# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001752724-23-012871
**Filing Date:** 2023-1
**Character Count:** 68420
**Document Hash:** abf2978f2dba514af1156cbd393cc60c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-012871.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-012871

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230831

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22781
- **FILM NUMBER:** 23552388

**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

## Series and Classes Contracts Data

### Goldman Sachs Target Date 2040 Portfolio (Series ID: S000054318)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| 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           |

## Nport-Ex

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 93.4%** | **Exchange Traded Funds – 93.4%** |  |
| **Bond Funds – 53.8%** | **Bond Funds – 53.8%** |  |
| 6024 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $295839 |
| 19518 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 878115 |
| 78053 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 3250907 |
| 1604 | Invesco Senior Loan ETF | 33395 |
| 5321 | Vanguard Long-Term Treasury ETF | 337138 |
| 6907 | Vanguard Short-Term Treasury ETF | 400192 |
|  |  | 5195586 |
| **Foreign Stock Funds – 15.4%** | **Foreign Stock Funds – 15.4%** |  |
| 3993 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 116436 |
| 5762 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 169979 |
| 4051 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 165418 |
| 17899 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 859147 |
| 1663 | iShares Global Infrastructure ETF | 79674 |
| 1710 | iShares MSCI EAFE Small-Cap ETF | 97470 |
|  |  | 1488124 |
| **Stock Funds – 24.2%** | **Stock Funds – 24.2%** |  |
| 256 | Alerian MLP ETF | 10253 |
| 6483 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 525901 |
| 31969 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 1770763 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 173 | Health Care Select Sector SPDR Fund | $24050 |
|  |  | 2330967 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $9,346,397)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $9,346,397)** | $9014677 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 5.0%** | **Investment Company<sup>(a)</sup> – 5.0%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 478033 | 3.727% | $478033 |
| **(Cost $478,033)** | **(Cost $478,033)** |  |
| **TOTAL INVESTMENTS – 98.4%**<br> **(Cost $9,824,430)** | **TOTAL INVESTMENTS – 98.4%**<br> **(Cost $9,824,430)** | $9492710 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.6%** | 157599 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $9650309 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE RETIREMENT PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2 | 12/16/22 | $188750 | $3567 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 91.5%** | **Exchange Traded Funds – 91.5%** |  |
| **Bond Funds – 48.7%** | **Bond Funds – 48.7%** |  |
| 6067 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $297950 |
| 18231 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 820213 |
| 77386 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 3223127 |
| 2191 | Invesco Senior Loan ETF | 45617 |
| 5757 | Vanguard Long-Term Treasury ETF | 364763 |
| 7744 | Vanguard Short-Term Treasury ETF | 448687 |
|  |  | 5200357 |
| **Foreign Stock Funds – 17.3%** | **Foreign Stock Funds – 17.3%** |  |
| 5943 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 173298 |
| 8376 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 247092 |
| 4233 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 172850 |
| 20540 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 985914 |
| 3351 | iShares Global Infrastructure ETF | 160546 |
| 1956 | iShares MSCI EAFE Small-Cap ETF | 111492 |
|  |  | 1851192 |
| **Stock Funds – 25.5%** | **Stock Funds – 25.5%** |  |
| 285 | Alerian MLP ETF | 11414 |
| 5686 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 461248 |
| 283 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 16567 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 39782 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | $2203525 |
| 185 | Health Care Select Sector SPDR Fund | 25719 |
|  |  | 2718473 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $10,333,444)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $10,333,444)** | $9770022 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 5.8%** | **Investment Company<sup>(a)</sup> – 5.8%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 615915 | 3.727% | $615915 |
| **(Cost $615,915)** | **(Cost $615,915)** |  |
| **TOTAL INVESTMENTS – 97.3%<br>(Cost $10,949,359)** | **TOTAL INVESTMENTS – 97.3%<br>(Cost $10,949,359)** | $10385937 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | 286322 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $10672259 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2025 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 3 | 12/16/22 | $283125 | $3463 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 93.0%** | **Exchange Traded Funds – 93.0%** |  |
