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GOLDMAN SACHS TRUST II Class A, Class C, Institutional, Investor, Class R, Class R6, Class T and Class P Shares of the Goldman Sachs Multi-Manager Alternatives Fund (the Fund ) Supplement dated November 19, 2018 to the Prospectus dated February 28, 2018, as supplemented (with respect to Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares) and the Prospectus dated April 16, 2018, as supplemented (with respect to Class P Shares) Pursuant to actions taken by the Board of Trustees of Goldman Sachs Trust II, ADG Capital Management LLP ( ADG ) and Artisan Partners Limited Partnership ( Artisan Partners ) will now serve as sub-advisers ( Underlying Managers ) of the Fund, and ADG will serve as an Underlying Manager of an existing wholly-owned subsidiary of the Fund, organized as a company under the laws of the Cayman Islands (the Subsidiary ). Goldman Sachs Asset Management, L.P. (the Investment Adviser ) has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee paid to the Investment Adviser by the Subsidiary. In addition, ADG has contractually agreed to waive the sub-advisory fee it receives from the Investment Adviser in connection with the services it provides to the Fund in an amount equal to the sub-advisory fees it receives from the Investment Adviser in connection with the services it provides to the Subsidiary. These waivers may not be discontinued by the Investment Adviser or ADG as long as their contracts with the Subsidiary are in place. In addition, effective October 23, 2018, Halcyon Arbitrage IC Management LP changed its name to Bardin Hill Arbitrage IC Management LP. Accordingly, effective immediately, the Fund s Prospectuses are revised as follows: The following replaces the third paragraph under Goldman Sachs Multi-Manager Alternatives Fund Summary Portfolio Management of both Prospectuses: As of the date of the Prospectus, Acadian Asset Management LLC ( Acadian ), ADG Capital Management LLP ( ADG ), Algert Global LLC ( Algert ), Ares Capital Management II LLC ( Ares ), Artisan Partners Limited Partnership ( Artisan Partners ), Bardin Hill Arbitrage IC Management LP ( Bardin Hill ), Brigade Capital Management, LP ( Brigade ), Crabel Capital Management, LLC ( Crabel ), Emso Asset Management Limited ( Emso ), First Pacific Advisors, LP ( FPA ), GQG Partners LLC ( GQG Partners ), One River Asset Management, LLC ( One River ), QMS Capital Management LP ( QMS ), River Canyon Fund Management LLC ( River Canyon ), Russell Investments Commodity Advisor, LLC ( RICA ), Sirios Capital Management, L.P. ( Sirios ) and Wellington Management Company LLP ( Wellington ) are the Underlying Managers (investment subadvisers) for the Fund. Each of ADG, Crabel and One River also serves as the Underlying Manager for one or more MMA Subsidiaries.

The following is added under Service Providers Investment Subadvisers (Underlying Managers) in both Prospectuses: ADG Capital Management LLP (Underlying Manager for the Fund and an MMA Subsidiary) ADG Capital Management LLP ( ADG ), located at 10 Chiswell Street, London EC1Y 4UQ, an investment adviser registered with the SEC and a Commodity Pool Operator and Commodity Trading Adviser registered with the Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA), employs a systematic macro strategy designed to obtain exposure to a variety of asset classes. Most of the strategy s long-term risk is typically allocated to various relative value investment models. As of September 30, 2018, ADG had approximately $2.5 billion in assets under management. With respect to the Fund, the firm manages an allocation within the Tactical Trading strategy. Artisan Partners Limited Partnership Artisan Partners Limited Partnership ( Artisan Partners ), located at 875 E. Wisconsin Avenue, Suite 800, Milwaukee, WI 53202, an investment adviser registered with the SEC, employs various actively managed investment strategies across a wide spectrum of market capitalizations, regions, and investment styles. As of October 31, 2018, Artisan Partners had approximately $107 billion in assets under management. With respect to the Fund, the firm manages an allocation within the Dynamic Equity strategy. The following replaces the fourth paragraph after the table under Service Providers Management Fee and Other Expenses of both Prospectuses: A discussion regarding the basis for the Board of Trustees approval of the Management Agreement for the Fund and Sub-Advisory Agreements for each Underlying Manager is available in the Fund s annual report for the period ended October 31, 2017, in the Fund s semi-annual report for the period ended April 30, 2018, or will be available in the Fund s annual report for the period ended October 31, 2018 or the Fund s semi-annual report for the period ended April 30, 2019. All references in the Fund s Prospectuses to Halcyon Arbitrage IC Management LP are hereby changed to Bardin Hill Arbitrage IC Management LP and all references to Halcyon are hereby changed to Bardin Hill. This Supplement should be retained with your Prospectuses for future reference. MMALTUMCHGSTK 11-18

