0001193125-18-190260.txt : 20180612 0001193125-18-190260.hdr.sgml : 20180612 20180612125257 ACCESSION NUMBER: 0001193125-18-190260 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 37 FILED AS OF DATE: 20180612 DATE AS OF CHANGE: 20180612 EFFECTIVENESS DATE: 20180612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Goldman Sachs Trust II CENTRAL INDEX KEY: 0001557156 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-185659 FILM NUMBER: 18894047 BUSINESS ADDRESS: STREET 1: 200 WEST STREET STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10282 BUSINESS PHONE: 212-902-1000 MAIL ADDRESS: STREET 1: 200 WEST STREET STREET 2: 15TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10282 0001557156 S000054314 Goldman Sachs Target Date 2020 Portfolio C000170648 Class A Shares GTAHX C000170649 Institutional Shares GTIHX C000170650 Service Shares GTVHX C000170651 Investor Shares GTMHX C000170652 Class R Shares GTRHX C000170653 Class R6 Shares GTZHX 0001557156 S000054315 Goldman Sachs Target Date 2025 Portfolio C000170654 Investor Shares GTMFX C000170655 Class R Shares GTRDX C000170656 Class R6 Shares GTZFX C000170657 Class A Shares GTADX C000170658 Institutional Shares GTIFX C000170659 Service Shares GTVFX 0001557156 S000054316 Goldman Sachs Target Date 2030 Portfolio C000170660 Class A Shares GTAJX C000170661 Institutional Shares GTIJX C000170662 Service Shares GTVJX C000170663 Investor Shares GTMJX C000170664 Class R Shares GTRJX C000170665 Class R6 Shares GTZJX 0001557156 S000054317 Goldman Sachs Target Date 2035 Portfolio C000170666 Class A Shares GTALX C000170667 Institutional Shares GTIOX C000170668 Service Shares GTVOX C000170669 Investor Shares GTMPX C000170670 Class R Shares GTROX C000170671 Class R6 Shares GTZLX 0001557156 S000054318 Goldman Sachs Target Date 2040 Portfolio C000170672 Class A Shares GTAMX C000170673 Institutional Shares GTIMX C000170674 Service Shares GTVMX C000170675 Investor Shares GTMMX C000170676 Class R Shares GTRMX C000170677 Class R6 Shares GTZMX 0001557156 S000054319 Goldman Sachs Target Date 2045 Portfolio C000170678 Class A Shares GTAQX C000170679 Institutional Shares GTIQX C000170680 Service Shares GTVEX C000170681 Investor Shares GTMQX C000170682 Class R Shares GTREX C000170683 Class R6 Shares GTZQX 0001557156 S000054320 Goldman Sachs Target Date 2050 Portfolio C000170684 Class A Shares GTASX C000170685 Institutional Shares GTIPX C000170686 Service Shares GTVSX C000170687 Investor Shares GTMAX C000170688 Class R Shares GTRSX C000170689 Class R6 Shares GTZSX 0001557156 S000054321 Goldman Sachs Target Date 2055 Portfolio C000170690 Class A Shares GTANX C000170691 Institutional Shares GTIWX C000170692 Service Shares GTVIX C000170693 Investor Shares GTMWX C000170694 Class R Shares GTRZX C000170695 Class R6 Shares GTZWX 0001557156 S000061821 Goldman Sachs Target Date 2060 Portfolio C000200183 Class A Shares GTBAX C000200184 Institutional Shares GTBCX C000200185 Service Shares GTBSX C000200186 Investor Shares GTBIX C000200187 Class R Shares GTBRX C000200188 Class R6 Shares GTBBX 497 1 d553093d497.htm GOLDMAN SACHS TRUST II Goldman Sachs Trust II

RULE 497 FILING

On behalf of the Goldman Sachs Target Date 2020 Portfolio, Goldman Sachs Target Date 2025 Portfolio, Goldman Sachs Target Date 2030 Portfolio, Goldman Sachs Target Date 2035 Portfolio, Goldman Sachs Target Date 2040 Portfolio, Goldman Sachs Target Date 2045 Portfolio, Goldman Sachs Target Date 2050 Portfolio, Goldman Sachs Target Date 2055 Portfolio, and Goldman Sachs Target Date 2060 Portfolio (the “Portfolios”), each a series of Goldman Sachs Trust II, and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing interactive data format risk/return summary information. The interactive data files included as exhibits to this filing relate to the prospectus and Statement of Additional Information filed with the Securities and Exchange Commission on behalf of the Portfolios pursuant to Rule 497(e) on May 21, 2018 (Accession No. 0001193125-18-169404), which is incorporated by reference into this Rule 497 Filing.


