Goldman Sachs Trust II NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22781

Goldman Sachs Trust II

(Exact name of registrant as specified in charter)

200 West Street

15th Floor

New York, New York 10282

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2021

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

LOGO



Semi-Annual Report	February 28, 2021

	Target Date Portfolios
	Target Date Retirement	Target Date 2035	Target Date 2050
	Target Date 2025	Target Date 2040	Target Date 2055
	Target Date 2030	Target Date 2045	Target Date 2060

LOGO

Goldman Sachs Target Date Portfolios

∎

TARGET DATE RETIREMENT

∎

TARGET DATE 2025

∎

TARGET DATE 2030

∎

TARGET DATE 2035

∎

TARGET DATE 2040

∎

TARGET DATE 2045

∎

TARGET DATE 2050

∎

TARGET DATE 2055

∎

TARGET DATE 2060


TABLE OF CONTENTS

Fund Basics			1

Schedules of Investments			19

Financial Statements			28

Financial Highlights

Target Date Retirement			39

Target Date 2025			45

Target Date 2030			51

Target Date 2035			57

Target Date 2040			63

Target Date 2045			69

Target Date 2050			75

Target Date 2055			81

Target Date 2060			87

Notes to Financial Statements			93

Other Information			126



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Target Date Retirement Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2020 Index (Total Return, Unhedged, USD)²
Class A		4.36	%		4.86	%
Institutional		4.57			4.86
Service		4.59			4.86
Investor		4.52			4.86
Class R6		4.59			4.86
Class R		4.31			4.86

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

The S&P Target Date To 2020 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Portfolio’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Returns less than 12 months are cumulative, not annualized.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs Access U.S. Aggregate Bond ETF		26.4	%	Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		13.6		Exchange Traded Funds
Goldman Sachs MarketBeta U.S. Equity ETF		11.2		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		10.8		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		10.4		Exchange Traded Funds
Goldman Sachs Access Inflation Protected USD Bond ETF		6.4		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		6.0		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		3.9		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		3.1		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		1.3		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Holdings	As of February 28, 2021			As of August 31, 2020

Bond Funds		59.1	%		59.1	%
Stock Funds		22.9			21.7
Foreign Stock Funds		16.1			13.4
Investment Companies (other than Exchange-Traded Funds)		0.8			4.1

The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each fund type reflects the value of that fund type as a percentage of the Portfolio’s net assets. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities.

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

FUND BASICS

Target Date 2025 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2025 Index (Total Return, Unhedged, USD)²
Class A		5.48	%		6.98	%
Institutional		5.67			6.98
Service		5.65			6.98
Investor		5.52			6.98
Class R6		5.58			6.98
Class R		5.28			6.98

The S&P Target Date To 2025 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs Access U.S. Aggregate Bond ETF		23.0	%	Exchange Traded Funds
Goldman Sachs MarketBeta U.S. Equity ETF		13.1		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		12.4		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		12.0		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		11.5		Exchange Traded Funds
Goldman Sachs Access Inflation Protected USD Bond ETF		6.0		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		5.5		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		4.1		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		3.4		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		1.8		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Percentage of Net Assets	As of February 28, 2021			As of August 31, 2020

Bond Funds		52.0	%		49.7	%
Stock Funds		27.1			29.5
Foreign Stock Funds		19.1			18.4
Investment Companies (other than Exchange-Traded Funds)		0.6			0.9

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

FUND BASICS

Target Date 2030 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2030 Index (Total Return, Unhedged, USD)²
Class A		6.54	%		9.06	%
Institutional		6.73			9.06
Service		6.77			9.06
Investor		6.75			9.06
Class R6		6.76			9.06
Class R		6.43			9.06

The S&P Target Date To 2030 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs Access U.S. Aggregate Bond ETF		19.1	%	Exchange Traded Funds
Goldman Sachs MarketBeta U.S. Equity ETF		15.5		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		14.1		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		13.5		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		9.7		Exchange Traded Funds
Goldman Sachs Access Inflation Protected USD Bond ETF		5.8		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		4.9		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		4.2		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		3.1		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		2.6		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Holdings	As of February 28, 2021			As of August 31, 2020

Bond Funds		44.9	%		41.9	%
Stock Funds		31.9			33.9
Foreign Stock Funds		21.3			21.4
Investment Companies (other than Exchange-Traded Funds)		1.1			1.5

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

FUND BASICS

Target Date 2035 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2035 Index (Total Return, Unhedged, USD)²
Class A		8.76	%		10.83	%
Institutional		8.98			10.83
Service		8.99			10.83
Investor		8.89			10.83
Class R6		9.00			10.83
Class R		8.72			10.83

The S&P Target Date To 2035 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		19.9	%	Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		19.8		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		18.4		Exchange Traded Funds
Goldman Sachs Access U.S. Aggregate Bond ETF		9.6		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		5.2		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		5.1		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		4.3		Exchange Traded Funds
Goldman Sachs Access Inflation Protected USD Bond ETF		3.9		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.9		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		2.7		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Percentage of Net Assets	As of February 28, 2021			As of August 31, 2020

Stock Funds		42.7	%		39.7	%
Bond Funds		28.2			33.5
Foreign Stock Funds		26.8			24.6
Investment Companies (other than Exchange-Traded Funds)		1.3			0.7

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

FUND BASICS

Target Date 2040 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2040 Index (Total Return, Unhedged, USD)²
Class A		11.15	%		12.39	%
Institutional		11.26			12.39
Service		11.25			12.39
Investor		11.27			12.39
Class R6		11.28			12.39
Class R		10.89			12.39

The S&P Target Date To 2040 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		24.0	%	Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		23.3		Exchange Traded Funds
Goldman Sachs MarketBeta U.S. Equity ETF		22.9		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		7.1		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		4.9		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		3.8		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.1		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		1.9		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		1.6		Exchange Traded Funds
Goldman Sachs Access U.S. Aggregate Bond ETF		1.5		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Percentage of Net Assets	As of February 28, 2021			As of August 31, 2020

Stock Funds		52.0	%		47.3	%
Foreign Stock Funds		34.3			28.9
Bond Funds		12.3			22.3
Investment Companies (other than Exchange-Traded Funds)		0.3			0.0

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

FUND BASICS

Target Date 2045 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2045 Index (Total Return, Unhedged, USD)²
Class A		12.19	%		13.31	%
Institutional		12.45			13.31
Service		12.38			13.31
Investor		12.40			13.31
Class R6		12.39			13.31
Class R		12.03			13.31

The S&P Target Date To 2045 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		24.3	%	Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		24.3		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		23.4		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		8.0		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		5.1		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		3.4		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.2		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.9		Exchange Traded Funds
Goldman Sachs Access High Yield Corporate Bond ETF		0.9		Exchange Traded Funds
iShares Global Infrastructure ETF		0.8		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Holdings	As of February 28,2021			As of August 31, 2020

Stock Funds		54.0	%		53.2	%
Foreign Stock Funds		35.5			34.7
Bond Funds		7.5			9.3
Investment Companies (other than Exchange-Traded Funds)		1.8			1.1

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

FUND BASICS

Target Date 2050 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2050 Index (Total Return, Unhedged, USD)²
Class A		12.37	%		13.90	%
Institutional		12.53			13.90
Service		12.49			13.90
Investor		12.46			13.90
Class R6		12.54			13.90
Class R		12.11			13.90

The S&P Target Date To 2050 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		24.6	%	Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		24.3		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		23.7		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		7.5		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		4.7		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		3.6		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.4		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.9		Exchange Traded Funds
Goldman Sachs Access High Yield Corporate Bond ETF		1.0		Exchange Traded Funds
iShares Global Infrastructure ETF		0.9		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Percentage of Net Assets	As of February 28, 2021			As of August 31, 2020

Stock Funds		53.8	%		53.5	%
Foreign Stock Funds		35.5			35.4
Bond Funds		7.8			7.9
Investment Companies (other than Exchange-Traded Funds)		1.7			1.5

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

FUND BASICS

Target Date 2055 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2055 Index (Total Return, Unhedged, USD)²
Class A		12.15	%		14.12	%
Institutional		12.49			14.12
Service		12.43			14.12
Investor		12.39			14.12
Class R6		12.48			14.12
Class R		12.04			14.12

The S&P Target Date To 2055 Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		24.3	%	Exchange Traded Funds
Goldman Sachs MarketBeta U.S. Equity ETF		24.1		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		23.5		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		8.0		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		5.0		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		3.4		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.1		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.9		Exchange Traded Funds
Goldman Sachs Access High Yield Corporate Bond ETF		0.9		Exchange Traded Funds
iShares Global Infrastructure ETF		0.8		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holdings exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Holdings	As of February 28, 2021			As of August 31, 2020

Stock Funds		53.7	%		53.4	%
Foreign Stock Funds		35.4			35.2
Bond Funds		7.4			8.1
Investment Companies (other than Exchange-Traded Funds)		2.1			1.6

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

FUND BASICS

Target Date 2060 Portfolio

as of February 28, 2021


PERFORMANCE REVIEW

September 1, 2020–February 28, 2021	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2060+ Index (Total Return, Unhedged, USD)²
Class A		12.24	%		14.30	%
Institutional		12.39			14.30
Service		12.39			14.30
Investor		12.37			14.30
Class R6		12.41			14.30
Class R		12.02			14.30

The S&P Target Date To 2060+ Index (Total Return, Unhedged, USD) is part of the S&P Target Date Index Series, which is a component of the S&P Target Allocation Index Family, and is related to the S&P Target Risk Index Series. Both series are broadly representative of the investment opportunity available to investors in target date and target risk funds, respectively. The index series reflects the market consensus for asset allocations for different target date horizons. In particular, each index is representative of the investment opportunity available to investors for the corresponding target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon.

FUND BASICS


TOP TEN HOLDINGS AS OF 2/28/21‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		24.8	%	Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		24.6		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		23.7		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		8.0		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		5.1		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		3.5		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		2.9		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.9		Exchange Traded Funds
Goldman Sachs Access High Yield Corporate Bond ETF		1.0		Exchange Traded Funds
iShares Global Infrastructure ETF		0.8		Exchange Traded Funds

‡

The top 10 holdings may not be representative of the Portfolio’s future investments. The top 10 holding exclude investments in money market funds.


PORTFOLIO COMPOSITION*

Holdings	As of February 28, 2021			As of August 31, 2020

Stock Funds		54.7	%		54.7	%
Foreign Stock Funds		35.4			34.5
Bond Funds		7.6			7.8
Investment Companies (other than Exchange-Traded Funds)		1.4			1.6

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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 98.1%
Bond Funds – 59.1%
	1,864	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	92,641
	8,727	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		494,472
	19,235	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		1,042,537
	41,630	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		2,030,712
	879	Invesco Senior Loan ETF		19,514
	2,261	iShares JP Morgan EM Local Currency Bond ETF		98,806
	2,701	iShares JP Morgan USD Emerging Markets Bond ETF		297,191
	4,468	Vanguard Long-Term Corporate Bond ETF		464,940

				4,540,813

Foreign Stock Funds – 16.1%
	6,103	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		240,031
	25,720	Goldman Sachs ActiveBeta International Equity ETF^(a)		827,412
	1,586	iShares Global Infrastructure ETF		68,182
	1,478	iShares MSCI EAFE Small-Cap ETF		103,755

				1,239,380

Stock Funds – 22.9%
	10,440	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		796,781
	1,352	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		82,780
	16,172	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		862,488
	173	Health Care Select Sector SPDR Fund		19,482

				1,761,531

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $6,884,500)		$	7,541,724

Shares		Dividend Rate	Value

Investment Company^(a) – 0.8%
	Goldman Sachs Financial Square Government Fund – Class R6
	59,282	0.036%	$	59,282
	(Cost $59,282)

	TOTAL INVESTMENTS – 98.9%
	(Cost $6,943,782)		$	7,601,006

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			85,509

	NET ASSETS – 100.0%		$	7,686,515



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	2	03/19/21	$	219,920	$	(2,886	)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 98.2%
Bond Funds – 52.0%
	1,705	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	84,739
	9,540	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		540,536
	19,067	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		1,033,432
	42,258	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		2,061,345
	937	Invesco Senior Loan ETF		20,801
	3,008	iShares JP Morgan EM Local Currency Bond ETF		131,450
	2,736	iShares JP Morgan USD Emerging Markets Bond ETF		301,042
	4,754	Vanguard Long-Term Corporate Bond ETF		494,701

				4,668,046

Foreign Stock Funds – 19.1%
	9,416	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		370,331
	34,683	Goldman Sachs ActiveBeta International Equity ETF^(a)		1,115,752
	2,325	iShares Global Infrastructure ETF		99,952
	1,889	iShares MSCI EAFE Small-Cap ETF		132,608

				1,718,643

Stock Funds – 27.1%
	14,138	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,079,012
	2,618	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		160,295
	22,032	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		1,175,015
	185	Health Care Select Sector SPDR Fund		20,833

				2,435,155

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $7,967,645)		$	8,821,844

Shares		Dividend Rate	Value

Investment Company^(a) – 0.6%
	Goldman Sachs Financial Square Government Fund – Class R6
	55,473	0.036%	$	55,473
	(Cost $55,473)

	TOTAL INVESTMENTS – 98.8%
	(Cost $8,023,118)		$	8,877,317

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%			104,396

	NET ASSETS – 100.0%		$	8,981,713



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
E-Mini Russell 2000 Index	2	03/19/21	$	219,920	$	(2,886	)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 98.1%
Bond Funds – 44.9%
	1,146	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	56,956
	5,701	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		323,019
	10,002	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		542,108
	21,949	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		1,070,672
	607	Invesco Senior Loan ETF		13,475
	1,340	iShares JP Morgan EM Local Currency Bond ETF		58,558
	1,591	iShares JP Morgan USD Emerging Markets Bond ETF		175,058
	2,629	Vanguard Long-Term Corporate Bond ETF		273,574

				2,513,420

Foreign Stock Funds – 21.3%
	6,032	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		237,238
	24,540	Goldman Sachs ActiveBeta International Equity ETF^(a)		789,452
	1,112	iShares Global Infrastructure ETF		47,805
	1,673	iShares MSCI EAFE Small-Cap ETF		117,445

				1,191,940

Stock Funds – 31.9%
	9,867	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		753,050
	2,394	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		146,580
	16,277	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		868,088
	120	Health Care Select Sector SPDR Fund		13,513

				1,781,231

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $4,891,802)		$	5,486,591

Shares		Dividend Rate	Value

Investment Company^(a) – 1.1%
	Goldman Sachs Financial Square Government Fund – Class R6
	60,668	0.036%	$	60,668
	(Cost $60,668)

	TOTAL INVESTMENTS – 99.2%
	(Cost $4,952,470)		$	5,547,259

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%			45,739

	NET ASSETS – 100.0%		$	5,592,998



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviation:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Russell 2000 Index

03/19/21

109,960

14,870


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 97.7%
Bond Funds – 28.2%
	1,685	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	83,744
	5,327	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		301,828
	7,175	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		388,885
	15,033	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		733,310
	837	Invesco Senior Loan ETF		18,581
	1,760	iShares JP Morgan EM Local Currency Bond ETF		76,912
	2,020	iShares JP Morgan USD Emerging Markets Bond ETF		222,261
	3,192	Vanguard Long-Term Corporate Bond ETF		332,160

				2,157,681

Foreign Stock Funds – 26.8%
	10,117	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		397,902
	43,831	Goldman Sachs ActiveBeta International Equity ETF^(a)		1,410,043
	1,606	iShares Global Infrastructure ETF		69,042
	2,493	iShares MSCI EAFE Small-Cap ETF		175,008

				2,051,995

Stock Funds – 42.7%
	19,909	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,519,455
	3,348	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		204,992
	28,638	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		1,527,327
	165	Health Care Select Sector SPDR Fund		18,581

				3,270,355

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $6,429,113)		$	7,480,031

Shares		Dividend Rate	Value

Investment Company^(a) – 1.3%
	Goldman Sachs Financial Square Government Fund – Class R6
	100,127	0.036%	$	100,127
	(Cost $100,127)

	TOTAL INVESTMENTS – 99.0%
	(Cost $6,529,240)		$	7,580,158

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%			79,066

	NET ASSETS – 100.0%		$	7,659,224



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Russell 2000 Index

03/19/21

219,920

28,836


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 98.6%
Bond Funds – 12.3%
	2,126	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	105,662
	2,044	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		115,813
	2,526	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		136,909
	2,602	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		126,926
	926	Invesco Senior Loan ETF		20,557
	1,561	iShares JP Morgan EM Local Currency Bond ETF		68,216
	1,480	iShares JP Morgan USD Emerging Markets Bond ETF		162,844
	3,107	Vanguard Long-Term Corporate Bond ETF		323,315

				1,060,242

Foreign Stock Funds – 34.3%
	15,523	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		610,520
	62,231	Goldman Sachs ActiveBeta International Equity ETF^(a)		2,001,971
	1,637	iShares Global Infrastructure ETF		70,375
	3,812	iShares MSCI EAFE Small-Cap ETF		267,602

				2,950,468

Stock Funds – 52.0%
	26,968	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		2,058,198
	6,865	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		420,331
	36,858	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		1,965,718
	183	Health Care Select Sector SPDR Fund		20,607

				4,464,854

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $6,948,799)		$	8,475,564

Shares		Dividend Rate	Value

Investment Company^(a) – 0.3%
	Goldman Sachs Financial Square Government Fund – Class R6
	22,283	0.036%	$	22,283
	(Cost $22,283)

	TOTAL INVESTMENTS – 98.9%
	(Cost $6,971,082)		$	8,497,847

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%			95,117

	NET ASSETS – 100.0%		$	8,592,964



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		– Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Russell 2000 Index

03/19/21

219,920

28,836


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 97.0%
Bond Funds – 7.5%
	1,602	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	79,620
	963	Invesco Senior Loan ETF		21,379
	2,354	iShares JP Morgan USD Emerging Markets Bond ETF		259,010
	2,953	Vanguard Long-Term Corporate Bond ETF		307,289

				667,298

Foreign Stock Funds – 35.5%
	18,334	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		721,076
	65,202	Goldman Sachs ActiveBeta International Equity ETF^(a)		2,097,548
	1,739	iShares Global Infrastructure ETF		74,760
	4,051	iShares MSCI EAFE Small-Cap ETF		284,380

				3,177,764

Stock Funds – 54.0%
	28,519	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		2,176,570
	7,524	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		460,680
	40,880	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		2,180,221
	190	Health Care Select Sector SPDR Fund		21,396

				4,838,867

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $7,022,153)		$	8,683,929

Shares		Dividend Rate	Value

Investment Company^(a) – 1.8%
	Goldman Sachs Financial Square Government Fund – Class R6
	162,932	0.036%	$	162,932
	(Cost $162,932)

	TOTAL INVESTMENTS – 98.8%
	(Cost $7,185,085)		$	8,846,861

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%			111,912

	NET ASSETS – 100.0%		$	8,958,773



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Russell 2000 Index

03/19/21

219,920

28,836


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 97.1%
Bond Funds – 7.8%
	1,558	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	77,432
	849	Invesco Senior Loan ETF		18,848
	2,074	iShares JP Morgan USD Emerging Markets Bond ETF		228,202
	2,661	Vanguard Long-Term Corporate Bond ETF		276,904

				601,386

Foreign Stock Funds – 35.5%
	14,836	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		583,500
	57,203	Goldman Sachs ActiveBeta International Equity ETF^(a)		1,840,220	��
	1,598	iShares Global Infrastructure ETF		68,698
	3,723	iShares MSCI EAFE Small-Cap ETF		261,355

				2,753,773

Stock Funds – 53.8%
	24,690	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,884,341
	5,906	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		361,613
	35,745	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		1,906,360
	171	Health Care Select Sector SPDR Fund		19,256

				4,171,570

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $6,103,857)		$	7,526,729

Shares		Dividend Rate	Value

Investment Company^(a) – 1.7%
	Goldman Sachs Financial Square Government Fund – Class R6
	135,490	0.036%	$	135,490
	(Cost $135,490)

	TOTAL INVESTMENTS – 98.8%
	(Cost $6,239,347)		$	7,662,219

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%			89,861

	NET ASSETS – 100.0%		$	7,752,080



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Russell 2000 Index

03/19/21

219,920

28,836


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 96.5%
Bond Funds – 7.4%
	1,509	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	74,997
	916	Invesco Senior Loan ETF		20,335
	2,227	iShares JP Morgan USD Emerging Markets Bond ETF		245,037
	2,808	Vanguard Long-Term Corporate Bond ETF		292,201

				632,570

Foreign Stock Funds – 35.4%
	17,267	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		679,111
	62,291	Goldman Sachs ActiveBeta International Equity ETF^(a)		2,003,901
	1,627	iShares Global Infrastructure ETF		69,945
	3,791	iShares MSCI EAFE Small-Cap ETF		266,128

				3,019,085

Stock Funds – 53.7%
	27,140	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		2,071,325
	6,941	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		424,984
	38,617	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		2,059,530
	181	Health Care Select Sector SPDR Fund		20,382

				4,576,221

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $6,665,194)		$	8,227,876

Shares		Dividend Rate	Value

Investment Company^(a) – 2.1%
	Goldman Sachs Financial Square Government Fund – Class R6
	180,283	0.036%	$	180,283
	(Cost $180,283)

	TOTAL INVESTMENTS – 98.6%
	(Cost $6,845,477)		$	8,408,159

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%			120,530

	NET ASSETS – 100.0%		$	8,528,689



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Russell 2000 Index

03/19/21

219,920

28,836


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

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Schedule of Investments

February 28, 2021 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 97.7%
Bond Funds – 7.6%
	1,972	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	98,008
	1,054	Invesco Senior Loan ETF		23,399
	2,561	iShares JP Morgan USD Emerging Markets Bond ETF		281,787
	3,263	Vanguard Long-Term Corporate Bond ETF		339,548

				742,742

Foreign Stock Funds – 35.4%
	19,910	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		783,061
	71,653	Goldman Sachs ActiveBeta International Equity ETF^(a)		2,305,077
	1,724	iShares Global Infrastructure ETF		74,115
	4,015	iShares MSCI EAFE Small-Cap ETF		281,852

				3,444,105

Stock Funds – 54.7%
	31,372	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		2,394,311
	8,145	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		498,703
	45,330	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		2,417,549
	208	Health Care Select Sector SPDR Fund		23,423

				5,333,986

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $7,747,036)		$	9,520,833

Shares		Dividend Rate	Value

Investment Company^(a) – 1.4%
	Goldman Sachs Financial Square Government Fund – Class R6
	138,986	0.036%	$	138,986
	(Cost $138,986)

	TOTAL INVESTMENTS – 99.1%
	(Cost $7,886,022)		$	9,659,819

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%			83,833

	NET ASSETS – 100.0%		$	9,743,652



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)		Represents affiliated funds.



