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		Stephen H. Bier, Esq.
Goldman Sachs & Co. LLC		Dechert LLP
200 West Street		1095 Avenue of the Americas
New York, New York 10282		New York, NY 10036

(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, 2022

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report	February 28, 2022

	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

Market and Economic Review			1

Fund Basics			2

Schedules of Investments			20

Financial Statements			29

Financial Highlights			40

Target Date Retirement			40

Target Date 2025			46

Target Date 2030			52

Target Date 2035			58

Target Date 2040			64

Target Date 2045			70

Target Date 2050			76

Target Date 2055			82

Target Date 2060			88

Notes to Financial Statements			94

Voting Results of Special Meeting of Shareholders			125

Liquidity Risk Management Program			126

Other Information			127



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

MARKET REVIEW

Goldman Sachs Target Date Portfolios

The following are highlights both of key factors affecting the financial markets and of any key changes made to the Goldman Sachs Target Date Portfolios (the “Portfolios”) during the six months ended February 28, 2022 (the “Reporting Period”). A fuller review of the markets and these changes will appear in the Portfolios’ annual shareholder report covering the 12 months ended August 31, 2022.

Market and Economic Review

•

Global equity and fixed income markets broadly recorded negative returns during the Reporting Period, with persistent supply-chain disruptions and inflationary pressures the common themes and COVID-19 variants and Russia’s invasion of Ukraine the biggest headlines.

•

U.S. equities held up better than non-U.S. developed markets equities during the Reporting Period, while emerging markets equities produced the weakest results.

•

Within fixed income, emerging markets debt and U.S. investment grade bonds were among the weakest performing sectors.

•

Halts in global manufacturing activities due to supply-chain problems and semiconductor shortages, as well as power cuts and energy crises around the world, weighed on investor sentiment during the Reporting Period.

•

Inflation rose in both developed and emerging economies, driven by supply-and-demand imbalances, higher energy prices and the effects of economic reopening amid the persistent overhangs of the COVID-19 pandemic. In February 2022, inflation surged to new multi-decade highs, with energy and commodity prices in particular jumping in response to Russia’s invasion of Ukraine.

•

Regulations imposed by the Chinese government on certain key sectors, primarily technology, increased investor pessimism, which was worsened by the debt crisis at Chinese property developer Evergrande Group.

•

The spread of COVID-19 variants, especially in the emerging markets, also unsettled investors, as a surge in cases and increased hospitalizations threatened an economic recovery.

•

In the developed markets, central banks delivered or hinted at sooner than previously consensus expected monetary policy normalization.

•

The U.S. Federal Reserve (the “Fed”) began scaling back its asset purchase program and then accelerated the pace of its tapering. Policymakers additionally hinted they might raise interest rates in March 2022 in the Fed’s first federal funds rate increase since the end of 2018.

•

Government bond yields generally rose during the Reporting Period in anticipation of central bank action, though investors began pricing in less cumulative monetary policy tightening following the escalation of the Russia/Ukraine conflict at the end of February.

Portfolio Changes and Highlights

No material changes were made to the Portfolios during the Reporting Period.

FUND BASICS

Target Date Retirement Portfolio

as of February 28, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2020 Index (Total Return, Unhedged, USD)²
Class A		-5.46	%		-3.20	%
Institutional		-5.24			-3.20
Service		-5.33			-3.20
Investor		-5.40			-3.20
Class R6		-5.21			-3.20
Class R		-5.54			-3.20

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 2/28/22¹

Holding	% of Net Assets			Line of Business

Goldman Sachs Access U.S. Aggregate Bond ETF		24.9	%	Exchange Traded Funds
Goldman Sachs MarketBeta U.S. Equity ETF		17.2		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		13.1		Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		7.9		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		6.7		Exchange Traded Funds
Goldman Sachs Access Inflation Protected USD Bond ETF		4.4		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		3.9		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		3.5		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		3.3		Exchange Traded Funds
Goldman Sachs Access High Yield Corporate Bond ETF		2.0		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 COMPOSITION²

Holding	As of February 28, 2022			As of August 31, 2021

Bond Funds		51.8	%		57.5	%
U.S. Stock Funds		26.2			24.3
Foreign Stock Funds		17.5			16.1
Investment Companies (other than Exchange-Traded Funds)		3.0			1.0

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, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2025 Index (Total Return, Unhedged, USD)²
Class A		-5.58	%		-3.47	%
Institutional		-5.31			-3.47
Service		-5.32			-3.47
Investor		-5.40			-3.47
Class R6		-5.35			-3.47
Class R		-5.58			-3.47

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 2/28/22¹

Holding	% of Net Assets			Line of Business

Goldman Sachs Access U.S. Aggregate Bond ETF		22.6	%	Exchange Traded Funds
Goldman Sachs MarketBeta U.S. Equity ETF		18.7		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		11.6		Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		8.8		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		6.8		Exchange Traded Funds
Goldman Sachs Access Inflation Protected USD Bond ETF		4.2		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		4.1		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		3.5		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		3.2		Exchange Traded Funds
Goldman Sachs Access High Yield Corporate Bond ETF		1.9		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 COMPOSITION²

Holding	As of February 28, 2022			As of August 31, 2021

Bond Funds		47.4	%		52.3	%
U.S. Stock Funds		27.4			26.9
Foreign Stock Funds		18.8			18.2
Investment Companies (other than Exchange-Traded Funds)		4.5			1.3

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, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2030 Index (Total Return, Unhedged, USD)²
Class A		-5.88	%		-3.73	%
Institutional		-5.62			-3.73
Service		-5.63			-3.73
Investor		-5.71			-3.73
Class R6		-5.60			-3.73
Class R		-5.97			-3.73

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 2/28/22‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		21.9	%	Exchange Traded Funds
Goldman Sachs Access U.S. Aggregate Bond ETF		17.5		Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		10.5		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		9.3		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		9.0		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		5.8		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		3.5		Exchange Traded Funds
Goldman Sachs Access Inflation Protected USD Bond ETF		3.3		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.8		Exchange Traded Funds
Goldman Sachs Access High Yield Corporate Bond ETF		2.0		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*

Holding	As of February 28, 2022			As of August 31, 2021

Bond Funds		38.5	%		45.0	%
U.S. Stock Funds		33.5			31.6
Foreign Stock Funds		22.4			21.1
Investment Companies (other than Exchange-Traded Funds)		3.8			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 2035 Portfolio

as of February 28, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2035 Index (Total Return, Unhedged, USD)²
Class A		-5.89	%		-3.92	%
Institutional		-5.77			-3.92
Service		-5.71			-3.92
Investor		-5.80			-3.92
Class R6		-5.74			-3.92
Class R		-6.05			-3.92

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 2/28/22‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		27.5	%	Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		12.3		Exchange Traded Funds
Goldman Sachs Access U.S. Aggregate Bond ETF		11.3		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		10.3		Exchange Traded Funds
Goldman Sachs Access Investment Grade Corporate Bond ETF		6.5		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		6.3		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		4.7		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.7		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		2.3		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		2.3		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*

Holding	As of February 28, 2022			As of August 31, 2021

U.S. Stock Funds		41.3	%		41.1	%
Foreign Stock Funds		26.9			25.9
Bond Funds		26.5			30.4
Investment Companies (other than Exchange-Traded Funds)		3.5			1.3

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, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2040 Index (Total Return, Unhedged, USD)²
Class A		-6.07	%		-4.09	%
Institutional		-5.83			-4.09
Service		-5.85			-4.09
Investor		-5.92			-4.09
Class R6		-5.90			-4.09
Class R		-6.13			-4.09

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 2/28/22‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		33.3	%	Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		14.7		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		11.8		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		7.3		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		5.4		Exchange Traded Funds
Vanguard Short-Term Corporate Bond ETF		4.3		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		3.7		Exchange Traded Funds
Goldman Sachs Access U.S. Aggregate Bond ETF		3.2		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		2.8		Exchange Traded Funds
iShares MSCI EAFE Small-Cap 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*

Holding	As of February 28, 2022			As of August 31, 2021

U.S. Stock Funds		50.0	%		52.6	%
Foreign Stock Funds		31.1			32.7
Bond Funds		16.8			13.0
Investment Companies (other than Exchange-Traded Funds)		0.5			0.4

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, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2045 Index (Total Return, Unhedged, USD)²
Class A		-6.23	%		-4.19	%
Institutional		-6.04			-4.19
Service		-5.98			-4.19
Investor		-6.05			-4.19
Class R6		-6.01			-4.19
Class R		-6.34			-4.19

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 2/28/22‡

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		35.6	%	Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		15.7		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		13.1		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		8.3		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		6.4		Exchange Traded Funds
Vanguard Short-Term Corporate Bond ETF		4.2		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		4.0		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.0		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		2.8		Exchange Traded Funds
iShares Global Infrastructure ETF		1.2		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*

Holding	As of February 28, 2022			As of August 31, 2021

U.S. Stock Funds		54.0	%		55.7	%
Foreign Stock Funds		34.6			34.7
Bond Funds		9.7			7.5
Investment Companies (other than Exchange-Traded Funds)		0.0			0.8

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, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2050 Index (Total Return, Unhedged, USD)²
Class A		-6.34	%		-4.24	%
Institutional		-6.13			-4.24
Service		-6.07			-4.24
Investor		-6.22			-4.24
Class R6		-6.11			-4.24
Class R		-6.38			-4.24

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 2/28/22¹

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		36.1	%	Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		15.7		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		13.2		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		7.9		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		7.2		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		4.2		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.4		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.6		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		2.1		Exchange Traded Funds
iShares Global Infrastructure ETF		1.1		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 COMPOSITION²

Holding	As of February 28, 2022			As of August 31, 2021

U.S. Stock Funds		54.8	%		55.9	%
Foreign Stock Funds		35.4			34.9
Bond Funds		6.8			7.8
Investment Companies (other than Exchange-Traded Funds)		1.2			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 2055 Portfolio

as of February 28, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2055 Index (Total Return, Unhedged, USD)²
Class A		-6.28	%		-4.27	%
Institutional		-6.07			-4.27
Service		-6.09			-4.27
Investor		-6.20			-4.27
Class R6		-6.03			-4.27
Class R		-6.37			-4.27

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 2/28/22¹

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		36.1	%	Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		15.7		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		12.5		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		8.2		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		7.4		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		4.6		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.2		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.6		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		2.0		Exchange Traded Funds
iShares Global Infrastructure ETF		1.1		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 COMPOSITION²

Holding	As of February 28,2021			As of August 31, 2021

U.S. Stock Funds		54.5	%		55.8	%
Foreign Stock Funds		35.6			34.6
Bond Funds		6.7			7.6
Investment Companies (other than Exchange-Traded Funds)		1.4			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 2060 Portfolio

as of February 28, 2022


PERFORMANCE REVIEW

September 1, 2021–February 28, 2022	Portfolio Total Return (based on NAV)¹			S&P Target Date To 2060+ Index (Total Return, Unhedged, USD)²
Class A		-6.23	%		-4.29	%
Institutional		-6.04			-4.29
Service		-6.04			-4.29
Investor		-6.08			-4.29
Class R6		-6.08			-4.29
Class R		-6.33			-4.29

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 2/28/22¹

Holding	% of Net Assets			Line of Business

Goldman Sachs MarketBeta U.S. Equity ETF		35.9	%	Exchange Traded Funds
Goldman Sachs MarketBeta International Equity ETF		15.8		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		13.2		Exchange Traded Funds
Goldman Sachs ActiveBeta International Equity ETF		7.8		Exchange Traded Funds
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		7.3		Exchange Traded Funds
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		4.0		Exchange Traded Funds
iShares MSCI EAFE Small-Cap ETF		3.0		Exchange Traded Funds
iShares JP Morgan USD Emerging Markets Bond ETF		2.6		Exchange Traded Funds
Vanguard Long-Term Corporate Bond ETF		2.0		Exchange Traded Funds
iShares Global Infrastructure ETF		1.2		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 COMPOSITION²

Holding	As of February 28, 2022			As of August 31, 2021

U.S. Stock Funds		54.3	%		55.3	%
Foreign Stock Funds		35.2			34.9
Bond Funds		6.7			7.9
Investment Companies (other than Exchange-Traded Funds)		2.0			0.6

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, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 95.5%
Bond Funds – 51.8%
	3,654	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	174,740
	6,588	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		379,205
	21,860	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		1,119,997
	45,571	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		2,139,103
	4,001	Invesco Senior Loan ETF		87,102
	2,736	iShares JP Morgan EM Local Currency Bond ETF		103,448
	3,063	iShares JP Morgan USD Emerging Markets Bond ETF		303,849
	1,540	Vanguard Long-Term Treasury ETF		130,192

				4,437,636

Foreign Stock Funds – 17.5%
	7,990	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		281,887
	10,296	Goldman Sachs ActiveBeta International Equity ETF^(a)		336,576
	12,833	Goldman Sachs MarketBeta International Equity ETF^(a)		676,004
	1,935	iShares Global Infrastructure ETF		93,190
	1,710	iShares MSCI EAFE Small-Cap ETF		113,903

				1,501,560

Stock Funds – 26.2%
	2,390	Alerian MLP ETF		89,840
	6,686	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		578,072
	1,378	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		85,353
	24,516	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		1,471,205
	173	Health Care Select Sector SPDR Fund		22,483

				2,246,953

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $7,779,400)		$	8,186,149


Shares	Dividend Rate	Value

Investment Company^(a) – 3.0%
Goldman Sachs Financial Square Government Fund – Class R6
257,061	0.026%	$	257,061
(Cost $257,061)

TOTAL INVESTMENTS – 98.5%
(Cost $8,036,461)		$	8,443,210

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%			131,663

NET ASSETS – 100.0%		$	8,574,873



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, 2022, 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	03/18/22	$	204,450	$	(17,104	)


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

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares			Description		Value

Exchange Traded Funds – 93.6%
Bond Funds – 47.4%
	4,764		Goldman Sachs Access High Yield Corporate Bond ETF^(a)		$	227,822
	8,494		Goldman Sachs Access Inflation Protected USD Bond ETF^(a)			488,915
	26,715		Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)			1,368,743
	56,545		Goldman Sachs Access U.S. Aggregate Bond ETF^(a)			2,654,222
	5,439		Invesco Senior Loan ETF			118,407
	4,263		iShares JP Morgan EM Local Currency Bond ETF			161,184
	3,813		iShares JP Morgan USD Emerging Markets Bond ETF			378,249
	2,072		Vanguard Long-Term Treasury ETF			175,167

						5,572,709

Foreign Stock Funds – 18.8%
	11,780		Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)			415,598
	14,764		Goldman Sachs ActiveBeta International Equity ETF^(a)			482,635
	19,604		Goldman Sachs MarketBeta International Equity ETF^(a)			1,032,680
	2,325		iShares Global Infrastructure ETF			111,972
	2,519		iShares MSCI EAFE Small-Cap ETF			167,791

						2,210,676

Stock Funds – 27.4%
	3,265		Alerian MLP ETF			122,731
	9,189		Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)			794,481
	1,412		Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)			87,459
	36,575		Goldman Sachs MarketBeta U.S. Equity ETF^(a)			2,194,866
	185		Health Care Select Sector SPDR Fund			24,043

						3,223,580

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $10,514,140)				$	11,006,965

Shares		Dividend Rate	Value

Investment Company^(a) – 4.5%
Goldman Sachs Financial Square Government Fund – Class R6
522,660		0.026%	$	522,660
(Cost $522,660)

TOTAL INVESTMENTS – 98.1%
(Cost $11,036,800)			$	11,529,625

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%				224,802

NET ASSETS – 100.0%			$	11,754,427



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, 2022, 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	3	03/18/22	$	306,675	$	(25,655	)


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

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 94.4%
Bond Funds – 38.5%
	3,938	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	188,321
	5,306	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		305,413
	16,874	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		864,539
	34,814	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		1,634,169
	3,985	Invesco Senior Loan ETF		86,754
	2,554	iShares JP Morgan EM Local Currency Bond ETF		96,567
	2,620	iShares JP Morgan USD Emerging Markets Bond ETF		259,904
	1,791	Vanguard Long-Term Treasury ETF		151,411

				3,587,078

Foreign Stock Funds – 22.4%
	9,149	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		322,777
	16,468	Goldman Sachs ActiveBeta International Equity ETF^(a)		538,339
	18,635	Goldman Sachs MarketBeta International Equity ETF^(a)		981,636
	1,910	iShares Global Infrastructure ETF		91,986
	2,368	iShares MSCI EAFE Small-Cap ETF		157,732

				2,092,470

Stock Funds – 33.5%
	2,589	Alerian MLP ETF		97,321
	9,681	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		837,019
	1,927	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		119,359
	34,105	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		2,046,641
	193	Health Care Select Sector SPDR Fund		25,082

				3,125,422

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $8,356,704)		$	8,804,970


Shares	Dividend Rate	Value

Investment Company^(a) – 3.8%
Goldman Sachs Financial Square Government Fund – Class R6
348,581	0.026%	$	348,581
(Cost $348,581)

TOTAL INVESTMENTS – 98.2%
(Cost $8,705,285)		$	9,153,551

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%			172,062

NET ASSETS – 100.0%		$	9,325,613



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, 2022, 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	03/18/22	$	204,450	$	(17,104	)


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

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 94.7%
Bond Funds – 26.5%
	5,236	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	250,393
	2,609	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		150,174
	15,393	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		788,660
	29,159	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		1,368,724
	6,242	Invesco Senior Loan ETF		135,888
	1,760	iShares JP Morgan EM Local Currency Bond ETF		66,546
	3,275	iShares JP Morgan USD Emerging Markets Bond ETF		324,880
	1,589	Vanguard Long-Term Treasury ETF		134,334

				3,219,599

Foreign Stock Funds – 26.9%
	16,291	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		574,746
	23,590	Goldman Sachs ActiveBeta International Equity ETF^(a)		771,157
	28,378	Goldman Sachs MarketBeta International Equity ETF^(a)		1,494,868
	2,997	iShares Global Infrastructure ETF		144,336
	4,243	iShares MSCI EAFE Small-Cap ETF		282,626

				3,267,733

Stock Funds – 41.3%
	3,375	Alerian MLP ETF		126,866
	14,441	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,248,569
	4,501	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		278,792
	55,799	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		3,348,498
	165	Health Care Select Sector SPDR Fund		21,444

				5,024,169

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $10,683,277)		$	11,511,501


Shares	Dividend Rate	Value

Investment Company^(a) – 3.5%
Goldman Sachs Financial Square Government Fund – Class R6
429,500	0.026%	$	429,500
(Cost $429,500)

TOTAL INVESTMENTS – 98.2%
(Cost $11,112,777)		$	11,941,001

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%			218,448

NET ASSETS – 100.0%		$	12,159,449



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, 2022, 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	3	03/18/22	$	306,675	$	(25,655	)


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

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 97.9%
Bond Funds – 16.8%
	5,112	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	244,464
	540	Goldman Sachs Access Inflation Protected USD Bond ETF^(a)		31,082
	4,041	Goldman Sachs Access Investment Grade Corporate Bond ETF^(a)		207,041
	7,433	Goldman Sachs Access U.S. Aggregate Bond ETF^(a)		348,905
	5,234	Invesco Senior Loan ETF		113,944
	9	iShares JP Morgan EM Local Currency Bond ETF		340
	1,133	iShares JP Morgan USD Emerging Markets Bond ETF		112,394
	3,201	Vanguard Long-Term Corporate Bond ETF		310,817
	5,875	Vanguard Short-Term Corporate Bond ETF		467,826

				1,836,813

Foreign Stock Funds – 31.1%
	16,901	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		596,267
	24,442	Goldman Sachs ActiveBeta International Equity ETF^(a)		799,009
	30,658	Goldman Sachs MarketBeta International Equity ETF^(a)		1,614,972
	2,414	iShares Global Infrastructure ETF		116,258
	4,302	iShares MSCI EAFE Small-Cap ETF		286,556

				3,413,062

Stock Funds – 50.0%
	3,042	Alerian MLP ETF		114,349
	14,934	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,291,194
	6,475	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		401,061
	60,764	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		3,646,448
	183	Health Care Select Sector SPDR Fund		23,783

				5,476,835

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $9,437,868)		$	10,726,710


Shares	Dividend Rate	Value

Investment Company^(a) – 0.5%
Goldman Sachs Financial Square Government Fund – Class R6
49,023	0.026%	$	49,023
(Cost $49,023)

TOTAL INVESTMENTS – 98.4%
(Cost $9,486,891)		$	10,775,733

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%			178,669

NET ASSETS – 100.0%		$	10,954,402



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, 2022, 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	3	03/18/22	$	306,675	$	(25,655	)


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

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 98.3%
Bond Funds – 9.7%
	2,318	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	110,850
	5,116	Invesco Senior Loan ETF		111,375
	653	iShares JP Morgan USD Emerging Markets Bond ETF		64,778
	3,139	Vanguard Long-Term Corporate Bond ETF		304,797
	5,776	Vanguard Short-Term Corporate Bond ETF		459,943

				1,051,743

Foreign Stock Funds – 34.6%
	19,624	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		692,335
	27,619	Goldman Sachs ActiveBeta International Equity ETF^(a)		902,865
	32,309	Goldman Sachs MarketBeta International Equity ETF^(a)		1,701,941
	2,628	iShares Global Infrastructure ETF		126,565
	4,948	iShares MSCI EAFE Small-Cap ETF		329,586