| **Bond Funds – 39.4%** | **Bond Funds – 39.4%** |  |
| 3928 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $192904 |
| 12835 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 577447 |
| 46013 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 1916441 |
| 1007 | Invesco Senior Loan ETF | 20966 |
| 4385 | Vanguard Long-Term Treasury ETF | 277834 |
| 5478 | Vanguard Short-Term Treasury ETF | 317395 |
|  |  | 3302987 |
| **Foreign Stock Funds – 21.7%** | **Foreign Stock Funds – 21.7%** |  |
| 6644 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 193739 |
| 7249 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 213845 |
| 4719 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 192695 |
| 18282 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 877531 |
| 3824 | iShares Global Infrastructure ETF | 183208 |
| 2692 | iShares MSCI EAFE Small-Cap ETF | 153444 |
|  |  | 1814462 |
| **Stock Funds – 31.9%** | **Stock Funds – 31.9%** |  |
| 228 | Alerian MLP ETF | 9131 |
| 6495 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 526874 |
| 602 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 35241 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 37533 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | $2078953 |
| 193 | Health Care Select Sector SPDR Fund | 26831 |
|  |  | 2677030 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $7,829,976)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $7,829,976)** | $7794479 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 4.3%** | **Investment Company<sup>(a)</sup> – 4.3%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 356881 | 3.727% | $356881 |
| **(Cost $356,881)** | **(Cost $356,881)** |  |
| **TOTAL INVESTMENTS – 97.3%<br>(Cost $8,186,857)** | **TOTAL INVESTMENTS – 97.3%<br>(Cost $8,186,857)** | $8151360 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | 228071 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $8379431 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2030 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2 | 12/16/22 | $188750 | $3567 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 92.4%** | **Exchange Traded Funds – 92.4%** |  |
| **Bond Funds – 26.6%** | **Bond Funds – 26.6%** |  |
| 3730 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $183180 |
| 8603 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 387049 |
| 41957 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 1747509 |
| 4355 | Vanguard Long-Term Treasury ETF | 275933 |
| 6617 | Vanguard Short-Term Treasury ETF | 383389 |
|  |  | 2977060 |
| **Foreign Stock Funds – 26.3%** | **Foreign Stock Funds – 26.3%** |  |
| 7159 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 208756 |
| 13460 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 397070 |
| 8820 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 360155 |
| 31504 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 1512183 |
| 5852 | iShares Global Infrastructure ETF | 280369 |
| 3263 | iShares MSCI EAFE Small-Cap ETF | 185991 |
|  |  | 2944524 |
| **Stock Funds – 39.5%** | **Stock Funds – 39.5%** |  |
| 289 | Alerian MLP ETF | 11575 |
| 11206 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 909031 |
| 1369 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 80141 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 61517 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | $3407427 |
| 165 | Health Care Select Sector SPDR Fund | 22938 |
|  |  | 4431112 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $10,629,501)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $10,629,501)** | $10352696 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 4.9%** | **Investment Company<sup>(a)</sup> – 4.9%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 546202 | 3.727% | $546202 |
| **(Cost $546,202)** | **(Cost $546,202)** |  |
| **TOTAL INVESTMENTS – 97.3%<br>(Cost $11,175,703)** | **TOTAL INVESTMENTS – 97.3%<br>(Cost $11,175,703)** | $10898898 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | 304027 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $11202925 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2035 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 3 | 12/16/22 | $283125 | $3463 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 89.6%** | **Exchange Traded Funds – 89.6%** |  |
| **Bond Funds – 14.6%** | **Bond Funds – 14.6%** |  |
| 4398 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $215986 |
| 3169 | Goldman Sachs Access Investment Grade Corporate Bond ETF<sup>(a)</sup> | 142573 |
| 16706 | Goldman Sachs Access U.S. Aggregate Bond ETF<sup>(a)</sup> | 695805 |
| 9 | iShares JP Morgan EM Local Currency Bond ETF | 312 |
| 3529 | Vanguard Long-Term Treasury ETF | 223597 |
| 4384 | Vanguard Short-Term Treasury ETF | 254009 |
|  |  | 1532282 |
