Investment Commentary

2Q 2019

Class A: GGOAX Class I: GGOIX

Class C: GGOCX Class S: GGOSX
Class R: GGORX Class Inv: GGOTX
Class R6: GGOUX

Goldman Sachs Growth Opportunities Fund

Market Overview Performance History as of 06/30/19

The S&P 500 rose 7.05% in June, bringing second quarter GS Growth Opportunities Fund Total Returns Class A (at NAV), Since Inception 5/24/99
GS Growth Opportunities Fund Total Returns Class I (at NAV), Since Inception 5/24/99
returns to 4.30% and year-to-date returns to 18.54% (total Russell Midcap Growth Index
returns, USD). Following a sharp rally in the first quarter, the 30%
index posted a moderate gain in the second quarter to close its 25% 16.49
15.57 14.95 14.35
best first half since 1997. Trade tensions between the US and 20% 9.30
15.15 13.9414.54 16.01 11.41
China dominated headlines and broadly added noise to the
15% 6.92 11.1013.91 10.98
10% 7.03 5.40 8.90
markets. In April, there was an optimistic outlook on a possible 5%
trade deal, but optimism faded in May when President Trump 0%
threatened to raise current tariffs and impose new duties on $300 -5%
2Q 2019 One Year Three Years Five Years Ten Years Since
billion of additional Chinese imports. Sanctions were temporarily Inception
placed on a Chinese telecommunications giant, until they were
For periods one year or greater, performance is annualized. The returns represent
lifted in June, when any additional tariffs or compromise were past performance. Past performance does not guarantee future results. The Fund’s
postponed. Also during the period, the market kept a close eye investment return and principal value will fluctuate so that an investor’s shares,
on the Federal Reserve (Fed). After steadily raising rates since when redeemed, may be worth more or less than their original cost. Current
2015 to a range of 2.25 -2.50%, the Fed alluded to a more performance may be lower or higher than the performance quoted above. Please
visit www.GSAMFUNDS.com to obtain the most recent month-end returns.
accommodative approach. The Street consensus has largely
Performance reflects cumulative total returns for periods of less than one year and
priced in at least one rate cut by the end of 2019, if not sooner. average annual total returns for periods of greater than one year. All Fund performance
Economic indicators were mixed during the quarter, with data reflect the reinvestment of distributions.
consumer sentiment remaining elevated, while nonfarm payrolls
and manufacturing indices across the board fell short. Financials Standardized Total Returns for Period Ended 06/30/19
and Materials were relative outperformers during the quarter, Class A Shares Class I Shares
while Energy and Health Care lagged. Overall, small cap equities
One Year 8.83% 15.57%
underperformed the broader market this quarter, with the Russell
2000 Index returning 2.10% compared to the S&P 500’s 4.30% Five Years 7.68% 9.30%
return. Ten Years 13.26% 14.35%
Portfolio Attribution The Standardized Total Returns are average annual total returns or cumulative total
returns (only if the performance period is one year or less) as of the most recent
The Goldman Sachs Growth Opportunities Fund outperformed its calendar quarter end. They assume reinvestment of all distributions at net asset
benchmark, the Russell Midcap Growth Index (net), during the value. Class A shares reflect the maximum initial sales charge of 5.5%. Because
quarter. Stock selection in the Industrials and Information Institutional shares do not include a sales charge, such a charge is not included in
the standardized total returns.
Technology sectors contributed to relative returns. Stock
selection in the Financials sector and an overweight to the Health
Expense Ratios
Care sector detracted from relative returns.
Current Expense Ratio
Aerospace, defense and electronics manufacturer, HEICO Expense Ratio (Net) Before Waivers (Gross)
Corporation (1.3%), was a top contributor to relative returns. Class A Shares 1.24% 1.37%
Shares climbed in May as the company reported strong first
Class I Shares 0.90% 0.98%
quarter earnings with top and bottom lines beating expectations.
Management noted positive industry trends and a strong The expense ratios of the Fund, both current (net of any fee waivers or expense
business climate as key contributors to growth, with sales limitations) and before waivers (gross of any fee waivers or expense limitations) are
increasing by 20% during the quarter. The company raised its full as set forth above. Pursuant to a contractual arrangement, the Fund’s waivers
and/or expense limitations will remain in place through at least December 28, 2019
year 2019 guidance across the board, with revenue, earnings and prior to such date the investment adviser may not terminate the arrangements
and cash flow expectations all increasing. Later in the quarter, without the approval of the Fund’s Board of Trustees.
HEICO acquired a leading surveillance technology firm, and
management has indicated that future transactions may be
announced within the year. We believe that the prospects of
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Investment Commentary | Goldman Sachs Growth Opportunities Fund