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2018-05-21 2018-05-21 pure iso4217:USD 2018-05-21 497 2017-08-31 Goldman Sachs Trust II 0001557156 false 2018-05-21 2018-05-21 <b>Goldman Sachs Target Date 2020 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2020 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover</b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., "turns over" its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio's performance. The Portfolio's portfolio turnover rate for the fiscal period ended August 31, 2017 was 189% of the average value of its portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2020 (the &#8220;Target Date&#8221;). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date. <br/><br/>The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (&#8220;Underlying ETFs&#8221;) and other registered investment companies (collectively, the &#8220;Underlying Funds&#8221;), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the &#8220;Sub-Adviser&#8221;) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2020. Over time, the Portfolio&#8217;s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio&#8217;s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.<br/><br/><img alt="chart" src="g553093g553093g77q10.jpg"></img><br/><br/>The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.<br/><br/><div align="right"><table width="98%" style=" border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="1%"></td><td valign="bottom"></td><td width="73%"></td><td width="2%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>5</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;10&nbsp;</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Strategic Allocations</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="18"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="16"><b>Tactical Allocation Ranges</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="18"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="16"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Sub-Asset Classes and Alternatives</b></div></td><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>&nbsp;&nbsp;</b></div></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Real Estate</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Commodities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr></table></div><br/>Note: Above allocations may not sum to total due to rounding.<br/><br/>On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio&#8217;s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path&#8217;s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a &#8220;tactical allocation range&#8221; that allows flexibility to increase or decrease exposure from the glide path&#8217;s strategic allocations. As a result, the Portfolio&#8217;s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser&#8217;s views of the appropriate mix of the Portfolio&#8217;s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as &#8220;junk bonds&#8221;), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio&#8217;s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio&#8217;s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. <b> The particular Underlying Funds in which the Portfolio may invest and the Portfolio&#8217;s targets and ranges will change from time to time without shareholder approval or notice.</b><br /><br />The Sub-Adviser&#8217;s strategy is intended to represent a conservative investment strategy. The Sub-Adviser&#8217;s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser&#8217;s expectations regarding this investment strategy will be realized.<br/><br/>Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio&#8217;s ability to achieve its investment objective may be diminished. <br/><br/><b>Management Process</b><br /><br />The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (&#8220;SEC&#8221;). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio&#8217;s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio&#8217;s operation in this manner and reliance by the Portfolio on this exemptive order.<br /><br /><b>Additional Information </b><br /><br />The Portfolio&#8217;s benchmark index is the S&amp;P Target Date To 2020 Index (the &#8220;Index&#8221;). <b>Principal Risks of the Portfolio</b> <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor&#8217;s risk tolerance, personal circumstances, and complete financial situation. </b><br/><br/><b>Asset Allocation Risk.</b> &nbsp;The Portfolio&#8217;s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.<br/><br/><b>Expenses.</b> &nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.<br/><br/><b>Inadequate Retirement Income.</b> &nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio&#8217;s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.<br/><br/><b>Investing in the Underlying Funds.</b> &nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.<br/><br/><b>Investments of the Underlying Funds.</b> &nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio&#8217;s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.<br/><br/><b>Large Shareholder Transactions Risk</b>. &nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio&#8217;s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio&#8217;s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio&#8217;s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio&#8217;s expense ratio.<br/><br/><b>Management Risk</b>. &nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results.<br/><br/><b>Portfolio Turnover Rate Risk.</b> &nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/><b>Underlying ETF Risk.</b> &nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF&#8217;s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.<br/><br/><b>Principal Risks of the Underlying Funds</b><br/><br/><b>Credit/Default Risk.</b> &nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund&#8217;s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund&#8217;s investments in non-investment grade fixed income securities.<br/><br/><b>Derivatives Risk.</b> &nbsp;An Underlying Fund&#8217;s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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. <br/><br/><b>Foreign and Emerging Countries Risk.</b> &nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund&#8217;s investments in securities of issuers located in emerging countries.<br/><br/><b>Geographic Risk.</b> &nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.<br/><br/><b>Interest Rate Risk.</b> &nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund&#8217;s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund.<br/><br/><b>Leverage Risk.</b> &nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.<br/><br/><b>Liquidity Risk.</b> &nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.<br/><br/><b>Market Risk.</b> &nbsp;The value of the securities in which 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.<br/><br/><b>Mid-Cap and Small-Cap Risk.</b> &nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b> &nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including &#8220;extension risk&#8221; (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and &#8220;prepayment risk&#8221; (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.<br/><br/><b>Non-Investment Grade Investments Risk.</b> &nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as &#8220;junk bonds&#8221;) are considered speculative and are subject to the increased risk of an issuer&#8217;s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.<br/><br/><b>Stock Risk.</b> &nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<br /><br/><b>U.S. Government Securities Risk.</b> &nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> Effective August&nbsp;22, 2016, the Madison Target Retirement 2020 Fund, a series of Madison Funds (the &#8220;Predecessor Fund&#8221;), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund&#8217;s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August&nbsp;29, 2014 reflect the performance of the Madison Target Retirement 2020 Fund&#8217;s Class I Shares, a series of Ultra Series Fund (the &#8220;Ultra Predecessor Fund&#8221;). As of August&nbsp;29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.<br/><br/>The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio's Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio's Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.<br/><br/>Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.<br/><br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. <b>TOTAL RETURN CALENDAR YEAR (CLASS R6)</b> The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 6.28%.<br/><br/>Best Quarter<br />Q2 &#8216;09 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+15.29%<br /><br />Worst Quarter<br />Q4 &#8216;08 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;19.67% AVERAGE ANNUAL TOTAL RETURNS<br/><br/><b>For the period ended December 31, 2016</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). The Portfolio&#8217;s "Other Expenses" have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency.</b> The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a)&nbsp;changes in the performance of the Portfolio&#8217;s Class R6 Shares from year to year; and (b)&nbsp;how the average annual total returns of the Portfolio&#8217;s Class R6 Shares compare to those of a broad-based securities market index. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. www.gsamfunds.com/performance Because the Predecessor Fund did not offer Class&nbsp;A, Institutional, Service, Investor and Class R Shares, and the Class&nbsp;A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0085 0.0071 0.0096 0.0085 0.0085 0.007 0 0 0.0025 0 0 0 0.0085 0.0071 0.0071 0.0085 0.0085 0.007 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0152 0.0113 0.0163 0.0127 0.0177 0.0112 -0.0065 -0.0065 -0.0065 -0.0065 -0.0065 -0.0065 0.0087 0.0048 0.0098 0.0062 0.0112 0.0047 634 944 1275 2210 49 295 559 1316 100 451 825 1878 63 338 634 1477 114 494 899 2030 48 291 554 1305 2007-10-01 0.0576 0.0659 0.0244 2007-10-01 0.0398 0.0623 0.0225 2007-10-01 0.0405 0.0509 0.0186 0.065 0.0649 0.0369 50000 1.89 total return 2017-09-30 0.0628 Best Quarter 2009-06-30 0.1529 Worst Quarter 2008-12-31 -0.1967 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000012 column period compact * ~</div> <b>Goldman Sachs Target Date 2025 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2025 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment) </b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/> The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. The Portfolio&#8217;s portfolio turnover rate for the fiscal period ended August 31, 2017 was 167% of the average value of its portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2025 (the &#8220;Target Date&#8221;). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date. <br/><br/>The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2025. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.<br /><br/><img alt="chart" src="g553093g553093g77q10.jpg"></img><br/><br/>The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.<br/><br/><div align="right"><p style=" margin-top: 0pt; margin-bottom: 0pt;"></p><div align="right"><table width="98%" style=" border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="1%"></td><td valign="bottom"></td><td width="67%"></td><td width="2%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>10</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;10&nbsp;</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Strategic Allocations</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="2"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Tactical Allocation Ranges</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45-65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>27-59%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35-55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="2"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Sub-Asset Classes and Alternatives</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-13%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Real Estate</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Commodities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr></table></div></div><br/>Note: Above allocations may not sum to total due to rounding.<br/><br/>On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds.<b> The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.</b><br/><br/>The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized. <br/><br/>Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.<br/><br/><b >Management Process</b><br/><br/>The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.<br/><br/><b>Additional Information</b><br/><br/>The Portfolio's benchmark index is the S&amp;P Target Date To 2025 Index (the "Index"). <b>Principal Risks of the Portfolio</b> <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor&#8217;s risk tolerance, personal circumstances, and complete financial situation.</b> <br/><br/><b>Asset Allocation Risk.</b> &nbsp;The Portfolio&#8217;s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.<br/><br/><b>Expenses.</b> &nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.<br/><br/><b>Inadequate Retirement Income.</b> &nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio&#8217;s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.<br/><br/><b>Investing in the Underlying Funds.</b> &nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.<br/><br/><b>Investments of the Underlying Funds.</b> &nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio&#8217;s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.<br/><br/><b>Large Shareholder Transactions Risk.</b> &nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio&#8217;s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio&#8217;s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio&#8217;s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio&#8217;s expense ratio.<br/><br/><b>Management Risk.</b> &nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results.<br/><br/><b>Portfolio Turnover Rate Risk.</b> &nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/><b>Underlying ETF Risk.</b> &nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF&#8217;s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.<br/><br/><b>Principal Risks of the Underlying Funds </b><br/><br/><b>Credit/Default Risk.</b> &nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund&#8217;s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund&#8217;s investments in non-investment grade fixed income securities.<br/><br/><b>Derivatives Risk.</b> &nbsp;An Underlying Fund&#8217;s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.<br/><br/><b>Foreign and Emerging Countries Risk.</b> &nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund&#8217;s investments in securities of issuers located in emerging countries.<br/><br/><b>Geographic Risk.</b> &nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.<br/><br/><b>Interest Rate Risk.</b> &nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund&#8217;s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund.<br/><br/><b>Leverage Risk.</b> &nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.<br/><br/><b>Liquidity Risk.</b> &nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.<br/><br/><b>Market Risk.</b> &nbsp;The value of the securities in which 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.<br/><br/><b>Mid-Cap and Small-Cap Risk.</b> &nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b> &nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including &#8220;extension risk&#8221; (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and &#8220;prepayment risk&#8221; (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.<br/><br/><b>Non-Investment Grade Investments Risk.</b> &nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as &#8220;junk bonds&#8221;) are considered speculative and are subject to the increased risk of an issuer&#8217;s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.<br/><br/><b>Stock Risk.</b> &nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<br /><br/><b>U.S. Government Securities Risk.</b> &nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency.</b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. www.gsamfunds.com/performance 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0262 0.0248 0.0273 0.0262 0.0262 0.0247 0 0 0.0025 0 0 0 0.0262 0.0248 0.0248 0.0262 0.0262 0.0247 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0329 0.029 0.034 0.0304 0.0354 0.0289 -0.0242 -0.0242 -0.0242 -0.0242 -0.0242 -0.0242 0.0087 0.0048 0.0098 0.0062 0.0112 0.0047 634 1293 1974 3782 49 668 1313 3049 100 819 1561 3522 63 710 1383 3184 114 860 1629 3649 48 665 1308 3039 50000 1.67 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000022 column period compact * ~</div> <b>Goldman Sachs Target Date 2030 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2030 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class&nbsp;R and/or Class&nbsp;R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class&nbsp;R and/or Class&nbsp;R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. The Portfolio&#8217;s portfolio turnover rate for the fiscal period ended August 31, 2017 was 143% of the average value of its portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2030 (the &#8220;Target Date&#8221;). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date. <br/><br/> The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (&#8220;Underlying ETFs&#8221;) and other registered investment companies (collectively, the &#8220;Underlying Funds&#8221;), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the &#8220;Sub-Adviser&#8221;) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2030. Over time, the Portfolio&#8217;s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio&#8217;s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus. <br/><br/><img alt="chart" src="g553093g553093g77q10.jpg"></img> <br/><br/>The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes. <br/><br/><div align="right"><p style=" margin-top: 0pt; margin-bottom: 0pt;"></p><div align="right"><table width="98%" style=" border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>15</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>10</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>5</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;10&nbsp;</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Strategic Allocations</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>42%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="26"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="24"><b>Tactical Allocation Ranges</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>50-70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45-65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>27-59%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-28%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-50%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35-55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="26"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="24"><b>Sub-Asset Classes and Alternatives</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-13%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Real Estate</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Commodities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr></table></div></div><br/> Note: Above allocations may not sum to total due to rounding. <br/><br/> On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio&#8217;s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path&#8217;s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a &#8220;tactical allocation range&#8221; that allows flexibility to increase or decrease exposure from the glide path&#8217;s strategic allocations. As a result, the&nbsp;Portfolio&#8217;s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser&#8217;s views of the appropriate mix of the Portfolio&#8217;s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as &#8220;junk bonds&#8221;), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio&#8217;s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio&#8217;s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. <b>The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.</b><br/><br/>The Sub-Adviser&#8217;s strategy is intended to represent a conservative investment strategy. The Sub-Adviser&#8217;s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser&#8217;s expectations regarding this investment strategy will be realized. <br/><br/> Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio&#8217;s ability to achieve its investment objective may be diminished. <br/><br/><b>Management Process</b><br/><br/> The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (&#8220;SEC&#8221;). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio&#8217;s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio&#8217;s operation in this manner and reliance by the Portfolio on this exemptive order. <br/><br/><b>Additional Information</b><br/><br/> The Portfolio&#8217;s benchmark index is the S&amp;P Target Date To 2030 Index (the &#8220;Index&#8221;). <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor&#8217;s risk tolerance, personal circumstances, and complete financial situation.</b><br/><br/> <b>Asset Allocation Risk. </b>&nbsp;The Portfolio&#8217;s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective. <br/><br/><b>Expenses.</b>&nbsp; By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.<br/><br/> <b>Inadequate Retirement Income.</b>&nbsp; An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio&#8217;s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time. <br/><br/> <b>Investing in the Underlying Funds.</b>&nbsp; The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), or exemptive relief thereunder. The Portfolio&#8217;s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. <br/><br/> <b>Investments of the Underlying Funds.</b>&nbsp; Because the Portfolio invests in the Underlying Funds, the Portfolio&#8217;s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results. <br/><br/><b>Large Shareholder Transactions Risk.</b>&nbsp; The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio&#8217;s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio&#8217;s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio&#8217;s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio&#8217;s expense ratio. <br/><br/> <b>Management Risk.</b>&nbsp; A strategy used by the Sub-Adviser may fail to produce the intended results. <br/><br/><b>Portfolio Turnover Rate Risk.</b>&nbsp; A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders. <br/><br/><b>Underlying ETF Risk.</b>&nbsp; The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF&#8217;s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF. <br/><br/><b>Principal Risks of the Underlying Funds</b><br/><br/><b>Credit/Default Risk.</b>&nbsp; An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund&#8217;s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund&#8217;s investments in non-investment grade fixed income securities. <br/><br/><b>Derivatives Risk.</b>&nbsp; An Underlying Fund&#8217;s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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. <br/><br/><b>Foreign and Emerging Countries Risk.</b>&nbsp; Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund&#8217;s investments in securities of issuers located in emerging countries. <br/><br/> <b>Geographic Risk.</b>&nbsp; If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters. <br/><br/><b>Interest Rate Risk.</b>&nbsp; When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund&#8217;s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund. <br/><br/><b>Leverage Risk.</b>&nbsp; Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject. <br/><br/><b> Liquidity Risk.</b>&nbsp; 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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. <br/><br/><b>Market Risk.</b>&nbsp; The value of the securities in which 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. <br/><br/><b>Mid-Cap and Small-Cap Risk.</b>&nbsp; Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks. <br/><br/> <b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b> &nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including &#8220;extension risk&#8221; (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and &#8220;prepayment risk&#8221; (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. <br/><br/> <b>Non-Investment Grade Investments Risk.</b>&nbsp; Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as &#8220;junk bonds&#8221;) are considered speculative and are subject to the increased risk of an issuer&#8217;s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. <br/><br/><b>Stock Risk.</b>&nbsp; Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. <br/><br/><b>U.S. Government Securities Risk.</b> &nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> Effective August&nbsp;22, 2016, the Madison Target Retirement 2030 Fund, a series of Madison Funds (the &#8220;Predecessor Fund&#8221;), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund&#8217;s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August&nbsp;29, 2014 reflect the performance of the Madison Target Retirement 2030 Fund&#8217;s Class I Shares, a series of Ultra Series Fund (the &#8220;Ultra Predecessor Fund&#8221;). As of August&nbsp;29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. <br/><br/>The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a)&nbsp;changes in the performance of the Portfolio&#8217;s Class R6 Shares from year to year; and (b)&nbsp;how the average annual total returns of the Portfolio&#8217;s Class&nbsp;R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus. <br/><br/>Because the Predecessor Fund did not offer Class&nbsp;A, Institutional, Service, Investor and Class R Shares, and the Class&nbsp;A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes. <br/><br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. <b>TOTAL RETURN CALENDAR YEAR (CLASS R6)</b> The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 9.63%.<br/><br/>Best Quarter<br />Q2 &#8216;09 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+16.77%<br /><br />Worst Quarter<br />Q4 &#8216;08 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;21.65% AVERAGE ANNUAL TOTAL RETURNS <br/><br/><b>For the period ended December 31, 2016</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency.</b> The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a)&nbsp;changes in the performance of the Portfolio&#8217;s Class R6 Shares from year to year; and (b)&nbsp;how the average annual total returns of the Portfolio&#8217;s Class&nbsp;R6 Shares compare to those of a broad-based securities market index. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. www.gsamfunds.com/performance Because the Predecessor Fund did not offer Class&nbsp;A, Institutional, Service, Investor and Class R Shares, and the Class&nbsp;A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0067 0.0053 0.0078 0.0067 0.0067 0.0052 0 0 0.0025 0 0 0 0.0067 0.0053 0.0053 0.0067 0.0067 0.0052 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0134 0.0095 0.0145 0.0109 0.0159 0.0094 -0.0047 -0.0047 -0.0047 -0.0047 -0.0047 -0.0047 0.0087 0.0048 0.0098 0.0062 0.0112 0.0047 634 907 1201 2035 49 256 480 1123 100 412 747 1695 63 300 555 1286 114 456 821 1850 48 253 474 1112 2007-10-01 0.0751 0.083 0.0287 2007-10-01 0.0589 0.0797 0.027 2007-10-01 0.0503 0.0649 0.0221 0.0773 0.0795 0.0362 50000 1.43 total return 2017-09-30 0.0963 Best Quarter 2009-06-30 0.1677 Worst Quarter 2008-12-31 -0.2165 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000032 column period compact * ~</div> <b>Goldman Sachs Target Date 2035 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2035 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees<br/> (fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses <br/>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/> The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. The Portfolio&#8217;s portfolio turnover rate for the fiscal period ended August 31, 2017 was 137% of the average value of its portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2035 (the &#8220;Target Date&#8221;). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date. <br/><br/> The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (&#8220;Underlying ETFs&#8221;) and other registered investment companies (collectively, the &#8220;Underlying Funds&#8221;), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the &#8220;Sub-Adviser&#8221;) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2035. Over time, the Portfolio&#8217;s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio&#8217;s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus. <br/><br/> <img alt="chart" src="g553093g553093g77q10.jpg"></img><br/><br/>The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.<br/><br/><div align="right"><p style=" margin-top: 0pt; margin-bottom: 0pt;"></p><div align="right"><p style=" margin-top: 0pt; margin-bottom: 0pt;"></p><div align="right"><table width="98%" style=" border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="1%"></td><td valign="bottom"></td><td width="55%"></td><td width="2%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>20</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>15</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>10</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;10&nbsp;</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Strategic Allocations</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>46%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>42%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="2"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Tactical Allocation Ranges</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55-75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>50-70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45-65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>33-68%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>27-59%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-28%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>25-45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-50%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35-55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="2"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Sub-Asset Classes and Alternatives</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-15%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-13%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Real Estate</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Commodities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td></tr></table></div></div></div><br/> Note: Above allocations may not sum to total due to rounding. <br/><br/> On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio&#8217;s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path&#8217;s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a &#8220;tactical allocation range&#8221; that allows flexibility to increase or decrease exposure from the glide path&#8217;s strategic allocations. As a result, the Portfolio&#8217;s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser&#8217;s views of the appropriate mix of the Portfolio&#8217;s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as &#8220;junk bonds&#8221;), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio&#8217;s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio&#8217;s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. <b> The particular Underlying Funds in which the Portfolio may invest and the Portfolio&#8217;s targets and ranges will change from time to time without shareholder approval or notice.</b> <br/><br/>The Sub-Adviser&#8217;s strategy is intended to represent a conservative investment strategy. The Sub-Adviser&#8217;s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser&#8217;s expectations regarding this investment strategy will be realized. <br/><br/> Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio&#8217;s ability to achieve its investment objective may be diminished. <br/><br/> <b>Management Process</b><br/><br/> The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (&#8220;SEC&#8221;). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio&#8217;s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio&#8217;s operation in this manner and reliance by the Portfolio on this exemptive order. <br/><br/> <b>Additional Information</b> <br/><br/> The Portfolio&#8217;s benchmark index is the S&amp;P Target Date To 2035 Index (the &#8220;Index&#8221;). <b>Principal Risks of the Portfolio</b> <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor&#8217;s risk tolerance, personal circumstances, and complete financial situation. </b><br/><br/><b> Asset Allocation Risk.</b>&nbsp;&nbsp;The Portfolio&#8217;s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective. <br/><br/><b>Expenses.</b>&nbsp;&nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio. <br/><br/><b>Inadequate Retirement Income.</b>&nbsp;&nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio&#8217;s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time. <br/><br/><b>Investing in the Underlying Funds.</b>&nbsp;&nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), or exemptive relief thereunder. The Portfolio&#8217;s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. <br/><br/><b>Investments of the Underlying Funds.</b>&nbsp;&nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio&#8217;s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results. <br/><br/><b>Large Shareholder Transactions Risk.</b>&nbsp;&nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio&#8217;s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio&#8217;s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio&#8217;s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio&#8217;s expense ratio. <br/><br/><b>Management Risk.</b>&nbsp;&nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results. <br/><br/><b>Portfolio Turnover Rate Risk.</b>&nbsp;&nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders. <br/><br/><b>Underlying ETF Risk.</b>&nbsp;&nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF&#8217;s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF. <br/><br/><b> Principal Risks of the Underlying Funds</b><br/><br/><b>Credit/Default Risk.</b>&nbsp;&nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund&#8217;s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund&#8217;s investments in non-investment grade fixed income securities. <br/><br/><b>Derivatives Risk.</b>&nbsp;&nbsp;An Underlying Fund&#8217;s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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. <br/><br/><b>Foreign and Emerging Countries Risk.</b>&nbsp;&nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund&#8217;s investments in securities of issuers located in emerging countries. <br/><br/><b>Geographic Risk.</b>&nbsp;&nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters. <br/><br/><b>Interest Rate Risk.</b>&nbsp;&nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund&#8217;s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund. <br/><br/><b>Leverage Risk.</b>&nbsp;&nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject. <br/><br/><b>Liquidity Risk.</b>&nbsp;&nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. <br/><br/><b>Market Risk.</b>&nbsp;&nbsp;The value of the securities in which 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. <br/><br/><b>Mid-Cap and Small-Cap Risk.</b>&nbsp;&nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks. <br/><br/><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b>&nbsp;&nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including &#8220;extension risk&#8221; (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and &#8220;prepayment risk&#8221; (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. <br/><br/><b>Non-Investment Grade Investments Risk.</b>&nbsp;&nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as &#8220;junk bonds&#8221;) are considered speculative and are subject to the increased risk of an issuer&#8217;s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. <br/><br/><b>Stock Risk.</b>&nbsp;&nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. <br/><br/><b>U.S. Government Securities Risk.</b>&nbsp;&nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus. The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency.</b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. www.gsamfunds.com/performance 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0259 0.0245 0.027 0.0259 0.0259 0.0244 0 0 0.0025 0 0 0 0.0259 0.0245 0.0245 0.0259 0.0259 0.0244 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0326 0.0287 0.0337 0.0301 0.0351 0.0286 -0.0239 -0.0239 -0.0239 -0.0239 -0.0239 -0.0239 0.0087 0.0048 0.0098 0.0062 0.0112 0.0047 634 1287 1962 3757 49 662 1301 3022 100 813 1549 3496 63 704 1371 3157 114 854 1617 3624 48 659 1296 3012 50000 1.37 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000042 column period compact * ~</div> <b>Goldman Sachs Target Date 2040 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2040 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees <br/>(fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses</b><br/><b>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/> The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class&nbsp;R and/or Class&nbsp;R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. The Portfolio's portfolio turnover rate for the fiscal period ended August 31, 2017 was 142% of the average value of its portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2040 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.<br /><br />The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2040. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.<br /><br /><img alt="chart" src="g553093g553093g77q10.jpg"></img><br /><br />The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.<br /><br /><div align="right" style="times new roman&quot;; "><table cellspacing="0" cellpadding="0" width="98%" border="0" style="border-collapse: collapse; "><tr><td width="1%"></td><td valign="bottom"></td><td width="49%"></td><td valign="bottom" width="2%"></td><td></td><td></td><td></td><td valign="bottom" width="1%"></td><td></td><td></td><td></td><td valign="bottom" width="1%"></td><td></td><td></td><td></td><td valign="bottom" width="1%"></td><td></td><td></td><td></td><td valign="bottom" width="1%"></td><td></td><td></td><td></td><td valign="bottom" width="1%"></td><td></td><td></td><td></td><td valign="bottom" width="1%"></td><td></td><td></td><td></td><td valign="bottom" width="1%"></td><td></td><td></td><td></td></tr><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td valign="top" align="right"><b>25</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td valign="bottom" align="right"><b>20</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td valign="bottom" align="right"><b>15</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td valign="bottom" align="right"><b>10</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td valign="bottom" align="right"><b>5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td valign="bottom" align="right"><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td valign="bottom" align="right"><b>&#150;10&nbsp;</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td><td valign="top" colspan="32" style="border-bottom: 1px solid rgb(0, 0, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Strategic Allocations</b></div></td><td valign="top" style="border-bottom: 1px solid rgb(0, 0, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>&nbsp;&nbsp;</b></div></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>60%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; "><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>49%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>46%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>42%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>39%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; "><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>21%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="34"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td><td valign="top" colspan="32" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>Tactical Allocation Ranges</b></td><td valign="top" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>60-80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>55-75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>50-70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>45-65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; "><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>36-72%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>33-68%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>30-63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>27-59%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em; text-indent: -1em; "><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6-32%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>6-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>5-28%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>5-26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>20-40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>25-45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>30-50%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>35-55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="34"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td><td valign="top" colspan="32" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>Sub-Asset Classes and Alternatives</b></td><td valign="top" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-16%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-15%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-13%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Real Estate</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Commodities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td valign="bottom" align="right"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td><td valign="top" style="border-bottom: 1px solid rgb(0, 0, 0);"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; "><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;</b></td><td valign="bottom" align="right" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>0-10%</b></td><td valign="bottom" style="border-bottom: 1px solid rgb(0, 0, 0);"><b>&nbsp;&nbsp;</b></td></tr></table></div><p style="times new roman&quot;; ">Note: Above allocations may not sum to total due to rounding.</p>On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. <b>The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.</b><br /><br />The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.<br /><br />Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.<br /><br /><b>Management Process</b><br /><br />The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.<br /><br /><b>Additional Information</b><br /><br />The Portfolio's benchmark index is the S&amp;P Target Date To 2040 Index (the "Index"). <b>Principal Risks of the Portfolio</b> <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.</b><br /><br /><b>Asset Allocation Risk.</b> &nbsp;The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.<br /><br /><b>Expenses.</b> &nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.<br /><br /><b>Inadequate Retirement Income.</b> &nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.<br /><br /><b>Investing in the Underlying Funds.</b> &nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.<br /><br /><b>Investments of the Underlying Funds.</b> &nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.<br /><br /><b>Large Shareholder Transactions Risk.</b> &nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.<br /><br /><b>Management Risk.</b> &nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results.<br /><br /><b>Portfolio Turnover Rate Risk.</b> &nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br /><br /><b>Underlying ETF Risk.</b> &nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.<br /><br /><b>Principal Risks of the Underlying Funds</b><br /><br /><b>Credit/Default Risk.</b> &nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.<br /><br /><b>Derivatives Risk.</b> &nbsp;An Underlying Fund&#8217;s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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. <br /><br /><b>Foreign and Emerging Countries Risk.</b> &nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.<br /><br /><b>Geographic Risk.</b> &nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.<br /><br /><b>Interest Rate Risk.</b> &nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund.<br /><br /><b>Leverage Risk.</b> &nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.<br /><br /><b>Liquidity Risk.</b> &nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.<br /><br /><b>Market Risk.</b> &nbsp;The value of the securities in which 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.<br /><br /><b>Mid-Cap and Small-Cap Risk.</b> &nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br /><br /><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b> &nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.<br /><br /><b>Non-Investment Grade Investments Risk.</b> &nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.<br /><br /><b>Stock Risk.</b> &nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<br /><br /><b>U.S. Government Securities Risk.</b> &nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> Effective August&nbsp;22, 2016, the Madison Target Retirement 2040 Fund, a series of Madison Funds (the &#8220;Predecessor Fund&#8221;), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund&#8217;s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August&nbsp;29, 2014 reflect the performance of the Madison Target Retirement 2040 Fund&#8217;s Class I Shares, a series of Ultra Series Fund (the &#8220;Ultra Predecessor Fund&#8221;). As of August&nbsp;29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. <br/><br/> The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a)&nbsp;changes in the performance of the Portfolio&#8217;s Class R6 Shares from year to year; and (b)&nbsp;how the average annual total returns of the Portfolio&#8217;s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus. <br/><br/> Because the Predecessor Fund did not offer Class&nbsp;A, Institutional, Service, Investor and Class R Shares, and the Class&nbsp;A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes. <br/><br/> Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. <b>TOTAL RETURN CALENDAR YEAR (CLASS R6)</b> The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 11.05%.<br/><br/>Best Quarter<br/> Q2 &#8216;09&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+18.13%<br/><br/>Worst Quarter<br/> Q4 &#8216;08&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;23.55% AVERAGE ANNUAL TOTAL RETURNS<br/><br/> <b>For the period ended December&nbsp;31, 2016</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. </b> The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a)&nbsp;changes in the performance of the Portfolio&#8217;s Class R6 Shares from year to year; and (b)&nbsp;how the average annual total returns of the Portfolio&#8217;s Class R6 Shares compare to those of a broad-based securities market index. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. www.gsamfunds.com/performance Because the Predecessor Fund did not offer Class&nbsp;A, Institutional, Service, Investor and Class R Shares, and the Class&nbsp;A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0077 0.0063 0.0088 0.0077 0.0077 0.0062 0 0 0.0025 0 0 0 0.0077 0.0063 0.0063 0.0077 0.0077 0.0062 0.0018 0.0018 0.0018 0.0018 0.0018 0.0018 0.0145 0.0106 0.0156 0.012 0.017 0.0105 -0.0057 -0.0057 -0.0057 -0.0057 -0.0057 -0.0057 0.0088 0.0049 0.0099 0.0063 0.0113 0.0048 635 930 1247 2143 50 280 529 1243 101 437 796 1808 64 324 605 1404 115 480 869 1961 49 277 524 1231 2007-10-01 0.0845 0.0915 0.0268 2007-10-01 0.0643 0.0874 0.0247 2007-10-01 0.058 0.0717 0.0205 0.0875 0.0909 0.0364 50000 1.42 total return 2017-09-30 0.1105 Best Quarter 2009-06-30 0.1813 Worst Quarter 2008-12-31 -0.2355 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000054 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000052 column period compact * ~</div> <b>Goldman Sachs Target Date 2045 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2045 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees<br/> (fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/> The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class&nbsp;R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. The Portfolio&#8217;s portfolio turnover rate for the fiscal period ended August 31, 2017 was 143% of the average value of its portfolio. <b>Principal Strategy</b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2045 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.