| **Foreign Stock Funds – 28.9%** | **Foreign Stock Funds – 28.9%** |  |
| 8370 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 244069 |
| 12434 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 366803 |
| 10221 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 417363 |
| 34906 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 1675478 |
| 4399 | iShares Global Infrastructure ETF | 210756 |
| 2113 | iShares MSCI EAFE Small-Cap ETF | 120441 |
|  |  | 3034910 |
| **Stock Funds – 46.1%** | **Stock Funds – 46.1%** |  |
| 279 | Alerian MLP ETF | 11174 |
| 11559 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 937666 |
| 2328 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 136281 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 67140 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | $3718884 |
| 183 | Health Care Select Sector SPDR Fund | 25441 |
|  |  | 4829446 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $9,204,320)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $9,204,320)** | $9396638 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 6.7%** | **Investment Company<sup>(a)</sup> – 6.7%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 702120 | 3.727% | $702120 |
| **(Cost $702,120)** | **(Cost $702,120)** |  |
| **TOTAL INVESTMENTS – 96.3%<br>(Cost $9,906,440)** | **TOTAL INVESTMENTS – 96.3%<br>(Cost $9,906,440)** | $10098758 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 3.7%** | 391558 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $10490316 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2040 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 3 | 12/16/22 | $283125 | $3463 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 88.4%** | **Exchange Traded Funds – 88.4%** |  |
| **Bond Funds – 5.9%** | **Bond Funds – 5.9%** |  |
| 2770 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $136034 |
| 3455 | Vanguard Long-Term Treasury ETF | 218909 |
| 3718 | Vanguard Short-Term Treasury ETF | 215421 |
|  |  | 570364 |
| **Foreign Stock Funds – 32.5%** | **Foreign Stock Funds – 32.5%** |  |
| 10020 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 292183 |
| 10464 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 308688 |
| 10037 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 409850 |
| 37315 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 1791109 |
| 3709 | iShares Global Infrastructure ETF | 177698 |
| 2552 | iShares MSCI EAFE Small-Cap ETF | 145464 |
|  |  | 3124992 |
| **Stock Funds – 50.0%** | **Stock Funds – 50.0%** |  |
| 263 | Alerian MLP ETF | 10533 |
| 11531 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 935395 |
| 2819 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 165024 |
| 66181 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 3665766 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 190 | Health Care Select Sector SPDR Fund | $26414 |
|  |  | 4803132 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $8,128,784)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $8,128,784)** | $8498488 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 8.9%** | **Investment Company<sup>(a)</sup> – 8.9%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 854375 | 3.727% | $854375 |
| **(Cost $854,375)** | **(Cost $854,375)** |  |
| **TOTAL INVESTMENTS – 97.3%<br>(Cost $8,983,159)** | **TOTAL INVESTMENTS – 97.3%<br>(Cost $8,983,159)** | $9352863 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | 258232 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $9611095 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2045 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 3 | 12/16/22 | $283125 | $3463 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 89.8%** | **Exchange Traded Funds – 89.8%** |  |
| **Bond Funds – 5.8%** | **Bond Funds – 5.8%** |  |
| 2548 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $125132 |
| 3199 | Vanguard Long-Term Treasury ETF | 202689 |
| 3577 | Vanguard Short-Term Treasury ETF | 207251 |
|  |  | 535072 |
| **Foreign Stock Funds – 32.4%** | **Foreign Stock Funds – 32.4%** |  |
| 9471 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 276174 |
| 12408 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 366036 |
| 8003 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 326794 |
| 34938 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 1677013 |
| 3960 | iShares Global Infrastructure ETF | 189724 |
| 2907 | iShares MSCI EAFE Small-Cap ETF | 165699 |
|  |  | 3001440 |
| **Stock Funds – 51.6%** | **Stock Funds – 51.6%** |  |
| 242 | Alerian MLP ETF | 9692 |
| 10921 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 885912 |
| 3813 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 223213 |
| 65711 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 3639732 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 171 | Health Care Select Sector SPDR Fund | $23773 |
