# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001752724-23-068178
**Filing Date:** 2023-3
**Character Count:** 135560
**Document Hash:** caba1bef5aad9129b027e0d3b257d506
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-068178.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-068178

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs Trust II
- **CENTRAL INDEX KEY:** 0001557156
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22781
- **FILM NUMBER:** 23764759

**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

### Multi-Manager International Equity Fund (Series ID: S000049850)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000157436 | Class P Shares | MMITX           |

## Nport-Ex

MULTI-MANAGER INTERNATIONAL EQUITY FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.4%** | **Common Stocks – 97.4%** | **Common Stocks – 97.4%** |
| **Australia – 0.8%** | **Australia – 0.8%** | **Australia – 0.8%** |
| 50336 | CSL Ltd. (Biotechnology) | $10628467 |
| **Belgium – 0.5%** | **Belgium – 0.5%** | **Belgium – 0.5%** |
| 65084 | Anheuser-Busch InBev SA (Beverages) | 3928583 |
| 37492 | KBC Group NV (Banks) | 2776930 |
|  |  | 6705513 |
| **Brazil – 0.1%** | **Brazil – 0.1%** | **Brazil – 0.1%** |
| 518096 | Banco Bradesco SA ADR (Banks) | 1445488 |
| **Canada – 5.9%** | **Canada – 5.9%** | **Canada – 5.9%** |
| 86525 | Alimentation Couche-Tard, Inc. (Food & Staples Retailing) | 3951192 |
| 32677 | BRP, Inc. (Leisure Products) | 2726788 |
| 302665 | CAE, Inc.\* (Aerospace & Defense) | 6835582 |
| 95143 | Canadian National Railway Co. (Road & Rail) | 11327873 |
| 194029 | Canadian Pacific Railway Ltd. (Road & Rail) | 15310339 |
| 19015 | Intact Financial Corp. (Insurance) | 2758608 |
| 14972 | Lululemon Athletica, Inc.\* (Textiles, Apparel & Luxury Goods) | 4594607 |
| 93701 | National Bank of Canada (Banks) | 7038755 |
| 246426 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 8552819 |
| 63933 | The Toronto-Dominion Bank (Banks) | 4423488 |
| 44886 | Thomson Reuters Corp. (Professional Services) | 5339563 |
| 36428 | TMX Group Ltd. (Capital Markets) | 3590371 |
|  |  | 76449985 |
| **China – 1.6%** | **China – 1.6%** | **China – 1.6%** |
| 3296000 | Beijing Capital International Airport Co. Ltd. Class H\* (Transportation Infrastructure) | 2506791 |
| 730000 | Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 7216535 |
| 10810 | Meituan Class B\*<sup>(a)</sup> (Internet & Direct Marketing Retail) | 241667 |
| 159000 | NetEase, Inc. (Entertainment) | 2820996 |
| 105400 | Tencent Holdings Ltd. (Interactive Media & Services) | 5136027 |
