollar would strengthen, particularly relative to the market’s rising concerns about muted global economic growth and weak economic data in a number of other developed markets. We also sought to reduce the Portfolio’s overall risk in light of heightened market volatility, particularly from the middle of February 2016 through the end of the Reporting Period. Our options-based implementations were modulated to reflect our views on equity markets and indices in certain regions and markets.

PORTFOLIO RESULTS

In terms of equity-related exposures, we adjusted the Portfolio’s allocation to the S&P 500^® Index, as we sought to provide downside protection against unexpected risks and allowed the Portfolio to remain tactically long beta. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) Specifically, we bought index put options on the S&P 500^® Index during November 2015, reducing the position thereafter and allowing it to expire at the end of 2015. We also bought index put options on the S&P 500^® Index during February 2016 and allowed them to expire at the end of March 2016. Amid heightened market volatility in the European equity markets during the Reporting Period, we initiated a tactical long position in the EURO STOXX 50 using index options, which we funded by reducing the Portfolio’s allocation to Spanish equities. Additionally, we tactically decreased the Portfolio’s position in TOPIX Banks Index futures, transitioning to a broader position in the Japanese equity market during February 2016 because of our bullish view on Japanese equities, which we believed were undervalued. As greater risks emerged relative to our outlook on the Japanese economy and Japan’s financial sector, we continued to reduce the Portfolio’s position in TOPIX Banks Index futures and eliminated the position by the end of the Reporting Period.

The Portfolio’s currency-related exposures were based on our views of global monetary policy and economic growth divergence. During the Reporting Period, we maintained the Portfolio’s long position in the U.S. dollar because of our positive view of U.S. economic growth and on our expectation of further accommodative monetary policy from the BoJ, ECB and the People’s Bank of China. At the end of 2015, we reduced the Portfolio’s long U.S. dollar relative value positions versus other developed market currencies, specifically those of Europe and Japan, taking profits. In February 2016, we expressed our bearish view on the Chinese renminbi through the purchase of longer-dated forward foreign exchange contracts on the renminbi versus the U.S. dollar. During March 2016, in our efforts to manage risk, we eliminated the Portfolio’s position in the Mexican peso versus the U.S. dollar.

Separately, the Portfolio entered into positions to capture our views on the energy market based on our core view that oil prices would stabilize towards the end of 2016 and into 2017. In November 2015, we removed the Portfolio’s tactical long position in the S&P GSCI^® Crude Oil Enhanced Index versus its tactical short position in the S&P GSCI^® Crude Oil Index to take profits. In addition, we rolled the Portfolio’s tactical long position in S&P 500^® Energy Index put options out to January 2017. Our investment thesis for Master Limited Partnerships (“MLPs”) remained unchanged during the Reporting Period, and therefore, the Portfolio maintained a long position in MLP securities.

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

The Portfolio used derivatives and similar instruments as part of its investment strategy to express views implemented in the Portfolio. Positions were mostly supported by cash held in the Portfolio specifically to cover its exposure to derivative instruments and any potential margin calls or future losses experienced. During the Reporting Period, the Portfolio employed equity futures, currency forwards and options to express active investment views with greater versatility across regional equity markets, global market sectors and the currency markets. The use of currency forwards detracted from performance, driven primarily by the Portfolio’s position in the Chinese renminbi versus the U.S. dollar. The impact of equity futures and options did not have a meaningful impact on performance during the Reporting Period. To afford greater risk management precision, options on equity indices were also utilized to tactically adjust the amount of equity risk and downside risk in the Portfolio. Options on equity indices had a slightly negative impact on the Portfolio’s performance, especially those we used to express our views on select European markets, such as Spain and Italy. While the options on equity indices that we used to hedge the Portfolio’s exposure to the U.S. equity market also detracted slightly, they served their intended purpose of mitigating potential downside risk in the Portfolio. Additionally, the Portfolio employed swaps to express our views on the shape of the WTI crude oil futures price curve, as we sought to profit when contango in the oil market steepened. (Contango is when the forward price continues to rise relative to the expected spot price.) The Portfolio’s use of these swaps had a strongly positive impact on performance during the Reporting Period. Also, during the Reporting Period, the Portfolio utilized interest rate swaptions (options on interest rate swap contracts) to adopt an underweight duration position in the front-end, or short-term segment, of the U.S. Treasury yield curve. The use of

PORTFOLIO RESULTS

interest rate swaptions had a negative impact on Portfolio performance during the Reporting Period.

How was the Portfolio positioned at the end of the Reporting Period?

In terms of its allocations at the end of the Reporting Period, the Portfolio had 19.26% of its total net assets invested in equity-related investments; 20.21% of its total net assets invested in fixed income-related investments; and 11.47% of its total net assets invested in currency-related investments. The Portfolio did not have any of its total net assets invested in commodity-related investments at the end of the Reporting Period. The Portfolio’s allocation to cash and cash equivalents was 49.06% of its total net assets at the end of the Reporting Period. In addition, the Portfolio maintained a position in cash and cash equivalents to cover the exposure of various derivatives positions. This represented 26.14% of the Portfolio’s accounting balance of cash, which totaled 75.20% at the end of the Reporting Period. The above sector breakout is inclusive of derivative exposure across all asset classes.

What is the Portfolio’s tactical asset allocation view and strategy for the months ahead?

At the end of the Reporting Period, we continued to position the Portfolio in line with our view that the U.S. and global economies would avoid recession. We expect continued global economic growth, with the world economy likely, in our view, to expand in 2016 at a pace similar to 2015. Nevertheless, we do acknowledge more downside risk because of deterioration in certain economic data; the potential risk, though we consider it low, of a U.S. recession; the risk of a large currency devaluation or economic hard landing in China; the collapse of oil prices; and the potential impact of negative interest rates on European and U.S. banks. That said, and while global economic growth was weak during the first quarter of 2016, we note that near the end of the Reporting Period, certain data started to beat expectations, particularly in the U.S. U.S. manufacturing activity picked up, lessening fears of a slowdown that could tip the overall economy into recession, and we believe U.S. labor markets remained strong. In addition, financial conditions eased as the U.S. dollar weakened and riskier asset classes recovered from their selloff in early 2016.