|  |  | 4782322 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $8,000,271)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $8,000,271)** | $8318834 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 7.5%** | **Investment Company<sup>(a)</sup> – 7.5%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 699506 | 3.727% | $699506 |
| **(Cost $699,506)** | **(Cost $699,506)** |  |
| **TOTAL INVESTMENTS – 97.3%<br>(Cost $8,699,777)** | **TOTAL INVESTMENTS – 97.3%<br>(Cost $8,699,777)** | $9018340 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 2.7%** | 248131 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $9266471 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2050 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2 | 12/16/22 | $188750 | $3567 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 92.1%** | **Exchange Traded Funds – 92.1%** |  |
| **Bond Funds – 5.8%** | **Bond Funds – 5.8%** |  |
| 2428 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $119239 |
| 3044 | Vanguard Long-Term Treasury ETF | 192868 |
| 3235 | Vanguard Short-Term Treasury ETF | 187436 |
|  |  | 499543 |
| **Foreign Stock Funds – 33.8%** | **Foreign Stock Funds – 33.8%** |  |
| 10003 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 291688 |
| 13244 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 390698 |
| 7997 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 326549 |
| 32635 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 1566470 |
| 4085 | iShares Global Infrastructure ETF | 195712 |
| 3098 | iShares MSCI EAFE Small-Cap ETF | 176586 |
|  |  | 2947703 |
| **Stock Funds – 52.5%** | **Stock Funds – 52.5%** |  |
| 231 | Alerian MLP ETF | 9251 |
| 11009 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 893050 |
| 3875 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 226842 |
| 61820 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 3424210 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 181 | Health Care Select Sector SPDR Fund | $25163 |
|  |  | 4578516 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $7,688,155)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $7,688,155)** | $8025762 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 6.2%** | **Investment Company<sup>(a)</sup> – 6.2%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 545441 | 3.727% | $545441 |
| **(Cost $545,441)** | **(Cost $545,441)** | **(Cost $545,441)** |
| **TOTAL INVESTMENTS – 98.3%<br>(Cost $8,233,596)** | **TOTAL INVESTMENTS – 98.3%<br>(Cost $8,233,596)** | $8571203 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.7%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.7%** | 145192 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $8716395 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2055 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 2 | 12/16/22 | $188750 | $3567 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 89.6%** | **Exchange Traded Funds – 89.6%** |  |
| **Bond Funds – 5.6%** | **Bond Funds – 5.6%** |  |
| 2831 | Goldman Sachs Access Inflation Protected USD Bond ETF<sup>(a)</sup> | $139030 |
| 3533 | Vanguard Long-Term Treasury ETF | 223851 |
| 3773 | Vanguard Short-Term Treasury ETF | 218608 |
|  |  | 581489 |
| **Foreign Stock Funds – 32.7%** | **Foreign Stock Funds – 32.7%** |  |
| 11321 | Goldman Sachs ActiveBeta Emerging Markets Equity ETF<sup>(a)</sup> | 330120 |
| 15281 | Goldman Sachs ActiveBeta International Equity ETF<sup>(a)</sup> | 450789 |
| 9413 | Goldman Sachs MarketBeta Emerging Markets Equity ETF<sup>(a)</sup> | 384369 |
| 37409 | Goldman Sachs MarketBeta International Equity ETF<sup>(a)</sup> | 1795621 |
| 4760 | iShares Global Infrastructure ETF | 228052 |
| 3363 | iShares MSCI EAFE Small-Cap ETF | 191691 |
|  |  | 3380642 |
| **Stock Funds – 51.3%** | **Stock Funds – 51.3%** |  |
| 268 | Alerian MLP ETF | 10733 |
| 12925 | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF<sup>(a)</sup> | 1048476 |
| 3564 | Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF<sup>(a)</sup> | 208637 |
| 72253 | Goldman Sachs MarketBeta U.S. Equity ETF<sup>(a)</sup> | 4002094 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – (continued)** | **Exchange Traded Funds – (continued)** |  |
| **Stock Funds – (continued)** | **Stock Funds – (continued)** |  |
| 208 | Health Care Select Sector SPDR Fund | $28916 |
|  |  | 5298856 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $8,861,239)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $8,861,239)** | $9260987 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(a)</sup> – 8.5%** | **Investment Company<sup>(a)</sup> – 8.5%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 882081 | 3.727% | $882081 |
| **(Cost $882,081)** | **(Cost $882,081)** |  |
| **TOTAL INVESTMENTS – 98.1%<br>(Cost $9,743,320)** | **TOTAL INVESTMENTS – 98.1%<br>(Cost $9,743,320)** | $10143068 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 1.9%** | 195107 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $10338175 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Represents affiliated funds. |