Investment Abbreviations:
ETF		—Exchange Traded Fund

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At February 28, 2021, the Portfolio had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

E-Mini Russell 2000 Index

03/19/21

219,920

28,836


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)


	Target Date Retirement Portfolio			Target Date 2025 Portfolio		Target Date 2030 Portfolio
Assets:
Investments of unaffiliated issuers, at value (cost $1,023,538, $1,142,660 and $651,011)	$	1,071,870		$	1,201,387	$	699,428
Investments of affiliated issuers, at value (cost $5,920,244, $6,880,458 and $4,301,459)		6,529,136			7,675,930		4,847,831
Cash		136,132			148,417		107,328
Receivables:
Reimbursement from investment adviser		20,497			20,760		20,504
Collateral on futures contracts^(a)		14,300			14,300		7,150
Portfolio shares sold		526			3,824		3,338
Other assets		33,028			33,043		32,940
Total assets		7,805,489			9,097,661		5,718,519

Liabilities:
Variation margin on futures contracts		51			80		39
Payables:
Distribution and Service fees and Transfer Agency fees		225			387		368
Portfolio shares redeemed		—			234		—
Management fees		—			—		66
Accrued expenses		118,698			115,247		125,048
Total liabilities		118,974			115,948		125,521

Net Assets:
Paid-in capital		6,643,156			7,692,800		4,678,905
Total distributable earnings		1,043,359			1,288,913		914,093
NET ASSETS	$	7,686,515		$	8,981,713	$	5,592,998
Net Assets:
Class A	$	190,101		$	375,803	$	480,174
Institutional		13,532			7,622,833		17,177
Service		13,226			13,846		14,263
Investor		292,958			38,595		1,070,582
Class R6		7,163,586			916,911		3,996,672
Class R		13,112			13,725		14,130
Total Net Assets	$	7,686,515		$	8,981,713	$	5,592,998
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		19,102			32,492		52,471
Institutional		1,354			659,544		1,865
Service		1,326			1,200		1,521
Investor		29,368			3,341		116,609
Class R6		716,326			79,172		433,970
Class R		1,317			1,191		1,544
Net asset value, offering and redemption price per share:^(b)
Class A		$9.95			$11.57		$9.15
Institutional		9.99			11.56		9.21
Service		9.98	^(c)		11.54		9.38
Investor		9.98			11.55		9.18
Class R6		10.00			11.58		9.21
Class R		9.96			11.52		9.15

(a)

Segregated for initial margin and/or collateral.

(b)

Maximum public offering price per share for Class A Shares of the Target Date Retirement, Target Date 2025 and Target Date 2030 Portfolios is $10.53, $12.24 and $9.68, respectively.

(c)

Net asset value may not recalculate due to rounding of fractional shares.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Assets and Liabilities (continued)

February 28, 2021 (Unaudited)


	Target Date 2035 Portfolio			Target Date 2040 Portfolio			Target Date 2045 Portfolio
Assets:
Investments of unaffiliated issuers, at value (cost $832,281, $845,186 and $877,941)	$	912,545		$	933,516		$	968,214
Investments of affiliated issuers, at value (cost $5,696,959, $6,125,896 and $6,307,144)		6,667,613			7,564,331			7,878,647
Cash		127,677			150,522			155,252
Receivables:
Reimbursement from investment adviser		20,510			20,694			20,447
Collateral on futures contracts^(a)		14,300			14,300			14,300
Portfolio shares sold		116			453			5,598
Other assets		33,011			33,034			33,038
Total assets		7,775,772			8,716,850			9,075,496

Liabilities:
Variation margin on futures contracts		79			79			79
Payables:
Distribution and Service fees and Transfer Agency fees		343			209			386
Portfolio shares redeemed		—			597			—
Management fees		97			98			308
Accrued expenses		116,029			122,903			115,950
Total liabilities		116,548			123,886			116,723

Net Assets:
Paid-in capital		6,169,843			6,765,555			7,041,312
Total distributable earnings		1,489,381			1,827,409			1,917,461
NET ASSETS	$	7,659,224		$	8,592,964		$	8,958,773
Net Assets:
Class A	$	318,054		$	111,513		$	288,204
Institutional		7,056,096			16,309			7,868,443
Service		14,816			15,338			15,557
Investor		50,365			255,462			223,246
Class R6		205,210			8,179,140			547,903
Class R		14,683			15,202			15,420
Total Net Assets	$	7,659,224		$	8,592,964		$	8,958,773
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		27,223			11,981			24,030
Institutional		601,618			1,740			652,454
Service		1,267			1,641			1,293
Investor		4,300			27,328			18,549
Class R6		17,509			872,191			45,469
Class R		1,257			1,634			1,286
Net asset value, offering and redemption price per share:^(b)
Class A		$11.68			$9.31			$11.99
Institutional		11.73			9.37			12.06
Service		11.70	^(c)		9.34	^(c)		12.03
Investor		11.71			9.35			12.04
Class R6		11.72			9.38			12.05
Class R		11.68			9.30			11.99

(a)

Segregated for initial margin and/or collateral.

(b)

Maximum public offering price per share for Class A Shares of the Target Date 2035, Target Date 2040 and Target Date 2045 Portfolios is $12.36, $9.85 and $12.69, respectively.

(c)

Net asset value may not recalculate due to rounding of fractional shares.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Assets and Liabilities (continued)

February 28, 2021 (Unaudited)


	Target Date 2050 Portfolio			Target Date 2055 Portfolio		Target Date 2060 Portfolio
Assets:
Investments of unaffiliated issuers, at value (cost $788,999, $828,284 and $936,892)	$	873,262		$	914,028	$	1,024,124
Investments of affiliated issuers, at value (cost $5,450,348, $6,017,193 and $6,949,130)		6,788,957			7,494,131		8,635,695
Cash		139,051			148,461		159,292
Receivables:
Reimbursement from investment adviser		20,481			20,397		19,793
Collateral on futures contracts^(a)		14,300			14,300		14,300
Portfolio shares sold		769			20,756		—
Other assets		33,004			33,027		27,686
Total assets		7,869,824			8,645,100		9,880,890

Liabilities:
Variation margin on futures contracts		78			79		79
Payables:
Distribution and Service fees and Transfer Agency fees		298			391		183
Management fees		276			292		331
Accrued expenses		117,092			115,649		136,645
Total liabilities		117,744			116,411		137,238

Net Assets:
Paid-in capital		6,024,716			6,783,284		7,652,202
Total distributable earnings		1,727,364			1,745,405		2,091,450
NET ASSETS	$	7,752,080		$	8,528,689	$	9,743,652
Net Assets:
Class A	$	516,769		$	266,793	$	72,265
Institutional		25,922			7,783,300		13,544
Service		15,701			15,869		13,386
Investor		165,162			329,284		13,491
Class R6		7,012,964			102,641		9,617,664
Class R		15,562			30,802		13,302
Total Net Assets	$	7,752,080		$	8,528,689	$	9,743,652
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		48,662			22,970		5,673
Institutional		2,428			666,065		1,060
Service		1,475			1,362		1,049
Investor		15,501			28,256		1,057
Class R6		656,867			8,760		753,130
Class R		1,465			2,664		1,044
Net asset value, offering and redemption price per share:^(b)
Class A		$10.62			$11.61		$12.74
Institutional		10.67	^(c)		11.69		12.77	^(c)
Service		10.64			11.65		12.76
Investor		10.65			11.65		12.77	^(c)
Class R6		10.68			11.72		12.77
Class R		10.62			11.56		12.74

(a)

Segregated for initial margin and/or collateral.

(b)

Maximum public offering price per share for Class A Shares of Target Date 2050, Target Date 2055 and Target Date 2060 Portfolios is $11.24, $12.29 and $13.48, respectively.

(c)

Net asset value may not recalculate due to rounding of fractional shares.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2021 (Unaudited)


	Target Date Retirement Portfolio			Target Date 2025 Portfolio			Target Date 2030 Portfolio
Investment income:

Dividends — unaffiliated issuers	$	23,260		$	22,098		$	11,584

Dividends — affiliated issuers		45,442			50,271			32,427

Total investment income		68,702			72,369			44,011

Expenses:

Professional fees		40,933			40,933			40,933

Registration fees		39,356			39,371			39,251

Custody, accounting and administrative services		20,530			20,517			20,414

Trustee fees		15,051			15,053			15,036

Printing and mailing costs		12,360			11,563			12,566

Management fees		9,523			10,295			6,502

Transfer Agency fees^(a)		1,584			1,870			1,784

Distribution and Service (12b-1) fees^(a)		286			478			547

Other		3,474			3,431			3,379

Total expenses		143,097			143,511			140,412

Less — expense reductions		(137,925	)		(138,191	)		(135,994	)

Net expenses		5,172			5,320			4,418

NET INVESTMENT INCOME		63,530			67,049			39,593

Realized and unrealized gain (loss):

Net realized gain from:

Investments — unaffiliated issuers		88,852			68,637			27,159

Investment — affiliated issuers		306,444			349,957			264,885

Futures contracts		77,288			44,604			26,376

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(97,652	)		(71,904	)		(19,380	)

Investments — affiliated issuers		(40,954	)		5,960			221

Futures contracts		(51,627	)		(27,867	)		5,785

Net realized and unrealized gain		282,351			369,387			305,046

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	345,881		$	436,436		$	344,639

(a)

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


	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Portfolio	Class A		Service		Class R		Class A		Institutional		Service		Investor		Class R6		Class R
Target Date Retirement Portfolio	$	222	$	32	$	32	$	151	$	2	$	2	$	374	$	1,044	$	11
Target Date 2025 Portfolio		411		34		33		279		1,477		3		32		68		11
Target Date 2030 Portfolio		479		34		34		325		4		3		879		561		12


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended February 28, 2021 (Unaudited)


	Target Date 2035 Portfolio			Target Date 2040 Portfolio			Target Date 2045 Portfolio
Investment income:

Dividends — unaffiliated issuers	$	14,039		$	11,624		$	11,423

Dividends — affiliated issuers		47,988			56,136			57,035

Total investment income		62,027			67,760			68,458

Expenses:

Professional fees		40,933			40,933			40,933

Registration fees		39,333			39,349			39,347

Custody, accounting and administrative services		20,610			20,507			20,500

Trustee fees		15,048			15,052			15,051

Printing and mailing costs		11,842			13,311			11,783

Management fees		9,120			10,108			10,371

Transfer Agency fees^(a)		1,672			1,470			1,935

Distribution and Service (12b-1) fees^(a)		425			199			375

Other		3,404			3,448			3,423

Total expenses		142,387			144,377			143,718

Less — expense reductions		(137,770	)		(140,461	)		(139,350	)

Net expenses		4,617			3,916			4,368

NET INVESTMENT INCOME		57,410			63,844			64,090

Realized and unrealized gain (loss):

Net realized gain from:

Investments — unaffiliated issuers		18,463			13,395			6,321

Investment — affiliated issuers		399,452			241,796			207,504

Futures contracts		53,637			53,637			70,126

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		642			13,987			27,848

Investments — affiliated issuers		91,572			476,505			620,418

Futures contracts		10,666			10,666			(11,176	)

Net realized and unrealized gain		574,432			809,986			921,041

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	631,842		$	873,830		$	985,131

(a)

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


	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Portfolio	Class A		Service		Class R		Class A		Institutional		Service		Investor		Class R6		Class R
Target Date 2035 Portfolio	$	355	$	35	$	35	$	241	$	1,343	$	3	$	40	$	33	$	12
Target Date 2040 Portfolio		127		36		36		86		4		3		211		1,154		12
Target Date 2045 Portfolio		302		36		37		206		1,471		3		173		70		12


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended February 28, 2021 (Unaudited)


	Target Date 2050 Portfolio			Target Date 2055 Portfolio			Target Date 2060 Portfolio
Investment income:

Dividends — unaffiliated issuers	$	10,020		$	10,783		$	12,197

Dividends — affiliated issuers		50,410			54,304			62,540

Total investment income		60,430			65,087			74,737

Expenses:

Professional fees		40,933			40,933			40,933

Registration fees		39,321			39,338			38,912

Custody, accounting and administrative services		20,590			20,367			20,239

Trustee fees		15,047			15,049			15,055

Printing and mailing costs		12,144			11,693			11,298

Management fees		9,176			9,884			11,353

Transfer Agency fees^(a)		1,640			1,935			1,418

Distribution and Service (12b-1) fees^(a)		821			385			130

Other		3,412			3,411			1,120

Total expenses		143,084			142,995			140,458

Less — expense reductions		(138,621	)		(138,597	)		(136,947	)

Net expenses		4,463			4,398			3,511

NET INVESTMENT INCOME		55,967			60,689			71,226

Realized and unrealized gain (loss):

Net realized gain from:

Investments — unaffiliated issuers		4,661			4,008			4,609

Investment — affiliated issuers		234,745			201,631			252,528

Futures contracts		87,872			87,872			87,834

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		27,435			27,710			27,184

Investments — affiliated issuers		484,494			572,553			646,044

Futures contracts		(16,909	)		(16,909	)		(16,909	)

Net realized and unrealized gain		822,298			876,865			1,001,290

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	878,265		$	937,554		$	1,072,516

(a)

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


	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Portfolio	Class A		Service		Class R		Class A		Institutional		Service		Investor		Class R6		Class R
Target Date 2050 Portfolio	$	748	$	37	$	36	$	508	$	5	$	3	$	132	$	980	$	12
Target Date 2055 Portfolio		282		37		66		192		1,454		3		253		11		22
Target Date 2060 Portfolio		68		31		31		46		2		2		11		1,347		10


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets


	Target Date Retirement Portfolio						Target Date 2025 Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	63,530		$	154,941		$	67,049		$	160,710
Net realized gain		472,584			263,554			463,198			225,222
Net change in unrealized gain (loss)		(190,233	)		256,025			(93,811	)		371,486
Net increase in net assets resulting from operations		345,881			674,520			436,436			757,418

Distributions to shareholders:
From distributable earnings:
Class A Shares		(9,054	)		(1,140	)		(9,622	)		(12,240	)
Institutional Shares		(689	)		(478	)		(224,799	)		(387,364	)
Service Shares		(636	)		(415	)		(369	)		(652	)
Investor Shares		(23,535	)		(47,136	)		(1,014	)		(34,076	)
Class R6 Shares		(364,705	)		(245,286	)		(10,342	)		(688	)
Class R Shares		(597	)		(399	)		(330	)		(633	)
Total distributions to shareholders		(399,216	)		(294,854	)		(246,476	)		(435,653	)

From share transactions:
Proceeds from sales of shares		91,239			539,558			738,666			638,635
Reinvestment of distributions		399,216			294,854			246,476			435,653
Cost of shares redeemed		(266,386	)		(1,156,350	)		(236,420	)		(1,192,551	)
Net increase (decrease) in net assets resulting from share transactions		224,069			(321,938	)		748,722			(118,263	)
TOTAL INCREASE		170,734			57,728			938,682			203,502

Net assets:
Beginning of period		7,515,781			7,458,053			8,043,031			7,839,529
End of period	$	7,686,515		$	7,515,781		$	8,981,713		$	8,043,031


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Target Date 2030 Portfolio						Target Date 2035 Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	39,593		$	102,341		$	57,410		$	147,239
Net realized gain		318,420			176,089			471,552			175,534
Net change in unrealized gain (loss)		(13,374	)		240,740			102,880			477,556
Net increase in net assets resulting from operations		344,639			519,170			631,842			800,329

Distributions to shareholders:
From distributable earnings:
Class A Shares		(7,570	)		(34,879	)		(6,574	)		(21,487	)
Institutional Shares		(335	)		(2,752	)		(181,488	)		(547,186	)
Service Shares		(232	)		(1,856	)		(341	)		(1,100	)
Investor Shares		(19,849	)		(289,355	)		(1,091	)		(94,718	)
Class R6 Shares		(77,086	)		(560,445	)		(5,236	)		(10,110	)
Class R Shares		(199	)		(2,088	)		(301	)		(1,079	)
Total distributions to shareholders		(105,271	)		(891,375	)		(195,031	)		(675,680	)

From share transactions:
Proceeds from sales of shares		493,493			484,441			183,524			349,451
Reinvestment of distributions		105,271			891,375			195,031			675,680
Cost of shares redeemed		(123,945	)		(1,750,172	)		(293,162	)		(1,556,149	)
Net increase (decrease) in net assets resulting from share transactions		474,819			(374,356	)		85,393			(531,018	)
TOTAL INCREASE (DECREASE)		714,187			(746,561	)		522,204			(406,369	)

Net assets:
Beginning of period		4,878,811			5,625,372			7,137,020			7,543,389
End of period	$	5,592,998		$	4,878,811		$	7,659,224		$	7,137,020


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Target Date 2040 Portfolio						Target Date 2045 Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	63,844		$	154,526		$	64,090		$	151,170
Net realized gain		308,828			168,596			283,951			153,975
Net change in unrealized gain		501,158			589,847			637,090			664,574
Net increase in net assets resulting from operations		873,830			912,969			985,131			969,719

Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,889	)		(12,663	)		(2,859	)		(18,008	)
Institutional Shares		(476	)		(2,111	)		(110,549	)		(682,308	)
Service Shares		(410	)		(2,016	)		(177	)		(1,301	)
Investor Shares		(7,443	)		(117,436	)		(2,751	)		(104,090	)
Class R6 Shares		(239,849	)		(1,081,445	)		(7,653	)		(27,396	)
Class R Shares		(370	)		(1,994	)		(137	)		(1,279	)
Total distributions to shareholders		(251,437	)		(1,217,665	)		(124,126	)		(834,382	)

From share transactions:
Proceeds from sales of shares		187,272			290,469			231,901			273,466
Reinvestment of distributions		251,437			1,217,665			124,126			834,382
Cost of shares redeemed		(223,403	)		(1,281,436	)		(14,351	)		(1,480,861	)
Net increase (decrease) in net assets resulting from share transactions		215,306			226,698			341,676			(373,013	)
TOTAL INCREASE (DECREASE)		837,699			(77,998	)		1,202,681			(237,676	)