Looking ahead, we believed, at the end of the Reporting Period, that continued market volatility was likely to offer attractive tactical opportunities, which should allow us to take advantage of different market, economic and geopolitical dynamics. At an asset class level, we believed the global equities markets, particularly those in select developed countries, may offer attractive earnings growth, an increasingly stable macro environment and continued monetary policy support. In keeping with this view, we plan to continue monitoring opportunities in the fixed income and currency markets as well.

PORTFOLIO RESULTS

Index Definitions

The S&P GSCI^® Enhanced Index measures the total return available to investors holding a modified version of the S&P GSCI^® Index to which certain dynamic, timing, and seasonal rolling rules are applied. The index includes the same futures contracts as the S&P GSCI^® Index although contract months vary and the return values differ.

The S&P GSCI^® Crude Oil Index provides investors with a reliable and publicly available benchmark for investment performance in the crude oil market.

The EURO STOXX 50 provides a blue-chip representation of super-sector leaders in the Eurozone. The index covers 50 stocks from 12 Eurozone countries: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain.

The TOPIX Banks Index is an index of bank stocks created by dividing the constituents of TOPIX (Tokyo Stock Price Index) into the industrial sectors defined by Japans’ Security Identification Code Committee.

The S&P 500^® Energy Index comprises those companies included in the S&P 500 that are classified as members of the GICS^® energy sector.

FUND BASICS

Tactical Tilt Overlay Fund

as of April 30, 2016

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PERFORMANCE REVIEW
November 1, 2015–April 30, 2016	Portfolio Total Return (based on NAV)¹			The Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index²
Institutional		-4.19	%		0.22	%

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 Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

STANDARDIZED TOTAL RETURNS³

For the period ended 3/31/16

One Year

Since Inception

Inception Date

Institutional

-7.30

-1.06

7/31/14

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.

The returns set forth in the tables 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)
Institutional		0.86	%		1.15	%

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 may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Portfolio’s waivers and/or expense limitations will remain in place through at least February 26, 2017, 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.

PORTFOLIO COMPOSITION⁵

As of April 30, 2016

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⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of the Portfolio’s net assets. Short-term investments represent repurchase agreements. The graph depicts the Portfolio’s investments but may not represent the Portfolio’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments

April 30, 2016 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 10.4%
	Energy – Exploration & Production – 6.2%
	Antero Resources Corp.^(a)
$	14,000,000		5.375	%		11/01/21	$	13,562,500
	Berry Petroleum Co. LLC^(a)
	15,024,000		6.375			09/15/22		3,774,780
	Bonanza Creek Energy, Inc.^(a)
	7,250,000		6.750			04/15/21		2,827,500
	California Resources Corp.^(a)
	17,229,000		8.000	^(b)		12/15/22		11,758,792
	2,013,000		6.000			11/15/24		835,395
	Carrizo Oil & Gas, Inc.^(a)
	8,600,000		7.500			09/15/20		8,675,250
	6,950,000		6.250			04/15/23		6,689,375
	Chaparral Energy, Inc.^(a)(c)
	11,500,000		8.250			09/01/21		3,162,500
	Concho Resources, Inc.^(a)
	13,950,000		5.500			04/01/23		14,054,625
	Continental Resources, Inc.^(a)
	4,550,000		7.125			04/01/21		4,629,625
	8,900,000		3.800			06/01/24		7,565,000
	CrownRock LP/CrownRock Finance, Inc.^(a)(b)
	2,750,000		7.125			04/15/21		2,791,250
	7,450,000		7.750			02/15/23		7,673,500
	Denbury Resources, Inc.^(a)
	17,950,000		5.500			05/01/22		11,532,875
	3,150,000		4.625			07/15/23		1,842,750
	Devon Energy Corp.^(a)
	5,450,000		2.250			12/15/18		5,243,445
	Diamondback Energy, Inc.^(a)
	7,500,000		7.625			10/01/21		7,968,750
	Endeavor Energy Resources LP/EER Finance, Inc.^(a)(b)
	7,000,000		8.125			09/15/23		6,895,000
	EP Energy LLC/Everest Acquisition Finance, Inc.^(a)
	9,050,000		9.375			05/01/20		5,905,125
	1,450,000		6.375			06/15/23		804,750
	Gulfport Energy Corp.^(a)
	11,250,000		7.750			11/01/20		11,362,500
	Halcon Resources Corp.^(a)(b)
	7,650,000		8.625			02/01/20		6,349,500
	Jones Energy Holdings LLC/Jones Energy Finance Corp.^(a)
	13,850,000		6.750			04/01/22		9,383,375
	Laredo Petroleum, Inc.^(a)
	10,750,000		7.375			05/01/22		10,535,000
	2,950,000		6.250			03/15/23		2,750,875
	Matador Resources Co.^(a)
	8,500,000		6.875			04/15/23		8,521,250
	MEG Energy Corp.^(a)(b)
	16,050,000		6.500			03/15/21		12,599,250
	Memorial Production Partners LP/Memorial Production Finance Corp.^(a)
	7,650,000		7.625			05/01/21		3,213,000
	Newfield Exploration Co.
	4,050,000		5.625			07/01/24		4,120,875
	3,100,000		5.375	^(a)		01/01/26		3,069,000
	Oasis Petroleum, Inc.^(a)
	21,100,000		6.875			03/15/22		18,884,500


