# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001410368-25-007891
**Filing Date:** 2025-9
**Character Count:** 56662
**Document Hash:** 8d888ba9ed41d78191d2f85273efa350
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-007891.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001410368-25-007891

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs Trust II
- **CENTRAL INDEX KEY:** 0001557156

**ORGANIZATION NAME:**
- **EIN:** 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:** 251329119

**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 GQG Partners International Opportunities Fund (Series ID: S000055738)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000175541 | Class A Shares       | GSIHX           |
| C000175542 | Class C Shares       | GSILX           |
| C000175543 | Institutional Shares | GSIMX           |
| C000175544 | Investor Shares      | GSINX           |
| C000175545 | Class R Shares       | GSIQX           |
| C000175546 | Class R6 Shares      | GSIYX           |
| C000201705 | Class P Shares       | GGIPX           |

## Nport-Ex

GOLDMAN SACHS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

## Schedule of Investments
*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 93.0%** | **Common Stocks – 93.0%** | **Common Stocks – 93.0%** |
| **Australia\* – 1.3%** | **Australia\* – 1.3%** | **Australia\* – 1.3%** |
| 167098966 | Glencore PLC (Metals & Mining) | $670621855 |
| **Brazil – 2.1%** | **Brazil – 2.1%** | **Brazil – 2.1%** |
| 29486011 | Banco BTG Pactual SA (Capital Markets) | 206050059 |
| 71574470 | Petroleo Brasileiro SA - Petrobras ADR (Oil, Gas & Consumable Fuels) | 911858748 |
|  |  | 1117908807 |
| **Canada – 4.4%** | **Canada – 4.4%** | **Canada – 4.4%** |
| 38078878 | Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 1724487294 |
| 2911411 | Intact Financial Corp. (Insurance) | 601781258 |
|  |  | 2326268552 |
| **France – 9.2%** | **France – 9.2%** | **France – 9.2%** |
| 7529477 | BNP Paribas SA (Banks) | 686524371 |
| 5752359 | Danone SA (Food Products) | 470754722 |
| 1238746 | L'Oreal SA (Personal Products) | 548123983 |
| 7936409 | Sanofi SA (Pharmaceuticals) | 712456420 |
| 2152495 | Thales SA (Aerospace & Defense) | 579007497 |
| 23818544 | TotalEnergies SE (Oil, Gas & Consumable Fuels) | 1416380754 |
| 3115230 | Vinci SA (Construction & Engineering) | 432732747 |
|  |  | 4845980494 |
| **Germany – 9.9%** | **Germany – 9.9%** | **Germany – 9.9%** |
| 1249553 | Allianz SE (Insurance) | 493795393 |
| 3605195 | Beiersdorf AG (Personal Products) | 447989181 |
| 17070625 | Deutsche Bank AG (Capital Markets) | 562247053 |
| 2395010 | Deutsche Boerse AG (Capital Markets) | 693085306 |
| 32266731 | Deutsche Telekom AG (Diversified Telecommunication Services) | 1157275272 |
| 29432687 | E.ON SE (Multi-Utilities) | 536947366 |
| 4607283 | SAP SE (Software) | 1317478009 |
|  |  | 5208817580 |
| **India – 13.9%** | **India – 13.9%** | **India – 13.9%** |
| 35227459 | Adani Energy Solutions Ltd.\* (Electric Utilities) | 321966834 |
| 24452293 | Adani Enterprises Ltd. (Trading Companies & Distributors) | 675147064 |
| 40467942 | Adani Green Energy Ltd.\* (Independent Power and Renewable Electricity Producers) | 451337117 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **India – (continued)** | **India – (continued)** | **India – (continued)** |
| 52502885 | Adani Ports & Special Economic Zone Ltd. (Transportation Infrastructure) | $818890407 |
| 127023640 | Adani Power Ltd.\* (Independent Power and Renewable Electricity Producers) | 846489783 |
| 35553211 | Bharti Airtel Ltd. (Wireless Telecommunication Services) | 773962680 |
| 238903414 | GMR Airports Ltd.\* (Transportation Infrastructure) | 243847168 |
| 7437704 | HDFC Bank Ltd. ADR<sup>(a)</sup> (Banks) | 570992536 |
| 35001485 | ICICI Bank Ltd. ADR (Banks) | 1179550044 |
| 207091795 | ITC Ltd. (Tobacco) | 971197237 |
| 52079183 | State Bank of India (Banks) | 471860311 |
|  |  | 7325241181 |
| **Indonesia – 0.9%** | **Indonesia – 0.9%** | **Indonesia – 0.9%** |
| 978524598 | Bank Central Asia Tbk. PT (Banks) | 490432079 |
| **Israel\*<sup>(a)</sup> – 0.1%** | **Israel\*<sup>(a)</sup> – 0.1%** | **Israel\*<sup>(a)</sup> – 0.1%** |
| 576494 | Etoro Group Ltd. Class A (Capital Markets) | 34566580 |
| **Italy – 4.1%** | **Italy – 4.1%** | **Italy – 4.1%** |
| 129711998 | Enel SpA<sup>(a)</sup> (Electric Utilities) | 1143837305 |
| 47956043 | Intesa Sanpaolo SpA (Banks) | 288947594 |
| 9743719 | UniCredit SpA (Banks) | 716882096 |
|  |  | 2149666995 |
| **Japan – 2.7%** | **Japan – 2.7%** | **Japan – 2.7%** |
| 23103400 | Japan Tobacco, Inc. (Tobacco) | 659824290 |
| 4465100 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 122655326 |
| 16181225 | Tokio Marine Holdings, Inc. (Insurance) | 649722969 |
|  |  | 1432202585 |
| **Netherlands – 2.0%** | **Netherlands – 2.0%** | **Netherlands – 2.0%** |
| 6747313 | Heineken NV (Beverages) | 529607764 |
| 13183489 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 520700341 |
|  |  | 1050308105 |
| **Russia\*<sup>(b)</sup> – 0.0%** | **Russia\*<sup>(b)</sup> – 0.0%** | **Russia\*<sup>(b)</sup> – 0.0%** |
| 48039056 | Gazprom PJSC (Oil, Gas & Consumable Fuels) |  |
| 3681622 | LUKOIL PJSC (Oil, Gas & Consumable Fuels) |  |
| 34154161 | Rosneft Oil Co. PJSC (Oil, Gas & Consumable Fuels) |  |

