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    Goldman Sachs Funds Semi-Annual Report April 30, 2020 International Equity Insights Funds Emerging Markets Equity Insights International Equity Insights International Small Cap Insights It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary. You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.


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    Goldman Sachs International Equity Insights Funds 䡲 EMERGING MARKETS EQUITY INSIGHTS 䡲 INTERNATIONAL EQUITY INSIGHTS 䡲 INTERNATIONAL SMALL CAP INSIGHTS TABLE OF CONTENTS Recent Market Events related to COVID-19 i Fund Basics 1 Schedules of Investments 7 Financial Statements 29 Financial Highlights 33 Emerging Markets Equity Insights 33 International Equity Insights 40 International Small Cap Insights 48 Notes to the Financial Statements 54 Other Information 71 NOT FDIC-INSURED May Lose Value No Bank Guarantee


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    Recent Market Events related to COVID-19 While this semi-annual report covers the six month period ended April 30, 2020, we want to describe some more recent events through the end of May. An outbreak of a novel strain of coronavirus (COVID-19) has emerged globally. The outbreak of COVID-19 has prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, curfews and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, and disruption in manufacturing and supply chains. While governments have already taken unprecedented action to limit disruption to the financial system, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of and subsequent intervening measures intended to limit the spread of COVID-19. A Fund could be negatively impacted if the value of a portfolio holding were harmed by such political or economic conditions, events, or actions. The full extent of the impact of COVID-19 on a Fund’s performance cannot be determined at this time and will depend on future developments, including the duration and the continued spread of the outbreak. Goldman Sachs Asset Management’s long-term commitment to you, our Fund shareholders, remains unchanged. We encourage you to maintain perspective and stay current with timely commentary and investment insights by visiting gsam.com. i


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    FUND BASICS Emerging Markets Equity Insights Fund as of April 30, 2020 PERFORMANCE REVIEW MSCI Emerging Markets Fund Total Return Standard Index November 1, 2019–April 30, 2020 (based on NAV)1 (Net, USD, Unhedged)2 Class A -11.60% -10.50% Class C -12.01 -10.50 Institutional -11.46 -10.50 Investor -11.51 -10.50 Class P -11.56 -10.50 Class R -11.73 -10.50 Class R6 -11.56 -10.50 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The MSCI Emerging Markets Standard Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of April 30, 2020, the MSCI® Emerging Markets Standard Index (Net, USD, Unhedged) consists of the following 26 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The MSCI® Emerging Markets Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. The returns set forth in the 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. TOP TEN HOLDINGS AS OF 4/30/201 Holding % of Net Assets Line of Business Country Alibaba Group Holding Ltd. ADR 8.6% Retailing China Taiwan Semiconductor Manufacturing Co. 6.2 Semiconductors & Semiconductor Taiwan Ltd. ADR Equipment Tencent Holdings Ltd. 4.7 Media & Entertainment China Samsung Electronics Co. Ltd. 4.3 Technology Hardware & Equipment South Korea NAVER Corp. 1.9 Media & Entertainment South Korea NetEase, Inc. ADR 1.9 Media & Entertainment China Industrial & Commercial Bank of China 1.9 Banks China Ltd. Class H Infosys Ltd. ADR 1.8 Software & Services India New Oriental Education & Technology 1.8 Consumer Services China Group, Inc. ADR Hindustan Unilever Ltd. 1.6 Household & Personal Products India 1 The top 10 holdings may not be representative of the Fund’s future investments. 1


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    FUND BASICS FUND VS. BENCHMARK SECTOR ALLOCATIONS2 As of April 30, 2020 25% Emerging Markets Equity Insights Fund MSCI® Emerging Markets Standard Index 20.9 % 20.9% 17.9 % 20% 17.0% 16.3 % 15.5% 15.0% 13.0% 15% 8.4% 10% 7.0% 6.6% 6.6% 6.1% 5.0 % 5.0 % 3.7% 3.1% 5% 2.8% 2.7% 2.6% 2.2% 1.9% 0% Information Communication Services Consumer Discretionary Materials Energy Utilities Industrials Technology Financials Consumer Staples Health Care Real Estate 2 The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets at April 30, 2020. Percentages may not sum to 100% due to rounding. For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. 2


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    FUND BASICS International Equity Insights Fund as of April 30, 2020 PERFORMANCE REVIEW Fund Total Return MSCI® EAFE Standard Index November 1, 2019–April 30, 2020 (based on NAV)1 (Net, USD, Unhedged)2 Class A -16.06% -14.21% Class C -16.37 -14.21 Institutional -15.90 -14.21 Service -16.09 -14.21 Investor -15.95 -14.21 Class P -15.84 -14.21 Class R -16.15 -14.21 Class R6 -15.91 -14.21 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The unmanaged MSCI® EAFE Standard Index (Net, USD, Unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. As of April 30, 2020, the MSCI® EAFE Standard Index (Net, USD, Unhedged) consists of the following 21 developed countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The MSCI® EAFE Standard Index (Net, USD, Unhedged) figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. The returns set forth in the 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. TOP TEN HOLDINGS AS OF 4/30/201,2 Holding % of Net Assets Line of Business Country Nestle SA (Registered) 3.2% Food, Beverage & Tobacco Switzerland Roche Holding AG 2.7 Pharmaceuticals, Biotechnology & Switzerland Life Sciences Novo Nordisk A/S Class B 1.9 Pharmaceuticals, Biotechnology & Denmark Life Sciences Novartis AG (Registered) 1.8 Pharmaceuticals, Biotechnology & Switzerland Life Sciences Sanofi 1.6 Pharmaceuticals, Biotechnology & France Life Sciences LVMH Moet Hennessy Louis Vuitton 1.5 Consumer Durables & Apparel France SE Schneider Electric SE 1.3 Capital Goods France Diageo plc 1.1 Food, Beverage & Tobacco United Kingdom Danone SA 1.0 Food, Beverage & Tobacco France Deutsche Boerse AG 1.0 Diversified Financials Germany 1 The top 10 holdings may not be representative of the Fund’s future investments. 2 The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 1.2% of the Fund’s net assets as of 4/30/20. 3


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    FUND BASICS FUND VS. BENCHMARK SECTOR ALLOCATIONS3 As of April 30, 2020 25% International Equity Insights Fund MSCI® EAFE Standard Index (Net, USD, Unhedged) 20% 17.5% 16.2% 14.9% 14.7% 14.3% 14.2% 14.0% 15% 12.4% 11.3% 9.8% 9.0% 10% 7.8% 6.9% 6.9% 6.5% 5.5% 4.1% 3.7% 3.3% 5% 2.8% 2.2% 2.1% 0% Health Care Consumer Staples Financials Industrials Information Technology Consumer Discretionary Materials Communication Services Utilities Energy Real Estate 3 The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.2% of the Fund’s net assets at April 30, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. 4


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    FUND BASICS International Small Cap Insights Fund as of April 30, 2020 PERFORMANCE REVIEW Fund Total Return MSCI® EAFE Small Cap Index November 1, 2019–April 30, 2020 (based on NAV)1 (Net, USD, Unhedged)2 Class A -17.04% -14.65% Class C -17.44 -14.65 Institutional -16.89 -14.65 Investor -16.95 -14.65 Class P -16.85 -14.65 Class R6 -16.85 -14.65 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The MSCI® EAFE Small Cap Index (Net, USD, Unhedged) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI® EAFE Small Cap Index (Net, USD, Unhedged) selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the MSCI® EAFE Small Cap Index (Net, USD, Unhedged). It is not possible to invest directly in an index. The returns set forth in the 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. TOP TEN HOLDINGS AS OF 4/30/201,2 Holding % of Net Assets Line of Business Country TIS, Inc. 1.2% Software & Services Japan Euronext NV 1.2 Diversified Financials Netherlands Tecan Group AG (Registered) 1.2 Pharmaceuticals, Biotechnology & Switzerland Life Sciences Gerresheimer AG 1.2 Pharmaceuticals, Biotechnology & Germany Life Sciences VAT Group AG 1.2 Capital Goods Switzerland IG Group Holdings plc 1.1 Diversified Financials United Kingdom ASM International NV 1.1 Semiconductors & Semiconductor Netherlands Equipment Signify NV 1.1 Capital Goods Netherlands boohoo Group plc 1.1 Retailing United Kingdom DeNA Co. Ltd. 1.0 Media & Entertainment Japan 1 The top 10 holdings may not be representative of the Fund’s future investments. 2 The Fund’s overall top 10 holdings differ from the table above due to the exclusion of the Goldman Sachs Financial Square Government Fund (a short-term investment fund), which represents approximately 1.4% of the Fund’s net assets as of 4/30/20. 5


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    FUND BASICS FUND VS. BENCHMARK SECTOR ALLOCATIONS3 As of April 30, 2020 25% International Small Cap Insights Fund MSCI® EAFE Small Cap Index (Net, USD, Unhedged) 20.6% 18.8% 20% 13.1% 13.1% 15% 12.0% 11.7% 11.6% 11.1% 10.9% 10.1% 9.3% 8.8% 8.5% 8.5% 10% 7.7% 7.1% 4.7% 4.3% 3.1% 5% 2.7% 1.8% 0.6% 0% Industrials Information Technology Consumer Discretionary Real Estate Health Care Consumer Staples Financials Materials Communication Services Utilities Energy 3 The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”); however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.4% of the Fund’s net assets at April 30, 2020. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Percentages may not sum to 100% due to rounding. For more information about the Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about the Fund’s investment strategies, holdings, and performance. 6


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    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – 99.4% Common Stocks – (continued) Brazil – 4.7% China – (continued) 87,600 AES Tiete Energia SA (Utilities)* $ 233,583 7,194,500 China Minsheng Banking Corp. 2,958,900 B3 SA – Brasil Bolsa Balcao Ltd. Class H (Banks) $ 5,359,187 (Diversified Financials) 20,905,301 1,362,000 China Mobile Ltd. 1,344,200 BB Seguridade Participacoes SA (Telecommunication Services) 10,949,200 (Insurance) 6,562,921 60,000 China National Software & Service 33,100 Cia de Saneamento de Minas Co. Ltd. Class A (Software & Gerais-COPASA (Utilities)* 292,172 Services) 691,054 114,600 Cia de Saneamento do Parana 3,705,400 China Pacific Insurance Group Co. (Utilities)* 541,610 Ltd. Class H (Insurance) 12,259,066 225,262 Cia de Transmissao de Energia 1,341,800 China Railway Construction Corp. Eletrica Paulista (Preference) Ltd. Class A (Capital Goods) 1,838,116 (Utilities)(a) 804,877 2,345,000 China Railway Construction Corp. 628,300 Cia Paranaense de Energia Ltd. Class H (Capital Goods) 2,574,828 (Preference) (Utilities)*(a) 6,285,426 3,706,000 China Resources Cement Holdings 259,000 Cosan Ltd. Class A (Energy)* 3,455,060 Ltd. (Materials) 5,042,773 72,500 Cyrela Brazil Realty SA 1,471,232 China Shenhua Energy Co. Ltd. Empreendimentos e Participacoes Class A (Energy) 3,305,655 (Consumer Durables & Apparel) 212,118 7,297,500 China Shenhua Energy Co. Ltd. 253,200 Hypera SA (Pharmaceuticals, Class H (Energy) 12,928,165 Biotechnology & Life Sciences)* 1,354,026 3,017,359 China Yangtze Power Co. Ltd. 727,300 Itau Unibanco Holding SA Class A (Utilities) 7,432,538 (Preference) (Banks)(a) 3,045,407 1,156,000 CITIC Telecom International 1,265,590 Itausa – Investimentos Itau SA Holdings Ltd. (Telecommunication (Preference) (Banks)(a) 2,094,616 Services) 427,761 4,190,928 Petrobras Distribuidora SA 399,963 East Money Information Co. Ltd. (Retailing)* 15,051,550 Class A (Diversified Financials) 1,017,906 829,900 Sao Martinho SA (Food, 190,000 Far East Horizon Ltd. (Diversified Beverage & Tobacco)* 2,914,928 Financials) 153,812 51,500 Telefonica Brasil SA ADR 1,056,994 Fujian Sunner Development Co. (Telecommunication Services) 432,600 Ltd. Class A (Food, Beverage & 144,500 WEG SA (Capital Goods) 1,061,316 Tobacco) 3,225,898 158,473 G-bits Network Technology 65,247,511 Xiamen Co. Ltd. Class A (Media & China – 40.2% Entertainment) 8,448,289 2,375,000 Agricultural Bank of China Ltd. 161,639 Gree Electric Appliances, Inc. of Class H (Banks) 987,957 Zhuhai Class A (Consumer 585,800 Alibaba Group Holding Ltd. ADR Durables & Apparel) 1,236,633 (Retailing)* 118,724,086 39,115,000 Industrial & Commercial Bank of 3,649,000 Asia Cement China Holdings Corp. China Ltd. Class H (Banks) 26,226,975 (Materials) 4,224,153 349,600 Industrial Bank Co. Ltd. Class A 29,238,000 Bank of Communications Co. Ltd. (Banks) 816,650 Class H (Banks) 18,528,308 498,700 JD.com, Inc. ADR (Retailing)* 21,493,970 8,076,596 Bank of Nanjing Co. Ltd. Class A 215,317 Jiangsu Hengrui Medicine Co. Ltd. (Banks) 8,747,692 Class A (Pharmaceuticals, 2,440,000 China Aoyuan Group Ltd. (Real Biotechnology & Life Sciences)* 2,800,307 Estate) 2,866,832 667,338 Jiangsu Yuyue Medical 2,125,000 China CITIC Bank Corp. Ltd. Equipment & Supply Co. Ltd. Class H (Banks) 1,038,136 Class A (Health Care Equipment & 4,997,000 China Construction Bank Corp. Services) 3,283,650 Class H (Banks) 4,010,910 8,857,000 KWG Group Holdings Ltd. (Real 530,000 China Maple Leaf Educational Estate)* 13,102,113 Systems Ltd. (Consumer Services) 155,810 5,318,000 Logan Property Holdings Co. Ltd. 10,621,000 China Medical System Holdings (Real Estate) 8,383,218 Ltd. (Pharmaceuticals, 1,262,000 Luye Pharma Group Ltd. Biotechnology & Life Sciences) 12,502,741 (Pharmaceuticals, Biotechnology & Life Sciences)(b) 612,798 The accompanying notes are an integral part of these financial statements. 7


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    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) China – (continued) China – (continued) 342,200 Momo, Inc. ADR (Media & 752,000 Zijin Mining Group Co. Ltd. Class H Entertainment) $ 8,240,176 (Materials) $ 307,018 334,155 Muyuan Foodstuff Co. Ltd. 108,100 ZTO Express Cayman, Inc. ADR Class A (Food, Beverage & (Transportation) 3,217,056 Tobacco) 5,981,552 554,270,210 76,400 NetEase, Inc. ADR (Media & Entertainment) 26,354,944 Greece – 0.1% 195,600 New Oriental Education & 66,518 Hellenic Telecommunications Technology Group, Inc. ADR Organization SA (Consumer Services)* 24,970,296 (Telecommunication Services) 878,803 13,618,000 People’s Insurance Co. Group of China Ltd. (The) Class H Hong Kong – 0.1% (Insurance) 4,456,909 199,000 Nine Dragons Paper Holdings Ltd. 110,714 Perfect World Co. Ltd. Class A (Materials) 190,388 (Media & Entertainment) 734,693 983,000 WH Group Ltd. (Food, Beverage & 22,596,000 PICC Property & Casualty Co. Ltd. Tobacco)(b) 937,539 Class H (Insurance) 21,623,158 1,127,927 14,834,000 Postal Savings Bank of China Co. Ltd. Class H (Banks)(b) 8,864,096 Hungary – 0.2% 2,644,000 Powerlong Real Estate Holdings 85,382 OTP Bank Nyrt. (Banks) 2,528,673 Ltd. (Real Estate) 1,614,867 India – 10.1% 174,120 Shaanxi Coal Industry Co. Ltd. Class A (Energy) 184,986 1,486,234 Adani Ports & Special Economic 2,289,661 Shandong Buchang Zone Ltd. (Transportation) 5,706,459 Pharmaceuticals Co. Ltd. Class A 9,231 Ajanta Pharma Ltd. (Pharmaceuticals, Biotechnology & (Pharmaceuticals, Biotechnology & Life Sciences) 7,063,119 Life Sciences) 181,046 2,512,487 Shanghai Pharmaceuticals Holding 77,877 Bajaj Holdings & Investment Ltd. Co. Ltd. Class A (Health Care (Diversified Financials) 2,098,081 Equipment & Services) 6,559,760 403,704 Bharti Infratel Ltd. 2,236,000 Shenzhen Expressway Co. Ltd. (Telecommunication Services) 934,018 Class H (Transportation) 2,563,687 14,913 Dr Lal PathLabs Ltd. (Health Care 959,500 Shimao Property Holdings Ltd. Equipment & Services)(b) 310,123 (Real Estate) 3,900,249 278,132 Dr Reddy’s Laboratories Ltd. ADR 1,219,500 Tencent Holdings Ltd. (Media & (Pharmaceuticals, Biotechnology & Entertainment) 64,108,430 Life Sciences) 14,237,577 3,098,000 Tingyi Cayman Islands Holding 22,422 Godfrey Phillips India Ltd. (Food, Corp. (Food, Beverage & Tobacco) 5,499,262 Beverage & Tobacco) 297,588 243,000 Uni-President China Holdings Ltd. 163,874 Gujarat State Petronet Ltd. (Utilities) 452,266 (Food, Beverage & Tobacco) 243,957 1,308,212 HCL Technologies Ltd. (Software & 382,700 Vipshop Holdings Ltd. ADR Services) 9,382,364 (Retailing)* 6,096,411 774,292 Hindustan Unilever Ltd. (Household 14,638,000 Want Want China Holdings Ltd. & Personal Products) 22,420,037 (Food, Beverage & Tobacco) 10,433,115 36,550 ICICI Bank Ltd. ADR (Banks) 356,728 797,804 Wuhu Sanqi Interactive 10,359 ICICI Lombard General Insurance Entertainment Network Co. Ltd. (Insurance)(b) 177,080 Technology Group Co. Ltd. 275,353 Indraprastha Gas Ltd. (Utilities) 1,744,178 Class A (Media & Entertainment) 4,049,106 2,726,617 Infosys Ltd. ADR (Software & 3,290,118 Yanzhou Coal Mining Co. Ltd. Services) 25,166,675 Class A (Energy) 3,841,532 51,326 Ipca Laboratories Ltd. 99,533 Yealink Network Technology (Pharmaceuticals, Biotechnology & Corp. Ltd. Class A (Technology Life Sciences) 1,094,314 Hardware & Equipment) 1,264,055 57,497 Nestle India Ltd. (Food, Beverage & 1,776,800 YiChang HEC ChangJiang Tobacco) 13,638,356 Pharmaceutical Co. Ltd. Class H 1,997,055 Petronet LNG Ltd. (Energy) 6,433,771 (Pharmaceuticals, Biotechnology & Life Sciences)(b) 6,700,589 8 The accompanying notes are an integral part of these financial statements.