	Corporate Obligations – (continued)
	Energy – Exploration & Production – (continued)
	Paramount Resources Ltd.^(a)(b)
$	10,650,000		6.875	%		06/30/23	$	8,253,750
	Parsley Energy LLC/Parsley Finance Corp.^(a)(b)
	7,550,000		7.500			02/15/22		7,993,562
	Range Resources Corp.^(a)
	4,950,000		5.000			08/15/22		4,603,500
	4,850,000		4.875			05/15/25		4,492,313
	Rice Energy, Inc.^(a)
	9,050,000		6.250			05/01/22		8,925,562
	Seven Generations Energy Ltd.^(a)(b)
	2,750,000		8.250			05/15/20		2,835,938
	6,800,000		6.750			05/01/23		6,698,000
	SM Energy Co.^(a)
	8,350,000		6.500			11/15/21		7,682,000
	7,850,000		6.125			11/15/22		7,084,625
	Vanguard Natural Resources LLC/VNR Finance Corp.^(a)(b)
	3,645,000		7.000			02/15/23		1,211,963
	Whiting Petroleum Corp.
	2,100,000		1.250	^(b)		04/01/20		1,585,500
	10,800,000		5.750	^(a)		03/15/21		9,018,000
	13,000,000		6.250	^(a)		04/01/23		10,855,000
	WPX Energy, Inc.^(a)
	15,450,000		6.000			01/15/22		13,866,375
	3,400,000		8.250			08/01/23		3,230,000

								317,318,000

	Energy – Services – 1.6%
	Atwood Oceanics, Inc.^(a)
	2,900,000		6.500			02/01/20		1,899,500
	CVR Refining LLC/Coffeyville Finance, Inc.^(a)
	5,386,000		6.500			11/01/22		4,753,145
	Forum Energy Technologies, Inc.^(a)
	4,172,000		6.250			10/01/21		3,806,950
	FTS International, Inc.^(a)(b)(d)
	600,000		8.134			06/15/20		438,000
	Noble Holding International Ltd.
	8,300,000		4.625			03/01/21		6,702,250
	Pride International, Inc.
	5,150,000		8.500			06/15/19		5,175,750
	1,550,000		6.875			08/15/20		1,445,375
	Rowan Cos., Inc.
	2,235,000		7.875			08/01/19		2,270,898
	7,350,000		5.400	^(a)		12/01/42		4,814,250
	Sunoco LP/Sunoco Finance Corp.^(a)(b)
	7,500,000		5.500			08/01/20		7,518,750
	2,350,000		6.375			04/01/23		2,391,125
	Tesoro Corp.^(a)
	1,200,000		5.375			10/01/22		1,206,000
	5,200,000		5.125			04/01/24		5,200,000
	Transocean, Inc.
	2,400,000		3.750			10/15/17		2,316,000
	23,350,000		6.375			12/15/21		19,030,250
	Weatherford International Ltd.
	4,100,000		5.125			09/15/20		3,772,000
	14,100,000		4.500	^(a)		04/15/22		12,443,250

								85,183,493


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Pipelines – 2.6%
	AmeriGas Finance LLC/AmeriGas Finance Corp.^(a)
$	11,950,000		7.000	%		05/20/22	$	12,547,500
	Blue Racer Midstream LLC/Blue Racer Finance Corp.^(a)(b)
	18,400,000		6.125			11/15/22		16,284,000
	EnLink Midstream Partners LP^(a)
	2,350,000		4.400			04/01/24		2,032,750
	1,150,000		4.150			06/01/25		983,250
	Genesis Energy LP/Genesis Energy Finance Corp.^(a)
	14,750,000		6.000			05/15/23		13,643,750
	MPLX LP^(a)(b)
	12,800,000		4.875			06/01/25		12,288,000
	Sabine Pass Liquefaction LLC^(a)
	26,400,000		5.625			04/15/23		25,740,000
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.^(a)
	15,050,000		5.250			05/01/23		14,448,000
	4,650,000		6.750	^(b)		03/15/24		4,719,750
	Tesoro Logistics LP/Tesoro Logistics Finance Corp.^(a)
	10,600,000		6.250			10/15/22		10,865,000
	Williams Partners LP
	15,900,000		5.250			03/15/20		15,820,500
	4,000,000		4.125	^(a)		11/15/20		3,760,000

								133,132,500

	TOTAL CORPORATE OBLIGATIONS
	(Cost $541,933,262)						$	535,633,993


	Bank Loans^(e) – 0.1%
	Energy – 0.1%
	American Energy – Marcellus LLC
$	2,650,000		8.500	%		08/04/21	$	318,000
	CITGO Holding, Inc.
	2,060,139		9.500			05/12/18		2,060,139
	Magnum Hunter Resources, Inc.
	760,121		9.000			09/16/16		752,520
	2,534,692		0.000	^(c)		10/22/19		1,237,766

	TOTAL BANK LOANS
	(Cost $7,452,252)						$	4,368,425


Shares		Description	Value

	Exchange Traded Funds – 6.4%
	13,886,230	Alerian MLP ETF	$	169,550,868
	4,890,286	SPDR S&P Bank ETF		158,689,781

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $322,907,770)		$	328,240,649

Notional
Amount

Exercise

Price

Expiration
Date

Value

Option Contracts Purchased – 0.4%

Currency Options – 0.2%

JPMorgan Securities, Inc.