---

------

GOLDMAN SACHS TARGET DATE 2060 PORTFOLIO

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At November 30, 2022, the Portfolio had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 2000 Index | 3 | 12/16/22 | $283125 | $3463 |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MLP | — Master Limited Partnership |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS TARGET DATE PORTFOLIOS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

**Investment Valuation** — The Fund's valuation policy is to value investments at fair value.

**Investments and Fair Value Measurements —** U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

**Level 1 and Level 2 Fair Value Investments** — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

**Underlying Funds (including Money Market Funds)** — Underlying Funds ("Underlying Funds") include other investment companies and exchange-traded funds ("ETFs"). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

**Derivative Contracts** — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the

------

GOLDMAN SACHS TARGET DATE PORTFOLIOS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Futures Contracts** — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

**Level 3 Fair Value Investments** — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investment are classified as Level 3 investments.

**Fair Value Hierarchy** — The following is a summary of the Portfolios' investments and derivatives classified in the fair value hierarchy as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **TARGET DATE RETIREMENT**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $9014677 | $— | $— |
|  Investment Company | 478033 |  |  |
| **Total** | $9492710 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3567 | $— | $— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end.

------

GOLDMAN SACHS TARGET DATE PORTFOLIOS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

---

| | | | |
|:---|:---|:---|:---|
| **TARGET DATE 2025**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $9770022 | $— | $— |
|  Investment Company | 615915 |  |  |
| **Total** | $10385937 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3463 | $— | $— |
|  <br> <sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **TARGET DATE 2030** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $7794479 | $— | $— |
|  Investment Company | 356881 |  |  |
| **Total** | $8151360 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3567 | $— | $— |
| <br> (a) Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **TARGET DATE 2035** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $10352696 | $— | $— |
|  Investment Company | 546202 |  |  |
| **Total** | $10898898 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3463 | $— | $— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end.

------

GOLDMAN SACHS TARGET DATE PORTFOLIOS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

---

| | | | |
|:---|:---|:---|:---|
| **TARGET DATE 2040**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $9396638 | $— | $— |
|  Investment Company | 702120 |  |  |
| **Total** | $10098758 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3463 | $— | $— |
|  <br> <sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **TARGET DATE 2045** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $8498488 | $— | $— |
|  Investment Company | 854375 |  |  |
| **Total** | $9352863 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3463 | $— | $— |
|  <br> <sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **TARGET DATE 2050** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $8318834 | $— | $— |
|  Investment Company | 699506 |  |  |
| **Total** | $9018340 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3567 | $— | $— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end.