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    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) India – (continued) Poland – (continued) 5,834 Pfizer Ltd. (Pharmaceuticals, 217,146 Eurocash SA (Food & Staples Biotechnology & Life Sciences) $ 378,634 Retailing) $ 1,126,734 7,898,898 REC Ltd. (Diversified Financials) 9,966,757 22,997,333 71,311 Reliance Industries Ltd. (Energy) 1,386,501 32,734 Strides Pharma Science Ltd. Qatar – 0.2% (Pharmaceuticals, Biotechnology & 1,223,207 Commercial Bank PSQC (The) Life Sciences) 189,598 (Banks) 1,346,827 232,904 Torrent Pharmaceuticals Ltd. 45,413 Masraf Al Rayan QSC (Banks) 47,523 (Pharmaceuticals, Biotechnology & 251,429 Qatar National Bank QPSC Life Sciences) 7,234,562 (Banks) 1,185,900 1,441,309 Torrent Power Ltd. (Utilities) 6,327,138 2,580,250 2,077,916 Wipro Ltd. (Software & Services) 5,275,514 78,300 WNS Holdings Ltd. ADR Russia – 4.4% (Software & Services)* 3,824,955 69,450,000 Inter RAO UES PJSC (Utilities) 4,652,513 168,643 LUKOIL PJSC ADR (Energy) 10,889,278 139,214,320 70,600 MMC Norilsk Nickel PJSC ADR Indonesia – 3.9% (Materials) 1,930,204 4,288,300 Bank Central Asia Tbk. PT (Banks) 7,428,151 792,525 Mobile TeleSystems PJSC ADR 10,514,800 Bank Mandiri Persero Tbk. PT (Telecommunication Services) 6,791,939 (Banks) 3,125,644 6,913,910 Moscow Exchange MICEX-RTS 93,956,300 Bank Rakyat Indonesia Persero PJSC (Diversified Financials) 11,175,741 Tbk. PT (Banks) 17,089,477 109,117 Polyus PJSC (Materials) 17,732,562 3,561,200 Indofood CBP Sukses Makmur 2,863,400 Sberbank of Russia PJSC (Banks) 7,545,733 Tbk. PT (Food, Beverage & 60,717,970 Tobacco) 2,356,276 Saudi Arabia – 1.1% 7,247,300 Indofood Sukses Makmur Tbk. PT 58,689 Abdullah Al Othaim Markets Co. (Food, Beverage & Tobacco) 3,162,097 (Food & Staples Retailing) 1,556,201 89,363,500 Telekomunikasi Indonesia Persero 457,786 Bank AlBilad (Banks) 2,759,224 Tbk. PT (Telecommunication 1,911,065 Riyad Bank (Banks) 8,639,551 Services) 20,549,322 383,127 Saudi Electricity Co. (Utilities) 1,734,790 53,710,967 2,195 Saudia Dairy & Foodstuff Co. (Food, Beverage & Tobacco) 87,845 Mexico – 1.5% 28,768 Savola Group (The) (Food, 236,985 America Movil SAB de CV Beverage & Tobacco) 309,777 Class L ADR (Telecommunication Services) 2,853,299 15,087,388 11,505,676 Kimberly-Clark de Mexico SAB de South Africa – 2.6% CV Class A (Household & 33,204 African Rainbow Minerals Ltd. Personal Products) 16,250,496 (Materials) 243,028 708,600 Wal-Mart de Mexico SAB de CV 317,098 Anglo American Platinum Ltd. (Food & Staples Retailing) 1,704,392 (Materials) 16,641,311 20,808,187 774,398 Clicks Group Ltd. (Food & Staples Retailing) 9,638,875 Philippines – 0.2% 48,497 Kumba Iron Ore Ltd. (Materials) 912,749 703,300 First Gen Corp. (Utilities) 263,443 398,512 Liberty Holdings Ltd. (Insurance) 1,511,218 62,630 Globe Telecom, Inc. 19,860 Naspers Ltd. Class N (Retailing) 3,091,180 (Telecommunication Services) 2,716,909 3,138,551 Netcare Ltd. (Health Care 2,980,352 Equipment & Services) 2,624,560 1,421,355 Old Mutual Ltd. (Insurance)(c) 1,012,342 Poland – 1.7% 35,675,263 149,940 Asseco Poland SA (Software & Services) 2,423,009 South Korea – 11.3% 202,558 CD Projekt SA (Media & 48,838 AfreecaTV Co. Ltd. (Media & Entertainment) 17,733,669 Entertainment) 2,422,818 40,528 Dino Polska SA (Food & Staples 49,986 Celltrion, Inc. (Pharmaceuticals, Retailing)*(b) 1,713,921 Biotechnology & Life Sciences)* 8,639,387 The accompanying notes are an integral part of these financial statements. 9


  • Page 14

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) South Korea – (continued) Taiwan – 14.8% 37,135 Chongkundang Holdings Corp. 13,117,000 Asia Cement Corp. (Materials) $ 19,270,192 (Pharmaceuticals, Biotechnology & 344,000 Bioteque Corp. (Health Care Life Sciences) $ 3,481,306 Equipment & Services) 1,306,684 9,361 CJ Logistics Corp. (Transportation)* 1,136,870 702,000 Cheng Loong Corp. (Materials) 499,481 55,952 Com2uSCorp (Media & 157,000 Chicony Electronics Co. Ltd. Entertainment) 4,927,147 (Technology Hardware & 177,111 DB HiTek Co. Ltd. Equipment) 442,242 (Semiconductors & Semiconductor 74,000 Chicony Power Technology Co. Equipment) 3,893,893 Ltd. (Capital Goods) 144,593 15,733 DongKook Pharmaceutical Co. Ltd. 2,956,000 ChipMOS Technologies, Inc. (Pharmaceuticals, Biotechnology & (Semiconductors & Semiconductor Life Sciences) 1,222,619 Equipment) 3,021,510 52,125 Hanwha Aerospace Co. Ltd. (Capital 294,000 Dynapack International Goods)* 1,148,027 Technology Corp. (Technology 1,669 Hugel, Inc. (Pharmaceuticals, Hardware & Equipment) 699,931 Biotechnology & Life Sciences)* 523,648 817,000 Fubon Financial Holding Co. Ltd. 54,471 Huons Global Co. Ltd. (Insurance) 1,155,221 (Pharmaceuticals, Biotechnology & 1,073,000 Great Wall Enterprise Co. Ltd. Life Sciences) 1,412,512 (Food, Beverage & Tobacco) 1,484,566 164,000 International Games System Co. 11,355 i-SENS, Inc. (Health Care Ltd. (Media & Entertainment) 3,054,026 Equipment & Services) 219,763 4,113,000 King Yuan Electronics Co. Ltd. 27,010 KB Financial Group, Inc. (Banks) 772,792 (Semiconductors & Semiconductor 10,884 Kginicis Co. Ltd. (Software & Equipment)* 4,930,178 Services) 196,733 164,000 King’s Town Bank Co. Ltd. 379,560 Kia Motors Corp. (Automobiles & (Banks) 175,300 Components) 9,270,641 4,764,000 Lite-On Technology Corp. 144,613 Korea Investment Holdings Co. Ltd. (Technology Hardware & (Diversified Financials) 5,987,171 Equipment) 7,403,014 129,552 MegaStudyEdu Co. Ltd. (Consumer 835,000 Quanta Computer, Inc. Services) 4,783,777 (Technology Hardware & 32,057 Mirae Asset Daewoo Co. Ltd. Equipment) 1,804,159 (Diversified Financials) 147,783 1,572,000 Realtek Semiconductor Corp. 164,196 NAVER Corp. (Media & (Semiconductors & Semiconductor Entertainment) 26,621,191 Equipment)* 13,461,546 3,754 Samsung Biologics Co. Ltd. 873,000 Simplo Technology Co. Ltd. (Pharmaceuticals, Biotechnology & (Technology Hardware & Life Sciences)*(b) 1,793,221 Equipment) 9,066,620 1,433,455 Samsung Electronics Co. Ltd. 690,000 Sitronix Technology Corp. (Technology Hardware & (Semiconductors & Semiconductor Equipment) 58,940,177 Equipment) 3,354,745 240,463 Samsung Electronics Co. Ltd. 1,859,000 Standard Foods Corp. (Food, (Preference) (Technology Beverage & Tobacco) 4,189,897 Hardware & Equipment)(a) 8,335,799 528,000 Synnex Technology International 167,913 Samsung Securities Co. Ltd. Corp. (Technology Hardware & (Diversified Financials) 4,160,607 Equipment) 704,665 40,625 Seegene, Inc. (Pharmaceuticals, 1,342,000 Taiflex Scientific Co. Ltd. Biotechnology & Life Sciences)(c) 3,059,787 (Technology Hardware & 28,365 Soulbrain Co. Ltd. (Materials) 1,707,222 Equipment)* 2,085,880 15,036 UniTest, Inc. (Semiconductors & 1,654,600 Taiwan Semiconductor Semiconductor Equipment) 159,058 Manufacturing Co. Ltd. ADR 52,803 Value Added Technology Co. Ltd. (Semiconductors & Semiconductor (Health Care Equipment & Services) 1,103,591 Equipment) 87,908,898 861 Yuhan Corp. (Pharmaceuticals, 1,222,000 Taiwan Surface Mounting Biotechnology & Life Sciences) 33,450 Technology Corp. (Semiconductors & Semiconductor 156,100,990 Equipment) 3,665,518 10 The accompanying notes are an integral part of these financial statements.


  • Page 15

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Taiwan – (continued) United States – 0.1% 43,000 Thinking Electronic Industrial Co. 263,500 JBS SA (Food, Beverage & Tobacco) $ 1,155,196 Ltd. (Technology Hardware & TOTAL COMMON STOCKS Equipment) $ 120,845 (Cost $1,302,045,937) $1,370,580,098 21,000 Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment) 72,192 Units Description Value 2,409,000 Tripod Technology Corp. (Technology Hardware & Right*(d) – 0.0% Equipment) 8,511,959 Taiwan – 0.0% 949,000 United Integrated Services Co. Ltd. 30,639 Simplo Technology Co. Ltd. (Capital Goods) 5,991,068 (Technology Hardware & Equipment) $ — 16,358,000 United Microelectronics Corp. (Cost $0) (Semiconductors & Semiconductor Equipment) 8,463,058 TOTAL INVESTMENTS BEFORE SECURITIES LENDING 35,000 Win Semiconductors Corp. REINVESTMENT VEHICLE (Semiconductors & Semiconductor (Cost $1,302,045,937) $1,370,580,098 Equipment) 312,885 11,713,000 Wistron Corp. (Technology Dividend Hardware & Equipment) 10,983,777 Shares Rate Value 227,000 Youngtek Electronics Corp. (Semiconductors & Semiconductor Securities Lending Reinvestment Vehicle(e) – 0.2% Equipment) 383,815 Goldman Sachs Financial Square Government Fund – 204,668,465 Institutional Shares 2,348,900 0.233% $ 2,348,900 Thailand – 1.7% (Cost $2,348,900) 1,668,200 Advanced Info Service PCL (Telecommunication Services) 10,160,831 TOTAL INVESTMENTS – 99.6% 543,900 Charoen Pokphand Foods PCL (Cost $1,304,394,837) $1,372,928,998 (Food, Beverage & Tobacco) 450,547 726,700 Electricity Generating PCL OTHER ASSETS IN EXCESS OF (Utilities) 6,357,052 LIABILITIES – 0.4% 4,900,317 443,800 Kiatnakin Bank PCL (Banks) 571,943 NET ASSETS – 100.0% $1,377,829,315 269,800 SPCG PCL (Utilities) 144,032 5,132,700 Thanachart Capital PCL (Banks) 5,789,620 381,100 TTW PCL (Utilities) 157,512 The percentage shown for each investment category reflects the value of investments in that category as a 23,631,537 percentage of net assets. Turkey – 0.4% * Non-income producing security. 363,374 BIM Birlesik Magazalar A/S (a) Preference Shares are a special type of equity investment that shares in (Food & Staples Retailing) 2,877,566 the earnings of the company, has limited voting rights, and receives a 367,460 Coca-Cola Icecek A/S (Food, greater dividend than applicable Common Shares. Beverage & Tobacco) 1,943,965 (b) Exempt from registration under Rule 144A of the Securities Act of 41,062 Enerjisa Enerji A/S (Utilities)(b) 45,236 1933. 691,646 Enka Insaat ve Sanayi A/S (Capital (c) All or a portion of security is on loan. Goods) 598,678 (d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. 5,465,445 (e) Represents an Affiliated Issuer. United Arab Emirates – 0.1% 150,395 Abu Dhabi Islamic Bank PJSC Investment Abbreviation: (Banks) 146,190 ADR—American Depositary Receipt 483,002 Emaar Properties PJSC (Real Estate) 354,219 530,653 Emirates NBD Bank PJSC (Banks) 1,232,902 1,733,311 The accompanying notes are an integral part of these financial statements. 11