| 51338 | Yum China Holdings, Inc. (Hotels, Restaurants & Leisure) | 3162934 |
|  |  | 21084950 |
| **Denmark – 3.1%** | **Denmark – 3.1%** | **Denmark – 3.1%** |
| 75111 | Carlsberg AS Class B Class B (Beverages) | 10662879 |
| 20311 | DSV A/S (Air Freight & Logistics) | 3360049 |
| 9346 | Genmab A/S\* (Biotechnology) | 3662664 |
| 140194 | Novo Nordisk A/S Class B (Pharmaceuticals) | 19401415 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Denmark – (continued)** | **Denmark – (continued)** | **Denmark – (continued)** |
| 101354 | Vestas Wind Systems AS (Electrical Equipment) | $2965780 |
|  |  | 40052787 |
| **Finland – 0.4%** | **Finland – 0.4%** | **Finland – 0.4%** |
| 109821 | Sampo Oyj Class A Class A (Insurance) | 5765545 |
| **France – 14.0%** | **France – 14.0%** | **France – 14.0%** |
| 114354 | Air Liquide SA (Chemicals) | 18208149 |
| 49112 | Airbus SE (Aerospace & Defense) | 6156967 |
| 305349 | Alstom SA (Machinery) | 9079603 |
| 246470 | AXA SA (Insurance) | 7689623 |
| 34754 | BNP Paribas SA (Banks) | 2386970 |
| 145273 | Bureau Veritas SA (Professional Services) | 4153568 |
| 44355 | Capgemini SE (IT Services) | 8417939 |
| 201789 | Carrefour SA (Food & Staples Retailing) | 3838222 |
| 73159 | Cie de Saint-Gobain (Building Products) | 4201606 |
| 83700 | Cie Generale des Etablissements Michelin SCA (Auto Components) | 2646578 |
| 172488 | Danone SA (Food Products) | 9459113 |
| 54570 | Dassault Systemes SE (Software) | 2029507 |
| 563385 | Engie SA (Multi-Utilities) | 7999990 |
| 34075 | EssilorLuxottica SA (Health Care Equipment & Supplies) | 6252058 |
| 1022 | Kering SA (Textiles, Apparel & Luxury Goods) | 637684 |
| 38662 | Legrand SA (Electrical Equipment) | 3447261 |
| 7764 | L'Oreal SA (Personal Products) | 3205846 |
| 21389 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 18672075 |
| 104954 | Pernod Ricard SA (Beverages) | 21728623 |
| 77130 | Sanofi (Pharmaceuticals) | 7552911 |
| 124418 | Schneider Electric SE (Electrical Equipment) | 20182534 |
| 32249 | Thales SA (Aerospace & Defense) | 4265231 |
| 49055 | TotalEnergies SE (Oil, Gas & Consumable Fuels) | 3032617 |
| 79393 | Valeo (Auto Components) | 1735115 |
| 46106 | Vinci SA (Construction & Engineering) | 5209496 |
|  |  | 182189286 |
| **Germany – 7.5%** | **Germany – 7.5%** | **Germany – 7.5%** |
| 188648 | Bayer AG (Pharmaceuticals) | 11742382 |
| 57646 | Beiersdorf AG (Personal Products) | 7008463 |
| 801926 | BNP Paribas SA\* (Banks) | 11612097 |
| 53334 | Continental AG (Auto Components) | 3744858 |
| 41732 | Deutsche Boerse AG (Capital Markets) | 7467619 |