Net assets:
Beginning of period		7,755,265			7,833,263			7,756,092			7,993,768
End of period	$	8,592,964		$	7,755,265		$	8,958,773		$	7,756,092


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Target Date 2050 Portfolio						Target Date 2055 Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020			For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	55,967		$	136,522		$	60,689		$	142,848
Net realized gain		327,278			149,803			293,511			114,522
Net change in unrealized gain		495,020			613,397			583,354			661,730
Net increase in net assets resulting from operations		878,265			899,722			937,554			919,100

Distributions to shareholders:
From distributable earnings:
Class A Shares		(17,348	)		(62,375	)		(2,807	)		(23,251	)
Institutional Shares		(774	)		(2,782	)		(107,111	)		(818,684	)
Service Shares		(443	)		(1,962	)		(176	)		(1,623	)
Investor Shares		(4,823	)		(174,877	)		(4,016	)		(101,821	)
Class R6 Shares		(216,665	)		(881,219	)		(1,147	)		(1,811	)
Class R Shares		(402	)		(1,938	)		(322	)		(1,604	)
Total distributions to shareholders		(240,455	)		(1,125,153	)		(115,579	)		(948,794	)

From share transactions:
Proceeds from sales of shares		185,996			522,755			146,642			254,128
Reinvestment of distributions		240,455			1,125,153			115,579			948,794
Cost of shares redeemed		(394,667	)		(1,524,870	)		(12,315	)		(1,144,815	)
Net increase in net assets resulting from share transactions		31,784			123,038			249,906			58,107
TOTAL INCREASE (DECREASE)		669,594			(102,393	)		1,071,881			28,413

Net assets:
Beginning of period		7,082,486			7,184,879			7,456,808			7,428,395
End of period	$	7,752,080		$	7,082,486		$	8,528,689		$	7,456,808


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Target Date 2060 Portfolio
	For the Six Months Ended February 28, 2021 (Unaudited)			For the Fiscal Year Ended August 31, 2020
From operations:
Net investment income	$	71,226		$	156,533
Net realized gain		344,971			80,155
Net change in unrealized gain		656,319			795,496
Net increase in net assets resulting from operations		1,072,516			1,032,184

Distributions to shareholders:
From distributable earnings:
Class A Shares		(980	)		(476	)
Institutional Shares		(262	)		(257	)
Service Shares		(223	)		(204	)
Investor Shares		(246	)		(243	)
Class R6 Shares		(187,286	)		(182,658	)
Class R Shares		(188	)		(190	)
Total distributions to shareholders		(189,185	)		(184,028	)

From share transactions:
Proceeds from sales of shares		83,149			56,024
Reinvestment of distributions		189,185			184,028
Cost of shares redeemed		(18,722	)		(8,539	)
Net increase in net assets resulting from share transactions		253,612			231,513
TOTAL INCREASE		1,136,943			1,079,669

Net assets:
Beginning of period		8,606,709			7,527,040
End of period	$	9,743,652		$	8,606,709


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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date Retirement Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.02		$	9.49		$	9.38		$	9.93		$	9.90		$	10.05

Net investment income^(b)		0.06			0.16			0.21			0.14			0.10			0.02

Net realized and unrealized gain (loss)		0.38			0.70			0.48			0.14			0.47			(0.17	)

Total from investment operations		0.44			0.86			0.69			0.28			0.57			(0.15	)

Distributions to shareholders from net investment income		(0.16	)		(0.18	)		(0.21	)		(0.16	)		(0.16	)		—

Distributions to shareholders from net realized gains		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.51	)		(0.33	)		(0.58	)		(0.83	)		(0.54	)		—

Net asset value, end of period	$	9.95		$	10.02		$	9.49		$	9.38		$	9.93		$	9.90

Total return^(c)		4.36	%		9.25	%		8.09	%		2.89	%		6.06	%		(1.49	)%

Net assets, end of period (in 000s)	$	190		$	160		$	66		$	57		$	16		$	10

Ratio of net expenses to average net assets^(d)		0.52	%^(e)		0.53	%		0.58	%		0.70	%		0.72	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		4.12	%^(e)		3.98	%		4.95	%		1.31	%		1.26	%^(e)		3.01	%^(e)

Ratio of net investment income to average net assets		1.26	%^(e)		1.67	%		2.36	%		1.45	%		1.21	%^(e)		0.94	%^(e)

Portfolio turnover rate^(f)		45	%		45	%		180	%		200	%		189	%		204	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)

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


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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date Retirement Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.06		$	9.55		$	9.42		$	9.96		$	9.91		$	10.05

Net investment income^(b)		0.08			0.20			0.24			0.18			0.13			0.03

Net realized and unrealized gain (loss)		0.38			0.69			0.50			0.14			0.48			(0.17	)

Total from investment operations		0.46			0.89			0.74			0.32			0.61			(0.14	)

Distributions to shareholders from net investment income		(0.18	)		(0.23	)		(0.24	)		(0.19	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.53	)		(0.38	)		(0.61	)		(0.86	)		(0.56	)		—

Net asset value, end of period	$	9.99		$	10.06		$	9.55		$	9.42		$	9.96		$	9.91

Total return^(c)		4.57	%		9.57	%		8.58	%		3.33	%		6.42	%		(1.39	)%

Net assets, end of period (in 000s)	$	14		$	13		$	12		$	11		$	10		$	10

Ratio of net expenses to average net assets^(d)		0.13	%^(e)		0.15	%		0.18	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.73	%^(e)		3.73	%		4.73	%		0.81	%		0.96	%^(e)		2.61	%^(e)

Ratio of net investment income to average net assets		1.67	%^(e)		2.15	%		2.69	%		1.93	%		1.66	%^(e)		1.34	%^(e)

Portfolio turnover rate^(f)		45	%		45	%		180	%		200	%		189	%		204	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date Retirement Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.02		$	9.51		$	9.38		$	9.93		$	9.90		$	10.05

Net investment income^(b)		0.08			0.16			0.20			0.14			0.09			0.02

Net realized and unrealized gain (loss)		0.38			0.69			0.49			0.12			0.48			(0.17	)

Total from investment operations		0.46			0.85			0.69			0.26			0.57			(0.15	)

Distributions to shareholders from net investment income		(0.15	)		(0.19	)		(0.19	)		(0.14	)		(0.16	)		—

Distributions to shareholders from net realized gains		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.50	)		(0.34	)		(0.56	)		(0.81	)		(0.54	)		—

Net asset value, end of period	$	9.98		$	10.02		$	9.51		$	9.38		$	9.93		$	9.90

Total return^(c)		4.59	%		9.09	%		8.04	%		2.73	%		6.02	%		(1.49	)%

Net assets, end of period (in 000s)	$	13		$	13		$	12		$	11		$	10		$	10

Ratio of net expenses to average net assets^(d)		0.14	%^(e)		0.65	%		0.69	%		0.80	%		0.82	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		4.23	%^(e)		4.24	%		5.23	%		1.31	%		1.46	%^(e)		3.11	%^(e)

Ratio of net investment income to average net assets		1.66	%^(e)		1.65	%		2.19	%		1.43	%		1.16	%^(e)		0.84	%^(e)

Portfolio turnover rate^(f)		45	%		45	%		180	%		200	%		189	%		204	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date Retirement Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.04		$	9.53		$	9.40		$	9.95		$	9.91		$	10.05

Net investment income^(b)		0.08			0.20			0.23			0.17			0.09			0.02

Net realized and unrealized gain (loss)		0.37			0.68			0.49			0.13			0.50			(0.16	)

Total from investment operations		0.45			0.88			0.72			0.30			0.59			(0.14	)

Distributions to shareholders from net investment income		(0.16	)		(0.22	)		(0.22	)		(0.18	)		(0.17	)		—

Distributions to shareholders from net realized gains		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.51	)		(0.37	)		(0.59	)		(0.85	)		(0.55	)		—

Net asset value, end of period	$	9.98		$	10.04		$	9.53		$	9.40		$	9.95		$	9.91

Total return^(c)		4.52	%		9.46	%		8.44	%		3.19	%		6.26	%		(1.39	)%

Net assets, end of period (in 000s)	$	293		$	505		$	1,180		$	894		$	323		$	10

Ratio of net expenses to average net assets^(d)		0.27	%^(e)		0.28	%		0.32	%		0.45	%		0.46	%^(e)		0.48	%^(e)

Ratio of total expenses to average net assets^(d)		3.88	%^(e)		3.97	%		4.95	%		0.97	%		1.07	%^(e)		2.75	%^(e)

Ratio of net investment income to average net assets		1.64	%^(e)		2.12	%		2.53	%		1.78	%		1.08	%^(e)		1.19	%^(e)

Portfolio turnover rate^(f)		45	%		45	%		180	%		200	%		189	%		204	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date Retirement Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016
Per Share Data

Net asset value, beginning of period	$	10.07		$	9.55		$	9.42		$	9.96		$	9.91		$	10.07

Net investment income^(a)		0.08			0.21			0.22			0.19			0.14			0.18

Net realized and unrealized gain		0.38			0.69			0.52			0.13			0.47			0.16

Total from investment operations		0.46			0.90			0.74			0.32			0.61			0.34

Distributions to shareholders from net investment income		(0.18	)		(0.23	)		(0.24	)		(0.19	)		(0.18	)		(0.17	)

Distributions to shareholders from net realized gains		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		(0.33	)

Total distributions		(0.53	)		(0.38	)		(0.61	)		(0.86	)		(0.56	)		(0.50	)

Net asset value, end of period	$	10.00		$	10.07		$	9.55		$	9.42		$	9.96		$	9.91

Total return^(b)		4.59	%		9.69	%		8.58	%		3.33	%		6.42	%		3.65	%

Net assets, end of period (in 000s)	$	7,164		$	6,812		$	6,176		$	44,900		$	47,589		$	53,671

Ratio of net expenses to average net assets^(c)		0.12	%^(d)		0.13	%		0.24	%		0.29	%		0.30	%^(d)		0.31	%

Ratio of total expenses to average net assets^(c)		3.74	%^(d)		3.73	%		2.46	%		0.80	%		0.94	%^(d)		0.76	%

Ratio of net investment income to average net assets		1.68	%^(d)		2.17	%		2.44	%		1.95	%		1.69	%^(d)		1.79	%

Portfolio turnover rate^(e)		45	%		45	%		180	%		200	%		189	%		204	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date Retirement Portfolio’s predecessor was the Madison Target Retirement 2020 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

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

(d)

Annualized.

(e)


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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date Retirement Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.00		$	9.49		$	9.37		$	9.92		$	9.90		$	10.05

Net investment income^(b)		0.05			0.14			0.19			0.12			0.08			0.01

Net realized and unrealized gain (loss)		0.38			0.70			0.48			0.13			0.47			(0.16	)

Total from investment operations		0.43			0.84			0.67			0.25			0.55			(0.15	)

Distributions to shareholders from net investment income		(0.12	)		(0.18	)		(0.18	)		(0.13	)		(0.15	)		—

Distributions to shareholders from net realized gains		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.47	)		(0.33	)		(0.55	)		(0.80	)		(0.53	)		—

Net asset value, end of period	$	9.96		$	10.00		$	9.49		$	9.37		$	9.92		$	9.90

Total return^(c)		4.31	%		8.97	%		7.82	%		2.61	%		5.86	%		(1.49	)%

Net assets, end of period (in 000s)	$	13		$	13		$	12		$	12		$	10		$	10

Ratio of net expenses to average net assets^(d)		0.77	%^(e)		0.78	%		0.83	%		0.94	%		0.97	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		4.37	%^(e)		4.36	%		5.27	%		1.45	%		1.61	%^(e)		3.25	%^(e)

Ratio of net investment income to average net assets		1.03	%^(e)		1.52	%		2.10	%		1.29	%		1.01	%^(e)		0.69	%^(e)

Portfolio turnover rate^(f)		45	%		45	%		180	%		200	%		189	%		204	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2025 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.27		$	10.81		$	10.93		$	10.61		$	9.82		$	10.00

Net investment income^(b)		0.07			0.19			0.22			0.15			0.12			0.02

Net realized and unrealized gain (loss)		0.55			0.85			0.38			0.42			0.75			(0.20	)

Total from investment operations		0.62			1.04			0.60			0.57			0.87			(0.18	)

Distributions to shareholders from net investment income		(0.18	)		(0.20	)		(0.29	)		(0.12	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.32	)		(0.58	)		(0.72	)		(0.25	)		(0.08	)		—

Net asset value, end of period	$	11.57		$	11.27		$	10.81		$	10.93		$	10.61		$	9.82

Total return^(c)		5.48	%		9.89	%		6.35	%		5.42	%		8.77	%		(1.70	)%

Net assets, end of period (in 000s)	$	376		$	255		$	411		$	152		$	75		$	10

Ratio of net expenses to average net assets^(d)		0.49	%^(e)		0.51	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		3.84	%^(e)		4.03	%		5.29	%		2.54	%		4.54	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.25	%^(e)		1.80	%		2.08	%		1.42	%		1.39	%^(e)		1.01	%^(e)

Portfolio turnover rate^(f)		38	%		41	%		146	%		177	%		167	%		33	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2025 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.27		$	10.82		$	10.93		$	10.65		$	9.83		$	10.00

Net investment income^(b)		0.10			0.23			0.26			0.20			0.14			0.03

Net realized and unrealized gain (loss)		0.54			0.85			0.38			0.40			0.76			(0.20	)

Total from investment operations		0.64			1.08			0.64			0.60			0.90			(0.17	)

Distributions to shareholders from net investment income		(0.21	)		(0.25	)		(0.32	)		(0.19	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.35	)		(0.63	)		(0.75	)		(0.32	)		(0.08	)		—

Net asset value, end of period	$	11.56		$	11.27		$	10.82		$	10.93		$	10.65		$	9.83

Total return^(c)		5.67	%		10.34	%		6.78	%		5.70	%		9.22	%		(1.70	)%

Net assets, end of period (in 000s)	$	7,623		$	7,217		$	6,540		$	10,655		$	10,687		$	9,783

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.13	%		0.18	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.47	%^(e)		3.65	%		4.31	%		2.18	%		3.92	%^(e)		3.85	%^(e)

Ratio of net investment income to average net assets		1.66	%^(e)		2.15	%		2.52	%		1.90	%		1.69	%^(e)		1.42	%^(e)

Portfolio turnover rate^(f)		38	%		41	%		146	%		177	%		167	%		33	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2025 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.22		$	10.78		$	10.90		$	10.62		$	9.82		$	10.00

Net investment income^(b)		0.09			0.18			0.22			0.15			0.10			0.02

Net realized and unrealized gain (loss)		0.54			0.84			0.36			0.40			0.76			(0.20	)

Total from investment operations		0.63			1.02			0.58			0.55			0.86			(0.18	)

Distributions to shareholders from net investment income		(0.17	)		(0.20	)		(0.27	)		(0.14	)		(0.06	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.31	)		(0.58	)		(0.70	)		(0.27	)		(0.06	)		—

Net asset value, end of period	$	11.54		$	11.22		$	10.78		$	10.90		$	10.62		$	9.82

Total return^(c)		5.65	%		9.77	%		6.19	%		5.22	%		8.83	%		(1.80	)%

Net assets, end of period (in 000s)	$	14		$	13		$	12		$	11		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.12	%^(e)		0.63	%		0.66	%		0.80	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		3.99	%^(e)		4.14	%		5.09	%		2.65	%		4.40	%^(e)		4.32	%^(e)

Ratio of net investment income to average net assets		1.65	%^(e)		1.65	%		2.08	%		1.40	%		1.20	%^(e)		0.91	%^(e)

Portfolio turnover rate^(f)		38	%		41	%		146	%		177	%		167	%		33	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2025 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.24		$	10.79		$	10.91		$	10.64		$	9.83		$	10.00

Net investment income^(b)		0.09			0.26			0.25			0.19			0.12			0.02

Net realized and unrealized gain (loss)		0.53			0.81			0.37			0.40			0.76			(0.19	)

Total from investment operations		0.62			1.07			0.62			0.59			0.88			(0.17	)

Distributions to shareholders from net investment income		(0.17	)		(0.24	)		(0.31	)		(0.19	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.31	)		(0.62	)		(0.74	)		(0.32	)		(0.07	)		—

Net asset value, end of period	$	11.55		$	11.24		$	10.79		$	10.91		$	10.64		$	9.83

Total return^(c)		5.52	%		10.24	%		6.59	%		5.59	%		9.06	%		(1.70	)%

Net assets, end of period (in 000s)	$	39		$	37		$	585		$	373		$	35		$	10

Ratio of net expenses to average net assets^(d)		0.25	%^(e)		0.26	%		0.30	%		0.44	%		0.46	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		3.60	%^(e)		4.07	%		4.81	%		2.30	%		5.20	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		1.53	%^(e)		2.35	%		2.40	%		1.74	%		1.37	%^(e)		1.27	%^(e)

Portfolio turnover rate^(f)		38	%		41	%		146	%		177	%		167	%		33	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2025 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.30		$	10.82		$	10.93		$	10.65		$	9.83		$	10.00

Net investment income^(b)		0.08			0.21			0.26			0.20			0.14			0.03

Net realized and unrealized gain (loss)		0.55			0.88			0.39			0.40			0.76			(0.20	)

Total from investment operations		0.63			1.09			0.65			0.60			0.90			(0.17	)

Distributions to shareholders from net investment income		(0.21	)		(0.23	)		(0.33	)		(0.19	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.35	)		(0.61	)		(0.76	)		(0.32	)		(0.08	)		—

Net asset value, end of period	$	11.58		$	11.30		$	10.82		$	10.93		$	10.65		$	9.83

Total return^(c)		5.58	%		10.35	%		6.84	%		5.73	%		9.22	%		(1.70	)%

Net assets, end of period (in 000s)	$	917		$	509		$	279		$	213		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.07	%^(e)		0.11	%		0.14	%		0.28	%		0.31	%^(e)		0.33	%^(e)

Ratio of total expenses to average net assets^(d)		3.42	%^(e)		3.43	%		4.57	%		2.14	%		3.95	%^(e)		3.92	%^(e)

Ratio of net investment income to average net assets		1.44	%^(e)		1.97	%		2.54	%		1.85	%		1.69	%^(e)		1.43	%^(e)

Portfolio turnover rate^(f)		38	%		41	%		146	%		177	%		167	%		33	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2025 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.21		$	10.77		$	10.88		$	10.61		$	9.82		$	10.00

Net investment income^(b)		0.06			0.16			0.20			0.14			0.09			0.01

Net realized and unrealized gain (loss)		0.53			0.85			0.38			0.38			0.76			(0.19	)

Total from investment operations		0.59			1.01			0.58			0.52			0.85			(0.18	)

Distributions to shareholders from net investment income		(0.14	)		(0.19	)		(0.26	)		(0.12	)		(0.06	)		—

Distributions to shareholders from net realized gains		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.28	)		(0.57	)		(0.69	)		(0.25	)		(0.06	)		—

Net asset value, end of period	$	11.52		$	11.21		$	10.77		$	10.88		$	10.61		$	9.82

Total return^(c)		5.28	%		9.63	%		6.11	%		4.98	%		8.67	%		(1.80	)%

Net assets, end of period (in 000s)	$	14		$	13		$	12		$	11		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.75	%^(e)		0.75	%		0.81	%		0.94	%		0.95	%^(e)		0.99	%^(e)

Ratio of total expenses to average net assets^(d)		4.10	%^(e)		4.26	%		5.13	%		2.80	%		4.54	%^(e)		4.47	%^(e)

Ratio of net investment income to average net assets		1.03	%^(e)		1.53	%		1.94	%		1.26	%		1.06	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		38	%		41	%		146	%		177	%		167	%		33	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2030 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.74		$	9.52		$	9.68		$	10.22		$	9.74		$	9.93

Net investment income^(b)		0.05			0.14			0.16			0.13			0.08			0.02

Net realized and unrealized gain (loss)		0.52			0.72			0.28			0.54			0.90			(0.21	)

Total from investment operations		0.57			0.86			0.44			0.67			0.98			(0.19	)

Distributions to shareholders from net investment income		(0.13	)		(0.18	)		(0.16	)		(0.14	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.16	)		(1.64	)		(0.60	)		(1.21	)		(0.50	)		—