GOLDMAN SACHS TRUST II Goldman Sachs Multi-Manager Alternatives Fund (the Fund ) Supplement dated September 19, 2018 to the Prospectus, Summary Prospectus, and Statement of Additional Information ( SAI ), each dated February 28, 2018, as supplemented (with respect to Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares) and the Prospectus, Summary Prospectus and SAI, each dated April 16, 2018, as supplemented (with respect to Class P Shares) Effective September 28, 2018, Atreaus Capital, LP ( Atreaus ) will no longer be an Underlying Manager (investment subadviser) for the Fund or any wholly-owned subsidiary of the Fund. Accordingly, all references to Atreaus in the Prospectuses, Summary Prospectuses, and SAI are hereby deleted in their entirety as of that date. Although Atreaus will no longer be an Underlying Manager as of such date, Goldman Sachs Asset Management, L.P. may allocate Fund assets away from Atreaus prior to that date. This Supplement should be retained with your Prospectuses, Summary Prospectuses, and SAI for future reference. MMALTUMCHGSTK 09-18

GOLDMAN SACHS TRUST II Supplement dated August 9, 2018 to the current Prospectuses and Statements of Additional Information ( SAIs ) for the Goldman Sachs Multi-Manager Alternatives Fund, Goldman Sachs GQG Partners International Opportunities Fund, 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, Goldman Sachs Target Date 2060 Portfolio (each, a Fund and, collectively, the Funds ) This supplement describes certain changes to the features of Class A and Class C Shares (as applicable) of the Funds. Namely, (1) Class C Shares will now be converted automatically to Class A Shares ten years after the purchase date subject to the terms of the Prospectus and (2) shareholders purchasing Fund shares through Ameriprise Financial or Morgan Stanley Wealth Management may be eligible for certain sales charge waivers and discounts. I. Changes to Class C Share Conversion Policy (Goldman Sachs Multi-Manager Alternatives Fund and Goldman Sachs GQG Partners International Opportunities) Class C Shares of the Funds are sold through intermediaries to retail investors. Currently, shareholders may exchange their Class C Shares for Class A Shares of the same Fund after ten years without imposition of a front end sales charge or contingent deferred sales charge, subject to the terms of the Prospectus and SAI. The Board of Trustees of Goldman Sachs Trust II has approved a new feature for Class C Shares such that Class C Shares will now be converted automatically to Class A Shares ten years after the purchase date. These conversions will occur quarterly, with the first conversion occurring in September 2018. Accordingly, effective immediately, the following changes are made to each Fund s disclosure: A. In the Shareholder Guide section of the Prospectus, the heading A Common Question Applicable to the Purchase of Class C Shares is revised to Common Questions Applicable to the Purchase of Class C Shares. B. In the Shareholder Guide section of the Prospectus, the following is added to the end of the section titled Common Questions Applicable to the Purchase of Class C Shares : What Should I Know About The Automatic Conversion Of Class C Shares? Class C Shares of the Fund will automatically convert into Class A Shares (which bear lower distribution and service (12b-1) fees and do not bear additional personal and account maintenance services fees) of the Fund on or about the fifteenth day of the last