				3,753,292

Stock Funds – 54.0%
	3,004	Alerian MLP ETF		112,920
	16,405	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,418,376
	7,015	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		434,509
	64,324	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		3,860,083
	190	Health Care Select Sector SPDR Fund		24,693

				5,850,581

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $9,168,285) – 98.3%		$	10,655,616

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%			184,494

	NET ASSETS – 100.0%		$	10,840,110



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, 2022, 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	3	03/18/22	$	306,675	$	(25,655	)


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

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 97.0%
Bond Funds – 6.8%
	1,967	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	94,065
	4,468	Invesco Senior Loan ETF		97,268
	2,453	iShares JP Morgan USD Emerging Markets Bond ETF		243,338
	2,038	Vanguard Long-Term Corporate Bond ETF		197,890

				632,561

Foreign Stock Funds – 35.4%
	19,130	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		674,906
	22,476	Goldman Sachs ActiveBeta International Equity ETF^(a)		734,741
	27,774	Goldman Sachs MarketBeta International Equity ETF^(a)		1,463,051
	2,135	iShares Global Infrastructure ETF		102,822
	4,769	iShares MSCI EAFE Small-Cap ETF		317,663

				3,293,183

Stock Funds – 54.8%
	2,581	Alerian MLP ETF		97,020
	14,168	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,224,965
	6,390	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		395,797
	56,054	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		3,363,800
	171	Health Care Select Sector SPDR Fund		22,223

				5,103,805

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $7,803,598)		$	9,029,549


Shares	Dividend Rate	Value

Investment Company^(a) – 1.2%
Goldman Sachs Financial Square Government Fund – Class R6
115,668	0.026%	$	115,668
(Cost $115,668)

TOTAL INVESTMENTS – 98.2%
(Cost $7,919,266)		$	9,145,217

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%			168,454

NET ASSETS – 100.0%		$	9,313,671



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, 2022, 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	03/18/22	$	204,450	$	(17,103	)


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

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 96.8%
Bond Funds – 6.7%
	2,021	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	96,647
	4,571	Invesco Senior Loan ETF		99,511
	2,516	iShares JP Morgan USD Emerging Markets Bond ETF		249,587
	1,968	Vanguard Long-Term Corporate Bond ETF		191,093

				636,838

Foreign Stock Funds – 35.6%
	19,902	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		702,142
	23,825	Goldman Sachs ActiveBeta International Equity ETF^(a)		778,839
	28,424	Goldman Sachs MarketBeta International Equity ETF^(a)		1,497,291
	2,293	iShares Global Infrastructure ETF		110,431
	4,557	iShares MSCI EAFE Small-Cap ETF		303,542

				3,392,245

Stock Funds – 54.5%
	2,638	Alerian MLP ETF		99,162
	13,744	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,188,306
	7,090	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		439,155
	57,263	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		3,436,353
	181	Health Care Select Sector SPDR Fund		23,523

				5,186,499

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $7,935,447)		$	9,215,582


Shares	Dividend Rate	Value

Investment Company^(a) – 1.4%
Goldman Sachs Financial Square Government Fund – Class R6
129,677	0.026%	$	129,677
(Cost $129,677)

TOTAL INVESTMENTS – 98.2%
(Cost $8,065,124)		$	9,345,259

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%			173,590

NET ASSETS – 100.0%		$	9,518,849



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, 2022, 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	03/18/22	$	204,450	$	(17,103	)


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

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

Schedule of Investments

February 28, 2022 (Unaudited)


Shares		Description	Value

Exchange Traded Funds – 96.2%
Bond Funds – 6.7%
	2,447	Goldman Sachs Access High Yield Corporate Bond ETF^(a)	$	117,019
	5,143	Invesco Senior Loan ETF		111,963
	2,846	iShares JP Morgan USD Emerging Markets Bond ETF		282,323
	2,227	Vanguard Long-Term Corporate Bond ETF		216,242

				727,547

Foreign Stock Funds – 35.2%
	22,683	Goldman Sachs ActiveBeta Emerging Markets Equity ETF^(a)		800,256
	26,078	Goldman Sachs ActiveBeta International Equity ETF^(a)		852,490
	32,786	Goldman Sachs MarketBeta International Equity ETF^(a)		1,727,068
	2,783	iShares Global Infrastructure ETF		134,029
	4,973	iShares MSCI EAFE Small-Cap ETF		331,252

				3,845,095

Stock Funds – 54.3%
	3,029	Alerian MLP ETF		113,860
	16,616	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF^(a)		1,436,619
	7,041	Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF^(a)		436,120
	65,304	Goldman Sachs MarketBeta U.S. Equity ETF^(a)		3,918,893
	208	Health Care Select Sector SPDR Fund		27,032

				5,932,524

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $9,002,856)		$	10,505,166


Shares	Dividend Rate	Value

Investment Company^(a) – 2.0%
Goldman Sachs Financial Square Government Fund – Class R6
224,905	0.026%	$	224,905
(Cost $224,905)

TOTAL INVESTMENTS – 98.2%
(Cost $9,227,761)		$	10,730,071

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%			191,928

NET ASSETS – 100.0%		$	10,921,999



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, 2022, 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	3	03/18/22	$	306,675	$	(25,655	)


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2022 (Unaudited)


	Target Date Retirement Portfolio			Target Date 2025 Portfolio		Target Date 2030 Portfolio
Assets:
Investments of unaffiliated issuers, at value (cost $971,396, $1,296,541 and $984,260, respectively)	$	944,007		$	1,259,545	$	966,757
Investments of affiliated issuers, at value (cost $7,065,065, $9,740,259 and $7,721,025, respectively)		7,499,203			10,270,080		8,186,794
Cash		162,407			212,638		183,193
Variation margin on futures contracts		579			824		551
Receivables:
Investments sold		171,303			234,019		185,634
Reimbursement from investment adviser		20,897			21,185		20,356
Collateral on futures contracts^(a)		12,100			18,150		12,100
Dividends and interest		—			—		143
Portfolio shares sold		—			738		348
Other assets		38,494			42,703		42,427
Total assets		8,848,990			12,059,882		9,598,303

Liabilities:
Payables:
Investments purchased		172,129			235,129		186,459
Management fees		407			555		440
Portfolio shares redeemed		351			579		521
Distribution and Service fees and Transfer Agency fees		208			428		701
Accrued expenses		101,022			68,764		84,569
Total liabilities		274,117			305,455		272,690

Net Assets:
Paid-in capital		7,994,380			11,049,909		8,802,249
Total distributable earnings		580,493			704,518		523,364
NET ASSETS	$	8,574,873		$	11,754,427	$	9,325,613
Net Assets:
Class A	$	203,861		$	368,551	$	1,695,927
Institutional		14,222			7,806,142		17,691
Service		13,482			14,178		14,697
Investor		13,653			14,372		14,921
Class R6		8,316,373			3,537,217		7,523,628
Class R		13,282			13,967		58,749
Total Net Assets	$	8,574,873		$	11,754,427	$	9,325,613
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		21,503			33,040		190,289
Institutional		1,493			700,139		1,969
Service		1,417			1,274		1,604
Investor		1,417			1,287		1,647
Class R6		872,112			316,739		837,326
Class R		1,400			1,257		6,593
Net asset value, offering and redemption price per share:^(b)
Class A		$9.48			$11.15		$8.91
Institutional		9.53			11.15		8.99	^(c)
Service		9.51			11.13		9.16
Investor		9.63	^(c)		11.17		9.06
Class R6		9.54			11.17		8.99
Class R		9.49			11.11		8.91

(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 $10.03, $11.80 and $9.43, 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, 2022 (Unaudited)


	Target Date 2035 Portfolio		Target Date 2040 Portfolio			Target Date 2045 Portfolio
Assets:
Investments of unaffiliated issuers, at value (cost $1,252,735, $1,500,145 and $1,471,790, respectively)	$	1,236,919	$	1,546,267	��	$	1,534,657
Investments of affiliated issuers, at value (cost $9,860,042, $7,986,746 and $7,696,495, respectively)		10,704,082		9,229,466			9,120,959
Cash		224,464		189,475			188,950
Variation margin on futures contracts		826		826			826
Receivables:
Investments sold		241,898		217,976			108,964
Portfolio shares sold		—		118			590
Reimbursement from investment adviser		21,057		20,264			21,128
Collateral on futures contracts^(a)		18,150		18,150			18,150
Other assets		38,548		38,553			38,564
Total assets		12,485,944		11,261,095			11,032,788

Liabilities:
Payables:
Investments purchased		243,017		219,067			108,918
Portfolio shares redeemed		185		343			229
Management fees		556		669			656
Distribution and Service fees and Transfer Agency fees		442		289			414
Accrued expenses		82,295		86,325			82,461
Total liabilities		326,495		306,693			192,678

Net Assets:
Paid-in capital		11,219,482		9,159,318			8,769,079
Total distributable earnings		939,967		1,795,084			2,071,031
NET ASSETS	$	12,159,449	$	10,954,402		$	10,840,110
Net Assets:
Class A	$	386,637	$	149,727		$	331,930
Institutional		7,443,346		20,332			8,422,958
Service		15,520		16,337			16,622
Investor		15,728		16,539			16,894
Class R6		4,282,932		10,614,325			2,035,334
Class R		15,286		137,142			16,372
Total Net Assets	$	12,159,449	$	10,954,402		$	10,840,110
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		33,370		15,856			26,934
Institutional		639,538		2,136			679,175
Service		1,337		1,721			1,343
Investor		1,350		1,719			1,363
Class R6		368,305		1,114,383			164,273
Class R		1,320		14,575			1,329
Net asset value, offering and redemption price per share:^(b)
Class A		$11.59		$9.44			$12.32
Institutional		11.64		9.52			12.40
Service		11.61		9.49			12.38
Investor		11.65		9.62			12.39
Class R6		11.63		9.52			12.39
Class R		11.58		9.41			12.32

(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 $12.26, $9.99 and $13.04, respectively.


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Assets and Liabilities (continued)

February 28, 2022 (Unaudited)


	Target Date 2050 Portfolio			Target Date 2055 Portfolio			Target Date 2060 Portfolio
Assets:
Investments of unaffiliated issuers, at value (cost $1,043,471, $1,038,890 and $1,177,336, respectively)	$	1,078,224		$	1,076,849		$	1,216,701
Investments of affiliated issuers, at value (cost $6,875,795, $7,026,234 and $8,050,425, respectively)		8,066,993			8,268,410			9,513,370
Cash		177,754			183,120			201,226
Variation margin on futures contracts		552			551			826
Receivables:
Investments sold		93,633			95,712			109,917
Portfolio shares sold		1,599			974			—
Reimbursement from investment adviser		21,016			21,172			20,905
Collateral on futures contracts^(a)		12,100			12,100			18,150
Other assets		38,510			38,530			39,206
Total assets		9,490,381			9,697,418			11,120,301

Liabilities:
Payables:
Investments purchased		93,570			95,644			109,838
Portfolio shares redeemed		123			87			132
Management fees		526			527			610
Distribution and Service fees and Transfer Agency fees		405			401			219
Accrued expenses		82,086			81,910			87,503
Total liabilities		176,710			178,569			198,302

Net Assets:
Paid-in capital		7,573,154			7,545,660			8,736,227
Total distributable earnings		1,740,517			1,973,189			2,185,772
NET ASSETS	$	9,313,671		$	9,518,849		$	10,921,999
Net Assets:
Class A	$	804,233		$	331,806		$	126,215
Institutional		32,206			8,307,414			14,463
Service		16,758			16,938			14,295
Investor		16,983			22,340			14,389
Class R6		8,426,571			804,622			10,738,521
Class R		16,920			35,729			14,116
Total Net Assets	$	9,313,671		$	9,518,849		$	10,921,999
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		74,576			27,751			9,743
Institutional		2,967			690,098			1,112
Service		1,548			1,411			1,100
Investor		1,559			1,846			1,107
Class R6		776,026			66,633			825,878
Class R		1,567			3,003			1,089
Net asset value, offering and redemption price per share:^(b)
Class A		$10.78			$11.96			$12.95
Institutional		10.86	^(c)		12.04			13.01
Service		10.83			12.01	^(c)		13.00
Investor		10.90	^(c)		12.10			13.00
Class R6		10.86			12.08			13.00
Class R		10.80			11.90			12.97	^(c)

(a)

Segregated for initial margin and/or collateral.

(b)

Maximum public offering price per share for Class A Shares of the Target Date 2050, Target Date 2055 and Target Date 2060 Portfolios is $11.41, $12.66 and $13.70, 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.		31

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2022 (Unaudited)


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

Dividends — unaffiliated issuers	$	20,012		$	23,662		$	15,889

Dividends — affiliated issuers		66,152			83,219			61,026

Total investment income		86,164			106,881			76,915

Expenses:

Professional fees		38,912			38,656			38,660

Registration fees		37,638			37,675			37,574

Custody, accounting and administrative services		20,985			21,710			19,677

Trustee fees		15,973			15,978			15,968

Management fees		10,634			13,424			9,844

Printing and mailing costs		12,677			12,629			11,997

Transfer Agency fees^(a)		1,566			2,309			2,332

Distribution and Service (12b-1) fees^(a)		363			548			1,374

Other		2,905			2,907			2,874

Total expenses		141,653			145,836			140,300

Less — expense reductions		(136,467	)		(139,016	)		(133,659	)

Net expenses		5,186			6,820			6,641

NET INVESTMENT INCOME		80,978			100,061			70,274

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		34,697			37,765			30,847

Investment — affiliated issuers		177,121			204,138			70,797

Futures contracts		(9,122	)		(7,887	)		(9,122	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(125,043	)		(151,719	)		(105,682	)

Investments — affiliated issuers		(614,265	)		(782,510	)		(525,972	)

Futures contracts		(12,782	)		(18,357	)		(12,782	)

Net realized and unrealized loss		(549,394	)		(718,570	)		(551,938	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(468,416	)	$	(618,509	)	$	(481,640	)

(a)

Class specific Distribution and/or Service (12 b-1) fees 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	$	294	$	35	$	34	$	200	$	4	$	3	$	137	$	1,210	$	12
Target Date 2025		476		36		36		323		1,614		4		19		336		13
Target Date 2030		1,217		38		119		827		4		4		527		929		41


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, 2022 (Unaudited)


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

Dividends — unaffiliated issuers	$	21,294		$	19,325		$	21,249

Dividends — affiliated issuers		85,257			85,159			86,331

Total investment income		106,551			104,484			107,580

Expenses:

Professional fees		38,660			38,660			38,660

Registration fees		37,639			37,670			37,680

Custody, accounting and administrative services		21,565			19,927			21,536

Trustee fees		15,974			15,979			15,980

Management fees		13,529			13,304			13,596

Printing and mailing costs		12,474			11,879			12,712

Transfer Agency fees^(a)		2,323			1,840			2,472

Distribution and Service (12b-1) fees^(a)		573			369			522

Other		2,899			2,912			2,915

Total expenses		145,636			142,540			146,073

Less — expense reductions		(139,129	)		(136,584	)		(139,396	)

Net expenses		6,507			5,956			6,677

NET INVESTMENT INCOME		100,044			98,528			100,903

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		50,882			(6,706	)		(15,158	)

Investment — affiliated issuers		122,728			583,656			645,208

Futures contracts		(7,724	)		(23,354	)		(23,197	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(145,611	)		(100,837	)		(96,069	)

Investments — affiliated issuers		(782,033	)		(1,198,610	)		(1,260,618	)

Futures contracts		(18,357	)		(18,357	)		(18,357	)

Net realized and unrealized loss		(780,115	)		(764,208	)		(768,191	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(680,071	)	$	(665,680	)	$	(667,288	)

(a)

Class specific Distribution and/or Service (12 b-1) fees 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	$	493	$	40	$	40	$	335	$	1,541	$	4	$	31	$	398	$	14
Target Date 2040		192		43		134		131		4		4		118		1,538		45
Target Date 2045		436		43		43		296		1,786		4		135		236		15


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Statements of Operations (continued)

For the Six Months Ended February 28, 2022 (Unaudited)


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

Dividends — unaffiliated issuers	$	18,428		$	19,379		$	21,448

Dividends — affiliated issuers		73,954			79,463			90,198

Total investment income		92,382			98,842			111,646

Expenses:

Professional fees		38,665			38,660			38,660

Registration fees		37,656			37,664			39,302

Custody, accounting and administrative services		21,412			21,643			19,538

Trustee fees		15,974			15,978			15,982

Management fees		11,607			12,284			14,004

Printing and mailing costs		12,694			12,608			12,825

Transfer Agency fees^(a)		2,021			2,282			1,783

Distribution and Service (12b-1) fees^(a)		1,054			551			215

Other		2,899			2,911			2,927

Total expenses		143,982			144,581			145,236

Less — expense reductions		(137,748	)		(138,528	)		(140,046	)

Net expenses		6,234			6,053			5,190

NET INVESTMENT INCOME		86,148			92,789			106,456

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(1,381	)		(254	)		(6,139	)

Investment — affiliated issuers		560,177			734,740			743,473

Futures contracts		(24,838	)		(24,838	)		(28,970	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		(108,431	)		(111,944	)		(121,128	)

Investments — affiliated issuers		(1,099,250	)		(1,287,293	)		(1,376,457	)

Futures contracts		(9,805	)		(9,805	)		(16,624	)

Net realized and unrealized loss		(683,528	)		(699,394	)		(805,845	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(597,380	)	$	(606,605	)	$	(699,389	)

(a)

Class specific Distribution and/or Service (12 b-1) fees 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	$	966	$	44	$	44	$	657	$	7	$	4	$	87	$	1,251	$	15
Target Date 2055		416		44		91		283		1,736		4		139		89		31
Target Date 2060		142		36		37		96		4		4		13		1,654		12


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

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, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	80,978		$	131,650		$	100,061		$	144,620

Net realized gain		202,696			505,482			234,016			556,594

Net change in unrealized gain (loss)		(752,090	)		297,164			(952,586	)		474,632

Net increase (decrease) in net assets resulting from operations		(468,416	)		934,296			(618,509	)		1,175,846

Distributions to shareholders:

From distributable earnings:

Class A Shares		(15,296	)		(9,054	)		(21,168	)		(9,622	)

Institutional Shares		(970	)		(689	)		(483,914	)		(224,799	)

Service Shares		(930	)		(636	)		(879	)		(369	)

Investor Shares		(738	)		(23,535	)		(838	)		(1,014	)

Class R6 Shares		(564,092	)		(364,705	)		(197,714	)		(10,342	)

Class R Shares		(839	)		(597	)		(783	)		(330	)

Total distributions to shareholders		(582,865	)		(399,216	)		(705,296	)		(246,476	)

From share transactions:

Proceeds from sales of shares		1,058,566			184,568			2,666,226			1,247,883

Reinvestment of distributions		582,865			399,216			705,294			246,476

Cost of shares redeemed		(378,967	)		(270,955	)		(80,742	)		(679,306	)

Net increase in net assets resulting from share transactions		1,262,464			312,829			3,290,778			815,053

TOTAL INCREASE		211,183			847,909			1,966,973			1,744,423

Net assets:

Beginning of period		8,363,690			7,515,781			9,787,454			8,043,031

End of period	$	8,574,873		$	8,363,690		$	11,754,427		$	9,787,454


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 2030 Portfolio						Target Date 2035 Portfolio
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	70,274		$	89,794		$	100,044		$	122,950

Net realized gain		92,522			352,833			165,886			597,402

Net change in unrealized gain (loss)		(644,436	)		452,565			(946,001	)		771,696

Net increase (decrease) in net assets resulting from operations		(481,640	)		895,192			(680,071	)		1,492,048

Distributions to shareholders:

From distributable earnings:

Class A Shares		(48,700	)		(7,570	)		(20,031	)		(6,574	)

Institutional Shares		(1,008	)		(335	)		(420,014	)		(181,488	)

Service Shares		(820	)		(232	)		(880	)		(341	)

Investor Shares		(5,505	)		(19,849	)		(1,101	)		(1,091	)

Class R6 Shares		(401,397	)		(77,086	)		(286,746	)		(5,236	)

Class R Shares		(2,212	)		(199	)		(777	)		(301	)

Total distributions to shareholders		(459,642	)		(105,271	)		(729,549	)		(195,031	)

From share transactions:

Proceeds from sales of shares		4,295,490			1,302,874			5,288,227			345,004

Reinvestment of distributions		459,642			105,271			729,549			195,031

Cost of shares redeemed		(1,248,354	)		(316,760	)		(1,071,841	)		(350,938	)

Net increase in net assets resulting from share transactions		3,506,778			1,091,385			4,945,935			189,097

TOTAL INCREASE		2,565,496			1,881,306			3,536,315			1,486,114

Net assets:

Beginning of period		6,760,117			4,878,811			8,623,134			7,137,020

End of period	$	9,325,613		$	6,760,117		$	12,159,449		$	8,623,134


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 2040 Portfolio						Target Date 2045 Portfolio
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	98,528		$	137,891		$	100,903		$	140,303

Net realized gain		553,596			367,538			606,853			324,879

Net change in unrealized gain (loss)		(1,317,804	)		1,526,548			(1,375,044	)		1,783,198