---

------

GOLDMAN SACHS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

## Schedule of Investments (continued)
*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Spain – 4.4%** | **Spain – 4.4%** | **Spain – 4.4%** |
| 70747161 | CaixaBank SA (Banks) | $665610882 |
| 83311161 | Iberdrola SA (Electric Utilities) | 1464303388 |
| 3817853 | Industria de Diseno Textil SA (Specialty Retail) | 182367476 |
|  |  | 2312281746 |
| **Switzerland – 2.9%** | **Switzerland – 2.9%** | **Switzerland – 2.9%** |
| 12200962 | Novartis AG (Pharmaceuticals) | 1389531504 |
| 3576006 | UBS Group AG (Capital Markets) | 132898713 |
|  |  | 1522430217 |
| **Taiwan – 2.9%** | **Taiwan – 2.9%** | **Taiwan – 2.9%** |
| 39249951 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1511093776 |
| **United Arab Emirates – 1.5%** | **United Arab Emirates – 1.5%** | **United Arab Emirates – 1.5%** |
| 62047904 | First Abu Dhabi Bank PJSC (Banks) | 303544316 |
| 4648706 | International Holding Co. PJSC\* (Industrial Conglomerates) | 507642416 |
|  |  | 811186732 |
| **United Kingdom – 16.9%** | **United Kingdom – 16.9%** | **United Kingdom – 16.9%** |
| 8454456 | AstraZeneca PLC (Pharmaceuticals) | 1233434401 |
| 39295781 | British American Tobacco PLC (Tobacco) | 2105362870 |
| 13228571 | British American Tobacco PLC ADR (Tobacco) | 710109691 |
| 30397301 | HSBC Holdings PLC (Banks) | 370329429 |
| 19264622 | Imperial Brands PLC (Tobacco) | 750923035 |
| 81094291 | National Grid PLC (Multi-Utilities) | 1139542594 |
| 81272914 | Rolls-Royce Holdings PLC (Aerospace & Defense) | 1153504088 |
| 26773616 | Shell PLC (Oil, Gas & Consumable Fuels) | 964815775 |
| 7674108 | Unilever PLC (Personal Products) | 445255181 |
|  |  | 8873277064 |
| **United States – 13.8%** | **United States – 13.8%** | **United States – 13.8%** |
| 1313078 | Alcon AG (Health Care Equipment & Supplies) | 115114883 |
| 211955 | ARM Holdings PLC ADR\* (Semiconductors & Semiconductor Equipment) | 29965138 |
| 5610974 | Chubb Ltd. (Insurance) | 1492743523 |
| 14594557 | Nestle SA (Food Products) | 1275229537 |
| 21585014 | Philip Morris International, Inc. (Tobacco) | 3541021547 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** | **United States – (continued)** |
| 1549148 | Procter & Gamble Co. (Household Products) | $233100300 |
| 1771463 | Roche Holding AG (Pharmaceuticals) | 552825822 |
|  |  | 7240000750 |
| **TOTAL COMMON STOCKS**<br> **(Cost $40,615,901,975)** | **TOTAL COMMON STOCKS**<br> **(Cost $40,615,901,975)** | $48922285098 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks – 3.1%** | **Preferred Stocks – 3.1%** | **Preferred Stocks – 3.1%** |
| **Brazil – 3.1%** | **Brazil – 3.1%** | **Brazil – 3.1%** |
| Itau Unibanco Holding SA (Banks) | Itau Unibanco Holding SA (Banks) | Itau Unibanco Holding SA (Banks) |
| 122092122 | 7.121% | $766625713 |
| Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) |
| 150142063 | 10.499 | 875184066 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $1,374,249,642)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $1,374,249,642)** | $1641809779 |
| **Investment Company<sup>(c</sup><sup>)</sup> – 4.2%** | **Investment Company<sup>(c</sup><sup>)</sup> – 4.2%** | **Investment Company<sup>(c</sup><sup>)</sup> – 4.2%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 2238007574 | 4.191% | $2238007574 |
| **(Cost $2,238,007,574)** | **(Cost $2,238,007,574)** |  |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle<sup>(c)</sup> – 1.0%** | **Securities Lending Reinvestment Vehicle<sup>(c)</sup> – 1.0%** | **Securities Lending Reinvestment Vehicle<sup>(c)</sup> – 1.0%** |
| Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares | Goldman Sachs Financial Square Government Fund — Institutional<br>Shares |
| 519841825 | 4.191% | $519841825 |
| **(Cost $519,841,825)** | **(Cost $519,841,825)** | **(Cost $519,841,825)** |
| **TOTAL INVESTMENTS – 101.3%**<br> **(Cost $44,748,001,016)** | **TOTAL INVESTMENTS – 101.3%**<br> **(Cost $44,748,001,016)** | $53321944276 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (1.3)%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – (1.3)%** | (692336749) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $52629607527 |