<br /><br />The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2045. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.<br /><br /><img alt="chart" src="g553093g553093g77q10.jpg"></img><br /><br />The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.<br /><br /><div align="right"><table width="98%" style=" border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="1%"></td><td width="1%" valign="bottom"></td><td width="44%"></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>30</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>25</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>20</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>15</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>10</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;10&nbsp;</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Strategic Allocations</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>49%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>46%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>42%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>23%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>21%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>25%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="2"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Tactical Allocation Ranges</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>65-85%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60-80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55-75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>50-70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45-65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39-77%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>36-72%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>33-68%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>27-59%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>7-34%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-32%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-28%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>15-35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20-40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>25-45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-50%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35-55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="2"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td><td height="8" colspan="4"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Sub-Asset Classes and Alternatives</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-16%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-15%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-13%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Real Estate</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Commodities</b></div></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr></table></div><br/><p style=" margin-top: 2pt; margin-bottom: 0pt;">Note: Above allocations may not sum to total due to rounding.&nbsp;</p><br />On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. <b>The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.</b><br /><br />The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.<br /><br />Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.<br /><br /><b>Management Process</b><br /><br />The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.<br /><br /><b>Additional Information</b><br /><br />The Portfolio's benchmark index is the S&amp;P Target Date To 2045 Index (the "Index"). <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.</b><br /><br /><b>Asset Allocation Risk.</b> &nbsp;The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.<br /><br /><b>Expenses.</b> &nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.<br /><br /><b>Inadequate Retirement Income.</b> &nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.<br /><br /><b>Investing in the Underlying Funds.</b> &nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.<br /><br /><b>Investments of the Underlying Funds.</b> &nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.<br /><br /><b>Large Shareholder Transactions Risk.</b> &nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.<br /><br /><b>Management Risk.</b> &nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results.<br /><br /><b>Portfolio Turnover Rate Risk.</b> &nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br /><br /><b>Underlying ETF Risk.</b> &nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.<br /><br /><b>Principal Risks of the Underlying Funds</b><br /><br /><b>Credit/Default Risk.</b> &nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.<br /><br /><b>Derivatives Risk.</b> &nbsp;An Underlying Fund's use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.<br /><br /><b>Foreign and Emerging Countries Risk.</b> &nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.<br /><br /><b>Geographic Risk.</b> &nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.<br /><br /><b>Interest Rate Risk.</b> &nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund.<br /><br /><b>Leverage Risk.</b> &nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.<br /><br /><b>Liquidity Risk.</b> &nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.<br /><br /><b>Market Risk.</b> &nbsp;The value of the securities in which 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.<br /><br /><b>Mid-Cap and Small-Cap Risk.</b> &nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br /><br /><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b> &nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.<br /><br /><b>Non-Investment Grade Investments Risk.</b> &nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.<br /><br /><b>Stock Risk.</b> &nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<br /><br /><b>U.S. Government Securities Risk.</b> &nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency.</b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. www.gsamfunds.com/performance 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0256 0.0242 0.0267 0.0256 0.0256 0.0241 0 0 0.0025 0 0 0 0.0256 0.0242 0.0242 0.0256 0.0256 0.0241 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0323 0.0284 0.0334 0.0298 0.0348 0.0283 -0.0235 -0.0235 -0.0235 -0.0235 -0.0235 -0.0235 0.0088 0.0049 0.0099 0.0063 0.0113 0.0048 635 1282 1952 3733 50 657 1290 2996 101 807 1537 3471 64 699 1360 3131 115 849 1606 3600 49 654 1285 2986 50000 1.43 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000064 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000062 column period compact * ~</div> <b>Goldman Sachs Target Date 2050 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2050 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees<br/>(fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses<br/>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. The Portfolio&#8217;s portfolio turnover rate for the fiscal period ended August 31, 2017 was 139% of the average value of its portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2050 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.<br /><br />The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2050. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.<br /><br /><img alt="chart" src="g553093g553093g77q10.jpg"></img><br /><br />The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.<br /><br /><div align="right"><table width="98%" style=" border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="1%"></td><td valign="bottom"></td><td width="38%"></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td></tr><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>35</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>30</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>25</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>20</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>15</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>10</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>5</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;10&nbsp;</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Strategic Allocations</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>56%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>49%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>46%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>42%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>24%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>23%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>21%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>25%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="42"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="40"><b>Tactical Allocation Ranges</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>65-85%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60-80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55-75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>50-70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45-65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>42-81%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39-77%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>36-72%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>33-68%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>27-59%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>7-36%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>7-34%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-32%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-28%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>15-35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20-40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>25-45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-50%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35-55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="42"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="40"><b>Sub-Asset Classes and Alternatives</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-16%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-15%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-13%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Real Estate</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Commodities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr></table></div><p style=" margin-top: 6pt; margin-bottom: 0pt;">Note: Above allocations may not sum to total due to rounding.</p><br />On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. <b>The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.</b><br /><br />The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.<br /><br />Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.<br /><br /><b>Management Process</b><br /><br />The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.<br /><br /><b>Additional Information</b><br /><br />The Portfolio's benchmark index is the S&amp;P Target Date To 2050 Index (the "Index"). <b>Principal Risks of the Portfolio</b> <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.</b><br/><br/><b>Asset Allocation Risk.</b> &nbsp;The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.<br/><br/><b>Expenses.</b> &nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.<br/><br/><b>Inadequate Retirement Income.</b> &nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.<br/><br/><b>Investing in the Underlying Funds.</b> &nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.<br/><br/><b> Investments of the Underlying Funds.</b> &nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.<br/><br/><b>Large Shareholder Transactions Risk.</b> &nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.<br/><br/><b>Management Risk.</b> &nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results.<br/><br/><b>Portfolio Turnover Rate Risk.</b> &nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/><b>Underlying ETF Risk. </b> &nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.<br/><br/><b>Principal Risks of the Underlying Funds</b><br/><br/><b>Credit/Default Risk.</b> &nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.<br/><br/><b>Derivatives Risk.</b> &nbsp;An Underlying Fund's use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.<br/><br/><b>Foreign and Emerging Countries Risk.</b> &nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.<br/><br/><b>Geographic Risk.</b> &nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.<br/><br/><b>Interest Rate Risk.</b> &nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund.<br/><br/><b>Leverage Risk.</b> &nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.<br/><br/><b>Liquidity Risk.</b> &nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.<br/><br/><b>Market Risk.</b> &nbsp;The value of the securities in which 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.<br/><br/><b>Mid-Cap and Small-Cap Risk.</b> &nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b> &nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.<br/><br/><b>Non-Investment Grade Investments Risk.</b> &nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.<br/><br/><b>Stock Risk.</b> &nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<br/><br/><b>U.S. Government Securities Risk.</b> &nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> Effective August&nbsp;22, 2016, the Madison Target Retirement 2050 Fund, a series of Madison Funds (the &#8220;Predecessor Fund&#8221;), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund&#8217;s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August&nbsp;29, 2014 reflect the performance of the Madison Target Retirement 2050 Fund&#8217;s Class I Shares, a series of Ultra Series Fund (the &#8220;Ultra Predecessor Fund&#8221;). As of August&nbsp;29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund. <br/><br/>The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a)&nbsp;changes in the performance of the Portfolio&#8217;s Class R6 Shares from year to year; and (b)&nbsp;how the average annual total returns of the Portfolio&#8217;s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus. <br/><br/>Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.<br/> <br/>Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. <b>TOTAL RETURN CALENDAR YEAR (CLASS R6)</b> The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 12.36%.<br/><br/>Best Quarter<br/> Q1 &#8216;12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+8.01%<br/><br/>Worst Quarter<br/> Q3 &#8216;15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;6.47% AVERAGE ANNUAL TOTAL RETURNS<br/><br/><b>For the period ended December 31, 2016</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency.</b> The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a)&nbsp;changes in the performance of the Portfolio&#8217;s Class R6 Shares from year to year; and (b)&nbsp;how the average annual total returns of the Portfolio&#8217;s Class R6 Shares compare to those of a broad-based securities market index. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. www.gsamfunds.com/performance Because the Predecessor Fund did not offer Class&nbsp;A, Institutional, Service, Investor and Class R Shares, and the Class&nbsp;A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor&#8217;s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0149 0.0135 0.016 0.0149 0.0149 0.0134 0 0 0.0025 0 0 0 0.0149 0.0135 0.0135 0.0149 0.0149 0.0134 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0216 0.0177 0.0227 0.0191 0.0241 0.0176 -0.0129 -0.0129 -0.0129 -0.0129 -0.0129 -0.0129 0.0087 0.0048 0.0098 0.0062 0.0112 0.0047 634 1071 1534 2810 49 431 838 1977 100 585 1097 2505 63 475 911 2128 114 628 1169 2648 48 428 833 1966 0.0941 0.1008 0.0814 0.0751 0.0969 0.0782 0.0628 0.0793 0.0641 0.0941 0.0998 0.0753 50000 1.39 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000074 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000072 column period compact * ~</div> <b>Goldman Sachs Target Date 2055 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2055 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees<br/> (fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses</b> <br/> <b>(expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/> The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. The Portfolio&#8217;s portfolio turnover rate for the fiscal period ended August 31, 2017 was 182% of the average value of its portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2055 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.<br /><br />The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2055. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.<br /><br /><img alt="chart" src="g553093g553093g77q10.jpg"></img><br /><br />The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.<br /><br /><div align="right"><table width="98%" style=" border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0"><tr><td width="1%"></td><td valign="bottom"></td><td width="32%"></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td width="1%" valign="bottom"></td><td></td><td></td><td></td><td valign="bottom"></td><td></td><td></td><td width="1%" valign="bottom"></td></tr><tr style=""><td valign="top" ></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>YEARS TO TARGET DATE</b></td><td valign="bottom" >&nbsp;</td><td valign="top" ><b>&nbsp;</b></td><td align="right" valign="top" ><b>40+</b></td><td valign="top" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>35</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>30</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>25</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>20</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>15</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>10</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>0</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;5</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td><td valign="bottom" >&nbsp;</td><td valign="bottom" ><b>&nbsp;</b></td><td align="right" valign="bottom" ><b>&#150;10</b></td><td valign="bottom" ><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Strategic Allocations</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="bottom"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>85%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>56%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>49%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>46%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>42%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Developed Equities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>24%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>23%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>21%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>11%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>15%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>25%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="46"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="44"><b>Tactical Allocation Ranges</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>75-95%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>65-85%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>60-80%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>55-75%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>50-70%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45-65%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>28-48%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>US Equity</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>45-86%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>42-81%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>39-77%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>36-72%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>33-68%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-63%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>27-59%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>17-43%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-27%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 2em;"><b>Non-US Equities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>8-38%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>7-36%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>7-34%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-32%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>6-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-28%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-26%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>3-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>1-12%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Fixed Income</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>5-25%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>10-30%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>15-35%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>20-40%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>25-45%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>30-50%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>35-55%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>53-73%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>70-90%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td height="8"></td><td height="8" colspan="46"></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;" colspan="44"><b>Sub-Asset Classes and Alternatives</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Emerging Markets Equities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-19%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-18%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-17%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-16%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-15%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-14%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-13%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-6%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Real Estate</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom">&nbsp;</td><td valign="top"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Commodities</b></div></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td><td valign="bottom">&nbsp;</td><td valign="bottom"><b>&nbsp;</b></td><td align="right" valign="bottom"><b>0-10%</b></td><td valign="bottom"><b>&nbsp;&nbsp;</b></td></tr><tr style=""><td valign="top"></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="top" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><div style="text-indent: -1em; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em;"><b>Other Alternative Strategies</b></div></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;">&nbsp;</td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;</b></td><td align="right" valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>0-10%</b></td><td valign="bottom" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1px; border-bottom-style: solid;"><b>&nbsp;&nbsp;</b></td></tr></table></div><p style=" margin-top: 6pt; margin-bottom: 0pt;">Note: Above allocations may not sum to total due to rounding.&nbsp;</p><br />On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. <b>The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.</b><br /><br />The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.<br /><br />Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.<br /><br /><b>Management Process</b><br /><br />The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.<br /><br /><b>Additional Information</b><br /><br />The Portfolio's benchmark index is the S&amp;P Target Date To 2055 Index (the "Index"). <b >Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor&#8217;s risk tolerance, personal circumstances, and complete financial situation. </b><br/><br/><b>Asset Allocation Risk.</b> &nbsp;The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.<br/><br/><b>Expenses.</b> &nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.<br/><br/><b>Inadequate Retirement Income.</b> &nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.<br/><br/><b>Investing in the Underlying Funds.</b> &nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), or exemptive relief thereunder. The Portfolio&#8217;s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.<br/><br/><b>Investments of the Underlying Funds.</b> &nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.<br/><br/><b>Large Shareholder Transactions Risk.</b> &nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.<br/><br/><b>Management Risk.</b> &nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results.<br/><br/><b>Portfolio Turnover Rate Risk.</b> &nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.<br/><br/><b>Underlying ETF Risk.</b> &nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.<br/><br/><b>Principal Risks of the Underlying Funds</b><br/><br/><b>Credit/Default Risk.</b> &nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.<br/><br/><b>Derivatives Risk.</b> &nbsp;An Underlying Fund&#8217;s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.<br/><br/><b>Foreign and Emerging Countries Risk.</b> &nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.<br/><br/><b>Geographic Risk.</b> &nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.<br/><br/><b>Interest Rate Risk.</b> &nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund.<br/><br/><b>Leverage Risk.</b> &nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.<br/><br/><b>Liquidity Risk.</b> &nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.<br/><br/><b>Market Risk.</b> &nbsp;The value of the securities in which 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.<br/><br/><b>Mid-Cap and Small-Cap Risk.</b> &nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.<br/><br/><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b> &nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.<br/><br/><b>Non-Investment Grade Investments Risk.</b> &nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.<br/><br/><b>Stock Risk.</b> &nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.<br/><br/><b>U.S. Government Securities Risk.</b> &nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus. The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. December 29, 2018 You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. </b> As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. www.gsamfunds.com/performance 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0277 0.0263 0.0288 0.0277 0.0277 0.0262 0 0 0.0025 0 0 0 0.0277 0.0263 0.0263 0.0277 0.0277 0.0262 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0344 0.0305 0.0355 0.0319 0.0369 0.0304 -0.0258 -0.0258 -0.0258 -0.0258 -0.0258 -0.0258 0.0086 0.0047 0.0097 0.0061 0.0111 0.0046 633 1321 2030 3902 48 698 1374 3182 99 848 1620 3648 62 740 1443 3315 113 890 1687 3774 47 695 1369 3172 50000 1.82 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000084 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000082 column period compact * ~</div> <b>Goldman Sachs Target Date 2060 Portfolio&#8212;Summary </b> <b>Investment Objective </b> The Goldman Sachs Target Date 2060 Portfolio (the &#8220;Portfolio&#8221;) seeks to provide capital appreciation and current income consistent with its current asset allocation. <b>Fees and Expenses of the Portfolio </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). <b>Shareholder Fees<br/> (fees paid directly from your investment)</b> <b>Annual Portfolio Operating Expenses<br/> (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Expense Example </b> This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. <br/><br/> The Example assumes that you invest $10,000 in Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class&nbsp;A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio&#8217;s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., &#8220;turns over&#8221; its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio&#8217;s performance. Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no portfolio turnover information quoted for the Portfolio. <b>Principal Strategy </b> The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2060 (the &#8220;Target Date&#8221;). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date. <br/><br/>The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (&#8220;Underlying ETFs&#8221;) and other registered investment companies (collectively, the &#8220;Underlying Funds&#8221;), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the &#8220;Sub-Adviser&#8221;) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2060. Over time, the Portfolio&#8217;s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio&#8217;s asset allocation targets are expected to remain within these approximate ranges. <br/><br/><img alt="chart" src="g553093g553093g77q10.jpg"></img><br/><br/>The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes. <br/><br/><table cellspacing="0" cellpadding="0" width="98%" border="0" style="border-collapse:collapse; "> <tr> <td width="1%"></td> <td valign="bottom"></td> <td width="32%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="1%"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top" ></td> <td valign="bottom" >&nbsp;</td> <td valign="top" ><b>YEARS TO TARGET DATE</b></td> <td valign="bottom" >&nbsp;</td> <td valign="top" ><b>&nbsp;</b></td> <td valign="top" align="right"><b>40+</b></td> <td valign="top" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>35</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>30</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>25</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>20</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>15</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>10</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>5</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;5</b></td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" >&nbsp;</td> <td valign="bottom" ><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>&#8211;10</b></td> <td valign="bottom" ><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Strategic Allocations</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000">&nbsp;</td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Equity</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>85%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>80%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>75%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>70%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>65%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>60%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>55%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>38%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>20%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>20%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>20%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; "><b>US Equity</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>60%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>56%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>53%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>49%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>46%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>42%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>39%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>26%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>14%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>14%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>14%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; "><b>Non-US Developed Equities</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>26%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>24%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>23%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>21%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>20%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>18%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>17%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>11%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Fixed Income</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>15%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>20%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>25%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>30%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>35%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>40%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>45%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>63%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>80%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>80%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>80%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style=""> <td height="8"></td> <td height="8" colspan="46"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="44" style="border-bottom:1px solid #000000"><b>Tactical Allocation Ranges</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Equity</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>75-95%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>70-90%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>65-85%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>60-80%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>55-75%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>50-70%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>45-65%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>28-48%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>10-30%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>10-30%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>10-30%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; "><b>US Equity</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>45-86%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>42-81%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>39-77%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>36-72%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>33-68%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>30-63%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>27-59%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>17-43%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6-27%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6-27%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6-27%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; "><b>Non-US Equities</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>8-38%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>7-36%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>7-34%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6-32%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>6-30%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>5-28%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>5-26%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>3-19%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1-12%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1-12%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>1-12%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Fixed Income</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>5-25%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>10-30%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>15-35%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>20-40%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>25-45%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>30-50%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>35-55%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>53-73%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>70-90%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>70-90%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>70-90%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style=""> <td height="8"></td> <td height="8" colspan="46"></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" colspan="44" style="border-bottom:1px solid #000000"><b>Sub-Asset Classes and Alternatives</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Emerging Markets Equities</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-19%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-18%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-17%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-16%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-15%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-14%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-13%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-6%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-6%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-6%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Real Estate</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom">&nbsp;</td> <td valign="top"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Commodities</b></div></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><b>&nbsp;</b></td> <td valign="bottom" align="right"><b>0-10%</b></td> <td valign="bottom"><b>&nbsp;</b></td></tr> <tr style="page-break-inside:avoid ; "> <td valign="top"></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="top" style="border-bottom:1px solid #000000"> <div style=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; "><b>Other Alternative Strategies</b></div></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style=" border-bottom:1px solid #000000">&nbsp;</td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td> <td valign="bottom" style="border-bottom:1px solid #000000" align="right"><b>0-10%</b></td> <td valign="bottom" style="border-bottom:1px solid #000000"><b>&nbsp;</b></td></tr> </table> <br/>Note: Above allocations may not sum to total due to rounding. <br/><br/>On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio&#8217;s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path&#8217;s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a &#8220;tactical allocation range&#8221; that allows flexibility to increase or decrease exposure from the glide path&#8217;s strategic allocations. As a result, the Portfolio&#8217;s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser&#8217;s views of the appropriate mix of the Portfolio&#8217;s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as &#8220;junk bonds&#8221;), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio&#8217;s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio&#8217;s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds.<b> The particular Underlying Funds in which the Portfolio may invest and the Portfolio&#8217;s targets and ranges will change from time to time without shareholder approval or notice. </b><br/><br/>The Sub-Adviser&#8217;s strategy is intended to represent a conservative investment strategy. The Sub-Adviser&#8217;s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser&#8217;s expectations regarding this investment strategy will be realized. <br/><br/>Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio&#8217;s ability to achieve its investment objective may be diminished. <br/><br/><b>Management Process </b><br/><br/>The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (&#8220;SEC&#8221;). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio&#8217;s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio&#8217;s operation in this manner and reliance by the Portfolio on this exemptive order. <br/><br/><b>Additional Information </b><br/><br/>The Portfolio&#8217;s benchmark index is the S&amp;P Target Date To 2060+ Index (the &#8220;Index&#8221;). <b>Principal Risks of the Portfolio </b> <b>Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor&#8217;s risk tolerance, personal circumstances, and complete financial situation. </b><br/><br/><b>Asset Allocation Risk.</b>&nbsp;&nbsp;The Portfolio&#8217;s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective. <br/><br/><b>Expenses.</b>&nbsp;&nbsp;By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio. <br/><br/><b>Inadequate Retirement Income.</b>&nbsp;&nbsp;An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio&#8217;s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time. <br/><br/><b>Investing in the Underlying Funds.</b>&nbsp;&nbsp;The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), or exemptive relief thereunder. The Portfolio&#8217;s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. <br/><br/><b>Investments of the Underlying Funds.</b>&nbsp;&nbsp;Because the Portfolio invests in the Underlying Funds, the Portfolio&#8217;s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results. <br/><br/><b>Large Shareholder Transactions Risk.</b>&nbsp;&nbsp;The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio&#8217;s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio&#8217;s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio&#8217;s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio&#8217;s expense ratio. <br/><br/><b>Management Risk.</b>&nbsp;&nbsp;A strategy used by the Sub-Adviser may fail to produce the intended results. <br/><br/><b>Portfolio Turnover Rate Risk.</b>&nbsp;&nbsp;A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders. <br/><br/><b>Underlying ETF Risk.</b>&nbsp;&nbsp;The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF&#8217;s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF. <br/><br/><b>Principal Risks of the Underlying Funds </b><br/><br/><b>Credit/Default Risk.</b>&nbsp;&nbsp;An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund&#8217;s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund&#8217;s investments in non-investment grade fixed income securities. <br/><br/><b>Derivatives Risk.</b>&nbsp;&nbsp;An Underlying Fund&#8217;s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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. <br/><br/><b>Foreign and Emerging Countries Risk.</b>&nbsp;&nbsp;Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund&#8217;s investments in securities of issuers located in emerging countries. <br/><br/><b>Geographic Risk.</b>&nbsp;&nbsp;If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters. <br/><br/><b>Interest Rate Risk.</b>&nbsp;&nbsp;When interest rates increase, fixed income securities or instruments held by an Underlying Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and an Underlying Fund&#8217;s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by an Underlying Fund. <br/><br/><b>Leverage Risk.</b>&nbsp;&nbsp;Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject. <br/><br/><b>Liquidity Risk.</b>&nbsp;&nbsp;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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. <br/><br/><b>Market Risk.</b>&nbsp;&nbsp;The value of the securities in which 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. <br/><br/><b>Mid-Cap and Small-Cap Risk.</b>&nbsp;&nbsp;Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks. <br/><br/><b>Mortgage-Backed and Other Asset-Backed Securities Risk.</b>&nbsp;&nbsp;Mortgage-related and other asset-backed securities are subject to certain additional risks, including &#8220;extension risk&#8221; (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and &#8220;prepayment risk&#8221; (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk. <br/><br/><b>Non-Investment Grade Investments Risk.</b>&nbsp;&nbsp;Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as &#8220;junk bonds&#8221;) are considered speculative and are subject to the increased risk of an issuer&#8217;s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. <br/><br/><b>Stock Risk.</b>&nbsp;&nbsp;Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. <br/><br/><b>U.S. Government Securities Risk.</b>&nbsp;&nbsp;The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (&#8220;Fannie Mae&#8221;), Federal Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future. <b>Performance </b> Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no performance information quoted for the Portfolio. You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). The Portfolio&#8217;s &#8220;Other Expenses&#8221; have been estimated to reflect expenses expected to be incurred during the first fiscal year. April 30, 2019 <b>Loss of money is a risk of investing in the Portfolio.</b> <b>An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) or any government agency.</b> Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no performance information quoted for the Portfolio. 0.055 0 0 0 0 0 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0 0.0025 0 0.005 0 0.0252 0.0238 0.0263 0.0252 0.0252 0.0237 0 0 0.0025 0 0 0 0.0252 0.0238 0.0238 0.0252 0.0252 0.0237 0.0017 0.0017 0.0017 0.0017 0.0017 0.0017 0.0319 0.028 0.033 0.0294 0.0344 0.0279 -0.0233 -0.0233 -0.0233 -0.0233 -0.0233 -0.0234 0.0086 0.0047 0.0097 0.0061 0.0111 0.0045 633 1272 48 646 99 797 62 689 113 839 46 642 50000 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleExpenseExampleTransposed000094 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleShareholderFees000092 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000023 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000063 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000043 column period compact * ~</div> -0.4165 0.3164 0.0997 0.0047 0.1142 0.1963 0.0825 -0.0097 0.0845 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div> 2011-01-03 2011-01-03 2011-01-03 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000053 column period compact * ~</div> 0.1212 0.2278 0.0847 -0.0104 0.0941 <b>Principal Risks of the Portfolio</b> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000077 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualTotalReturnsBarChart000076 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000013 column period compact * ~</div> total return 2017-09-30 0.1236 Best Quarter 2012-03-31 0.0801 Worst Quarter 2015-09-30 -0.0647 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> 0.2893 -0.3531 You may qualify for sales charge discounts on purchases of Class&nbsp;A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in &#8220;Shareholder Guide&#8212;Common Questions Applicable to the Purchase of Class&nbsp;A Shares&#8221; beginning on page&nbsp;82 and in Appendix C&#8212;Additional Information About Sales Charge Variations, Waivers and Discounts on page&nbsp;126 of the Prospectus and &#8220;Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends&#8221; beginning on page&nbsp;B-133 of the Portfolio&#8217;s Statement of Additional Information (&#8220;SAI&#8221;). 0.0901 0.0211 0.0998 0.1094 0.0709 -0.0037 0.0576 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000073 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000083 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000093 column period compact * ~</div> <b>Principal Risks of the Portfolio</b> -0.3835 0.3094 0.0956 0.0116 0.1105 0.1656 0.0803 -0.0087 0.0751 <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualPortfolioOperatingExpenses000033 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAnnualTotalReturnsBarChart000036 column period compact * ~</div> <div style="display:none">~ http://www.gsamfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposed000037 column period compact * ~</div> <b>Principal Risks of the Portfolio</b> The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year. The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Portfolio’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least April 30, 2019, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. The Investment Adviser has agreed to reduce or limit "Other Expenses" (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio's average daily net assets. Additionally, Goldman Sachs & Co. LLC ("Goldman Sachs"), the Portfolio's transfer agent, has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 497
Document Period End Date dei_DocumentPeriodEndDate Aug. 31, 2017
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Central Index Key dei_EntityCentralIndexKey 0001557156
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate May 21, 2018
Document Effective Date dei_DocumentEffectiveDate May 21, 2018
Prospectus Date rr_ProspectusDate May 21, 2018