---

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Germany – (continued)** | **Germany – (continued)** | **Germany – (continued)** |
| 342511 | Deutsche Telekom AG\* (Diversified Telecommunication Services) | $7630734 |
| 130428 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 4696772 |
| 63588 | Merck KGaA (Pharmaceuticals) | 13272608 |
| 10804 | MTU Aero Engines AG (Aerospace & Defense) | 2700055 |
| 125753 | RWE AG (Independent Power and Renewable Electricity Producers) | 5598382 |
| 159563 | SAP SE (Software) | 18914592 |
| 85052 | Vonovia SE (Real Estate Management & Development) | 2402541 |
|  |  | 96791103 |
| **Hong Kong – 2.2%** | **Hong Kong – 2.2%** | **Hong Kong – 2.2%** |
| 2239190 | AIA Group Ltd. (Insurance) | 25319964 |
| 1429600 | ESR Group Ltd.<sup>(a)</sup> (Real Estate Management & Development) | 2862183 |
|  |  | 28182147 |
| **India – 1.4%** | **India – 1.4%** | **India – 1.4%** |
| 109013 | HDFC Bank Ltd. (Banks) | 2145227 |
| 192835 | Housing Development Finance Corp. Ltd. (Diversified Financial Services) | 6207823 |
| 326370 | ICICI Bank Ltd. ADR (Banks) | 6798287 |
| 58370 | Tata Consultancy Services Ltd. (IT Services) | 2409143 |
|  |  | 17560480 |
| **Ireland – 4.3%** | **Ireland – 4.3%** | **Ireland – 4.3%** |
| 46709 | Accenture PLC Class A Class A (IT Services) | 13034146 |
| 371248 | Experian PLC (Professional Services) | 13576344 |
| 56413 | ICON PLC\* (Life Sciences Tools & Services) | 13015043 |
| 175145 | Ryanair Holdings PLC ADR\* (Airlines) | 15855877 |
|  |  | 55481410 |
| **Israel – 0.9%** | **Israel – 0.9%** | **Israel – 0.9%** |
| 734608 | Bank Leumi Le-Israel BM (Banks) | 6492011 |
| 39573 | Check Point Software Technologies Ltd.\* (Software) | 5033686 |
| 3980 | CyberArk Software Ltd.\* (Software) | 560702 |
|  |  | 12086399 |
| **Italy – 3.5%** | **Italy – 3.5%** | **Italy – 3.5%** |
| 1869541 | Enel SpA (Electric Utilities) | 11008082 |
| 295787 | Eni SpA (Oil, Gas & Consumable Fuels) | 4551638 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Italy – (continued)** | **Italy – (continued)** | **Italy – (continued)** |
| 36131 | Ferrari NV (Automobiles) | $9028565 |
| 1883415 | Intesa Sanpaolo SpA (Banks) | 4952006 |
| 799620 | UniCredit SpA (Banks) | 15617488 |
|  |  | 45157779 |
| **Japan – 10.0%** | **Japan – 10.0%** | **Japan – 10.0%** |
| 50000 | Advantest Corp. (Semiconductors & Semiconductor Equipment) | 3584049 |
| 97500 | BayCurrent Consulting, Inc. (Professional Services) | 4144681 |
| 61400 | Daikin Industries Ltd. (Building Products) | 10664847 |
| 79000 | Denso Corp. (Auto Components) | 4266450 |
| 69400 | FANUC Corp. (Machinery) | 12262255 |
| 151400 | Hitachi Ltd. (Industrial Conglomerates) | 7939787 |
| 24000 | Hoya Corp. (Health Care Equipment & Supplies) | 2639326 |
| 15300 | Keyence Corp. (Electronic Equipment, Instruments & Components) | 7043642 |
| 110200 | Kobe Bussan Co. Ltd. (Food & Staples Retailing) | 3181666 |
| 127400 | Koito Manufacturing Co. Ltd. (Auto Components) | 2149005 |
| 28700 | Kose Corp. (Personal Products) | 3166553 |
| 126900 | Kubota Corp. (Machinery) | 1907090 |
| 83200 | Kyocera Corp. (Electronic Equipment, Instruments & Components) | 4317365 |
| 28900 | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 5471432 |
| 113900 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | 6508301 |
| 440100 | Olympus Corp. (Health Care Equipment & Supplies) | 8273709 |
| 15000 | Shimano, Inc. (Leisure Products) | 2675031 |
| 15200 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 2240830 |
| 8100 | SMC Corp. (Machinery) | 4114075 |
| 64800 | Sony Group Corp. (Household Durables) | 5789979 |
| 107600 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 4676411 |
| 74300 | Suzuki Motor Corp. (Automobiles) | 2785669 |
| 209200 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 6576697 |
| 133300 | Terumo Corp. (Health Care Equipment & Supplies) | 3880410 |
| 18800 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 6571054 |