Put CNH 3,785,869,270

Call USD

579,322,000

CNH 6.535

10/31/16

11,412,064


Notional Amount		Exercise Rate			Expiration Date		Value

	Interest Rate Swaptions – 0.1%
	Citibank NA Call – OTC 2 year Interest Rate Swap
	249,320,000		1.486	%		08/05/16	$	2,516,711
	Citibank NA Put – OTC 2 year Interest Rate Swap
	249,320,000		1.486			08/05/16		45,351

	TOTAL INTEREST RATE SWAPTIONS						$	2,562,062

Contracts

Exercise

Price

Expiration
Date

Value

Options on Equities – 0.1%

Morgan Stanley & Co. Call – Euro Stoxx 50 Indices

179

EUR 3,109.380

05/31/16

4,694,304

TOTAL OPTION CONTRACTS
PURCHASED – 0.4%

(Cost $37,492,763)

18,668,430


Shares	Distribution Rate			Value

Investment Companies^(f) – 78.0%
Goldman Sachs Financial Square Government Fund – FST Institutional Shares^(d)
3,499,513,700		0.250	%	$	3,499,513,700
Goldman Sachs High Yield Floating Rate Fund – Institutional Shares
34,674,388		4.36			333,220,870
Goldman Sachs High Yield Fund – Institutional Shares
25,858,634		5.96			160,582,118

TOTAL INVESTMENT COMPANIES
(Cost $4,011,615,457)				$	3,993,316,688

TOTAL INVESTMENTS – 95.3%
(Cost $4,921,401,504)				$	4,880,228,185

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.7%					241,877,562

NET ASSETS – 100.0%				$	5,122,105,747


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

April 30, 2016 (Unaudited)


(b)		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 $120,285,630, which represents approximately 2.4% of net assets as of April 30, 2016.
(c)		Security is currently in default and/or non-income producing.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on April 30, 2016.
(e)		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 April 30, 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.
(f)		Represents affiliated funds.



Currency Abbreviations:
CNH		—Chinese Yuan Renminbi Offshore
EUR		—Euro
USD		—U.S. Dollar

Investment Abbreviations:
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
OTC		—Over the Counter
PLC		—Public Limited Company

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2016, the Portfolio had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co. International PLC	USD	276,217,128	CNH	1,872,254,241	$	283,602,076		02/17/17	$	(7,384,947	)
	USD	133,326,635	CNH	935,052,881		137,866,410		02/14/18		(4,539,774	)
	USD	155,427,437	EUR	142,300,000		163,171,865		06/15/16		(7,744,428	)
TOTAL									$	(19,669,149	)


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At April 30, 2016, the Portfolio had the following futures contracts:


Type	Number of Contracts Long		Expiration Date	Current Value		Unrealized Gain (Loss)
Euro Stoxx 50 Index		9,248	June 2016	$	315,247,216	$	(511,700	)
IBEX 35 Index		3,025	May 2016		311,913,162		19,915,795
Topix Index		630	June 2016		78,542,763		(1,386,808	)
TOTAL						$	18,017,287

SWAP CONTRACTS — At April 30, 2016, the Portfolio had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


			Rates Exchanged		Market Value
Notional Amount (000s)^(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)		Unrealized Gain (Loss)
$	803,364	08/09/18	2.236%	3 month LIBOR	$	11,833,482	$	8,069,861
	1,357,407	08/09/18	3 month LIBOR	1.486%		1,247		(13,452,336	)
	TOTAL				$	11,834,729	$	(5,382,475	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2016.

WRITTEN OPTIONS CONTRACTS — At April 30, 2016, the Portfolio had following written options currency activities:

WRITTEN OPTION CURRENCY CONTRACTS

Counterparty

Description

Notional

Amount

(000s)

Expiration

Date

Strike

Price

Value

JPMorgan Securities, Inc.

Call USD/Put CNH

$579,322

10/31/16

CNH 7.00

(3,606,859

)

(Premium received $7,855,606)

WRITTEN OPTION CURRENCY CONTRACTS — For the period ended April 30, 2016, the Portfolio had the following written options currency activities:


	Notional Amount (000s)			Premiums Received
Contracts Outstanding October 31, 2015	$	828,909		$	15,048,703
Contracts Written	$	46,723			1,343,286
Options Bought to Close		(296,310	)		(8,536,383	)
Contracts Outstanding April 30, 2016	$	579,322		$	7,855,606


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Schedule of Investments (continued)

April 30, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER OPTIONS ON EQUITIES CONTRACTS


Counterparty	Description	Contracts		Expiration Date		Exercise Price		Value
Citibank, NA	Put - SPDR Energy Select Sector ETF		4,816,781		01/20/17	$	55.61	$	(9,879,459	)
Deutsche Bank AG	Call - S&P 500 Index		151,009		12/30/16		2,100.00		(12,138,909	)
Morgan Stanley & Co.	Call - Euro Stoxx 50 Indices		178,605		05/31/16	EUR	3,327.04		(232,060	)
TOTAL (Premium Received $24,503,049)			5,146,395					$	(22,250,428	)

CENTRALLY CLEARED OPTIONS ON EQUITIES CONTRACTS


Description	Contracts		Expiration Date		Exercise Price		Value
Put - FTSE/MIB Index		418		06/17/16		EUR 22,000.00	$	(4,561,354	)
Put - FTSE/MIB Index		2,610		06/17/16		21,500.00		(24,760,398	)
TOTAL (Premium Received $17,277,962)		3,028					$	(29,321,752	)

OPTIONS ON EQUITIES CONTRACTS — For the period ended April 30, 2016, the Portfolio had the following written equity options activity:


	Contracts			Premiums Received
Contracts Outstanding October 31, 2015		5,671,242		$	58,733,878
Contracts Written		17,807,083			45,798,337
Contracts Bought Back		(6,883,924	)		(6,298,012	)
Contracts Expired		(11,444,978	)		(56,453,192	)
Contracts Outstanding April 30, 2016		5,149,423		$	41,781,011

WRITTEN INTEREST RATE SWAPTION CONTRACTS


Counterparty	Description	Notional Amount (000s)		Expiration Date		Strike Price			Value
Credit Suisse International (London)	Put - OTC 2 year Interest Rate Swap		803,364		08/05/16		2.236	%	$	(321	)
	Call - OTC 2 year Interest Rate Swap		803,364		08/05/16		2.236			(19,906,717	)
TOTAL (Premium Received $14,661,393)			1,606,728						$	(19,907,038	)

INTEREST RATE SWAPTION CONTRACTS — For the period ended April 30, 2016, the Portfolio had no interest rate swaption activity.