---

---

| | |
|:---|:---|
| 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. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (c) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

*July 31, 2025 (Unaudited)* 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **SECTOR ALLOCATION AS OF JULY 31, 2025** | &nbsp;&nbsp; **SECTOR ALLOCATION AS OF JULY 31, 2025** |
| **Sector** | **% of Total<br>Market Value** |
| Consumer Staples | 25.0% |
| Financials | 21.5 |
| Utilities | 11.2 |
| Energy | 11.2 |
| Industrials | 8.4 |
| Health Care | 7.8 |
| Information Technology | 5.4 |
| Investment Company | 4.2 |
| Communication Services | 3.7 |
| Materials | 1.3 |
| Consumer Discretionary | 0.3 |
|  | 100.0% |

---

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| PLC | — Public Limited Company |

---

------

GOLDMAN SACHS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

*July 31, 2025 (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 Fund, including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated GSAM 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 Fund's 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:

**Equity Securities** — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e., where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

------

GOLDMAN SACHS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

*July 31, 2025 (Unaudited)* 

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

**Money Market Funds** — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

**Level 3 Fair Value Investments** — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund's investments may be determined under the 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 the 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 investments are classified as Level 3 investments.

**Fair Value Hierarchy** — The following is a summary of the Fund's investments classified in the fair value hierarchy as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $2292751576 | $9311971357 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 670621855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 710109691 | 25252652510 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 7623099060 | 1943170242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1117908807 |  |  |
|  Preferred Stocks |  | 1641809779 |  |
|  Securities Lending Reinvestment Vehicle | 519841825 |  |  |
|  Investment Company | 2238007574 |  |  |
| **Total** | $14501718533 | $38820225743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

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

**Depositary Receipts Risk** — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

------

GOLDMAN SACHS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

*July 31, 2025 (Unaudited)* 

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

**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 the Fund 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 the 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 the 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 the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

**Investment Style Risk** — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, the 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. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.

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

**Market and Credit Risks** — In the normal course of business, the Fund 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 the 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.