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Goldman Sachs Target Date 2020 Portfolio
Goldman Sachs Target Date 2020 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2020 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2020 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2020 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 0.85% 0.71% 0.96% 0.85% 0.85% 0.70%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 0.85% 0.71% 0.71% 0.85% 0.85% 0.70%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses [2] 1.52% 1.13% 1.63% 1.27% 1.77% 1.12%
Fee Waiver and Expense Limitation [3] (0.65%) (0.65%) (0.65%) (0.65%) (0.65%) (0.65%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.87% 0.48% 0.98% 0.62% 1.12% 0.47%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2020 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 634 944 1,275 2,210
Institutional Shares 49 295 559 1,316
Service Shares 100 451 825 1,878
Investor Shares 63 338 634 1,477
Class R Shares 114 494 899 2,030
Class R6 Shares 48 291 554 1,305
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., "turns over" its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio's performance. The Portfolio's portfolio turnover rate for the fiscal period ended August 31, 2017 was 189% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2020 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2020. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   5     0     –5     –10   
 
Strategic Allocations
                    
 
Equity
   38%     20%     20%     20%  
 
US Equity
   26%     14%     14%     14%  
 
Non-US Developed Equities
   11%     6%     6%     6%  
 
Fixed Income
   63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
   28-48%     10-30%     10-30%     10-30%  
 
US Equity
   17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
  
 
Emerging Markets Equities
   0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio’s targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2020 Index (the “Index”).
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
Effective August 22, 2016, the Madison Target Retirement 2020 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2020 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio's Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio's Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart
The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 6.28%.

Best Quarter
Q2 ‘09          +15.29%

Worst Quarter
Q4 ‘08          –19.67%
AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Average Annual Total Returns - Goldman Sachs Target Date 2020 Portfolio
1 Year
5 Years
Since Inception
Inception Date
Class R6 5.76% 6.59% 2.44% Oct. 01, 2007
Class R6 | Returns After Taxes on Distributions 3.98% 6.23% 2.25% Oct. 01, 2007
Class R6 | Returns After Taxes on Distributions and Sale of Portfolio Shares 4.05% 5.09% 1.86% Oct. 01, 2007
S&P Target Date To 2020 Index (reflects no deduction for sales charges, account fees, expenses or taxes) 6.50% 6.49% 3.69%  
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
XML 14 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2020 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2020 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2020 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., "turns over" its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio's performance. The Portfolio's portfolio turnover rate for the fiscal period ended August 31, 2017 was 189% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 189.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s "Other Expenses" have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2020 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2020. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   5     0     –5     –10   
 
Strategic Allocations
                    
 
Equity
   38%     20%     20%     20%  
 
US Equity
   26%     14%     14%     14%  
 
Non-US Developed Equities
   11%     6%     6%     6%  
 
Fixed Income
   63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
   28-48%     10-30%     10-30%     10-30%  
 
US Equity
   17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
  
 
Emerging Markets Equities
   0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio’s targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2020 Index (the “Index”).
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Effective August 22, 2016, the Madison Target Retirement 2020 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2020 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio's Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio's Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future.
Bar Chart [Heading] rr_BarChartHeading TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 6.28%.