---

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 80700 | Yamaha Corp. (Leisure Products) | $3137944 |
|  |  | 129968258 |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| 39849 | ArcelorMittal SA (Metals & Mining) | 1236233 |
| **Macau\* – 0.2%** | **Macau\* – 0.2%** | **Macau\* – 0.2%** |
| 716400 | Sands China Ltd. (Hotels, Restaurants & Leisure) | 2686561 |
| **Mexico – 0.4%** | **Mexico – 0.4%** | **Mexico – 0.4%** |
| 577700 | Arca Continental SAB de CV (Beverages) | 5103137 |
| **Netherlands – 4.0%** | **Netherlands – 4.0%** | **Netherlands – 4.0%** |
| 4227 | Adyen NV\*<sup>(a)</sup> (IT Services) | 6390831 |
| 200216 | Akzo Nobel NV (Chemicals) | 14913082 |
| 16278 | ASM International NV (Semiconductors & Semiconductor Equipment) | 5505316 |
| 11320 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 7480709 |
| 359791 | Koninklijke Philips NV (Health Care Equipment & Supplies) | 6211954 |
| 61870 | QIAGEN NV\* (Life Sciences Tools & Services) | 3018210 |
| 43816 | Randstad NV (Professional Services) | 2808533 |
| 237041 | Universal Music Group NV (Entertainment) | 6059328 |
|  |  | 52387963 |
| **Portugal – 0.6%** | **Portugal – 0.6%** | **Portugal – 0.6%** |
| 910264 | EDP - Energias de Portugal SA (Electric Utilities) | 4522426 |
| 213379 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) | 2920741 |
|  |  | 7443167 |
| **Singapore – 0.8%** | **Singapore – 0.8%** | **Singapore – 0.8%** |
| 370800 | DBS Group Holdings Ltd. (Banks) | 10151121 |
| **South Korea – 1.7%** | **South Korea – 1.7%** | **South Korea – 1.7%** |
| 39895 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 1987179 |
| 9069 | Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) | 11239779 |
| 117114 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 8472475 |
|  |  | 21699433 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Spain – 2.3%** | **Spain – 2.3%** | **Spain – 2.3%** |
| 44066 | Aena SME SA\*<sup>(a)</sup> (Transportation Infrastructure) | $6620871 |
| 201223 | Amadeus IT Group SA\* (IT Services) | 12677844 |
| 181729 | CaixaBank SA (Banks) | 806324 |
| 320605 | Iberdrola SA (Electric Utilities) | 3761263 |
| 195559 | Industria de Diseno Textil SA (Specialty Retail) | 6105510 |
|  |  | 29971812 |
| **Sweden – 1.5%** | **Sweden – 1.5%** | **Sweden – 1.5%** |
| 296546 | Atlas Copco AB Class A Class A (Machinery) | 3518833 |
| 63229 | Evolution AB<sup>(a)</sup> (Hotels, Restaurants & Leisure) | 7106374 |
| 281671 | Hexagon AB Class B Class B (Electronic Equipment, Instruments & Components) | 3228936 |
| 214463 | Swedbank AB Class A (Banks) | 4125499 |
| 186150 | Volvo Car AB Class B\* (Automobiles) | 928795 |
|  |  | 18908437 |
| **Switzerland – 9.6%** | **Switzerland – 9.6%** | **Switzerland – 9.6%** |
| 147787 | ABB Ltd. (Electrical Equipment) | 5145301 |
| 100701 | Alcon, Inc. (Health Care Equipment & Supplies) | 7598747 |
| 70615 | Cie Financiere Richemont SA Class A Class A (Textiles, Apparel & Luxury Goods) | 10885811 |
| 93389 | Idorsia Ltd.\* (Biotechnology) | 1570870 |
| 49318 | Julius Baer Group Ltd. (Capital Markets) | 3163469 |
| 6644 | Lonza Group AG (Life Sciences Tools & Services) | 3790012 |
| 171599 | Nestle SA (Food Products) | 20936630 |
| 147008 | Novartis AG (Pharmaceuticals) | 13290852 |
| 86290 | Roche Holding AG (Pharmaceuticals) | 26937181 |
| 38647 | Sika AG (Chemicals) | 10981424 |
| 9159 | Sonova Holding AG (Health Care Equipment & Supplies) | 2290406 |
| 383283 | UBS Group AG (Capital Markets) | 8181319 |
| 19618 | Zurich Insurance Group AG (Insurance) | 9701660 |
|  |  | 124473682 |
| **Taiwan – 0.6%** | **Taiwan – 0.6%** | **Taiwan – 0.6%** |
| 243000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 4288168 |