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Assets and Liabilities^(a)

April 30, 2016 (Unaudited)



Assets:
Investments of unaffiliated issuers, at value (cost $909,786,047)	$	886,911,497
Investments of affiliated issuers, at value (cost $4,011,615,457)		3,993,316,688
Cash		76,855,507
Foreign currencies, at value (cost $1,496,420)		1,525,483
Receivables:
Collateral on certain derivative contracts^(b)		196,483,194
Investments sold		68,588,627
Fund shares sold		15,280,642
Dividends and interest		14,004,296
Foreign tax reclaims		93,958
Reimbursement from investment adviser		8,052
Other assets		160,020
Total assets		5,253,227,964

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		19,669,149
Variation margin on certain derivative contracts		15,765,738
Written option contracts, at value (premium received $64,298,010)		75,086,077
Payables:
Collateral on certain derivative contracts		8,490,000
Fund shares redeemed		6,221,516
Investments purchased		3,323,560
Management fees		2,185,442
Transfer Agency fees		164,270
Accrued expenses		216,465
Total liabilities		131,122,217

Net Assets:
Paid-in capital		5,437,768,911
Undistributed net investment income		21,146,335
Accumulated net realized loss		(277,853,495	)
Net unrealized loss		(58,956,004	)
NET ASSETS	$	5,122,105,747
Shares Outstanding $0.001 par value (unlimited shares authorized):		538,379,825
Net asset value, offering and redemption price per share:		$9.51

(a)

Statement of Assets and Liabilities for the Portfolio is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity – TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.

(b)

Includes amounts segregated for initial margin requirements and/or collateral on futures, options, forward foreign currency exchange contracts and swap transactions of $69,770,000, $50,584,337, $33,530,000 and $42,598,857, respectively.


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statement of Operations^(a)

For the Six Months Ended April 30, 2016 (Unaudited)



Investment income:
Dividends — affiliated issuers	$	22,115,610
Dividends — unaffiliated issuers (net of foreign withholding taxes of $4,049)		5,530,174
Interest		22,520,383
Total investment income		50,166,167

Expenses:
Management fees		16,793,988
Transfer Agency fees		947,021
Custody, accounting and administrative services		159,247
Professional fees		83,471
Printing and mailing costs		51,572
Prime Broker Fees		36,141
Trustee fees		16,134
Other		43,582
Total expenses		18,131,156
Less — expense reductions		(4,683,904	)
Net expenses		13,447,252
NET INVESTMENT INCOME		36,718,915

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(144,145,626	)
Investments — affiliated issuers		(36,691,595	)
Futures contracts		(59,060,850	)
Written option contracts		(58,103,163	)
Swap contracts		19,779,172
Forward foreign currency exchange contracts		8,325,287
Foreign currency transactions		(345,170	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		73,192,001
Investments — affiliated issuers		12,990,638
Futures contracts		13,393,944
Written option contracts		(23,440,061	)
Swap contracts		(3,318,897	)
Forward foreign currency exchange contracts		(27,220,394	)
Foreign currency translation		184,749
Net realized and unrealized loss		(224,459,965	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(187,741,050	)

(a)

Statement of Operations for the Portfolio is consolidated and includes the balances of a wholly-owned subsidiary, Cayman Commodity – TTIF, Ltd. Accordingly, all interfund balances and transactions have been eliminated.


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Statements of Changes in Net Assets^(a)


	For the Six Months Ended April 30, 2016 (Unaudited)			For the Fiscal Year Ended October 31, 2015
From operations:
Net investment income	$	36,718,915		$	56,995,143
Net realized gain (loss)		(270,241,945	)		170,768,120
Net change in unrealized gain		45,781,980			(108,783,001	)
Net increase (decrease) in net assets resulting from operations		(187,741,050	)		118,980,262

Distributions to shareholders:
From net investment income		(216,014,287	)		(21,152,095	)

From share transactions:
Proceeds from sales of shares		1,057,025,394			3,261,513,640
Reinvestment of distributions		216,014,287			21,045,722
Cost of shares redeemed		(411,838,326	)		(238,278,749	)
Net increase in net assets resulting from share transactions		861,201,355			3,044,280,613
TOTAL INCREASE		457,446,018			3,142,108,780

Net assets:
Beginning of period		4,664,659,729			1,522,550,949
End of period	$	5,122,105,747		$	4,664,659,729
Undistributed net investment income	$	21,146,335		$	200,441,707

(a)

Statement of Changes in Net Assets for the Portfolio is consolidated and includes the balances of a wholly owned subsidiary, Cayman Commodity – TTIF Ltd. Accordingly, all interfund balances and transactions have been eliminated.


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Consolidated Financial Highlights

Selected Data for a Share Outstanding Throughout Each 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			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited)
2016 - Institutional Shares	$	10.40	$	0.07	$	(0.50	)	$	(0.43	)	$	(0.46	)

FOR THE FISCAL YEAR ENDED OCTOBER 31,
2015 - Institutional Shares		9.87		0.18		0.46			0.64			(0.11	)

FOR THE PERIOD ENDED OCTOBER 31,
2014 - Institutional Shares (Commenced operations July 31, 2014)		10.00		0.04		(0.17	)		(0.13	)		—

(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 deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.

(c)

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

(d)

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

(e)

Annualized.