month of the quarter that is ten years after the purchase date. No sales charges or other charges will apply in connection with any conversion. If you acquire Class C Shares of the Fund by exchange from Class C Shares of another Goldman Sachs Fund, your Class C Shares will convert into Class A Shares of the Fund based on the date of the initial purchase. If you acquire Class C Shares through reinvestment of distributions, your Class C Shares will convert into Class A Shares based on the date of the initial purchase of the shares on which the distribution was paid. Shareholders will not recognize a gain or loss for federal income tax purposes upon the conversion of Class C Shares for Class A Shares of the Fund. The automatic conversion of Class C Shares to Class A Shares will not apply to shares held through group retirement plan recordkeeping platforms of certain Intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging to facilitate such a conversion. Effective on or about September 17, 2018, new employee benefit plans are not eligible to purchase Class C Shares. Employee benefit plans which have this share class of the Fund available to participants on or before September 18, 2018, may continue to open accounts for new participants in such share class of the Fund and purchase additional shares in existing participant accounts. If you purchased your shares through an Intermediary, it is the responsibility of your Intermediary to work with the Transfer Agent to effect the conversion and to ensure that Class C Shares are automatically converted after the appropriate period of time. In addition, if your shares are no longer subject to a CDSC, you may be able to exchange your Class C Shares for Class A Shares without the payment of a sales charge prior to the automatic conversion subject to the policies and procedures of the Intermediary through whom you have purchased your shares. Please contact your Intermediary with questions regarding your eligibility to exchange Class C Shares for Class A Shares. C. The paragraph titled Class C Exchanges is removed from the Other Information Regarding Maximum Sales Charge, Purchases, Redemptions, Exchanges and Dividends section of the SAI. II. Changes to Intermediary-Specific Sales Charge Policies (Each Fund) Goldman Sachs Trust II, on behalf of the Funds, has established certain sales charge waivers and discounts applicable to investors who purchase Class A and Class C Shares of the Funds. Investors who purchase or redeem shares of the Funds through certain intermediaries that have a relationship with Goldman Sachs & Co. LLC, including banks, trust companies, brokers, registered investment advisers and other financial institutions ( Intermediaries ) may also be eligible for different or additional sales charge waivers and discounts, as implemented by an Intermediary.

Effective immediately, the following is added to the Appendix titled Additional Information About Sales Charge Variations, Waivers and Discounts in each Fund s Prospectus: AMERIPRISE FINANCIAL Effective June 30, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform or account will be eligible only for the following front-end sales charge waivers and discounts, which may differ from those disclosed elsewhere in this Fund s prospectus or SAI. Front-End Sales Charge Waivers on Class A Shares Available at Ameriprise Financial Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employersponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial s platform (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family). Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor s spouse, advisor s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption,

(2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). MORGAN STANLEY WEALTH MANAGEMENT Effective July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund s Prospectus or SAI. Front-End Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employersponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans Morgan Stanley employee and employee-related accounts according to Morgan Stanley s account linking rules Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund Shares purchased through a Morgan Stanley self-directed brokerage account Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management s share class conversion program Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. This Supplement should be retained with your Prospectus and SAI for future reference. GSTIIACSTK 08-18

GOLDMAN SACHS TRUST II Class A, Class C, Institutional, Investor, Class R, Class R6, Class T and Class P Shares of the Goldman Sachs Multi-Manager Alternatives Fund (the Fund ) Supplement dated May 29, 2018 to the Prospectus, Summary Prospectus and Statement of Additional Information ( SAI ), each dated February 28, 2018, as supplemented (with respect to Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares) and the Prospectus, Summary Prospectus and SAI, each dated April 16, 2018, as supplemented (with respect to Class P Shares) Effective June 15, 2018, Robert Mullane will transfer to a different group within Goldman Sachs and will no longer serve as a portfolio manager for the Fund. Kent Clark and Betsy Gorton will continue to serve as portfolio managers for the Fund. Accordingly, all references to Mr. Mullane in the Prospectuses, Summary Prospectuses and SAI are hereby deleted in their entirety as of that date. This Supplement should be retained with your Prospectuses, Summary Prospectuses and SAI for future reference. MMALTPMCHGSTK 05-18

GOLDMAN SACHS TRUST II Class A, Class C, Institutional, Investor, Class R, Class R6, Class T and Class P Shares of the Goldman Sachs Multi-Manager Alternatives Fund (the Fund ) Supplement dated May 10, 2018 to the Prospectus (the Multi-Class Prospectus ), Summary Prospectus (the Multi-Class Summary Prospectus ) and Statement of Additional Information ( SAI ), each dated February 28, 2018, as supplemented (with respect to Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares) and the Prospectus (the Class P Prospectus, together with the Multi-Class Prospectus, the Prospectuses ), Summary Prospectus (the Class P Summary Prospectus ) and SAI, each dated April 16, 2018 (with respect to Class P Shares) The Board of Trustees of Goldman Sachs Trust II (the Board ) recently approved changes to agreements by Goldman Sachs Asset Management, L.P. ( GSAM ) to waive or reimburse certain fees and expenses of the Fund. Collectively, these changes are intended to reduce the total net annual fund operating expense ratio for each of the Fund s share classes effective after the close of business on May 31, 2018. Effective immediately, the Board has also approved GQG Partners LLC to serve as an additional sub-adviser of the Fund. In addition, effective on or around May 15, 2018, Graham Capital Management, L.P. ( GCM ) will no longer be an Underlying Manager (investment subadviser) for the Fund or any wholly-owned subsidiary of the Fund. Although GCM will no longer be an Underlying Manager on or around such date, Goldman Sachs Asset Management, L.P. may allocate Fund assets away from GCM prior to that date.

