Strategy. The Fund seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds (ETFs) (collectively, the Underlying Funds). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the Underlying Fixed Income Funds), some of the Underlying Funds invest primarily in equity securities (the Underlying Equity Funds), and other Underlying Funds invest dynamically across equity, … Show more… The Fund seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) or an affiliate now or in the future acts as investment adviser or principal underwriter without considering or canvassing the universe of unaffiliated funds available, and may also invest in unaffiliated exchange-traded funds (ETFs) (collectively, the Underlying Funds). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the Underlying Fixed Income Funds), some of the Underlying Funds invest primarily in equity securities (the Underlying Equity Funds), and other Underlying Funds invest dynamically across equity, fixed income, commodity and other markets through a managed-volatility or trend-following approach (the Underlying Dynamic Funds). Under normal conditions, the Fund seeks to achieve its investment objective by investing approximately 50% (which allocation could be increased by 30% or decreased by 25%) of its assets in Underlying Fixed Income Funds, approximately 15% (which allocation could be increased by 5% or decreased by 15%) of its assets in the Underlying Dynamic Funds, and approximately 35% (which allocation could be increased by 25% or decreased by 30%) of its assets in Underlying Equity Funds. The allocation will be measured at the time of rebalance. Generally, the Investment Adviser rebalances the Fund approximately monthly, but the Fund can be rebalanced more or less frequently at the discretion of the Investment Adviser based on the market environment and its macro views. Unless otherwise stated herein, the Funds investment in any of the Underlying Funds may exceed 25% of its assets. The Investment Adviser expects that the Fund will invest a relatively significant percentage of its fixed income allocation in a combination of the Goldman Sachs High Yield Floating Rate, Goldman Sachs Global Core Fixed Income, Goldman Sachs Emerging Markets Debt, Goldman Sachs High Yield, Goldman Sachs Inflation Protected Securities, Goldman Sachs Financial Square Government Funds and the Goldman Sachs Access Investment Grade Corporate Bond ETF; a relatively significant percentage of its equity allocation in a combination of the Goldman Sachs Large Cap Growth Insights Fund, Goldman Sachs Large Cap Value Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Emerging Markets Equity Insights, Goldman Sachs International Equity Insights, Goldman Sachs Global Infrastructure, Goldman Sachs International Small Cap Insights Funds and the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF, Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs ActiveBeta International Equity ETF, Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs ActiveBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta U.S. Equity ETF, and Goldman Sachs Energy Infrastructure; and a relatively significant percentage of its dynamic allocation in the Goldman Sachs Managed Futures Strategy Fund. The Fund may also use derivatives (including (i) futures contracts, including futures based on equity or fixed income indices, and interest rate futures; (ii) options, including long and short positions in call options and put options on indices, individual securities or currencies and options on futures contracts; and (iii) currency forwards, and non-deliverable forwards) to gain exposure to securities in which the Underlying Funds invest. The Fund may use derivatives for both hedging and non-hedging purposes. The Investment Adviser measures the Fund's performance against the Balanced Strategy Composite Index, the Funds blended benchmark and as discussed further under Performance. THE PARTICULAR UNDERLYING FUNDS IN WHICH THE FUND MAY INVEST, THE EQUITY/FIXED INCOME TARGETS AND RANGES AND INVESTMENTS IN EACH UNDERLYING FUND MAY BE CHANGED FROM TIME TO TIME WITHOUT SHAREHOLDER APPROVAL OR NOTICE. Show less