Net asset value, end of period	$	9.15		$	8.74		$	9.52		$	9.68		$	10.22		$	9.74

Total return^(c)		6.54	%		10.04	%		5.09	%		6.93	%		10.47	%		(1.91	)%

Net assets, end of period (in 000s)	$	480		$	276		$	204		$	362		$	205		$	10

Ratio of net expenses to average net assets^(d)		0.51	%^(e)		0.51	%		0.58	%		0.70	%		0.72	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		5.68	%^(e)		5.78	%		5.37	%		0.86	%		0.99	%^(e)		2.33	%^(e)

Ratio of net investment income to average net assets		1.11	%^(e)		1.71	%		1.74	%		1.34	%		0.99	%^(e)		1.01	%^(e)

Portfolio turnover rate^(f)		34	%		34	%		117	%		156	%		143	%		176	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2030 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.80		$	9.56		$	9.72		$	10.26		$	9.75		$	9.93

Net investment income^(b)		0.07			0.18			0.23			0.18			0.14			0.03

Net realized and unrealized gain (loss)		0.52			0.73			0.24			0.52			0.88			(0.21	)

Total from investment operations		0.59			0.91			0.47			0.70			1.02			(0.18	)

Distributions to shareholders from net investment income		(0.15	)		(0.21	)		(0.19	)		(0.17	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.18	)		(1.67	)		(0.63	)		(1.24	)		(0.51	)		—

Net asset value, end of period	$	9.21		$	8.80		$	9.56		$	9.72		$	10.26		$	9.75

Total return^(c)		6.73	%		10.55	%		5.52	%		7.29	%		10.87	%		(1.81	)%

Net assets, end of period (in 000s)	$	17		$	16		$	15		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.13	%^(e)		0.13	%		0.17	%		0.31	%		0.31	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		5.35	%^(e)		5.42	%		6.22	%		0.49	%		0.75	%^(e)		1.93	%^(e)

Ratio of net investment income to average net assets		1.58	%^(e)		2.13	%		2.45	%		1.84	%		1.69	%^(e)		1.41	%^(e)

Portfolio turnover rate^(f)		34	%		34	%		117	%		156	%		143	%		176	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2030 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.93		$	9.52		$	9.68		$	10.23		$	9.74		$	9.93

Net investment income^(b)		0.07			0.14			0.21			0.13			0.10			0.02

Net realized and unrealized gain (loss)		0.53			0.73			0.22			0.52			0.88			(0.21	)

Total from investment operations		0.60			0.87			0.43			0.65			0.98			(0.19	)

Distributions to shareholders from net investment income		(0.12	)		—			(0.15	)		(0.13	)		(0.17	)		—

Distributions to shareholders from net realized gains		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.15	)		(1.46	)		(0.59	)		(1.20	)		(0.49	)		—

Net asset value, end of period	$	9.38		$	8.93		$	9.52		$	9.68		$	10.23		$	9.74

Total return^(c)		6.77	%		10.01	%		5.01	%		6.71	%		10.47	%		(1.91	)%

Net assets, end of period (in 000s)	$	14		$	13		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.14	%^(e)		0.64	%		0.63	%		0.81	%		0.82	%^(e)		0.83	%^(e)

Ratio of total expenses to average net assets^(d)		5.86	%^(e)		5.92	%		8.75	%		0.99	%		1.26	%^(e)		2.43	%^(e)

Ratio of net investment income to average net assets		1.56	%^(e)		1.62	%		2.31	%		1.34	%		1.19	%^(e)		0.92	%^(e)

Portfolio turnover rate^(f)		34	%		34	%		117	%		156	%		143	%		176	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2030 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.76		$	9.53		$	9.69		$	10.25		$	9.75		$	9.93

Net investment income^(b)		0.07			0.18			0.21			0.16			0.11			0.02

Net realized and unrealized gain (loss)		0.52			0.71			0.25			0.52			0.90			(0.20	)

Total from investment operations		0.59			0.89			0.46			0.68			1.01			(0.18	)

Distributions to shareholders from net investment income		(0.14	)		(0.20	)		(0.18	)		(0.17	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.17	)		(1.66	)		(0.62	)		(1.24	)		(0.51	)		—

Net asset value, end of period	$	9.18		$	8.76		$	9.53		$	9.69		$	10.25		$	9.75

Total return^(c)		6.75	%		10.34	%		5.35	%		7.06	%		10.71	%		(1.81	)%

Net assets, end of period (in 000s)	$	1,071		$	1,034		$	1,554		$	1,330		$	625		$	10

Ratio of net expenses to average net assets^(d)		0.26	%^(e)		0.26	%		0.31	%		0.45	%		0.46	%^(e)		0.48	%^(e)

Ratio of total expenses to average net assets^(d)		5.49	%^(e)		5.60	%		6.23	%		0.64	%		0.82	%^(e)		2.08	%^(e)

Ratio of net investment income to average net assets		1.45	%^(e)		2.09	%		2.33	%		1.69	%		1.30	%^(e)		1.27	%^(e)

Portfolio turnover rate^(f)		34	%		34	%		117	%		156	%		143	%		176	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2030 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
Per Share Data

Net asset value, beginning of period	$	8.80		$	9.56		$	9.72		$	10.26		$	9.75		$	9.97

Net investment income^(a)		0.07			0.19			0.19			0.18			0.14			0.19

Net realized and unrealized gain		0.52			0.72			0.28			0.52			0.88			0.11

Total from investment operations		0.59			0.91			0.47			0.70			1.02			0.30

Distributions to shareholders from net investment income		(0.15	)		(0.21	)		(0.19	)		(0.17	)		(0.19	)		(0.17	)

Distributions to shareholders from net realized gains		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		(0.35	)

Total distributions		(0.18	)		(1.67	)		(0.63	)		(1.24	)		(0.51	)		(0.52	)

Net asset value, end of period	$	9.21		$	8.80		$	9.56		$	9.72		$	10.26		$	9.75

Total return^(b)		6.76	%		10.57	%		5.53	%		7.30	%		10.88	%		3.23	%

Net assets, end of period (in 000s)	$	3,997		$	3,526		$	3,828		$	74,952		$	75,061		$	74,224

Ratio of net expenses to average net assets^(c)		0.11	%^(d)		0.11	%		0.27	%		0.29	%		0.30	%^(d)		0.31	%

Ratio of total expenses to average net assets^(c)		5.34	%^(d)		5.43	%		1.70	%		0.50	%		0.76	%^(d)		0.62	%

Ratio of net investment income to average net assets		1.58	%^(d)		2.18	%		1.98	%		1.86	%		1.72	%^(d)		1.91	%

Portfolio turnover rate^(e)		34	%		34	%		117	%		156	%		143	%		176	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date 2030 Portfolio’s predecessor was the Madison Target Retirement 2030 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

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

(d)

Annualized.

(e)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2030 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.72		$	9.49		$	9.66		$	10.22		$	9.74		$	9.93

Net investment income^(b)		0.04			0.13			0.19			0.12			0.09			0.02

Net realized and unrealized gain (loss)		0.52			0.71			0.22			0.51			0.88			(0.21	)

Total from investment operations		0.56			0.84			0.41			0.63			0.97			(0.19	)

Distributions to shareholders from net investment income		(0.10	)		(0.15	)		(0.14	)		(0.12	)		(0.17	)		—

Distributions to shareholders from net realized gains		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.13	)		(1.61	)		(0.58	)		(1.19	)		(0.49	)		—

Net asset value, end of period	$	9.15		$	8.72		$	9.49		$	9.66		$	10.22		$	9.74

Total return^(c)		6.43	%		9.85	%		4.75	%		6.59	%		10.30	%		(1.91	)%

Net assets, end of period (in 000s)	$	14		$	13		$	12		$	30		$	23		$	10

Ratio of net expenses to average net assets^(d)		0.77	%^(e)		0.77	%		0.86	%		0.95	%		0.97	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		5.98	%^(e)		6.05	%		5.77	%		1.14	%		1.28	%^(e)		2.57	%^(e)

Ratio of net investment income to average net assets		0.94	%^(e)		1.49	%		2.04	%		1.19	%		1.04	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		34	%		34	%		117	%		156	%		143	%		176	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2035 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period Noveber 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period Noveber 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.99		$	10.81		$	11.34		$	10.85		$	9.81		$	10.00

Net investment income (loss)^(b)		0.07			0.18			0.21			0.17			0.10			0.02

Net realized and unrealized gain (loss)		0.89			0.97			0.21			0.63			1.01			(0.21	)

Total from investment operations		0.96			1.15			0.42			0.80			1.11			(0.19	)

Distributions to shareholders from net investment income		(0.16	)		(0.22	)		(0.30	)		(0.14	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.27	)		(0.97	)		(0.95	)		(0.31	)		(0.07	)		—

Net asset value, end of period	$	11.68		$	10.99		$	10.81		$	11.34		$	10.85		$	9.81

Total return^(c)		8.76	%		11.13	%		4.70	%		7.54	%		11.39	%		(1.90	)%

Net assets, end of period (in 000s)	$	318		$	277		$	285		$	107		$	29		$	10

Ratio of net expenses to average net assets^(d)		0.49	%^(e)		0.49	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		4.27	%^(e)		4.35	%		5.27	%		2.31	%		4.28	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.18	%^(e)		1.74	%		2.00	%		1.57	%		1.11	%^(e)		1.03	%^(e)

Portfolio turnover rate^(f)		33	%		27	%		137	%		139	%		137	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2035 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.05		$	10.87		$	11.37		$	10.87		$	9.81		$	10.00

Net investment income^(b)		0.09			0.22			0.25			0.21			0.15			0.03

Net realized and unrealized gain (loss)		0.90			0.97			0.21			0.65			1.00			(0.22	)

Total from investment operations		0.99			1.19			0.46			0.86			1.15			(0.19	)

Distributions to shareholders from net investment income		(0.20	)		(0.26	)		(0.31	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.31	)		(1.01	)		(0.96	)		(0.36	)		(0.09	)		—

Net asset value, end of period	$	11.73		$	11.05		$	10.87		$	11.37		$	10.87		$	9.81

Total return^(c)		8.98	%		11.44	%		5.13	%		8.02	%		11.75	%		(1.90	)%

Net assets, end of period (in 000s)	$	7,056		$	6,474		$	5,811		$	11,139		$	10,911		$	9,765

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.11	%		0.18	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.88	%^(e)		3.97	%		4.21	%		2.05	%		3.86	%^(e)		3.85	%^(e)

Ratio of net investment income to average net assets		1.58	%^(e)		2.12	%		2.32	%		1.85	%		1.69	%^(e)		1.44	%^(e)

Portfolio turnover rate^(f)		33	%		27	%		137	%		139	%		137	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2035 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.99		$	10.82		$	11.33		$	10.84		$	9.80		$	10.00

Net investment income^(b)		0.09			0.17			0.20			0.15			0.10			0.02

Net realized and unrealized gain (loss)		0.89			0.96			0.21			0.64			1.01			(0.22	)

Total from investment operations		0.98			1.13			0.41			0.79			1.11			(0.20	)

Distributions to shareholders from net investment income		(0.16	)		(0.21	)		(0.27	)		(0.13	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.27	)		(0.96	)		(0.92	)		(0.30	)		(0.07	)		—

Net asset value, end of period	$	11.70		$	10.99		$	10.82		$	11.33		$	10.84		$	9.80

Total return^(c)		8.99	%		10.89	%		4.55	%		7.44	%		11.36	%		(2.00	)%

Net assets, end of period (in 000s)	$	15		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.12	%^(e)		0.61	%		0.65	%		0.80	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		4.39	%^(e)		4.46	%		5.12	%		2.53	%		4.34	%^(e)		4.33	%^(e)

Ratio of net investment income to average net assets		1.58	%^(e)		1.62	%		1.90	%		1.35	%		1.20	%^(e)		0.94	%^(e)

Portfolio turnover rate^(f)		33	%		27	%		137	%		139	%		137	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		59

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2035 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.00		$	10.83		$	11.34		$	10.86		$	9.81		$	10.00

Net investment income^(b)		0.08			0.27			0.24			0.19			0.08			0.02

Net realized and unrealized gain (loss)		0.89			0.89			0.21			0.64			1.05			(0.21	)

Total from investment operations		0.97			1.16			0.45			0.83			1.13			(0.19	)

Distributions to shareholders from net investment income		(0.15	)		(0.24	)		(0.31	)		(0.18	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.26	)		(0.99	)		(0.96	)		(0.35	)		(0.08	)		—

Net asset value, end of period	$	11.71		$	11.00		$	10.83		$	11.34		$	10.86		$	9.81

Total return^(c)		8.89	%		11.25	%		4.96	%		7.82	%		11.59	%		(1.90	)%

Net assets, end of period (in 000s)	$	50		$	43		$	976		$	890		$	152		$	10

Ratio of net expenses to average net assets^(d)		0.24	%^(e)		0.24	%		0.29	%		0.44	%		0.45	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		4.01	%^(e)		4.18	%		4.81	%		2.18	%		7.23	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		1.44	%^(e)		2.46	%		2.29	%		1.71	%		0.89	%^(e)		1.29	%^(e)

Portfolio turnover rate^(f)		33	%		27	%		137	%		139	%		137	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2035 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	11.04		$	10.86		$	11.37		$	10.87		$	9.81		$	10.00

Net investment income^(b)		0.10			0.24			0.25			0.20			0.14			0.03

Net realized and unrealized gain (loss)		0.89			0.94			0.21			0.66			1.01			(0.22	)

Total from investment operations		0.99			1.18			0.46			0.86			1.15			(0.19	)

Distributions to shareholders from net investment income		(0.20	)		(0.25	)		(0.32	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.31	)		(1.00	)		(0.97	)		(0.36	)		(0.09	)		—

Net asset value, end of period	$	11.72		$	11.04		$	10.86		$	11.37		$	10.87		$	9.81

Total return^(c)		9.00	%		11.44	%		5.11	%		8.05	%		11.75	%		(1.90	)%

Net assets, end of period (in 000s)	$	205		$	316		$	446		$	330		$	35		$	10

Ratio of net expenses to average net assets^(d)		0.09	%^(e)		0.09	%		0.13	%		0.28	%		0.30	%^(e)		0.32	%^(e)

Ratio of total expenses to average net assets^(d)		3.91	%^(e)		3.93	%		4.62	%		2.00	%		4.22	%^(e)		3.93	%^(e)

Ratio of net investment income to average net assets		1.82	%^(e)		2.29	%		2.38	%		1.77	%		1.64	%^(e)		1.46	%^(e)

Portfolio turnover rate^(f)		33	%		27	%		137	%		139	%		137	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		61

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2035 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.97		$	10.81		$	11.32		$	10.83		$	9.80		$	10.00

Net investment income^(b)		0.06			0.15			0.19			0.13			0.09			0.02

Net realized and unrealized gain (loss)		0.89			0.95			0.20			0.65			1.00			(0.22	)

Total from investment operations		0.95			1.10			0.39			0.78			1.09			(0.20	)

Distributions to shareholders from net investment income		(0.13	)		(0.19	)		(0.25	)		(0.12	)		(0.06	)		—

Distributions to shareholders from net realized gains		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.24	)		(0.94	)		(0.90	)		(0.29	)		(0.06	)		—

Net asset value, end of period	$	11.68		$	10.97		$	10.81		$	11.32		$	10.83		$	9.80

Total return^(c)		8.72	%		10.66	%		4.39	%		7.29	%		11.20	%		(2.00	)%

Net assets, end of period (in 000s)	$	15		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.74	%^(e)		0.74	%		0.80	%		0.96	%		0.98	%^(e)		0.99	%^(e)

Ratio of total expenses to average net assets^(d)		4.51	%^(e)		4.60	%		5.26	%		2.69	%		4.50	%^(e)		4.47	%^(e)

Ratio of net investment income to average net assets		0.95	%^(e)		1.49	%		1.75	%		1.19	%		1.04	%^(e)		0.79	%^(e)

Portfolio turnover rate^(f)		33	%		27	%		137	%		139	%		137	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2040 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.61		$	9.08		$	9.49		$	10.09		$	9.58		$	9.77

Net investment income ^(b)		0.05			0.14			0.17			0.13			0.10			0.02

Net realized and unrealized gain (loss)		0.90			0.87			0.10			0.64			1.03			(0.21	)

Total from investment operations		0.95			1.01			0.27			0.77			1.13			(0.19	)

Distributions to shareholders from net investment income		(0.12	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.25	)		(1.48	)		(0.68	)		(1.37	)		(0.62	)		—

Net asset value, end of period	$	9.31		$	8.61		$	9.08		$	9.49		$	10.09		$	9.58

Total return^(c)		11.15	%		12.04	%		3.48	%		8.23	%		12.37	%		(1.94	)%

Net assets, end of period (in 000s)	$	112		$	92		$	80		$	51		$	13		$	13

Ratio of net expenses to average net assets^(d)		0.49	%^(e)		0.49	%		0.53	%		0.70	%		0.73	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		3.94	%^(e)		4.09	%		5.04	%		1.20	%		1.41	%^(e)		3.23	%^(e)

Ratio of net investment income to average net assets		1.17	%^(e)		1.71	%		1.93	%		1.40	%		1.27	%^(e)		0.98	%^(e)

Portfolio turnover rate^(f)		19	%		30	%		150	%		143	%		142	%		174	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		63

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2040 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.68		$	9.13		$	9.54		$	10.12		$	9.58		$	9.77

Net investment income^(b)		0.07			0.17			0.20			0.17			0.14			0.03

Net realized and unrealized gain (loss)		0.90			0.88			0.10			0.65			1.03			(0.22	)

Total from investment operations		0.97			1.05			0.30			0.82			1.17			(0.19	)

Distributions to shareholders from net investment income		(0.15	)		(0.19	)		(0.18	)		(0.17	)		(0.20	)		—

Distributions to shareholders from net realized gains		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.28	)		(1.50	)		(0.71	)		(1.40	)		(0.63	)		—

Net asset value, end of period	$	9.37		$	8.68		$	9.13		$	9.54		$	10.12		$	9.58

Total return^(c)		11.26	%		12.57	%		3.82	%		8.71	%		12.85	%		(1.94	)%

Net assets, end of period (in 000s)	$	16		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.12	%^(e)		0.12	%		0.16	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.58	%^(e)		3.70	%		4.47	%		0.73	%		0.98	%^(e)		2.82	%^(e)

Ratio of net investment income to average net assets		1.56	%^(e)		2.08	%		2.30	%		1.82	%		1.70	%^(e)		1.41	%^(e)

Portfolio turnover rate^(f)		19	%		30	%		150	%		143	%		142	%		174	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2040 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.63		$	9.09		$	9.49		$	10.08		$	9.58		$	9.77

Net investment income^(b)		0.07			0.13			0.16			0.13			0.10			0.02

Net realized and unrealized gain (loss)		0.89			0.88			0.11			0.63			1.01			(0.21	)

Total from investment operations		0.96			1.01			0.27			0.76			1.11			(0.19	)

Distributions to shareholders from net investment income		(0.12	)		(0.16	)		(0.14	)		(0.12	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.25	)		(1.47	)		(0.67	)		(1.35	)		(0.61	)		—

Net asset value, end of period	$	9.34		$	8.63		$	9.09		$	9.49		$	10.08		$	9.58

Total return^(c)		11.25	%		12.00	%		3.39	%		8.13	%		12.21	%		(1.94	)%

Net assets, end of period (in 000s)	$	15		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.12	%^(e)		0.62	%		0.66	%		0.81	%		0.82	%^(e)		0.83	%^(e)

Ratio of total expenses to average net assets^(d)		4.08	%^(e)		4.20	%		4.97	%		1.24	%		1.48	%^(e)		3.31	%^(e)

Ratio of net investment income to average net assets		1.56	%^(e)		1.59	%		1.81	%		1.32	%		1.20	%^(e)		0.92	%^(e)

Portfolio turnover rate^(f)		19	%		30	%		150	%		143	%		142	%		174	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		65

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2040 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.65		$	9.11		$	9.51		$	10.11		$	9.58		$	9.77

Net investment income^(b)		0.07			0.19			0.19			0.16			0.09			0.02

Net realized and unrealized gain (loss)		0.90			0.84			0.11			0.64			1.06			(0.21	)

Total from investment operations		0.97			1.03			0.30			0.80			1.15			(0.19	)

Distributions to shareholders from net investment income		(0.14	)		(0.18	)		(0.17	)		(0.17	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.27	)		(1.49	)		(0.70	)		(1.40	)		(0.62	)		—