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

GOLDMAN SACHS TACTICAL TILT OVERLAY 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			Portfolio turnover rate^(d)

$	9.51		(4.19	)%	$	5,122,106		0.57	%^(e)		0.77	%^(e)		1.55	%^(e)		35	%


	10.40		6.57			4,664,660		0.52			0.79			1.77			81


	9.87		(1.30	)		1,522,551		0.63	^(e)		0.86	^(e)		1.63	^(e)		45


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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements

April 30, 2016 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Tactical Tilt Overlay Fund (the “Portfolio”) is a non-diversified fund and currently offers one class of shares — Institutional Shares (effective June 1, 2016, the Goldman Sachs Tactical Tilt Implementation Fund was renamed the Goldman Sachs Tactical Tilt Overlay Fund). The Portfolio commenced operations on July 31, 2014. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

A. Basis of Consolidation for the Goldman Sachs Tactical Tilt Overlay Fund — The Cayman Commodity – TTIF, Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on July 31, 2014 and is currently a wholly-owned subsidiary of the Portfolio. The Subsidiary acts as an investment vehicle for the Portfolio to enable the Portfolio to gain exposure to certain types of commodity-linked derivative instruments. The Portfolio is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of July 31, 2014, and it is intended that the Portfolio will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of April 30, 2016, the Portfolio’s net assets were $5,122,105,747, of which, $359,483,086, or 7.0%, represented the Subsidiary’s net assets.

B. Investment Valuation — The Portfolio’s valuation policy is to value investments at fair value.

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 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.

D. Expenses — Expenses incurred directly by the Portfolio are charged to the Portfolio, and certain expenses incurred by the Trust that may not solely relate to the Portfolio are allocated to the Portfolio 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.

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Portfolio is required to increase its taxable income by its share of the Subsidiary’s income. Net losses of the Subsidiary cannot be deducted by the Portfolio in the current period nor carried forward to offset taxable income in future periods.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of 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 Portfolio’s net assets on the Consolidated 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 Portfolio is 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 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

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 Portfolio’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 Portfolio, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolio’s 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.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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 Portfolio’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 Portfolio 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 Portfolio 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 Portfolio having a direct contractual relationship with the borrower, and the Portfolio may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Portfolio enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A forward foreign currency contract is a forward contract in which the Portfolio agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily 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 Portfolio deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Portfolio equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Option Contracts — When the Portfolio 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.

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

iv. Swap Contracts — Bilateral swap contracts are agreements in which the Portfolio and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Portfolio and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Portfolio is required to 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.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV. 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 Portfolio’s investments and derivatives classified in the fair value hierarchy as of April 30, 2016:



GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	535,633,993		$	—
Bank Loans		—			3,615,905			752,520
Exchange Traded Funds		328,240,649			—			—
Investment Companies		3,993,316,688			—			—
Total	$	4,321,557,337		$	539,249,898		$	752,520

Derivative Type
Assets
Options Purchased	$	—		$	18,668,430		$	—
Futures Contracts^(a)		19,915,795			—			—
Interest Rate Swap Contracts^(a)		—			8,069,861			—
Total	$	19,915,795		$	26,738,291		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(19,669,149	)	$	—
Futures Contracts^(a)		(1,898,508	)		—			—
Interest Rate Swap Contracts^(a)		—			(13,452,336	)		—
Written Options Contracts		(29,321,752	)		(45,764,325	)		—
Total	$	(31,220,260	)	$	(78,885,810	)	$	—

(a)

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

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of April 30, 2016. These instruments were used as part of the Portfolio’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolio’s net exposure.

Risk

Consolidated Statements of

Assets and Liabilities

Assets

Consolidated Statements of

Assets and Liabilities

Liabilities

Interest rate

Variation margin on certain derivative contracts; Investments, at value

10,631,923

^(a)

Variation margin on certain derivative contracts; Written Options, at value

(33,359,374)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts; Investments, at value

11,412,064

Payable for unrealized loss on forward foreign currency exchange contracts; Written Options, at value

(23,276,008)

Equity

Variation margin on certain derivative contracts; Investments, at value

24,610,099

^(a)

Variation margin on certain derivative contracts; Written Options, at value

(53,470,688)

^(a)

Total

46,654,086

(110,106,070)

(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.

The following table sets forth, by certain risk types, the Portfolio’s gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 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 Statements of Operations:




Risk	Consolidated 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 investments and swap contracts/Net change in unrealized gain (loss) on investments and swap contracts	$	—		$	(3,084,141	)		182
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(286,209	)		(143,234	)		1
Currency	Net realized gain (loss) from investments and forward foreign currency exchange contracts /Net change in unrealized gain (loss) on investments and forward foreign currency exchange contracts		8,325,287			13,393,944			17
Equity	Net realized gain (loss) from investments and futures contracts/Unrealized gain (loss) on investments, futures contracts and written options		(122,283,692	)		(50,660,455	)		11,234
Commodity	Net realized gain (loss) from investments and swap contracts/Unrealized gain (loss) on investments and swap contracts		20,065,381			(91,522	)		1
Total			(94,179,233	)	$	(40,585,408	)		11,435

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2016.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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

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

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Portfolio and cash collateral received from the counterparty, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by the Portfolio, if any, is noted in the 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 Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolio attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

The following table sets forth the Portfolio’s net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of April 30, 2016:


	Derivative Assets⁽¹⁾				Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Total		Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Citibank NA	$	2,562,062	$	2,562,062	$	—		$	(9,879,459	)	$	(9,879,459	)	$	(7,317,397	)	$	—		$	(7,317,397	)
Credit Suisse International (London)		—		—		—			(19,907,038	)		(19,907,038	)		(19,907,038	)		18,860,000			(1,047,038	)
Deutsche Bank AG		—		—		—			(12,138,909	)		(12,138,909	)		(12,138,909	)		12,138,909			—
JPMorgan Securities, Inc.		11,412,064		11,412,064		—			(3,606,859	)		(3,606,859	)		7,805,205			(7,805,205	)		—
Morgan Stanley & Co.		4,694,304		4,694,304		—			(232,060	)		(232,060	)		4,462,244			—			4,462,244
Morgan Stanley & Co. International PLC		—		—		(19,669,149	)		—			(19,669,149	)		(19,669,149	)		19,669,149			—
Total	$	18,668,430	$	18,668,430	$	(19,669,149	)	$	(45,764,325	)	$	(65,433,474	)	$	(46,765,044	)	$	42,862,853		$	(3,902,191	)

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

4. INVESTMENTS IN DERIVATIVES (continued)

(2)


5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2016, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Fee Rate
First $2 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Management Fee Rate		Effective Net Management Fee Rate^{*^(a)}
	0.75%		0.68%		0.64%		0.62%		0.72%		0.51%

GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to any management fee it earns as an investment adviser to any of the affiliated funds in which the Portfolio invests through at least February 26, 2017. Prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

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

(a)

Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement as defined below after waivers.