Accordingly, effective after the close of business on May 31, 2018, the Fund s Prospectuses and Summary Prospectuses are revised as follows: The following replaces in its entirety the Annual Fund Operating Expenses table and its related footnotes in the Goldman Sachs Multi-Manager Alternatives Fund Summary Fees and Expenses of the Fund section of the Multi-Class Prospectus and the Multi-Class Summary Prospectus: Class A Class C Institutional Investor Class R Class R6 Class T Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fees 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% Distribution and/or Service (12b-1) Fees 0.25% 0.75% None None 0.50% None 0.25% Other Expenses 2 0.62% 0.87% 0.48% 0.62% 0.62% 0.47% 0.62% Service Fees None 0.25% None None None None None Dividend and Interest Payments and Other Expenses Relating to Securities Sold Short 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% Remainder of Other Expenses 0.49% 0.49% 0.35% 0.49% 0.49% 0.34% 0.49% Acquired Fund Fees and Expenses 3 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% Total Annual Fund Operating Expenses 4 2.83% 3.58% 2.44% 2.58% 3.08% 2.43% 2.83% Fee Waiver and Expense Limitation 5 (0.57)% (0.57)% (0.51)% (0.57)% (0.57)% (0.51)% (0.57)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 4 2.26% 3.01% 1.93% 2.01% 2.51% 1.92% 2.26% 2 The Other Expenses for Class A, Class C, Institutional, Investor and Class R Shares have been restated. The Other Expenses for Class R6 and Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year. 3 Acquired Fund Fees and Expenses have been restated to reflect current fees. 4 The Total Annual Fund Operating Expenses do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 5 Goldman Sachs Asset Management, L.P. (the Investment Adviser or GSAM ) or Goldman Sachs & Co. LLC ( Goldman Sachs ), the Fund s transfer agent, have each agreed to the following fee waivers and expense limitations: (i) the Investment Adviser s waiver of a portion of its management fee in order to achieve an effective net management fee rate of 1.57% as an annual percentage of the average daily net assets of the Fund; (ii) the Investment Adviser s waiver of a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by each MMA Subsidiary (as defined below) at an annual rate of 0.42% of the MMA Subsidiary s average daily net assets; (iii) the Investment Adviser s reduction or limitation of Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.194% of the Fund s average daily net assets; (iv) Goldman Sachs waiver of a portion of its transfer agency fee (a component of Other Expenses ) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares (the TA Fee Waiver ); and (v) the Investment Adviser s limitation of total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) of Class A, Class C,

Institutional, Investor, Class R, Class R6 and Class T Shares to (after the application of the TA Fee Waiver described above) 2.13%, 2.88%, 1.80%, 1.88%, 2.38%, 1.79% and 2.13%, respectively. The management fee waiver arrangements with respect to the fee paid by each MMA Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the respective MMA Subsidiary is in place. The other arrangements will remain in effect through at least May 31, 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 following replaces in its entirety the table in the Goldman Sachs Multi- Manager Alternatives Fund Summary Expense Example section of the Multi- Class Prospectus and the Multi-Class Summary Prospectus: 1 Year 3 Years 5 Years 10 Years Class A Shares $766 $1,328 $1,914 $3,494 Class C Shares Assuming complete redemption at end of period $404 $1,045 $1,806 $3,808 Assuming no redemption $304 $1,045 $1,806 $3,808 Institutional Shares $196 $ 712 $1,255 $2,738 Investor Shares $204 $ 748 $1,319 $2,872 Class R Shares $254 $ 898 $1,566 $3,353 Class R6 Shares $195 $ 709 $1,250 $2,728 Class T Shares $473 $1,053 $1,657 $3,288 The following replaces in its entirety the Annual Fund Operating Expenses table and its related footnotes in the Goldman Sachs Multi-Manager Alternatives Fund Summary Fees and Expenses of the Fund section of the Class P Prospectus and the Class P Summary Prospectus: Class P Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fees 1.90% Other Expenses 1 0.47% Dividend and Interest Payments and Other Expenses Relating to Securities Sold Short 0.13% Remainder of Other Expenses 0.34% Acquired Fund Fees and Expenses 0.06% Total Annual Fund Operating Expenses 2.43% Fee Waiver and Expense Limitation 2 (0.51)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 1.92% 1 The Other Expenses for Class P Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year. 2 Goldman Sachs Asset Management, L.P. (the Investment Adviser or GSAM ) has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 1.57% as an annual percentage of the average daily net assets of the Fund; (ii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by each MMA Subsidiary (as defined below) at an annual rate of 0.42% of the MMA Subsidiary s average daily net assets; (iii) reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.194% of the Fund s average daily net assets; and (iv) limit total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on

securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) of Class P Shares to 1.79%. The management fee waiver arrangements with respect to the fee paid by each MMA Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the respective MMA Subsidiary is in place. The other arrangements will remain in effect through at least May 31, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The following replaces in its entirety the table in the Goldman Sachs Multi- Manager Alternatives Fund Summary Expense Example section of the Class P Prospectus and the Class P Summary Prospectus: 1 Year 3 Years 5 Years 10 Years Class P Shares $195 $709 $1,250 $2,728 The following replaces the first paragraph below the table in the Service Providers Management Fees and Other Expenses section of both Prospectuses: The Investment Adviser has contractually agreed to waive the Fund s management fee in an amount equal to the management fee paid to the Investment Adviser by the MMA Subsidiaries. This arrangement may not be discontinued by the Investment Adviser as long as its contract with the MMA Subsidiaries is in place. In addition, the Investment Adviser has agreed to waive a portion of its management fee for the Fund in order to achieve an effective net management fee rate of 1.57% as an annual percentage of average daily net assets of the Fund. This arrangement will remain in effect through at least May 31, 2019, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. This management fee waiver may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. The following replaces the third and fourth paragraphs below the table in the Service Providers Management Fees and Other Expenses section of both Prospectuses: The Investment Adviser has agreed to reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees (as applicable), taxes, dividends and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.194% of the Fund s average daily net assets through at least May 31, 2019, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. This expense limitation may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after such date, although the Investment Adviser does not presently intend to do so. The Fund s Other Expenses may be further reduced by any custody and transfer agency fee credits received by the Fund. A discussion regarding the basis for the Board of Trustees approval of the Management Agreement for the Fund and the Sub-Advisory Agreements for the Underlying

Managers is available in the Fund s semi-annual report for the period ended April 30, 2017 or the Fund s annual report for the period ended October 31, 2017, or will be available in the Fund s semi-annual report for the period ended April 30, 2018 or the Fund s annual report for the period ended October 31, 2018. *** Effective immediately, the Fund s Prospectuses and Summary Prospectuses are revised as follows: The following replaces the third paragraph under Goldman Sachs Multi-Manager Alternatives Fund Summary Portfolio Management of both Prospectuses and Summary Prospectuses: As of the date of the Prospectus, Acadian Asset Management LLC ( Acadian ), Algert Global LLC ( Algert ), Ares Capital Management II LLC ( Ares ), Atreaus Capital, LP ( Atreaus ), Brigade Capital Management, LP ( Brigade ), Crabel Capital Management, LLC ( Crabel ), Emso Asset Management Limited ( Emso ), First Pacific Advisors, LLC ( FPA ), Graham Capital Management, L.P. ( GCM ), GQG Partners LLC ( GQG Partners ), Halcyon Arbitrage IC Management LP ( Halcyon ), One River Asset Management, LLC ( One River ), QMS Capital Management LP ( QMS ), River Canyon Fund Management LLC ( River Canyon ), Russell Investments Commodity Advisor, LLC ( RICA ), Sirios Capital Management, L.P. ( Sirios ) and Wellington Management Company LLP ( Wellington ) are the Underlying Managers (investment subadvisers) for the Fund. Each of Atreaus, Crabel, GCM and One River also serves as the Underlying Manager for one or more MMA Subsidiaries. The following is added under Service Providers Investment Subadvisers (Underlying Managers) of both Prospectuses: GQG Partners LLC GQG Partners LLC ( GQG Partners ), located at 350 East Las Olas Boulevard, Suite 1100, Fort Lauderdale, Florida, 33301, an investment adviser registered with the SEC, focuses on long-only global, international and emerging markets equity strategies. As of December 31, 2017, GQG Partners had approximately $10.7 billion in regulatory assets under management. With respect to the Fund, GQG Partners manages an allocation within the Dynamic Equity strategy. Effective on or around May 15, 2018, all references to GCM in the Prospectuses, Summary Prospectuses and SAI are hereby deleted in their entirety on or around that date. *** This Supplement should be retained with your Prospectuses, Summary Prospectuses and SAI for future reference. MMALTFEECHGSTK 05-18