  • Page 16

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Schedule of Investments April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – 98.6% Common Stocks – (continued) Australia – 8.6% China – (continued) 378,666 ASX Ltd. (Diversified Financials) $ 19,965,353 542,700 ENN Energy Holdings Ltd. 3,150,347 Aurizon Holdings Ltd. (Utilities) $ 6,117,566 (Transportation) 9,570,291 4,523,500 Fosun International Ltd. (Capital 2,284,907 Beach Energy Ltd. (Energy) 2,227,214 Goods) 5,679,106 438,043 BHP Group Ltd. (Materials) 8,942,346 2,680,000 Tingyi Cayman Islands Holding 1,126,582 BHP Group plc (Materials) 18,909,654 Corp. (Food, Beverage & Tobacco) 4,757,269 434,616 Brambles Ltd. (Commercial & 766,000 Towngas China Co. Ltd. (Utilities)* 385,051 Professional Services) 3,106,446 1,393,000 Uni-President China Holdings Ltd. 776,510 Coca-Cola Amatil Ltd. (Food, (Food, Beverage & Tobacco) 1,398,486 Beverage & Tobacco) 4,323,293 18,808,446 344,093 Commonwealth Bank of Australia (Banks) 13,900,150 Denmark – 2.6% 49,560 CSL Ltd. (Pharmaceuticals, 715,820 Novo Nordisk A/S Class B Biotechnology & Life Sciences) 9,878,665 (Pharmaceuticals, Biotechnology & 1,716,219 Evolution Mining Ltd. (Materials) 5,588,935 Life Sciences) 45,662,177 1,762,302 Fortescue Metals Group Ltd. 35,630 Novozymes A/S Class B (Materials) 1,747,888 (Materials) 13,467,953 164,137 Vestas Wind Systems A/S (Capital 603,436 Genworth Mortgage Insurance Goods) 14,094,964 Australia Ltd. (Banks) 834,224 61,505,029 1,411,532 Goodman Group (REIT) 12,022,350 1,465,135 Harvey Norman Holdings Ltd. Finland – 0.7% (Retailing)(a) 2,628,771 64,776 Fortum OYJ (Utilities)(a) 1,073,349 189,692 IGO Ltd. (Materials) 575,464 28,120 Kesko OYJ Class B (Food & Staples 196,344 Magellan Financial Group Ltd. Retailing) 458,190 (Diversified Financials) 6,431,570 268,097 Neste OYJ (Energy) 9,467,992 1,506,447 QBE Insurance Group Ltd. 1,620,294 Nokia OYJ (Technology (Insurance) 8,157,197 Hardware & Equipment) 5,841,059 1,877,696 Regis Resources Ltd. (Materials) 5,369,028 16,840,590 281,203 Rio Tinto Ltd. (Materials) 15,848,935 208,251 Rio Tinto plc ADR (Materials) 9,619,114 France – 11.4% 1,667,707 Santos Ltd. (Energy) 5,302,973 79,214 Airbus SE (Capital Goods)* 5,015,716 330,602 Sonic Healthcare Ltd. (Health Care 426,753 BNP Paribas SA (Banks) 13,407,019 Equipment & Services) 5,838,513 102,658 Bouygues SA (Capital Goods)* 3,158,601 282,957 Stockland (REIT) 525,425 193,764 Capgemini SE (Software & 772,378 Wesfarmers Ltd. (Retailing) 18,760,641 Services) 18,215,908 306,546 Westgold Resources Ltd. 140,088 Carrefour SA (Food & Staples (Materials)* 402,718 Retailing) 2,080,481 4,643 Christian Dior SE (Consumer 202,197,223 Durables & Apparel) 1,806,608 Belgium – 0.9% 18,622 Cie Generale des Etablissements 10,162 Colruyt SA (Food & Staples Michelin SCA (Automobiles & Retailing) 609,025 Components) 1,799,279 9,439 D’ieteren SA/NV (Retailing) 473,030 345,419 Danone SA (Food, Beverage & 32,442 Galapagos NV (Pharmaceuticals, Tobacco) 24,074,699 Biotechnology & Life Sciences)* 7,167,324 114,537 Eiffage SA (Capital Goods) 9,360,171 3,197 Groupe Bruxelles Lambert SA 16,082 Gaztransport Et Technigaz SA (Diversified Financials)* 255,747 (Energy) 1,165,898 129,013 UCB SA (Pharmaceuticals, 25,987 Hermes International (Consumer Biotechnology & Life Sciences)* 11,822,625 Durables & Apparel) 18,998,332 288,440 Legrand SA (Capital Goods) 19,337,784 20,327,751 93,701 LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Cambodia – 0.0% Apparel) 36,224,147 970,000 NagaCorp Ltd. (Consumer Services) 1,144,835 97,865 Peugeot SA (Automobiles & China – 0.8% Components) 1,387,300 133,000 China Mengniu Dairy Co. Ltd. 229,190 Publicis Groupe SA (Media & (Food, Beverage & Tobacco)* 470,968 Entertainment) 6,765,454 12 The accompanying notes are an integral part of these financial statements.


  • Page 17

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) France – (continued) Germany – (continued) 54,984 Safran SA (Capital Goods) $ 5,111,925 48,318 United Internet AG (Registered) 381,520 Sanofi (Pharmaceuticals, (Telecommunication Services) $ 1,662,553 Biotechnology & Life Sciences) 37,264,495 2,086 Volkswagen AG (Automobiles & 52,234 Sartorius Stedim Biotech Components) 308,402 (Pharmaceuticals, Biotechnology & 19,568 Volkswagen AG (Preference) Life Sciences) 12,524,315 (Automobiles & Components)(b) 2,722,521 327,730 Schneider Electric SE (Capital 172,602,299 Goods)* 30,286,317 325,423 SCOR SE (Insurance) 9,168,696 Hong Kong – 1.3% 2,107 SEB SA (Consumer Durables & 115,000 CLP Holdings Ltd. (Utilities) 1,230,974 Apparel) 252,688 467,000 Hang Lung Properties Ltd. (Real 9,404 Sodexo SA (Consumer Services) 751,808 Estate) 999,010 19,971 TOTAL SA (Energy) 708,819 369,600 Hong Kong Exchanges & Clearing 144,259 Valeo SA (Automobiles & Ltd. (Diversified Financials) 11,850,176 Components) 3,306,836 192,000 Link REIT (REIT) 1,711,536 365,409 Vivendi SA (Media & Entertainment) 7,897,643 41,000 Power Assets Holdings Ltd. (Utilities) 274,711 270,070,939 347,000 Sun Hung Kai Properties Ltd. (Real Germany – 7.3% Estate) 4,744,819 95,242 1&1 Drillisch AG 7,738,000 WH Group Ltd. (Food, Beverage & (Telecommunication Services) 2,216,111 Tobacco)(c) 7,380,143 9,860 Aurubis AG (Materials) 511,148 1,204,000 Xinyi Glass Holdings Ltd. 414,120 BASF SE (Materials) 21,193,217 (Automobiles & Components) 1,394,421 6,873 Bechtle AG (Software & Services) 993,957 531,000 Yue Yuen Industrial Holdings Ltd. 26,886 Beiersdorf AG (Household & Personal (Consumer Durables & Apparel) 847,029 Products) 2,813,040 30,432,819 45,519 CANCOM SE (Software & Services) 2,317,415 150,943 Deutsche Boerse AG (Diversified Ireland – 0.1% Financials) 23,401,975 321,069 Greencore Group plc (Food, 758,794 Deutsche Post AG (Registered) Beverage & Tobacco) 735,335 (Transportation) 22,541,642 26,799 Smurfit Kappa Group plc 692,362 Deutsche Telekom AG (Registered) (Materials) 839,512 (Telecommunication Services) 10,122,080 1,574,847 368,504 Evonik Industries AG (Materials) 9,065,360 92,397 Freenet AG (Telecommunication Israel – 0.1% Services) 1,752,835 216,088 Plus500 Ltd. (Diversified 97,201 Fresenius Medical Care AG & Co. Financials) 3,386,811 KGaA (Health Care Equipment & Italy – 3.6% Services) 7,617,700 5,794,723 A2A SpA (Utilities) 7,899,418 40,213 Gerresheimer AG (Pharmaceuticals, 323,747 Azimut Holding SpA (Diversified Biotechnology & Life Sciences) 3,198,113 Financials) 5,517,206 30,856 HelloFresh SE (Retailing)* 1,099,807 249,815 Banca Generali SpA (Diversified 3,940 Henkel AG & Co. KGaA Financials) 6,210,533 (Household & Personal Products) 307,136 13,661 Buzzi Unicem SpA (Materials) 268,015 191,466 Henkel AG & Co. KGaA (Preference) 35,862 DiaSorin SpA (Health Care (Household & Personal Products)(b) 16,999,609 Equipment & Services) 6,115,253 89,109 Nemetschek SE (Software & Services) 5,606,286 258,081 Eni SpA (Energy) 2,458,566 488,486 Schaeffler AG (Preference) 63,268 Ferrari NV (Automobiles & (Automobiles & Components)(b) 3,298,469 Components) 9,888,497 209,994 Siemens AG (Registered) (Capital 1,717,801 Hera SpA (Utilities) 6,358,860 Goods) 19,378,910 12,139,099 Intesa Sanpaolo SpA (Banks) 18,955,252 75,682 Siltronic AG (Semiconductors & 306,675 Iren SpA (Utilities) 756,221 Semiconductor Equipment) 6,479,136 273,604 Italgas SpA (Utilities) 1,532,955 116,570 Software AG (Software & Services) 4,139,270 1,305,858 Mediobanca Banca di Credito 17,390 Symrise AG (Materials) 1,761,775 Finanziario SpA (Banks) 7,591,619 30,801 Talanx AG (Insurance) 1,093,832 The accompanying notes are an integral part of these financial statements. 13


  • Page 18

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Italy – (continued) Japan – (continued) 784,236 Poste Italiane SpA (Insurance)(c) $ 6,671,418 17,600 Izumi Co. Ltd. (Retailing) $ 515,196 213,995 Prysmian SpA (Capital Goods) 4,037,660 18,200 Kaken Pharmaceutical Co. Ltd. 7,000 Reply SpA (Software & Services) 490,027 (Pharmaceuticals, Biotechnology & Life Sciences) 1,001,755 84,751,500 29,400 Kamigumi Co. Ltd. (Transportation) 517,601 Japan – 23.4% 128,400 Kansai Electric Power Co., Inc. 234,200 AEON Financial Service Co. Ltd. (The) (Utilities) 1,315,736 (Diversified Financials) 2,435,506 525,800 KDDI Corp. (Telecommunication 142,300 Ajinomoto Co., Inc. (Food, Services) 15,229,426 Beverage & Tobacco) 2,534,474 492,400 Konami Holdings Corp. (Media & 1,356,700 Astellas Pharma, Inc. Entertainment) 15,460,989 (Pharmaceuticals, Biotechnology & 179,500 K’s Holdings Corp. (Retailing) 1,955,577 Life Sciences) 22,438,666 18,000 KYORIN Holdings, Inc. 251,700 Benesse Holdings, Inc. (Consumer (Pharmaceuticals, Biotechnology & Services) 7,167,763 Life Sciences) 374,055 263,900 Bridgestone Corp. (Automobiles & 44,300 Lion Corp. (Household & Personal Components) 8,214,498 Products) 931,288 252,100 Chubu Electric Power Co., Inc. 1,075,100 LIXIL Group Corp. (Capital Goods) 12,896,603 (Utilities) 3,409,395 135,400 Matsumotokiyoshi Holdings Co. 133,500 Chugai Pharmaceutical Co. Ltd. Ltd. (Food & Staples Retailing) 4,660,283 (Pharmaceuticals, Biotechnology & 563,900 Mazda Motor Corp. (Automobiles & Life Sciences) 15,913,430 Components) 3,187,926 725,900 Dai Nippon Printing Co. Ltd. 274,400 Mitsubishi Heavy Industries Ltd. (Commercial & Professional (Capital Goods) 7,036,613 Services) 15,304,967 152,800 Mitsubishi Materials Corp. 38,200 Daito Trust Construction Co. Ltd. (Materials) 3,129,705 (Real Estate) 3,632,264 602,100 Mizuho Financial Group, Inc. 672,400 Daiwa House Industry Co. Ltd. (Banks) 701,097 (Real Estate) 17,038,837 130,000 MS&AD Insurance Group Holdings, 39,500 DCM Holdings Co. Ltd. (Retailing) 385,960 Inc. (Insurance) 3,745,312 936,400 DeNA Co. Ltd. (Media & 308,300 Nexon Co. Ltd. (Media & Entertainment) 11,527,171 Entertainment) 4,977,809 218,400 Dentsu Group, Inc. (Media & 46,400 NGK Insulators Ltd. (Capital Entertainment) 4,561,035 Goods) 607,043 9,000 Dowa Holdings Co. Ltd. (Materials) 248,923 33,600 Nihon Unisys Ltd. (Software & 12,400 Ebara Corp. (Capital Goods) 273,376 Services) 971,742 63,700 Eisai Co. Ltd. (Pharmaceuticals, 426,500 Nikon Corp. (Consumer Durables & Biotechnology & Life Sciences) 4,446,958 Apparel) 3,967,227 57,000 Electric Power Development Co. 526,400 Nippon Telegraph & Telephone Ltd. (Utilities) 1,140,806 Corp. (Telecommunication Services) 11,988,042 189,500 FamilyMart Co. Ltd. (Food & 995,900 Nippon Yusen KK (Transportation) 13,109,550 Staples Retailing) 3,213,471 7,700 Nissan Chemical Corp. (Materials) 295,439 25,200 Fancl Corp. (Household & Personal 54,700 Nisshin Seifun Group, Inc. (Food, Products) 604,125 Beverage & Tobacco) 849,933 219,900 FUJIFILM Holdings Corp. 2,800 Nitori Holdings Co. Ltd. (Retailing) 429,172 (Technology Hardware & 161,000 Nitto Denko Corp. (Materials) 8,042,504 Equipment) 10,474,400 55,100 NOK Corp. (Automobiles & 226,100 Fujitsu Ltd. (Software & Services) 21,965,268 Components) 641,687 119,300 Hitachi Ltd. (Technology 475,100 Nomura Holdings, Inc. (Diversified Hardware & Equipment) 3,540,755 Financials) 1,971,484 30,100 House Foods Group, Inc. (Food, 643,600 Nomura Research Institute Ltd. Beverage & Tobacco) 947,997 (Software & Services) 15,755,987 326,700 Ibiden Co. Ltd. (Technology 1,255,800 NTT Data Corp. (Software & Hardware & Equipment) 8,350,461 Services) 12,814,407 220,300 Isuzu Motors Ltd. (Automobiles & 434,400 NTT DOCOMO, Inc. Components) 1,674,182 (Telecommunication Services) 12,802,299 14 The accompanying notes are an integral part of these financial statements.


  • Page 19

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Japan – (continued) Japan – (continued) 104,600 Ono Pharmaceutical Co. Ltd. 813,200 Toppan Printing Co. Ltd. (Pharmaceuticals, Biotechnology & (Commercial & Professional Life Sciences) $ 2,520,055 Services) $ 12,080,183 1,259,300 ORIX Corp. (Diversified Financials) 14,818,812 24,500 Tosoh Corp. (Materials) 299,433 566,900 Osaka Gas Co. Ltd. (Utilities) 10,556,706 19,400 Unicharm Corp. (Household & 28,700 Otsuka Corp. (Software & Services) 1,299,470 Personal Products) 714,959 291,700 Otsuka Holdings Co. Ltd. 1,130,900 Yamada Denki Co. Ltd. (Retailing) 5,362,901 (Pharmaceuticals, Biotechnology & 34,300 Yokohama Rubber Co. Ltd. (The) Life Sciences) 11,464,996 (Automobiles & Components) 436,259 244,200 Panasonic Corp. (Consumer Durables & Apparel) 1,861,534 552,361,653 18,500 Rohto Pharmaceutical Co. Ltd. Luxembourg – 0.1% (Household & Personal Products) 538,268 4,910 Eurofins Scientific SE 34,000 SAMTY Co. Ltd. (Real Estate) 439,853 (Pharmaceuticals, Biotechnology & 16,400 Sankyo Co. Ltd. (Consumer Life Sciences) 2,716,069 Durables & Apparel) 450,287 65,400 Santen Pharmaceutical Co. Ltd. Macau – 0.1% (Pharmaceuticals, Biotechnology & 148,400 Sands China Ltd. (Consumer Life Sciences) 1,157,686 Services) 600,797 34,500 Sawai Pharmaceutical Co. Ltd. 1,336,000 SJM Holdings Ltd. (Consumer (Pharmaceuticals, Biotechnology & Services) 1,319,090 Life Sciences) 1,883,849 1,919,887 164,500 Secom Co. Ltd. (Commercial & Professional Services) 13,689,577 Netherlands – 5.8% 1,474,800 Sega Sammy Holdings, Inc. 122,486 ASM International NV (Consumer Durables & Apparel) 17,864,004 (Semiconductors & Semiconductor 56,500 Seiko Epson Corp. (Technology Equipment) 13,483,030 Hardware & Equipment) 641,590 74,215 ASML Holding NV 26,000 Seino Holdings Co. Ltd. (Semiconductors & Semiconductor (Transportation) 309,532 Equipment) 21,677,126 189,300 Sekisui Chemical Co. Ltd. 322,076 BE Semiconductor Industries NV (Consumer Durables & Apparel) 2,399,207 (Semiconductors & Semiconductor 82,400 Sekisui House Ltd. (Consumer Equipment)* 13,329,382 Durables & Apparel) 1,413,548 44,686 Euronext NV (Diversified 560,700 Seven & i Holdings Co. Ltd. Financials)(c) 3,751,570 (Food & Staples Retailing) 18,568,731 632,645 Koninklijke Ahold Delhaize NV 368,700 Shionogi & Co. Ltd. (Food & Staples Retailing) 15,360,851 (Pharmaceuticals, Biotechnology & 83,985 Koninklijke DSM NV (Materials) 10,293,362 Life Sciences) 20,362,388 49,009 NXP Semiconductors NV 418,900 SoftBank Group Corp. (Semiconductors & Semiconductor (Telecommunication Services) 17,955,159 Equipment) 4,879,826 521,000 Subaru Corp. (Automobiles & 765,905 Royal Dutch Shell plc Class A Components) 10,427,558 (Energy) 12,801,678 124,800 Sugi Holdings Co. Ltd. (Food & 196,028 Royal Dutch Shell plc Class B Staples Retailing) 7,525,693 (Energy) 3,138,144 96,600 Sumitomo Realty & Development 239,053 Royal Dutch Shell plc Class B ADR Co. Ltd. (Real Estate) 2,587,194 (Energy) 7,642,525 210,400 Sumitomo Rubber Industries Ltd. 553,549 Signify NV (Capital Goods)(c) 11,268,244 (Automobiles & Components) 2,042,256 79,300 Sundrug Co. Ltd. (Food & Staples 261,988 Wolters Kluwer NV (Commercial & Retailing) 2,715,111 Professional Services) 19,270,122 651,000 TIS, Inc. (Software & Services) 12,414,170 136,895,860 132,500 Tokio Marine Holdings, Inc. (Insurance) 6,216,336 New Zealand – 0.2% 75,200 Tokyo Electron Ltd. 269,869 a2 Milk Co. Ltd. (Food, Beverage & (Semiconductors & Semiconductor Tobacco)* 3,211,964 Equipment) 16,016,173 The accompanying notes are an integral part of these financial statements. 15