continued acquisitions and positive industry outlooks are signals Top Ten Holdings
of future growth and performance.
Company Portfolio
Total Systems Services, Inc. (1.9%) was a top contributor to
returns in the quarter. Shares of the company spiked late in May Dollar General Corp 2.6%
following a report that Total Systems and Global Payments were Amphenol Corp 2.2%
in discussions around a potential acquisition. The reports were Fiserv Inc 2.1%
later confirmed when Global Payments announced it was seeking Ingersoll-Rand PLC 2.1%
to acquire Total Systems for roughly a 20% premium. We were Harris Corp 2.0%
encouraged by this news as our initial investment thesis was
SBA Communications Corp 2.0%
centered on the company’s compelling valuation and favorable
long-term fundamentals in a consolidating industry. We continue Total System Services Inc 1.9%
to monitor the position as both companies work towards finalizing Bright Horizons Family Solutions Inc 1.8%
the deal. HEICO Corp 1.8%

Fashion brand conglomerate PVH Corp. (0.7%) was a top Martin Marietta Materials Inc 1.7%
detractor from relative returns. We believe the stock’s decline can
be primarily attributed to broader macroeconomic trends, such as
slowdowns in North American and Chinese retail markets and FX Sector Weights
headwinds, rather than company-specific factors. We view these
issues as temporary and continue to like PVH for its stable free GS Growth Opportunities Fund Russell Mid Cap Growth Index
cash flow generation, solid balance sheet and strong consumer Information Technology 25.3
32.8
recognition among its leading brands, Calvin Klein and Tommy 17.0
Industrials 15.9
Hilfiger. We also believe that Calvin Klein’s strategic pivot
16.3
towards mid-range clothing could help the brand continue to gain Health Care 14.3
share. Additionally, we are positive on the company’s significant Consumer Discretionary
16.1
16.3
geographic diversity, which allows for more flexibility and global 6.1
growth opportunities moving forward. Consumer Staples 2.9
5.4
Financials 6.8
MKS Instruments, Inc., (0.9%) a global supplier of instruments,
Materials 4.0
subsystems and control solutions involved in advanced 3.5
manufacturing processes, was a top detractor from relative Cash and cash equivalents 3.2
0.0
returns. Shares slumped throughout May along with its
Real Estate 2.8
semiconductor equipment peers, feeling pressure from the break 2.3
down in trade talks between the US and China. MKS also Energy 2.1
1.3
announced that its CEO would be retiring in January 2020, which 1.9
Communication Services 3.9
introduced additional uncertainty. However, we remain confident
in management team’s ability to navigate the transition. Bigger 0% 10% 20% 30% 40%
picture, MKS may continue to see accelerating fundamentals as
Data as of 06/30/19.
3D NAND adoption and a cyclical pickup in capital spend drive a Fund holdings and allocations shown are unaudited, and may not be representative of
rebound in its semi-cap equipment business. We feel that the current or future investments. Fund holdings and allocations may not include the Fund’s
company is also poised to benefit from synergies from recent entire investment portfolio, which may change at any time. Fund holdings should not be
acquisitions and think that it’s positioned as one of the higher- relied on in making investment decisions and should not be construed as research or
investment advice regarding particular securities. Current and future holdings are subject
quality, best managed names within its industry. to risk.
Portfolio Review
We initiated a position in integrated circuits and electronic device
developer, Cadence Design Systems, Inc. (1.0%) The company’s
products include electronic design automation (EDA), software,
emulation hardware and intellectual property. We view ongoing
momentum across the EDA space and the entry into system
analysis via the Clarity 3D Solver tool as key drivers of future
returns.
We initiated a position in cosmetics, fragrance, skin care and hair
care retailer, Ulta Beauty, Inc. (0.9%) Its distinctive specialty retail
environment is marked by wide product breadth, value and
convenience. Margins are expected to expand across the
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Investment Commentary | Goldman Sachs Growth Opportunities Fund