Net asset value, end of period	$	9.35		$	8.65		$	9.11		$	9.51		$	10.11		$	9.58

Total return^(c)		11.27	%		12.35	%		3.78	%		8.46	%		12.68	%		(1.94	)%

Net assets, end of period (in 000s)	$	255		$	240		$	667		$	636		$	130		$	10

Ratio of net expenses to average net assets^(d)		0.24	%^(e)		0.24	%		0.29	%		0.45	%		0.46	%^(e)		0.48	%^(e)

Ratio of total expenses to average net assets^(d)		3.70	%^(e)		3.94	%		4.66	%		0.89	%		0.98	%^(e)		2.96	%^(e)

Ratio of net investment income to average net assets		1.46	%^(e)		2.25	%		2.14	%		1.67	%		1.11	%^(e)		1.27	%^(e)

Portfolio turnover rate^(f)		19	%		30	%		150	%		143	%		142	%		174	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2040 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
Per Share Data

Net asset value, beginning of period	$	8.69		$	9.14		$	9.54		$	10.12		$	9.59		$	9.90

Net investment income^(a)		0.07			0.18			0.18			0.18			0.14			0.19

Net realized and unrealized gain		0.90			0.88			0.13			0.64			1.02			0.11

Total from investment operations		0.97			1.06			0.31			0.82			1.16			0.30

Distributions to shareholders from net investment income		(0.15	)		(0.20	)		(0.18	)		(0.17	)		(0.20	)		(0.17	)

Distributions to shareholders from net realized gains		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		(0.44	)

Total distributions		(0.28	)		(1.51	)		(0.71	)		(1.40	)		(0.63	)		(0.61	)

Net asset value, end of period	$	9.38		$	8.69		$	9.14		$	9.54		$	10.12		$	9.59

Total return^(b)		11.28	%		12.58	%		3.94	%		8.70	%		12.73	%		3.33	%

Net assets, end of period (in 000s)	$	8,179		$	7,381		$	7,049		$	49,418		$	48,905		$	47,340

Ratio of net expenses to average net assets^(c)		0.09	%^(d)		0.09	%		0.23	%		0.29	%		0.30	%^(d)		0.31	%

Ratio of total expenses to average net assets^(c)		3.55	%^(d)		3.71	%		2.36	%		0.72	%		0.98	%^(d)		0.80	%

Ratio of net investment income to average net assets		1.59	%^(d)		2.13	%		1.99	%		1.84	%		1.73	%^(d)		1.97	%

Portfolio turnover rate^(e)		19	%		30	%		150	%		143	%		142	%		174	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date 2040 Portfolio’s predecessor was the Madison Target Retirement 2040 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

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

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		67

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2040 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.60		$	9.06		$	9.47		$	10.07		$	9.57		$	9.77

Net investment income^(b)		0.04			0.12			0.17			0.11			0.09			0.01

Net realized and unrealized gain (loss)		0.89			0.87			0.08			0.64			1.02			(0.21	)

Total from investment operations		0.93			0.99			0.25			0.75			1.11			(0.20	)

Distributions to shareholders from net investment income		(0.10	)		(0.14	)		(0.13	)		(0.12	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.23	)		(1.45	)		(0.66	)		(1.35	)		(0.61	)		—

Net asset value, end of period	$	9.30		$	8.60		$	9.06		$	9.47		$	10.07		$	9.57

Total return^(c)		10.89	%		11.90	%		3.17	%		8.02	%		12.16	%		(2.05	)%

Net assets, end of period (in 000s)	$	15		$	14		$	12		$	36		$	24		$	10

Ratio of net expenses to average net assets^(d)		0.73	%^(e)		0.74	%		0.86	%		0.95	%		0.97	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		4.20	%^(e)		4.33	%		4.30	%		1.39	%		1.42	%^(e)		3.46	%^(e)

Ratio of net investment income to average net assets		0.94	%^(e)		1.46	%		1.88	%		1.16	%		1.05	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		19	%		30	%		150	%		143	%		142	%		174	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2045 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.81		$	10.68		$	11.60		$	11.01		$	9.80		$	10.00

Net investment income^(b)		0.07			0.16			0.20			0.16			0.08			0.02

Net realized and unrealized gain (loss)		1.25			1.10			(0.04	)		0.81			1.20			(0.22	)

Total from investment operations		1.32			1.26			0.16			0.97			1.28			(0.20	)

Distributions to shareholders from net investment income		(0.14	)		(0.21	)		(0.26	)		(0.16	)		(0.07	)		—

Distributions to shareholders from net realized gains		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.14	)		(1.13	)		(1.08	)		(0.38	)		(0.07	)		—

Net asset value, end of period	$	11.99		$	10.81		$	10.68		$	11.60		$	11.01		$	9.80

Total return^(c)		12.19	%		12.26	%		2.37	%		9.02	%		13.17	%		(2.00	)%

Net assets, end of period (in 000s)	$	288		$	221		$	165		$	106		$	84		$	10

Ratio of net expenses to average net assets^(d)		0.47	%^(e)		0.47	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		3.83	%^(e)		4.10	%		4.91	%		2.44	%		5.43	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.16	%^(e)		1.62	%		1.86	%		1.42	%		0.90	%^(e)		1.02	%^(e)

Portfolio turnover rate^(f)		14	%		23	%		147	%		145	%		143	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		69

GGOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2045 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.88		$	10.74		$	11.65		$	11.04		$	9.81		$	10.00

Net investment income^(b)		0.09			0.21			0.23			0.21			0.15			0.03

Net realized and unrealized gain (loss)		1.26			1.09			(0.02	)		0.81			1.17			(0.22	)

Total from investment operations		1.35			1.30			0.21			1.02			1.32			(0.19	)

Distributions to shareholders from net investment income		(0.17	)		(0.24	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.17	)		(1.16	)		(1.12	)		(0.41	)		(0.09	)		—

Net asset value, end of period	$	12.06		$	10.88		$	10.74		$	11.65		$	11.04		$	9.81

Total return^(c)		12.45	%		12.63	%		2.81	%		9.40	%		13.52	%		(1.90	)%

Net assets, end of period (in 000s)	$	7,868		$	6,999		$	6,205		$	11,472		$	11,077		$	9,756

Ratio of net expenses to average net assets^(d)		0.09	%^(e)		0.09	%		0.16	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.45	%^(e)		3.73	%		4.09	%		2.05	%		3.82	%^(e)		3.85	%^(e)

Ratio of net investment income to average net assets		1.57	%^(e)		2.02	%		2.17	%		1.83	%		1.69	%^(e)		1.43	%^(e)

Portfolio turnover rate^(f)		14	%		23	%		147	%		145	%		143	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2045 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.83		$	10.69		$	11.60		$	11.00		$	9.80		$	10.00

Net investment income^(b)		0.09			0.15			0.18			0.15			0.10			0.02

Net realized and unrealized gain (loss)		1.25			1.10			(0.02	)		0.81			1.17			(0.22	)

Total from investment operations		1.34			1.25			0.16			0.96			1.27			(0.20	)

Distributions to shareholders from net investment income		(0.14	)		(0.19	)		(0.25	)		(0.14	)		(0.07	)		—

Distributions to shareholders from net realized gains		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.14	)		(1.11	)		(1.07	)		(0.36	)		(0.07	)		—

Net asset value, end of period	$	12.03		$	10.83		$	10.69		$	11.60		$	11.00		$	9.80

Total return^(c)		12.38	%		12.18	%		2.30	%		8.83	%		13.03	%		(2.00	)%

Net assets, end of period (in 000s)	$	16		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.10	%^(e)		0.60	%		0.64	%		0.80	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		3.94	%^(e)		4.23	%		4.93	%		2.53	%		4.30	%^(e)		4.33	%^(e)

Ratio of net investment income to average net assets		1.56	%^(e)		1.51	%		1.74	%		1.33	%		1.20	%^(e)		0.93	%^(e)

Portfolio turnover rate^(f)		14	%		23	%		147	%		145	%		143	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		71

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2045 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.85		$	10.71		$	11.62		$	11.03		$	9.80		$	10.00

Net investment income^(b)		0.08			0.25			0.22			0.19			0.10			0.02

Net realized and unrealized gain (loss)		1.26			1.04			(0.02	)		0.80			1.21			(0.22	)

Total from investment operations		1.34			1.29			0.20			0.99			1.31			(0.20	)

Distributions to shareholders from net investment income		(0.15	)		(0.23	)		(0.29	)		(0.18	)		(0.08	)		—

Distributions to shareholders from net realized gains		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.15	)		(1.15	)		(1.11	)		(0.40	)		(0.08	)		—

Net asset value, end of period	$	12.04		$	10.85		$	10.71		$	11.62		$	11.03		$	9.80

Total return^(c)		12.40	%		12.55	%		2.71	%		9.19	%		13.48	%		(2.00	)%

Net assets, end of period (in 000s)	$	223		$	189		$	857		$	600		$	97		$	10

Ratio of net expenses to average net assets^(d)		0.22	%^(e)		0.22	%		0.27	%		0.44	%		0.46	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		3.58	%^(e)		3.91	%		4.65	%		2.18	%		6.16	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		1.43	%^(e)		2.36	%		2.10	%		1.69	%		1.13	%^(e)		1.28	%^(e)

Portfolio turnover rate^(f)		14	%		23	%		147	%		145	%		143	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2045 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.88		$	10.73		$	11.64		$	11.04		$	9.81		$	10.00

Net investment income^(b)		0.08			0.25			0.24			0.20			0.15			0.03

Net realized and unrealized gain (loss)		1.26			1.06			(0.03	)		0.81			1.17			(0.22	)

Total from investment operations		1.34			1.31			0.21			1.01			1.32			(0.19	)

Distributions to shareholders from net investment income		(0.17	)		(0.24	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.17	)		(1.16	)		(1.12	)		(0.41	)		(0.09	)		—

Net asset value, end of period	$	12.05		$	10.88		$	10.73		$	11.64		$	11.04		$	9.81

Total return^(c)		12.39	%		12.74	%		2.87	%		9.34	%		13.64	%		(2.00	)%

Net assets, end of period (in 000s)	$	548		$	320		$	742		$	270		$	14		$	10

Ratio of net expenses to average net assets^(d)		0.07	%^(e)		0.07	%		0.09	%		0.28	%		0.31	%^(e)		0.32	%^(e)

Ratio of total expenses to average net assets^(d)		3.43	%^(e)		3.72	%		4.63	%		2.03	%		4.00	%^(e)		3.93	%^(e)

Ratio of net investment income to average net assets		1.45	%^(e)		2.46	%		2.23	%		1.72	%		1.68	%^(e)		1.45	%^(e)

Portfolio turnover rate^(f)		14	%		23	%		147	%		145	%		143	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		73

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2045 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.80		$	10.66		$	11.58		$	10.99		$	9.79		$	10.00

Net investment income^(b)		0.05			0.14			0.20			0.13			0.09			0.01

Net realized and unrealized gain (loss)		1.25			1.09			(0.06	)		0.81			1.17			(0.22	)

Total from investment operations		1.30			1.23			0.14			0.94			1.26			(0.21	)

Distributions to shareholders from net investment income		(0.11	)		(0.17	)		(0.24	)		(0.13	)		(0.06	)		—

Distributions to shareholders from net realized gains		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.11	)		(1.09	)		(1.06	)		(0.35	)		(0.06	)		—

Net asset value, end of period	$	11.99		$	10.80		$	10.66		$	11.58		$	10.99		$	9.79

Total return^(c)		12.03	%		12.05	%		2.10	%		8.74	%		12.98	%		(2.10	)%

Net assets, end of period (in 000s)	$	15		$	14		$	12		$	41		$	29		$	10

Ratio of net expenses to average net assets^(d)		0.72	%^(e)		0.73	%		0.84	%		0.94	%		0.95	%^(e)		0.99	%^(e)

Ratio of total expenses to average net assets^(d)		4.08	%^(e)		4.36	%		4.49	%		2.68	%		4.63	%^(e)		4.48	%^(e)

Ratio of net investment income to average net assets		0.92	%^(e)		1.38	%		1.84	%		1.17	%		1.07	%^(e)		0.78	%^(e)

Portfolio turnover rate^(f)		14	%		23	%		147	%		145	%		143	%		29	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2050 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.71		$	10.13		$	10.69		$	10.54		$	9.80		$	10.00

Net investment income^(b)		0.06			0.14			0.18			0.14			0.12			0.02

Net realized and unrealized gain (loss)		1.13			1.04			(0.07	)		0.84			1.21			(0.22	)

Total from investment operations		1.19			1.18			0.11			0.98			1.33			(0.20	)

Distributions to shareholders from net investment income		(0.10	)		(0.17	)		(0.17	)		(0.16	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.28	)		(1.60	)		(0.67	)		(0.83	)		(0.59	)		—

Net asset value, end of period	$	10.62		$	9.71		$	10.13		$	10.69		$	10.54		$	9.80

Total return^(c)		12.37	%		12.42	%		1.51	%		9.66	%		14.21	%		(2.00	)%

Net assets, end of period (in 000s)	$	517		$	687		$	359		$	218		$	49		$	10

Ratio of net expenses to average net assets^(d)		0.48	%^(e)		0.48	%		0.52	%		0.70	%		0.71	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		4.30	%^(e)		3.82	%		5.40	%		1.57	%		1.34	%^(e)		6.30	%^(e)

Ratio of net investment income to average net assets		1.13	%^(e)		1.52	%		1.81	%		1.38	%		1.38	%^(e)		1.04	%^(e)

Portfolio turnover rate^(f)		16	%		26	%		171	%		155	%		139	%		191	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		75

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2050 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.79		$	10.19		$	10.74		$	10.56		$	9.80		$	10.00

Net investment income^(b)		0.08			0.18			0.22			0.19			0.14			0.03

Net realized and unrealized gain (loss)		1.14			1.04			(0.07	)		0.84			1.22			(0.23	)

Total from investment operations		1.22			1.22			0.15			1.03			1.36			(0.20	)

Distributions to shareholders from net investment income		(0.16	)		(0.19	)		(0.20	)		(0.18	)		(0.20	)		—

Distributions to shareholders from net realized gains		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.34	)		(1.62	)		(0.70	)		(0.85	)		(0.60	)		—

Net asset value, end of period	$	10.67		$	9.79		$	10.19		$	10.74		$	10.56		$	9.80

Total return^(c)		12.53	%		12.88	%		1.95	%		10.10	%		14.58	%		(2.00	)%

Net assets, end of period (in 000s)	$	26		$	21		$	16		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.10	%		0.14	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.86	%^(e)		3.83	%		4.87	%		1.06	%		1.63	%^(e)		5.90	%^(e)

Ratio of net investment income to average net assets		1.53	%^(e)		1.99	%		2.21	%		1.81	%		1.71	%^(e)		1.44	%^(e)

Portfolio turnover rate^(f)		16	%		26	%		171	%		155	%		139	%		191	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2050 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.74		$	10.15		$	10.70		$	10.53		$	9.79		$	10.00

Net investment income^(b)		0.08			0.14			0.17			0.14			0.10			0.02

Net realized and unrealized gain (loss)		1.13			1.03			(0.07	)		0.83			1.22			(0.23	)

Total from investment operations		1.21			1.17			0.10			0.97			1.32			(0.21	)

Distributions to shareholders from net investment income		(0.13	)		(0.15	)		(0.15	)		(0.13	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.31	)		(1.58	)		(0.65	)		(0.80	)		(0.58	)		—

Net asset value, end of period	$	10.64		$	9.74		$	10.15		$	10.70		$	10.53		$	9.79

Total return^(c)		12.49	%		12.33	%		1.41	%		9.53	%		14.18	%		(2.10	)%

Net assets, end of period (in 000s)	$	16		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.12	%^(e)		0.61	%		0.65	%		0.80	%		0.82	%^(e)		0.83	%^(e)

Ratio of total expenses to average net assets^(d)		4.39	%^(e)		4.42	%		5.26	%		1.56	%		2.13	%^(e)		6.40	%^(e)

Ratio of net investment income to average net assets		1.53	%^(e)		1.51	%		1.71	%		1.32	%		1.21	%^(e)		0.95	%^(e)

Portfolio turnover rate^(f)		16	%		26	%		171	%		155	%		139	%		191	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		77

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2050 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.76		$	10.17		$	10.72		$	10.55		$	9.80		$	10.00

Net investment income^(b)		0.07			0.24			0.20			0.18			0.11			0.02

Net realized and unrealized gain (loss)		1.14			0.96			(0.06	)		0.83			1.24			(0.22	)

Total from investment operations		1.21			1.20			0.14			1.01			1.35			(0.20	)

Distributions to shareholders from net investment income		(0.14	)		(0.18	)		(0.19	)		(0.17	)		(0.20	)		—

Distributions to shareholders from net realized gains		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.32	)		(1.61	)		(0.69	)		(0.84	)		(0.60	)		—

Net asset value, end of period	$	10.65		$	9.76		$	10.17		$	10.72		$	10.55		$	9.80

Total return^(c)		12.46	%		12.68	%		1.80	%		9.98	%		14.42	%		(2.00	)%

Net assets, end of period (in 000s)	$	165		$	145		$	998		$	830		$	156		$	10

Ratio of net expenses to average net assets^(d)		0.24	%^(e)		0.22	%		0.29	%		0.45	%		0.47	%^(e)		0.48	%^(e)

Ratio of total expenses to average net assets^(d)		4.00	%^(e)		5.91	%		4.95	%		1.21	%		1.45	%^(e)		6.04	%^(e)

Ratio of net investment income to average net assets		1.41	%^(e)		2.42	%		2.06	%		1.70	%		1.31	%^(e)		1.30	%^(e)

Portfolio turnover rate^(f)		16	%		26	%		171	%		155	%		139	%		191	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2050 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
Per Share Data

Net asset value, beginning of period	$	9.80		$	10.19		$	10.74		$	10.56		$	9.80		$	9.95

Net investment income^(a)		0.08			0.19			0.20			0.19			0.14			0.20

Net realized and unrealized gain (loss)		1.14			1.05			(0.04	)		0.84			1.22			0.11

Total from investment operations		1.22			1.24			0.16			1.03			1.36			0.31

Distributions to shareholders from net investment income		(0.16	)		(0.20	)		(0.21	)		(0.18	)		(0.20	)		(0.16	)

Distributions to shareholders from net realized gains		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		(0.30	)

Total distributions		(0.34	)		(1.63	)		(0.71	)		(0.85	)		(0.60	)		(0.46	)

Net asset value, end of period	$	10.68		$	9.80		$	10.19		$	10.74		$	10.56		$	9.80

Total return^(b)		12.54	%		13.01	%		1.96	%		10.11	%		14.59	%		3.37	%

Net assets, end of period (in 000s)	$	7,013		$	6,201		$	5,786		$	29,481		$	26,154		$	21,657

Ratio of net expenses to average net assets^(c)		0.08	%^(d)		0.08	%		0.21	%		0.29	%		0.30	%^(d)		0.31	%

Ratio of total expenses to average net assets^(c)		3.86	%^(d)		3.92	%		3.02	%		1.06	%		1.58	%^(d)		1.45	%

Ratio of net investment income to average net assets		1.57	%^(d)		2.05	%		1.94	%		1.82	%		1.71	%^(d)		2.07	%

Portfolio turnover rate^(e)		16	%		26	%		171	%		155	%		139	%		191	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized. The Goldman Sachs Target Date 2050 Portfolio’s predecessor was the Madison Target Retirement 2050 Fund (the “Predecessor Fund”). On August 22, 2016, the Predecessor Fund was reorganized as a new series of Goldman Sachs Trust II. Performance prior to August 22, 2016 is that of the Predecessor Fund. Total return information of the Predecessor Fund is included in the above table because the Predecessor Fund is considered the accounting survivor of the reorganization.