  • Page 20

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) New Zealand – (continued) Sweden – (continued) 89,720 Fisher & Paykel Healthcare Corp. 571,543 Essity AB Class B (Household & Ltd. (Health Care Equipment & Personal Products)* $ 18,514,208 Services) $ 1,498,929 265,343 Getinge AB Class B (Health Care 4,710,893 Equipment & Services) 5,085,909 33,244 Investor AB Class A (Diversified Norway – 2.2% Financials) 1,640,046 138,253 Austevoll Seafood ASA (Food, 360,223 Investor AB Class B (Diversified Beverage & Tobacco) 1,076,967 Financials) 17,902,436 1,416,983 DNB ASA (Banks) 17,156,702 389,283 Kinnevik AB Class B (Diversified 26,545 Grieg Seafood ASA (Food, Financials) 8,000,921 Beverage & Tobacco) 260,334 545,012 Sandvik AB (Capital Goods)* 8,384,150 1,068,058 Leroy Seafood Group ASA (Food, 23,443 SKF AB Class B (Capital Goods) 370,016 Beverage & Tobacco) 5,672,142 283,485 Swedish Match AB (Food, 1,639,623 Orkla ASA (Food, Beverage & Beverage & Tobacco) 17,518,374 Tobacco) 14,810,518 3,263,609 Telia Co. AB (Telecommunication 153,893 Salmar ASA (Food, Beverage & Services)(a) 11,347,454 Tobacco) 5,997,673 100,857,844 183,990 Yara International ASA (Materials)(a) 6,249,120 Switzerland – 9.9% 51,223,456 6,862 Bachem Holding AG (Registered) Class B (Pharmaceuticals, Singapore – 0.9% Biotechnology & Life Sciences) 1,621,010 327,100 AIMS APAC REIT (REIT) 265,403 706,254 Nestle SA (Registered) (Food, 791,100 Frasers Logistics & Industrial Trust Beverage & Tobacco) 74,799,383 (REIT) 592,079 489,273 Novartis AG (Registered) 2,242,300 Singapore Exchange Ltd. (Pharmaceuticals, Biotechnology & (Diversified Financials) 15,290,478 Life Sciences) 41,753,810 217,600 Singapore Telecommunications Ltd. 184,779 Roche Holding AG (Telecommunication Services) 434,817 (Pharmaceuticals, Biotechnology & 96,200 Venture Corp. Ltd. (Technology Life Sciences) 63,992,743 Hardware & Equipment) 1,075,101 60,588 Sonova Holding AG (Registered) 1,585,800 Wilmar International Ltd. (Food, (Health Care Equipment & Services) 10,943,025 Beverage & Tobacco) 3,993,493 433,205 STMicroelectronics NV 21,651,371 (Semiconductors & Semiconductor Equipment) 11,152,644 South Africa – 0.2% 44,355 Swiss Life Holding AG (Registered) 233,578 Anglo American plc (Materials) 4,154,200 (Insurance) 15,729,324 Spain – 1.3% 21,054 Tecan Group AG (Registered) 477,649 ACS Actividades de Construccion y (Pharmaceuticals, Biotechnology & Servicios SA (Capital Goods) 11,944,297 Life Sciences) 6,778,172 15,361 Aena SME SA (Transportation)*(c) 1,944,479 18,072 Zurich Insurance Group AG 39,057 Almirall SA (Pharmaceuticals, (Insurance) 5,729,806 Biotechnology & Life Sciences) 503,683 232,499,917 2,389,986 Banco Santander SA (Banks) 5,340,161 216,323 Cellnex Telecom SA United Kingdom – 12.2% (Telecommunication Services)(c) 11,314,729 1,324,297 3i Group plc (Diversified Financials) 13,009,716 53,048 Solaria Energia y Medio Ambiente 398,344 AstraZeneca plc ADR SA (Utilities)* 541,269 (Pharmaceuticals, Biotechnology & Life Sciences) 20,825,424 31,588,618 4,100,455 Aviva plc (Insurance) 12,400,304 Sweden – 4.3% 948,056 Barratt Developments plc 389,838 Boliden AB (Materials)(a) 7,858,123 (Consumer Durables & Apparel) 6,180,717 166,245 Cloetta AB Class B (Food, 733,193 boohoo Group plc (Retailing)* 2,979,277 Beverage & Tobacco)* 382,828 235,661 BP plc ADR (Energy) 5,608,732 281,806 Electrolux ABSeries B (Consumer 386,003 British American Tobacco plc Durables & Apparel) 3,853,379 (Food, Beverage & Tobacco) 14,878,196 16 The accompanying notes are an integral part of these financial statements.


  • Page 21

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) United Kingdom – (continued) United Kingdom – (continued) 1,309,537 BT Group plc (Telecommunication 3,888,614 Taylor Wimpey plc (Consumer Services) $ 1,908,680 Durables & Apparel) $ 7,181,653 557,000 CK Hutchison Holdings Ltd. 236,997 Unilever plc ADR (Household & (Capital Goods) 4,128,583 Personal Products)(a)(d) 12,293,034 56,444 Compass Group plc (Consumer 39,489 Vistry Group plc (Consumer Services) 949,806 Durables & Apparel) 401,033 511,525 ConvaTec Group plc (Health Care 19,313 Vodafone Group plc ADR Equipment & Services)(c) 1,366,245 (Telecommunication Services) 273,086 15,154 Croda International plc (Materials) 929,239 287,419,035 749,486 Diageo plc (Food, Beverage & Tobacco) 25,804,693 United States – 0.6% 91,850 Dialog Semiconductor plc 184,658 Carnival plc ADR (Consumer (Semiconductors & Semiconductor Services) 2,570,440 Equipment)* 2,884,539 251,165 QIAGEN NV (Pharmaceuticals, 2,639,882 Direct Line Insurance Group plc Biotechnology & Life Sciences)* 10,459,088 (Insurance) 8,994,182 593,731 Experian plc (Commercial & 13,029,528 Professional Services) 17,829,962 TOTAL INVESTMENTS BEFORE SECURITIES LENDING 284,486 Fiat Chrysler Automobiles NV REINVESTMENT VEHICLE (Automobiles & Components) 2,467,617 (Cost $2,381,371,400) $2,324,671,420 138,306 GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Dividend Life Sciences)(d) 5,818,533 Shares Rate Value 343,720 Great Portland Estates plc (REIT) 2,927,566 92,792 Greggs plc (Consumer Services) 2,134,326 Securities Lending Reinvestment Vehicle(e) – 1.2% 413,363 Halma plc (Technology Hardware & Equipment) 10,867,475 Goldman Sachs Financial Square Government Fund – 1,569,258 HSBC Holdings plc (Banks) 8,065,928 Institutional Shares 91,437 IG Group Holdings plc (Diversified 28,790,720 0.233% $ 28,790,720 Financials) 866,662 (Cost $28,790,720) 939,844 Imperial Brands plc (Food, Beverage & Tobacco) 19,772,884 TOTAL INVESTMENTS – 99.8% 79,667 Intertek Group plc (Commercial & (Cost $2,410,162,120) $2,353,462,140 Professional Services) 4,754,468 OTHER ASSETS IN EXCESS OF 254,729 Legal & General Group plc LIABILITIES – 0.2% 5,413,074 (Insurance) 654,909 6,855,231 Lloyds Banking Group plc (Banks) 2,773,682 NET ASSETS – 100.0% $2,358,875,214 101,802 London Stock Exchange Group plc (Diversified Financials) 9,528,348 71,398 Micro Focus International plc The percentage shown for each investment category (Software & Services) 423,304 reflects the value of investments in that category as a 230,734 Mondi plc (Materials) 4,074,604 percentage of net assets. 358,823 Moneysupermarket.com Group plc * Non-income producing security. (Retailing) 1,429,653 (a) All or a portion of security is on loan. 882,453 National Grid plc (Utilities) 10,341,250 (b) Preference Shares are a special type of equity investment that shares in 33,715 Reckitt Benckiser Group plc the earnings of the company, has limited voting rights, and receives a (Household & Personal Products) 2,808,452 greater dividend than applicable Common Shares. 673,087 RELX plc (Commercial & (c) Exempt from registration under Rule 144A of the Securities Act of Professional Services) 15,186,059 1933. 561,454 Rentokil Initial plc (Commercial & (d) All or a portion of security is segregated as collateral for initial margin Professional Services) 3,340,435 requirements on futures transactions. 45,024 Sage Group plc (The) (Software & (e) Represents an Affiliated Issuer. Services) 362,105 187,983 Segro plc (REIT) 1,970,350 Investment Abbreviations: 92,223 Severn Trent plc (Utilities) 2,767,385 ADR —American Depositary Receipt 195,461 Smith & Nephew plc (Health Care REIT—Real Estate Investment Trust Equipment & Services) 3,824,996 601,257 SSE plc (Utilities) 9,430,943 The accompanying notes are an integral part of these financial statements. 17


  • Page 22

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) ADDITIONAL INVESTMENT INFORMATION FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts: Unrealized Number of Expiration Notional Appreciation/ Description Contracts Date Amount (Depreciation) Long position contracts: Hang Seng Index 11 05/28/2020 $1,738,291 $ 24,967 SPI 200 Index 36 06/18/2020 3,249,127 332,791 Total Futures Contracts $357,758 18 The accompanying notes are an integral part of these financial statements.


  • Page 23

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Schedule of Investments April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – 98.7% Common Stocks – (continued) Australia – 7.6% Austria – 0.8% 4,296,141 Austal Ltd. (Capital Goods) $ 9,323,299 55,790 AT&S Austria Technologie & 11,047,383 Beach Energy Ltd. (Energy) 10,768,442 Systemtechnik AG (Technology 73,479 Bingo Industries Ltd. Hardware & Equipment) $ 961,605 (Commercial & Professional 25,268 CA Immobilien Anlagen AG (Real Services) 111,284 Estate) 802,192 710,630 Breville Group Ltd. (Consumer 44,863 EVN AG (Utilities) 701,035 Durables & Apparel) 8,041,653 139,708 IMMOFINANZ AG (Real Estate)* 2,579,809 2,383,849 BWP Trust (REIT) 5,447,747 39,161 Oesterreichische Post AG 107,371 Centuria Industrial REIT (REIT) 184,139 (Transportation)* 1,475,806 3,726,774 Charter Hall Group (REIT) 18,416,035 32,063 S IMMO AG (Real Estate) 595,911 5,472,139 Evolution Mining Ltd. (Materials) 17,820,236 117,191 Telekom Austria AG 5,420,902 Genworth Mortgage Insurance (Telecommunication Services) 824,480 Australia Ltd. (Banks) 7,494,165 521,071 UNIQA Insurance Group AG 940,007 Gold Road Resources Ltd. (Insurance) 3,513,070 (Materials)* 959,887 616,061 Wienerberger AG (Materials) 11,538,406 157,899 Hansen Technologies Ltd. 29,414 Zumtobel Group AG (Capital (Software & Services) 287,122 Goods)* 190,004 18,712 IDP Education Ltd. (Consumer 23,182,318 Services) 177,375 5,256,586 IGO Ltd. (Materials) 15,946,778 Belgium – 1.0% 214,167 Integrated Research Ltd. 56,925 Bekaert SA (Materials) 1,203,441 (Software & Services) 436,407 286,365 bpost SA (Transportation) 1,998,131 4,623,247 IPH Ltd. (Commercial & 197,853 D’ieteren SA/NV (Retailing) 9,915,288 Professional Services) 22,112,476 54,849 Gimv NV (Diversified Financials) 3,013,393 612,864 Kogan.com Ltd. (Retailing)(a) 3,161,966 13,315 Ion Beam Applications (Health 134,807 Megaport Ltd. (Software & Care Equipment & Services)* 110,456 Services)* 1,037,379 164,247 KBC Ancora (Diversified 218,813 Mineral Resources Ltd. (Materials) 2,358,333 Financials) 5,767,098 281,876 National Storage REIT (REIT) 316,598 3,326 Melexis NV (Semiconductors & 688,715 Orora Ltd. (Materials) 1,144,550 Semiconductor Equipment) 202,298 311,797 Perpetual Ltd. (Diversified 3,168 Montea C.V.A (REIT)* 278,449 Financials) 6,060,901 144,520 Orange Belgium SA 8,771,819 Perseus Mining Ltd. (Materials)* 5,301,123 (Telecommunication Services) 2,404,040 1,004,422 Pro Medicus Ltd. (Health Care 3,666 Tessenderlo Group SA (Materials)* 102,365 Equipment & Services) 16,905,818 107,037 Warehouses De Pauw CV (REIT)* 2,936,407 3,446,668 Ramelius Resources Ltd. 27,931,366 (Materials) 2,928,697 9,520,110 Regis Resources Ltd. (Materials) 27,221,521 China – 0.3% 691,797 Rural Funds Group (REIT) 873,570 17,686,000 CITIC Telecom International 1,938,773 Saracen Mineral Holdings Ltd. Holdings Ltd. (Telecommunication (Materials)* 5,317,271 Services) 6,544,452 1,417,949 Select Harvests Ltd. (Food, 1,736,000 FIH Mobile Ltd. (Technology Beverage & Tobacco) 6,665,147 Hardware & Equipment)* 194,023 87,901 Service Stream Ltd. (Capital 2,050,000 SITC International Holdings Co. Goods) 111,842 Ltd. (Transportation) 2,025,116 5,766,663 Silver Lake Resources Ltd. 8,763,591 (Materials)* 7,122,595 299,408 SmartGroup Corp. Ltd. Denmark – 0.2% (Commercial & Professional 35,975 D/S Norden A/S (Transportation)* 505,629 Services) 1,046,569 105,370 Per Aarsleff Holding A/S (Capital 63,560 Webjet Ltd. (Retailing) 124,622 Goods) 3,093,775 2,849,968 Westgold Resources Ltd. 225,410 Scandinavian Tobacco Group A/S (Materials)* 3,744,082 (Food, Beverage & Tobacco)(b) 2,590,384 208,969,629 6,189,788 The accompanying notes are an integral part of these financial statements. 19


  • Page 24

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Finland – 1.0% Germany – (continued) 861,280 Kesko OYJ Class B (Food & Staples 12,880 Elmos Semiconductor AG Retailing) $ 14,033,789 (Semiconductors & Semiconductor 352,567 Uponor OYJ (Capital Goods) 3,953,313 Equipment) $ 256,549 421,792 Valmet OYJ (Capital Goods) 9,645,998 967,979 Freenet AG (Telecommunication Services) 18,363,227 27,633,100 405,136 Gerresheimer AG (Pharmaceuticals, France – 2.2% Biotechnology & Life Sciences) 32,220,192 7,505 Akka Technologies (Commercial & 188,689 Hamburger Hafen und Logistik AG Professional Services) 238,891 (Transportation) 3,070,082 8,206 Albioma SA (Utilities) 271,782 83,345 HelloFresh SE (Retailing)* 2,970,685 16,664 Beneteau SA (Consumer Durables & 4,094 Indus Holding AG (Capital Goods) 126,010 Apparel) 105,516 579,981 Jungheinrich AG (Preference) 21,192 Carmila SA (REIT) 272,269 (Capital Goods)(c) 10,473,534 1,261,631 Coface SA (Insurance) 7,420,506 951 MBB SE (Capital Goods) 67,172 446,687 Derichebourg SA (Commercial & 33,820 Nemetschek SE (Software & Professional Services) 1,253,406 Services) 2,127,783 4,994 Devoteam SA (Software & Services) 380,133 18,754 New Work SE (Media & 64,881 Elior Group SA (Consumer Entertainment) 4,457,283 Services)(b) 428,524 24,332 Rheinmetall AG (Capital Goods) 1,646,771 304,886 Elis SA (Commercial & Professional 37,333 Rocket Internet SE (Retailing)*(b) 785,321 Services) 3,758,055 105,043 Siltronic AG (Semiconductors & 67,158 Gaztransport Et Technigaz SA Semiconductor Equipment) 8,992,732 (Energy) 4,868,760 215,257 Software AG (Software & Services) 7,643,535 49,371 Innate Pharma SA (Pharmaceuticals, 2,140 STO SE & Co. KGaA (Preference) Biotechnology & Life Sciences)* 347,403 (Materials)(c) 215,751 82,182 Kaufman & Broad SA (Consumer 388,329 Takkt AG (Retailing) 3,155,300 Durables & Apparel) 2,970,016 177,879,296 69,821 Maisons du Monde SA (Retailing)(b) 628,131 16,391 Nexans SA (Capital Goods) 583,818 Guernsey – 0.0% 340,666 Quadient (Technology Hardware & 115,865 Picton Property Income Ltd. (The) Equipment) 4,704,528 (REIT) 99,963 1,997,549 Rexel SA (Capital Goods) 18,656,682 311,801 UK Commercial Property REIT Ltd. 176,436 Societe BIC SA (Commercial & (REIT) 265,567 Professional Services) 8,825,851 365,530 43,372 Sopra Steria Group (Software & Services) 5,135,274 Hong Kong – 1.0% 2,413 Virbac SA (Pharmaceuticals, 130,000 Cafe de Coral Holdings Ltd. Biotechnology & Life Sciences)* 475,831 (Consumer Services) 268,185 125,000 Hang Lung Group Ltd. (Real Estate) 285,508 61,325,376 2,372,000 Hutchison Telecommunications Germany – 6.5% Hong Kong Holdings Ltd. 137,385 ADVA Optical Networking SE (Telecommunication Services) 409,942 (Technology Hardware & 988,000 Hysan Development Co. Ltd. (Real Equipment)* 898,703 Estate) 3,296,125 1,309,342 alstria office REIT-AG (REIT) 19,626,649 3,972,000 K Wah International Holdings Ltd. 103,127 Aurubis AG (Materials) 5,346,161 (Real Estate) 1,820,077 147,197 Bechtle AG (Software & Services) 21,287,283 5,029,000 Melco International Development 325,951 CANCOM SE (Software & Ltd. (Consumer Services) 9,400,784 Services) 16,594,469 424,000 Nissin Foods Co. Ltd. (Food, 11,239 CropEnergies AG (Energy) 88,720 Beverage & Tobacco) 348,469 914,128 Deutsche Pfandbriefbank AG 9,638,000 Shun Tak Holdings Ltd. (Capital (Banks)(b) 6,718,954 Goods) 3,370,836 1,190,443 Deutz AG (Capital Goods) 4,575,740 653,000 Sun Hung Kai & Co. Ltd. 42,878 Eckert & Ziegler Strahlen- und (Diversified Financials) 268,399 Medizintechnik AG (Health Care 370,000 Sunlight REIT (REIT) 190,611 Equipment & Services) 6,170,690 20 The accompanying notes are an integral part of these financial statements.