Net increase (decrease) in net assets resulting from operations		(665,680	)		2,031,977			(667,288	)		2,248,380

Distributions to shareholders:

From distributable earnings:

Class A Shares		(7,084	)		(2,889	)		(12,436	)		(2,859	)

Institutional Shares		(972	)		(476	)		(343,035	)		(110,549	)

Service Shares		(822	)		(410	)		(678	)		(177	)

Investor Shares		(606	)		(7,443	)		(5,107	)		(2,751	)

Class R6 Shares		(514,267	)		(239,849	)		(80,565	)		(7,653	)

Class R Shares		(1,041	)		(370	)		(570	)		(137	)

Total distributions to shareholders		(524,792	)		(251,437	)		(442,391	)		(124,126	)

From share transactions:

Proceeds from sales of shares		1,683,150			712,073			1,178,770			695,875

Reinvestment of distributions		524,792			251,437			442,391			124,126

Cost of shares redeemed		(307,540	)		(254,843	)		(320,056	)		(51,663	)

Net increase in net assets resulting from share transactions		1,900,402			708,667			1,301,105			768,338

TOTAL INCREASE		709,930			2,489,207			191,426			2,892,592

Net assets:

Beginning of period		10,244,472			7,755,265			10,648,684			7,756,092

End of period	$	10,954,402		$	10,244,472		$	10,840,110		$	10,648,684


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 2050 Portfolio						Target Date 2055 Portfolio
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021			For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	86,148		$	120,609		$	92,789		$	131,778

Net realized gain		533,958			368,356			709,648			334,674

Net change in unrealized gain (loss)		(1,217,486	)		1,469,646			(1,409,042	)		1,663,910

Net increase (decrease) in net assets resulting from operations		(597,380	)		1,958,611			(606,605	)		2,130,362

Distributions to shareholders:

From distributable earnings:

Class A Shares		(38,016	)		(17,348	)		(11,093	)		(2,807	)

Institutional Shares		(1,597	)		(774	)		(314,474	)		(107,111	)

Service Shares		(860	)		(443	)		(643	)		(176	)

Investor Shares		(1,481	)		(4,823	)		(1,335	)		(4,016	)

Class R6 Shares		(427,100	)		(216,665	)		(29,740	)		(1,147	)

Class R Shares		(759	)		(402	)		(1,134	)		(322	)

Total distributions to shareholders		(469,813	)		(240,455	)		(358,419	)		(115,579	)

From share transactions:

Proceeds from sales of shares		1,248,593			468,368			617,473			510,564

Reinvestment of distributions		469,813			240,455			358,419			115,579

Cost of shares redeemed		(278,167	)		(568,840	)		(484,141	)		(105,612	)

Net increase in net assets resulting from share transactions		1,440,239			139,983			491,751			520,531

TOTAL INCREASE (DECREASE)		373,046			1,858,139			(473,273	)		2,535,314

Net assets:

Beginning of period		8,940,625			7,082,486			9,992,122			7,456,808

End of period	$	9,313,671		$	8,940,625		$	9,518,849		$	9,992,122


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

GOLDMAN SACHS TARGET DATE PORTFOLIOS


	Target Date 2060 Portfolio
	For the Six Months Ended February 28, 2022 (Unaudited)			For the Fiscal Year Ended August 31, 2021
From operations:

Net investment income	$	106,456		$	153,943

Net realized gain		708,364			418,830

Net change in unrealized gain (loss)		(1,514,209	)		1,844,550

Net increase (decrease) in net assets resulting from operations		(699,389	)		2,417,323

Distributions to shareholders:

From distributable earnings:

Class A Shares		(5,322	)		(980	)

Institutional Shares		(732	)		(262	)

Service Shares		(724	)		(223	)

Investor Shares		(712	)		(246	)

Class R6 Shares		(542,975	)		(187,286	)

Class R Shares		(631	)		(188	)

Total distributions to shareholders		(551,096	)		(189,185	)

From share transactions:

Proceeds from sales of shares		443,362			334,514

Reinvestment of distributions		551,096			189,185

Cost of shares redeemed		(17,838	)		(162,682	)

Net increase in net assets resulting from share transactions		976,620			361,017

TOTAL INCREASE (DECREASE)		(273,865	)		2,589,155

Net assets:

Beginning of period		11,195,864			8,606,709

End of period	$	10,921,999		$	11,195,864


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

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, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.69		$	10.02		$	9.49		$	9.38		$	9.93		$	9.90		$	10.05

Net investment income^(b)		0.08			0.13			0.16			0.21			0.14			0.10			0.02

Net realized and unrealized gain (loss)		(0.63	)		1.05			0.70			0.48			0.14			0.47			(0.17	)

Total from investment operations		(0.55	)		1.18			0.86			0.69			0.28			0.57			(0.15	)

Distributions to shareholders from net investment income		(0.11	)		(0.16	)		(0.18	)		(0.21	)		(0.16	)		(0.16	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.66	)		(0.51	)		(0.33	)		(0.58	)		(0.83	)		(0.54	)		—

Net asset value, end of period	$	9.48		$	10.69		$	10.02		$	9.49		$	9.38		$	9.93		$	9.90

Total return^(c)		(5.46	)%		12.12	%		9.25	%		8.09	%		2.89	%		6.06	%		(1.49	)%

Net assets, end of period (in 000s)	$	204		$	228		$	160		$	66		$	57		$	16		$	10

Ratio of net expenses to average net assets^(d)		0.51	%^(e)		0.52	%		0.53	%		0.58	%		0.70	%		0.72	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		3.70	%^(e)		3.73	%		3.98	%		4.95	%		1.31	%		1.26	%^(e)		3.01	%^(e)

Ratio of net investment income to average net assets		1.54	%^(e)		1.28	%		1.67	%		2.36	%		1.45	%		1.21	%^(e)		0.94	%^(e)

Portfolio turnover rate^(f)		24	%		44	%		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.


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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.75		$	10.06		$	9.55		$	9.42		$	9.96		$	9.91		$	10.05

Net investment income^(b)		0.10			0.17			0.20			0.24			0.18			0.13			0.03

Net realized and unrealized gain (loss)		(0.63	)		1.05			0.69			0.50			0.14			0.48			(0.17	)

Total from investment operations		(0.53	)		1.22			0.89			0.74			0.32			0.61			(0.14	)

Distributions to shareholders from net investment income		(0.14	)		(0.18	)		(0.23	)		(0.24	)		(0.19	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.69	)		(0.53	)		(0.38	)		(0.61	)		(0.86	)		(0.56	)		—

Net asset value, end of period	$	9.53		$	10.75		$	10.06		$	9.55		$	9.42		$	9.96		$	9.91

Total return^(c)		(5.24	)%		12.53	%		9.57	%		8.58	%		3.33	%		6.42	%		(1.39	)%

Net assets, end of period (in 000s)	$	14		$	15		$	13		$	12		$	11		$	10		$	10

Ratio of net expenses to average net assets^(d)		0.14	%^(e)		0.13	%		0.15	%		0.18	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.33	%^(e)		3.36	%		3.73	%		4.73	%		0.81	%		0.96	%^(e)		2.61	%^(e)

Ratio of net investment income to average net assets		1.89	%^(e)		1.67	%		2.15	%		2.69	%		1.93	%		1.66	%^(e)		1.34	%^(e)

Portfolio turnover rate^(f)		24	%		44	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.74		$	10.02		$	9.51		$	9.38		$	9.93		$	9.90		$	10.05

Net investment income^(b)		0.10			0.17			0.16			0.20			0.14			0.09			0.02

Net realized and unrealized gain (loss)		(0.64	)		1.05			0.69			0.49			0.12			0.48			(0.17	)

Total from investment operations		(0.54	)		1.22			0.85			0.69			0.26			0.57			(0.15	)

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

Distributions to shareholders from net realized gains		(0.55	)		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.69	)		(0.50	)		(0.34	)		(0.56	)		(0.81	)		(0.54	)		—

Net asset value, end of period	$	9.51		$	10.74		$	10.02		$	9.51		$	9.38		$	9.93		$	9.90

Total return^(c)		(5.33	)%		12.55	%		9.09	%		8.04	%		2.73	%		6.02	%		(1.49	)%

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

Ratio of net expenses to average net assets^(d)		0.13	%^(e)		0.13	%		0.65	%		0.69	%		0.80	%		0.82	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		3.82	%^(e)		3.86	%		4.24	%		5.23	%		1.31	%		1.46	%^(e)		3.11	%^(e)

Ratio of net investment income to average net assets		1.91	%^(e)		1.68	%		1.65	%		2.19	%		1.43	%		1.16	%^(e)		0.84	%^(e)

Portfolio turnover rate^(f)		24	%		44	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.73		$	10.04		$	9.53		$	9.40		$	9.95		$	9.91		$	10.05

Net investment income^(b)		0.09			0.16			0.20			0.23			0.17			0.09			0.02

Net realized and unrealized gain (loss)		(0.64	)		1.04			0.68			0.49			0.13			0.50			(0.16	)

Total from investment operations		(0.55	)		1.20			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		(0.55	)		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

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

Net asset value, end of period	$	9.63		$	10.73		$	10.04		$	9.53		$	9.40		$	9.95		$	9.91

Total return^(c)		(5.40	)%		12.38	%		9.46	%		8.44	%		3.19	%		6.26	%		(1.39	)%

Net assets, end of period (in 000s)	$	14		$	327		$	505		$	1,180		$	894		$	323		$	10

Ratio of net expenses to average net assets^(d)		0.26	%^(e)		0.27	%		0.28	%		0.32	%		0.45	%		0.46	%^(e)		0.48	%^(e)

Ratio of total expenses to average net assets^(d)		3.39	%^(e)		3.58	%		3.97	%		4.95	%		0.97	%		1.07	%^(e)		2.75	%^(e)

Ratio of net investment income to average net assets		1.76	%^(e)		1.61	%		2.12	%		2.53	%		1.78	%		1.08	%^(e)		1.19	%^(e)

Portfolio turnover rate^(f)		24	%		44	%		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.		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Year Ended October 31, 2016
Per Share Data

Net asset value, beginning of period	$	10.76		$	10.07		$	9.55		$	9.42		$	9.96		$	9.91		$	10.07

Net investment income^(a)		0.10			0.17			0.21			0.22			0.19			0.14			0.18

Net realized and unrealized gain (loss)		(0.62	)		1.05			0.69			0.52			0.13			0.47			0.16

Total from investment operations		(0.52	)		1.22			0.90			0.74			0.32			0.61			0.34

Distributions to shareholders from net investment income		(0.15	)		(0.18	)		(0.23	)		(0.24	)		(0.19	)		(0.18	)		(0.17	)

Distributions to shareholders from net realized gains		(0.55	)		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		(0.33	)

Total distributions		(0.70	)		(0.53	)		(0.38	)		(0.61	)		(0.86	)		(0.56	)		(0.50	)

Net asset value, end of period	$	9.54		$	10.76		$	10.07		$	9.55		$	9.42		$	9.96		$	9.91

Total return^(b)		(5.21	)%		12.54	%		9.69	%		8.58	%		3.33	%		6.42	%		3.65	%

Net assets, end of period (in 000s)	$	8,316		$	7,766		$	6,812		$	6,176		$	44,900		$	47,589		$	53,671

Ratio of net expenses to average net assets^(c)		0.11	%^(d)		0.12	%		0.13	%		0.24	%		0.29	%		0.30	%^(d)		0.31	%

Ratio of total expenses to average net assets^(c)		3.32	%^(d)		3.36	%		3.73	%		2.46	%		0.80	%		0.94	%^(d)		0.76	%

Ratio of net investment income to average net assets		1.92	%^(d)		1.69	%		2.17	%		2.44	%		1.95	%		1.69	%^(d)		1.79	%

Portfolio turnover rate^(e)		24	%		44	%		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)


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

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLI0

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, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.68		$	10.00		$	9.49		$	9.37		$	9.92		$	9.90		$	10.05

Net investment income^(b)		0.07			0.11			0.14			0.19			0.12			0.08			0.01

Net realized and unrealized gain (loss)		(0.63	)		1.04			0.70			0.48			0.13			0.47			(0.16	)

Total from investment operations		(0.56	)		1.15			0.84			0.67			0.25			0.55			(0.15	)

Distributions to shareholders from net investment income		(0.08	)		(0.12	)		(0.18	)		(0.18	)		(0.13	)		(0.15	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.35	)		(0.15	)		(0.37	)		(0.67	)		(0.38	)		—

Total distributions		(0.63	)		(0.47	)		(0.33	)		(0.55	)		(0.80	)		(0.53	)		—

Net asset value, end of period	$	9.49		$	10.68		$	10.00		$	9.49		$	9.37		$	9.92		$	9.90

Total return^(c)		(5.54	)%		11.85	%		8.97	%		7.82	%		2.61	%		5.86	%		(1.49	)%

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

Ratio of net expenses to average net assets^(d)		0.75	%^(e)		0.76	%		0.78	%		0.83	%		0.94	%		0.97	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		3.94	%^(e)		3.99	%		4.36	%		5.27	%		1.45	%		1.61	%^(e)		3.25	%^(e)

Ratio of net investment income to average net assets		1.29	%^(e)		1.05	%		1.52	%		2.10	%		1.29	%		1.01	%^(e)		0.69	%^(e)

Portfolio turnover rate^(f)		24	%		44	%		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.		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
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.49		$	11.27		$	10.81		$	10.93		$	10.61		$	9.82		$	10.00

Net investment income^(b)		0.09			0.15			0.19			0.22			0.15			0.12			0.02

Net realized and unrealized gain (loss)		(0.75	)		1.39			0.85			0.38			0.42			0.75			(0.20	)

Total from investment operations		(0.66	)		1.54			1.04			0.60			0.57			0.87			(0.18	)

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

Distributions to shareholders from net realized gains		(0.56	)		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.68	)		(0.32	)		(0.58	)		(0.72	)		(0.25	)		(0.08	)		—

Net asset value, end of period	$	11.15		$	12.49		$	11.27		$	10.81		$	10.93		$	10.61		$	9.82

Total return^(c)		(5.58	)%		13.87	%		9.89	%		6.35	%		5.42	%		8.77	%		(1.70	)%

Net assets, end of period (in 000s)	$	369		$	392		$	255		$	411		$	152		$	75		$	10

Ratio of net expenses to average net assets^(d)		0.49	%^(e)		0.50	%		0.51	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		3.09	%^(e)		3.36	%		4.03	%		5.29	%		2.54	%		4.54	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.53	%^(e)		1.25	%		1.80	%		2.08	%		1.42	%		1.39	%^(e)		1.01	%^(e)

Portfolio turnover rate^(f)		24	%		40	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.50		$	11.27		$	10.82		$	10.93		$	10.65		$	9.83		$	10.00

Net investment income^(b)		0.11			0.20			0.23			0.26			0.20			0.14			0.03

Net realized and unrealized gain (loss)		(0.73	)		1.38			0.85			0.38			0.40			0.76			(0.20	)

Total from investment operations		(0.62	)		1.58			1.08			0.64			0.60			0.90			(0.17	)

Distributions to shareholders from net investment income		(0.17	)		(0.21	)		(0.25	)		(0.32	)		(0.19	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.56	)		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.73	)		(0.35	)		(0.63	)		(0.75	)		(0.32	)		(0.08	)		—

Net asset value, end of period	$	11.15		$	12.50		$	11.27		$	10.82		$	10.93		$	10.65		$	9.83

Total return^(c)		(5.31	)%		14.26	%		10.34	%		6.78	%		5.70	%		9.22	%		(1.70	)%

Net assets, end of period (in 000s)	$	7,806		$	8,246		$	7,217		$	6,540		$	10,655		$	10,687		$	9,783

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.12	%		0.13	%		0.18	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		2.71	%^(e)		3.01	%		3.65	%		4.31	%		2.18	%		3.92	%^(e)		3.85	%^(e)

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

Portfolio turnover rate^(f)		24	%		40	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.48		$	11.22		$	10.78		$	10.90		$	10.62		$	9.82		$	10.00

Net investment income^(b)		0.11			0.19			0.18			0.22			0.15			0.10			0.02

Net realized and unrealized gain (loss)		(0.74	)		1.38			0.84			0.36			0.40			0.76			(0.20	)

Total from investment operations		(0.63	)		1.57			1.02			0.58			0.55			0.86			(0.18	)

Distributions to shareholders from net investment income		(0.16	)		(0.17	)		(0.20	)		(0.27	)		(0.14	)		(0.06	)		—

Distributions to shareholders from net realized gains		(0.56	)		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.72	)		(0.31	)		(0.58	)		(0.70	)		(0.27	)		(0.06	)		—

Net asset value, end of period	$	11.13		$	12.48		$	11.22		$	10.78		$	10.90		$	10.62		$	9.82

Total return^(c)		(5.32	)%		14.26	%		9.77	%		6.19	%		5.22	%		8.83	%		(1.80	)%

Net assets, end of period (in 000s)	$	14		$	15		$	13		$	12		$	11		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.13	%^(e)		0.13	%		0.63	%		0.66	%		0.80	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		3.22	%^(e)		3.51	%		4.14	%		5.09	%		2.65	%		4.40	%^(e)		4.32	%^(e)

Ratio of net investment income to average net assets		1.88	%^(e)		1.65	%		1.65	%		2.08	%		1.40	%		1.20	%^(e)		0.91	%^(e)

Portfolio turnover rate^(f)		24	%		40	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.49		$	11.24		$	10.79		$	10.91		$	10.64		$	9.83		$	10.00

Net investment income^(b)		0.12			0.18			0.26			0.25			0.19			0.12			0.02

Net realized and unrealized gain (loss)		(0.76	)		1.38			0.81			0.37			0.40			0.76			(0.19	)

Total from investment operations		(0.64	)		1.56			1.07			0.62			0.59			0.88			(0.17	)

Distributions to shareholders from net investment income		(0.12	)		(0.17	)		(0.24	)		(0.31	)		(0.19	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.56	)		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.68	)		(0.31	)		(0.62	)		(0.74	)		(0.32	)		(0.07	)		—

Net asset value, end of period	$	11.17		$	12.49		$	11.24		$	10.79		$	10.91		$	10.64		$	9.83

Total return^(c)		(5.40	)%		14.11	%		10.24	%		6.59	%		5.59	%		9.06	%		(1.70	)%

Net assets, end of period (in 000s)	$	14		$	40		$	37		$	585		$	373		$	35		$	10

Ratio of net expenses to average net assets^(d)		0.24	%^(e)		0.25	%		0.26	%		0.30	%		0.44	%		0.46	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		2.86	%^(e)		3.14	%		4.07	%		4.81	%		2.30	%		5.20	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		1.98	%^(e)		1.53	%		2.35	%		2.40	%		1.74	%		1.37	%^(e)		1.27	%^(e)

Portfolio turnover rate^(f)		24	%		40	%		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.53		$	11.30		$	10.82		$	10.93		$	10.65		$	9.83		$	10.00

Net investment income^(b)		0.11			0.19			0.21			0.26			0.20			0.14			0.03

Net realized and unrealized gain (loss)		(0.74	)		1.39			0.88			0.39			0.40			0.76			(0.20	)

Total from investment operations		(0.63	)		1.58			1.09			0.65			0.60			0.90			(0.17	)

Distributions to shareholders from net investment income		(0.17	)		(0.21	)		(0.23	)		(0.33	)		(0.19	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.56	)		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.73	)		(0.35	)		(0.61	)		(0.76	)		(0.32	)		(0.08	)		—

Net asset value, end of period	$	11.17		$	12.53		$	11.30		$	10.82		$	10.93		$	10.65		$	9.83

Total return^(c)		(5.35	)%		14.24	%		10.35	%		6.84	%		5.73	%		9.22	%		(1.70	)%

Net assets, end of period (in 000s)	$	3,537		$	1,079		$	509		$	279		$	213		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.10	%		0.11	%		0.14	%		0.28	%		0.31	%^(e)		0.33	%^(e)

Ratio of total expenses to average net assets^(d)		2.65	%^(e)		2.83	%		3.43	%		4.57	%		2.14	%		3.95	%^(e)		3.92	%^(e)

Ratio of net investment income to average net assets		1.80	%^(e)		1.56	%		1.97	%		2.54	%		1.85	%		1.69	%^(e)		1.43	%^(e)

Portfolio turnover rate^(f)		24	%		40	%		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 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, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.42		$	11.21		$	10.77		$	10.88		$	10.61		$	9.82		$	10.00

Net investment income^(b)		0.08			0.12			0.16			0.20			0.14			0.09			0.01

Net realized and unrealized gain (loss)		(0.74	)		1.37			0.85			0.38			0.38			0.76			(0.19	)

Total from investment operations		(0.66	)		1.49			1.01			0.58			0.52			0.85			(0.18	)

Distributions to shareholders from net investment income		(0.11	)		(0.14	)		(0.19	)		(0.26	)		(0.12	)		(0.06	)		—

Distributions to shareholders from net realized gains		(0.56	)		(0.14	)		(0.38	)		(0.43	)		(0.13	)		—			—

Total distributions		(0.65	)		(0.28	)		(0.57	)		(0.69	)		(0.25	)		(0.06	)		—

Net asset value, end of period	$	11.11		$	12.42		$	11.21		$	10.77		$	10.88		$	10.61		$	9.82