Best Quarter
Q2 ‘09          +15.29%

Worst Quarter
Q4 ‘08          –19.67%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Goldman Sachs Target Date 2020 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.85%
Other Expenses rr_OtherExpensesOverAssets 0.85% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.52% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.65%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.87% [2]
1 Year rr_ExpenseExampleYear01 $ 634
3 Years rr_ExpenseExampleYear03 944
5 Years rr_ExpenseExampleYear05 1,275
10 Years rr_ExpenseExampleYear10 $ 2,210
Goldman Sachs Target Date 2020 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.71%
Other Expenses rr_OtherExpensesOverAssets 0.71% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.13% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.65%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.48% [2]
1 Year rr_ExpenseExampleYear01 $ 49
3 Years rr_ExpenseExampleYear03 295
5 Years rr_ExpenseExampleYear05 559
10 Years rr_ExpenseExampleYear10 $ 1,316
Goldman Sachs Target Date 2020 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 0.71%
Other Expenses rr_OtherExpensesOverAssets 0.96% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.63% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.65%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.98% [2]
1 Year rr_ExpenseExampleYear01 $ 100
3 Years rr_ExpenseExampleYear03 451
5 Years rr_ExpenseExampleYear05 825
10 Years rr_ExpenseExampleYear10 $ 1,878
Goldman Sachs Target Date 2020 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.85%
Other Expenses rr_OtherExpensesOverAssets 0.85% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.27% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.65%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.62% [2]
1 Year rr_ExpenseExampleYear01 $ 63
3 Years rr_ExpenseExampleYear03 338
5 Years rr_ExpenseExampleYear05 634
10 Years rr_ExpenseExampleYear10 $ 1,477
Goldman Sachs Target Date 2020 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.85%
Other Expenses rr_OtherExpensesOverAssets 0.85% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.77% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.65%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.12% [2]
1 Year rr_ExpenseExampleYear01 $ 114
3 Years rr_ExpenseExampleYear03 494
5 Years rr_ExpenseExampleYear05 899
10 Years rr_ExpenseExampleYear10 $ 2,030
Goldman Sachs Target Date 2020 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.70%
Other Expenses rr_OtherExpensesOverAssets 0.70% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.12% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.65%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.47% [2]
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 291
5 Years rr_ExpenseExampleYear05 554
10 Years rr_ExpenseExampleYear10 $ 1,305
2008 rr_AnnualReturn2008 (35.31%)
2009 rr_AnnualReturn2009 28.93%
2010 rr_AnnualReturn2010 9.01%
2011 rr_AnnualReturn2011 2.11%
2012 rr_AnnualReturn2012 9.98%
2013 rr_AnnualReturn2013 10.94%
2014 rr_AnnualReturn2014 7.09%
2015 rr_AnnualReturn2015 (0.37%)
2016 rr_AnnualReturn2016 5.76%
Year to Date Return, Label rr_YearToDateReturnLabel total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2017
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.28%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.29%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.67%)
1 Year rr_AverageAnnualReturnYear01 5.76%
5 Years rr_AverageAnnualReturnYear05 6.59%
Since Inception rr_AverageAnnualReturnSinceInception 2.44%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2020 Portfolio | Returns After Taxes on Distributions | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 3.98%
5 Years rr_AverageAnnualReturnYear05 6.23%
Since Inception rr_AverageAnnualReturnSinceInception 2.25%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2020 Portfolio | Returns After Taxes on Distributions and Sale of Portfolio Shares | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.05%
5 Years rr_AverageAnnualReturnYear05 5.09%
Since Inception rr_AverageAnnualReturnSinceInception 1.86%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2020 Portfolio | S&P Target Date To 2020 Index (reflects no deduction for sales charges, account fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.50%
5 Years rr_AverageAnnualReturnYear05 6.49%
Since Inception rr_AverageAnnualReturnSinceInception 3.69%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
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Goldman Sachs Target Date 2025 Portfolio
Goldman Sachs Target Date 2025 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2025 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2025 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2025 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 2.62% 2.48% 2.73% 2.62% 2.62% 2.47%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 2.62% 2.48% 2.48% 2.62% 2.62% 2.47%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses [2] 3.29% 2.90% 3.40% 3.04% 3.54% 2.89%
Fee Waiver and Expense Limitation [3] (2.42%) (2.42%) (2.42%) (2.42%) (2.42%) (2.42%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.87% 0.48% 0.98% 0.62% 1.12% 0.47%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2025 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 634 1,293 1,974 3,782
Institutional Shares 49 668 1,313 3,049
Service Shares 100 819 1,561 3,522
Investor Shares 63 710 1,383 3,184
Class R Shares 114 860 1,629 3,649
Class R6 Shares 48 665 1,308 3,039
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 167% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2025 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2025. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   10     5     0     –5     –10   
 
Strategic Allocations
                         
 
Equity
   55%     38%     20%     20%     20%  
 
US Equity
   39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   17%     11%     6%     6%     6%  
 
Fixed Income
   45%     63%     80%     80%     80%  
 
Tactical Allocation Ranges
                         
 
Equity
   45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   35-55%     53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
                         
 
Emerging Markets Equities
   0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2025 Index (the "Index").
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
XML 16 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2025 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2025 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2025 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 167% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 167.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2025 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2025. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   10     5     0     –5     –10   
 
Strategic Allocations
                         
 
Equity
   55%     38%     20%     20%     20%  
 
US Equity
   39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   17%     11%     6%     6%     6%  
 
Fixed Income
   45%     63%     80%     80%     80%  
 
Tactical Allocation Ranges
                         
 
Equity
   45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   35-55%     53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
                         
 
Emerging Markets Equities
   0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2025 Index (the "Index").
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Goldman Sachs Target Date 2025 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.62%
Other Expenses rr_OtherExpensesOverAssets 2.62% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.29% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.42%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.87% [2]
1 Year rr_ExpenseExampleYear01 $ 634
3 Years rr_ExpenseExampleYear03 1,293
5 Years rr_ExpenseExampleYear05 1,974
10 Years rr_ExpenseExampleYear10 $ 3,782
Goldman Sachs Target Date 2025 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.48%
Other Expenses rr_OtherExpensesOverAssets 2.48% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.90% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.42%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.48% [2]
1 Year rr_ExpenseExampleYear01 $ 49
3 Years rr_ExpenseExampleYear03 668
5 Years rr_ExpenseExampleYear05 1,313
10 Years rr_ExpenseExampleYear10 $ 3,049
Goldman Sachs Target Date 2025 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 2.48%
Other Expenses rr_OtherExpensesOverAssets 2.73% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.40% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.42%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.98% [2]
1 Year rr_ExpenseExampleYear01 $ 100
3 Years rr_ExpenseExampleYear03 819
5 Years rr_ExpenseExampleYear05 1,561
10 Years rr_ExpenseExampleYear10 $ 3,522
Goldman Sachs Target Date 2025 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.62%
Other Expenses rr_OtherExpensesOverAssets 2.62% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.04% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.42%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.62% [2]
1 Year rr_ExpenseExampleYear01 $ 63
3 Years rr_ExpenseExampleYear03 710
5 Years rr_ExpenseExampleYear05 1,383
10 Years rr_ExpenseExampleYear10 $ 3,184
Goldman Sachs Target Date 2025 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.62%
Other Expenses rr_OtherExpensesOverAssets 2.62% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.54% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.42%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.12% [2]
1 Year rr_ExpenseExampleYear01 $ 114
3 Years rr_ExpenseExampleYear03 860
5 Years rr_ExpenseExampleYear05 1,629
10 Years rr_ExpenseExampleYear10 $ 3,649
Goldman Sachs Target Date 2025 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.47%
Other Expenses rr_OtherExpensesOverAssets 2.47% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.89% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.42%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.47% [2]
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 665
5 Years rr_ExpenseExampleYear05 1,308
10 Years rr_ExpenseExampleYear10 $ 3,039
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
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Goldman Sachs Target Date 2030 Portfolio
Goldman Sachs Target Date 2030 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2030 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2030 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2030 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 0.67% 0.53% 0.78% 0.67% 0.67% 0.52%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 0.67% 0.53% 0.53% 0.67% 0.67% 0.52%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses [2] 1.34% 0.95% 1.45% 1.09% 1.59% 0.94%
Fee Waiver and Expense Limitation [3] (0.47%) (0.47%) (0.47%) (0.47%) (0.47%) (0.47%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.87% 0.48% 0.98% 0.62% 1.12% 0.47%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2030 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 634 907 1,201 2,035
Institutional Shares 49 256 480 1,123
Service Shares 100 412 747 1,695
Investor Shares 63 300 555 1,286
Class R Shares 114 456 821 1,850
Class R6 Shares 48 253 474 1,112
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 143% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2030 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2030. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   15     10     5     0     –5     –10   
 
Strategic Allocations
                              
 
Equity
   60%     55%     38%     20%     20%     20%  
 
US Equity
   42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   18%     17%     11%     6%     6%     6%  
 
Fixed Income
   40%     45%     63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
   50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
   0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2030 Index (the “Index”).
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
Effective August 22, 2016, the Madison Target Retirement 2030 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2030 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart
The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 9.63%.

Best Quarter
Q2 ‘09          +16.77%

Worst Quarter
Q4 ‘08          –21.65%
AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Average Annual Total Returns - Goldman Sachs Target Date 2030 Portfolio
1 Year
5 Years
Since Inception
Inception Date
Class R6 7.51% 8.30% 2.87% Oct. 01, 2007
Class R6 | Returns After Taxes on Distributions 5.89% 7.97% 2.70% Oct. 01, 2007
Class R6 | Returns After Taxes on Distributions and Sale of Portfolio Shares 5.03% 6.49% 2.21% Oct. 01, 2007
S&P Target Date To 2030 Index (reflects no deduction for sales charges, account fees, expenses or taxes) 7.73% 7.95% 3.62%  
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
XML 19 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2030 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2030 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2030 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 143% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 143.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2030 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2030. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   15     10     5     0     –5     –10   
 
Strategic Allocations
                              
 
Equity
   60%     55%     38%     20%     20%     20%  
 
US Equity
   42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   18%     17%     11%     6%     6%     6%  
 
Fixed Income
   40%     45%     63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
   50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
   0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2030 Index (the “Index”).
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Effective August 22, 2016, the Madison Target Retirement 2030 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2030 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future.
Bar Chart [Heading] rr_BarChartHeading TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 9.63%.

Best Quarter
Q2 ‘09          +16.77%

Worst Quarter
Q4 ‘08          –21.65%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Goldman Sachs Target Date 2030 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.67%
Other Expenses rr_OtherExpensesOverAssets 0.67% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.34% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.47%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.87% [2]
1 Year rr_ExpenseExampleYear01 $ 634
3 Years rr_ExpenseExampleYear03 907
5 Years rr_ExpenseExampleYear05 1,201
10 Years rr_ExpenseExampleYear10 $ 2,035
Goldman Sachs Target Date 2030 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.53%
Other Expenses rr_OtherExpensesOverAssets 0.53% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.95% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.47%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.48% [2]
1 Year rr_ExpenseExampleYear01 $ 49
3 Years rr_ExpenseExampleYear03 256
5 Years rr_ExpenseExampleYear05 480
10 Years rr_ExpenseExampleYear10 $ 1,123
Goldman Sachs Target Date 2030 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 0.53%
Other Expenses rr_OtherExpensesOverAssets 0.78% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.45% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.47%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.98% [2]
1 Year rr_ExpenseExampleYear01 $ 100
3 Years rr_ExpenseExampleYear03 412
5 Years rr_ExpenseExampleYear05 747
10 Years rr_ExpenseExampleYear10 $ 1,695
Goldman Sachs Target Date 2030 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.67%
Other Expenses rr_OtherExpensesOverAssets 0.67% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.09% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.47%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.62% [2]
1 Year rr_ExpenseExampleYear01 $ 63
3 Years rr_ExpenseExampleYear03 300
5 Years rr_ExpenseExampleYear05 555
10 Years rr_ExpenseExampleYear10 $ 1,286
Goldman Sachs Target Date 2030 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.67%
Other Expenses rr_OtherExpensesOverAssets 0.67% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.59% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.47%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.12% [2]
1 Year rr_ExpenseExampleYear01 $ 114
3 Years rr_ExpenseExampleYear03 456
5 Years rr_ExpenseExampleYear05 821
10 Years rr_ExpenseExampleYear10 $ 1,850
Goldman Sachs Target Date 2030 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.52%
Other Expenses rr_OtherExpensesOverAssets 0.52% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 0.94% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.47%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.47% [2]
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 253
5 Years rr_ExpenseExampleYear05 474
10 Years rr_ExpenseExampleYear10 $ 1,112
2008 rr_AnnualReturn2008 (38.35%)
2009 rr_AnnualReturn2009 30.94%
2010 rr_AnnualReturn2010 9.56%
2011 rr_AnnualReturn2011 1.16%
2012 rr_AnnualReturn2012 11.05%
2013 rr_AnnualReturn2013 16.56%
2014 rr_AnnualReturn2014 8.03%
2015 rr_AnnualReturn2015 (0.87%)
2016 rr_AnnualReturn2016 7.51%
Year to Date Return, Label rr_YearToDateReturnLabel total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2017
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 9.63%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.77%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (21.65%)
1 Year rr_AverageAnnualReturnYear01 7.51%
5 Years rr_AverageAnnualReturnYear05 8.30%
Since Inception rr_AverageAnnualReturnSinceInception 2.87%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2030 Portfolio | Returns After Taxes on Distributions | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.89%
5 Years rr_AverageAnnualReturnYear05 7.97%
Since Inception rr_AverageAnnualReturnSinceInception 2.70%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2030 Portfolio | Returns After Taxes on Distributions and Sale of Portfolio Shares | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.03%
5 Years rr_AverageAnnualReturnYear05 6.49%
Since Inception rr_AverageAnnualReturnSinceInception 2.21%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2030 Portfolio | S&P Target Date To 2030 Index (reflects no deduction for sales charges, account fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.73%
5 Years rr_AverageAnnualReturnYear05 7.95%
Since Inception rr_AverageAnnualReturnSinceInception 3.62%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
XML 20 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Goldman Sachs Target Date 2035 Portfolio
Goldman Sachs Target Date 2035 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2035 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2035 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2035 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 2.59% 2.45% 2.70% 2.59% 2.59% 2.44%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 2.59% 2.45% 2.45% 2.59% 2.59% 2.44%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses [2] 3.26% 2.87% 3.37% 3.01% 3.51% 2.86%
Fee Waiver and Expense Limitation [3] (2.39%) (2.39%) (2.39%) (2.39%) (2.39%) (2.39%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.87% 0.48% 0.98% 0.62% 1.12% 0.47%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit "Other Expenses" (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio's average daily net assets. Additionally, Goldman Sachs & Co. LLC ("Goldman Sachs"), the Portfolio's transfer agent, has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2035 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 634 1,287 1,962 3,757
Institutional Shares 49 662 1,301 3,022
Service Shares 100 813 1,549 3,496
Investor Shares 63 704 1,371 3,157
Class R Shares 114 854 1,617 3,624
Class R6 Shares 48 659 1,296 3,012
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 137% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2035 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2035. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   20     15     10     5     0     –5     –10   
 
Strategic Allocations
                                   
 
Equity
   65%     60%     55%     38%     20%     20%     20%  
 
US Equity
   46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
   35%     40%     45%     63%     80%     80%     80%  
 
Tactical Allocation Ranges
                                   
 
Equity
   55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
                                   
 
Emerging Markets Equities
   0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10% 

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio’s targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2035 Index (the “Index”).
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
XML 21 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2035 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2035 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2035 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 137% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 137.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2035 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2035. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   20     15     10     5     0     –5     –10   
 
Strategic Allocations
                                   
 
Equity
   65%     60%     55%     38%     20%     20%     20%  
 
US Equity
   46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
   35%     40%     45%     63%     80%     80%     80%  
 