---

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Taiwan – (continued)** | **Taiwan – (continued)** | **Taiwan – (continued)** |
| 44973 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | $4170346 |
|  |  | 8458514 |
| **United Kingdom – 15.2%** | **United Kingdom – 15.2%** | **United Kingdom – 15.2%** |
| 113004 | AstraZeneca PLC (Pharmaceuticals) | 14804932 |
| 4054230 | Barclays PLC (Banks) | 9319827 |
| 38899 | Berkeley Group Holdings PLC (Household Durables) | 1991926 |
| 580137 | BP PLC (Oil, Gas & Consumable Fuels) | 3504171 |
| 74382 | British American Tobacco PLC (Tobacco) | 2851345 |
| 146012 | Coca-Cola European Partners PLC (Beverages) | 8174798 |
| 866460 | Compass Group PLC (Hotels, Restaurants & Leisure) | 20697999 |
| 129857 | Diageo PLC (Beverages) | 5678136 |
| 34935 | Ferguson PLC (Trading Companies & Distributors) | 4922165 |
| 212750 | GSK PLC (Pharmaceuticals) | 3736957 |
| 808894 | HSBC Holdings PLC (Banks) | 5960211 |
| 421676 | Informa PLC (Media) | 3487576 |
| 30221 | Linde PLC\* (Chemicals) | 9997698 |
| 39456 | London Stock Exchange Group PLC (Capital Markets) | 3611995 |
| 943933 | Prudential PLC (Insurance) | 15683495 |
| 198131 | Reckitt Benckiser Group PLC (Household Products) | 14118993 |
| 777945 | RELX PLC (Professional Services) | 23118073 |
| 164264 | Rio Tinto PLC (Metals & Mining) | 12862073 |
| 12405775 | Rolls-Royce Holdings PLC\* (Aerospace & Defense) | 16230887 |
| 1085641 | Tesco PLC (Food & Staples Retailing) | 3299675 |
| 152605 | Unilever PLC (Personal Products) | 7767450 |
| 240657 | WH Smith PLC (Specialty Retail) | 4752387 |
|  |  | 196572769 |
| **United States – 4.2%** | **United States – 4.2%** | **United States – 4.2%** |
| 66951 | Aon PLC Class A (Insurance) | 21335945 |
| 37247 | Atlassian Corp. PLC Class A Class A\* (Software) | 6019860 |
| 18740 | EPAM Systems, Inc.\* (IT Services) | 6233861 |
| 3630 | Mettler-Toledo International, Inc.\* (Life Sciences Tools & Services) | 5564499 |
| 20798 | ResMed, Inc. (Health Care Equipment & Supplies) | 4749639 |
| 30519 | STERIS PLC (Health Care Equipment & Supplies) | 6302479 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** | **United States – (continued)** |
| 31739 | Waste Connections, Inc. (Commerical Services & Supplies) | $4218113 |
|  |  | 54424396 |
| **TOTAL COMMON STOCKS<br>(Cost $1,023,316,217)** | **TOTAL COMMON STOCKS<br>(Cost $1,023,316,217)** | $1263066822 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(b)</sup> – 2.3%** | **Investment Company<sup>(b)</sup> – 2.3%** | **Investment Company<sup>(b)</sup> – 2.3%** |
| 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 |
| 29779425 | 4.237% | $29779425 |
| **(Cost $29,779,425)** | **(Cost $29,779,425)** |  |
| **TOTAL INVESTMENTS – 99.7%<br>(Cost $1,053,095,642)** | **TOTAL INVESTMENTS – 99.7%<br>(Cost $1,053,095,642)** | $1292846247 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.3%** | 3546501 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1296392748 |

---

---

| | |
|:---|:---|
| 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) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Represents an Affiliated Issuer. |

---

---

| | |
|:---|:---|
| **Sector** | **% of Total<br>Market Value** |
| Industrials | 18.9% |
| Financials | 17.0 |
| Health Care | 15.9 |
| Information Technology | 13.1 |
| Consumer Staples | 10.5 |
| Consumer Discretionary | 10.0 |
| Materials | 5.5 |
| Utilities | 2.5 |
| Investment Company | 2.3 |
| Communication Services | 2.1 |
| Energy | 1.8 |
| Real Estate | 0.4 |
|  | 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