Total return^(c)		(5.58	)%		13.51	%		9.63	%		6.11	%		4.98	%		8.67	%		(1.80	)%

Net assets, end of period (in 000s)	$	14		$	15		$	13		$	12		$	11		$	11		$	10

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

Ratio of total expenses to average net assets^(d)		3.34	%^(e)		3.64	%		4.26	%		5.13	%		2.80	%		4.54	%^(e)		4.47	%^(e)

Ratio of net investment income to average net assets		1.27	%^(e)		1.03	%		1.53	%		1.94	%		1.26	%		1.06	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		24	%		40	%		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.		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
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	9.98		$	8.74		$	9.52		$	9.68		$	10.22		$	9.74		$	9.93

Net investment income^(b)		0.06			0.11			0.14			0.16			0.13			0.08			0.02

Net realized and unrealized gain (loss)		(0.62	)		1.29			0.72			0.28			0.54			0.90			(0.21	)

Total from investment operations		(0.56	)		1.40			0.86			0.44			0.67			0.98			(0.19	)

Distributions to shareholders from net investment income		(0.10	)		(0.13	)		(0.18	)		(0.16	)		(0.14	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.41	)		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.51	)		(0.16	)		(1.64	)		(0.60	)		(1.21	)		(0.50	)		—

Net asset value, end of period	$	8.91		$	9.98		$	8.74		$	9.52		$	9.68		$	10.22		$	9.74

Total return^(c)		(5.88	)%		16.21	%		10.04	%		5.09	%		6.93	%		10.47	%		(1.91	)%

Net assets, end of period (in 000s)	$	1,696		$	603		$	276		$	204		$	362		$	205		$	10

Ratio of net expenses to average net assets^(d)		0.50	%^(e)		0.51	%		0.51	%		0.58	%		0.70	%		0.72	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		3.84	%^(e)		4.62	%		5.78	%		5.37	%		0.86	%		0.99	%^(e)		2.33	%^(e)

Ratio of net investment income to average net assets		1.23	%^(e)		1.19	%		1.71	%		1.74	%		1.34	%		0.99	%^(e)		1.01	%^(e)

Portfolio turnover rate^(f)		37	%		32	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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		$	8.80		$	9.56		$	9.72		$	10.26		$	9.75		$	9.93

Net investment income^(b)		0.09			0.15			0.18			0.23			0.18			0.14			0.03

Net realized and unrealized gain (loss)		(0.62	)		1.29			0.73			0.24			0.52			0.88			(0.21	)

Total from investment operations		(0.53	)		1.44			0.91			0.47			0.70			1.02			(0.18	)

Distributions to shareholders from net investment income		(0.13	)		(0.15	)		(0.21	)		(0.19	)		(0.17	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.41	)		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.54	)		(0.18	)		(1.67	)		(0.63	)		(1.24	)		(0.51	)		—

Net asset value, end of period	$	8.99		$	10.06		$	8.80		$	9.56		$	9.72		$	10.26		$	9.75

Total return^(c)		(5.62	)%		16.59	%		10.55	%		5.52	%		7.29	%		10.87	%		(1.81	)%

Net assets, end of period (in 000s)	$	18		$	19		$	16		$	15		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.13	%^(e)		0.14	%		0.13	%		0.17	%		0.31	%		0.31	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.56	%^(e)		4.38	%		5.42	%		6.22	%		0.49	%		0.75	%^(e)		1.93	%^(e)

Ratio of net investment income to average net assets		1.90	%^(e)		1.61	%		2.13	%		2.45	%		1.84	%		1.69	%^(e)		1.41	%^(e)

Portfolio turnover rate^(f)		37	%		32	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.24		$	8.93		$	9.52		$	9.68		$	10.23		$	9.74		$	9.93

Net investment income^(b)		0.09			0.15			0.14			0.21			0.13			0.10			0.02

Net realized and unrealized gain (loss)		(0.64	)		1.31			0.73			0.22			0.52			0.88			(0.21	)

Total from investment operations		(0.55	)		1.46			0.87			0.43			0.65			0.98			(0.19	)

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

Distributions to shareholders from net realized gains		(0.41	)		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.53	)		(0.15	)		(1.46	)		(0.59	)		(1.20	)		(0.49	)		—

Net asset value, end of period	$	9.16		$	10.24		$	8.93		$	9.52		$	9.68		$	10.23		$	9.74

Total return^(c)		(5.63	)%		16.56	%		10.01	%		5.01	%		6.71	%		10.47	%		(1.91	)%

Net assets, end of period (in 000s)	$	15		$	16		$	13		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.13	%^(e)		0.14	%		0.64	%		0.63	%		0.81	%		0.82	%^(e)		0.83	%^(e)

Ratio of total expenses to average net assets^(d)		4.06	%^(e)		4.88	%		5.92	%		8.75	%		0.99	%		1.26	%^(e)		2.43	%^(e)

Ratio of net investment income to average net assets		1.89	%^(e)		1.60	%		1.62	%		2.31	%		1.34	%		1.19	%^(e)		0.92	%^(e)

Portfolio turnover rate^(f)		37	%		32	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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		$	8.76		$	9.53		$	9.69		$	10.25		$	9.75		$	9.93

Net investment income^(b)		0.09			0.14			0.18			0.21			0.16			0.11			0.02

Net realized and unrealized gain (loss)		(0.64	)		1.29			0.71			0.25			0.52			0.90			(0.20	)

Total from investment operations		(0.55	)		1.43			0.89			0.46			0.68			1.01			(0.18	)

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

Distributions to shareholders from net realized gains		(0.41	)		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

Total distributions		(0.41	)		(0.17	)		(1.66	)		(0.62	)		(1.24	)		(0.51	)		—

Net asset value, end of period	$	9.06		$	10.02		$	8.76		$	9.53		$	9.69		$	10.25		$	9.75

Total return^(d)		(5.71	)%		16.51	%		10.34	%		5.35	%		7.06	%		10.71	%		(1.81	)%

Net assets, end of period (in 000s)	$	15		$	1,197		$	1,034		$	1,554		$	1,330		$	625		$	10

Ratio of net expenses to average net assets^(e)		0.25	%^(f)		0.26	%		0.26	%		0.31	%		0.45	%		0.46	%^(f)		0.48	%^(f)

Ratio of total expenses to average net assets^(e)		3.95	%^(f)		4.50	%		5.60	%		6.23	%		0.64	%		0.82	%^(f)		2.08	%^(f)

Ratio of net investment income to average net assets		1.84	%^(f)		1.49	%		2.09	%		2.33	%		1.69	%		1.30	%^(f)		1.27	%^(f)

Portfolio turnover rate^(g)		37	%		32	%		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)

Amount is less than $0.005 per share.

(d)

(e)

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

(f)

Annualized.

(g)


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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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		$	8.80		$	9.56		$	9.72		$	10.26		$	9.75		$	9.97

Net investment income^(a)		0.09			0.15			0.19			0.19			0.18			0.14			0.19

Net realized and unrealized gain (loss)		(0.62	)		1.29			0.72			0.28			0.52			0.88			0.11

Total from investment operations		(0.53	)		1.44			0.91			0.47			0.70			1.02			0.30

Distributions to shareholders from net investment income		(0.13	)		(0.15	)		(0.21	)		(0.19	)		(0.17	)		(0.19	)		(0.17	)

Distributions to shareholders from net realized gains		(0.41	)		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		(0.35	)

Total distributions		(0.54	)		(0.18	)		(1.67	)		(0.63	)		(1.24	)		(0.51	)		(0.52	)

Net asset value, end of period	$	8.99		$	10.06		$	8.80		$	9.56		$	9.72		$	10.26		$	9.75

Total return^(b)		(5.60	)%		16.61	%		10.57	%		5.53	%		7.30	%		10.88	%		3.23	%

Net assets, end of period (in 000s)	$	7,524		$	4,882		$	3,526		$	3,828		$	74,952		$	75,061		$	74,224

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

Ratio of total expenses to average net assets^(c)		3.47	%^(d)		4.31	%		5.43	%		1.70	%		0.50	%		0.76	%^(d)		0.62	%

Ratio of net investment income to average net assets		1.87	%^(d)		1.62	%		2.18	%		1.98	%		1.86	%		1.72	%^(d)		1.91	%

Portfolio turnover rate^(e)		37	%		32	%		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)


56		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 R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	9.97		$	8.72		$	9.49		$	9.66		$	10.22		$	9.74		$	9.93

Net investment income^(b)		0.05			0.09			0.13			0.19			0.12			0.09			0.02

Net realized and unrealized gain (loss)		(0.62	)		1.29			0.71			0.22			0.51			0.88			(0.21	)

Total from investment operations		(0.57	)		1.38			0.84			0.41			0.63			0.97			(0.19	)

Distributions to shareholders from net investment income		(0.08	)		(0.10	)		(0.15	)		(0.14	)		(0.12	)		(0.17	)		—

Distributions to shareholders from net realized gains		(0.41	)		(0.03	)		(1.46	)		(0.44	)		(1.07	)		(0.32	)		—

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

Net asset value, end of period	$	8.91		$	9.97		$	8.72		$	9.49		$	9.66		$	10.22		$	9.74

Total return^(c)		(5.97	)%		15.97	%		9.85	%		4.75	%		6.59	%		10.30	%		(1.91	)%

Net assets, end of period (in 000s)	$	59		$	43		$	13		$	12		$	30		$	23		$	10

Ratio of net expenses to average net assets^(d)		0.75	%^(e)		0.76	%		0.77	%		0.86	%		0.95	%		0.97	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		4.14	%^(e)		4.58	%		6.05	%		5.77	%		1.14	%		1.28	%^(e)		2.57	%^(e)

Ratio of net investment income to average net assets		1.07	%^(e)		0.96	%		1.49	%		2.04	%		1.19	%		1.04	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		37	%		32	%		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.		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
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.96		$	10.99		$	10.81		$	11.34		$	10.85		$	9.81		$	10.00

Net investment income^(b)		0.09			0.14			0.18			0.21			0.17			0.10			0.02

Net realized and unrealized gain (loss)		(0.81	)		2.10			0.97			0.21			0.63			1.01			(0.21	)

Total from investment operations		(0.72	)		2.24			1.15			0.42			0.80			1.11			(0.19	)

Distributions to shareholders from net investment income		(0.10	)		(0.16	)		(0.22	)		(0.30	)		(0.14	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.65	)		(0.27	)		(0.97	)		(0.95	)		(0.31	)		(0.07	)		—

Net asset value, end of period	$	11.59		$	12.96		$	10.99		$	10.81		$	11.34		$	10.85		$	9.81

Total return^(c)		(5.89	)%		20.68	%		11.13	%		4.70	%		7.54	%		11.39	%		(1.90	)%

Net assets, end of period (in 000s)	$	387		$	420		$	277		$	285		$	107		$	29		$	10

Ratio of net expenses to average net assets^(d)		0.50	%^(e)		0.50	%		0.49	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		3.15	%^(e)		3.69	%		4.35	%		5.27	%		2.31	%		4.28	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.50	%^(e)		1.20	%		1.74	%		2.00	%		1.57	%		1.11	%^(e)		1.03	%^(e)

Portfolio turnover rate^(f)		40	%		35	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.04		$	11.05		$	10.87		$	11.37		$	10.87		$	9.81		$	10.00

Net investment income^(b)		0.12			0.19			0.22			0.25			0.21			0.15			0.03

Net realized and unrealized gain (loss)		(0.83	)		2.11			0.97			0.21			0.65			1.00			(0.22	)

Total from investment operations		(0.71	)		2.30			1.19			0.46			0.86			1.15			(0.19	)

Distributions to shareholders from net investment income		(0.14	)		(0.20	)		(0.26	)		(0.31	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.69	)		(0.31	)		(1.01	)		(0.96	)		(0.36	)		(0.09	)		—

Net asset value, end of period	$	11.64		$	13.04		$	11.05		$	10.87		$	11.37		$	10.87		$	9.81

Total return^(c)		(5.77	)%		21.15	%		11.44	%		5.13	%		8.02	%		11.75	%		(1.90	)%

Net assets, end of period (in 000s)	$	7,443		$	7,846		$	6,474		$	5,811		$	11,139		$	10,911		$	9,765

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.12	%		0.11	%		0.18	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		2.77	%^(e)		3.36	%		3.97	%		4.21	%		2.05	%		3.86	%^(e)		3.85	%^(e)

Ratio of net investment income to average net assets		1.89	%^(e)		1.60	%		2.12	%		2.32	%		1.85	%		1.69	%^(e)		1.44	%^(e)

Portfolio turnover rate^(f)		40	%		35	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.00		$	10.99		$	10.82		$	11.33		$	10.84		$	9.80		$	10.00

Net investment income^(b)		0.12			0.19			0.17			0.20			0.15			0.10			0.02

Net realized and unrealized gain (loss)		(0.82	)		2.09			0.96			0.21			0.64			1.01			(0.22	)

Total from investment operations		(0.70	)		2.28			1.13			0.41			0.79			1.11			(0.20	)

Distributions to shareholders from net investment income		(0.14	)		(0.16	)		(0.21	)		(0.27	)		(0.13	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.69	)		(0.27	)		(0.96	)		(0.92	)		(0.30	)		(0.07	)		—

Net asset value, end of period	$	11.61		$	13.00		$	10.99		$	10.82		$	11.33		$	10.84		$	9.80

Total return^(c)		(5.71	)%		21.10	%		10.89	%		4.55	%		7.44	%		11.36	%		(2.00	)%

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

Ratio of net expenses to average net assets^(d)		0.10	%^(e)		0.12	%		0.61	%		0.65	%		0.80	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		3.26	%^(e)		3.86	%		4.46	%		5.12	%		2.53	%		4.34	%^(e)		4.33	%^(e)

Ratio of net investment income to average net assets		1.90	%^(e)		1.59	%		1.62	%		1.90	%		1.35	%		1.20	%^(e)		0.94	%^(e)

Portfolio turnover rate^(f)		40	%		35	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.01		$	11.00		$	10.83		$	11.34		$	10.86		$	9.81		$	10.00

Net investment income^(b)		0.12			0.17			0.27			0.24			0.19			0.08			0.02

Net realized and unrealized gain (loss)		(0.84	)		2.10			0.89			0.21			0.64			1.05			(0.21	)

Total from investment operations		(0.72	)		2.27			1.16			0.45			0.83			1.13			(0.19	)

Distributions to shareholders from net investment income		(0.09	)		(0.15	)		(0.24	)		(0.31	)		(0.18	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.64	)		(0.26	)		(0.99	)		(0.96	)		(0.35	)		(0.08	)		—

Net asset value, end of period	$	11.65		$	13.01		$	11.00		$	10.83		$	11.34		$	10.86		$	9.81

Total return^(c)		(5.80	)%		20.98	%		11.25	%		4.96	%		7.82	%		11.59	%		(1.90	)%

Net assets, end of period (in 000s)	$	16		$	60		$	43		$	976		$	890		$	152		$	10

Ratio of net expenses to average net assets^(d)		0.24	%^(e)		0.25	%		0.24	%		0.29	%		0.44	%		0.45	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		3.08	%^(e)		3.47	%		4.18	%		4.81	%		2.18	%		7.23	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		1.94	%^(e)		1.46	%		2.46	%		2.29	%		1.71	%		0.89	%^(e)		1.29	%^(e)

Portfolio turnover rate^(f)		40	%		35	%		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.03		$	11.04		$	10.86		$	11.37		$	10.87		$	9.81		$	10.00

Net investment income^(b)		0.11			0.20			0.24			0.25			0.20			0.14			0.03

Net realized and unrealized gain (loss)		(0.82	)		2.10			0.94			0.21			0.66			1.01			(0.22	)

Total from investment operations		(0.71	)		2.30			1.18			0.46			0.86			1.15			(0.19	)

Distributions to shareholders from net investment income		(0.16	)		(0.20	)		(0.25	)		(0.32	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.55	)		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.69	)		(0.31	)		(1.00	)		(0.97	)		(0.36	)		(0.09	)		—

Net asset value, end of period	$	11.63		$	13.03		$	11.04		$	10.86		$	11.37		$	10.87		$	9.81

Total return^(c)		(5.74	)%		21.18	%		11.44	%		5.11	%		8.05	%		11.75	%		(1.90	)%

Net assets, end of period (in 000s)	$	4,283		$	264		$	316		$	446		$	330		$	35		$	10

Ratio of net expenses to average net assets^(d)		0.09	%^(e)		0.10	%		0.09	%		0.13	%		0.28	%		0.30	%^(e)		0.32	%^(e)

Ratio of total expenses to average net assets^(d)		2.39	%^(e)		3.37	%		3.93	%		4.62	%		2.00	%		4.22	%^(e)		3.93	%^(e)

Ratio of net investment income to average net assets		1.79	%^(e)		1.71	%		2.29	%		2.38	%		1.77	%		1.64	%^(e)		1.46	%^(e)

Portfolio turnover rate^(f)		40	%		35	%		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 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, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.94		$	10.97		$	10.81		$	11.32		$	10.83		$	9.80		$	10.00

Net investment income^(b)		0.08			0.12			0.15			0.19			0.13			0.09			0.02

Net realized and unrealized gain (loss)		(0.83	)		2.09			0.95			0.20			0.65			1.00			(0.22	)

Total from investment operations		(0.75	)		2.21			1.10			0.39			0.78			1.09			(0.20	)

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

Distributions to shareholders from net realized gains		(0.55	)		(0.11	)		(0.75	)		(0.65	)		(0.17	)		—			—

Total distributions		(0.61	)		(0.24	)		(0.94	)		(0.90	)		(0.29	)		(0.06	)		—

Net asset value, end of period	$	11.58		$	12.94		$	10.97		$	10.81		$	11.32		$	10.83		$	9.80

Total return^(c)		(6.05	)%		20.44	%		10.66	%		4.39	%		7.29	%		11.20	%		(2.00	)%

Net assets, end of period (in 000s)	$	15		$	16		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.73	%^(e)		0.74	%		0.74	%		0.80	%		0.96	%		0.98	%^(e)		0.99	%^(e)

Ratio of total expenses to average net assets^(d)		3.39	%^(e)		3.98	%		4.60	%		5.26	%		2.69	%		4.50	%^(e)		4.47	%^(e)

Ratio of net investment income to average net assets		1.27	%^(e)		0.97	%		1.49	%		1.75	%		1.19	%		1.04	%^(e)		0.79	%^(e)

Portfolio turnover rate^(f)		40	%		35	%		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.		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
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.51		$	8.61		$	9.08		$	9.49		$	10.09		$	9.58		$	9.77

Net investment income^(b)		0.07			0.11			0.14			0.17			0.13			0.10			0.02

Net realized and unrealized gain (loss)		(0.68	)		2.04			0.87			0.10			0.64			1.03			(0.21	)

Total from investment operations		(0.61	)		2.15			1.01			0.27			0.77			1.13			(0.19	)

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

Distributions to shareholders from net realized gains		(0.34	)		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.46	)		(0.25	)		(1.48	)		(0.68	)		(1.37	)		(0.62	)		—

Net asset value, end of period	$	9.44		$	10.51		$	8.61		$	9.08		$	9.49		$	10.09		$	9.58

Total return^(c)		(6.07	)%		25.48	%		12.04	%		3.48	%		8.23	%		12.37	%		(1.94	)%

Net assets, end of period (in 000s)	$	150		$	148		$	92		$	80		$	51		$	13		$	13

Ratio of net expenses to average net assets^(d)		0.50	%^(e)		0.49	%		0.49	%		0.53	%		0.70	%		0.73	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		3.06	%^(e)		3.34	%		4.09	%		5.04	%		1.20	%		1.41	%^(e)		3.23	%^(e)

Ratio of net investment income to average net assets		1.46	%^(e)		1.16	%		1.71	%		1.93	%		1.40	%		1.27	%^(e)		0.98	%^(e)

Portfolio turnover rate^(f)		39	%		18	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.60		$	8.68		$	9.13		$	9.54		$	10.12		$	9.58		$	9.77

Net investment income^(b)		0.09			0.15			0.17			0.20			0.17			0.14			0.03

Net realized and unrealized gain (loss)		(0.67	)		2.05			0.88			0.10			0.65			1.03			(0.22	)

Total from investment operations		(0.58	)		2.20			1.05			0.30			0.82			1.17			(0.19	)

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

Distributions to shareholders from net realized gains		(0.35	)		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.50	)		(0.28	)		(1.50	)		(0.71	)		(1.40	)		(0.63	)		—

Net asset value, end of period	$	9.52		$	10.60		$	8.68		$	9.13		$	9.54		$	10.12		$	9.58

Total return^(c)		(5.83	)%		25.87	%		12.57	%		3.82	%		8.71	%		12.85	%		(1.94	)%

Net assets, end of period (in 000s)	$	20		$	19		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.13	%^(e)		0.12	%		0.12	%		0.16	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		2.68	%^(e)		3.00	%		3.70	%		4.47	%		0.73	%		0.98	%^(e)		2.82	%^(e)

Ratio of net investment income to average net assets		1.81	%^(e)		1.54	%		2.08	%		2.30	%		1.82	%		1.70	%^(e)		1.41	%^(e)

Portfolio turnover rate^(f)		39	%		18	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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		$	8.63		$	9.09		$	9.49		$	10.08		$	9.58		$	9.77