------

GOLDMAN SACHS TARGET DATE PORTFOLIOS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

---

| | | | |
|:---|:---|:---|:---|
| **TARGET DATE 2055**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $8025762 | $— | $— |
|  Investment Company | 545441 |  |  |
| **Total** | $8571203 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3567 | $— | $— |
| <br> (a) Amount shown represents unrealized gain (loss) at period end. |  |  |  |
| **TARGET DATE 2060** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Exchange Traded Funds | $9260987 | $— | $— |
|  Investment Company | 882081 |  |  |
| **Total** | $10143068 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $3463 | $— | $— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

The Portfolios' risks include, but are not limited to, the following:

**Derivatives Risk** — The Portfolios' use of derivatives and other similar instruments (together, referred to in this paragraph as "derivatives") may result in loss. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Portfolios. Changes in the value of a derivative may also create margin delivery or settlement payment obligations for the Portfolios. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks refer to the risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

------

GOLDMAN SACHS TARGET DATE PORTFOLIOS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Dividend-Paying Investments Risk** — The Fund's investments in dividend-paying securities could cause the Fund to underperform other funds that invest in similar asset classes but employ a different investment style. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. For example, in response to the outbreak of a novel strain of coronavirus (known as COVID-19), the U.S. Government passed the Coronavirus Aid, Relief and Economic Security Act in March 2020, which established loan programs for certain issuers impacted by COVID-19. Among other conditions, borrowers under these loan programs are generally restricted from paying dividends. The adoption of new legislation could further limit or restrict the ability of issuers to pay dividends. To the extent that dividend-paying securities are concentrated in only a few market sectors, the Fund may be subject to the risks of volatile economic cycles and/or conditions or developments that may be particular to a sector to a greater extent than if its investment. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. A sharp rise in interest rates or an economic downturn could cause an issuer to abruptly reduce or eliminate its dividend. This may limit the ability of the Fund to produce current income.

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Portfolio invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which Portfolio has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

**Large Shareholder Transactions Risk** — A Portfolio may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Portfolio in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Portfolio. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Portfolio to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Portfolio's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Portfolio's current expenses being allocated over a smaller asset base,

------

GOLDMAN SACHS TARGET DATE PORTFOLIOS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

leading to an increase in the Portfolio's expense ratio. Similarly, large Portfolio share purchases may adversely affect a Portfolio's performance to the extent that the Portfolio is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

**Liquidity Risk** — A Portfolio may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Portfolio will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Portfolio may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Portfolio is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect Portfolio's NAV and dilute remaining investors' interests. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**Market and Credit Risks** — In the normal course of business, a Portfolio trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Portfolio may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Portfolio has unsettled or open transactions defaults.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust II

- **b. Investment Company Act file number:** 811-22781

- **c. CIK number of Registrant:** 0001557156

- **d. LEI of Registrant:** 54930076LXUZ0NBAPG06

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 WEST STREET

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10282

  - **Telephone number:** 212-902-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Target Date 2040 Portfolio

- **b. EDGAR series identifier (if any):** S000054318

- **c. LEI of Series:** 54930006OARVHSLVGC59

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **Yes**

### Fund Information

**Total Assets:** $10574659.99

**Total Liabilities:** $88305.54

**Net Assets:** $10486354.45

**Cash Not Reported:** $180410.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000170674 | -8.50%               | 5.29%                | 6.74%                |
| Class ID C000170676 | -8.59%               | 5.22%                | 6.58%                |
| Class ID C000170672 | -8.55%               | 5.19%                | 6.67%                |
| Class ID C000170673 | -8.47%               | 5.14%                | 6.72%                |
| Class ID C000170677 | -8.58%               | 5.27%                | 6.72%                |
| Class ID C000170675 | -8.51%               | 5.22%                | 6.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-17617.56               | $-858228.52                                |
| Month 2  | $2871.55                 | $456348.49                                 |
| Month 3  | $-31013.66               | $679674.07                                 |