GOLDMAN SACHS TRUST II Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares of the Goldman Sachs Multi-Manager Alternatives Fund (the Fund ) Supplement dated April 18, 2018 to the Prospectus, Summary Prospectus and Statement of Additional Information ( SAI ), each dated February 28, 2018, as supplemented Effective February 28, 2018, the Fund s transfer agent, Goldman Sachs & Co. LLC, agreed to waive a portion of its transfer agency fee equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares of the Fund. Effective immediately, the Fund s Prospectus, Summary Prospectus and SAI are revised as follows: The Annual Fund Operating Expenses table and its related footnotes in the Goldman Sachs Multi-Manager Alternatives Fund Summary Fees and Expenses of the Fund section of the Prospectus and Goldman Sachs Multi-Manager Alternatives Fund Fees and Expenses of the Fund section of the Summary Prospectus is replaced with the following: Class A Class C Institutional Investor Class R Class R6 Class T Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fees 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% Distribution and/or Service (12b-1) Fees 0.25% 0.75% None None 0.50% None 0.25% Other Expenses 2 0.62% 0.87% 0.48% 0.62% 0.62% 0.47% 0.62% Service Fees None 0.25% None None None None None Dividend and Interest Payments and Other Expenses Relating to Securities Sold Short 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% Remainder of Other Expenses 0.49% 0.49% 0.35% 0.49% 0.49% 0.34% 0.49% Acquired Fund Fees and Expenses 3 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% Total Annual Fund Operating Expenses 4 2.83% 3.58% 2.44% 2.58% 3.08% 2.43% 2.83% Fee Waiver and Expense Limitation 5 (0.39)% (0.39)% (0.33)% (0.39)% (0.39)% (0.33)% (0.39)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 4 2.44% 3.19% 2.11% 2.19% 2.69% 2.10% 2.44% 2 The Other Expenses for Class A, Class C, Institutional, Investor and Class R Shares have been restated. The Other Expenses for Class R6 and Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year.

3 Acquired Fund Fees and Expenses have been restated to reflect current fees. 4 The Total Annual Fund Operating Expenses do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 5 The Investment Adviser or Goldman Sachs & Co. LLC ( Goldman Sachs ), the Fund s transfer agent, have each agreed to the following fee waivers and expense limitations: (i) the Investment Adviser s waiver of a portion of its management fee in order to achieve an effective net management fee rate of 1.83% as an annual percentage of the average daily net assets of the Fund; (ii) the Investment Adviser s waiver of a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by each MMA Subsidiary (as defined below) at an annual rate of 0.42% of the MMA Subsidiary s average daily net assets; (iii) the Investment Adviser s reduction or limitation of Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.114% of the Fund s average daily net assets; (iv) Goldman Sachs waiver of a portion of its transfer agency fee (a component of Other Expenses ) equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares (the TA Fee Waiver ); and (v) the Investment Adviser s limitation of total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) of Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares to (after the application of the TA Fee Waiver described above) 2.31%, 3.06%, 1.98%, 2.06%, 2.56%, 1.97% and 2.31%, respectively. The management fee waiver arrangements with respect to the fee paid by each MMA Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the respective MMA Subsidiary is in place. The other arrangements will remain in effect through at least February 28, 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 following replaces the table under Goldman Sachs Multi-Manager Alternatives Fund Summary Expense Example in the Prospectus and Goldman Sachs Multi- Manager Alternatives Fund Expense Example in the Summary Prospectus: 1 Year 3 Years 5 Years 10 Years Class A Shares $784 $1,344 $1,929 $3,507 Class C Shares Assuming complete redemption at end of period $422 $1,061 $1,822 $3,819 Assuming no redemption $322 $1,061 $1,822 $3,819 Institutional Shares $214 $ 729 $1,271 $2,751 Investor Shares $222 $ 765 $1,335 $2,886 Class R Shares $272 $ 915 $1,582 $3,365 Class R6 Shares $213 $ 726 $1,266 $2,741 Class T Shares $491 $1,069 $1,673 $3,301 The following replaces the fourth paragraph in the Service Providers Expenses section of the Prospectus: The Investment Adviser has agreed to reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.114% of the Fund s average daily net assets and limit total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) of Class A, Class C, Investor, Institutional, Class R, Class R6 and Class T Shares to 2.37%, 3.12%, 1.98%, 2.12%, 2.62%, 1.97% and 2.37%, respectively (the TER Limitation ). After applying the TER Limitation and Goldman Sachs transfer agency fee waiver for certain share classes of the Fund, as described below in Service Providers Distributor and Transfer Agent, the Fund s total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) for Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares are limited to 2.31%, 3.06%, 1.98%, 2.06%, 2.56%, 1.97% and 2.31%, respectively. The Investment Adviser s expense limitation agreements will remain in effect through at least February 28, 2019, and prior to such date, the Investment Adviser may not terminate the fee waiver and expense limitation arrangements to which it has agreed without the approval of the Board of Trustees. These expense limitations to which the Investment Adviser has agreed may be modified or terminated by the Investment Adviser at its discretion and without shareholder approval after February 28, 2019, although the Investment Adviser does not presently intend to do so. The Fund s Other Expenses may be further reduced by any custody and transfer agency fee credits received by the Fund.