Net investment income^(b)		0.10			0.15			0.13			0.16			0.13			0.10			0.02

Net realized and unrealized gain (loss)		(0.68	)		2.04			0.88			0.11			0.63			1.01			(0.21	)

Total from investment operations		(0.58	)		2.19			1.01			0.27			0.76			1.11			(0.19	)

Distributions to shareholders from net investment income		(0.15	)		(0.12	)		(0.16	)		(0.14	)		(0.12	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.35	)		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.50	)		(0.25	)		(1.47	)		(0.67	)		(1.35	)		(0.61	)		—

Net asset value, end of period	$	9.49		$	10.57		$	8.63		$	9.09		$	9.49		$	10.08		$	9.58

Total return^(c)		(5.85	)%		25.91	%		12.00	%		3.39	%		8.13	%		12.21	%		(1.94	)%

Net assets, end of period (in 000s)	$	16		$	17		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.12	%		0.62	%		0.66	%		0.81	%		0.82	%^(e)		0.83	%^(e)

Ratio of total expenses to average net assets^(d)		3.17	%^(e)		3.50	%		4.20	%		4.97	%		1.24	%		1.48	%^(e)		3.31	%^(e)

Ratio of net investment income to average net assets		1.86	%^(e)		1.55	%		1.59	%		1.81	%		1.32	%		1.20	%^(e)		0.92	%^(e)

Portfolio turnover rate^(f)		39	%		18	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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		$	8.65		$	9.11		$	9.51		$	10.11		$	9.58		$	9.77

Net investment income^(b)		0.10			0.14			0.19			0.19			0.16			0.09			0.02

Net realized and unrealized gain (loss)		(0.70	)		2.05			0.84			0.11			0.64			1.06			(0.21	)

Total from investment operations		(0.60	)		2.19			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		(0.35	)		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.35	)		(0.27	)		(1.49	)		(0.70	)		(1.40	)		(0.62	)		—

Net asset value, end of period	$	9.62		$	10.57		$	8.65		$	9.11		$	9.51		$	10.11		$	9.58

Total return^(c)		(5.92	)%		25.79	%		12.35	%		3.78	%		8.46	%		12.68	%		(1.94	)%

Net assets, end of period (in 000s)	$	17		$	283		$	240		$	667		$	636		$	130		$	10

Ratio of net expenses to average net assets^(d)		0.25	%^(e)		0.25	%		0.24	%		0.29	%		0.45	%		0.46	%^(e)		0.48	%^(e)

Ratio of total expenses to average net assets^(d)		2.83	%^(e)		3.14	%		3.94	%		4.66	%		0.89	%		0.98	%^(e)		2.96	%^(e)

Ratio of net investment income to average net assets		1.95	%^(e)		1.43	%		2.25	%		2.14	%		1.67	%		1.11	%^(e)		1.27	%^(e)

Portfolio turnover rate^(f)		39	%		18	%		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.		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
Per Share Data

Net asset value, beginning of period	$	10.61		$	8.69		$	9.14		$	9.54		$	10.12		$	9.59		$	9.90

Net investment income^(a)		0.09			0.15			0.18			0.18			0.18			0.14			0.19

Net realized and unrealized gain (loss)		(0.68	)		2.05			0.88			0.13			0.64			1.02			0.11

Total from investment operations		(0.59	)		2.20			1.06			0.31			0.82			1.16			0.30

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

Distributions to shareholders from net realized gains		(0.35	)		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		(0.44	)

Total distributions		(0.50	)		(0.28	)		(1.51	)		(0.71	)		(1.40	)		(0.63	)		(0.61	)

Net asset value, end of period	$	9.52		$	10.61		$	8.69		$	9.14		$	9.54		$	10.12		$	9.59

Total return^(b)		(5.90	)%		25.87	%		12.58	%		3.94	%		8.70	%		12.73	%		3.33	%

Net assets, end of period (in 000s)	$	10,614		$	9,760		$	7,381		$	7,049		$	49,418		$	48,905		$	47,340

Ratio of net expenses to average net assets^(c)		0.10	%^(d)		0.10	%		0.09	%		0.23	%		0.29	%		0.30	%^(d)		0.31	%

Ratio of total expenses to average net assets^(c)		2.67	%^(d)		2.98	%		3.71	%		2.36	%		0.72	%		0.98	%^(d)		0.80	%

Ratio of net investment income to average net assets		1.86	%^(d)		1.57	%		2.13	%		1.99	%		1.84	%		1.73	%^(d)		1.97	%

Portfolio turnover rate^(e)		39	%		18	%		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)


68		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 R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	10.49		$	8.60		$	9.06		$	9.47		$	10.07		$	9.57		$	9.77

Net investment income^(b)		0.02			0.09			0.12			0.17			0.11			0.09			0.01

Net realized and unrealized gain (loss)		(0.63	)		2.03			0.87			0.08			0.64			1.02			(0.21	)

Total from investment operations		(0.61	)		2.12			0.99			0.25			0.75			1.11			(0.20	)

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

Distributions to shareholders from net realized gains		(0.35	)		(0.13	)		(1.31	)		(0.53	)		(1.23	)		(0.43	)		—

Total distributions		(0.47	)		(0.23	)		(1.45	)		(0.66	)		(1.35	)		(0.61	)		—

Net asset value, end of period	$	9.41		$	10.49		$	8.60		$	9.06		$	9.47		$	10.07		$	9.57

Total return^(c)		(6.13	)%		25.08	%		11.90	%		3.17	%		8.02	%		12.16	%		(2.05	)%

Net assets, end of period (in 000s)	$	137		$	17		$	14		$	12		$	36		$	24		$	10

Ratio of net expenses to average net assets^(d)		0.76	%^(e)		0.74	%		0.74	%		0.86	%		0.95	%		0.97	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		3.29	%^(e)		3.63	%		4.33	%		4.30	%		1.39	%		1.42	%^(e)		3.46	%^(e)

Ratio of net investment income to average net assets		0.29	%^(e)		0.92	%		1.46	%		1.88	%		1.16	%		1.05	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		39	%		18	%		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.		69

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, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.61		$	10.81		$	10.68		$	11.60		$	11.01		$	9.80		$	10.00

Net investment income^(b)		0.10			0.14			0.16			0.20			0.16			0.08			0.02

Net realized and unrealized gain (loss)		(0.91	)		2.80			1.10			(0.04	)		0.81			1.20			(0.22	)

Total from investment operations		(0.81	)		2.94			1.26			0.16			0.97			1.28			(0.20	)

Distributions to shareholders from net investment income		(0.16	)		(0.14	)		(0.21	)		(0.26	)		(0.16	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.32	)		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.48	)		(0.14	)		(1.13	)		(1.08	)		(0.38	)		(0.07	)		—

Net asset value, end of period	$	12.32		$	13.61		$	10.81		$	10.68		$	11.60		$	11.01		$	9.80

Total return^(c)		(6.23	)%		27.35	%		12.26	%		2.37	%		9.02	%		13.17	%		(2.00	)%

Net assets, end of period (in 000s)	$	332		$	338		$	221		$	165		$	106		$	84		$	10

Ratio of net expenses to average net assets^(d)		0.50	%^(e)		0.48	%		0.47	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		3.06	%^(e)		3.25	%		4.10	%		4.91	%		2.44	%		5.43	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.49	%^(e)		1.15	%		1.62	%		1.86	%		1.42	%		0.90	%^(e)		1.02	%^(e)

Portfolio turnover rate^(f)		34	%		13	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended October 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.71		$	10.88		$	10.74		$	11.65		$	11.04		$	9.81		$	10.00

Net investment income^(b)		0.12			0.19			0.21			0.23			0.21			0.15			0.03

Net realized and unrealized gain (loss)		(0.91	)		2.81			1.09			(0.02	)		0.81			1.17			(0.22	)

Total from investment operations		(0.79	)		3.00			1.30			0.21			1.02			1.32			(0.19	)

Distributions to shareholders from net investment income		(0.20	)		(0.17	)		(0.24	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.32	)		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.52	)		(0.17	)		(1.16	)		(1.12	)		(0.41	)		(0.09	)		—

Net asset value, end of period	$	12.40		$	13.71		$	10.88		$	10.74		$	11.65		$	11.04		$	9.81

Total return^(c)		(6.04	)%		27.84	%		12.63	%		2.81	%		9.40	%		13.52	%		(1.90	)%

Net assets, end of period (in 000s)	$	8,423		$	8,946		$	6,999		$	6,205		$	11,472		$	11,077		$	9,756

Ratio of net expenses to average net assets^(d)		0.12	%^(e)		0.10	%		0.09	%		0.16	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		2.67	%^(e)		2.91	%		3.73	%		4.09	%		2.05	%		3.82	%^(e)		3.85	%^(e)

Ratio of net investment income to average net assets		1.86	%^(e)		1.55	%		2.02	%		2.17	%		1.83	%		1.69	%^(e)		1.43	%^(e)

Portfolio turnover rate^(f)		34	%		13	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended October 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.68		$	10.83		$	10.69		$	11.60		$	11.00		$	9.80		$	10.00

Net investment income^(b)		0.12			0.19			0.15			0.18			0.15			0.10			0.02

Net realized and unrealized gain (loss)		(0.90	)		2.80			1.10			(0.02	)		0.81			1.17			(0.22	)

Total from investment operations		(0.78	)		2.99			1.25			0.16			0.96			1.27			(0.20	)

Distributions to shareholders from net investment income		(0.20	)		(0.14	)		(0.19	)		(0.25	)		(0.14	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.32	)		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.52	)		(0.14	)		(1.11	)		(1.07	)		(0.36	)		(0.07	)		—

Net asset value, end of period	$	12.38		$	13.68		$	10.83		$	10.69		$	11.60		$	11.00		$	9.80

Total return^(c)		(5.98	)%		27.79	%		12.18	%		2.30	%		8.83	%		13.03	%		(2.00	)%

Net assets, end of period (in 000s)	$	17		$	18		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.10	%^(e)		0.10	%		0.60	%		0.64	%		0.80	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		3.16	%^(e)		3.40	%		4.23	%		4.93	%		2.53	%		4.30	%^(e)		4.33	%^(e)

Ratio of net investment income to average net assets		1.88	%^(e)		1.55	%		1.51	%		1.74	%		1.33	%		1.20	%^(e)		0.93	%^(e)

Portfolio turnover rate^(f)		34	%		13	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended October 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.67		$	10.85		$	10.71		$	11.62		$	11.03		$	9.80		$	10.00

Net investment income^(b)		0.16			0.17			0.25			0.22			0.19			0.10			0.02

Net realized and unrealized gain (loss)		(0.95	)		2.80			1.04			(0.02	)		0.80			1.21			(0.22	)

Total from investment operations		(0.79	)		2.97			1.29			0.20			0.99			1.31			(0.20	)

Distributions to shareholders from net investment income		(0.17	)		(0.15	)		(0.23	)		(0.29	)		(0.18	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.32	)		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.49	)		(0.15	)		(1.15	)		(1.11	)		(0.40	)		(0.08	)		—

Net asset value, end of period	$	12.39		$	13.67		$	10.85		$	10.71		$	11.62		$	11.03		$	9.80

Total return^(c)		(6.05	)%		27.62	%		12.55	%		2.71	%		9.19	%		13.48	%		(2.00	)%

Net assets, end of period (in 000s)	$	17		$	277		$	189		$	857		$	600		$	97		$	10

Ratio of net expenses to average net assets^(d)		0.24	%^(e)		0.23	%		0.22	%		0.27	%		0.44	%		0.46	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		2.76	%^(e)		3.02	%		3.91	%		4.65	%		2.18	%		6.16	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		2.37	%^(e)		1.42	%		2.36	%		2.10	%		1.69	%		1.13	%^(e)		1.28	%^(e)

Portfolio turnover rate^(f)		34	%		13	%		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended October 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.70		$	10.88		$	10.73		$	11.64		$	11.04		$	9.81		$	10.00

Net investment income^(b)		0.12			0.18			0.25			0.24			0.20			0.15			0.03

Net realized and unrealized gain (loss)		(0.91	)		2.81			1.06			(0.03	)		0.81			1.17			(0.22	)

Total from investment operations		(0.79	)		2.99			1.31			0.21			1.01			1.32			(0.19	)

Distributions to shareholders from net investment income		(0.20	)		(0.17	)		(0.24	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.32	)		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.52	)		(0.17	)		(1.16	)		(1.12	)		(0.41	)		(0.09	)		—

Net asset value, end of period	$	12.39		$	13.70		$	10.88		$	10.73		$	11.64		$	11.04		$	9.81

Total return^(c)		(6.01	)%		27.77	%		12.74	%		2.87	%		9.34	%		13.64	%		(2.00	)%

Net assets, end of period (in 000s)	$	2,035		$	1,053		$	320		$	742		$	270		$	14		$	10

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.08	%		0.07	%		0.09	%		0.28	%		0.31	%^(e)		0.32	%^(e)

Ratio of total expenses to average net assets^(d)		2.68	%^(e)		2.75	%		3.72	%		4.63	%		2.03	%		4.00	%^(e)		3.93	%^(e)

Ratio of net investment income to average net assets		1.84	%^(e)		1.48	%		2.46	%		2.23	%		1.72	%		1.68	%^(e)		1.45	%^(e)

Portfolio turnover rate^(f)		34	%		13	%		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 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, 2022 (Unaudited)			Year Ended October 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.59		$	10.80		$	10.66		$	11.58		$	10.99		$	9.79		$	10.00

Net investment income^(b)		0.08			0.11			0.14			0.20			0.13			0.09			0.01

Net realized and unrealized gain (loss)		(0.91	)		2.79			1.09			(0.06	)		0.81			1.17			(0.22	)

Total from investment operations		(0.83	)		2.90			1.23			0.14			0.94			1.26			(0.21	)

Distributions to shareholders from net investment income		(0.12	)		(0.11	)		(0.17	)		(0.24	)		(0.13	)		(0.06	)		—

Distributions to shareholders from net realized gains		(0.32	)		—			(0.92	)		(0.82	)		(0.22	)		—			—

Total distributions		(0.44	)		(0.11	)		(1.09	)		(1.06	)		(0.35	)		(0.06	)		—

Net asset value, end of period	$	12.32		$	13.59		$	10.80		$	10.66		$	11.58		$	10.99		$	9.79

Total return^(c)		(6.34	)%		26.98	%		12.05	%		2.10	%		8.74	%		12.98	%		(2.10	)%

Net assets, end of period (in 000s)	$	16		$	17		$	14		$	12		$	41		$	29		$	10

Ratio of net expenses to average net assets^(d)		0.74	%^(e)		0.72	%		0.73	%		0.84	%		0.94	%		0.95	%^(e)		0.99	%^(e)

Ratio of total expenses to average net assets^(d)		3.30	%^(e)		3.53	%		4.36	%		4.49	%		2.68	%		4.63	%^(e)		4.48	%^(e)

Ratio of net investment income to average net assets		1.23	%^(e)		0.93	%		1.38	%		1.84	%		1.17	%		1.07	%^(e)		0.78	%^(e)

Portfolio turnover rate^(f)		34	%		13	%		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.		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
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.05		$	9.71		$	10.13		$	10.69		$	10.54		$	9.80		$	10.00

Net investment income^(b)		0.08			0.12			0.14			0.18			0.14			0.12			0.02

Net realized and unrealized gain (loss)		(0.80	)		2.50			1.04			(0.07	)		0.84			1.21			(0.22	)

Total from investment operations		(0.72	)		2.62			1.18			0.11			0.98			1.33			(0.20	)

Distributions to shareholders from net investment income		(0.15	)		(0.10	)		(0.17	)		(0.17	)		(0.16	)		(0.19	)		—

Distributions to shareholders from net realized gains		(0.40	)		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.55	)		(0.28	)		(1.60	)		(0.67	)		(0.83	)		(0.59	)		—

Net asset value, end of period	$	10.78		$	12.05		$	9.71		$	10.13		$	10.69		$	10.54		$	9.80

Total return^(c)		(6.34	)%		27.50	%		12.42	%		1.51	%		9.66	%		14.21	%		(2.00	)%

Net assets, end of period (in 000s)	$	804		$	618		$	687		$	359		$	218		$	49		$	10

Ratio of net expenses to average net assets^(d)		0.50	%^(e)		0.49	%		0.48	%		0.52	%		0.70	%		0.71	%^(e)		0.74	%^(e)

Ratio of total expenses to average net assets^(d)		3.46	%^(e)		3.73	%		3.82	%		5.40	%		1.57	%		1.34	%^(e)		6.30	%^(e)

Ratio of net investment income to average net assets		1.47	%^(e)		1.14	%		1.52	%		1.81	%		1.38	%		1.38	%^(e)		1.04	%^(e)

Portfolio turnover rate^(f)		31	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.14		$	9.79		$	10.19		$	10.74		$	10.56		$	9.80		$	10.00

Net investment income^(b)		0.11			0.17			0.18			0.22			0.19			0.14			0.03

Net realized and unrealized gain (loss)		(0.81	)		2.52			1.04			(0.07	)		0.84			1.22			(0.23	)

Total from investment operations		(0.70	)		2.69			1.22			0.15			1.03			1.36			(0.20	)

Distributions to shareholders from net investment income		(0.18	)		(0.16	)		(0.19	)		(0.20	)		(0.18	)		(0.20	)		—

Distributions to shareholders from net realized gains		(0.40	)		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.58	)		(0.34	)		(1.62	)		(0.70	)		(0.85	)		(0.60	)		—

Net asset value, end of period	$	10.86		$	12.14		$	9.79		$	10.19		$	10.74		$	10.56		$	9.80

Total return^(c)		(6.13	)%		28.04	%		12.88	%		1.95	%		10.10	%		14.58	%		(2.00	)%

Net assets, end of period (in 000s)	$	32		$	32		$	21		$	16		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.12	%^(e)		0.11	%		0.10	%		0.14	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		3.08	%^(e)		3.26	%		3.83	%		4.87	%		1.06	%		1.63	%^(e)		5.90	%^(e)

Ratio of net investment income to average net assets		1.85	%^(e)		1.52	%		1.99	%		2.21	%		1.81	%		1.71	%^(e)		1.44	%^(e)

Portfolio turnover rate^(f)		31	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.10		$	9.74		$	10.15		$	10.70		$	10.53		$	9.79		$	10.00

Net investment income^(b)		0.11			0.17			0.14			0.17			0.14			0.10			0.02

Net realized and unrealized gain (loss)		(0.80	)		2.50			1.03			(0.07	)		0.83			1.22			(0.23	)

Total from investment operations		(0.69	)		2.67			1.17			0.10			0.97			1.32			(0.21	)

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

Distributions to shareholders from net realized gains		(0.40	)		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.58	)		(0.31	)		(1.58	)		(0.65	)		(0.80	)		(0.58	)		—

Net asset value, end of period	$	10.83		$	12.10		$	9.74		$	10.15		$	10.70		$	10.53		$	9.79

Total return^(c)		(6.07	)%		27.92	%		12.33	%		1.41	%		9.53	%		14.18	%		(2.10	)%

Net assets, end of period (in 000s)	$	17		$	18		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.11	%		0.61	%		0.65	%		0.80	%		0.82	%^(e)		0.83	%^(e)

Ratio of total expenses to average net assets^(d)		3.57	%^(e)		3.79	%		4.42	%		5.26	%		1.56	%		2.13	%^(e)		6.40	%^(e)

Ratio of net investment income to average net assets		1.88	%^(e)		1.53	%		1.51	%		1.71	%		1.32	%		1.21	%^(e)		0.95	%^(e)

Portfolio turnover rate^(f)		31	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.11		$	9.76		$	10.17		$	10.72		$	10.55		$	9.80		$	10.00

Net investment income^(b)		0.12			0.15			0.24			0.20			0.18			0.11			0.02

Net realized and unrealized gain (loss)		(0.84	)		2.52			0.96			(0.06	)		0.83			1.24			(0.22	)

Total from investment operations		(0.72	)		2.67			1.20			0.14			1.01			1.35			(0.20	)

Distributions to shareholders from net investment income		(0.09	)		(0.14	)		(0.18	)		(0.19	)		(0.17	)		(0.20	)		—

Distributions to shareholders from net realized gains		(0.40	)		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.49	)		(0.32	)		(1.61	)		(0.69	)		(0.84	)		(0.60	)		—

Net asset value, end of period	$	10.90		$	12.11		$	9.76		$	10.17		$	10.72		$	10.55		$	9.80

Total return^(c)		(6.22	)%		27.88	%		12.68	%		1.80	%		9.98	%		14.42	%		(2.00	)%

Net assets, end of period (in 000s)	$	17		$	192		$	145		$	998		$	830		$	156		$	10

Ratio of net expenses to average net assets^(d)		0.24	%^(e)		0.24	%		0.22	%		0.29	%		0.45	%		0.47	%^(e)		0.48	%^(e)

Ratio of total expenses to average net assets^(d)		3.16	%^(e)		3.41	%		5.91	%		4.95	%		1.21	%		1.45	%^(e)		6.04	%^(e)

Ratio of net investment income to average net assets		1.97	%^(e)		1.40	%		2.42	%		2.06	%		1.70	%		1.31	%^(e)		1.30	%^(e)

Portfolio turnover rate^(f)		31	%		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.		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016
Per Share Data