  • Page 25

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Hong Kong – (continued) Italy – (continued) 2,926,000 United Laboratories International 23,593 De’ Longhi SpA (Consumer Holdings Ltd. (The) Durables & Apparel) $ 426,425 (Pharmaceuticals, Biotechnology & 138,209 DiaSorin SpA (Health Care Life Sciences)(a) $ 2,527,396 Equipment & Services) 23,567,648 11,401,000 Value Partners Group Ltd. 360,347 Falck Renewables SpA (Utilities) 1,771,113 (Diversified Financials) 4,525,209 2,259,177 Hera SpA (Utilities) 8,362,895 26,711,541 2,858,816 Iren SpA (Utilities) 7,049,467 1,980,020 Italgas SpA (Utilities) 11,093,703 Ireland – 0.2% 7,105 MARR SpA (Food & Staples 67,195 Glanbia plc (Food, Beverage & Retailing) 93,607 Tobacco) 715,111 74,426 Piaggio & C SpA (Automobiles & 1,923,846 Greencore Group plc (Food, Components) 170,632 Beverage & Tobacco) 4,406,126 44,633 Reply SpA (Software & Services) 3,124,480 716,218 Hibernia REIT plc (REIT) 931,639 68,914 Saras SpA (Energy) 65,080 6,052,876 78,774 Tinexta Spa (Commercial & Professional Services) 1,047,979 Israel – 0.9% 104,917 Unipol Gruppo SpA (Insurance) 362,005 3,010 AFI Properties Ltd. (Real Estate)* 91,598 720,528 Bezeq The Israeli 126,386,480 Telecommunication Corp. Ltd. Japan – 33.6% (Telecommunication Services)* 514,091 127,800 ADEKA Corp. (Materials) 1,604,805 1,038 Big Shopping Centers Ltd. (Real 100 Advance Residence Investment Estate) 83,038 Corp. (REIT) 306,826 2,054 Blue Square Real Estate Ltd. (Real 1,400 Ain Holdings, Inc. (Food & Staples Estate) 94,372 Retailing) 78,532 25,787 Cellcom Israel Ltd. 49,400 Alpen Co. Ltd. (Retailing) 757,523 (Telecommunication Services)* 94,956 158,100 AOKI Holdings, Inc. (Retailing) 960,531 244 Electra Ltd. (Capital Goods) 111,920 8,600 Arata Corp. (Retailing) 355,183 1,204 Fattal Holdings 1998 Ltd. 185,300 Arcland Sakamoto Co. Ltd. (Consumer Services) 82,482 (Retailing) 1,766,968 73,166 Gazit-Globe Ltd. (Real Estate) 541,713 33,400 Argo Graphics, Inc. (Software & 1,784 Hilan Ltd. (Software & Services)* 70,332 Services) 1,046,096 15,375 Melisron Ltd. (Real Estate) 618,856 212,549 Mivne Real Estate KD Ltd. (Real 121,400 Asahi Holdings, Inc. (Materials) 2,743,154 Estate)* 456,565 46,400 ASKUL Corp. (Retailing) 1,324,774 1,372,623 Plus500 Ltd. (Diversified 155,500 Autobacs Seven Co. Ltd. (Retailing) 1,815,850 Financials) 21,513,527 169,100 BayCurrent Consulting, Inc. 1,133 Property & Building Corp. Ltd. (Commercial & Professional (Real Estate) 83,643 Services) 9,582,667 8,948 Sapiens International Corp. NV 11,600 BML, Inc. (Health Care (Software & Services) 223,237 Equipment & Services) 297,583 16,858 Summit Real Estate Holdings Ltd. 660,800 Bunka Shutter Co. Ltd. (Capital (Real Estate) 210,593 Goods) 4,824,219 175,100 Central Glass Co. Ltd. (Capital 24,790,923 Goods) 3,000,921 Italy – 4.6% 18,800 Chiyoda Integre Co. Ltd. (Capital 10,853,195 A2A SpA (Utilities) 14,795,172 Goods) 306,048 45,519 ACEA SpA (Utilities) 760,831 128,700 cocokara fine, Inc. (Food & Staples 30,394 Ascopiave SpA (Utilities) 111,269 Retailing) 6,069,650 368,475 ASTM SpA (Transportation) 7,206,266 234,500 Computer Engineering & Consulting 684,277 Azimut Holding SpA (Diversified Ltd. (Software & Services) 3,587,494 Financials) 11,661,258 46,600 CONEXIO Corp. (Technology 883,088 Banca Generali SpA (Diversified Hardware & Equipment) 626,758 Financials) 21,954,034 15,700 Create SD Holdings Co. Ltd. 540,669 Buzzi Unicem SpA (Materials) 10,607,399 (Food & Staples Retailing) 447,344 316,363 Cerved Group SpA (Diversified 39,200 Daiichi Jitsugyo Co. Ltd. (Capital Financials) 2,155,217 Goods) 1,325,337 The accompanying notes are an integral part of these financial statements. 21


  • Page 26

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Japan – (continued) Japan – (continued) 267,000 Daiichikosho Co. Ltd. (Media & 11,305 Ichigo Office REIT Investment Entertainment) $ 8,013,796 Corp. (REIT) $ 7,126,756 118,900 Daiseki Co. Ltd. (Commercial & 87,900 Inabata & Co. Ltd. (Capital Goods) 974,954 Professional Services) 2,626,801 326,600 Ines Corp. (Software & Services) 4,282,314 1,974,900 DCM Holdings Co. Ltd. (Retailing) 19,297,023 6,300 Infocom Corp. (Software & 71,500 Demae-Can Co. Ltd. (Retailing) 953,414 Services) 150,854 2,285,100 DeNA Co. Ltd. (Media & 34,803 Invincible Investment Corp. (REIT) 8,904,767 Entertainment) 28,129,793 43,500 Itochu Enex Co. Ltd. (Energy) 322,978 230,300 Dexerials Corp. (Technology 99,100 Izumi Co. Ltd. (Retailing) 2,900,903 Hardware & Equipment) 1,512,251 407,900 Japan Aviation Electronics Industry 19,400 Doshisha Co. Ltd. (Retailing) 238,685 Ltd. (Technology Hardware & 95,100 Doutor Nichires Holdings Co. Ltd. Equipment) 5,291,568 (Consumer Services) 1,439,225 828,700 Japan Lifeline Co. Ltd. (Health Care 13,200 Dowa Holdings Co. Ltd. (Materials) 365,086 Equipment & Services) 9,745,572 543,100 DTS Corp. (Software & Services) 10,408,982 4,065,900 JVCKenwood Corp. (Consumer 2,700 Duskin Co. Ltd. (Commercial & Durables & Apparel) 6,462,579 Professional Services) 69,771 9,100 Kaga Electronics Co. Ltd. 17,100 Earth Corp. (Household & Personal (Technology Hardware & Products) 991,872 Equipment) 164,554 116,300 Kaken Pharmaceutical Co. Ltd. 23,600 Ebara Corp. (Capital Goods) 520,297 (Pharmaceuticals, Biotechnology & 674,400 EDION Corp. (Retailing) 5,862,066 Life Sciences) 6,401,322 305,300 EPS Holdings, Inc. 1,410,100 Kandenko Co. Ltd. (Capital Goods) 11,799,793 (Pharmaceuticals, Biotechnology & 42,100 Kanematsu Electronics Ltd. Life Sciences) 3,175,181 (Software & Services) 1,427,675 39,500 Ezaki Glico Co. Ltd. (Food, 10,144 Kenedix Retail REIT Corp. (REIT) 15,902,072 Beverage & Tobacco) 1,734,841 318,800 Kenedix, Inc. (Real Estate) 1,440,629 23,600 FAN Communications, Inc. 86,700 Kinden Corp. (Capital Goods) 1,395,098 (Media & Entertainment) 99,164 887,400 Kitz Corp. (Capital Goods) 5,443,437 55,500 Fancl Corp. (Household & Personal 524,200 KLab, Inc. (Media & Products) 1,330,514 Entertainment)*(a) 3,547,554 562,600 Fuji Oil Holdings, Inc. (Food, 29,500 Koei Tecmo Holdings Co. Ltd. Beverage & Tobacco) 13,125,294 (Media & Entertainment) 776,027 105,300 Fujibo Holdings, Inc. (Consumer 529,100 Kohnan Shoji Co. Ltd. (Retailing) 12,280,247 Durables & Apparel) 2,815,273 973,800 Kokuyo Co. Ltd. (Commercial & 9,700 Fujicco Co. Ltd. (Food, Beverage & Professional Services) 11,905,468 Tobacco) 174,359 73,300 Komeri Co. Ltd. (Retailing) 1,423,739 1,027 Fukuoka REIT Corp. (REIT) 1,032,918 45,900 Konoike Transport Co. Ltd. 57,000 Fuyo General Lease Co. Ltd. (Transportation) 494,800 (Diversified Financials) 2,849,959 2,050,800 K’s Holdings Corp. (Retailing) 22,342,599 541,200 Glory Ltd. (Capital Goods) 12,163,051 209,500 Kureha Corp. (Materials) 8,449,702 437,000 Goldcrest Co. Ltd. (Real Estate) 6,592,171 178,600 Kyokuto Kaihatsu Kogyo Co. Ltd. 2,170,100 Gree, Inc. (Media & Entertainment) 8,531,323 (Capital Goods) 2,083,052 805,500 Hachijuni Bank Ltd. (The) (Banks) 2,876,322 462,500 KYORIN Holdings, Inc. 48,700 Hamakyorex Co. Ltd. (Pharmaceuticals, Biotechnology & (Transportation) 1,331,205 Life Sciences) 9,611,124 12,207 Heiwa Real Estate REIT, Inc. 392,700 Macnica Fuji Electronics Holdings, (REIT) 10,766,485 Inc. (Technology Hardware & 13,600 HIS Co. Ltd. (Consumer Services) 179,073 Equipment) 5,345,589 277,700 Hogy Medical Co. Ltd. (Health Care 278,500 Mandom Corp. (Household & Equipment & Services) 8,683,488 Personal Products) 5,351,848 1,929,100 Hokuetsu Corp. (Materials) 7,618,123 31,400 Marvelous, Inc. (Media & 462 Hoshino Resorts REIT, Inc. (REIT) 1,571,215 Entertainment) 156,515 91,800 House Foods Group, Inc. (Food, 799,100 Matsumotokiyoshi Holdings Co. Beverage & Tobacco) 2,891,232 Ltd. (Food & Staples Retailing) 27,503,929 861,700 Ibiden Co. Ltd. (Technology 12,333 MCUBS MidCity Investment Corp. Hardware & Equipment) 22,025,075 (REIT) 8,559,939 22 The accompanying notes are an integral part of these financial statements.


  • Page 27

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Japan – (continued) Japan – (continued) 21,100 Megmilk Snow Brand Co. Ltd. 102,300 Nojima Corp. (Retailing) $ 1,773,167 (Food, Beverage & Tobacco) $ 481,430 194,500 Nomura Co. Ltd. (Commercial & 326,100 Meiko Network Japan Co. Ltd. Professional Services) 1,473,399 (Consumer Services) 2,369,327 29,900 Noritake Co. Ltd. (Capital Goods) 979,244 472,700 Mirait Holdings Corp. (Capital 520,100 NSD Co. Ltd. (Software & Services) 7,364,770 Goods) 6,106,236 83,500 OBIC Business Consultants Co. Ltd. 101,600 Mitsubishi Logistics Corp. (Software & Services) 3,733,638 (Transportation) 2,243,246 5,500 Ohsho Food Service Corp. 87,800 Mitsubishi Pencil Co. Ltd. (Consumer Services) 292,605 (Commercial & Professional 13,600 Okamura Corp. (Commercial & Services) 1,098,882 Professional Services) 98,288 39,100 Mitsubishi Research Institute, Inc. 187,500 Oki Electric Industry Co. Ltd. (Software & Services) 1,324,937 (Technology Hardware & 136,400 Mitsui Mining & Smelting Co. Ltd. Equipment) 1,803,567 (Materials) 2,544,845 336,450 Okinawa Electric Power Co., Inc. 162,800 Mitsui Sugar Co. Ltd. (Food, (The) (Utilities) 6,135,496 Beverage & Tobacco) 3,248,079 29 One REIT, Inc. (REIT) 63,357 155,200 Mixi, Inc. (Media & Entertainment) 2,677,845 307,000 Open House Co. Ltd. (Real Estate) 6,692,020 610 Mori Trust Hotel Reit, Inc. (REIT) 469,648 17,300 Organo Corp. (Capital Goods) 918,851 102,100 Morinaga Milk Industry Co. Ltd. 148,000 Paramount Bed Holdings Co. Ltd. (Food, Beverage & Tobacco) 3,957,197 (Health Care Equipment & Services) 6,105,562 69,700 Nagase & Co. Ltd. (Capital Goods) 838,397 14,263 Premier Investment Corp. (REIT) 14,322,783 521,200 NEC Networks & System 221,400 Prima Meat Packers Ltd. (Food, Integration Corp. (Software & Beverage & Tobacco) 5,020,148 Services) 22,428,183 14,100 Qol Holdings Co. Ltd. (Food & 73,800 Nichiha Corp. (Capital Goods) 1,348,097 Staples Retailing) 155,889 990,200 Nichi-iko Pharmaceutical Co. Ltd. 288,000 Relia, Inc. (Commercial & (Pharmaceuticals, Biotechnology & Professional Services) 3,035,846 Life Sciences) 12,874,421 403,000 Rengo Co. Ltd. (Materials) 3,139,644 200,600 Nihon Chouzai Co. Ltd. (Food & 45,900 Riken Vitamin Co. Ltd. (Food, Staples Retailing) 3,318,512 Beverage & Tobacco) 882,471 495,400 Nihon Unisys Ltd. (Software & 1,776,000 Riso Kyoiku Co. Ltd. (Consumer Services) 14,327,412 Services) 4,219,440 156,000 Nikkiso Co. Ltd. (Capital Goods) 1,213,831 50,500 Rohto Pharmaceutical Co. Ltd. 406,700 Nikkon Holdings Co. Ltd. (Household & Personal Products) 1,469,327 (Transportation) 7,897,096 25,500 Saizeriya Co. Ltd. (Consumer 408,100 Nippon Electric Glass Co. Ltd. Services) 505,486 (Technology Hardware & 796,800 SAMTY Co. Ltd. (Real Estate)(a) 10,308,092 Equipment) 5,945,093 309,600 Sanki Engineering Co. Ltd. (Capital 423,300 Nippon Flour Mills Co. Ltd. (Food, Goods) 3,490,981 Beverage & Tobacco) 6,663,672 343,000 Sato Holdings Corp. (Commercial & 33,500 Nippon Kayaku Co. Ltd. Professional Services) 7,053,380 (Materials) 324,078 481,000 Sawai Pharmaceutical Co. Ltd. 12,049,200 Nippon Light Metal Holdings Co. (Pharmaceuticals, Biotechnology & Ltd. (Materials) 18,976,504 Life Sciences) 26,264,671 497 NIPPON REIT Investment Corp. 346,800 SCSK Corp. (Software & Services) 15,699,426 (REIT) 1,480,353 764,300 Seiko Holdings Corp. (Consumer 888,100 Nippon Suisan Kaisha Ltd. (Food, Durables & Apparel) 12,690,099 Beverage & Tobacco) 3,951,569 598,600 Seino Holdings Co. Ltd. 36,700 Nishio Rent All Co. Ltd. (Capital (Transportation) 7,126,388 Goods) 755,688 19,400 Seiren Co. Ltd. (Consumer 383,200 Nisshin Oillio Group Ltd. (The) Durables & Apparel) 229,696 (Food, Beverage & Tobacco) 12,601,889 627,100 Senko Group Holdings Co. Ltd. 54,300 Nitto Kogyo Corp. (Capital Goods) 914,775 (Transportation) 5,110,773 6,400 Noevir Holdings Co. Ltd. 269,000 Shimachu Co. Ltd. (Retailing) 6,717,980 (Household & Personal Products) 299,802 The accompanying notes are an integral part of these financial statements. 23