The following is added to the second paragraph in the Service Providers Distributor and Transfer Agent section of the Prospectus: Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.06% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, Class R and Class T Shares of the Fund. This arrangement will remain in effect through at least February 28, 2019, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. The following replaces the third paragraph in the Management Services Expenses section of the SAI: The Investment Adviser has agreed to reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.114% of the Fund s average daily net assets and limit total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) of Class A, Class C, Investor, Institutional, Class R, Class R6 and Class T Shares to 2.37%, 3.12%, 1.98%, 2.12%, 2.62%, 1.97% and 2.37%, respectively (the TER Limitation ). After applying the TER Limitation and Goldman Sachs transfer agency fee waiver for certain share classes of the Fund, as described in the Service Providers Distributor and Transfer Agent section of the Prospectus, the Fund s total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) for Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares are limited to 2.31%, 3.06%, 1.98%, 2.06%, 2.56%, 1.97% and 2.31%, respectively. Such reductions or limits, if any, are calculated monthly on a cumulative basis during the Fund s fiscal year end and, after February 28, 2019, may be discontinued or modified by either the Investment Adviser or Goldman Sachs, as applicable, in its discretion at any time, although each of the Investment Adviser and Goldman Sachs currently has no intention of doing so. The Fund s Other Expenses may be further reduced by any custody and transfer agency fee credits received by the Fund. This Supplement should be retained with your Prospectus, Summary Prospectus and SAI for future reference. MMALTFEECHGSTK 04-18

GOLDMAN SACHS TRUST II Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares of the Goldman Sachs Multi-Manager Alternatives Fund Supplement dated March 26, 2018 to the Prospectus dated February 28, 2018, as supplemented Pursuant to action taken by the Board of Trustees of Goldman Sachs Trust II, River Canyon Fund Management LLC will now serve as an Underlying Manager of the Goldman Sachs Multi-Manager Alternatives Fund (the Fund ). Effective immediately, the Fund s Prospectus is revised as follows: The following replaces the third paragraph under Goldman Sachs Multi-Manager Alternatives Fund Summary Portfolio Management : As of the date of the Prospectus, Acadian Asset Management LLC ( Acadian ), Algert Global LLC ( Algert ), Ares Capital Management II LLC ( Ares ), Atreaus Capital, LP ( Atreaus ), Brigade Capital Management, LP ( Brigade ), Crabel Capital Management, LLC ( Crabel ), Emso Asset Management Limited ( Emso ), First Pacific Advisors, LLC ( FPA ), Graham Capital Management, L.P. ( GCM ), Halcyon Arbitrage IC Management LP ( Halcyon ), One River Asset Management, LLC ( One River ), QMS Capital Management LP ( QMS ), River Canyon Fund Management LLC ( River Canyon ), Russell Investments Commodity Advisor, LLC ( RICA ), Sirios Capital Management, L.P. ( Sirios ) and Wellington Management Company LLP ( Wellington ) are the Underlying Managers (investment subadvisers) for the Fund. Each of Atreaus, Crabel, GCM and One River also serves as the Underlying Manager for one or more MMA Subsidiaries. The following is added under Service Providers Investment Subadvisers (Underlying Managers) in the Prospectus: River Canyon Fund Management LLC River Canyon Fund Management LLC ( River Canyon ), located at 2000 Avenue of the Stars, 11th Floor, Los Angeles, CA 90067, an investment adviser registered with the SEC, focuses on structured credit investments, including mortgage- and other asset-backed securities and collateralized loan obligations. River Canyon, together with its parent company, Canyon Capital Advisors, LLC, and its affiliates, had approximately $23.4 billion of assets under management, of which $29.1 million was managed by River Canyon, as of December 31, 2017. With respect to the Fund, the firm manages an allocation within the Event Driven and Credit strategy.