Net asset value, beginning of period	$	12.14		$	9.80		$	10.19		$	10.74		$	10.56		$	9.80		$	9.95

Net investment income^(a)		0.11			0.17			0.19			0.20			0.19			0.14			0.20

Net realized and unrealized gain (loss)		(0.81	)		2.51			1.05			(0.04	)		0.84			1.22			0.11

Total from investment operations		(0.70	)		2.68			1.24			0.16			1.03			1.36			0.31

Distributions to shareholders from net investment income		(0.18	)		(0.16	)		(0.20	)		(0.21	)		(0.18	)		(0.20	)		(0.16	)

Distributions to shareholders from net realized gains		(0.40	)		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		(0.30	)

Total distributions		(0.58	)		(0.34	)		(1.63	)		(0.71	)		(0.85	)		(0.60	)		(0.46	)

Net asset value, end of period	$	10.86		$	12.14		$	9.80		$	10.19		$	10.74		$	10.56		$	9.80

Total return^(b)		(6.11	)%		27.92	%		13.01	%		1.96	%		10.11	%		14.59	%		3.37	%

Net assets, end of period (in 000s)	$	8,427		$	8,063		$	6,201		$	5,786		$	29,481		$	26,154		$	21,657

Ratio of net expenses to average net assets^(c)		0.10	%^(d)		0.09	%		0.08	%		0.21	%		0.29	%		0.30	%^(d)		0.31	%

Ratio of total expenses to average net assets^(c)		3.07	%^(d)		3.27	%		3.92	%		3.02	%		1.06	%		1.58	%^(d)		1.45	%

Ratio of net investment income to average net assets		1.89	%^(d)		1.55	%		2.05	%		1.94	%		1.82	%		1.71	%^(d)		2.07	%

Portfolio turnover rate^(e)		31	%		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)


80		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 R Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	12.04		$	9.73		$	10.14		$	10.69		$	10.52		$	9.79		$	10.00

Net investment income^(b)		0.07			0.10			0.13			0.16			0.12			0.09			0.02

Net realized and unrealized gain (loss)		(0.80	)		2.49			1.03			(0.07	)		0.83			1.22			(0.23	)

Total from investment operations		(0.73	)		2.59			1.16			0.09			0.95			1.31			(0.21	)

Distributions to shareholders from net investment income		(0.11	)		(0.10	)		(0.14	)		(0.14	)		(0.11	)		(0.18	)		—

Distributions to shareholders from net realized gains		(0.40	)		(0.18	)		(1.43	)		(0.50	)		(0.67	)		(0.40	)		—

Total distributions		(0.51	)		(0.28	)		(1.57	)		(0.64	)		(0.78	)		(0.58	)		—

Net asset value, end of period	$	10.80		$	12.04		$	9.73		$	10.14		$	10.69		$	10.52		$	9.79

Total return^(c)		(6.38	)%		27.10	%		12.22	%		1.25	%		9.38	%		14.02	%		2.10	%

Net assets, end of period (in 000s)	$	17		$	18		$	14		$	12		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.73	%^(e)		0.73	%		0.74	%		0.80	%		0.96	%		0.98	%^(e)		0.98	%^(e)

Ratio of total expenses to average net assets^(d)		3.69	%^(e)		3.91	%		4.54	%		5.40	%		1.71	%		2.29	%^(e)		6.54	%^(e)

Ratio of net investment income to average net assets		1.26	%^(e)		0.91	%		1.38	%		1.57	%		1.16	%		1.05	%^(e)		0.80	%^(e)

Portfolio turnover rate^(f)		31	%		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.		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
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.18		$	10.47		$	10.57		$	11.86		$	11.16		$	9.79		$	10.00

Net investment income^(b)		0.10			0.14			0.16			0.19			0.16			0.09			0.02

Net realized and unrealized gain (loss)		(0.90	)		2.70			1.10			(0.17	)		0.98			1.36			(0.23	)

Total from investment operations		(0.80	)		2.84			1.26			0.02			1.14			1.45			(0.21	)

Distributions to shareholders from net investment income		(0.17	)		(0.13	)		(0.20	)		(0.26	)		(0.16	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.25	)		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.42	)		(0.13	)		(1.36	)		(1.31	)		(0.44	)		(0.08	)		—

Net asset value, end of period	$	11.96		$	13.18		$	10.47		$	10.57		$	11.86		$	11.16		$	9.79

Total return^(c)		(6.28	)%		27.32	%		12.61	%		1.39	%		10.37	%		14.90	%		(2.10	)%

Net assets, end of period (in 000s)	$	332		$	330		$	199		$	162		$	118		$	87		$	10

Ratio of net expenses to average net assets^(d)		0.49	%^(e)		0.48	%		0.47	%		0.52	%		0.69	%		0.71	%^(e)		0.75	%^(e)

Ratio of total expenses to average net assets^(d)		3.31	%^(e)		3.38	%		4.27	%		5.15	%		2.46	%		4.43	%^(e)		4.23	%^(e)

Ratio of net investment income to average net assets		1.50	%^(e)		1.15	%		1.64	%		1.80	%		1.38	%		1.01	%^(e)		1.02	%^(e)

Portfolio turnover rate^(f)		34	%		12	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.28		$	10.54		$	10.63		$	11.92		$	11.20		$	9.80		$	10.00

Net investment income^(b)		0.12			0.18			0.20			0.23			0.21			0.15			0.03

Net realized and unrealized gain (loss)		(0.89	)		2.72			1.10			(0.17	)		0.98			1.34			(0.23	)

Total from investment operations		(0.77	)		2.90			1.30			0.06			1.19			1.49			(0.20	)

Distributions to shareholders from net investment income		(0.22	)		(0.16	)		(0.23	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.25	)		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.47	)		(0.16	)		(1.39	)		(1.35	)		(0.47	)		(0.09	)		—

Net asset value, end of period	$	12.04		$	13.28		$	10.54		$	10.63		$	11.92		$	11.20		$	9.80

Total return^(c)		(6.07	)%		27.78	%		12.96	%		1.73	%		10.82	%		15.32	%		(2.00	)%

Net assets, end of period (in 000s)	$	8,307		$	8,847		$	6,921		$	6,125		$	11,811		$	11,242		$	9,748

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.10	%		0.09	%		0.17	%		0.30	%		0.32	%^(e)		0.34	%^(e)

Ratio of total expenses to average net assets^(d)		2.92	%^(e)		3.05	%		3.89	%		4.28	%		2.05	%		3.78	%^(e)		3.85	%^(e)

Ratio of net investment income to average net assets		1.89	%^(e)		1.54	%		2.02	%		2.11	%		1.80	%		1.70	%^(e)		1.43	%^(e)

Portfolio turnover rate^(f)		34	%		12	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.25		$	10.48		$	10.59		$	11.87		$	11.16		$	9.79		$	10.00

Net investment income^(b)		0.12			0.18			0.15			0.18			0.15			0.11			0.02

Net realized and unrealized gain (loss)		(0.89	)		2.72			1.09			(0.16	)		0.98			1.33			(0.23	)

Total from investment operations		(0.77	)		2.90			1.24			0.02			1.13			1.44			(0.21	)

Distributions to shareholders from net investment income		(0.22	)		(0.13	)		(0.19	)		(0.25	)		(0.14	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.25	)		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.47	)		(0.13	)		(1.35	)		(1.30	)		(0.42	)		(0.07	)		—

Net asset value, end of period	$	12.01		$	13.25		$	10.48		$	10.59		$	11.87		$	11.16		$	9.79

Total return^(c)		(6.09	)%		27.87	%		12.31	%		1.33	%		10.27	%		14.83	%		(2.10	)%

Net assets, end of period (in 000s)	$	17		$	18		$	14		$	13		$	12		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.10	%^(e)		0.10	%		0.60	%		0.65	%		0.79	%		0.81	%^(e)		0.84	%^(e)

Ratio of total expenses to average net assets^(d)		3.42	%^(e)		3.54	%		4.39	%		5.18	%		2.52	%		4.26	%^(e)		4.33	%^(e)

Ratio of net investment income to average net assets		1.90	%^(e)		1.54	%		1.52	%		1.70	%		1.31	%		1.20	%^(e)		0.92	%^(e)

Portfolio turnover rate^(f)		34	%		12	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.24		$	10.50		$	10.60		$	11.89		$	11.19		$	9.79		$	10.00

Net investment income^(b)		0.16			0.17			0.23			0.22			0.19			0.07			0.02

Net realized and unrealized gain (loss)		(0.96	)		2.72			1.05			(0.17	)		0.98			1.42			(0.23	)

Total from investment operations		(0.80	)		2.89			1.28			0.05			1.17			1.49			(0.21	)

Distributions to shareholders from net investment income		(0.09	)		(0.15	)		(0.22	)		(0.29	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.25	)		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.34	)		(0.15	)		(1.38	)		(1.34	)		(0.47	)		(0.09	)		—

Net asset value, end of period	$	12.10		$	13.24		$	10.50		$	10.60		$	11.89		$	11.19		$	9.79

Total return^(c)		(6.20	)%		27.73	%		12.77	%		1.65	%		10.62	%		15.16	%		(2.00	)%

Net assets, end of period (in 000s)	$	22		$	403		$	274		$	723		$	509		$	101		$	10

Ratio of net expenses to average net assets^(d)		0.23	%^(e)		0.23	%		0.22	%		0.27	%		0.44	%		0.46	%^(e)		0.49	%^(e)

Ratio of total expenses to average net assets^(d)		2.92	%^(e)		3.16	%		4.09	%		4.91	%		2.19	%		6.85	%^(e)		3.97	%^(e)

Ratio of net investment income to average net assets		2.53	%^(e)		1.39	%		2.26	%		2.07	%		1.64	%		0.77	%^(e)		1.28	%^(e)

Portfolio turnover rate^(f)		34	%		12	%		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			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	$	13.32		$	10.57		$	10.63		$	11.92		$	11.20		$	9.80		$	10.00

Net investment income^(b)		0.12			0.17			0.43			0.24			0.20			0.15			0.03

Net realized and unrealized gain (loss)		(0.89	)		2.75			0.87			(0.18	)		0.99			1.34			(0.23	)

Total from investment operations		(0.77	)		2.92			1.30			0.06			1.19			1.49			(0.20	)

Distributions to shareholders from net investment income		(0.22	)		(0.17	)		(0.20	)		(0.30	)		(0.19	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.25	)		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.47	)		(0.17	)		(1.36	)		(1.35	)		(0.47	)		(0.09	)		—

Net asset value, end of period	$	12.08		$	13.32		$	10.57		$	10.63		$	11.92		$	11.20		$	9.80

Total return^(c)		(6.03	)%		27.83	%		12.95	%		1.80	%		10.85	%		15.32	%		(2.00	)%

Net assets, end of period (in 000s)	$	805		$	357		$	35		$	394		$	161		$	27		$	10

Ratio of net expenses to average net assets^(d)		0.09	%^(e)		0.09	%		0.07	%		0.09	%		0.28	%		0.29	%^(e)		0.32	%^(e)

Ratio of total expenses to average net assets^(d)		2.97	%^(e)		2.73	%		3.95	%		4.92	%		2.01	%		3.99	%^(e)		3.92	%^(e)

Ratio of net investment income to average net assets		1.89	%^(e)		1.40	%		4.12	%		2.23	%		1.76	%		1.68	%^(e)		1.45	%^(e)

Portfolio turnover rate^(f)		34	%		12	%		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 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, 2022 (Unaudited)			Year Ended August 31,												Period November 1, 2016 – August 31, 2017*			Period0 Ended October 31, 2016^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			2018			Period November 1, 2016 – August 31, 2017*			Period0 Ended October 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	13.10		$	10.43		$	10.54		$	11.82		$	11.15		$	9.79		$	10.00

Net investment income^(b)		0.08			0.10			0.14			0.19			0.12			0.09			0.01

Net realized and unrealized gain (loss)		(0.88	)		2.69			1.08			(0.18	)		0.98			1.34			(0.22	)

Total from investment operations		(0.80	)		2.79			1.22			0.01			1.10			1.43			(0.21	)

Distributions to shareholders from net investment income		(0.15	)		(0.12	)		(0.17	)		(0.24	)		(0.15	)		(0.07	)		—

Distributions to shareholders from net realized gains		(0.25	)		—			(1.16	)		(1.05	)		(0.28	)		—			—

Total distributions		(0.40	)		(0.12	)		(1.33	)		(1.29	)		(0.43	)		(0.07	)		—

Net asset value, end of period	$	11.90		$	13.10		$	10.43		$	10.54		$	11.82		$	11.15		$	9.79

Total return^(c)		(6.37	)%		26.97	%		12.22	%		1.20	%		10.09	%		14.66	%		(2.10	)%

Net assets, end of period (in 000s)	$	36		$	36		$	14		$	13		$	38		$	11		$	10

Ratio of net expenses to average net assets^(d)		0.74	%^(e)		0.73	%		0.73	%		0.84	%		0.94	%		0.97	%^(e)		0.99	%^(e)

Ratio of total expenses to average net assets^(d)		3.55	%^(e)		3.63	%		4.52	%		4.72	%		2.67	%		4.42	%^(e)		4.48	%^(e)

Ratio of net investment income to average net assets		1.26	%^(e)		0.81	%		1.39	%		1.75	%		1.06	%		1.05	%^(e)		0.77	%^(e)

Portfolio turnover rate^(f)		34	%		12	%		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.		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
	Class A Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	14.45		$	11.55		$	10.41		$	10.45		$	10.00

Net investment income^(b)		0.10			0.15			0.15			0.19			0.05

Net realized and unrealized gain (loss)		(0.95	)		2.97			1.21			(0.10	)		0.40

Total from investment operations		(0.85	)		3.12			1.36			0.09			0.45

Distributions to shareholders from net investment income		(0.19	)		(0.15	)		(0.22	)		(0.10	)		—

Distributions to shareholders from net realized gains		(0.46	)		(0.07	)		—			(0.03	)		—

Total distributions		(0.65	)		(0.22	)		(0.22	)		(0.13	)		—

Net asset value, end of period	$	12.95		$	14.45		$	11.55		$	10.41		$	10.45

Total return^(c)		(6.23	)%		27.30	%		13.12	%		0.96	%		4.50	%

Net assets, end of period (in 000s)	$	126		$	97		$	44		$	20		$	10

Ratio of net expenses to average net assets^(d)		0.49	%^(e)		0.48	%		0.48	%		0.50	%		0.69	%^(e)

Ratio of total expenses to average net assets^(d)		2.99	%^(e)		2.82	%		4.06	%		6.73	%		8.72	%^(e)

Ratio of net investment income to average net assets		1.41	%^(e)		1.12	%		1.47	%		1.84	%		1.44	%^(e)

Portfolio turnover rate^(f)		32	%		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
	Institutional Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	14.52		$	11.59		$	10.43		$	10.46		$	10.00

Net investment income^(b)		0.13			0.20			0.21			0.22			0.06

Net realized and unrealized gain (loss)		(0.96	)		2.98			1.20			(0.09	)		0.40

Total from investment operations		(0.83	)		3.18			1.41			0.13			0.46

Distributions to shareholders from net investment income		(0.22	)		(0.18	)		(0.25	)		(0.13	)		—

Distributions to shareholders from net realized gains		(0.46	)		(0.07	)		—			(0.03	)		—

Total distributions		(0.68	)		(0.25	)		(0.25	)		(0.16	)		—

Net asset value, end of period	$	13.01		$	14.52		$	11.59		$	10.43		$	10.46

Total return^(c)		(6.04	)%		27.80	%		13.60	%		1.36	%		4.60	%

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

Ratio of net expenses to average net assets^(d)		0.10	%^(e)		0.10	%		0.09	%		0.14	%		0.30	%^(e)

Ratio of total expenses to average net assets^(d)		2.59	%^(e)		2.51	%		3.68	%		6.56	%		8.34	%^(e)

Ratio of net investment income to average net assets		1.90	%^(e)		1.54	%		2.00	%		2.18	%		1.84	%^(e)

Portfolio turnover rate^(f)		32	%		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
	Service Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	14.51		$	11.55		$	10.40		$	10.44		$	10.00

Net investment income^(b)		0.13			0.20			0.16			0.17			0.05

Net realized and unrealized gain (loss)		(0.96	)		2.98			1.19			(0.09	)		0.39

Total from investment operations		(0.83	)		3.18			1.35			0.08			0.44

Distributions to shareholders from net investment income		(0.22	)		(0.15	)		(0.20	)		(0.09	)		—

Distributions to shareholders from net realized gains		(0.46	)		(0.07	)		—			(0.03	)		—

Total distributions		(0.68	)		(0.22	)		(0.20	)		(0.12	)		—

Net asset value, end of period	$	13.00		$	14.51		$	11.55		$	10.40		$	10.44

Total return^(c)		(6.04	)%		27.80	%		13.02	%		0.89	%		4.40	%

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

Ratio of net expenses to average net assets^(d)		0.11	%^(e)		0.10	%		0.59	%		0.64	%		0.80	%^(e)

Ratio of total expenses to average net assets^(d)		3.10	%^(e)		3.01	%		4.19	%		7.06	%		8.82	%^(e)

Ratio of net investment income to average net assets		1.89	%^(e)		1.54	%		1.50	%		1.68	%		1.34	%^(e)

Portfolio turnover rate^(f)		32	%		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
	Investor Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	14.50		$	11.58		$	10.43		$	10.46		$	10.00

Net investment income^(b)		0.12			0.18			0.20			0.21			0.06

Net realized and unrealized gain (loss)		(0.95	)		2.98			1.19			(0.09	)		0.40

Total from investment operations		(0.83	)		3.16			1.39			0.12			0.46

Distributions to shareholders from net investment income		(0.21	)		(0.17	)		(0.24	)		(0.12	)		—

Distributions to shareholders from net realized gains		(0.46	)		(0.07	)		—			(0.03	)		—

Total distributions		(0.67	)		(0.24	)		(0.24	)		(0.15	)		—

Net asset value, end of period	$	13.00		$	14.50		$	11.58		$	10.43		$	10.46

Total return^(c)		(6.08	)%		27.59	%		13.48	%		1.15	%		4.60	%

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

Ratio of net expenses to average net assets^(d)		0.23	%^(e)		0.23	%		0.22	%		0.28	%		0.44	%^(e)

Ratio of total expenses to average net assets^(d)		2.72	%^(e)		2.64	%		3.82	%		6.70	%		8.48	%^(e)

Ratio of net investment income to average net assets		1.78	%^(e)		1.41	%		1.87	%		2.04	%		1.69	%^(e)

Portfolio turnover rate^(f)		32	%		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 R6 Shares
	Six Months Ended February 28, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	14.52		$	11.59		$	10.43		$	10.46		$	10.00

Net investment income^(b)		0.13			0.20			0.21			0.23			0.06

Net realized and unrealized gain (loss)		(0.96	)		2.98			1.21			(0.10	)		0.40

Total from investment operations		(0.83	)		3.18			1.42			0.13			0.46

Distributions to shareholders from net investment income		(0.23	)		(0.18	)		(0.26	)		(0.13	)		—

Distributions to shareholders from net realized gains		(0.46	)		(0.07	)		—			(0.03	)		—

Total distributions		(0.69	)		(0.25	)		(0.26	)		(0.16	)		—

Net asset value, end of period	$	13.00		$	14.52		$	11.59		$	10.43		$	10.46

Total return^(c)		(6.08	)%		27.82	%		13.62	%		1.37	%		4.60	%

Net assets, end of period (in 000s)	$	10,739		$	11,038		$	8,515		$	7,465		$	5,178

Ratio of net expenses to average net assets^(d)		0.10	%^(e)		0.08	%		0.07	%		0.11	%		0.28	%^(e)

Ratio of total expenses to average net assets^(d)		2.59	%^(e)		2.51	%		3.69	%		6.49	%		8.33	%^(e)

Ratio of net investment income to average net assets		1.91	%^(e)		1.56	%		2.02	%		2.24	%		1.86	%^(e)

Portfolio turnover rate^(f)		32	%		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 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, 2022 (Unaudited)			Year Ended August 31,									Period Ended August 31, 2018^(a)
	Six Months Ended February 28, 2022 (Unaudited)			2021			2020			2019			Period Ended August 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	14.44		$	11.54		$	10.39		$	10.44		$	10.00

Net investment income^(b)		0.09			0.12			0.14			0.16			0.04

Net realized and unrealized gain (loss)		(0.96	)		2.96			1.20			(0.10	)		0.40

Total from investment operations		(0.87	)		3.08			1.34			0.06			0.44

Distributions to shareholders from net investment income		(0.14	)		(0.11	)		(0.19	)		(0.08	)		—

Distributions to shareholders from net realized gains		(0.46	)		(0.07	)		—			(0.03	)		—

Total distributions		(0.60	)		(0.18	)		(0.19	)		(0.11	)		—

Net asset value, end of period	$	12.97		$	14.44		$	11.54		$	10.39		$	10.44

Total return^(c)		(6.33	)%		26.96	%		12.90	%		0.68	%		4.40	%

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

Ratio of net expenses to average net assets^(d)		0.73	%^(e)		0.73	%		0.72	%		0.78	%		0.94	%^(e)

Ratio of total expenses to average net assets^(d)		3.22	%^(e)		3.15	%		4.33	%		7.20	%		8.96	%^(e)