  • Page 28

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Japan – (continued) Japan – (continued) 877,100 Shinko Electric Industries Co. Ltd. 397,000 Yellow Hat Ltd. (Retailing) $ 5,516,000 (Semiconductors & Semiconductor 263,000 Zenrin Co. Ltd. (Media & Equipment) $ 10,948,115 Entertainment) 2,772,321 8,200 Showa Sangyo Co. Ltd. (Food, 919,701,098 Beverage & Tobacco) 245,562 147,900 Sintokogio Ltd. (Capital Goods) 1,022,394 Jersey – 0.1% 1,849,200 SKY Perfect JSAT Holdings, Inc. 187,922 Sanne Group plc (Diversified (Media & Entertainment) 6,951,805 Financials) 1,531,539 114,100 St Marc Holdings Co. Ltd. Malaysia – 0.0% (Consumer Services) 1,905,174 50,500 Wing Tai Holdings Ltd. (Real 1,942 Star Asia Investment Corp. (REIT)(a) 1,537,184 Estate) 61,739 38,000 Starts Corp., Inc. (Consumer Durables & Apparel) 735,117 Netherlands – 5.0% 2,000 Strike Co. Ltd. (Diversified 279,402 ASM International NV Financials) 80,877 (Semiconductors & Semiconductor 240,100 Sugi Holdings Co. Ltd. (Food & Equipment) 30,756,050 Staples Retailing) 14,478,517 477,256 BE Semiconductor Industries NV 219,600 Sumitomo Osaka Cement Co. Ltd. (Semiconductors & Semiconductor (Materials) 7,146,009 Equipment)* 19,751,634 559,600 Sumitomo Warehouse Co. Ltd. 392,329 Euronext NV (Diversified (The) (Transportation) 6,387,704 Financials)(b) 32,937,604 5,000 T Hasegawa Co. Ltd. (Materials) 100,258 35,513 ForFarmers NV (Food, Beverage & 22,500 Taikisha Ltd. (Capital Goods) 655,275 Tobacco) 236,615 2,589,800 Takara Leben Co. Ltd. (Real Estate) 8,480,952 37,072 NSI NV (REIT)(a) 1,493,305 456,600 Takuma Co. Ltd. (Capital Goods) 4,936,595 7,564,859 Pharming Group NV 445,300 Tanseisha Co. Ltd. (Commercial & (Pharmaceuticals, Biotechnology & Professional Services) 2,855,916 Life Sciences)*(a) 11,158,274 28,800 T-Gaia Corp. (Retailing) 572,140 1,461,964 Signify NV (Capital Goods)(b) 29,760,270 1,733,300 TIS, Inc. (Software & Services) 33,052,967 164,589 TKH Group NV CVA (Capital 12,500 TKC Corp. (Software & Services) 617,307 Goods) 5,774,364 21,100 Toa Corp. (Capital Goods)(a) 276,706 463,070 TomTom NV (Consumer 431,900 Toho Holdings Co. Ltd. (Health Durables & Apparel)* 3,645,985 Care Equipment & Services) 8,944,639 135,514,101 6,400 TOKAI Holdings Corp. (Capital Goods) 57,843 New Zealand – 0.2% 81,300 Tokyo Seimitsu Co. Ltd. 1,176,763 Contact Energy Ltd. (Utilities) 4,487,896 (Semiconductors & Semiconductor Equipment) 2,629,802 Norway – 4.4% 1,043,100 Tosei Corp. (Real Estate) 10,123,152 277,944 Atea ASA (Software & Services)* 2,433,203 508,900 Towa Pharmaceutical Co. Ltd. 1,136,960 Austevoll Seafood ASA (Food, (Pharmaceuticals, Biotechnology & Beverage & Tobacco) 8,856,718 Life Sciences) 10,492,115 4,588,582 Elkem ASA (Materials)(b) 7,632,613 343,100 Toyo Tanso Co. Ltd. (Capital 1,222,597 Entra ASA (Real Estate)(a)(b) 15,393,512 Goods) 4,711,820 2,013,539 Europris ASA (Retailing)(a)(b) 7,390,354 219,100 Transcosmos, Inc. (Software & 54,028 Fjordkraft Holding ASA (Utilities)(b) 362,769 Services) 4,371,840 893,648 Grieg Seafood ASA (Food, 304,000 Universal Entertainment Corp. Beverage & Tobacco) 8,764,253 (Consumer Durables & Apparel) 4,985,649 4,237,500 Leroy Seafood Group ASA (Food, 617,900 Ushio, Inc. (Capital Goods) 6,515,547 Beverage & Tobacco) 22,504,116 33,200 Valor Holdings Co. Ltd. (Food & 10,912 Norway Royal Salmon ASA (Food, Staples Retailing) 616,606 Beverage & Tobacco) 221,288 16,700 Vision, Inc. (Telecommunication 660,071 Salmar ASA (Food, Beverage & Services)* 115,062 Tobacco) 25,724,951 11,800 Wacoal Holdings Corp. (Consumer 24,767 Scatec Solar ASA (Utilities)(b) 360,570 Durables & Apparel) 237,993 221,836 Selvaag Bolig ASA (Real Estate) 919,247 246,700 Wakita & Co. Ltd. (Capital Goods) 2,273,059 542,911 SpareBank 1 SMN (Banks) 3,944,657 24 The accompanying notes are an integral part of these financial statements.


  • Page 29

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Norway – (continued) Spain – (continued) 364,861 TOMRA Systems ASA 675,600 Global Dominion Access SA (Commercial & Professional (Software & Services)*(b) $ 2,078,518 Services) $ 12,123,169 549,433 Inmobiliaria Colonial SOCIMI SA 367,132 Veidekke ASA (Capital Goods) 3,259,556 (REIT) 5,306,941 259,049 Lar Espana Real Estate Socimi SA 119,890,976 (REIT) 1,063,126 Portugal – 0.1% 63,495 Masmovil Ibercom SA 245,517 CTT-Correios de Portugal SA (Telecommunication Services)* 1,198,901 (Transportation) 578,457 592,811 Merlin Properties Socimi SA (REIT) 5,501,357 551,618 REN – Redes Energeticas Nacionais 509,719 Neinor Homes SA (Consumer SGPS SA (Utilities) 1,494,143 Durables & Apparel)*(b) 4,466,034 479,535 Solaria Energia y Medio Ambiente 2,072,600 SA (Utilities)*(a) 4,892,878 Singapore – 1.5% 29,057 Viscofan SA (Food, Beverage & 578,300 ARA LOGOS Logistics Trust Tobacco) 1,862,213 (REIT) 219,952 114,043 Zardoya Otis SA (Capital Goods) 793,690 1,438,500 China Aviation Oil Singapore Corp. 51,904,639 Ltd. (Energy) 1,045,876 7,683,700 ESR-REIT (REIT) 1,841,086 Sweden – 5.1% 175,900 First REIT (REIT) 99,252 10,146 AF Poyry AB (Commercial & 5,906,661 Frasers Logistics & Industrial Trust Professional Services)* 184,333 (REIT) 4,420,695 2,209,566 Arjo AB Class B (Health Care 6,516,000 Golden Agri-Resources Ltd. (Food, Equipment & Services) 10,912,995 Beverage & Tobacco)* 716,554 489,347 Axfood AB (Food & Staples 3,787,100 Keppel DC REIT (REIT) 6,279,974 Retailing) 10,409,795 2,549,100 Keppel REIT (REIT) 1,903,950 1,877,907 Betsson AB (Consumer Services)* 10,582,369 1,267,700 Manulife US REIT (REIT) 911,598 79,094 Bilia AB Class A (Retailing) 536,399 1,104,200 Mapletree Industrial Trust (REIT) 1,982,433 567,633 BillerudKorsnas AB (Materials) 7,156,160 4,193,100 Mapletree Logistics Trust (REIT) 5,311,519 21,082 BioArctic AB (Pharmaceuticals, 4,706,600 Mapletree North Asia Commercial Biotechnology & Life Sciences)(b) 148,217 Trust (REIT) 3,125,858 19,993 BioGaia AB Class B 1,011,700 Parkway Life REIT (REIT) 2,363,718 (Pharmaceuticals, Biotechnology & 556,300 Sabana Shari’ah Compliant Life Sciences) 963,412 Industrial REIT (REIT) 127,701 534,138 Biotage AB (Pharmaceuticals, 3,525,600 Sheng Siong Group Ltd. (Food & Biotechnology & Life Sciences) 6,602,833 Staples Retailing) 3,694,333 546,169 Bure Equity AB (Diversified 1,591,500 Singapore Post Ltd. (Transportation) 820,090 Financials) 9,972,439 6,550,310 Yanlord Land Group Ltd. (Real 38,453 Clas Ohlson AB Class B (Retailing) 337,476 Estate) 4,896,588 1,484,758 Cloetta AB Class B (Food, Beverage & Tobacco)* 3,419,088 39,761,177 1,491,391 Dios Fastigheter AB (Real Estate) 9,183,654 Spain – 1.9% 72,757 Dustin Group AB (Retailing)(b) 371,345 155,503 Almirall SA (Pharmaceuticals, 122,337 Evolution Gaming Group AB Biotechnology & Life Sciences) 2,005,381 (Consumer Services)(b) 5,602,615 888,806 Applus Services SA (Commercial & 52,888 Fortnox AB (Software & Services) 1,214,358 Professional Services) 5,831,246 898,243 Getinge AB Class B (Health Care 595,286 Cia de Distribucion Integral Logista Equipment & Services) 17,216,892 Holdings SA (Transportation) 10,626,034 947,281 Hexpol AB (Materials)* 6,805,494 21,265 Construcciones y Auxiliar de 728,226 Inwido AB (Capital Goods) 4,186,418 Ferrocarriles SA (Capital Goods) 728,045 1,228,930 Kungsleden AB (Real Estate) 9,358,864 10,672 Corp. Financiera Alba SA 971,054 Lindab International AB (Capital (Diversified Financials) 397,699 Goods) 8,897,757 60,169 Euskaltel SA (Telecommunication 228,333 Nobia AB (Consumer Durables & Services)(b) 480,016 Apparel) 853,720 1,068,626 Faes Farma SA (Pharmaceuticals, 145,809 Nolato AB Class B (Capital Goods) 7,663,652 Biotechnology & Life Sciences) 4,672,560 The accompanying notes are an integral part of these financial statements. 25


  • Page 30

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) Sweden – (continued) United Kingdom – 14.8% 72,521 Paradox Interactive AB (Media & 471,430 Abcam plc (Pharmaceuticals, Entertainment) $ 1,405,426 Biotechnology & Life Sciences) $ 7,540,829 69,303 RaySearch Laboratories AB (Health 69,175 AG Barr plc (Food, Beverage & Care Equipment & Services)* 526,856 Tobacco) 429,709 11,017 Scandi Standard AB (Food, 587,181 Aggreko plc (Commercial & Beverage & Tobacco) 72,025 Professional Services) 3,386,074 68,215 Stillfront Group AB (Media & 154,013 Airtel Africa plc Entertainment)* 4,053,069 (Telecommunication Services)(b) 77,689 59,689 Arrow Global Group plc 138,637,661 (Diversified Financials) 75,789 Switzerland – 5.7% 794,685 Assura plc (REIT) 762,225 57,270 Allreal Holding AG (Registered) (Real 260,804 Avast plc (Software & Services)(b) 1,502,222 Estate) 10,637,440 828,370 B&M European Value Retail SA 48,016 ALSO Holding AG (Registered) (Retailing) 3,464,199 (Technology Hardware & 1,224,486 Beazley plc (Insurance) 6,054,526 Equipment)* 9,878,123 658,717 Bellway plc (Consumer Durables & 15,268 Bachem Holding AG (Registered) Apparel) 22,041,567 Class B (Pharmaceuticals, 121,365 Blue Prism Group plc (Software & Biotechnology & Life Sciences) 3,606,758 Services)*(a) 1,983,637 241 Belimo Holding AG (Registered) 1,217,628 Bodycote plc (Capital Goods) 8,908,016 (Capital Goods) 1,604,481 7,178,915 boohoo Group plc (Retailing)* 29,171,004 5,079 BKW AG (Utilities) 411,987 145,940 Capital & Counties Properties plc 58,104 Bucher Industries AG (Registered) (REIT) 304,781 (Capital Goods)(a) 16,387,376 253,629 Card Factory plc (Retailing) 133,654 66,525 DKSH Holding AG (Commercial & 2,073,317 Cineworld Group plc (Media & Professional Services) 3,746,084 Entertainment) 1,709,325 817 dormakaba Holding AG (Capital 440,380 Computacenter plc (Software & Goods)* 407,717 Services) 8,048,386 236,715 Huber + Suhner AG (Registered) 2,133,856 ConvaTec Group plc (Health Care (Capital Goods) 15,116,455 Equipment & Services)(b) 5,699,371 1,729 Implenia AG (Registered) (Capital 11,368 Derwent London plc (REIT) 444,196 Goods) 70,720 356,245 Dialog Semiconductor plc 2,888 Interroll Holding AG (Registered) (Semiconductors & Semiconductor (Capital Goods) 5,491,143 Equipment)* 11,187,834 704 Intershop Holding AG (Real Estate) 361,408 368,212 Diploma plc (Capital Goods) 7,980,885 866,336 IWG plc (Real Estate) 2,590,636 1,505,711 Drax Group plc (Utilities) 3,947,374 20,732 Kardex AG (Registered) (Capital 77,306 DS Smith plc (Materials) 303,113 Goods) 2,994,203 378,301 Dunelm Group plc (Retailing) 4,370,815 3,010 SFS Group AG (Capital Goods) 238,186 63,385 Elementis plc (Materials) 55,883 13,407 Siegfried Holding AG (Registered) 138,575 Euromoney Institutional Investor plc (Pharmaceuticals, Biotechnology & (Media & Entertainment) 1,439,916 Life Sciences)* 6,111,099 31,905 Fevertree Drinks plc (Food, 132,361 Sunrise Communications Group AG Beverage & Tobacco) 696,365 (Telecommunication Services)*(b) 10,602,326 1,231 First Derivatives plc (Software & 100,095 Tecan Group AG (Registered) Services) 40,157 (Pharmaceuticals, Biotechnology & 596,410 Firstgroup plc (Transportation)* 502,215 Life Sciences) 32,224,812 81,074 Frasers Group plc (Retailing)* 265,326 192,462 VAT Group AG (Capital Goods)*(b) 31,764,205 81,256 Games Workshop Group plc 8,955 VZ Holding AG (Diversified (Consumer Durables & Apparel) 6,149,827 Financials) 625,147 277,951 GCP Student Living plc (REIT) 469,067 8,174 Zur Rose Group AG (Food & Staples 85,302 Go-Ahead Group plc (The) Retailing)* 1,344,702 (Transportation) 1,439,552 3,153,789 Great Portland Estates plc (REIT) 26,861,762 156,215,008 1,018,836 Greggs plc (Consumer Services) 23,434,439 1,695,110 HomeServe plc (Commercial & Professional Services) 23,744,536 26 The accompanying notes are an integral part of these financial statements.