(c)

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

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		79

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2050 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.73		$	10.14		$	10.69		$	10.52		$	9.79		$	10.00

Net investment income^(b)		0.05			0.13			0.16			0.12			0.09			0.02

Net realized and unrealized gain (loss)		1.12			1.03			(0.07	)		0.83			1.22			(0.23	)

Total from investment operations		1.17			1.16			0.09			0.95			1.31			(0.21	)

Distributions to shareholders from net investment income		(0.10	)		(0.14	)		(0.14	)		(0.11	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.28	)		(1.57	)		(0.64	)		(0.78	)		(0.58	)		—

Net asset value, end of period	$	10.62		$	9.73		$	10.14		$	10.69		$	10.52		$	9.79

Total return^(c)		12.11	%		12.22	%		1.25	%		9.38	%		14.02	%		2.10	%

Net assets, end of period (in 000s)	$	16		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.73	%^(e)		0.74	%		0.80	%		0.96	%		0.98	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		4.50	%^(e)		4.54	%		5.40	%		1.71	%		2.29	%^(e)		6.54	%^(e)

Ratio of net investment income to average net assets		0.92	%^(e)		1.38	%		1.57	%		1.16	%		1.05	%^(e)		0.80	%^(e)

Portfolio turnover rate^(f)		16	%		26	%		171	%		155	%		139	%		191	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2055 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.47		$	10.57		$	11.86		$	11.16		$	9.79		$	10.00

Net investment income^(b)		0.06			0.16			0.19			0.16			0.09			0.02

Net realized and unrealized gain (loss)		1.21			1.10			(0.17	)		0.98			1.36			(0.23	)

Total from investment operations		1.27			1.26			0.02			1.14			1.45			(0.21	)

Distributions to shareholders from net investment income		(0.13	)		(0.20	)		(0.26	)		(0.16	)		(0.08	)		—

Distributions to shareholders from net realized gains		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.13	)		(1.36	)		(1.31	)		(0.44	)		(0.08	)		—

Net asset value, end of period	$	11.61		$	10.47		$	10.57		$	11.86		$	11.16		$	9.79

Total return^(c)		12.15	%		12.61	%		1.39	%		10.37	%		14.90	%		(2.10	)%

Net assets, end of period (in 000s)	$	267		$	199		$	162		$	118		$	87		$	10

Ratio of net expenses to average net assets^(d)		0.47	%^(e)		0.47	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		3.97	%^(e)		4.27	%		5.15	%		2.46	%		4.43	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.16	%^(e)		1.64	%		1.80	%		1.38	%		1.01	%^(e)		1.02	%^(e)

Portfolio turnover rate^(f)		13	%		23	%		148	%		177	%		182	%		34	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		81

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2055 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.54		$	10.63		$	11.92		$	11.20		$	9.80		$	10.00

Net investment income^(b)		0.09			0.20			0.23			0.21			0.15			0.03

Net realized and unrealized gain (loss)		1.22			1.10			(0.17	)		0.98			1.34			(0.23	)

Total from investment operations		1.31			1.30			0.06			1.19			1.49			(0.20	)

Distributions to shareholders from net investment income		(0.16	)		(0.23	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.16	)		(1.39	)		(1.35	)		(0.47	)		(0.09	)		—

Net asset value, end of period	$	11.69		$	10.54		$	10.63		$	11.92		$	11.20		$	9.80

Total return^(c)		12.49	%		12.96	%		1.73	%		10.82	%		15.32	%		(2.00	)%

Net assets, end of period (in 000s)	$	7,783		$	6,921		$	6,125		$	11,811		$	11,242		$	9,748

Ratio of net expenses to average net assets^(d)		0.09	%^(e)		0.09	%		0.17	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.60	%^(e)		3.89	%		4.28	%		2.05	%		3.78	%^(e)		3.85	%^(e)

Ratio of net investment income to average net assets		1.56	%^(e)		2.02	%		2.11	%		1.80	%		1.70	%^(e)		1.43	%^(e)

Portfolio turnover rate^(f)		13	%		23	%		148	%		177	%		182	%		34	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2055 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.48		$	10.59		$	11.87		$	11.16		$	9.79		$	10.00

Net investment income^(b)		0.08			0.15			0.18			0.15			0.11			0.02

Net realized and unrealized gain (loss)		1.22			1.09			(0.16	)		0.98			1.33			(0.23	)

Total from investment operations		1.30			1.24			0.02			1.13			1.44			(0.21	)

Distributions to shareholders from net investment income		(0.13	)		(0.19	)		(0.25	)		(0.14	)		(0.07	)		—

Distributions to shareholders from net realized gains		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.13	)		(1.35	)		(1.30	)		(0.42	)		(0.07	)		—

Net asset value, end of period	$	11.65		$	10.48		$	10.59		$	11.87		$	11.16		$	9.79

Total return^(c)		12.43	%		12.31	%		1.33	%		10.27	%		14.83	%		(2.10	)%

Net assets, end of period (in 000s)	$	16		$	14		$	13		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.60	%		0.65	%		0.79	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		4.09	%^(e)		4.39	%		5.18	%		2.52	%		4.26	%^(e)		4.33	%^(e)

Ratio of net investment income to average net assets		1.54	%^(e)		1.52	%		1.70	%		1.31	%		1.20	%^(e)		0.92	%^(e)

Portfolio turnover rate^(f)		13	%		23	%		148	%		177	%		182	%		34	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		83

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2055 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.50		$	10.60		$	11.89		$	11.19		$	9.79		$	10.00

Net investment income^(b)		0.08			0.23			0.22			0.19			0.07			0.02

Net realized and unrealized gain (loss)		1.22			1.05			(0.17	)		0.98			1.42			(0.23	)

Total from investment operations		1.30			1.28			0.05			1.17			1.49			(0.21	)

Distributions to shareholders from net investment income		(0.15	)		(0.22	)		(0.29	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.15	)		(1.38	)		(1.34	)		(0.47	)		(0.09	)		—

Net asset value, end of period	$	11.65		$	10.50		$	10.60		$	11.89		$	11.19		$	9.79

Total return^(c)		12.39	%		12.77	%		1.65	%		10.62	%		15.16	%		(2.00	)%

Net assets, end of period (in 000s)	$	329		$	274		$	723		$	509		$	101		$	10

Ratio of net expenses to average net assets^(d)		0.22	%^(e)		0.22	%		0.27	%		0.44	%		0.46	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		3.72	%^(e)		4.09	%		4.91	%		2.19	%		6.85	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		1.41	%^(e)		2.26	%		2.07	%		1.64	%		0.77	%^(e)		1.28	%^(e)

Portfolio turnover rate^(f)		13	%		23	%		148	%		177	%		182	%		34	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2055 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.57		$	10.63		$	11.92		$	11.20		$	9.80		$	10.00

Net investment income^(b)		0.07			0.43			0.24			0.20			0.15			0.03

Net realized and unrealized gain (loss)		1.25			0.87			(0.18	)		0.99			1.34			(0.23	)

Total from investment operations		1.32			1.30			0.06			1.19			1.49			(0.20	)

Distributions to shareholders from net investment income		(0.17	)		(0.20	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.17	)		(1.36	)		(1.35	)		(0.47	)		(0.09	)		—

Net asset value, end of period	$	11.72		$	10.57		$	10.63		$	11.92		$	11.20		$	9.80

Total return^(c)		12.48	%		12.95	%		1.80	%		10.85	%		15.32	%		(2.00	)%

Net assets, end of period (in 000s)	$	103		$	35		$	394		$	161		$	27		$	10

Ratio of net expenses to average net assets^(d)		0.07	%^(e)		0.07	%		0.09	%		0.28	%		0.29	%^(e)		0.32	%^(e)

Ratio of total expenses to average net assets^(d)		3.54	%^(e)		3.95	%		4.92	%		2.01	%		3.99	%^(e)		3.92	%^(e)

Ratio of net investment income to average net assets		1.33	%^(e)		4.12	%		2.23	%		1.76	%		1.68	%^(e)		1.45	%^(e)

Portfolio turnover rate^(f)		13	%		23	%		148	%		177	%		182	%		34	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		85

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2055 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,									Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.43		$	10.54		$	11.82		$	11.15		$	9.79		$	10.00

Net investment income^(b)		0.04			0.14			0.19			0.12			0.09			0.01

Net realized and unrealized gain (loss)		1.21			1.08			(0.18	)		0.98			1.34			(0.22	)

Total from investment operations		1.25			1.22			0.01			1.10			1.43			(0.21	)

Distributions to shareholders from net investment income		(0.12	)		(0.17	)		(0.24	)		(0.15	)		(0.07	)		—

Distributions to shareholders from net realized gains		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.12	)		(1.33	)		(1.29	)		(0.43	)		(0.07	)		—

Net asset value, end of period	$	11.56		$	10.43		$	10.54		$	11.82		$	11.15		$	9.79

Total return^(c)		12.04	%		12.22	%		1.20	%		10.09	%		14.66	%		(2.10	)%

Net assets, end of period (in 000s)	$	31		$	14		$	13		$	38		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.72	%^(e)		0.73	%		0.84	%		0.94	%		0.97	%^(e)		0.99	%^(e)

Ratio of total expenses to average net assets^(d)		4.19	%^(e)		4.52	%		4.72	%		2.67	%		4.42	%^(e)		4.48	%^(e)

Ratio of net investment income to average net assets		0.70	%^(e)		1.39	%		1.75	%		1.06	%		1.05	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		13	%		23	%		148	%		177	%		182	%		34	%

The Portfolio changed its fiscal year end from October 31 to August 31.

(a)

Commenced operations on August 22, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2060 Portfolio
	Class A Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	11.55		$	10.41		$	10.45		$	10.00

Net investment income (loss)^(b)		0.07			0.15			0.19			0.05

Net realized and unrealized gain (loss)		1.34			1.21			(0.10	)		0.40

Total from investment operations		1.41			1.36			0.09			0.45

Distributions to shareholders from net investment income		(0.15	)		(0.22	)		(0.10	)		—

Distributions to shareholders from net realized gains		(0.07	)		—			(0.03	)		—

Total distributions		(0.22	)		(0.22	)		(0.13	)		—

Net asset value, end of period	$	12.74		$	11.55		$	10.41		$	10.45

Total return^(c)		12.24	%		13.12	%		0.96	%		4.50	%

Net assets, end of period (in 000s)	$	72		$	44		$	20		$	10

Ratio of net expenses to average net assets^(d)		0.47	%^(e)		0.48	%		0.50	%		0.69	%^(e)

Ratio of total expenses to average net assets^(d)		3.46	%^(e)		4.06	%		6.73	%		8.72	%^(e)

Ratio of net investment income to average net assets		1.07	%^(e)		1.47	%		1.84	%		1.44	%^(e)

Portfolio turnover rate^(f)		14	%		16	%		148	%		56	%

(a)

Commenced operations on April 30, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		87

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2060 Portfolio
	Institutional Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	11.59		$	10.43		$	10.46		$	10.00

Net investment income^(b)		0.09			0.21			0.22			0.06

Net realized and unrealized gain (loss)		1.34			1.20			(0.09	)		0.40

Total from investment operations		1.43			1.41			0.13			0.46

Distributions to shareholders from net investment income		(0.18	)		(0.25	)		(0.13	)		—

Distributions to shareholders from net realized gains		(0.07	)		—			(0.03	)		—

Total distributions		(0.25	)		(0.25	)		(0.16	)		—

Net asset value, end of period	$	12.77		$	11.59		$	10.43		$	10.46

Total return^(c)		12.39	%		13.60	%		1.36	%		4.60	%

Net assets, end of period (in 000s)	$	14		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.09	%^(e)		0.09	%		0.14	%		0.30	%^(e)

Ratio of total expenses to average net assets^(d)		3.08	%^(e)		3.68	%		6.56	%		8.34	%^(e)

Ratio of net investment income to average net assets		1.56	%^(e)		2.00	%		2.18	%		1.84	%^(e)

Portfolio turnover rate^(f)		14	%		16	%		148	%		56	%

(a)

Commenced operations on April 30, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2060 Portfolio
	Service Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	11.55		$	10.40		$	10.44		$	10.00

Net investment income^(b)		0.09			0.16			0.17			0.05

Net realized and unrealized gain (loss)		1.34			1.19			(0.09	)		0.39

Total from investment operations		1.43			1.35			0.08			0.44

Distributions to shareholders from net investment income		(0.15	)		(0.20	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.07	)		—			(0.03	)		—

Total distributions		(0.22	)		(0.20	)		(0.12	)		—

Net asset value, end of period	$	12.76		$	11.55		$	10.40		$	10.44

Total return^(c)		12.39	%		13.02	%		0.89	%		4.40	%

Net assets, end of period (in 000s)	$	13		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.09	%^(e)		0.59	%		0.64	%		0.80	%^(e)

Ratio of total expenses to average net assets^(d)		3.58	%^(e)		4.19	%		7.06	%		8.82	%^(e)

Ratio of net investment income to average net assets		1.56	%^(e)		1.50	%		1.68	%		1.34	%^(e)

Portfolio turnover rate^(f)		14	%		16	%		148	%		56	%

(a)

Commenced operations on April 30, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		89

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2060 Portfolio
	Investor Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	11.58		$	10.43		$	10.46		$	10.00

Net investment income^(b)		0.09			0.20			0.21			0.06

Net realized and unrealized gain (loss)		1.34			1.19			(0.09	)		0.40

Total from investment operations		1.43			1.39			0.12			0.46

Distributions to shareholders from net investment income		(0.17	)		(0.24	)		(0.12	)		—

Distributions to shareholders from net realized gains		(0.07	)		—			(0.03	)		—

Total distributions		(0.24	)		(0.24	)		(0.15	)		—

Net asset value, end of period	$	12.77		$	11.58		$	10.43		$	10.46

Total return^(c)		12.37	%		13.48	%		1.15	%		4.60	%

Net assets, end of period (in 000s)	$	13		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.23	%^(e)		0.22	%		0.28	%		0.44	%^(e)

Ratio of total expenses to average net assets^(d)		3.21	%^(e)		3.82	%		6.70	%		8.48	%^(e)

Ratio of net investment income to average net assets		1.42	%^(e)		1.87	%		2.04	%		1.69	%^(e)

Portfolio turnover rate^(f)		14	%		16	%		148	%		56	%

(a)

Commenced operations on April 30, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2060 Portfolio
	Class R6 Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	11.59		$	10.43		$	10.46		$	10.00

Net investment income^(b)		0.10			0.21			0.23			0.06

Net realized and unrealized gain (loss)		1.33			1.21			(0.10	)		0.40

Total from investment operations		1.43			1.42			0.13			0.46

Distributions to shareholders from net investment income		(0.18	)		(0.26	)		(0.13	)		—

Distributions to shareholders from net realized gains		(0.07	)		—			(0.03	)		—

Total distributions		(0.25	)		(0.26	)		(0.16	)		—

Net asset value, end of period	$	12.77		$	11.59		$	10.43		$	10.46

Total return^(c)		12.41	%		13.62	%		1.37	%		4.60	%

Net assets, end of period (in 000s)	$	9,618		$	8,515		$	7,465		$	5,178

Ratio of net expenses to average net assets^(d)		0.07	%^(e)		0.07	%		0.11	%		0.28	%^(e)

Ratio of total expenses to average net assets^(d)		3.09	%^(e)		3.69	%		6.49	%		8.33	%^(e)

Ratio of net investment income to average net assets		1.57	%^(e)		2.02	%		2.24	%		1.86	%^(e)

Portfolio turnover rate^(f)		14	%		16	%		148	%		56	%

(a)

Commenced operations on April 30, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		91

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Target Date 2060 Portfolio
	Class R Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,						Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2021 (Unaudited)			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	11.54		$	10.39		$	10.44		$	10.00

Net investment income^(b)		0.06			0.14			0.16			0.04

Net realized and unrealized gain (loss)		1.32			1.20			(0.10	)		0.40

Total from investment operations		1.38			1.34			0.06			0.44

Distributions to shareholders from net investment income		(0.11	)		(0.19	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.07	)		—			(0.03	)		—

Total distributions		(0.18	)		(0.19	)		(0.11	)		—

Net asset value, end of period	$	12.74		$	11.54		$	10.39		$	10.44

Total return^(c)		12.02	%		12.90	%		0.68	%		4.40	%

Net assets, end of period (in 000s)	$	13		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.73	%^(e)		0.72	%		0.78	%		0.94	%^(e)

Ratio of total expenses to average net assets^(d)		3.72	%^(e)		4.33	%		7.20	%		8.96	%^(e)

Ratio of net investment income to average net assets		0.92	%^(e)		1.37	%		1.55	%		1.19	%^(e)

Portfolio turnover rate^(f)		14	%		16	%		148	%		56	%

(a)

Commenced operations on April 30, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

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

(e)

Annualized.

(f)


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements

February 28, 2021 (Unaudited)

1. ORGANIZATION

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


Portfolio	Share Classes Offered	Diversified/ Non-diversified
All Portfolios	A, Institutional, Service, Investor, R6, R	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Service, Investor, Class R6 and Class R Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Portfolios pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolios are expected to primarily invest in shares of exchange-traded funds (“ETFs”) and/or mutual funds for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter as well as unaffiliated ETFs and mutual funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Portfolio is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The valuation policy of the Portfolios and underlying funds (“Underlying Funds”) is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed. For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Portfolio are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Portfolio are charged to that Portfolio, while such expenses incurred by the Trust are allocated across the applicable Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

D. Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Portfolio is

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.

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

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


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Portfolios’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Portfolios, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Portfolios’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

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

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Portfolio’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolio’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Portfolios’ investments and derivatives classified in the fair value hierarchy as of February 28, 2021:



TARGET DATE RETIREMENT PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	7,541,724		$	—	$	—

Investment Company		59,282			—		—

Total	$	7,601,006		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(2,886	)	$	—	$	—

(a)

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TARGET DATE 2025 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	8,821,844		$	—	$	—

Investment Company		55,473			—		—

Total	$	8,877,317		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(2,886	)	$	—	$	—

TARGET DATE 2030 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	5,486,591		$	—	$	—

Investment Company		60,668			—		—

Total	$	5,547,259		$	—	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	14,870		$	—	$	—

TARGET DATE 2035 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	7,480,031		$	—	$	—

Investment Company		100,127			—		—

Total	$	7,580,158		$	—	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	28,836		$	—	$	—

(a)

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TARGET DATE 2040 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3

Assets

Exchange Traded Funds	$	8,475,564	$	—	$	—

Investment Company		22,283		—		—

Total	$	8,497,847	$	—	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	28,836	$	—	$	—

TARGET DATE 2045 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3

Assets

Exchange Traded Funds	$	8,683,929	$	—	$	—

Investment Company		162,932		—		—

Total	$	8,846,861	$	—	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	28,836	$	—	$	—

TARGET DATE 2050 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3

Assets

Exchange Traded Funds	$	7,526,729	$	—	$	—

Investment Company		135,490		—		—

Total	$	7,662,219	$	—	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	28,836	$	—	$	—

(a)

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TARGET DATE 2055 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3

Assets

Exchange Traded Funds	$	8,227,876	$	—	$	—

Investment Company		180,283		—		—

Total	$	8,408,159	$	—	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	28,836	$	—	$	—

TARGET DATE 2060 PORTFOLIO

Investment Type	Level 1		Level 2		Level 3

Assets

Exchange Traded Funds	$	9,520,833	$	—	$	—

Investment Company		138,986		—		—

Total	$	9,659,819	$	—	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	28,836	$	—	$	—

(a)

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


4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of February 28, 2021. These instruments were used as part of the Portfolios’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Portfolios’ net exposure.

Target Date Retirement Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(2,886)

^(a)

Target Date 2025 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(2,886)

^(a)

(a)

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

Target Date 2030 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

Variation margin on futures contracts

14,870

^(a)

—

Target Date 2035 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

Variation margin on futures contracts

28,836

^(a)

—

Target Date 2040 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

Variation margin on futures contracts

28,836

^(a)

—

Target Date 2045 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

Variation margin on futures contracts

28,836

^(a)

—

Target Date 2050 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

Variation margin on futures contracts

28,836

^(a)

—

Target Date 2055 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

Variation margin on futures contracts

28,836

^(a)

—

Target Date 2060 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

Variation margin on futures contracts

28,836

^(a)

—

(a)

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Portfolios’ gains (losses) related to these derivatives and their indicative volumes for the six months ended February 28, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



Target Date Retirement Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	77,288	$	(51,627	)		2

Target Date 2025 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	44,604	$	(27,867	)		1

Target Date 2030 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	26,376	$	5,785			1

Target Date 2035 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	53,637	$	10,666			2

Target Date 2040 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	53,637	$	10,666			2

Target Date 2045 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	70,126	$	(11,176	)		2

(a)

Average number of contracts is based on the average of month end balances for the six months ended February 28, 2021.

100

GOLDMAN SACHS TARGET DATE PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)



Target Date 2050 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	87,872	$	(16,909	)		2

Target Date 2055 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	87,872	$	(16,909	)		2

Target Date 2060 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	87,834	$	(16,909	)		2

(a)

Average number of contracts is based on the average of month end balances for the six months ended February 28, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Portfolio’s average daily net assets.