Ratio of net investment income to average net assets		1.27	%^(e)		0.91	%		1.37	%		1.55	%		1.19	%^(e)

Portfolio turnover rate^(f)		32	%		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.		93

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements

February 28, 2022 (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

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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Portfolio enters into derivative transactions to hedge against changes in interest rates, securities

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Portfolios’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Portfolios’ 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, 2022:



TARGET DATE RETIREMENT PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	8,186,149		$	—	$	—

Investment Company		257,061			—		—

Total	$	8,443,210		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(17,104	)	$	—	$	—

(a)

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TARGET DATE 2025 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	11,006,965		$	—	$	—

Investment Company		522,660			—		—

Total	$	11,529,625		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(25,655	)	$	—	$	—

TARGET DATE 2030 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	8,804,970		$	—	$	—

Investment Company		348,581			—		—

Total	$	9,153,551		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(17,104	)	$	—	$	—

TARGET DATE 2035 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	11,511,501		$	—	$	—

Investment Company		429,500			—		—

Total	$	11,941,001		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(25,655	)	$	—	$	—

(a)

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TARGET DATE 2040 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	10,726,710		$	—	$	—

Investment Company		49,023			—		—

Total	$	10,775,733		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(25,655	)	$	—	$	—

TARGET DATE 2045 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	10,655,616		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(25,655	)	$	—	$	—

TARGET DATE 2050 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	9,029,549		$	—	$	—

Investment Company		115,668			—		—

Total	$	9,145,217		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(17,103	)	$	—	$	—

(a)

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TARGET DATE 2055 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	9,215,582		$	—	$	—

Investment Company		129,677			—		—

Total	$	9,345,259		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(17,103	)	$	—	$	—

TARGET DATE 2060 PORTFOLIO

Investment Type	Level 1			Level 2		Level 3

Assets

Exchange Traded Funds	$	10,505,166		$	—	$	—

Investment Company		224,905			—		—

Total	$	10,730,071		$	—	$	—

Derivative Type

Liabilities^(a)

Futures Contracts	$	(25,655	)	$	—	$	—

(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, 2022. 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

(17,104)

^(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

Notes to Financial Statements (continued)

February 28, 2022

4. INVESTMENTS IN DERIVATIVES (continued)

Target Date 2025 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(25,655)

^(a)

Target Date 2030 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(17,104)

^(a)

Target Date 2035 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(25,655)

^(a)

Target Date 2040 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(25,655)

^(a)

Target Date 2045 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(25,655)

^(a)

Target Date 2050 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(17,103)

^(a)

Target Date 2055 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(17,103)

^(a)

Target Date 2060 Portfolio

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Equity

—

Variation margin on futures contracts

(25,655)

^(a)

(a)

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, 2022. 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,

100

GOLDMAN SACHS TARGET DATE PORTFOLIOS

4. INVESTMENTS IN DERIVATIVES (continued)

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)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(9,122	)	$	(12,782	)

Target Date 2025 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(7,887	)	$	(18,357	)

Target Date 2030 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(9,122	)	$	(12,782	)

Target Date 2035 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(7,724	)	$	(18,357	)

Target Date 2040 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(23,354	)	$	(18,357	)

Target Date 2045 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(23,197	)	$	(18,357	)

Target Date 2050 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(24,838	)	$	(9,805	)

101

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022

4. INVESTMENTS IN DERIVATIVES (continued)



Target Date 2055 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(24,838	)	$	(9,805	)

Target Date 2060 Portfolio
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(28,970	)	$	(16,624	)

For the six months ended February 28, 2022, the relevant values for each derivative type was as follows:


	Futures contracts long
Portfolio	Average Notional Par or Face Amount^(a)
Target Date Retirement		2
Target Date 2025		3
Target Date 2030		2
Target Date 2035		3
Target Date 2040		3
Target Date 2045		3
Target Date 2050		3
Target Date 2055		3
Target Date 2060		4

(a)

Averages are based on activity levels during the period for which the amounts are outstanding.


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.

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GOLDMAN SACHS TARGET DATE PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2022, 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			0.05
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, 2022, the management fee waived by GSAM for each Portfolio was as follows:


Portfolio	Management Fee Waived
Target Date Retirement Portfolio	$	5,408
Target Date 2025		6,842
Target Date 2030		5,144
Target Date 2035		7,256
Target Date 2040		7,085
Target Date 2045		7,292
Target Date 2050		6,315
Target Date 2055		6,729
Target Date 2060		7,646

103

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022

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.

Goldman Sachs has agreed to 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, 2022, Goldman Sachs retained the following amounts:


	Front End Sales Charge
Portfolio	Class A
Target Date Retirement	$	65
Target Date 2025		73
Target Date 2030		100
Target Date 2035		26
Target Date 2040		44
Target Date 2045		150
Target Date 2050		815
Target Date 2055		86
Target Date 2060		36

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. Goldman Sachs has agreed to 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.

104

GOLDMAN SACHS TARGET DATE PORTFOLIOS

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, 2022 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, 2022, 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, 2022, 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	$	7,960	$	403	$	35	$	128,069	$	136,467
Target Date 2025		10,064		112		36		128,804		139,016
Target Date 2030		7,507		310		38		125,804		133,659
Target Date 2035		10,503		132		40		128,454		139,129
Target Date 2040		10,279		513		43		125,749		136,584
Target Date 2045		10,555		77		43		128,721		139,396
Target Date 2050		9,101		417		44		128,186		137,748
Target Date 2055		9,678		30		44		128,776		138,528
Target Date 2060		11,007		552		36		128,451		140,046

G. Line of Credit Facility — As of February 28, 2022, the Portfolios participated in a $1,000,000,000 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, 2022, the Portfolios did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended February 28, 2022, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Portfolios.

105

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The tables below shows the transactions in and earnings from investments in these Underlying Funds for the six months ended February 28, 2022:



Target Date Retirement Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	93,912	$	85,459	$	—		$	—		$	(4,631	)	$	174,740		3,654	$	2,051
Goldman Sachs Access Inflation Protected USD Bond ETF		531,543		77,965		(217,426	)		1,491			(14,368	)		379,205		6,588		10,957
Goldman Sachs Access Investment Grade Corporate Bond ETF		1,061,580		142,871		—			—			(84,454	)		1,119,997		21,860		12,438
Goldman Sachs Access U.S. Aggregate Bond ETF		2,147,128		287,616		(182,354	)		(7,505	)		(105,782	)		2,139,103		45,571		10,631
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		238,993		68,926		—			—			(26,032	)		281,887		7,990		5,873
Goldman Sachs ActiveBeta International Equity ETF		919,490		50,384		(562,494	)		76,068			(146,872	)		336,576		10,296		10,417
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		872,827		211,216		(464,850	)		92,936			(134,057	)		578,072		6,686		5,728
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		117,801		34,846		(66,436	)		14,131			(14,989	)		85,353		1,378		671
Goldman Sachs Financial Square Government Fund — Class R6		85,954		1,372,845		(1,201,738	)		—			—			257,061		257,061		12
Goldman Sachs MarketBeta International Equity ETF		—		692,879		—			—			(16,875	)		676,004		12,833		329
Goldman Sachs MarketBeta U.S. Equity ETF		1,020,292		517,118		—			—			(66,205	)		1,471,205		24,516		7,045

Total	$	7,089,520	$	3,542,125	$	(2,695,298	)	$	177,121		$	(614,265	)	$	7,499,203			$	66,152

Target Date 2025 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	85,901	$	146,794	$	—		$	—		$	(4,873	)	$	227,822		4,764	$	2,111
Goldman Sachs Access Inflation Protected USD Bond ETF		604,952		195,069		(294,278	)		(5,551	)		(11,277	)		488,915		8,494		13,324
Goldman Sachs Access Investment Grade Corporate Bond ETF		1,114,783		354,365		—			—			(100,405	)		1,368,743		26,715		14,003

106

GOLDMAN SACHS TARGET DATE PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2025 Portfolio (continued)
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access U.S. Aggregate Bond ETF	$	2,217,351	$	750,257	$	(178,134	)	$	(8,475	)	$	(126,777	)	$	2,654,222		56,545	$	11,921
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		320,094		131,096		—			—			(36,402	)		415,598		11,780		8,081
Goldman Sachs ActiveBeta International Equity ETF		1,207,528		151,889		(784,112	)		106,413			(199,083	)		482,635		14,764		13,923
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		1,120,829		203,022		(473,710	)		97,376			(153,036	)		794,481		9,189		7,631
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		118,451		—		(28,172	)		10,132			(12,952	)		87,459		1,412		683
Goldman Sachs Financial Square Government Fund — Class R6		126,871		3,108,383		(2,712,595	)		—			—			522,659		522,659		21
Goldman Sachs MarketBeta International Equity ETF		—		1,061,863		—			—			(29,183	)		1,032,680		19,604		1,125
Goldman Sachs MarketBeta U.S. Equity ETF		1,364,952		1,011,133		(76,940	)		4,243			(108,522	)		2,194,866		36,575		10,396

Total	$	8,281,712	$	7,114,681	$	(4,547,941	)	$	204,138		$	(782,510	)	$	10,270,080			$	83,219

Target Date 2030 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	57,738	$	135,072	$	—		$	—		$	(4,489	)	$	188,321		3,938	$	1,599
Goldman Sachs Access Inflation Protected USD Bond ETF		391,340		251,842		(326,375	)		(4,084	)		(7,310	)		305,413		5,306		8,846
Goldman Sachs Access Investment Grade Corporate Bond ETF		603,834		441,550		(119,715	)		(869	)		(60,261	)		864,539		16,874		8,338
Goldman Sachs Access U.S. Aggregate Bond ETF		1,299,220		811,911		(393,667	)		(13,989	)		(69,306	)		1,634,169		34,814		7,194
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		251,603		125,563		(25,109	)		(2,170	)		(27,110	)		322,777		9,149		6,330
Goldman Sachs ActiveBeta International Equity ETF		978,048		409,260		(764,891	)		41,340			(125,418	)		538,339		16,468		11,843
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		966,192		453,366		(523,753	)		27,494			(86,280	)		837,019		9,681		6,938

107

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2030 Portfolio (continued)
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF	$	95,072	$	96,805	$	(68,788	)	$	22,249		$	(25,979	)	$	119,359		1,927	$	811
Goldman Sachs Financial Square Government Fund — Class R6		73,192		4,525,418		(4,250,029	)		—			—			348,581		348,581		20
Goldman Sachs MarketBeta International Equity ETF		—		1,009,396		—			—			(27,760	)		981,636		18,635		784
Goldman Sachs MarketBeta U.S. Equity ETF		1,060,038		1,251,791		(173,955	)		826			(92,059	)		2,046,641		34,105		8,323

Total	$	5,776,277	$	9,511,974	$	(6,646,282	)	$	70,797		$	(525,972	)	$	8,186,794			$	61,026

Target Date 2035 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	84,894	$	170,782	$	—		$	—		$	(5,283	)	$	250,393		5,236	$	2,246
Goldman Sachs Access Inflation Protected USD Bond ETF		333,268		200,107		(369,072	)		4,892			(19,021	)		150,174		2,609		7,844
Goldman Sachs Access Investment Grade Corporate Bond ETF		467,901		375,033		—			—			(54,274	)		788,660		15,393		6,843
Goldman Sachs Access U.S. Aggregate Bond ETF		977,934		764,283		(299,068	)		(16,312	)		(58,113	)		1,368,724		29,159		6,044
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		396,182		324,350		(99,634	)		897			(47,049	)		574,746		16,291		10,885
Goldman Sachs ActiveBeta International Equity ETF		1,566,958		748,845		(1,404,805	)		98,165			(238,006	)		771,157		23,590		20,333
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		1,530,379		832,579		(1,016,734	)		52,074			(149,729	)		1,248,569		14,441		12,078
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		217,419		127,433		(50,056	)		(2,717	)		(13,287	)		278,792		4,501		2,155
Goldman Sachs Financial Square Government Fund — Class R6		115,566		6,104,613		(5,790,679	)		—			—			429,500		429,500		23
Goldman Sachs MarketBeta International Equity ETF		—		1,631,102		(99,612	)		(1,737	)		(34,885	)		1,494,868		28,378		1,487

108

GOLDMAN SACHS TARGET DATE PORTFOLIOS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2035 Portfolio (continued)
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs MarketBeta U.S. Equity ETF	$	1,775,100	$	1,987,318	$	(239,000	)	$	(12,534	)	$	(162,386	)	$	3,348,498		55,799	$	15,319

Total	$	7,465,601	$	13,266,445	$	(9,368,660	)	$	122,728		$	(782,033)		$	10,704,081			$	85,257

Target Date 2040 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	107,112	$	144,025	$	—		$	—		$	(6,673	)	$	244,464		5,112	$	2,487
Goldman Sachs Access Inflation Protected USD Bond ETF		119,656		23,563		(107,626	)		4,972			(9,483	)		31,082		540		2,475
Goldman Sachs Access Investment Grade Corporate Bond ETF		139,410		82,079		—			—			(14,448	)		207,041		4,041		1,771
Goldman Sachs Access U.S. Aggregate Bond ETF		285,385		140,455		(58,053	)		(3,027	)		(15,855	)		348,905		7,433		1,624
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		651,466		115,626		(106,784	)		(3,408	)		(60,633	)		596,267		16,901		15,033
Goldman Sachs ActiveBeta International Equity ETF		2,326,932		305,803		(1,648,160	)		184,408			(369,974	)		799,009		24,442		27,052
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,398,570		429,361		(1,434,260	)		372,917			(475,394	)		1,291,194		14,934		15,217
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		445,813		69,295		(99,763	)		26,434			(40,718	)		401,061		6,475		2,956
Goldman Sachs Financial Square Government Fund — Class R6		44,072		2,200,517		(2,195,566	)		—			—			49,023		49,023		10
Goldman Sachs MarketBeta International Equity ETF		—		1,649,103		—			—			(34,131	)		1,614,972		30,658		—
Goldman Sachs MarketBeta U.S. Equity ETF		2,514,957		1,351,340		(49,908	)		1,360			(171,301	)		3,646,448		60,764		16,534

Total	$	9,033,373	$	6,511,167	$	(5,700,120	)	$	583,656		$	(1,198,610	)	$	9,229,466			$	85,159

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Notes to Financial Statements (continued)

February 28, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2045 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	80,712	$	35,057	$	—		$	—	$	(4,919	)	$	110,850		2,318	$	2,037
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		717,959		155,716		(109,297	)		722		(72,765	)		692,335		19,624		16,767
Goldman Sachs ActiveBeta International Equity ETF		2,549,619		292,290		(1,736,205	)		212,157		(414,996	)		902,865		27,619		29,477
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,620,117		66,002		(1,164,636	)		404,020		(507,127	)		1,418,376		16,405		16,437
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		531,339		—		(79,798	)		13,643		(30,675	)		434,509		7,015		3,291
Goldman Sachs Financial Square Government Fund — Class R6		83,640		1,604,706		(1,688,346	)		—		—			—		—		8
Goldman Sachs MarketBeta International Equity ETF		—		1,737,171		—			—		(35,230	)		1,701,941		32,309		—
Goldman Sachs MarketBeta U.S. Equity ETF		2,749,841		1,396,995		(106,513	)		14,666		(194,906	)		3,860,083		64,324		18,314

Total	$	9,333,227	$	5,287,937	$	(4,884,795	)	$	645,208	$	(1,260,618	)	$	9,120,959			$	86,331

Target Date 2050 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	78,495	$	20,053	$	—		$	—	$	(4,483	)	$	94,065		1,967	$	1,871
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		601,028		139,735		—			—		(65,857	)		674,906		19,130		14,576
Goldman Sachs ActiveBeta International Equity ETF		2,155,296		245,741		(1,492,551	)		200,677		(374,422	)		734,741		22,476		24,902
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,244,568		190,998		(1,120,022	)		348,262		(438,841	)		1,224,965		14,168		14,295
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		415,551		56,374		(59,778	)		11,238		(27,588	)		395,797		6,390		2,872
Goldman Sachs Financial Square Government Fund — Class R6		—		1,213,381		(1,097,713	)		—		—			115,668		115,668		10

110

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2050 Portfolio (continued)
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs MarketBeta International Equity ETF	$	—	$	1,493,329	$	—		$	—	$	(30,278	)	$	1,463,051		27,774	$	—
Goldman Sachs MarketBeta U.S. Equity ETF		2,313,510		1,208,071		—			—		(157,781	)		3,363,800		56,054		15,428

Total	$	7,808,448	$	4,567,682	$	(3,770,064	)	$	560,177	$	(1,099,250	)	$	8,066,993			$	73,954

Target Date 2055 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	76,027	$	25,104	$	—		$	—	$	(4,484	)	$	96,647		2,021	$	1,857
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		676,175		96,477		—			—		(70,510	)		702,142		19,902		16,075
Goldman Sachs ActiveBeta International Equity ETF		2,388,815		101,371		(1,527,451	)		228,470		(412,366	)		778,839		23,825		26,950
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,467,297		76,271		(1,269,638	)		453,975		(539,599	)		1,188,306		13,744		14,860
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		498,805		56,513		(99,553	)		22,518		(39,128	)		439,155		7,090		3,256
Goldman Sachs Financial Square Government Fund — Class R6		71,180		885,439		(826,942	)		—		—			129,677		129,677		11
Goldman Sachs MarketBeta International Equity ETF		—		1,528,285		—			—		(30,994	)		1,497,291		28,424		—
Goldman Sachs MarketBeta U.S. Equity ETF		2,581,769		1,194,912		(179,893	)		29,777		(190,212	)		3,436,353		57,263		16,454

Total	$	8,760,068	$	3,964,372	$	(3,903,477	)	$	734,740	$	(1,287,293	)	$	8,268,410			$	79,463

Target Date 2060 Portfolio
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs Access High Yield Corporate Bond ETF	$	99,353	$	23,623	$	—		$	—	$	(5,957	)	$	117,019		2,447	$	2,269
Goldman Sachs ActiveBeta Emerging Markets Equity ETF		779,676		101,360		—			—		(80,780	)		800,256		22,683		18,483

111

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Notes to Financial Statements (continued)

February 28, 2022

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)



Target Date 2060 Portfolio (continued)
Underlying Fund	Market Value as of 8/31/2021		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Market Value as of 2/28/2022		Shares as of 2/28/2022		Dividend Income
Goldman Sachs ActiveBeta International Equity ETF	$	2,694,477	$	126,625	$	(1,761,290	)	$	260,118	$	(467,440	)	$	852,490		26,078	$	30,446
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF		2,772,028		—		(1,232,281	)		456,589		(559,717	)		1,436,619		16,616		17,151
Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF		528,936		—		(75,432	)		26,766		(44,150	)		436,120		7,041		3,295
Goldman Sachs Financial Square Government Fund — Class R6		61,552		804,072		(640,719	)		—		—			224,905		224,905		15
Goldman Sachs MarketBeta International Equity ETF		—		1,762,747		—			—		(35,679	)		1,727,068		32,786		—
Goldman Sachs MarketBeta U.S. Equity ETF		2,859,870		1,241,757		—			—		(182,734	)		3,918,893		65,304		18,539

Total	$	9,795,892	$	4,060,184	$	(3,709,722	)	$	743,473	$	(1,376,457	)	$	9,513,370			$	90,198

As of February, 2022, 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 Portfolio		7	%		97	%		100	%		100	%		79	%		100	%
Target Date 2025		—			100			100			100			—			100
Target Date 2030		—			85			100			100			45			25
Target Date 2035		—			99			100			100			—			100
Target Date 2040		11			82			100			100			79			12
Target Date 2045		5			100			100			100			—			100
Target Date 2050		—			53			100			100			87			98
Target Date 2055		5			100			100			77			—			47
Target Date 2060		11			100			100			100			95			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, 2022, were as follows:


Portfolio	Purchases		Sales and Maturities
Target Date Retirement	$	2,544,126	$	2,011,006
Target Date 2025		4,645,259		2,476,662
Target Date 2030		5,581,230		2,847,489
Target Date 2035		7,926,859		4,048,754
Target Date 2040		5,229,610		3,850,497
Target Date 2045		4,580,655		3,622,895
Target Date 2050		3,693,713		2,830,410
Target Date 2055		3,341,250		3,252,285
Target Date 2060		3,559,878		3,279,713

7. TAX INFORMATION

As of the Portfolios’ most recent fiscal year end, August 31, 2021, there were no capital loss carry forwards nor timing differences on a tax basis.