The Portfolio invests in the FST Shares of the Goldman Sachs Financial Square Government Fund and the Institutional Shares of the Goldman Sachs High Yield Floating Rate and the Goldman Sachs High Yield Funds, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolio in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Portfolio invests. For the six months ended April 30, 2016, GSAM waived $2,988,478 of the Portfolio’s management fee.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the “Subsidiary Agreement”) and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary’s average daily net assets. In consideration of the Subsidiary’s management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Portfolio’s management fee in an amount equal to the management fee paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the six months ended April 30, 2016, GSAM waived $746,558 of the Portfolio’s management fee. This waiver represents an inter-fund transaction and, accordingly, has been eliminated in consolidation.

B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolio for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates of 0.04% of the average daily net assets of Institutional Shares.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Portfolio (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, taxes, dividend and interest expenses on short sales, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.164% of the average daily net assets of the Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolio is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This “Other Expense” limitation will remain in place through at least February 29, 2016 and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Portfolio has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolio’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Management Fees Waivers		Other Expense Reimbursements		Total Expense Reductions
$	4,635,103	$	48,801	$	4,683,904

D. Line of Credit Facility — As of April 30, 2016, the Portfolio participated in a $1,205,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“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 Portfolio based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2016, the Portfolio did not have any borrowings under the facility. The facility was renewed in the amount of $1,100,000,000 effective May 3, 2016.

E. Other Transactions with Affiliates — For the six months ended April 30, 2016, Goldman Sachs earned $143,164 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Portfolio.

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended April 30, 2016:


Underlying Fund	Market Value 10/31/15		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Market Value 4/30/16		Dividend Income
Goldman Sachs Financial Square Government Fund	$	2,658,651,455	$	2,019,561,248	$	(1,178,699,003	)	$	—		$	—	$	3,499,513,700	$	16,974,657
Goldman Sachs High Yield Floating Rate Fund		438,324,024		38,233,450		(140,342,086	)		(6,429,174	)		3,434,656		333,220,870		2,917,112
Goldman Sachs High Yield Fund		412,820,199		10,402,844		(241,934,485	)		(30,262,421	)		9,555,981		160,582,118		2,223,841
Total	$	3,509,795,678	$	2,068,197,542	$	(1,560,975,574	)	$	(36,691,595	)	$	12,990,637	$	3,993,316,688	$	22,115,610

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2016, were $541,491,865 and $867,835,029, respectively.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

7. TAX INFORMATION

As of the Portfolio’s most recent fiscal year-end, October 31, 2015, the Portfolio’s capital loss carryforwards on a tax basis were as follows:


Capital loss carryforwards:
Perpetual Short-Term	$	(4,976,930	)
Perpetual Long-Term		(7,354,178	)
Total capital loss carryforwards	$	(12,331,108	)

As of April 30, 2016, the Portfolio’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax Cost	$	4,931,301,818
Gross unrealized gain		34,260,665
Gross unrealized loss		(85,334,298	)
Net unrealized gains (losses) on securities	$	(51,073,633	)

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, foreign currency contracts and swap contracts, and differences in the tax treatment of swap transactions, and underlying portfolio investments.

GSAM has reviewed the Portfolio’s tax positions for all open tax years (the current and prior fiscal years), and has concluded that no provision for income tax is required in the Portfolio’s financial statements. These open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

8. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Portfolio will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with 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 Portfolio’s investments.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), the Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Investments in the Underlying Funds — The Portfolio invests in Underlying Funds, and is subject to the risk factors associated with the investments of those Underlying Funds in direct proportion to the amount of assets allocated to each. As of April 30, 2016, the Portfolio invested 68.3%, 3.1% and 6.5% of its net assets in the Goldman Sachs Financial Square Government Fund (the “FSQ Government Fund”), Goldman Sachs High Yield Fund (the “High Yield Fund”) and the Goldman Sachs High Yield Floating Rate Fund (the “High Yield Floating Rate Fund”), respectively. Because of the high concentration of its assets in these Underlying Funds, the Portfolio has significant exposure to the risks associated with these Underlying Funds. The FSQ Government Fund intends to be a government money market fund which invests at least 99.5% of its net assets in cash, U.S. Government Securities, and/or repurchase agreements that are collateralized fully. The High Yield Fund invests, under normal circumstances, at least 80% of its Net Assets in high-yield, fixed income securities that, at the time of purchase, are non-investment grade securities. Under normal market conditions, the High Yield Fund may invest up to 20% of its Net Assets in investment grade fixed income securities, including securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises. The High Yield Fund may also invest in derivatives, including credit default swap indices, interest rate futures and swaps. The High Yield Floating Rate Fund invests, under normal circumstances, at least 80% of its Net Assets in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade. Under normal conditions, the High Yield Floating Rate Fund may invest up to 20% of its Net Assets in fixed income instruments, regardless of rating, including fixed rate corporate bonds, government bonds, convertible debt obligations, and mezzanine fixed income instruments. The High Yield Floating Rate Fund may also invest in floating or variable rate instruments that are rated investment grade, and in preferred stock, repurchase agreements, cash securities, and derivative instruments such as credit default swaps on credit and loan indices and forward contracts, among others.