Tactical Allocation Ranges
                                   
 
Equity
   55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
                                   
 
Emerging Markets Equities
   0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10% 

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio’s targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2035 Index (the “Index”).
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Goldman Sachs Target Date 2035 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.59%
Other Expenses rr_OtherExpensesOverAssets 2.59% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.26% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.39%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.87% [2]
1 Year rr_ExpenseExampleYear01 $ 634
3 Years rr_ExpenseExampleYear03 1,287
5 Years rr_ExpenseExampleYear05 1,962
10 Years rr_ExpenseExampleYear10 $ 3,757
Goldman Sachs Target Date 2035 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.45%
Other Expenses rr_OtherExpensesOverAssets 2.45% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.87% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.39%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.48% [2]
1 Year rr_ExpenseExampleYear01 $ 49
3 Years rr_ExpenseExampleYear03 662
5 Years rr_ExpenseExampleYear05 1,301
10 Years rr_ExpenseExampleYear10 $ 3,022
Goldman Sachs Target Date 2035 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 2.45%
Other Expenses rr_OtherExpensesOverAssets 2.70% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.37% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.39%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.98% [2]
1 Year rr_ExpenseExampleYear01 $ 100
3 Years rr_ExpenseExampleYear03 813
5 Years rr_ExpenseExampleYear05 1,549
10 Years rr_ExpenseExampleYear10 $ 3,496
Goldman Sachs Target Date 2035 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.59%
Other Expenses rr_OtherExpensesOverAssets 2.59% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.01% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.39%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.62% [2]
1 Year rr_ExpenseExampleYear01 $ 63
3 Years rr_ExpenseExampleYear03 704
5 Years rr_ExpenseExampleYear05 1,371
10 Years rr_ExpenseExampleYear10 $ 3,157
Goldman Sachs Target Date 2035 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.59%
Other Expenses rr_OtherExpensesOverAssets 2.59% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.51% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.39%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.12% [2]
1 Year rr_ExpenseExampleYear01 $ 114
3 Years rr_ExpenseExampleYear03 854
5 Years rr_ExpenseExampleYear05 1,617
10 Years rr_ExpenseExampleYear10 $ 3,624
Goldman Sachs Target Date 2035 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.44%
Other Expenses rr_OtherExpensesOverAssets 2.44% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.86% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.39%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.47% [2]
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 659
5 Years rr_ExpenseExampleYear05 1,296
10 Years rr_ExpenseExampleYear10 $ 3,012
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit "Other Expenses" (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio's average daily net assets. Additionally, Goldman Sachs & Co. LLC ("Goldman Sachs"), the Portfolio's transfer agent, has agreed to waive a portion of its transfer agency fee (a component of "Other Expenses") equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
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Goldman Sachs Target Date 2040 Portfolio
Goldman Sachs Target Date 2040 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2040 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2040 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2040 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 0.77% 0.63% 0.88% 0.77% 0.77% 0.62%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 0.77% 0.63% 0.63% 0.77% 0.77% 0.62%
Acquired (Underlying) Fund Fees and Expenses 0.18% 0.18% 0.18% 0.18% 0.18% 0.18%
Total Annual Portfolio Operating Expenses [2] 1.45% 1.06% 1.56% 1.20% 1.70% 1.05%
Fee Waiver and Expense Limitation [3] (0.57%) (0.57%) (0.57%) (0.57%) (0.57%) (0.57%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.88% 0.49% 0.99% 0.63% 1.13% 0.48%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2040 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 635 930 1,247 2,143
Institutional Shares 50 280 529 1,243
Service Shares 101 437 796 1,808
Investor Shares 64 324 605 1,404
Class R Shares 115 480 869 1,961
Class R6 Shares 49 277 524 1,231
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio's portfolio turnover rate for the fiscal period ended August 31, 2017 was 142% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2040 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2040. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   25     20     15     10     5     0     –5     –10   
 
Strategic Allocations
  
 
Equity
   70%     65%     60%     55%     38%     20%     20%     20%  
 
US Equity
   49%     46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   21%     20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
   30%     35%     40%     45%     63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
   60-80%     55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   36-72%     33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   6-32%     6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   20-40%     25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
   0-16%     0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2040 Index (the "Index").
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
Effective August 22, 2016, the Madison Target Retirement 2040 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2040 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart
The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 11.05%.

Best Quarter
Q2 ‘09          +18.13%

Worst Quarter
Q4 ‘08          –23.55%
AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Average Annual Total Returns - Goldman Sachs Target Date 2040 Portfolio
1 Year
5 Years
Since Inception
Inception Date
Class R6 8.45% 9.15% 2.68% Oct. 01, 2007
Class R6 | Returns After Taxes on Distributions 6.43% 8.74% 2.47% Oct. 01, 2007
Class R6 | Returns After Taxes on Distributions and Sale of Portfolio Shares 5.80% 7.17% 2.05% Oct. 01, 2007
S&P Target Date To 2040 Index (reflects no deduction for sales charges, account fees, expenses or taxes) 8.75% 9.09% 3.64%  
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
XML 24 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2040 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2040 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2040 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio's portfolio turnover rate for the fiscal period ended August 31, 2017 was 142% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 142.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2040 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2040. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   25     20     15     10     5     0     –5     –10   
 
Strategic Allocations
  
 
Equity
   70%     65%     60%     55%     38%     20%     20%     20%  
 
US Equity
   49%     46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   21%     20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
   30%     35%     40%     45%     63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
   60-80%     55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   36-72%     33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   6-32%     6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   20-40%     25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
   0-16%     0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2040 Index (the "Index").
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Effective August 22, 2016, the Madison Target Retirement 2040 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2040 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future.
Bar Chart [Heading] rr_BarChartHeading TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 11.05%.

Best Quarter
Q2 ‘09          +18.13%

Worst Quarter
Q4 ‘08          –23.55%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Goldman Sachs Target Date 2040 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.77%
Other Expenses rr_OtherExpensesOverAssets 0.77% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.45% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.57%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.88% [2]
1 Year rr_ExpenseExampleYear01 $ 635
3 Years rr_ExpenseExampleYear03 930
5 Years rr_ExpenseExampleYear05 1,247
10 Years rr_ExpenseExampleYear10 $ 2,143
Goldman Sachs Target Date 2040 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.63%
Other Expenses rr_OtherExpensesOverAssets 0.63% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.06% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.57%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.49% [2]
1 Year rr_ExpenseExampleYear01 $ 50
3 Years rr_ExpenseExampleYear03 280
5 Years rr_ExpenseExampleYear05 529
10 Years rr_ExpenseExampleYear10 $ 1,243
Goldman Sachs Target Date 2040 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 0.63%
Other Expenses rr_OtherExpensesOverAssets 0.88% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.56% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.57%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.99% [2]
1 Year rr_ExpenseExampleYear01 $ 101
3 Years rr_ExpenseExampleYear03 437
5 Years rr_ExpenseExampleYear05 796
10 Years rr_ExpenseExampleYear10 $ 1,808
Goldman Sachs Target Date 2040 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.77%
Other Expenses rr_OtherExpensesOverAssets 0.77% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.20% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.57%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.63% [2]
1 Year rr_ExpenseExampleYear01 $ 64
3 Years rr_ExpenseExampleYear03 324
5 Years rr_ExpenseExampleYear05 605
10 Years rr_ExpenseExampleYear10 $ 1,404
Goldman Sachs Target Date 2040 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.77%
Other Expenses rr_OtherExpensesOverAssets 0.77% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.70% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.57%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.13% [2]
1 Year rr_ExpenseExampleYear01 $ 115
3 Years rr_ExpenseExampleYear03 480
5 Years rr_ExpenseExampleYear05 869
10 Years rr_ExpenseExampleYear10 $ 1,961
Goldman Sachs Target Date 2040 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 0.62%
Other Expenses rr_OtherExpensesOverAssets 0.62% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.18%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.05% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (0.57%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.48% [2]
1 Year rr_ExpenseExampleYear01 $ 49
3 Years rr_ExpenseExampleYear03 277
5 Years rr_ExpenseExampleYear05 524
10 Years rr_ExpenseExampleYear10 $ 1,231
2008 rr_AnnualReturn2008 (41.65%)
2009 rr_AnnualReturn2009 31.64%
2010 rr_AnnualReturn2010 9.97%
2011 rr_AnnualReturn2011 0.47%
2012 rr_AnnualReturn2012 11.42%
2013 rr_AnnualReturn2013 19.63%
2014 rr_AnnualReturn2014 8.25%
2015 rr_AnnualReturn2015 (0.97%)
2016 rr_AnnualReturn2016 8.45%
Year to Date Return, Label rr_YearToDateReturnLabel total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2017
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 11.05%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 18.13%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.55%)
1 Year rr_AverageAnnualReturnYear01 8.45%
5 Years rr_AverageAnnualReturnYear05 9.15%
Since Inception rr_AverageAnnualReturnSinceInception 2.68%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2040 Portfolio | Returns After Taxes on Distributions | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.43%
5 Years rr_AverageAnnualReturnYear05 8.74%
Since Inception rr_AverageAnnualReturnSinceInception 2.47%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2040 Portfolio | Returns After Taxes on Distributions and Sale of Portfolio Shares | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 5.80%
5 Years rr_AverageAnnualReturnYear05 7.17%
Since Inception rr_AverageAnnualReturnSinceInception 2.05%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Goldman Sachs Target Date 2040 Portfolio | S&P Target Date To 2040 Index (reflects no deduction for sales charges, account fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 8.75%
5 Years rr_AverageAnnualReturnYear05 9.09%
Since Inception rr_AverageAnnualReturnSinceInception 3.64%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
XML 25 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Goldman Sachs Target Date 2045 Portfolio
Goldman Sachs Target Date 2045 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2045 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2045 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2045 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 2.56% 2.42% 2.67% 2.56% 2.56% 2.41%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 2.56% 2.42% 2.42% 2.56% 2.56% 2.41%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses [2] 3.23% 2.84% 3.34% 2.98% 3.48% 2.83%
Fee Waiver and Expense Limitation [3] (2.35%) (2.35%) (2.35%) (2.35%) (2.35%) (2.35%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.88% 0.49% 0.99% 0.63% 1.13% 0.48%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2045 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 635 1,282 1,952 3,733
Institutional Shares 50 657 1,290 2,996
Service Shares 101 807 1,537 3,471
Investor Shares 64 699 1,360 3,131
Class R Shares 115 849 1,606 3,600
Class R6 Shares 49 654 1,285 2,986
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 143% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2045 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2045. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   30     25     20     15     10     5     0     –5     –10   
 
Strategic Allocations
                                             
 
Equity
   75%     70%     65%     60%     55%     38%     20%     20%     20%  
 
US Equity
   53%     49%     46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   23%     21%     20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
   25%     30%     35%     40%     45%     63%     80%     80%     80%  
 
Tactical Allocation Ranges
                                             
 
Equity
   65-85%     60-80%     55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   39-77%     36-72%     33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   7-34%     6-32%     6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   15-35%     20-40%     25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
                                             
 
Emerging Markets Equities
   0-17%     0-16%     0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding. 


On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2045 Index (the "Index").
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund's use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
XML 26 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2045 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2045 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2045 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 143% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 143.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2045 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2045. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE   30     25     20     15     10     5     0     –5     –10   
 
Strategic Allocations
                                             
 
Equity
   75%     70%     65%     60%     55%     38%     20%     20%     20%  
 
US Equity
   53%     49%     46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
   23%     21%     20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
   25%     30%     35%     40%     45%     63%     80%     80%     80%  
 
Tactical Allocation Ranges
                                             
 
Equity
   65-85%     60-80%     55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
   39-77%     36-72%     33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
   7-34%     6-32%     6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
   15-35%     20-40%     25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 
Sub-Asset Classes and Alternatives
                                             
 
Emerging Markets Equities
   0-17%     0-16%     0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
   0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding. 


On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2045 Index (the "Index").
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund's use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Goldman Sachs Target Date 2045 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.56%
Other Expenses rr_OtherExpensesOverAssets 2.56% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.23% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.35%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.88% [2]
1 Year rr_ExpenseExampleYear01 $ 635
3 Years rr_ExpenseExampleYear03 1,282
5 Years rr_ExpenseExampleYear05 1,952
10 Years rr_ExpenseExampleYear10 $ 3,733
Goldman Sachs Target Date 2045 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.42%
Other Expenses rr_OtherExpensesOverAssets 2.42% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.84% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.35%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.49% [2]
1 Year rr_ExpenseExampleYear01 $ 50
3 Years rr_ExpenseExampleYear03 657
5 Years rr_ExpenseExampleYear05 1,290
10 Years rr_ExpenseExampleYear10 $ 2,996
Goldman Sachs Target Date 2045 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 2.42%
Other Expenses rr_OtherExpensesOverAssets 2.67% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.34% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.35%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.99% [2]
1 Year rr_ExpenseExampleYear01 $ 101
3 Years rr_ExpenseExampleYear03 807
5 Years rr_ExpenseExampleYear05 1,537
10 Years rr_ExpenseExampleYear10 $ 3,471
Goldman Sachs Target Date 2045 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.56%
Other Expenses rr_OtherExpensesOverAssets 2.56% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.98% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.35%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.63% [2]
1 Year rr_ExpenseExampleYear01 $ 64
3 Years rr_ExpenseExampleYear03 699
5 Years rr_ExpenseExampleYear05 1,360
10 Years rr_ExpenseExampleYear10 $ 3,131
Goldman Sachs Target Date 2045 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.56%
Other Expenses rr_OtherExpensesOverAssets 2.56% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.48% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.35%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.13% [2]
1 Year rr_ExpenseExampleYear01 $ 115
3 Years rr_ExpenseExampleYear03 849
5 Years rr_ExpenseExampleYear05 1,606
10 Years rr_ExpenseExampleYear10 $ 3,600
Goldman Sachs Target Date 2045 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.41%
Other Expenses rr_OtherExpensesOverAssets 2.41% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.83% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.35%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.48% [2]
1 Year rr_ExpenseExampleYear01 $ 49
3 Years rr_ExpenseExampleYear03 654
5 Years rr_ExpenseExampleYear05 1,285
10 Years rr_ExpenseExampleYear10 $ 2,986
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
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Goldman Sachs Target Date 2050 Portfolio
Goldman Sachs Target Date 2050 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2050 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2050 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2050 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 1.49% 1.35% 1.60% 1.49% 1.49% 1.34%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 1.49% 1.35% 1.35% 1.49% 1.49% 1.34%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses [2] 2.16% 1.77% 2.27% 1.91% 2.41% 1.76%
Fee Waiver and Expense Limitation [3] (1.29%) (1.29%) (1.29%) (1.29%) (1.29%) (1.29%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.87% 0.48% 0.98% 0.62% 1.12% 0.47%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2050 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 634 1,071 1,534 2,810
Institutional Shares 49 431 838 1,977
Service Shares 100 585 1,097 2,505
Investor Shares 63 475 911 2,128
Class R Shares 114 628 1,169 2,648
Class R6 Shares 48 428 833 1,966
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 139% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2050 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2050. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE  35     30     25     20     15     10     5     0     –5     –10   
 
Strategic Allocations
                                                 
 
Equity
  80%     75%     70%     65%     60%     55%     38%     20%     20%     20%  
 
US Equity
  56%     53%     49%     46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
  24%     23%     21%     20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
  20%     25%     30%     35%     40%     45%     63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
  70-90%     65-85%     60-80%     55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
  42-81%     39-77%     36-72%     33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
  7-36%     7-34%     6-32%     6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
  10-30%     15-35%     20-40%     25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
  0-18%     0-17%     0-16%     0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
  0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
  0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
  0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.


On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2050 Index (the "Index").
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund's use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
Effective August 22, 2016, the Madison Target Retirement 2050 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2050 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart
The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 12.36%.