------

GOLDMAN SACHS GQG PARTNERS INTERNATIONAL OPPORTUNITIES FUND

*July 31, 2025 (Unaudited)* 

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

Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

**Mid-Cap and Small-Cap Risk** — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

## 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 GQG Partners International Opportunities Fund

- **b. EDGAR series identifier (if any):** S000055738

- **c. LEI of Series:** 549300KNO4AKE1XOS861

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $53640590433.56

**Total Liabilities:** $1004242267.12

**Net Assets:** $52636348166.44

**Cash Not Reported:** $93532919.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201705 | 3.29%                | 1.71%                | -2.69%               |
| Class ID C000175542 | 3.19%                | 1.64%                | -2.81%               |
| Class ID C000175543 | 3.29%                | 1.75%                | -2.74%               |
| Class ID C000175544 | 3.26%                | 1.76%                | -2.75%               |
| Class ID C000175546 | 3.29%                | 1.75%                | -2.69%               |
| Class ID C000175545 | 3.24%                | 1.71%                | -2.76%               |
| Class ID C000175541 | 3.27%                | 1.72%                | -2.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5917082.91              | $1403116194.06                             |
| Month 2  | $248382281.52            | $537785882.64                              |
| Month 3  | $162885349.64            | $-1701969568.30                            |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| British American Tobacco PLC                   | British American Tobacco PLC                   | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |   13228571 | NS      | $710109691.28  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC                            | Imperial Brands PLC                            | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |   19264622 | NS      | $750923034.88  | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                                     | L'Oreal SA                                     | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |    1238746 | NS      | $548123982.85  | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                  | Beiersdorf AG                                  | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |    3605195 | NS      | $447989181.30  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                       | Rolls-Royce Holdings PLC                       | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |   81272914 | NS      | $1153504087.86 | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Philip Morris International Inc                | Philip Morris International Inc                | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |   21585014 | NS      | $3541021546.70 | 6.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Adani Power Ltd                                | Adani Power Ltd                                | CUSIP: 000000000<br>LEI: 33580074T4XKFXBDG813 | Long             | EC               | CORP              | IN        |  127023640 | NS      | $846489782.74  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                   | British American Tobacco PLC                   | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |   39295781 | NS      | $2105362870.14 | 4.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                                   | Unilever PLC                                   | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    7674108 | NS      | $445255181.25  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Ports & Special Economic Zone Ltd        | Adani Ports & Special Economic Zone Ltd        | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | EC               | CORP              | IN        |   52502885 | NS      | $818890406.77  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    4607283 | NS      | $1317478008.86 | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                 | BNP Paribas SA                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |    7356424 | NS      | $670745704.50  | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                             | Deutsche Boerse AG                             | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |    2395010 | NS      | $693085305.85  | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd                                      | Chubb Ltd                                      | CUSIP: 000000000<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |    5610974 | NS      | $1492743522.96 | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual SA                           | Banco BTG Pactual SA                           | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |   29486011 | NS      | $206050059.46  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                   | Iberdrola SA                                   | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |   83311161 | NS      | $1464303387.37 | 2.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras             | Petroleo Brasileiro SA - Petrobras             | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |  150142063 | NS      | $875184065.92  | 1.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Green Energy Ltd                         | Adani Green Energy Ltd                         | CUSIP: 000000000<br>LEI: 335800ZBBU81OH211H17 | Long             | EC               | CORP              | IN        |   40467942 | NS      | $451337116.76  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                      | Thales SA                                      | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |    2152495 | NS      | $579007497.27  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc                                   | Enbridge Inc                                   | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |   38078878 | NS      | $1724487293.95 | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG                               | Roche Holding AG                               | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    1771463 | NS      | $552825822.42  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The                        | Procter & Gamble Co/The                        | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    1549148 | NS      | $233100299.56  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies SE                               | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |   23818544 | NS      | $1416380754.32 | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Itau Unibanco Holding SA                       | Itau Unibanco Holding SA                       | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |  122092122 | NS      | $766625712.69  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| ITC Ltd                                        | ITC Ltd                                        | CUSIP: 000000000<br>LEI: 335800WLOU3OFWFTMP43 | Long             | EC               | CORP              | IN        |  207091795 | NS      | $971197237.63  | 1.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel SpA                                       | Enel SpA                                       | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |  129711998 | NS      | $1143837304.82 | 2.17%             |  |  |  | No            |                  2 | On Loan: —       |