101

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2021, contractual and effective net management fees with GSAM for Target Date Retirement, Target Date 2025, Target Date 2030, Target Date 2035, Target Date 2040, Target Date 2045, Target Date 2050, Target Date 2055 and Target Date 2060 Portfolios were at the following rates:


	Contractual Management Rate
Portfolio	First $2 billion			Next $3 billion			Over $5 billion			Effective Rate			Effective Net Management Rate*^
Target Date Retirement Portfolio		0.25	%		0.23	%		0.21	%		0.25	%		0.07	%
Target Date 2025		0.25			0.23			0.21			0.25			0.06
Target Date 2030		0.25			0.23			0.21			0.25			0.06
Target Date 2035		0.25			0.23			0.21			0.25			0.06
Target Date 2040		0.25			0.23			0.21			0.25			0.04
Target Date 2045		0.25			0.23			0.21			0.25			0.04
Target Date 2050		0.25			0.23			0.21			0.25			0.04
Target Date 2055		0.25			0.23			0.21			0.25			0.04
Target Date 2060		0.25			0.23			0.21			0.25			0.04

The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

The Portfolios invest in Class R6 Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), as well as various Goldman Sachs ETFs, all of which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Portfolios in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Portfolios invest. In addition, the Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective rate of 0.19% as an annual percentage of average daily net assets of each Portfolio. For the six months ended February 28, 2021, the management fee waived by GSAM for each Portfolio was as follows:


Portfolio	Management Fee Waived
Target Date Retirement Portfolio	$	4,470
Target Date 2025		5,372
Target Date 2030		3,260
Target Date 2035		4,876
Target Date 2040		5,984
Target Date 2045		6,346
Target Date 2050		5,488
Target Date 2055		5,947
Target Date 2060		6,821

102

GOLDMAN SACHS TARGET DATE PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

The Trust, on behalf of Service Shares of each applicable Portfolio, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Portfolios, as set forth below.


	Distribution and/or Service Plan Rates
	Class A*			Class R*			Service**
Distribution and/or Service Plan		0.25	%		0.50	%		0.25	%

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

Effective September 1, 2020, Goldman Sachs implemented a voluntary temporary fee waiver equal to 0.25% of the Service Fees on the Service Shares of the Portfolios. Such voluntary waiver may be discontinued or modified at any time without notice.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. For the six months ended February 28, 2021, Goldman Sachs retained the following amounts:


	Front End Sales Charge
Portfolio	Class A
Target Date Retirement	$	15
Target Date 2025		525
Target Date 2030		109
Target Date 2035		64
Target Date 2040		37
Target Date 2045		30
Target Date 2050		182
Target Date 2055		153
Target Date 2060		58

D. Shareholder Administration Plan — The Trust, on behalf of the Portfolios, has adopted a Shareholder Administration Plan to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of shareholder administration services to their customers who are beneficial owners of such shares. The Shareholder Administration Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Service Shares of the Portfolios. Effective September 1, 2020, Goldman Sachs implemented a voluntary temporary fee waiver equal to 0.25% of the Shareholder Administration Fees on the Service Shares of the Portfolios. Such voluntary waiver may be discontinued or modified at any time without notice.

103

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.17% of the average daily net assets of Class A, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of each Portfolio through at least December 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Portfolios (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets is 0.024% for each of the Target Date Retirement, Target Date 2030, Target Date 2040 and Target Date 2050 Portfolios and 0.014% for each of the Target Date 2025, Target Date 2035, Target Date 2045, Target Date 2055 and Target Date 2060 Portfolios. These Other Expense limitations will remain in place through at least December 29, 2021, and prior to such date, GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Portfolios have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Portfolios’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 28, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Portfolio	Management Fee Waiver		Transfer Agency Waivers/Credits		Shareholder Service Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
Target Date Retirement	$	6,756	$	348	$	32	$	130,789	$	137,925
Target Date 2025		7,843		23		34		130,291		138,191
Target Date 2030		4,820		187		34		130,953		135,994
Target Date 2035		7,065		11		35		130,659		137,770
Target Date 2040		8,410		385		36		131,630		140,461
Target Date 2045		8,835		23		36		130,456		139,350
Target Date 2050		7,690		327		37		130,567		138,621
Target Date 2055		8,320		3		37		130,237		138,597
Target Date 2060		9,546		449		31		126,921		136,947

G. Line of Credit Facility — As of February 28, 2021, the Portfolios participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other portfolios of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Portfolios based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2021, the Portfolios did not have any borrowings under the facility.

104

GOLDMAN SACHS TARGET DATE PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H. Other Transactions with Affiliates — For the six months ended February 28, 2021, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Portfolios.

The tables below shows the transactions in and earnings from investments in these Underlying Funds for the six months ended February 28, 2021:



Target Date Retirement Portfolio
Underlying Fund	Market Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	91,759	$	—	$	—		$	—	$	882		$	92,641		1,864	$	2,166
Goldman Sachs Access Inflation Protected USD Bond ETF		426,987		70,092		—			—		(2,607	)		494,472		8,727		2,707
Goldman Sachs Access Investment Grade Corporate Bond ETF		1,659,940		—		(598,388	)		88,040		(107,055	)		1,042,537		19,235		17,380
Goldman Sachs Access U.S. Aggregate Bond ETF		—		2,079,389		—			—		(48,677	)		2,030,712		41,630		2,784
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		263,378		—		(75,170	)		18,784		33,039			240,031		6,103		3,831
Goldman Sachs ActiveBeta International Equity ETF		598,023		150,005		—			—		79,384			827,412		25,720		5,268
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		1,388,969		—		(677,650	)		152,707		(67,245	)		796,781		10,440		7,169
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		173,691		29,844		(198,132	)		43,844		33,533			82,780		1,352		1,115
Goldman Sachs Financial Square Government Fund — Class R6		304,119		590,579		(835,416	)		—		—			59,282		59,282		18
Goldman Sachs MarketBeta U.S. Equity ETF		—		871,523		(49,896	)		3,069		37,792			862,488		16,172		3,004

Total	$	4,906,866	$	3,791,432	$	(2,434,652	)	$	306,444	$	(40,954	)	$	6,529,136			$	45,442

105

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2025 Portfolio
Underlying Fund	Beginning Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Ending Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	83,932	$	—	$	—		$	—	$	807		$	84,739		1,705	$	1,981
Goldman Sachs Access Inflation Protected USD Bond ETF		453,720		90,036		—			—		(3,220	)		540,536		9,540		2,866
Goldman Sachs Access Investment Grade Corporate Bond ETF		1,470,898		79,930		(498,694	)		77,351		(96,053	)		1,033,432		19,067		15,523
Goldman Sachs Access U.S. Aggregate Bond ETF		—		2,109,629		—			—		(48,284	)		2,061,345		42,258		2,622
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		313,365		—		—			—		56,966			370,331		9,416		4,558
Goldman Sachs ActiveBeta International Equity ETF		992,974		—		—			—		122,778			1,115,752		34,683		7,883
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,082,712		—		(1,115,026	)		238,961		(127,635	)		1,079,012		14,138		9,884
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		219,460		—		(148,646	)		33,645		55,836			160,295		2,618		1,303
Goldman Sachs Financial Square Government Fund — Class R6		67,738		981,299		(993,564	)		—		—			55,473		55,473		9
Goldman Sachs MarketBeta U.S. Equity ETF		—		1,130,250		—			—		44,765			1,175,015		22,032		3,642

Total	$	5,684,799	$	4,391,144	$	(2,755,930	)	$	349,957	$	5,960		$	7,675,930			$	50,271

106

GOLDMAN SACHS TARGET DATE PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2030 Portfolio
Underlying Fund	Beginning Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Ending Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	56,414	$	—	$	—		$	—	$	542		$	56,956		1,146	$	1,332
Goldman Sachs Access Inflation Protected USD Bond ETF		284,715		40,040		—			—		(1,736	)		323,019		5,701		1,800
Goldman Sachs Access Investment Grade Corporate Bond ETF		790,669		39,953		(279,266	)		42,449		(51,697	)		542,108		10,002		8,301
Goldman Sachs Access U.S. Aggregate Bond ETF		—		1,095,235		—			—		(24,563	)		1,070,672		21,949		1,365
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		200,745		—		—			—		36,493			237,238		6,032		2,920
Goldman Sachs ActiveBeta International Equity ETF		702,580		—		—			—		86,872			789,452		24,540		5,578
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		1,528,424		—		(872,337	)		222,195		(125,232	)		753,050		9,867		7,320
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		76,440		39,613		—			—		30,527			146,580		2,394		453
Goldman Sachs Financial Square Government Fund — Class R6		74,394		663,645		(677,371	)		—		—			60,668		60,668		9
Goldman Sachs MarketBeta U.S. Equity ETF		—		848,831		(29,999	)		241		49,015			868,088		16,277		3,349

Total	$	3,714,381	$	2,727,317	$	(1,858,973	)	$	264,885	$	221		$	4,847,831			$	32,427

107

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2035 Portfolio
Underlying Fund	Market Value as of 8/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/21		Shares as of 2/28/21		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	82,948	$	—	$	—		$	—	$	796		$	83,744		1,685	$	1,958
Goldman Sachs Access Inflation Protected USD Bond ETF		416,613		—		(113,383	)		9,158		(10,560	)		301,828		5,327		2,590
Goldman Sachs Access Investment Grade Corporate Bond ETF		944,543		—		(548,199	)		82,600		(90,059	)		388,885		7,175		8,086
Goldman Sachs Access U.S. Aggregate Bond ETF		—		751,179		—			—		(17,869	)		733,310		15,033		944
Goldman Sachs ActiveBeta^® Emerging Markets Equity ETF		336,694		—		—			—		61,208			397,902		10,117		4,898
Goldman Sachs ActiveBeta^® International Equity ETF		1,208,787		49,269		—			—		151,987			1,410,043		43,831		9,770
Goldman Sachs ActiveBeta^® U.S. Large Cap Equity ETF		2,659,314		—		(1,298,082	)		307,590		(149,367	)		1,519,455		19,909		13,088
Goldman Sachs ActiveBeta^® U.S. Small Cap Equity ETF		103,446		49,744		—			—		51,802			204,992		204,992		755
Goldman Sachs Financial Square Government Fund — Class R6		47,156		852,543		(799,572	)		—		—			100,127		100,127		6
Goldman Sachs MarketBeta^® U.S. Equity ETF		—		1,448,050		(14,461	)		104		93,634			1,527,327		28,638		5,893

	$	5,799,501	$	3,150,785	$	(2,773,697	)	$	399,452	$	91,572		$	6,667,613			$	47,988

108

GOLDMAN SACHS TARGET DATE PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2040 Portfolio
Underlying Fund	Market Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	104,657	$	—	$	—		$	—	$	1,005		$	105,662		2,126	$	2,471
Goldman Sachs Access Inflation Protected USD Bond ETF		272,289		—		(155,103	)		11,383		(12,756	)		115,813		2,044		1,347
Goldman Sachs Access Investment Grade Corporate Bond ETF		597,634		—		(460,070	)		68,996		(69,651	)		136,909		2,526		5,808
Goldman Sachs Access U.S. Aggregate Bond ETF		—		129,951		—			—		(3,025	)		126,926		2,602		183
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		461,927		58,838		—			—		89,755			610,520		15,523		7,088
Goldman Sachs ActiveBeta International Equity ETF		1,535,398		267,944		—			—		198,629			2,001,971		62,231		12,884
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,527,838		—		(648,899	)		161,417		17,842			2,058,198		26,968		14,467
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		239,790		69,037		—			—		111,504			420,331		6,865		1,621
Goldman Sachs Financial Square Government Fund — Class R6		—		285,041		(262,758	)		—		—			22,283		22,283		2
Goldman Sachs MarketBeta U.S. Equity ETF		829,549		992,967		—			—		143,202			1,965,718		36,858		10,265

Total	$	6,569,082	$	1,803,778	$	(1,526,830	)	$	241,796	$	476,505		$	7,564,331			$	56,136

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2045 Portfolio
Underlying Fund	Beginning Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Ending Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	147,189	$	—	$	(69,713	)	$	4,041	$	(1,897	)	$	79,620		1,602	$	3,189
Goldman Sachs Access Inflation Protected USD Bond ETF		22,971		—		(22,894	)		627		(704	)		—		—		111
Goldman Sachs Access Investment Grade Corporate Bond ETF		56,912		59,790		(119,111	)		5,177		(2,768	)		—		—		468
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		610,155		—		—			—		110,921			721,076		18,334		8,876
Goldman Sachs ActiveBeta International Equity ETF		1,774,516		98,668		—			—		224,364			2,097,548		65,202		14,435
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,771,866		—		(790,287	)		197,659		(2,668	)		2,176,570		28,519		15,598
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		302,705		29,539		—			—		128,436			460,680		7,524		1,881
Goldman Sachs Financial Square Government Fund — Class R6		84,073		393,000		(314,141	)		—		—			162,932		162,9320		8
Goldman Sachs MarketBeta U.S. Equity ETF		977,910		1,037,577		—			—		164,734			2,180,221		40,880		12,469

Total	$	6,748,297	$	1,618,574	$	(1,316,146	)	$	207,504	$	620,418		$	7,878,647			$	57,035

110

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2050 Portfolio
Underlying Fund	Beginning Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Ending Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	135,276	$	—	$	(59,770	)	$	3,465	$	(1,539	)	$	77,432		1,558	$	2,949
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		565,161		—		(79,844	)		13,029		85,154			583,500		14,836		7,739
Goldman Sachs ActiveBeta International Equity ETF		1,655,358		29,603		(50,244	)		1,975		203,528			1,840,220		57,203		13,075
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,552,905		—		(845,305	)		212,494		(35,753	)		1,884,341		24,690		13,969
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		263,961		39,400		(50,036	)		3,782		104,507			361,614		5,906		1,545
Goldman Sachs Financial Square Government Fund — Class R6		107,424		280,516		(252,450	)		—		—			135,490		135,490		11
Goldman Sachs MarketBeta U.S. Equity ETF		907,795		869,968		—			—		128,597			1,906,360		35,745		11,122

Total	$	6,187,880	$	1,219,487	$	(1,337,649	)	$	234,745	$	484,494		$	6,788,957			$	50,410

Target Date 2055 Portfolio
Underlying Fund	Market Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	137,737	$	—	$	(64,742	)	$	3,753	$	(1,751	)	$	74,997		1,509	$	2,986
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		601,403		—		(30,195	)		5,163		102,740			679,111		17,267		8,748
Goldman Sachs ActiveBeta International Equity ETF		1,737,297		49,352		—			—		217,252			2,003,901		62,291		13,966
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,655,007		—		(770,111	)		192,715		(6,286	)		2,071,325		27,140		14,896
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		302,836		—		—			—		122,148			424,984		6,941		1,797
Goldman Sachs Financial Square Government Fund — Class R6		120,710		328,940		(269,367	)		—		—			180,283		180,283		17
Goldman Sachs MarketBeta U.S. Equity ETF		951,519		969,561		—			—		138,450			2,059,530		38,617		11,894

Total	$	6,506,509	$	1,347,853	$	(1,134,415	)	$	201,631	$	572,553		$	7,494,131			$	54,304

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2060 Portfolio
Underlying Fund	Market Value as of 8/31/2020		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2021		Shares as of 2/28/2021		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	145,909	$	—	$	(49,824	)	$	2,888	$	(965	)	$	98,008		1,972	$	3,240
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		662,605		—		—			—		120,456			783,061		19,910		9,639
Goldman Sachs ActiveBeta International Equity ETF		2,005,331		49,269		—			—		250,477			2,305,077		71,653		16,094
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		3,175,261		—		(1,000,007	)		249,521		(30,464	)		2,394,311		31,372		17,542
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		355,366		—		—			—		143,337			498,703		8,145		2,108
Goldman Sachs Financial Square Government Fund — Class R6		136,498		245,803		(243,315	)		—		—			138,986		138,986		15
Goldman Sachs MarketBeta U.S. Equity ETF		1,102,609		1,178,993		(27,375	)		119		163,203			2,417,549		45,330		13,902

Total	$	7,583,579	$	1,474,065	$	(1,320,521	)	$	252,528	$	646,044		$	8,635,695			$	62,540

As of February 28, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Portfolios:


Portfolio	Class A			Institutional			Service			Investor			Class R6			Class R
Target Date Retirement		7	%		100	%		100	%		—	%		90	%		100	%
Target Date 2025		—			100			100			36			—			100
Target Date 2030		—			85			100			—			81			100
Target Date 2035		5			100			100			30			7			100
Target Date 2040		14			96			100			6			96			100
Target Date 2045		5			100			100			7			—			100
Target Date 2050		—			62			100			10			98			100
Target Date 2055		6			100			100			5			16			51
Target Date 2060		19			100			100			100			99			100

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GOLDMAN SACHS TARGET DATE PORTFOLIOS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2021, were as follows:


Portfolio	Purchases		Sales and Maturities
Target Date Retirement	$	3,458,850	$	3,254,729
Target Date 2025		3,711,223		3,094,425
Target Date 2030		2,190,119		1,717,144
Target Date 2035		2,335,256		2,346,729
Target Date 2040		1,610,136		1,519,942
Target Date 2045		1,418,161		1,136,715
Target Date 2050		1,136,957		1,217,501
Target Date 2055		1,204,499		991,254
Target Date 2060		1,449,857		1,210,720

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, August 31, 2020, the Portfolios’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Target Date Retirement		Target Date 2025		Target Date 2030		Target Date 2035		Target Date 2040		Target Date 2045			Target Date 2050		Target Date 2055			Target Date 2060
Capital loss carryforwards: Perpetual Short-Term	$	—	$	—	$	—	$	—	$	—	$	(16,851	)	$	—	$	(93,043	)	$	—
Timing Differences (Post October Capital Loss Deferral)	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—		$	(4,548)

As of February 28, 2021, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Target Date Retirement			Target Date 2025			Target Date 2030			Target Date 2035			Target Date 2040			Target Date 2045			Target Date 2050			Target Date 2055			Target Date 2060
Tax Cost	$	6,996,868		$	8,052,455		$	4,961,588		$	6,548,324		$	6,991,711		$	7,225,097		$	6,289,106		$	6,894,315		$	7,935,362
Gross unrealized gain		713,772			911,231			624,440			1,077,386			1,538,572			1,680,810			1,440,671			1,754,618			1,793,572
Gross unrealized loss		(109,634	)		(86,370	)		(38,769	)		(45,553	)		(32,436	)		(59,046	)		(67,558	)		(240,774	)		(69,115	)
Net unrealized gains (losses)	$	604,138		$	824,861		$	585,671		$	1,031,833		$	1,506,136		$	1,621,764		$	1,373,113		$	1,513,844		$	1,724,457

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GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and net mark to market gains (losses) on regulated futures contracts.