  • Page 31

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Shares Description Value Shares Description Value Common Stocks – (continued) Common Stocks – (continued) United Kingdom – (continued) United Kingdom – (continued) 2,452,717 Ibstock plc (Materials)(b) $ 6,204,031 1,446,682 Tritax Big Box REIT plc (REIT) $ 2,195,799 3,258,459 IG Group Holdings plc (Diversified 54,223 UNITE Group plc (The) (REIT) 598,742 Financials) 30,884,465 676,627 Vistry Group plc (Consumer 244,480 IMI plc (Capital Goods) 2,542,123 Durables & Apparel) 6,871,534 227,338 Inchcape plc (Retailing) 1,432,024 61,436 Watkin Jones plc (Real Estate) 133,269 730,810 Indivior plc (Pharmaceuticals, 51,896 Workspace Group plc (REIT) 511,150 Biotechnology & Life Sciences)* 453,969 405,546,396 2,766,595 Jupiter Fund Management plc (Diversified Financials) 7,605,317 TOTAL INVESTMENTS BEFORE SECURITIES LENDING 8,577 Keller Group plc (Capital Goods) 66,262 REINVESTMENT VEHICLE 10,318,029 Man Group plc (Diversified (Cost $2,846,266,945) $2,701,506,644 Financials) 17,286,912 995,891 Marshalls plc (Materials) 7,976,243 Dividend 326,457 Marston’s plc (Consumer Services) 155,259 Shares Rate Value 5,968,995 Moneysupermarket.com Group plc (d) (Retailing) 23,782,183 Securities Lending Reinvestment Vehicle – 1.4% 100,952 Morgan Sindall Group plc (Capital Goldman Sachs Financial Square Government Fund – Goods) 1,626,671 Institutional Shares 792,710 National Express Group plc 38,959,357 0.233% $ 38,959,357 (Transportation) 2,727,825 (Cost $38,959,357) 149,925 NCC Group plc (Software & Services) 309,720 TOTAL INVESTMENTS – 100.1% 27,484 On the Beach Group plc (Cost $2,885,226,302) $2,740,466,001 (Retailing)(b) 96,165 746,753 Pagegroup plc (Commercial & LIABILITIES IN EXCESS OF Professional Services) 3,536,413 OTHER ASSETS – (0.1)% (2,113,858) 1,446,917 Paragon Banking Group plc NET ASSETS – 100.0% $2,738,352,143 (Banks) 6,057,881 1,119,799 Pennon Group plc (Utilities) 15,419,459 529,965 Phoenix Group Holdings plc The percentage shown for each investment category (Insurance) 4,021,546 reflects the value of investments in that category as a 26,968 Playtech plc (Consumer Services) 79,118 percentage of net assets. 11,260 Polypipe Group plc (Capital * Non-income producing security. Goods) 70,634 (a) All or a portion of security is on loan. 175,891 PZ Cussons plc (Household & (b) Exempt from registration under Rule 144A of the Securities Act of Personal Products) 414,270 1933. 38,825 Rightmove plc (Media & (c) Preference Shares are a special type of equity investment that shares in Entertainment) 242,751 the earnings of the company, has limited voting rights, and receives a 1,939,685 Rotork plc (Capital Goods) 6,046,820 greater dividend than applicable Common Shares. 527,854 RWS Holdings plc (Commercial & (d) Represents an Affiliated Issuer. Professional Services) 3,565,249 1,305,882 Safestore Holdings plc (REIT) 11,813,035 Investment Abbreviations: 133,270 Spectris plc (Technology CVA —Dutch Certification Hardware & Equipment) 4,493,959 REIT—Real Estate Investment Trust 1,799,632 Spirent Communications plc (Technology Hardware & Equipment) 5,443,840 38,643 St Modwen Properties plc (Real Estate) 179,078 443,036 Stagecoach Group plc (Transportation) 415,401 155,516 TalkTalk Telecom Group plc (Telecommunication Services) 161,500 1,708,997 Tate & Lyle plc (Food, Beverage & Tobacco) 15,313,246 11,170 Telecom Plus plc (Utilities) 186,268 The accompanying notes are an integral part of these financial statements. 27


  • Page 32

    GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND Schedule of Investments (continued) April 30, 2020 (Unaudited) ADDITIONAL INVESTMENT INFORMATION FUTURES CONTRACTS — At April 30, 2020, the Fund had the following futures contracts: Unrealized Number of Expiration Notional Appreciation/ Description Contracts Date Amount (Depreciation) Long position contracts: EURO STOXX 50 Index 221 06/19/2020 $6,991,819 $ 598,027 FTSE 100 Index 43 06/19/2020 3,187,228 252,041 Hang Seng Index 2 05/28/2020 316,053 4,536 MSCI Singapore Index 16 05/28/2020 338,347 11,112 SPI 200 Index 19 06/18/2020 1,714,817 132,865 TOPIX Index 41 06/11/2020 5,555,048 519,328 Total Futures Contracts $1,517,909 28 The accompanying notes are an integral part of these financial statements.


  • Page 33

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS Statements of Assets and Liabilities April 30, 2020 (Unaudited) Emerging Markets International International Equity Insights Equity Insights Small Cap Insights Fund Fund Fund Assets: Investments in unaffiliated issuers, at value (cost $1,302,045,937, $2,381,371,400 and $2,846,266,945)(a) $1,370,580,098 $2,324,671,420 $2,701,506,644 Investments in affiliated securities lending reinvestment vehicle, at value (cost $2,348,900, $28,790,720 and $38,959,357) 2,348,900 28,790,720 38,959,357 Cash — 2,029,252 — Foreign currencies, at value (cost $3,050,894, $6,851,182 and $15,380,833) 3,076,504 6,970,642 15,522,667 Receivables: Investments sold 24,598,146 63,548,120 26,164,424 Dividends 4,332,206 9,043,808 16,723,055 Fund shares sold 2,231,737 3,171,526 1,942,577 Foreign tax reclaims 83,182 4,330,979 5,625,415 Reimbursement from investment adviser 28,338 90,822 124,297 Securities lending income 7,553 65,833 48,003 Collateral on certain derivative contracts(b) — — 2,176,418 Variation margin on futures — 132,299 17,645 Other assets 68,887 101,978 80,233 Total assets 1,407,355,551 2,442,947,399 2,808,890,735 Liabilities: Payables: Due to custodian 16,098,127 — 4,524,723 Investments purchased 4,922,401 46,921,814 19,481,769 Fund shares redeemed 4,417,090 6,391,403 4,690,796 Payable upon return of securities loaned 2,348,900 28,790,720 38,959,357 Management fees 1,107,071 1,437,765 1,784,522 Distribution and Service fees and Transfer Agency fees 82,665 198,242 158,112 Foreign capital gains taxes 37,085 — — Accrued expenses 512,897 332,241 939,313 Total liabilities 29,526,236 84,072,185 70,538,592 Net Assets: Paid-in capital 1,613,672,343 2,853,820,661 3,524,716,551 Total distributable earnings (loss) (235,843,028) (494,945,447) (786,364,408) NET ASSETS $1,377,829,315 $2,358,875,214 $2,738,352,143 Net Assets: Class A $ 53,168,043 $ 197,987,329 $ 114,438,119 Class C 5,883,175 15,389,667 33,434,520 Institutional 765,894,006 835,710,845 1,400,385,405 Service — 3,631,812 — Investor 80,242,000 427,571,517 151,651,548 Class P 83,997,358 371,048,029 44,454,509 Class R 23,848,925 8,309,737 — Class R6 364,795,808 499,226,278 993,988,042 Total Net Assets $1,377,829,315 $2,358,875,214 $2,738,352,143 Shares outstanding $0.001 par value (unlimited shares authorized): Class A 6,546,027 19,346,486 12,089,741 Class C 732,365 1,535,215 3,652,637 Institutional 94,522,574 79,352,192 148,104,048 Service — 351,184 — Investor 9,915,470 42,626,562 16,104,987 Class P 10,375,265 35,286,872 4,691,671 Class R 2,980,732 835,063 — Class R6 45,061,956 47,441,011 104,901,458 Net asset value, offering and redemption price per share:(c) Class A $8.12 $10.23 $9.47 Class C 8.03 10.02 9.15 Institutional 8.10 10.53 9.46 Service — 10.34 — Investor 8.09 10.03 9.42 Class P 8.10 10.52 9.48 Class R 8.00 9.95 — Class R6 8.10 10.52 9.48 (a) Includes loaned securities having a market value of $2,232,401, $27,518,349 and $37,637,116, 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 for the International Small Cap Insights Fund. (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 $8.59, $10.83 and $10.02, 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. 29


  • Page 34

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS Statements of Operations For the Six Months Ended April 30, 2020 (Unaudited) Emerging Markets International International Equity Insights Equity Insights Small Cap Insights Fund Fund Fund Investment income: Dividends — unaffiliated issuers (net of foreign taxes withheld of $1,812,215, $2,940,087 and $3,007,395) $ 19,986,936 $ 29,571,323 $ 33,370,486 Securities lending income — affiliated issuer 48,064 127,169 274,805 Dividends — affiliated issuers 11,390 28,783 599 Total investment income 20,046,390 29,727,275 33,645,890 Expenses: Management fees 8,424,024 10,541,383 14,360,898 Custody, accounting and administrative services 534,728 305,480 507,261 Transfer Agency fees(a) 442,664 1,041,462 913,234 Distribution and Service fees(a) 184,143 432,423 405,527 Printing and mailing costs 93,303 132,759 393,270 Registration fees 85,034 114,863 81,372 Professional fees 54,149 54,454 53,029 Trustee fees 10,671 11,758 12,546 Service share fees — Service and Shareholder Administration Plan — 11,660 — Other 68,132 32,654 55,181 Total expenses 9,896,848 12,678,896 16,782,318 Less — expense reductions (415,433) (642,800) (870,448) Net expenses 9,481,415 12,036,096 15,911,870 NET INVESTMENT INCOME 10,564,975 17,691,179 17,734,020 Realized and unrealized gain (loss): Net realized gain (loss) from: Investments — unaffiliated issuers (118,805,322) (223,353,770) (291,705,363) Futures contracts (239,504) 7,234,263 (11,346) Foreign currency transactions (1,810,464) 959,475 (3,101,826) Net change in unrealized gain (loss) on: Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $421,879, $0 and $0) (90,682,783) (239,264,337) (377,825,079) Futures contracts — 357,758 1,509,678 Foreign currency translation 533,330 107,571 (78,698) Net realized and unrealized loss (211,004,743) (453,959,040) (671,212,634) NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS $(200,439,768) $(436,267,861) $(653,478,614) (a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows: Distribution and/or Service Fees Transfer Agency Fees Fund Class A Class C Class R Class A Class C Institutional Service Investor Class P Class R Class R6 Emerging Markets Equity Insights $ 81,263 $ 36,255 $66,625 $ 55,259 $ 6,163 $184,011 $ — $ 90,709 $17,099 $22,652 $ 66,771 International Equity Insights 312,389 98,860 21,174 212,424 16,806 218,652 933 447,028 52,475 7,199 85,945 International Small Cap Insights 182,837 222,690 — 124,329 37,857 386,562 — 187,651 10,163 — 166,672 30 The accompanying notes are an integral part of these financial statements.


  • Page 35

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS Statements of Changes in Net Assets Emerging Markets Equity Insights Fund International Equity Insights Fund For the For the Six Months Ended For the Fiscal Six Months Ended For the Fiscal April 30, 2020 Year Ended April 30, 2020 Year Ended (Unaudited) October 31, 2019 (Unaudited) October 31, 2019 From operations: Net investment income $ 10,564,975 $ 37,179,379 $ 17,691,179 $ 68,116,968 Net realized loss (120,855,290) (155,271,349) (215,160,032) (211,846,876) Net change in unrealized gain (loss) (90,149,453) 228,850,921 (238,799,008) 344,013,406 Net increase (decrease) in net assets resulting from operations (200,439,768) 110,758,951 (436,267,861) 200,283,498 Distributions to shareholders: From distributable earnings: Class A Shares (1,170,011) (1,382,695) (6,053,941) (2,441,498) Class C Shares (56,474) (82,497) (273,424) (230,590) Institutional Shares (19,988,850) (21,025,697) (30,508,959) (21,903,837) Service Shares — — (105,545) (64,202) Investor Shares (2,202,457) (2,145,536) (14,717,983) (7,168,724) Class P Shares (2,563,794) (3,090,275) (9,256,226) (5,642,654) Class R Shares (438,620) (318,449) (176,443) (107,227) Class R6 Shares (9,800,344) (11,923,948) (15,101,395) (8,467,600) Total distributions to shareholders (36,220,550) (39,969,097) (76,193,916) (46,026,332) From share transactions: Proceeds from sales of shares 297,174,611 878,269,720 711,549,202 1,976,021,453 Reinvestment of distributions 33,859,110 37,448,911 61,919,453 36,692,122 Cost of shares redeemed (499,140,806) (1,146,688,181) (951,436,555) (1,724,995,996) Net increase (decrease) in net assets resulting from share transactions (168,107,085) (230,969,550) (177,967,900) 287,717,579 TOTAL INCREASE (DECREASE) (404,767,403) (160,179,696) (690,429,677) 441,974,745 Net Assets: Beginning of period 1,782,596,718 1,942,776,414 3,049,304,891 2,607,330,146 End of period $1,377,829,315 $ 1,782,596,718 $2,358,875,214 $ 3,049,304,891 The accompanying notes are an integral part of these financial statements. 31


  • Page 36

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS Statements of Changes in Net Assets (continued) International Small Cap Insights Fund For the Six Months Ended For the Fiscal April 30, 2020 Year Ended (Unaudited) October 31, 2019 From operations: Net investment income $ 17,734,020 $ 75,247,934 Net realized loss (294,818,535) (264,294,218) Net change in unrealized gain (loss) (376,394,099) 427,695,952 Net increase (decrease) in net assets resulting from operations (653,478,614) 238,649,668 Distributions to shareholders: From distributable earnings: Class A Shares (5,023,326) (1,847,569) Class C Shares (1,160,269) (140,227) Institutional Shares (75,418,332) (35,596,707) Investor Shares (8,589,904) (5,911,450) Class P Shares (2,779,660) (1,347,821) Class R6 Shares (41,125,645) (16,511,878) Total distributions to shareholders (134,097,136) (61,355,652) From share transactions: Proceeds from sales of shares 499,347,899 1,411,878,385 Reinvestment of distributions 123,448,591 56,353,633 Cost of shares redeemed (993,552,736) (1,960,823,746) Net decrease in net assets resulting from share transactions (370,756,246) (492,591,728) TOTAL DECREASE (1,158,331,996) (315,297,712) Net Assets: Beginning of period 3,896,684,139 4,211,981,851 End of period $ 2,738,352,143 $ 3,896,684,139 32 The accompanying notes are an integral part of these financial statements.


  • Page 37

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Financial Highlights Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs Emerging Markets Equity Insights Fund Class A Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 9.34 $ 8.98 $ 11.00 $ 8.54 $ 7.92 $ 8.99 (a) Net investment income 0.04 0.15 0.18 0.13 0.10 0.11 Net realized and unrealized gain (loss) (1.11) 0.36 (1.66) 2.41 0.59 (0.98) Total from investment operations (1.07) 0.51 (1.48) 2.54 0.69 (0.87) Distributions to shareholders from net investment income (0.15) (0.15) (0.12) (0.08) (0.07) (0.13) Distributions to shareholders from net realized gains — — (0.42) — — (0.07) Total distributions (0.15) (0.15) (0.54) (0.08) (0.07) (0.20) Net asset value, end of period $ 8.12 $ 9.34 $ 8.98 $ 11.00 $ 8.54 $ 7.92 Total return(b) (11.60)% 5.74% (14.11)% 30.15% 8.79% (9.84)% Net assets, end of period (in 000s) $53,168 $72,886 $82,726 $95,930 $50,289 $37,307 Ratio of net expenses to average net assets 1.47%(c) 1.48% 1.48% 1.52% 1.56% 1.58% Ratio of total expenses to average net assets 1.52%(c) 1.56% 1.54% 1.55% 1.63% 1.67% Ratio of net investment income to average net assets 0.91%(c) 1.61% 1.72% 1.36% 1.24% 1.30% Portfolio turnover rate(d) 86% 165% 147% 172% 216% 199% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. The accompanying notes are an integral part of these financial statements. 33


  • Page 38

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs Emerging Markets Equity Insights Fund Class C Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 9.19 $ 8.83 $ 10.88 $ 8.45 $ 7.84 $ 8.88 (a) Net investment income 0.01 0.08 0.10 0.07 0.04 0.05 Net realized and unrealized gain (loss) (1.10) 0.36 (1.64) 2.39 0.58 (0.98) Total from investment operations (1.09) 0.44 (1.54) 2.46 0.62 (0.93) Distributions to shareholders from net investment income (0.07) (0.08) (0.09) (0.03) (0.01) (0.04) Distributions to shareholders from net realized gains — — (0.42) — — (0.07) Total distributions (0.07) (0.08) (0.51) (0.03) (0.01) (0.11) Net asset value, end of period $ 8.03 $ 9.19 $ 8.83 $10.88 $ 8.45 $ 7.84 Total return(b) (12.01)% 5.09% (14.80)% 29.20% 7.97% (10.50)% Net assets, end of period (in 000s) $ 5,883 $8,303 $ 8,975 $7,563 $1,132 $ 1,053 Ratio of net expenses to average net assets 2.22%(c) 2.23% 2.23% 2.26% 2.31% 2.33% Ratio of total expenses to average net assets 2.27%(c) 2.31% 2.29% 2.29% 2.39% 2.42% Ratio of net investment income to average net assets 0.15%(c) 0.85% 0.98% 0.72% 0.47% 0.60% Portfolio turnover rate(d) 86% 165% 147% 172% 216% 199% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 34 The accompanying notes are an integral part of these financial statements.