In addition, effective immediately, the Annual Fund Operating Expenses table and its related footnotes in the Goldman Sachs Multi-Manager Alternatives Fund Summary Fees and Expenses of the Fund section of the Prospectus are being restated to reflect the commencement of operations of two of the Fund s wholly-owned subsidiaries organized under the laws of the Cayman Islands. Accordingly, the Annual Fund Operating Expenses table and its related footnotes are replaced with the following: Class A Class C Institutional Investor Class R Class R6 Class T Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Management Fees 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% Distribution and/or Service (12b-1) Fees 0.25% 0.75% None None 0.50% None 0.25% Other Expenses 2 0.62% 0.87% 0.48% 0.62% 0.62% 0.47% 0.62% Service Fees None 0.25% None None None None None Dividend and Interest Payments and Other Expenses Relating to Securities Sold Short 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% Remainder of Other Expenses 0.49% 0.49% 0.35% 0.49% 0.49% 0.34% 0.49% Acquired Fund Fees and Expenses 3 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% Total Annual Fund Operating Expenses 4 2.83% 3.58% 2.44% 2.58% 3.08% 2.43% 2.83% Fee Waiver and Expense Limitation 5 (0.33)% (0.33)% (0.33)% (0.33)% (0.33)% (0.33)% (0.33)% Total Annual Fund Operating Expenses After Fee Waiver and Expense Limitation 4 2.50% 3.25% 2.11% 2.25% 2.75% 2.10% 2.50% 2 The Other Expenses for Class A, Class C, Institutional, Investor and Class R Shares have been restated. The Other Expenses for Class R6 and Class T Shares have been estimated to reflect expenses expected to be incurred during the current fiscal year. 3 Acquired Fund Fees and Expenses have been restated to reflect current fees. 4 The Total Annual Fund Operating Expenses do not correlate to the ratios of net and total expenses to average net assets provided in the Financial Highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. 5 The Investment Adviser has agreed to (i) waive a portion of its management fee in order to achieve an effective net management fee rate of 1.83% as an annual percentage of the average daily net assets of the Fund; (ii) waive a portion of its management fee in an amount equal to the management fee paid to the Investment Adviser by each MMA Subsidiary (as defined below) at an annual rate of 0.42% of the MMA Subsidiary s average daily net assets; (iii) reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.114% of the Fund s average daily net assets; and (iv) limit total annual operating expenses (excluding acquired fund fees and expenses, taxes, dividend and interest payments on securities sold short, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) of Class A, Class C, Institutional, Investor, Class R, Class R6 and Class T Shares to 2.37%, 3.12%, 1.98%, 2.12%, 2.62%, 1.97% and 2.37%, respectively. The management fee waiver arrangements with respect to the fee paid by each MMA Subsidiary may not be discontinued by the Investment Adviser as long as its contract with the respective MMA Subsidiary is in place. The other arrangements will remain in effect through at least February 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

The following replaces the table under Goldman Sachs Multi-Manager Alternatives Fund Summary Expense Example in the Prospectus: 1 Year 3 Years 5 Years 10 Years Class A Shares $789 $1,349 $1,934 $3,511 Class C Shares Assuming complete redemption at end of period $428 $1,067 $1,827 $3,823 Assuming no redemption $328 $1,067 $1,827 $3,823 Institutional Shares $214 $ 729 $1,271 $2,751 Investor Shares $228 $ 771 $1,341 $2,890 Class R Shares $278 $ 920 $1,587 $3,370 Class R6 Shares $213 $ 726 $1,266 $2,741 Class T Shares $497 $1,075 $1,678 $3,305 This Supplement should be retained with your Prospectus for future reference. MMALTUMCANYCHGSTK 03-18