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

8. OTHER RISKS

The Portfolios’ risks include, but are not limited to, the following:

Derivatives Risk — The Portfolios’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolios. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Dividend-Paying Investments Risk — A Portfolio’s investments in dividend-paying securities could cause a Portfolio to underperform other portfolios. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet a Portfolio’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of a Portfolio to produce current income.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Portfolio or an Underlying Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Portfolio or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that or an Underlying Fund also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Portfolio will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Portfolio. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Portfolio or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio or an Underlying Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so,

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8. OTHER RISKS (continued)

which may negatively impact the Portfolio’s or the Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the expense ratio of the Portfolio or the Underlying Fund. Similarly, large Portfolio or Underlying Fund share purchases may adversely affect a Portfolio’s or an Underlying Fund’s performance to the extent that the Portfolio or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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

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

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

11. SUBSEQUENT EVENTS

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

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:



	Target Date Retirement Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,747		$	37,740			12,735		$	112,733
Reinvestment of distributions		901			9,054			120			1,140
Shares redeemed		(1,537	)		(15,555	)		(3,858	)		(36,861	)
		3,111			31,239			8,997			77,012
Institutional Shares
Reinvestment of distributions		68			689			50			478
		68			689			50			478
Service Shares
Reinvestment of distributions		64			636			43			415
		64			636			43			415
Investor Shares
Shares sold		1,327			13,365			9,601			91,552
Reinvestment of distributions		2,335			23,535			4,935			47,136
Shares redeemed		(24,631	)		(249,455	)		(88,118	)		(850,671	)
		(20,969	)		(212,555	)		(73,582	)		(711,983	)
Class R6 Shares
Shares sold		3,961			40,134			34,789			335,273
Reinvestment of distributions		36,088			364,705			25,608			245,286
Shares redeemed		(136	)		(1,376	)		(30,454	)		(268,818	)
		39,913			403,463			29,943			311,741
Class R Shares
Reinvestment of distributions		60			597			41			399
		60			597			41			399

NET INCREASE (DECREASE)		22,247		$	224,069			(34,508	)	$	(321,938	)

116

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12. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2025 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		11,740		$	134,173			4,214		$	45,409
Reinvestment of distributions		827			9,622			1,138			12,240
Shares redeemed		(2,657	)		(30,214	)		(20,838	)		(225,805	)
		9,910			113,581			(15,486	)		(168,156	)
Institutional Shares
Reinvestment of distributions		19,325			224,799			36,011			387,364
		19,325			224,799			36,011			387,364
Service Shares
Reinvestment of distributions		31			369			61			652
		31			369			61			652
Investor Shares
Shares sold		31			355			6,585			71,764
Reinvestment of distributions		88			1,014			3,175			34,076
Shares redeemed		(31	)		(361	)		(60,684	)		(658,106	)
		88			1,008			(50,924	)		(552,266	)
Class R6 Shares
Shares sold		51,755			604,138			48,045			521,462
Reinvestment of distributions		887			10,342			63			688
Shares redeemed		(18,527	)		(205,845	)		(28,883	)		(308,640	)
		34,115			408,635			19,225			213,510
Class R Shares
Reinvestment of distributions		28			330			59			633
		28			330			59			633

NET INCREASE (DECREASE)		63,497		$	748,722			(11,054	)	$	(118,263	)

117

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Target Date 2030 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		20,683		$	180,342			13,639		$	122,108
Reinvestment of distributions		826			7,570			4,154			34,879
Shares redeemed		(668	)		(5,822	)		(7,639	)		(73,291	)
		20,841			182,090			10,154			83,696
Institutional Shares
Shares sold		—			—			70			661
Reinvestment of distributions		36			335			326			2,752
Shares redeemed		(21	)		(186	)		(125	)		(1,031	)
		15			149			271			2,382
Service Shares
Reinvestment of distributions		25			232			221			1,856
		25			232			221			1,856
Investor Shares
Shares sold		5,384			48,610			23,481			204,069
Reinvestment of distributions		2,158			19,849			34,353			289,355
Shares redeemed		(8,913	)		(78,997	)		(102,868	)		(872,880	)
		(1,371	)		(10,538	)		(45,034	)		(379,456	)
Class R6 Shares
Shares sold		28,969			264,541			18,622			157,603
Reinvestment of distributions		8,359			77,086			66,304			560,445
Shares redeemed		(4,221	)		(38,940	)		(84,505	)		(802,970	)
		33,107			302,687			421			(84,922	)
Class R Shares
Reinvestment of distributions		22			199			249			2,088
		22			199			249			2,088

NET INCREASE (DECREASE)		52,639		$	474,819			(33,718	)	$	(374,356	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Target Date 2035 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,766		$	55,845			3,231		$	34,521
Reinvestment of distributions		566			6,574			2,040			21,487
Shares redeemed		(3,296	)		(37,536	)		(6,441	)		(70,276	)
		2,036			24,883			(1,170	)		(14,268	)
Institutional Shares
Shares sold		—			—			12			139
Reinvestment of distributions		15,580			181,488			51,625			547,186
Shares redeemed		—			—			(7	)		(67	)
		15,580			181,488			51,630			547,258
Service Shares
Reinvestment of distributions		30			341			104			1,100
		30			341			104			1,100
Investor Shares
Shares sold		297			3,374			7,331			79,677
Reinvestment of distributions		94			1,091			8,974			94,718
Shares redeemed		(6	)		(70	)		(102,529	)		(1,097,028	)
		385			4,395			(86,224	)		(922,633	)
Class R6 Shares
Shares sold		11,494			124,305			22,102			235,114
Reinvestment of distributions		450			5,236			955			10,110
Shares redeemed		(23,086	)		(255,556	)		(35,483	)		(388,778	)
		(11,142	)		(126,015	)		(12,426	)		(143,554	)
Class R Shares
Reinvestment of distributions		26			301			102			1,079
		26			301			102			1,079

NET INCREASE (DECREASE)		6,915		$	85,393			(47,984	)	$	(531,018	)

119

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Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Target Date 2040 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,437		$	13,021			2,287		$	18,455
Reinvestment of distributions		316			2,889			1,534			12,663
Shares redeemed		(460	)		(4,206	)		(1,914	)		(16,428	)
		1,293			11,704			1,907			14,690
Institutional Shares
Shares sold		33			292			39			325
Reinvestment of distributions		51			476			254			2,111
Shares redeemed		—			(4	)		(5	)		(41	)
		84			764			288			2,395
Service Shares
Reinvestment of distributions		44			410			244			2,016
		44			410			244			2,016
Investor Shares
Shares sold		2,642			23,467			10,363			88,800
Reinvestment of distributions		810			7,443			14,163			117,436
Shares redeemed		(3,900	)		(35,386	)		(69,990	)		(587,788	)
		(448	)		(4,476	)		(45,464	)		(381,552	)
Class R6 Shares
Shares sold		16,788			150,492			21,498			182,889
Reinvestment of distributions		25,996			239,849			129,849			1,081,445
Shares redeemed		(20,334	)		(183,807	)		(73,071	)		(677,179	)
		22,450			206,534			78,276			587,155
Class R Shares
Reinvestment of distributions		40			370			243			1,994
		40			370			243			1,994

NET INCREASE		23,463		$	215,306			35,494		$	226,698

120

GOLDMAN SACHS TARGET DATE PORTFOLIOS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Target Date 2045 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,497		$	41,214			4,282		$	42,873
Reinvestment of distributions		242			2,859			1,721			18,008
Shares redeemed		(172	)		(1,825	)		(984	)		(10,614	)
		3,567			42,248			5,019			50,267
Institutional Shares
Shares sold		112			1,261			266			2,887
Reinvestment of distributions		9,329			110,549			64,817			682,308
Shares redeemed		(5	)		(61	)		(9	)		(89	)
		9,436			111,749			65,074			685,106
Service Shares
Reinvestment of distributions		15			177			124			1,301
		15			177			124			1,301
Investor Shares
Shares sold		1,928			21,485			15,569			168,333
Reinvestment of distributions		233			2,751			9,915			104,090
Shares redeemed		(1,001	)		(10,940	)		(88,118	)		(943,436	)
		1,160			13,296			(62,634	)		(671,013	)
Class R6 Shares
Shares sold		15,536			167,941			5,773			59,373
Reinvestment of distributions		646			7,653			2,604			27,396
Shares redeemed		(131	)		(1,525	)		(48,116	)		(526,722	)
		16,051			174,069			(39,739	)		(439,953	)
Class R Shares
Reinvestment of distributions		12			137			122			1,279
		12			137			122			1,279

NET INCREASE (DECREASE)		30,241		$	341,676			(32,034	)	$	(373,013	)

121

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Target Date 2050 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		13,341		$	143,379			32,024		$	300,977
Reinvestment of distributions		1,677			17,348			6,664			62,375
Shares redeemed		(37,067	)		(386,145	)		(3,426	)		(31,559	)
		(22,049	)		(225,418	)		35,262			331,793
Institutional Shares
Shares sold		208			2,121			364			3,368
Reinvestment of distributions		74			774			295			2,782
Shares redeemed		(27	)		(264	)		(97	)		(893	)
		255			2,631			562			5,257
Service Shares
Reinvestment of distributions		43			443			209			1,962
		43			443			209			1,962
Investor Shares
Shares sold		921			9,481			13,096			130,529
Reinvestment of distributions		463			4,823			18,589			174,877
Shares redeemed		(747	)		(7,981	)		(115,025	)		(1,106,678	)
		637			6,323			(83,340	)		(801,272	)
Class R6 Shares
Shares sold		3,047			31,015			9,121			87,881
Reinvestment of distributions		20,738			216,665			93,381			881,219
Shares redeemed		(27	)		(277	)		(37,078	)		(385,740	)
		23,758			247,403			65,424			583,360
Class R Shares
Reinvestment of distributions		39			402			207			1,938
		39			402			207			1,938

NET INCREASE		2,683		$	31,784			18,324		$	123,038

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Target Date 2055 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,851		$	43,493			7,363		$	72,153
Reinvestment of distributions		245			2,807			2,300			23,251
Shares redeemed		(182	)		(2,122	)		(5,904	)		(52,809	)
		3,914			44,178			3,759			42,595
Institutional Shares
Shares sold		89			984			238			2,363
Reinvestment of distributions		9,322			107,111			80,456			818,684
Shares redeemed		(24	)		(259	)		(131	)		(1,412	)
		9,387			107,836			80,563			819,635
Service Shares
Reinvestment of distributions		16			176			160			1,623
		16			176			160			1,623
Investor Shares
Shares sold		2,713			30,130			14,072			144,877
Reinvestment of distributions		350			4,016			10,034			101,821
Shares redeemed		(852	)		(9,680	)		(66,206	)		(686,103	)
		2,211			24,466			(42,100	)		(439,405	)
Class R6 Shares
Shares sold		5,365			58,706			3,395			34,735
Reinvestment of distributions		100			1,147			178			1,811
Shares redeemed		(14	)		(159	)		(37,303	)		(404,491	)
		5,451			59,694			(33,730	)		(367,945	)
Class R Shares
Shares sold		1,298			13,329			—			—
Reinvestment of distributions		28			322			159			1,604
Shares redeemed		(8	)		(95	)		—			—
		1,318			13,556			159			1,604

NET INCREASE		22,297		$	249,906			8,811		$	58,107

123

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Target Date 2060 Portfolio

	For the Six Months Ended February 28, 2021 (Unaudited)						For the Fiscal Year Ended August 31, 2020

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,871		$	23,395			2,603		$	25,602
Reinvestment of distributions		78			980			43			476
Shares redeemed		(56	)		(711	)		(766	)		(8,461	)
		1,893			23,664			1,880			17,617
Institutional Shares
Reinvestment of distributions		20			262			24			257
		20			262			24			257
Service Shares
Reinvestment of distributions		18			223			18			204
		18			223			18			204
Investor Shares
Reinvestment of distributions		20			246			22			243
		20			246			22			243
Class R6 Shares
Shares sold		5,214			59,754			2,717			30,422
Reinvestment of distributions		14,954			187,286			16,367			182,658
Shares redeemed		(1,581	)		(18,011	)		(7	)		(78	)
		18,587			229,029			19,077			213,002
Class R Shares
Reinvestment of distributions		15			188			17			190
		15			188			17			190

NET INCREASE		20,553		$	253,612			21,038		$	231,513

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GOLDMAN SACHS TARGET DATE PORTFOLIOS

Liquidity Risk Management Program

Each Portfolio has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Portfolio’s liquidity risk, i.e., the risk that a Portfolio is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Portfolio. The Board of Trustees of the Trust has designated GSAM, each Portfolio’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.

The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Portfolio’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Portfolio’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Portfolio that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Portfolio’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.

At a meeting of the Board of Trustees on February 2-3, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report and related materials discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the impact of the COVID-19 pandemic on liquidity and management of liquidity risk during the Reporting Period, including during stressed market conditions caused by the COVID-19 pandemic. The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.

There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Portfolio’s prospectus for more information regarding the Portfolio’s exposure to liquidity risk and other risks to which it may be subject.

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Fund Expenses — Period Ended February 28, 2021 (Unaudited)

As a shareholder of Class A, Institutional, Service, Investor, Class R6, and Class R Shares of the Portfolios, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Service and Class R Shares); and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional, Service, Investor, Class R6 or Class R Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2020 through February 28, 2021, which represents a period of 181 days out of a 365 day year. This projection assumes that annualized expense ratios were in effect during the period.

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

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

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


	Target Date Retirement Portfolio							Target Date 2025 Portfolio							Target Date 2030 Portfolio
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*
Class A
Actual	$	1,000.00	$	1,043.60		$	2.63	$	1,000.00	$	1,054.80		$	2.50	$	1,000.00	$	1,065.40		$	2.61
Hypothetical 5% return		1,000.00		1,022.22	+		2.61		1,000.00		1,022.22	+		2.46		1,000.00		1,022.22	+		2.56
Institutional
Actual		1,000.00		1,045.70			0.66		1,000.00		1,056.70			0.56		1,000.00		1,067.30			0.67
Hypothetical 5% return		1,000.00		1,024.15	+		0.65		1,000.00		1,024.25	+		0.55		1,000.00		1,024.15	+		0.65
Service
Actual		1,000.00		1,045.90			0.71		1,000.00		1,056.50			0.61		1,000.00		1,067.70			0.72
Hypothetical 5% return		1,000.00		1,024.10	+		0.70		1,000.00		1,024.10	+		0.60		1,000.00		1,024.10	+		0.70
Investor
Actual		1,000.00		1,045.20			1.37		1,000.00		1,055.20			1.27		1,000.00		1,067.50			1.33
Hypothetical 5% return		1,000.00		1,023.46	+		1.35		1,000.00		1,023.55	+		1.25		1,000.00		1,023.51	+		1.30
Class R6
Actual		1,000.00		1,045.90			0.61		1,000.00		1,055.80			0.36		1,000.00		1,067.60			0.56
Hypothetical 5% return		1,000.00		1,024.20	+		0.60		1,000.00		1,024.45	+		0.35		1,000.00		1,024.25	+		0.55
Class R
Actual		1,000.00		1,043.10			3.90		1,000.00		1,052.80			3.82		1,000.00		1,064.30			3.94
Hypothetical 5% return		1,000.00		1,020.98	+		3.86		1,000.00		1,020.98	+		3.76		1,000.00		1,020.98	+		3.86

Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Portfolios	Class A			Institutional			Service			Investor			Class R6			Class R
Target Date Retirement Portfolio		0.52	%		0.13	%		0.14	%		0.27	%		0.12	%		0.77	%
Target Date 2025 Portfolio		0.49			0.11			0.12			0.25			0.07			0.75
Target Date 2030 Portfolio		0.51			0.13			0.14			0.26			0.11			0.77

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

126

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Fund Expenses — Period Ended February 28, 2021 (Unaudited) (continued)


	Target Date 2035 Portfolio							Target Date 2040 Portfolio							Target Date 2045 Portfolio
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*
Class A
Actual	$	1,000.00	$	1,087.60		$	2.54	$	1,000.00	$	1,111.50		$	2.57	$	1,000.00	$	1,121.90		$	2.47
Hypothetical 5% return		1,000.00		1,022.22	+	��	2.46		1,000.00		1,022.22	+		2.46		1,000.00		1,022.22	+		2.36
Institutional
Actual		1,000.00		1,089.80			0.57		1,000.00		1,112.60			0.63		1,000.00		1,124.50			0.47
Hypothetical 5% return		1,000.00		1,024.25	+		0.55		1,000.00		1,024.20	+		0.60		1,000.00		1,024.35	+		0.45
Service
Actual		1,000.00		1,089.90			0.62		1,000.00		1,112.50			0.63		1,000.00		1,123.80			0.53
Hypothetical 5% return		1,000.00		1,024.10	+		0.60		1,000.00		1,024.10	+		0.60		1,000.00		1,024.10	+		0.50
Investor
Actual		1,000.00		1,088.90			1.24		1,000.00		1,112.70			1.26		1,000.00		1,124.00			1.16
Hypothetical 5% return		1,000.00		1,023.60	+		1.20		1,000.00		1,023.60	+		1.20		1,000.00		1,023.70	+		1.10
Class R6
Actual		1,000.00		1,090.00			0.47		1,000.00		1,112.80			0.47		1,000.00		1,123.90			0.37
Hypothetical 5% return		1,000.00		1,024.35	+		0.45		1,000.00		1,024.35	+		0.45		1,000.00		1,024.45	+		0.35
Class R
Actual		1,000.00		1,087.20			3.83		1,000.00		1,108.90			3.82		1,000.00		1,120.30			3.84
Hypothetical 5% return		1,000.00		1,020.98	+		3.71		1,000.00		1,020.98	+		3.66		1,000.00		1,020.98	+		3.66


Portfolios	Class A			Institutional			Service			Investor			Class R6			Class R
Target Date 2035 Portfolio		0.49	%		0.11	%		0.12	%		0.24	%		0.09	%		0.74	%
Target Date 2040 Portfolio		0.49			0.12			0.12			0.24			0.09			0.73
Target Date 2045 Portfolio		0.47			0.09			0.10			0.22			0.07			0.73

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

127

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Fund Expenses — Period Ended February 28, 2021 (Unaudited) (continued)


	Target Date 2050 Portfolio							Target Date 2055 Portfolio							Target Date 2060 Portfolio
Share Class	Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*		Beginning Account Value 9/1/20		Ending Account Value 2/28/21			Expenses Paid for the 6 months ended 2/28/21*
Class A
Actual	$	1,000.00	$	1,123.70		$	2.53	$	1,000.00	$	1,121.50		$	2.47	$	1,000.00	$	1,122.40		$	2.47
Hypothetical 5% return		1,000.00		1,022.22	+		2.41		1,000.00		1,022.22	+		2.36		1,000.00		1,022.22	+		2.36
Institutional
Actual		1,000.00		1,125.30			0.58		1,000.00		1,124.90			0.47		1,000.00		1,123.90			0.47
Hypothetical 5% return		1,000.00		1,024.25	+		0.55		1,000.00		1,024.35	+		0.45		1,000.00		1,024.35	+		0.45
Service
Actual		1,000.00		1,124.90			0.63		1,000.00		1,124.30			0.58		1,000.00		1,123.90			0.47
Hypothetical 5% return		1,000.00		1,024.10	+		0.60		1,000.00		1,024.10	+		0.55		1,000.00		1,024.10	+		0.45
Investor
Actual		1,000.00		1,124.60			1.26		1,000.00		1,123.90			1.16		1,000.00		1,123.70			1.21
Hypothetical 5% return		1,000.00		1,023.60	+		1.20		1,000.00		1,023.70	+		1.10		1,000.00		1,023.65	+		1.15
Class R6
Actual		1,000.00		1,125.40			0.42		1,000.00		1,124.80			0.37		1,000.00		1,124.10			0.37
Hypothetical 5% return		1,000.00		1,024.40	+		0.40		1,000.00		1,024.45	+		0.35		1,000.00		1,024.45	+		0.35
Class R
Actual		1,000.00		1,121.10			3.84		1,000.00		1,120.40			3.79		1,000.00		1,120.20			3.84
Hypothetical 5% return		1,000.00		1,020.98	+		3.66		1,000.00		1,020.98	+		3.61		1,000.00		1,020.98	+		3.66


Portfolios	Class A			Institutional			Service			Investor			Class R6			Class R
Target Date 2050 Portfolio		0.48	%		0.11	%		0.12	%		0.24	%		0.08	%		0.73	%
Target Date 2055 Portfolio		0.47			0.09			0.11			0.22			0.07			0.72
Target Date 2060 Portfolio		0.47			0.09			0.09			0.23			0.07			0.73

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

128

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.95 trillion in assets under supervision as of December 31, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund⁴

∎

Strategic Income Fund

∎

Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund⁵

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

China Equity Fund

∎

Emerging Markets Equity Fund

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Clean Energy Income Fund

∎

Defensive Equity Fund

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund⁶

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

∎

Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

∎

Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

∎

Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

∎

Strategic Volatility Premium Fund

∎

Target Date Retirement Portfolio

∎

Target Date 2025 Portfolio

∎

Target Date 2030 Portfolio

∎

Target Date 2035 Portfolio

∎

Target Date 2040 Portfolio

∎

Target Date 2045 Portfolio

∎

Target Date 2050 Portfolio

∎

Target Date 2055 Portfolio

∎

Target Date 2060 Portfolio

∎

GQG Partners International Opportunities Fund

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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

⁴

Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵

Effective after the close on business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶

Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

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

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


TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar James A. McNamara		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary


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

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

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

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

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

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

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

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The Portfolios will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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, land are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Portfolio holdings and allocations shown are as of February 28, 2021 and may not be representative of future investments. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) Not applicable.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John F. Killian is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs Trust II’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020 for its Target Date Portfolios.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(a)(3)	Not applicable to open-end investment companies.

(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				Goldman Sachs Trust II

By:				/s/ James A. McNamara

				James A. McNamara
				President/Chief Executive Officer
				Goldman Sachs Trust II

Date:				April 29, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:				/s/ James A. McNamara

				James A. McNamara
				President/Chief Executive Officer
				Goldman Sachs Trust II

Date:				April 29, 2021

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Trust II

Date:				April 29, 2021

Goldman Sachs Trust II N-CSRSCertified semi-annual shareholder report (management investment company)