  • Page 39

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs Emerging Markets Equity Insights Fund Institutional Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 9.33 $ 8.99 $ 11.01 $ 8.54 $ 7.91 $ 8.98 (a) Net investment income 0.06 0.19 0.19 0.17 0.13 0.14 Net realized and unrealized gain (loss) (1.10) 0.35 (1.64) 2.41 0.60 (0.98) Total from investment operations (1.04) 0.54 (1.45) 2.58 0.73 (0.84) Distributions to shareholders from net investment income (0.19) (0.20) (0.15) (0.11) (0.10) (0.16) Distributions to shareholders from net realized gains — — (0.42) — — (0.07) Total distributions (0.19) (0.20) (0.57) (0.11) (0.10) (0.23) Net asset value, end of period $ 8.10 $ 9.33 $ 8.99 $ 11.01 $ 8.54 $ 7.91 Total return(b) (11.46)% 6.18% (13.83)% 30.67% 9.35% (9.52)% Net assets, end of period (in 000s) $765,894 $938,157 $981,091 $1,488,246 $852,853 $508,685 Ratio of net expenses to average net assets 1.09%(c) 1.10% 1.10% 1.15% 1.16% 1.18% Ratio of total expenses to average net assets 1.14%(c) 1.18% 1.14% 1.15% 1.22% 1.27% Ratio of net investment income to average net assets 1.29%(c) 2.01% 1.84% 1.74% 1.70% 1.69% Portfolio turnover rate(d) 86% 165% 147% 172% 216% 199% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. The accompanying notes are an integral part of these financial statements. 35


  • Page 40

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs Emerging Markets Equity Insights Fund Investor Shares(a) Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 9.32 $ 8.97 $ 10.99 $ 8.53 $ 7.91 $ 8.97 (b) Net investment income 0.05 0.18 0.21 0.18 0.12 0.14 Net realized and unrealized gain (loss) (1.10) 0.36 (1.66) 2.38 0.59 (0.99) Total from investment operations (1.05) 0.54 (1.45) 2.56 0.71 (0.85) Distributions to shareholders from net investment income (0.18) (0.19) (0.15) (0.10) (0.09) (0.14) Distributions to shareholders from net realized gains — — (0.42) — — (0.07) Total distributions (0.18) (0.19) (0.57) (0.10) (0.09) (0.21) Net asset value, end of period $ 8.09 $ 9.32 $ 8.97 $ 10.99 $ 8.53 $ 7.91 Total return(c) (11.51)% 6.06% (13.90)% 30.47% 9.13% (9.63)% Net assets, end of period (in 000s) $80,242 $118,727 $96,779 $67,068 $2,565 $ 798 Ratio of net expenses to average net assets 1.22%(d) 1.23% 1.23% 1.26% 1.31% 1.33% Ratio of total expenses to average net assets 1.27%(d) 1.31% 1.29% 1.29% 1.37% 1.42% Ratio of net investment income to average net assets 1.15%(d) 1.92% 1.99% 1.81% 1.53% 1.63% Portfolio turnover rate(e) 86% 165% 147% 172% 216% 199% (a) Effective August 15, 2017, Class IR changed its name to Investor Shares. (b) Calculated based on the average shares outstanding methodology. (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (d) Annualized. (e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 36 The accompanying notes are an integral part of these financial statements.


  • Page 41

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs Emerging Markets Equity Insights Fund Class P Shares Six Months Ended April 16, 2018* April 30, 2020 Year Ended to (Unaudited) October 31, 2019 October 31, 2018 Per Share Data Net asset value, beginning of period $ 9.33 $ 8.98 $ 10.84 (a) Net investment income 0.06 0.18 0.18 Net realized and unrealized gain (loss) (1.10) 0.37 (2.04) Total from investment operations (1.04) 0.55 (1.86) Distributions to shareholders from net investment income (0.19) (0.20) — Net asset value, end of period $ 8.10 $ 9.33 $ 8.98 Total return(b) (11.56)% 6.33% (17.16)% Net assets, end of period (in 000s) $83,997 $125,429 $130,763 Ratio of net expenses to average net assets 1.08%(c) 1.09% 1.08%(c) Ratio of total expenses to average net assets 1.13%(c) 1.17% 1.17%(c) Ratio of net investment income to average net assets 1.28%(c) 1.96% 3.36%(c) Portfolio turnover rate(d) 86% 165% 147% * Commencement of operations. (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. The accompanying notes are an integral part of these financial statements. 37


  • Page 42

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs Emerging Markets Equity Insights Fund Class R Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 9.20 $ 8.86 $ 10.87 $ 8.44 $ 7.84 $ 8.94 (a) Net investment income 0.03 0.12 0.15 0.10 0.08 0.09 Net realized and unrealized gain (loss) (1.08) 0.36 (1.64) 2.40 0.59 (0.98) Total from investment operations (1.05) 0.48 (1.49) 2.50 0.67 (0.89) Distributions to shareholders from net investment income (0.15) (0.14) (0.10) (0.07) (0.07) (0.14) Distributions to shareholders from net realized gains — — (0.42) — — (0.07) Total distributions (0.15) (0.14) (0.52) (0.07) (0.07) (0.21) Net asset value, end of period $ 8.00 $ 9.20 $ 8.86 $ 10.87 $ 8.44 $ 7.84 Total return(b) (11.73)% 5.52% (14.34)% 29.86% 8.57% (10.06)% Net assets, end of period (in 000s) $23,849 $27,790 $20,852 $19,243 $9,363 $ 4,547 Ratio of net expenses to average net assets 1.72%(c) 1.73% 1.73% 1.77% 1.81% 1.83% Ratio of total expenses to average net assets 1.77%(c) 1.82% 1.79% 1.79% 1.88% 1.93% Ratio of net investment income to average net assets 0.67%(c) 1.27% 1.46% 1.06% 1.01% 1.10% Portfolio turnover rate(d) 86% 165% 147% 172% 216% 199% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 38 The accompanying notes are an integral part of these financial statements.


  • Page 43

    GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs Emerging Markets Equity Insights Fund Class R6 Shares Six Months Ended Year Ended October 31, July 31, 2015* April 30, 2020 to (Unaudited) 2019 2018 2017 2016 October 31, 2015 Per Share Data Net asset value, beginning of period $ 9.33 $ 8.98 $ 11.00 $ 8.53 $ 7.91 $ 8.40 (a) Net investment income 0.06 0.17 0.29 0.19 0.10 0.01 Net realized and unrealized gain (loss) (1.10) 0.38 (1.73) 2.39 0.62 (0.50) Total from investment operations (1.04) 0.55 (1.44) 2.58 0.72 (0.49) Distributions to shareholders from net investment income (0.19) (0.20) (0.16) (0.11) (0.10) — Distributions to shareholders from net realized gains — — (0.42) — — — Total distributions (0.19) (0.20) (0.58) (0.11) (0.10) — Net asset value, end of period $ 8.10 $ 9.33 $ 8.98 $ 11.00 $ 8.53 $ 7.91 Total return(b) (11.56)% 6.32% (13.84)% 30.74% 9.27% (5.83)% Net assets, end of period (in 000s) $364,796 $491,306 $621,590 $13,164 $1,637 $ 9 Ratio of net expenses to average net assets 1.08%(c) 1.09% 1.08% 1.13% 1.13% 1.17%(c) Ratio of total expenses to average net assets 1.13%(c) 1.17% 1.15% 1.13% 1.16% 1.28%(c) Ratio of net investment income to average net assets 1.30%(c) 1.89% 2.78% 1.87% 1.26% 0.59%(c) Portfolio turnover rate(d) 86% 165% 147% 172% 216% 199% * Commencement of operations. (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. The accompanying notes are an integral part of these financial statements. 39


  • Page 44

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs International Equity Insights Fund Class A Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 12.46 $ 11.88 $ 13.19 $ 10.53 $ 10.54 $ 10.69 (a) Net investment income 0.06 0.23 0.23 0.18 0.18 0.18 Net realized and unrealized gain (loss) (2.01) 0.52 (1.36) 2.71 (0.08) 0.08 Total from investment operations (1.95) 0.75 (1.13) 2.89 0.10 0.26 Distributions to shareholders from net investment income (0.28) (0.17) (0.18) (0.23) (0.11) (0.41) Net asset value, end of period $ 10.23 $ 12.46 $ 11.88 $ 13.19 $ 10.53 $ 10.54 Total return(b) (16.06)% 6.58% (8.71)% 28.07% 0.97% 2.58% Net assets, end of period (in 000s) $197,987 $237,898 $184,222 $138,267 $104,736 $78,527 Ratio of net expenses to average net assets 1.17%(c) 1.16% 1.14% 1.21% 1.25% 1.27% Ratio of total expenses to average net assets 1.22%(c) 1.24% 1.26% 1.35% 1.39% 1.37% Ratio of net investment income to average net assets 0.99%(c) 1.97% 1.76% 1.54% 1.77% 1.70% Portfolio turnover rate(d) 80% 136% 124% 161% 176% 154% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 40 The accompanying notes are an integral part of these financial statements.


  • Page 45

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs International Equity Insights Fund Class C Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 12.13 $ 11.56 $ 12.91 $ 10.32 $10.36 $10.51 (a) Net investment income 0.01 0.14 0.14 0.09 0.10 0.10 Net realized and unrealized gain (loss) (1.97) 0.52 (1.34) 2.66 (0.08) 0.08 Total from investment operations (1.96) 0.66 (1.20) 2.75 0.02 0.18 Distributions to shareholders from net investment income (0.15) (0.09) (0.15) (0.16) (0.06) (0.33) Net asset value, end of period $ 10.02 $ 12.13 $ 11.56 $ 12.91 $10.32 $10.36 Total return(b) (16.37)% 5.79% (9.45)% 27.11% 0.22% 1.82% Net assets, end of period (in 000s) $15,390 $22,427 $32,338 $14,886 $6,164 $4,409 Ratio of net expenses to average net assets 1.92%(c) 1.91% 1.89% 1.95% 2.00% 2.01% Ratio of total expenses to average net assets 1.97%(c) 1.99% 2.01% 2.09% 2.14% 2.12% Ratio of net investment income to average net assets 0.17%(c) 1.25% 1.11% 0.79% 1.02% 0.93% Portfolio turnover rate(d) 80% 136% 124% 161% 176% 154% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. The accompanying notes are an integral part of these financial statements. 41


  • Page 46

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs International Equity Insights Fund Institutional Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 12.83 $ 12.22 $ 13.57 $ 10.82 $ 10.83 $ 10.97 (a) Net investment income 0.08 0.29 0.28 0.23 0.24 0.22 Net realized and unrealized gain (loss) (2.06) 0.54 (1.41) 2.79 (0.10) 0.09 Total from investment operations (1.98) 0.83 (1.13) 3.02 0.14 0.31 Distributions to shareholders from net investment income (0.32) (0.22) (0.22) (0.27) (0.15) (0.45) Net asset value, end of period $ 10.53 $ 12.83 $ 12.22 $ 13.57 $ 10.82 $ 10.83 Total return(b) (15.90)% 7.07% (8.48)% 28.57% 1.34% 3.05% Net assets, end of period (in 000s) $835,711 $1,256,782 $1,323,745 $1,012,010 $500,930 $642,473 Ratio of net expenses to average net assets 0.79%(c) 0.79% 0.81% 0.85% 0.85% 0.87% Ratio of total expenses to average net assets 0.83%(c) 0.85% 0.87% 0.94% 0.99% 0.97% Ratio of net investment income to average net assets 1.29%(c) 2.41% 2.08% 1.92% 2.25% 2.08% Portfolio turnover rate(d) 80% 136% 124% 161% 176% 154% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 42 The accompanying notes are an integral part of these financial statements.


  • Page 47

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs International Equity Insights Fund Service Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 12.57 $11.98 $13.32 $10.63 $10.64 $10.76 (a) Net investment income 0.04 0.23 0.21 0.18 0.17 0.16 Net realized and unrealized gain (loss) (2.01) 0.52 (1.38) 2.73 (0.08) 0.09 Total from investment operations (1.97) 0.75 (1.17) 2.91 0.09 0.25 Distributions to shareholders from net investment income (0.26) (0.16) (0.17) (0.22) (0.10) (0.37) Net asset value, end of period $ 10.34 $12.57 $11.98 $13.32 $10.63 $10.64 Total return(b) (16.09)% 6.45% (8.92)% 27.89% 0.87% 2.48% Net assets, end of period (in 000s) $ 3,632 $5,386 $4,538 $4,073 $1,898 $1,641 Ratio of net expenses to average net assets 1.29%(c) 1.29% 1.31% 1.35% 1.35% 1.37% Ratio of total expenses to average net assets 1.33%(c) 1.35% 1.37% 1.45% 1.49% 1.47% Ratio of net investment income to average net assets 0.75%(c) 1.93% 1.57% 1.51% 1.60% 1.51% Portfolio turnover rate(d) 80% 136% 124% 161% 176% 154% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. The accompanying notes are an integral part of these financial statements. 43


  • Page 48

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs International Equity Insights Fund Investor Shares(a) Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 12.23 $ 11.67 $ 12.97 $ 10.36 $10.38 $10.53 (b) Net investment income 0.07 0.27 0.27 0.23 0.17 0.16 Net realized and unrealized gain (loss) (1.96) 0.50 (1.35) 2.64 (0.05) 0.12 Total from investment operations (1.89) 0.77 (1.08) 2.87 0.12 0.28 Distributions to shareholders from net investment income (0.31) (0.21) (0.22) (0.26) (0.14) (0.43) Net asset value, end of period $ 10.03 $ 12.23 $ 11.67 $ 12.97 $10.36 $10.38 Total return(c) (15.95)% 6.90% (8.52)% 28.44% 1.22% 2.85% Net assets, end of period (in 000s) $427,572 $549,732 $393,993 $147,186 $6,639 $1,666 Ratio of net expenses to average net assets 0.92%(d) 0.91% 0.89% 0.94% 1.00% 1.01% Ratio of total expenses to average net assets 0.96%(d) 0.99% 1.01% 1.07% 1.14% 1.13% Ratio of net investment income to average net assets 1.19%(d) 2.29% 2.09% 1.87% 1.65% 1.54% Portfolio turnover rate(e) 80% 136% 124% 161% 176% 154% (a) Effective August 15, 2017, Class IR changed its name to Investor Shares. (b) Calculated based on the average shares outstanding methodology. (c) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (d) Annualized. (e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 44 The accompanying notes are an integral part of these financial statements.


  • Page 49

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs International Equity Insights Fund Class P Shares Six Months Ended April 16, 2018* April 30, 2020 Year Ended to (Unaudited) October 31, 2019 October 31, 2018 Per Share Data Net asset value, beginning of period $ 12.81 $ 12.21 $ 13.79 (a) Net investment income 0.08 0.30 0.12 Net realized and unrealized gain (loss) (2.05) 0.52 (1.70) Total from investment operations (1.97) 0.82 (1.58) Distributions to shareholders from net investment income (0.32) (0.22) — Net asset value, end of period $ 10.52 $ 12.81 $ 12.21 Total return(b) (15.84)% 7.03% (11.46)% Net assets, end of period (in 000s) $371,048 $372,536 $245,618 Ratio of net expenses to average net assets 0.78%(c) 0.78% 0.78%(c) Ratio of total expenses to average net assets 0.82%(c) 0.84% 0.87%(c) Ratio of net investment income to average net assets 1.35%(c) 2.43% 1.65%(c) Portfolio turnover rate(d) 80% 136% 124% * Commencement of operations. (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. The accompanying notes are an integral part of these financial statements. 45


  • Page 50

    GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND Financial Highlights (continued) Selected Data for a Share Outstanding Throughout Each Period Goldman Sachs International Equity Insights Fund Class R Shares Six Months Ended Year Ended October 31, April 30, 2020 (Unaudited) 2019 2018 2017 2016 2015 Per Share Data Net asset value, beginning of period $ 12.10 $11.54 $12.85 $10.29 $10.34 $10.52 (a) Net investment income 0.04 0.21 0.19 0.16 0.13 0.14 Net realized and unrealized gain (loss) (1.95) 0.50 (1.33) 2.64 (0.06) 0.09 Total from investment operations (1.91) 0.71 (1.14) 2.80 0.07 0.23 Distributions to shareholders from net investment income (0.24) (0.15) (0.17) (0.24) (0.12) (0.41) Net asset value, end of period $ 9.95 $12.10 $11.54 $12.85 $10.29 $10.34 Total return(b) (16.15)% 6.36% (9.01)% 27.81% 0.67% 2.32% Net assets, end of period (in 000s) $ 8,310 $9,281 $7,548 $7,071 $2,152 $ 186 Ratio of net expenses to average net assets 1.42%(c) 1.41% 1.40% 1.45% 1.50% 1.52% Ratio of total expenses to average net assets 1.47%(c) 1.49% 1.51% 1.59% 1.64% 1.62% Ratio of net investment income to average net assets 0.74%(c) 1.79% 1.49% 1.39% 1.28% 1.33% Portfolio turnover rate(d) 80% 136% 124% 161% 176% 154% (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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. (c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. 46 The accompanying notes are an integral part of these financial statements.

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