Best Quarter
Q1 ‘12          +8.01%

Worst Quarter
Q3 ‘15          –6.47%
AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Average Annual Total Returns - Goldman Sachs Target Date 2050 Portfolio
1 Year
5 Years
Since Inception
Inception Date
Class R6 9.41% 10.08% 8.14% Jan. 03, 2011
Class R6 | Returns After Taxes on Distributions 7.51% 9.69% 7.82% Jan. 03, 2011
Class R6 | Returns After Taxes on Distributions and Sale of Portfolio Shares 6.28% 7.93% 6.41% Jan. 03, 2011
S&P Target Date To 2050 Index (reflects no deduction for sales charges, account fees, expenses or taxes) 9.41% 9.98% 7.53%  
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
XML 29 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2050 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2050 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2050 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 139% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 139.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2050 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2050. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE  35     30     25     20     15     10     5     0     –5     –10   
 
Strategic Allocations
                                                 
 
Equity
  80%     75%     70%     65%     60%     55%     38%     20%     20%     20%  
 
US Equity
  56%     53%     49%     46%     42%     39%     26%     14%     14%     14%  
 
Non-US Developed Equities
  24%     23%     21%     20%     18%     17%     11%     6%     6%     6%  
 
Fixed Income
  20%     25%     30%     35%     40%     45%     63%     80%     80%     80%  
 Tactical Allocation Ranges  
 
Equity
  70-90%     65-85%     60-80%     55-75%     50-70%     45-65%     28-48%     10-30%     10-30%     10-30%  
 
US Equity
  42-81%     39-77%     36-72%     33-68%     30-63%     27-59%     17-43%     6-27%     6-27%     6-27%  
 
Non-US Equities
  7-36%     7-34%     6-32%     6-30%     5-28%     5-26%     3-19%     1-12%     1-12%     1-12%  
 
Fixed Income
  10-30%     15-35%     20-40%     25-45%     30-50%     35-55%     53-73%     70-90%     70-90%     70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
  0-18%     0-17%     0-16%     0-15%     0-14%     0-13%     0-10%     0-6%     0-6%     0-6%  
 
Real Estate
  0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Commodities
  0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  
 
Other Alternative Strategies
  0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%     0-10%  

Note: Above allocations may not sum to total due to rounding.


On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2050 Index (the "Index").
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor's risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the "Investment Company Act"), or exemptive relief thereunder. The Portfolio's investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund's use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Effective August 22, 2016, the Madison Target Retirement 2050 Fund, a series of Madison Funds (the “Predecessor Fund”), was reorganized into the Portfolio. As accounting successor to the Predecessor Fund, the Portfolio has assumed the Predecessor Fund’s historical performance. Therefore, the performance information shown below for periods prior to August 22, 2016 is that of the Predecessor Fund. The returns presented for the Portfolio for periods prior to August 29, 2014 reflect the performance of the Madison Target Retirement 2050 Fund’s Class I Shares, a series of Ultra Series Fund (the “Ultra Predecessor Fund”). As of August 29, 2014, the inception date of the Predecessor Fund, the Ultra Predecessor Fund exchanged in kind substantially all of its portfolio holdings for Class R6 shares of the Predecessor Fund. As a result, the Predecessor Fund assumed the performance of the Ultra Predecessor Fund.

The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index. The Portfolio has different fees and expenses from those of the Predecessor Fund and would, therefore, have had different performance results. Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. Performance information for the Portfolio is available at no cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.

Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.

Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class R6 Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class R6 Shares compare to those of a broad-based securities market index.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Predecessor Fund did not offer Class A, Institutional, Service, Investor and Class R Shares, and the Class A, Institutional, Service, Investor and Class R Shares of the Portfolio have not operated for a full calendar year as of the date of the Prospectus, no performance information is shown for those share classes.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance of the Portfolio, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future.
Bar Chart [Heading] rr_BarChartHeading TOTAL RETURN CALENDAR YEAR (CLASS R6)
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock The total return for Class R6 Shares for the 9-month period ended September 30, 2017 was 12.36%.

Best Quarter
Q1 ‘12          +8.01%

Worst Quarter
Q3 ‘15          –6.47%
Performance Table Heading rr_PerformanceTableHeading AVERAGE ANNUAL TOTAL RETURNS

For the period ended December 31, 2016
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Portfolio shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Goldman Sachs Target Date 2050 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 1.49%
Other Expenses rr_OtherExpensesOverAssets 1.49% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.16% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (1.29%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.87% [2]
1 Year rr_ExpenseExampleYear01 $ 634
3 Years rr_ExpenseExampleYear03 1,071
5 Years rr_ExpenseExampleYear05 1,534
10 Years rr_ExpenseExampleYear10 $ 2,810
Goldman Sachs Target Date 2050 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 1.35%
Other Expenses rr_OtherExpensesOverAssets 1.35% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.77% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (1.29%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.48% [2]
1 Year rr_ExpenseExampleYear01 $ 49
3 Years rr_ExpenseExampleYear03 431
5 Years rr_ExpenseExampleYear05 838
10 Years rr_ExpenseExampleYear10 $ 1,977
Goldman Sachs Target Date 2050 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 1.35%
Other Expenses rr_OtherExpensesOverAssets 1.60% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.27% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (1.29%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.98% [2]
1 Year rr_ExpenseExampleYear01 $ 100
3 Years rr_ExpenseExampleYear03 585
5 Years rr_ExpenseExampleYear05 1,097
10 Years rr_ExpenseExampleYear10 $ 2,505
Goldman Sachs Target Date 2050 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 1.49%
Other Expenses rr_OtherExpensesOverAssets 1.49% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.91% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (1.29%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.62% [2]
1 Year rr_ExpenseExampleYear01 $ 63
3 Years rr_ExpenseExampleYear03 475
5 Years rr_ExpenseExampleYear05 911
10 Years rr_ExpenseExampleYear10 $ 2,128
Goldman Sachs Target Date 2050 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 1.49%
Other Expenses rr_OtherExpensesOverAssets 1.49% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.41% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (1.29%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.12% [2]
1 Year rr_ExpenseExampleYear01 $ 114
3 Years rr_ExpenseExampleYear03 628
5 Years rr_ExpenseExampleYear05 1,169
10 Years rr_ExpenseExampleYear10 $ 2,648
Goldman Sachs Target Date 2050 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 1.34%
Other Expenses rr_OtherExpensesOverAssets 1.34% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.76% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (1.29%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.47% [2]
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 428
5 Years rr_ExpenseExampleYear05 833
10 Years rr_ExpenseExampleYear10 $ 1,966
2012 rr_AnnualReturn2012 12.12%
2013 rr_AnnualReturn2013 22.78%
2014 rr_AnnualReturn2014 8.47%
2015 rr_AnnualReturn2015 (1.04%)
2016 rr_AnnualReturn2016 9.41%
Year to Date Return, Label rr_YearToDateReturnLabel total return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Sep. 30, 2017
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 12.36%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.01%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.47%)
1 Year rr_AverageAnnualReturnYear01 9.41%
5 Years rr_AverageAnnualReturnYear05 10.08%
Since Inception rr_AverageAnnualReturnSinceInception 8.14%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 03, 2011
Goldman Sachs Target Date 2050 Portfolio | Returns After Taxes on Distributions | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.51%
5 Years rr_AverageAnnualReturnYear05 9.69%
Since Inception rr_AverageAnnualReturnSinceInception 7.82%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 03, 2011
Goldman Sachs Target Date 2050 Portfolio | Returns After Taxes on Distributions and Sale of Portfolio Shares | Class R6  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 6.28%
5 Years rr_AverageAnnualReturnYear05 7.93%
Since Inception rr_AverageAnnualReturnSinceInception 6.41%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 03, 2011
Goldman Sachs Target Date 2050 Portfolio | S&P Target Date To 2050 Index (reflects no deduction for sales charges, account fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 9.41%
5 Years rr_AverageAnnualReturnYear05 9.98%
Since Inception rr_AverageAnnualReturnSinceInception 7.53%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.024% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
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Goldman Sachs Target Date 2055 Portfolio
Goldman Sachs Target Date 2055 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2055 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2055 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2055 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 2.77% 2.63% 2.88% 2.77% 2.77% 2.62%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 2.77% 2.63% 2.63% 2.77% 2.77% 2.62%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses [2] 3.44% 3.05% 3.55% 3.19% 3.69% 3.04%
Fee Waiver and Expense Limitation [3] (2.58%) (2.58%) (2.58%) (2.58%) (2.58%) (2.58%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation [2] 0.86% 0.47% 0.97% 0.61% 1.11% 0.46%
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2055 Portfolio - USD ($)
1 Year
3 Years
5 Years
10 Years
Class A Shares 633 1,321 2,030 3,902
Institutional Shares 48 698 1,374 3,182
Service Shares 99 848 1,620 3,648
Investor Shares 62 740 1,443 3,315
Class R Shares 113 890 1,687 3,774
Class R6 Shares 47 695 1,369 3,172
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 182% of the average value of its portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2055 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2055. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE  40+    35    30    25    20    15    10    5    0    –5    –10  
 
Strategic Allocations
                                            
 
Equity
  85%    80%    75%    70%    65%    60%    55%    38%    20%    20%    20%  
 
US Equity
  60%    56%    53%    49%    46%    42%    39%    26%    14%    14%    14%  
 
Non-US Developed Equities
  26%    24%    23%    21%    20%    18%    17%    11%    6%    6%    6%  
 
Fixed Income
  15%    20%    25%    30%    35%    40%    45%    63%    80%    80%    80%  
 Tactical Allocation Ranges  
 
Equity
  75-95%    70-90%    65-85%    60-80%    55-75%    50-70%    45-65%    28-48%    10-30%    10-30%    10-30%  
 
US Equity
  45-86%    42-81%    39-77%    36-72%    33-68%    30-63%    27-59%    17-43%    6-27%    6-27%    6-27%  
 
Non-US Equities
  8-38%    7-36%    7-34%    6-32%    6-30%    5-28%    5-26%    3-19%    1-12%    1-12%    1-12%  
 
Fixed Income
  5-25%    10-30%    15-35%    20-40%    25-45%    30-50%    35-55%    53-73%    70-90%    70-90%    70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
  0-19%    0-18%    0-17%    0-16%    0-15%    0-14%    0-13%    0-10%    0-6%    0-6%    0-6%  
 
Real Estate
  0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%  
 
Commodities
  0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%  
 
Other Alternative Strategies
  0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%  

Note: Above allocations may not sum to total due to rounding. 


On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2055 Index (the "Index").
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
XML 31 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2055 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2055 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2055 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination December 29, 2018
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. The Portfolio’s portfolio turnover rate for the fiscal period ended August 31, 2017 was 182% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 182.00%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2055 (the "Target Date"). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds ("Underlying ETFs") and other registered investment companies (collectively, the "Underlying Funds"), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the "Sub-Adviser") who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2055. Over time, the Portfolio's asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio's asset allocation targets are expected to remain within these approximate ranges. The graph below applies to each Goldman Sachs Target Date Portfolio identified in the Prospectus.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

 YEARS TO TARGET DATE  40+    35    30    25    20    15    10    5    0    –5    –10  
 
Strategic Allocations
                                            
 
Equity
  85%    80%    75%    70%    65%    60%    55%    38%    20%    20%    20%  
 
US Equity
  60%    56%    53%    49%    46%    42%    39%    26%    14%    14%    14%  
 
Non-US Developed Equities
  26%    24%    23%    21%    20%    18%    17%    11%    6%    6%    6%  
 
Fixed Income
  15%    20%    25%    30%    35%    40%    45%    63%    80%    80%    80%  
 Tactical Allocation Ranges  
 
Equity
  75-95%    70-90%    65-85%    60-80%    55-75%    50-70%    45-65%    28-48%    10-30%    10-30%    10-30%  
 
US Equity
  45-86%    42-81%    39-77%    36-72%    33-68%    30-63%    27-59%    17-43%    6-27%    6-27%    6-27%  
 
Non-US Equities
  8-38%    7-36%    7-34%    6-32%    6-30%    5-28%    5-26%    3-19%    1-12%    1-12%    1-12%  
 
Fixed Income
  5-25%    10-30%    15-35%    20-40%    25-45%    30-50%    35-55%    53-73%    70-90%    70-90%    70-90%  
 Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
  0-19%    0-18%    0-17%    0-16%    0-15%    0-14%    0-13%    0-10%    0-6%    0-6%    0-6%  
 
Real Estate
  0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%  
 
Commodities
  0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%  
 
Other Alternative Strategies
  0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%    0-10%  

Note: Above allocations may not sum to total due to rounding. 


On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio's asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path's strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a "tactical allocation range" that allows flexibility to increase or decrease exposure from the glide path's strategic allocations. As a result, the Portfolio's equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser's views of the appropriate mix of the Portfolio's asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as "junk bonds"), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio's investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio's style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio's targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser's strategy is intended to represent a conservative investment strategy. The Sub-Adviser's expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser's expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio's ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission ("SEC"). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio's Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio's operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio's benchmark index is the S&P Target Date To 2055 Index (the "Index").
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio's allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio's performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio's shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio's NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio's performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio's current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio's expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF's shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund's liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund's investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund's investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess As the Portfolio has not operated for a full calendar year as of the date of the Prospectus, there is no performance information quoted for the Portfolio.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.gsamfunds.com/performance
Goldman Sachs Target Date 2055 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.77%
Other Expenses rr_OtherExpensesOverAssets 2.77% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.44% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.58%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.86% [2]
1 Year rr_ExpenseExampleYear01 $ 633
3 Years rr_ExpenseExampleYear03 1,321
5 Years rr_ExpenseExampleYear05 2,030
10 Years rr_ExpenseExampleYear10 $ 3,902
Goldman Sachs Target Date 2055 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.63%
Other Expenses rr_OtherExpensesOverAssets 2.63% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.05% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.58%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.47% [2]
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 698
5 Years rr_ExpenseExampleYear05 1,374
10 Years rr_ExpenseExampleYear10 $ 3,182
Goldman Sachs Target Date 2055 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 2.63%
Other Expenses rr_OtherExpensesOverAssets 2.88% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.55% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.58%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.97% [2]
1 Year rr_ExpenseExampleYear01 $ 99
3 Years rr_ExpenseExampleYear03 848
5 Years rr_ExpenseExampleYear05 1,620
10 Years rr_ExpenseExampleYear10 $ 3,648
Goldman Sachs Target Date 2055 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.77%
Other Expenses rr_OtherExpensesOverAssets 2.77% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.19% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.58%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.61% [2]
1 Year rr_ExpenseExampleYear01 $ 62
3 Years rr_ExpenseExampleYear03 740
5 Years rr_ExpenseExampleYear05 1,443
10 Years rr_ExpenseExampleYear10 $ 3,315
Goldman Sachs Target Date 2055 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.77%
Other Expenses rr_OtherExpensesOverAssets 2.77% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.69% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.58%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.11% [2]
1 Year rr_ExpenseExampleYear01 $ 113
3 Years rr_ExpenseExampleYear03 890
5 Years rr_ExpenseExampleYear05 1,687
10 Years rr_ExpenseExampleYear10 $ 3,774
Goldman Sachs Target Date 2055 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.62%
Other Expenses rr_OtherExpensesOverAssets 2.62% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.04% [2]
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.58%) [3]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.46% [2]
1 Year rr_ExpenseExampleYear01 $ 47
3 Years rr_ExpenseExampleYear03 695
5 Years rr_ExpenseExampleYear05 1,369
10 Years rr_ExpenseExampleYear10 $ 3,172
[1] The Portfolio’s “Other Expenses” have been restated to reflect expenses expected to be incurred during the current fiscal year.
[2] The Total Annual Portfolio Operating Expenses do not correlate to the ratios of the net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Portfolio and do not include Acquired (Underlying) Fund Fees and Expenses.
[3] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least December 29, 2018, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
XML 32 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Goldman Sachs Target Date 2060 Portfolio
Goldman Sachs Target Date 2060 Portfolio—Summary
Investment Objective
The Goldman Sachs Target Date 2060 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees - Goldman Sachs Target Date 2060 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% none none none none none
Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses - Goldman Sachs Target Date 2060 Portfolio
Class A
Institutional
Service
Investor
Class R
Class R6
Management Fees 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Distribution and/or Service (12b-1) Fees 0.25% none 0.25% none 0.50% none
Other Expenses [1] 2.52% 2.38% 2.63% 2.52% 2.52% 2.37%
Shareholder Administration Fees none none 0.25% none none none
All Other Expenses 2.52% 2.38% 2.38% 2.52% 2.52% 2.37%
Acquired (Underlying) Fund Fees and Expenses 0.17% 0.17% 0.17% 0.17% 0.17% 0.17%
Total Annual Portfolio Operating Expenses 3.19% 2.80% 3.30% 2.94% 3.44% 2.79%
Fee Waiver and Expense Limitation [2] (2.33%) (2.33%) (2.33%) (2.33%) (2.33%) (2.34%)
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation 0.86% 0.47% 0.97% 0.61% 1.11% 0.45%
[1] The Portfolio’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year.
[2] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least April 30, 2019, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
Expense Example
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Goldman Sachs Target Date 2060 Portfolio - USD ($)
1 Year
3 Years
Class A Shares 633 1,272
Institutional Shares 48 646
Service Shares 99 797
Investor Shares 62 689
Class R Shares 113 839
Class R6 Shares 46 642
Portfolio Turnover
The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no portfolio turnover information quoted for the Portfolio.
Principal Strategy
The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2060 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2060. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