| Industria de Diseno Textil SA                  | Industria de Diseno Textil SA                  | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    4372987 | NS      | $208884575.54  | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ARM Holdings PLC                               | ARM Holdings PLC                               | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |     211955 | NS      | $29965138.13   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| State Bank of India                            | State Bank of India                            | CUSIP: 000000000<br>LEI: 5493001JZ37UBBZF6L49 | Long             | EC               | CORP              | IN        |   52079183 | NS      | $471860311.36  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT                       | Bank Central Asia Tbk PT                       | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  978524598 | NS      | $490432078.92  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Rosneft Oil Co PJSC                            | Rosneft Oil Co PJSC                            | CUSIP: 000000000<br>LEI: 253400JT3MQWNDKMJE44 | Long             | EC               | CORP              | RU        |   34154161 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Nestle SA                                      | Nestle SA                                      | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |   14594557 | NS      | $1275229536.84 | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                               | Deutsche Bank AG                               | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |   17070625 | NS      | $562247053.48  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| GMR Airports Ltd                               | GMR Airports Ltd                               | CUSIP: 000000000<br>LEI: 3358008S2MTRWZ255P70 | Long             | EC               | CORP              | IN        |  238903414 | NS      | $243847167.98  | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                            | Intesa Sanpaolo SpA                            | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |   47956043 | NS      | $288947594.51  | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    8454456 | NS      | $1233434401.09 | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Bharti Airtel Ltd                              | Bharti Airtel Ltd                              | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |   35553211 | NS      | $773962679.74  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        | 2228068781 | NS      | $2228068780.52 | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Adani Enterprises Ltd                          | Adani Enterprises Ltd                          | CUSIP: 000000000<br>LEI: 335800OTN96B3M38HC30 | Long             | EC               | CORP              | IN        |   24452293 | NS      | $675147064.09  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                       | Alcon AG                                       | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    1313078 | NS      | $115114883.31  | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                              | Japan Tobacco Inc                              | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |   23103400 | NS      | $659824290.39  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |   32266731 | NS      | $1157275271.55 | 2.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Gazprom PJSC                                   | Gazprom PJSC                                   | CUSIP: 000000000<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |   48039056 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                  | Koninklijke Ahold Delhaize NV                  | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |   13183489 | NS      | $520700341.04  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                   | CaixaBank SA                                   | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |   70747161 | NS      | $665610882.25  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| First Abu Dhabi Bank PJSC                      | First Abu Dhabi Bank PJSC                      | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |   62047904 | NS      | $303544316.27  | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                  | UniCredit SpA                                  | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    9743719 | NS      | $716882096.04  | 1.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                      | Danone SA                                      | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    5438911 | NS      | $445103136.45  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                     | Allianz SE                                     | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |    1249553 | NS      | $493795393.07  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                        | E.ON SE                                        | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |   29158639 | NS      | $531947844.43  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                   | UBS Group AG                                   | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    3576006 | NS      | $132898713.40  | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Etoro Group Ltd                                | Etoro Group Ltd                                | CUSIP: 000000000<br>LEI: 213800XPRPJK2X5QRG86 | Long             | EC               | CORP              | VG        |     576494 | NS      | $34566580.24   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Intact Financial Corp                          | Intact Financial Corp                          | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |    2911411 | NS      | $601781257.51  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                                      | Sanofi SA                                      | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    7936409 | NS      | $712456420.29  | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| LUKOIL PJSC                                    | LUKOIL PJSC                                    | CUSIP: 000000000<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |    3681622 | NS      | $0.00          | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Vinci SA                                       | Vinci SA                                       | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |    3115230 | NS      | $432732746.96  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |  519841825 | NS      | $519841825.00  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |   26773616 | NS      | $964815775.21  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Petroleo Brasileiro SA - Petrobras             | Petroleo Brasileiro SA - Petrobras             | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   71574470 | NS      | $911858747.80  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                                   | Glencore PLC                                   | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |  160566824 | NS      | $644406270.04  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd                   | Takeda Pharmaceutical Co Ltd                   | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    4465100 | NS      | $122655325.81  | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Adani Energy Solutions Ltd                     | Adani Energy Solutions Ltd                     | CUSIP: 000000000<br>LEI: 549300PLH866JQ6LXE52 | Long             | EC               | CORP              | IN        |   35227459 | NS      | $321966833.68  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd      | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   39249951 | NS      | $1511093775.48 | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                 | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |   35001485 | NS      | $1179550044.50 | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                    | Novartis AG                                    | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |   12200962 | NS      | $1389531503.81 | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                              | National Grid PLC                              | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |   81094291 | NS      | $1139542593.73 | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| International Holding Co PJSC                  | International Holding Co PJSC                  | CUSIP: 000000000<br>LEI: 9845000BB909CE4A0G98 | Long             | EC               | CORP              | AE        |    4648706 | NS      | $507642416.14  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                  | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    7437704 | NS      | $570992536.08  | 1.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Tokio Marine Holdings Inc                      | Tokio Marine Holdings Inc                      | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |   16181225 | NS      | $649722968.52  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                              | HSBC Holdings PLC                              | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |   30397301 | NS      | $370329428.92  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                    | Heineken NV                                    | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |    6747313 | NS      | $529607764.03  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-02

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

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President