industry and the company plans on growing its global footprint. We Top/Bottom Contributors to Return (as of 06/30/19)
believe that Ulta has an opportunity to gain market share through
higher brand awareness, increasing customer loyalty to existing Ending
stores, expansion of new stores and its own e-commerce efforts. Top Ten Weight (%) Relative Contribution (bps)
Heico Corp 1.3 29
During the quarter, we exited our position in Tiffany & Co. (0.0%) The
stock fell in anticipation of lower first quarter sales and profits Total System Services Inc 1.9 28
resulting from trade tensions with China as well as lower spending by Marvell Technology Group LTD 1.6 25
Chinese consumers. As the impact of future trade developments
Bright Horizons Family Solut 1.8 19
remains uncertain, we exited our position as to allocate capital
elsewhere. Chewy Inc - Class A 0.0 17
Harris Corp 2.0 15
We exited our position in John Bean Technologies, Corp. (0.0%)
during the quarter. The main aspects of our original investment thesis Ingersoll-Rand PLC 2.1 14
materialized, and the stock also reached our target valuation. We Coupa Software Inc 0.7 14
believe the company continues to be well-positioned in the food
Dollar General Corp 2.6 13
processing equipment market, but in our opinion, the valuation leaves
little room for any execution error. We see better opportunities Idexx Laboratories Inc 1.7 12
elsewhere in the industrial space; hence we decided to exit our Ending
position. Bottom Ten Weight (%) Relative Contribution (bps)
Strategy/Outlook Veeva Systems Inc-Class A 0.5 -11
Pra Health Sciences Inc 0.0 -13
After a very positive start to 2019, we continue to view equities as the
most favorable asset class, offering reasonable valuations relative to Zimmer Biomet Holdings Inc 0.9 -13
solid macro and corporate fundamentals. After a significant repricing Tiffany & Co 0.0 -14
of assets and market expectations in the fourth quarter of 2018, the
Agilent Technologies Inc 0.8 -14
market rebounded with the strongest first half since 1997 despite
geopolitical tensions and trade relations oscillating between positive Moderna Inc 0.4 -14
and negative developments. Equities were buoyed by declining 10 Godaddy Inc - Class A 1.6 -17
year treasury rates as investors expected potential rate cuts, a
Agios Pharmaceuticals Inc 0.5 -18
dramatic shift from the Federal Reserve’s actions at this point last
year. While we’re encouraged by the strong start to the year, we do MKS Instruments Inc 0.9 -20
expect to see more signals of an aging cycle moving forward, which PVH Corp 0.7 -24
may be challenging to navigate and require more selectivity by
Past performance does not guarantee future results, which may vary.
investors. Yet without clearer indications of deteriorating
fundamentals, we think it is too early to position for a downturn in
global growth or corporate earnings.
For the remainder of 2019, we expect choppier conditions. Within this
more volatile backdrop, we believe a thorough understanding of both
market and company specific variables will be crucial to navigating
the evolving landscape. With that said, our investment philosophy
won’t change based on short term fluctuations in markets. We plan to
maintain our focus on high-quality companies with strong market
positions and experienced management teams. In our opinion,
emphasizing these durable businesses can potentially set up
portfolios to outperform amidst heightened volatility.

Goldman Sachs Asset Management | 3

Investment Commentary | Goldman Sachs Growth Opportunities Fund

Risk Considerations
The Goldman Sachs Growth Opportunities Fund invests primarily in U.S. equity investments with a primary focus on mid-capitalization
companies. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in
response to the prospects of individual companies, particular sectors or governments and/or general economic conditions. The securities of mid- and
small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more
abrupt or erratic price movements. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may
underperform other funds that invest in similar asset classes.
General Disclosures
Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These
forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be
reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a
broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market
conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morga n Stanley Capital International Inc. (MSCI) and
Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or
compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to suc h standard or classification (or the results to be
obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, complet eness, merchantability or fitness for a particular purpose
with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, a ny of their affiliates or any third party involved in making
or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequenti al or any other damages (including lost profits) even if
notified of the possibility of such damages.
Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire
investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice
regarding particular securities. Current and future holdings are subject to risk.
This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or
investment advice. This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in
compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial
research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates.
Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates
or changes.
Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as
of the date of this presentation and may be subject to change, they should not be construed as investment advice.
The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index is unmanaged and the figures for the Index do
not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
The Russell Midcap Growth Index is an unmanaged index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted
growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
The Russell 2000 index is an index measuring the performance of approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S.
stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States
A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized
dealer or from Goldman Sachs & Co. LLC by calling (retail: 1-800-526-7384) (institutional: 1-800-621-2550). Please consider a fund’s
objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing.
The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.
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© 2019 Goldman Sachs. All rights reserved. Date of first use: July 23, 2019. 173404-OTU-07/2019

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