  YEARS TO TARGET DATE     40+       35       30       25       20       15       10       5       0       –5       –10  
 
Strategic Allocations
                                                                                       
 
Equity
    85%       80%       75%       70%       65%       60%       55%       38%       20%       20%       20%  
 
US Equity
    60%       56%       53%       49%       46%       42%       39%       26%       14%       14%       14%  
 
Non-US Developed Equities
    26%       24%       23%       21%       20%       18%       17%       11%       6%       6%       6%  
 
Fixed Income
    15%       20%       25%       30%       35%       40%       45%       63%       80%       80%       80%  
  Tactical Allocation Ranges  
 
Equity
    75-95%       70-90%       65-85%       60-80%       55-75%       50-70%       45-65%       28-48%       10-30%       10-30%       10-30%  
 
US Equity
    45-86%       42-81%       39-77%       36-72%       33-68%       30-63%       27-59%       17-43%       6-27%       6-27%       6-27%  
 
Non-US Equities
    8-38%       7-36%       7-34%       6-32%       6-30%       5-28%       5-26%       3-19%       1-12%       1-12%       1-12%  
 
Fixed Income
    5-25%       10-30%       15-35%       20-40%       25-45%       30-50%       35-55%       53-73%       70-90%       70-90%       70-90%  
  Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
    0-19%       0-18%       0-17%       0-16%       0-15%       0-14%       0-13%       0-10%       0-6%       0-6%       0-6%  
 
Real Estate
    0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%  
 
Commodities
    0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%  
 
Other Alternative Strategies
    0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio’s targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2060+ Index (the “Index”).
Principal Risks of the Portfolio
Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Performance
Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no performance information quoted for the Portfolio.
XML 33 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName Goldman Sachs Trust II
Prospectus Date rr_ProspectusDate May 21, 2018
Goldman Sachs Target Date 2060 Portfolio  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Goldman Sachs Target Date 2060 Portfolio—Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Goldman Sachs Target Date 2060 Portfolio (the “Portfolio”) seeks to provide capital appreciation and current income consistent with its current asset allocation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the Portfolio. You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Portfolio Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination April 30, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Portfolio may pay transaction costs when it buys and sells securities or instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Portfolio and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Portfolio’s performance. Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no portfolio turnover information quoted for the Portfolio.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts on purchases of Class A Shares if you invest at least $50,000 in Goldman Sachs Funds. More information about these and other discounts is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 82 and in Appendix C—Additional Information About Sales Charge Variations, Waivers and Discounts on page 126 of the Prospectus and “Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-133 of the Portfolio’s Statement of Additional Information (“SAI”).
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates The Portfolio’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares of the Portfolio for the time periods indicated and then redeem all of your Class A, Institutional, Service, Investor, Class R and/or Class R6 Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Strategy
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Portfolio employs an asset allocation strategy designed for investors who plan to retire and to begin gradually withdrawing their investment from the Portfolio beginning in approximately 2060 (the “Target Date”). The Portfolio is managed for an investor planning to retire at the age of 65 on or around the Target Date.

The Portfolio generally seeks to achieve its investment objective by investing in shares of exchange-traded funds (“Underlying ETFs”) and other registered investment companies (collectively, the “Underlying Funds”), according to an asset allocation strategy, developed by Madison Asset Management, LLC (the “Sub-Adviser”) who is unaffiliated with the Investment Adviser, for investors planning to retire in or within a few years of 2060. Over time, the Portfolio’s asset allocation will become more conservative until it reaches approximately 10-30% in equity funds and 70-90% in fixed income funds at the Target Date as illustrated in the graph below. After the Target Date, and as also illustrated in the graph below, the Portfolio’s asset allocation targets are expected to remain within these approximate ranges.

chart

The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period. Market conditions and the perceived value of securities will change as the investor moves across the glide path. Although the actual allocations may vary, the chart below illustrates the expected strategic asset allocation of the glide path and the tactical allocation ranges of the core asset classes and sub-asset classes.

  YEARS TO TARGET DATE     40+       35       30       25       20       15       10       5       0       –5       –10  
 
Strategic Allocations
                                                                                       
 
Equity
    85%       80%       75%       70%       65%       60%       55%       38%       20%       20%       20%  
 
US Equity
    60%       56%       53%       49%       46%       42%       39%       26%       14%       14%       14%  
 
Non-US Developed Equities
    26%       24%       23%       21%       20%       18%       17%       11%       6%       6%       6%  
 
Fixed Income
    15%       20%       25%       30%       35%       40%       45%       63%       80%       80%       80%  
  Tactical Allocation Ranges  
 
Equity
    75-95%       70-90%       65-85%       60-80%       55-75%       50-70%       45-65%       28-48%       10-30%       10-30%       10-30%  
 
US Equity
    45-86%       42-81%       39-77%       36-72%       33-68%       30-63%       27-59%       17-43%       6-27%       6-27%       6-27%  
 
Non-US Equities
    8-38%       7-36%       7-34%       6-32%       6-30%       5-28%       5-26%       3-19%       1-12%       1-12%       1-12%  
 
Fixed Income
    5-25%       10-30%       15-35%       20-40%       25-45%       30-50%       35-55%       53-73%       70-90%       70-90%       70-90%  
  Sub-Asset Classes and Alternatives  
 
Emerging Markets Equities
    0-19%       0-18%       0-17%       0-16%       0-15%       0-14%       0-13%       0-10%       0-6%       0-6%       0-6%  
 
Real Estate
    0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%  
 
Commodities
    0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%  
 
Other Alternative Strategies
    0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%       0-10%  

Note: Above allocations may not sum to total due to rounding.

On a periodic basis, the Sub-Adviser will evaluate and may revise the Portfolio’s asset allocation, including revising the asset class weightings and adding and/or removing Underlying Funds. There will be times when the perceived value of equity and/or fixed income securities are stretched (or depressed) and the opportunity to proactively protect against (or take advantage of) these opportunities necessitates an ability to deviate from the glide path’s strategic target. In order to attempt to capitalize on these periodic opportunities, the Sub-Adviser established a “tactical allocation range” that allows flexibility to increase or decrease exposure from the glide path’s strategic allocations. As a result, the Portfolio’s equity and fixed income asset allocation targets may range within the bounds of this tactical allocation range as illustrated in the chart above depending on the Sub-Adviser’s views of the appropriate mix of the Portfolio’s asset allocation based on then-current economic, market or other conditions, or factors unique to the Portfolio. Certain sub-asset classes, like real estate, commodities, and other alternative strategies, may be invested in using the tactical allocation range illustrated in the table above. The Sub-Adviser may also use the tactical allocation range to invest in certain other sub-asset classes within fixed income such as: domestic high yield non-investment grade securities (commonly referred to as “junk bonds”), inflation-linked securities, securities issued by foreign corporate and governmental issuers, sovereign and corporate debt securities of issuers in emerging market countries, convertible securities, and preferred stock. The Sub-Adviser will also monitor the Underlying Funds on an ongoing basis and may increase or decrease the Portfolio’s investment in one or more Underlying Funds. The Underlying Fund selections are made based on several considerations, including the Portfolio’s style or asset class exposures, portfolio characteristics, risk profile, and investment process. With regard to investments in Underlying Funds that invest in debt securities, the Sub-Adviser seeks to select portfolios of securities with long-, intermediate- and short-term maturities. Although the Portfolio does not intend to concentrate its investments in a particular industry, the Portfolio may indirectly concentrate in a particular industry or group of industries through its aggregate investment in one or more Underlying Funds. The particular Underlying Funds in which the Portfolio may invest and the Portfolio’s targets and ranges will change from time to time without shareholder approval or notice.

The Sub-Adviser’s strategy is intended to represent a conservative investment strategy. The Sub-Adviser’s expectation is that the Portfolio may participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with other funds holding more speculative and volatile securities. There is no assurance that the Sub-Adviser’s expectations regarding this investment strategy will be realized.

Although the Portfolio expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the Portfolio may invest up to 100% in money market instruments. To the extent the Portfolio engages in this temporary defensive position, the Portfolio’s ability to achieve its investment objective may be diminished.

Management Process

The Investment Adviser and the Portfolio have received an exemptive order from the Securities and Exchange Commission (“SEC”). Under the exemptive order, the Investment Adviser has the ultimate responsibility, subject to oversight by the Portfolio’s Board of Trustees, to oversee the Sub-Adviser and recommend its hiring, termination and replacement. The initial shareholder of the Portfolio approved the Portfolio’s operation in this manner and reliance by the Portfolio on this exemptive order.

Additional Information

The Portfolio’s benchmark index is the S&P Target Date To 2060+ Index (the “Index”).
Risk [Heading] rr_RiskHeading Principal Risks of the Portfolio
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock Loss of money is a risk of investing in the Portfolio. An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Portfolio should not be relied upon as a complete investment program. Stated allocations may be subject to change. There can be no assurance that the Portfolio will achieve its investment objective. Investments in the Portfolio involve substantial risks which prospective investors should consider carefully before investing. Investors should also consider, in addition to his or her age or retirement date, other factors, including the investor’s risk tolerance, personal circumstances, and complete financial situation.

Asset Allocation Risk.  The Portfolio’s allocations to various asset classes and to the Underlying Funds may cause the Portfolio to underperform other funds with a similar investment objective.

Expenses.  By investing in the Underlying Funds indirectly through the Portfolio, the investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.

Inadequate Retirement Income.  An investment in the Portfolio is not guaranteed, and the Portfolio may experience losses, including losses near, at, or after the Target Date. There is no guarantee that the Portfolio will achieve sufficient capital appreciation to provide adequate income at and through retirement. Moreover, there is no guarantee that the Portfolio’s performance will keep pace with or exceed the rate of inflation, which may reduce the value of your investment over time.

Investing in the Underlying Funds.  The investments of the Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Investment Company Act of 1940, as amended (the “Investment Company Act”), or exemptive relief thereunder. The Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Portfolio is subject to the risk factors associated with the investments of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Investments of the Underlying Funds.  Because the Portfolio invests in the Underlying Funds, the Portfolio’s shareholders will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets the Portfolio allocates to those Underlying Funds. A strategy used by the Underlying Funds may fail to produce the intended results.

Large Shareholder Transactions Risk.  The Portfolio may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Portfolio. Such large shareholder redemptions may cause the Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Portfolio’s NAV and liquidity. Similarly, large Portfolio share purchases may adversely affect the Portfolio’s performance to the extent that the Portfolio is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Portfolio’s current expenses being allocated over a smaller asset base, leading to an increase in the Portfolio’s expense ratio.

Management Risk.  A strategy used by the Sub-Adviser may fail to produce the intended results.

Portfolio Turnover Rate Risk.  A high rate of portfolio turnover (100% or more) involves correspondingly greater expenses which must be borne by the Portfolio and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.

Underlying ETF Risk.  The Portfolio may invest in Underlying ETFs subject to statutory limitations prescribed by the Investment Company Act, or exemptive relief thereunder. An investment in an Underlying ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objectives, strategies and policies. In addition, an ETF may fail to accurately track the market segment or index that underlies its investment objective; however, the market price of the Underlying ETF’s shares may trade at a premium or a discount to their net asset value. The price of an Underlying ETF can fluctuate, and the Portfolio could lose money investing in an Underlying ETF.

Principal Risks of the Underlying Funds

Credit/Default Risk.  An issuer or guarantor of fixed income securities held by an Underlying Fund (which may have low credit ratings) may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair an Underlying Fund’s liquidity and cause significant deterioration in NAV. These risks are more pronounced in connection with an Underlying Fund’s investments in non-investment grade fixed income securities.

Derivatives Risk.  An Underlying Fund’s use of options, forwards, futures, swaps, structured securities and other derivative instruments may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Underlying Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. 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.

Foreign and Emerging Countries Risk.  Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Portfolio invests. The imposition of exchange controls, sanctions, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share 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 an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced in connection with the Underlying Fund’s investments in securities of issuers located in emerging countries.

Geographic Risk.  If an Underlying Fund focuses its investments in issuers located in a particular country or region, the Underlying Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Leverage Risk.  Borrowing and the use of derivatives may result in leverage and may make an Underlying Fund more volatile. The use of leverage may cause an Underlying Fund to liquidate portfolio positions to satisfy its obligations or to meet asset segregation requirements when it may not be advantageous to do so. The use of leverage by an Underlying Fund can substantially increase the adverse impact to which its investment portfolio may be subject.

Liquidity Risk.  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 an Underlying Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests or other reasons. To meet redemption requests, an Underlying Fund may be forced to sell securities, at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market Risk.  The value of the securities in which 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.

Mid-Cap and Small-Cap Risk.  Certain of the Underlying Funds may make investments mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Mortgage-Backed and Other Asset-Backed Securities Risk.  Mortgage-related and other asset-backed securities are subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing an Underlying Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Non-Investment Grade Investments Risk.  Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity.

Stock Risk.  Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

U.S. Government Securities Risk.  The U.S. government may not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by those agencies, instrumentalities and sponsored enterprises, including those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment obligations in the future.
Risk Lose Money [Text] rr_RiskLoseMoney Loss of money is a risk of investing in the Portfolio.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Portfolio is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no performance information quoted for the Portfolio.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Portfolio has not yet commenced operations as of the date of the Prospectus, there is no performance information quoted for the Portfolio.
Goldman Sachs Target Date 2060 Portfolio | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.50%
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.52%
Other Expenses rr_OtherExpensesOverAssets 2.52% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.19%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.33%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.86%
1 Year rr_ExpenseExampleYear01 $ 633
3 Years rr_ExpenseExampleYear03 $ 1,272
Goldman Sachs Target Date 2060 Portfolio | Institutional  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.38%
Other Expenses rr_OtherExpensesOverAssets 2.38% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.80%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.33%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.47%
1 Year rr_ExpenseExampleYear01 $ 48
3 Years rr_ExpenseExampleYear03 $ 646
Goldman Sachs Target Date 2060 Portfolio | Service  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets 0.25%
All Other Expenses rr_Component2OtherExpensesOverAssets 2.38%
Other Expenses rr_OtherExpensesOverAssets 2.63% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.30%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.33%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.97%
1 Year rr_ExpenseExampleYear01 $ 99
3 Years rr_ExpenseExampleYear03 $ 797
Goldman Sachs Target Date 2060 Portfolio | Investor  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.52%
Other Expenses rr_OtherExpensesOverAssets 2.52% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.94%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.33%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.61%
1 Year rr_ExpenseExampleYear01 $ 62
3 Years rr_ExpenseExampleYear03 $ 689
Goldman Sachs Target Date 2060 Portfolio | Class R  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.52%
Other Expenses rr_OtherExpensesOverAssets 2.52% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 3.44%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.33%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 1.11%
1 Year rr_ExpenseExampleYear01 $ 113
3 Years rr_ExpenseExampleYear03 $ 839
Goldman Sachs Target Date 2060 Portfolio | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Management Fees rr_ManagementFeesOverAssets 0.25%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Shareholder Administration Fees rr_Component1OtherExpensesOverAssets none
All Other Expenses rr_Component2OtherExpensesOverAssets 2.37%
Other Expenses rr_OtherExpensesOverAssets 2.37% [1]
Acquired (Underlying) Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.17%
Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 2.79%
Fee Waiver and Expense Limitation rr_FeeWaiverOrReimbursementOverAssets (2.34%) [2]
Total Annual Portfolio Operating Expenses After Fee Waiver and Expense Limitation rr_NetExpensesOverAssets 0.45%
1 Year rr_ExpenseExampleYear01 $ 46
3 Years rr_ExpenseExampleYear03 $ 642
[1] The Portfolio’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year.
[2] The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired (underlying) fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.014% of the Portfolio’s average daily net assets. Additionally, Goldman Sachs & Co. LLC (“Goldman Sachs”), the Portfolio’s transfer agent, has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.01% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Portfolio. These arrangements will remain in effect through at least April 30, 2019, and prior to such date, the Investment Adviser and Goldman Sachs (as applicable) may not terminate the arrangements without the approval of the Board of Trustees.
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Risk/Return: rr_RiskReturnAbstract  
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Prospectus Date rr_ProspectusDate May 21, 2018
Document Creation Date dei_DocumentCreationDate May 21, 2018
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