As of February 28, 2022, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Target Date Retirement Portfolio			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	$	8,036,485		$	11,033,859		$	8,700,996		$	11,106,393		$	9,482,052		$	9,160,987		$	7,915,657		$	8,060,919		$	9,222,325
Gross unrealized gain		602,885			737,451			600,423			978,460			1,363,750			1,548,000			1,295,812			1,351,475			1,590,052
Gross unrealized loss		(196,160	)		(241,685	)		(147,869	)		(143,852	)		(70,069	)		(53,371	)		(66,252	)		(67,135	)		(82,306	)
Net unrealized gains (losses)		$406,725			$495,766			$452,554			$834,608		$	1,293,681		$	1,494,629		$	1,229,560		$	1,284,340		$	1,507,746

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

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Notes to Financial Statements (continued)

February 28, 2022

8. OTHER RISKS (continued)

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 less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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), confiscations 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 also 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 a Portfolio or an Underlying Fund also invests in securities of issuers located in, or economically tied to, 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, 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 an 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

114

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8. OTHER RISKS (continued)

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. SUBSEQUENT EVENTS

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

115

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Notes to Financial Statements (continued)

February 28, 2022

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Target Date Retirement Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,411		$	25,149			6,051		$	61,601
Reinvestment of distributions		1,514			15,296			901			9,054
Shares redeemed		(3,758	)		(36,218	)		(1,607	)		(16,295	)
		167			4,227			5,345			54,360
Institutional Shares
Shares sold		38			390			6			60
Reinvestment of distributions		95			970			68			689
		133			1,360			74			749
Service Shares
Reinvestment of distributions		91			930			64			636
		91			930			64			636
Investor Shares
Shares sold		626			6,685			2,631			26,893
Reinvestment of distributions		73			738			2,335			23,535
Shares redeemed		(29,741	)		(315,497	)		(24,844	)		(251,566	)
		(29,042	)		(308,074	)		(19,878	)		(201,138	)
Class R6 Shares
Shares sold		97,864			1,026,342			9,402			96,014
Reinvestment of distributions		55,389			564,092			36,088			364,705
Shares redeemed		(2,743	)		(27,252	)		(301	)		(3,094	)
		150,510			1,563,182			45,189			457,625
Class R Shares
Reinvestment of distributions		83			839			60			597
		83			839			60			597

NET INCREASE		121,942		$	1,262,464			30,854		$	312,829

116

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11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2025 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,048		$	47,717			16,038		$	185,434
Reinvestment of distributions		1,778			21,167			827			9,622
Shares redeemed		(4,162	)		(48,870	)		(8,071	)		(95,346	)
		1,664			20,014			8,794			99,710
Institutional Shares
Reinvestment of distributions		40,595			483,914			19,325			224,799
		40,595			483,914			19,325			224,799
Service Shares
Reinvestment of distributions		74			879			31			369
		74			879			31			369
Investor Shares
Shares sold		13			163			57			666
Reinvestment of distributions		71			838			87			1,014
Shares redeemed		(2,030	)		(25,265	)		(164	)		(2,009	)
		(1,946	)		(24,264	)		(20	)		(329	)
Class R6 Shares
Shares sold		214,588			2,618,346			90,173			1,061,783
Reinvestment of distributions		16,560			197,713			887			10,342
Shares redeemed		(562	)		(6,607	)		(49,964	)		(581,951	)
		230,586			2,809,452			41,096			490,174
Class R Shares
Reinvestment of distributions		66			783			28			330
		66			783			28			330

NET INCREASE		271,039		$	3,290,778			69,254		$	815,053

117

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Notes to Financial Statements (continued)

February 28, 2022

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2030 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		126,033		$	1,166,049			29,883		$	268,741
Reinvestment of distributions		5,102			48,700			826			7,570
Shares redeemed		(1,338	)		(12,188	)		(1,847	)		(16,848	)
		129,797			1,202,561			28,862			259,463
Institutional Shares
Shares sold		—			—			3			32
Reinvestment of distributions		105			1,008			36			335
Shares redeemed		(2	)		(22	)		(23	)		(207	)
		103			986			16			160
Service Shares
Reinvestment of distributions		83			820			25			232
		83			820			25			232
Investor Shares
Shares sold		3,063			30,535			11,936			111,809
Reinvestment of distributions		574			5,505			2,158			19,849
Shares redeemed		(121,476	)		(1,198,513	)		(12,588	)		(115,189	)
		(117,839	)		(1,162,473	)		1,506			16,469
Class R6 Shares
Shares sold		314,162			3,078,906			95,652			897,292
Reinvestment of distributions		41,684			401,397			8,359			77,086
Shares redeemed		(3,876	)		(37,612	)		(19,518	)		(184,503	)
		351,970			3,442,691			84,493			789,875
Class R Shares
Shares sold		2,091			20,000			2,729			25,000
Reinvestment of distributions		232			2,212			22			199
Shares redeemed		(2	)		(19	)		(1	)		(13	)
		2,321			22,193			2,750			25,186

NET INCREASE		366,435		$	3,506,778			117,652		$	1,091,385

118

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11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2035 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,374		$	29,525			10,254		$	122,896
Reinvestment of distributions		1,612			20,031			567			6,574
Shares redeemed		(3,039	)		(38,945	)		(3,585	)		(41,097	)
		947			10,611			7,236			88,373
Institutional Shares
Shares sold		4,127			51,803			228			2,924
Reinvestment of distributions		33,574			420,014			15,580			181,488
Shares redeemed		(9	)		(108	)		—			—
		37,692			471,709			15,808			184,412
Service Shares
Reinvestment of distributions		70			880			30			341
		70			880			30			341
Investor Shares
Shares sold		143			1,843			644			7,708
Reinvestment of distributions		88			1,101			94			1,091
Shares redeemed		(3,528	)		(45,320	)		(6	)		(71	)
		(3,297	)		(42,376	)		732			8,728
Class R6 Shares
Shares sold		408,564			5,205,056			18,676			211,476
Reinvestment of distributions		22,940			286,746			450			5,236
Shares redeemed		(83,477	)		(987,468	)		(27,499	)		(309,770	)
		348,027			4,504,334			(8,373	)		(93,058	)
Class R Shares
Reinvestment of distributions		63			777			26			301
		63			777			26			301

NET INCREASE		383,502		$	4,945,935			15,459		$	189,097

119

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2022

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2040 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,402		$	24,482			3,846		$	36,637
Reinvestment of distributions		693			7,084			316			2,889
Shares redeemed		(1,304	)		(12,744	)		(785	)		(7,505	)
		1,791			18,822			3,377			32,021
Institutional Shares
Shares sold		252			2,609			104			1,020
Reinvestment of distributions		94			972			52			476
Shares redeemed		(1	)		(15	)		(21	)		(211	)
		345			3,566			135			1,285
Service Shares
Reinvestment of distributions		80			822			44			410
		80			822			44			410
Investor Shares
Shares sold		569			5,990			3,790			35,042
Reinvestment of distributions		59			606			809			7,443
Shares redeemed		(25,689	)		(268,463	)		(5,595	)		(52,784	)
		(25,061	)		(261,867	)		(996	)		(10,299	)
Class R6 Shares
Shares sold		147,279			1,521,215			65,610			639,374
Reinvestment of distributions		49,800			514,267			25,996			239,849
Shares redeemed		(2,665	)		(26,279	)		(21,378	)		(194,343	)
		194,414			2,009,203			70,228			684,880
Class R Shares
Shares sold		12,843			128,854			—			—
Reinvestment of distributions		102			1,041			40			370
Shares redeemed		(4	)		(39	)		—			—
		12,941			129,856			40			370

NET INCREASE		184,510		$	1,900,402			72,828		$	708,667

120

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11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2045 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,548		$	47,198			4,937		$	59,610
Reinvestment of distributions		929			12,436			242			2,859
Shares redeemed		(2,356	)		(30,824	)		(829	)		(10,027	)
		2,121			28,810			4,350			52,442
Institutional Shares
Shares sold		1,127			15,138			323			4,055
Reinvestment of distributions		25,418			343,035			9,329			110,549
Shares redeemed		(14	)		(209	)		(26	)		(342	)
		26,531			357,964			9,626			114,262
Service Shares
Reinvestment of distributions		50			678			15			177
		50			678			15			177
Investor Shares
Shares sold		514			6,979			3,629			43,597
Reinvestment of distributions		379			5,107			233			2,751
Shares redeemed		(19,771	)		(267,103	)		(1,010	)		(11,069	)
		(18,878	)		(255,017	)		2,852			35,279
Class R6 Shares
Shares sold		83,069			1,109,455			49,174			588,613
Reinvestment of distributions		5,976			80,565			646			7,653
Shares redeemed		(1,650	)		(21,920	)		(2,360	)		(30,225	)
		87,395			1,168,100			47,460			566,041
Class R Shares
Reinvestment of distributions		43			570			12			137
		43			570			12			137

NET INCREASE		97,262		$	1,301,105			64,315		$	768,338

121

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Notes to Financial Statements (continued)

February 28, 2022

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2050 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		23,197		$	274,470			18,826		$	205,962
Reinvestment of distributions		3,239			38,016			1,677			17,348
Shares redeemed		(3,119	)		(35,580	)		(39,955	)		(419,787	)
		23,317			276,906			(19,452	)		(196,477	)
Institutional Shares
Shares sold		216			2,526			412			4,476
Reinvestment of distributions		135			1,597			74			774
Shares redeemed		(9	)		(110	)		(34	)		(353	)
		342			4,013			452			4,897
Service Shares
Reinvestment of distributions		73			860			43			443
		73			860			43			443
Investor Shares
Shares sold		384			4,658			2,058			22,497
Reinvestment of distributions		125			1,481			462			4,823
Shares redeemed		(14,838	)		(177,133	)		(1,496	)		(16,506	)
		(14,329	)		(170,994	)		1,024			10,814
Class R6 Shares
Shares sold		81,407			966,489			21,782			235,433
Reinvestment of distributions		36,083			427,100			20,738			216,665
Shares redeemed		(5,569	)		(65,331	)		(11,524	)		(132,194	)
		111,921			1,328,258			30,996			319,904
Class R Shares
Shares sold		38			450			—			—
Reinvestment of distributions		65			759			39			402
Shares redeemed		(1	)		(13	)		—			—
		102			1,196			39			402

NET INCREASE		121,426		$	1,440,239			13,102		$	139,983

122

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11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2055 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,377		$	43,278			6,376		$	74,918
Reinvestment of distributions		852			11,093			246			2,807
Shares redeemed		(1,515	)		(19,476	)		(641	)		(7,999	)
		2,714			34,895			5,981			69,726
Institutional Shares
Shares sold		146			1,881			195			2,323
Reinvestment of distributions		23,976			314,474			9,322			107,111
Shares redeemed		(191	)		(2,677	)		(28	)		(309	)
		23,931			313,678			9,489			109,125
Service Shares
Reinvestment of distributions		49			643			16			176
		49			643			16			176
Investor Shares
Shares sold		1,201			15,818			4,988			58,659
Reinvestment of distributions		102			1,335			351			4,016
Shares redeemed		(29,942	)		(396,915	)		(899	)		(10,264	)
		(28,639	)		(379,762	)		4,440			52,411
Class R6 Shares
Shares sold		42,663			554,437			30,429			359,960
Reinvestment of distributions		2,261			29,740			99			1,147
Shares redeemed		(5,111	)		(65,046	)		(7,017	)		(86,724	)
		39,813			519,131			23,511			274,383
Class R Shares
Shares sold		160			2,059			1,409			14,704
Reinvestment of distributions		88			1,134			28			322
Shares redeemed		(2	)		(27	)		(26	)		(316	)
		246			3,166			1,411			14,710

NET INCREASE		38,114		$	491,751			44,848		$	520,531

123

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Notes to Financial Statements (continued)

February 28, 2022

11. SUMMARY OF SHARE TRANSACTIONS (continued)



	Target Date 2060 Portfolio

	For the Six Months Ended February 28, 2022 (Unaudited)						For the Fiscal Year Ended August 31, 2021

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,234		$	45,462			4,059		$	53,386
Reinvestment of distributions		377			5,322			79			980
Shares redeemed		(552	)		(7,453	)		(1,234	)		(16,052	)
		3,059			43,331			2,904			38,314
Institutional Shares
Reinvestment of distributions		52			732			20			262
		52			732			20			262
Service Shares
Reinvestment of distributions		51			724			18			223
		51			724			18			223
Investor Shares
Reinvestment of distributions		50			712			20			246
		50			712			20			246
Class R6 Shares
Shares sold		28,125			397,900			22,008			281,128
Reinvestment of distributions		38,310			542,975			14,954			187,286
Shares redeemed		(781	)		(10,385	)		(11,281	)		(146,630	)
		65,654			930,490			25,681			321,784
Class R Shares
Reinvestment of distributions		45			631			15			188
		45			631			15			188

NET INCREASE		68,911		$	976,620			28,658		$	361,017

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GOLDMAN SACHS TARGET DATE PORTFOLIOS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust II (“the Trust”) was held on December 3, 2021 to consider and act upon the proposal below. Each Fund has amortized its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund in an amount equal to the portion of the increase in the Fund’s total expense ratio that exceeds a specified percentage.

At the Meeting, Steven D. Krichmar, Linda A. Lang, Michael Latham and Lawrence W. Stranghoener were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:


Proposal 1. Election of Trustees	For		Against/Withheld		Abstain

Steven D. Krichmar		997,212,261		10,105,414		0

Linda A. Lang		1,004,981,372		2,336,303		0

Michael Latham		995,719,416		11,598,259		0

Lawrence W. Stranghoener		995,630,574		11,687,101		0

125

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 3-4, 2022, 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, 2021 through December 31, 2021 (the “Reporting Period”). Among other things, the annual report 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 local holidays in non-U.S. jurisdictions. 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.

126

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Fund Expenses — Period Ended February 28, 2022 (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, 2021 through February 28, 2022, 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 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*
Class A
Actual	$	1,000.00	$	945.40		$	2.46	$	1,000.00	$	944.20		$	2.41	$	1,000.00	$	941.20		$	2.41
Hypothetical 5% return		1,000.00		1,022.27	+		2.56		1,000.00		1,022.32	+		2.51		1,000.00		1,022.32	+		2.51
Institutional
Actual		1,000.00		947.60			0.68		1,000.00		946.90			0.58		1,000.00		943.80			0.63
Hypothetical 5% return		1,000.00		1,024.10	+		0.70		1,000.00		1,024.20	+		0.60		1,000.00		1,024.15	+		0.65
Service
Actual		1,000.00		946.70			0.63		1,000.00		946.80			0.63		1,000.00		943.70			0.63
Hypothetical 5% return		1,000.00		1,024.15	+		0.65		1,000.00		1,024.15	+		0.65		1,000.00		1,024.15	+		0.65
Investor
Actual		1,000.00		946.00			1.25		1,000.00		946.00			1.16		1,000.00		942.90			1.20
Hypothetical 5% return		1,000.00		1,023.51	+		1.30		1,000.00		1,023.60	+		1.20		1,000.00		1,023.55	+		1.25
Class R6
Actual		1,000.00		947.90			0.53		1,000.00		946.50			0.48		1,000.00		944.00			0.48
Hypothetical 5% return		1,000.00		1,024.25	+		0.55		1,000.00		1,024.30	+		0.50		1,000.00		1,024.30	+		0.50
Class R
Actual		1,000.00		944.60			3.62		1,000.00		944.20			3.62		1,000.00		940.30			3.61
Hypothetical 5% return		1,000.00		1,021.08	+		3.76		1,000.00		1,021.08	+		3.76		1,000.00		1,021.08	+		3.76

Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio (excluding proxy fees) for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2022. Expenses are calculated by multiplying the annualized net expense ratio (excluding proxy fees) 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		0.51	%		0.14	%		0.13	%		0.26	%		0.11	%		0.75	%
Target Date 2025		0.49			0.11			0.13			0.24			0.11			0.75
Target Date 2030		0.50			0.13			0.13			0.25			0.11			0.75

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

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Fund Expenses — Period Ended February 28, 2022 (Unaudited) (continued)


	Target Date 2035 Portfolio							Target Date 2040 Portfolio							Target Date 2045 Portfolio
Share Class	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*
Class A
Actual	$	1,000.00	$	941.10		$	2.36	$	1,000.00	$	939.30		$	2.40	$	1,000.00	$	937.70		$	2.40
Hypothetical 5% return		1,000.00		1,022.36	+		2.46		1,000.00		1,022.32	+		2.51		1,000.00		1,022.32	+		2.51
Institutional
Actual		1,000.00		942.30			0.53		1,000.00		941.70			0.63		1,000.00		939.60			0.53
Hypothetical 5% return		1,000.00		1,024.25	+		0.55		1,000.00		1,024.15	+		0.65		1,000.00		1,024.25	+		0.55
Service
Actual		1,000.00		942.90			0.48		1,000.00		941.50			0.53		1,000.00		940.20			0.48
Hypothetical 5% return		1,000.00		1,024.30	+		0.50		1,000.00		1,024.25	+		0.55		1,000.00		1,024.30	+		0.50
Investor
Actual		1,000.00		942.00			1.16		1,000.00		940.80			1.20		1,000.00		939.50			1.15
Hypothetical 5% return		1,000.00		1,023.60	+		1.20		1,000.00		1,023.55	+		1.25		1,000.00		1,023.60	+		1.20
Class R6
Actual		1,000.00		942.60			0.43		1,000.00		941.00			0.48		1,000.00		939.90			0.43
Hypothetical 5% return		1,000.00		1,024.35	+		0.45		1,000.00		1,024.30	+		0.50		1,000.00		1,024.35	+		0.45
Class R
Actual		1,000.00		939.50			3.51		1,000.00		938.70			3.65		1,000.00		936.60			3.55
Hypothetical 5% return		1,000.00		1,021.17	+		3.66		1,000.00		1,021.03	+		3.81		1,000.00		1,021.12	+		3.71


Portfolios	Class A			Institutional			Service			Investor			Class R6			Class R
Target Date 2035		0.50	%		0.11	%		0.10	%		0.24	%		0.09	%		0.73	%
Target Date 2040		0.50			0.13			0.11			0.25			0.10			0.76
Target Date 2045		0.50			0.12			0.10			0.24			0.11			0.74

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

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Fund Expenses — Period Ended February 28, 2022 (Unaudited) (continued)


	Target Date 2050 Portfolio							Target Date 2055 Portfolio							Target Date 2060 Portfolio
Share Class	Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*		Beginning Account Value 9/1/21		Ending Account Value 2/28/22			Expenses Paid for the 6 months ended 2/28/22*
Class A
Actual	$	1,000.00	$	936.60		$	2.40	$	1,000.00	$	937.20		$	2.35	$	1,000.00	$	937.70		$	2.35
Hypothetical 5% return		1,000.00		1,022.32	+		2.51		1,000.00		1,022.36	+		2.46		1,000.00		1,022.36	+		2.46
Institutional
Actual		1,000.00		938.70			0.58		1,000.00		939.30			0.53		1,000.00		939.60			0.48
Hypothetical 5% return		1,000.00		1,024.20	+		0.60		1,000.00		1,024.25	+		0.55		1,000.00		1,024.30	+		0.50
Service
Actual		1,000.00		939.30			0.53		1,000.00		939.10			0.48		1,000.00		939.60			0.53
Hypothetical 5% return		1,000.00		1,024.25	+		0.55		1,000.00		1,024.30	+		0.50		1,000.00		1,024.25	+		0.55
Investor
Actual		1,000.00		937.80			1.15		1,000.00		938.00			1.11		1,000.00		939.20			1.11
Hypothetical 5% return		1,000.00		1,023.60	+		1.20		1,000.00		1,023.65	+		1.15		1,000.00		1,023.65	+		1.15
Class R6
Actual		1,000.00		938.90			0.48		1,000.00		939.70			0.43		1,000.00		939.20			0.43
Hypothetical 5% return		1,000.00		1,024.30	+		0.50		1,000.00		1,024.35	+		0.45		1,000.00		1,024.35	+		0.45
Class R
Actual		1,000.00		936.20			3.50		1,000.00		936.30			3.55		1,000.00		936.70			3.51
Hypothetical 5% return		1,000.00		1,021.17	+		3.66		1,000.00		1,021.12	+		3.71		1,000.00		1,021.17	+		3.66


Portfolios	Class A			Institutional			Service			Investor			Class R6			Class R
Target Date 2050		0.50	%		0.12	%		0.11	%		0.24	%		0.10	%		0.73	%
Target Date 2055		0.49			0.11			0.10			0.23			0.09			0.74
Target Date 2060		0.49			0.10			0.11			0.23			0.10			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.

129

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 $2.21 trillion in assets under supervision as of December 31, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Bond Fund⁴

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Core Fixed Income Fund

∎

Income Fund

∎

Strategic 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

∎

Large Cap Core Fund⁵

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Mid Cap Growth Fund⁶

∎

Rising Dividend Growth Fund

∎

U.S. Equity ESG Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights 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

∎

Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

Energy Infrastructure Fund

∎

Multi-Manager Alternatives Fund

∎

Global Infrastructure Fund

∎

Clean Energy Income Fund

∎

Defensive Equity 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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

⁵

Effective after the close of business on April 13, 2022, the Goldman Sachs Capital Growth Fund was renamed the Goldman Sachs Large Cap Core Fund.

⁶

Effective after the close of business on April 13, 2022, the Goldman Sachs Growth Opportunities Fund was renamed the Goldman Sachs Mid Cap Growth 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.


TRUSTEES Cheryl K. Beebe, Chair Lawrence Hughes John F. Killian Steven D. Krichmar Lisa A. Lang Michael Latham James A. McNamara Lawrence W. Stranghoener		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 November 4, 2021 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:				May 4, 2022

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:				May 4, 2022

By:				/s/ Joseph F. DiMaria

				Joseph F. DiMaria
				Principal Financial Officer
				Goldman Sachs Trust II

Date:				May 4, 2022

Goldman Sachs Trust II N-CSRSCertified semi-annual shareholder report (management investment company)