### Schedule of Portfolio Investments

| Name                                                     | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs MarketBeta US Equity ETF                   | Goldman Sachs MarketBeta US Equity ETF                   | CUSIP: 381430123<br>LEI: N/A                  | Long             | EC               | RF                | US        |     67140 | NS      | $3718884.60   | 35.46%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Global Infrastructure ETF                        | iShares Global Infrastructure ETF                        | CUSIP: 464288372<br>LEI: 549300ZC2N3HUK3DTK30 | Long             | EC               | RF                | US        |      4399 | NS      | $210756.09    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta International Equity ETF        | Goldman Sachs ActiveBeta International Equity ETF        | CUSIP: 381430107<br>LEI: 549300XBH2SEXT65RC75 | Long             | EC               | RF                | US        |     12434 | NS      | $366803.00    | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | E-MINI RUSS 2000 DEC22                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         3 | NC      | $3462.98      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta International Equity ETF        | Goldman Sachs MarketBeta International Equity ETF        | CUSIP: 381430180<br>LEI: N/A                  | Long             | EC               | RF                | US        |     34906 | NS      | $1675477.53   | 15.98%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE Small-Cap ETF                          | iShares MSCI EAFE Small-Cap ETF                          | CUSIP: 464288273<br>LEI: 549300MJV5OZGVS4LX86 | Long             | EC               | RF                | US        |      2113 | NS      | $120441.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR Fund                      | Health Care Select Sector SPDR Fund                      | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |       183 | NS      | $25440.66     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Access Inflation Protected USD Bond ETF    | Goldman Sachs Access Inflation Protected USD Bond ETF    | CUSIP: 381430362<br>LEI: 549300AB2S0XC0MPKR68 | Long             | EC               | RF                | US        |      4398 | NS      | $215985.78    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Treasury ETF                         | Vanguard Short-Term Treasury ETF                         | CUSIP: 92206C102<br>LEI: SMW62R66J4CAWU1R4S26 | Long             | EC               | RF                | US        |      4384 | NS      | $254008.96    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta US Small Cap Equity ETF         | Goldman Sachs ActiveBeta US Small Cap Equity ETF         | CUSIP: 381430602<br>LEI: 549300SKM68IM5PWW571 | Long             | EC               | RF                | US        |      2328 | NS      | $136281.12    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF       | Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF       | CUSIP: 381430503<br>LEI: 549300HE2W614QP0GH20 | Long             | EC               | RF                | US        |     11559 | NS      | $937666.08    | 8.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Alerian MLP ETF                                          | Alerian MLP ETF                                          | CUSIP: 00162Q452<br>LEI: 549300WPBLCQJSVVVV61 | Long             | EC               | RF                | US        |       279 | NS      | $11173.95     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares JP Morgan EM Local Currency Bond ETF             | iShares JP Morgan EM Local Currency Bond ETF             | CUSIP: 464286517<br>LEI: 549300ZZ765YKMMG3526 | Long             | EC               | RF                | US        |         9 | NS      | $311.94       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund           | Goldman Sachs Financial Square Government Fund           | CUSIP: 38148U619<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |    700201 | NS      | $700201.07    | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs ActiveBeta Emerging Markets Equity ETF     | Goldman Sachs ActiveBeta Emerging Markets Equity ETF     | CUSIP: 381430206<br>LEI: 549300PZDHNP7HDURN13 | Long             | EC               | RF                | US        |      8370 | NS      | $244069.20    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Access US Aggregate Bond ETF               | Goldman Sachs Access US Aggregate Bond ETF               | CUSIP: 38149W101<br>LEI: N/A                  | Long             | EC               | RF                | US        |     16706 | NS      | $695804.90    | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Access Investment Grade Corporate Bond Etf | Goldman Sachs Access Investment Grade Corporate Bond Etf | CUSIP: 381430479<br>LEI: 549300KGVZT18SX98G95 | Long             | EC               | RF                | US        |      3169 | NS      | $142573.31    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs MarketBeta Emerging Markets Equity ETF     | Goldman Sachs MarketBeta Emerging Markets Equity ETF     | CUSIP: 381430164<br>LEI: N/A                  | Long             | EC               | RF                | US        |     10221 | NS      | $417363.29    | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Long-Term Treasury ETF                          | Vanguard Long-Term Treasury ETF                          | CUSIP: 92206C847<br>LEI: 5493002789CX3L0CJP65 | Long             | EC               | RF                | US        |      3529 | NS      | $223597.44    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-05

**Name of Applicant:** Goldman Sachs Trust II

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President