The Portfolio does not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolio within its principal investment strategies may represent a significant portion of an Underlying Fund’s net assets.

Large Shareholder Transactions Risk — The Portfolio may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Portfolio. Such

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

8. OTHER RISKS (continued)

large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash 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 Portfolio more volatile. When the Portfolio uses leverage, the sum of that Portfolio’s investment exposure may significantly exceed the amount of assets invested in the Portfolio, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The Portfolio 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 Portfolio 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 the Portfolio can substantially increase the adverse impact to which the Portfolio’s investment portfolio may be subject.

Liquidity Risk — The Portfolio may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Portfolio will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. 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.

Market and Credit Risks — In the normal course of business, the Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the U.S. 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 Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Portfolio also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

Notes to Financial Statements (continued)

April 30, 2016 (Unaudited)

8. OTHER RISKS (continued)

Non-Diversification Risk — The Portfolio 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 Portfolio 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.

Portfolio Concentration Risk — As a result of the Portfolio’s 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 or political development may affect the value of the Portfolio’s investments more than if its investments were not so concentrated.

Short Position Risk — The Portfolio may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Portfolio may purchase for investment. Taking short positions involves leverage of the Portfolio’s assets and presents various risks. If the value of the underlying instrument or market in which the Portfolio has taken a short position increases, then the Portfolio will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

Tax Risk — The Portfolio will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes. Historically, the Internal Revenue Service (“IRS”) has 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 Portfolio has not received such a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. In light of this, the Portfolio has obtained an opinion of counsel that its 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 Portfolio’s income from such investments was not “qualifying income”, in which case the Portfolio would fail to qualify as a regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Portfolio failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly affect the returns to, and could cause substantial losses for, Portfolio 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 Portfolio. Additionally, in the course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

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

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Six Months Ended April 30, 2016 (Unaudited)						For the Fiscal Year Ended October 31, 2015
	Shares			Dollars			Shares			Dollars

Shares sold		110,961,964		$	1,057,025,394			315,239,101		$	3,261,513,640
Reinvestment of distributions		22,361,727			216,014,287			2,125,831			21,045,722
Shares redeemed		(43,446,644	)		(411,838,326	)		(23,128,874	)		(238,278,749	)
NET INCREASE		89,877,047		$	861,201,355			294,236,058		$	3,044,280,613

GOLDMAN SACHS TACTICAL TILT OVERLAY FUND


Fund Expenses — Six Month Period Ended April 30, 2016 (Unaudited)

As a shareholder of Institutional Shares of the Portfolio, you incur ongoing costs, including management fees; and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

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


Share Class	Beginning Account Value 11/1/15		Ending Account Value 4/30/16			Expenses Paid for the 6 months ended 4/30/16*
Institutional
Actual		1,000.00		958.10			2.78
Hypothetical 5% return		1,000.00		1,022.03	+		2.87

Expenses for each share class are calculated using the Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 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 was 0.57%.

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

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Bond Fund

Core Fixed Income Fund

Global 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 Fund⁴

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 Fund⁵

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 Fund⁶

N-11 Equity Fund

Select Satellite⁷

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

Total Portfolio Solutions⁷

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

Multi-Manager U.S. Small Cap Equity Fund

Tactical Tilt Overlay Fund⁸

Balanced Strategy Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

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.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

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.

⁶

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁷

⁸

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 Kathryn A. Cassidy Diana M. Daniels Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Roy W. Templin Gregory G. Weaver		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 Portfolio included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolio in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolio, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolio. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities and information regarding how the Portfolio voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (I) without charge, upon request by calling 1-800-526-7384; and (II) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.

The Portfolio 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 Portfolio’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 Portfolio’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. 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).

Portfolio holdings and allocations shown are as of April 30, 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.

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 (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. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following disclosure relates to the independence of PricewaterhouseCoopers LLP (“PwC”) with respect to SEC Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” The Goldman Sachs Asset Management investment company complex (the “Funds”) has been notified by PwC that one of its lenders owns more than ten percent of at least one of the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as PwC’s conclusions concerning its independence and its objectivity and impartiality with respect to the audits of the Funds.

PwC has advised the Funds that, after evaluating the facts and circumstances related to the matter described above, it has concluded that its financial relationship described above did not and will not impair PwC’s application of objective and impartial judgment on any issues encompassed within its audits of the financial statements of the Funds. PwC has advised the Funds that this conclusion is based in part on the following considerations: (1) the lenders to PwC have no influence over the fund adviser to the Funds; (2) an investment in any such Fund is passive; (3) the PwC lenders are part of various syndicates of unrelated lenders; (4) there have been no changes to the loans in question since the origination of each respective note; (5) the debts are in good standing and no lender has the right to take action against PwC, as borrower, in connection with the financings; (6) the debt balances are immaterial to PwC and to each lender; and (7) the PwC audit engagement team has no involvement in PwC’s treasury function and PwC’s treasury function has no oversight of or ability to influence the PwC audit engagement team.

If it were ultimately determined that PwC was not independent with respect to the Funds for certain periods, any Fund filings with the SEC which contain the Funds’ financial statements for such periods would not comply with applicable securities laws which potentially could have a material adverse effect on the Funds.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.


	2015		2014		Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)	$	3,662,967	$	3,539,534	Financial Statement audits.

Audit-Related Fees:

• PwC	$	138,000	$	0	Other attest services.

Tax Fees:

• PwC	$	848,676	$	794,850	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2015		2014		Description of Services Rendered



Audit-Related Fees:

• PwC	$	1,653,616	$	1,486,420	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi annual updates relating to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds’ Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended October 31, 2015 and October 31, 2014 were approximately $986,676 and $794,850 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $10.2 million and $9.8 million respectively. The figures for these entities are not yet available for the twelve months ended December 31, 2015. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2014 and 2013 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second 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’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 International Equity Insights Funds.

(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

By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		July 6, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		July 6, 2016

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		July 6, 2016