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

---

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

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 92.6%** | **Common Stocks – 92.6%** | **Common Stocks – 92.6%** |
| **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** | **Aerospace & Defense – 1.6%** |
| 16990 | AAR Corp.\* | $873966 |
| 16420 | Curtiss-Wright Corp. | 2722436 |
| 44200 | Hexcel Corp. | 3119636 |
| 34900 | Mercury Systems, Inc.\* | 1744476 |
| 31270 | Woodward, Inc. | 3197670 |
|  |  | 11658184 |
| **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** | **Air Freight & Logistics – 0.7%** |
| 13300 | Forward Air Corp. | 1434405 |
| 40281 | Hub Group, Inc. Class A\* | 3434761 |
|  |  | 4869166 |
| **Auto Components – 1.1%** | **Auto Components – 1.1%** | **Auto Components – 1.1%** |
| 8020 | Fox Factory Holding Corp.\* | 947082 |
| 28066 | LCI Industries | 3149566 |
| 14684 | Standard Motor Products, Inc. | 594115 |
| 18400 | Visteon Corp.\* | 2876656 |
| 10151 | XPEL, Inc.\* | 772186 |
|  |  | 8339605 |
| **Banks – 6.2%** | **Banks – 6.2%** | **Banks – 6.2%** |
| 11187 | Ameris Bancorp | 527579 |
| 40400 | Bank of Hawaii Corp. | 3090196 |
| 23455 | Berkshire Hills Bancorp, Inc. | 728278 |
| 25300 | Eagle Bancorp, Inc. | 1201497 |
| 25618 | First Hawaiian, Inc. | 702958 |
| 33258 | First Merchants Corp. | 1418121 |
| 22330 | Hancock Whitney Corp. | 1149548 |
| 43478 | Heritage Commerce Corp. | 526953 |
| 41666 | Hope Bancorp, Inc. | 537075 |
| 40900 | Independent Bank Corp. | 3259321 |
| 21750 | Lakeland Financial Corp. | 1537943 |
| 32119 | OceanFirst Financial Corp. | 768287 |
| 22631 | PacWest Bancorp. | 625973 |
| 22949 | Peapack-Gladstone Financial Corp. | 851178 |
| 13400 | Pinnacle Financial Partners, Inc. | 1054982 |
| 15424 | Preferred Bank | 1097109 |
| 98188 | Prosperity Bancshares, Inc. | 7448542 |
| 34500 | Renasant Corp. | 1227510 |
| 52632 | SouthState Corp. | 4189507 |
| 49590 | Synovus Financial Corp. | 2080301 |
| 34900 | UMB Financial Corp. | 3147631 |
| 20862 | Univest Financial Corp. | 566403 |
| 125559 | Valley National Bancorp | 1491641 |
| 24102 | Veritex Holdings, Inc. | 678471 |
| 66352 | Wintrust Financial Corp. | 6069217 |
|  |  | 45976221 |
| **Beverages\* – 0.1%** | **Beverages\* – 0.1%** | **Beverages\* – 0.1%** |
| 7240 | Celsius Holdings, Inc. | 726317 |
| **Biotechnology\* – 2.7%** | **Biotechnology\* – 2.7%** | **Biotechnology\* – 2.7%** |
| 220236 | Abcam PLC ADR | 3054673 |
| 25150 | Agios Pharmaceuticals, Inc. | 741422 |
| 48670 | Amicus Therapeutics, Inc. | 634657 |
| 13470 | Apellis Pharmaceuticals, Inc. | 710273 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Biotechnology\* – (continued)** | **Biotechnology\* – (continued)** | **Biotechnology\* – (continued)** |
| 15813 | Ascendis Pharma A/S ADR | $1962077 |
| 11260 | Biohaven Ltd. | 214953 |
| 23101 | Blueprint Medicines Corp. | 1079741 |
| 30100 | Chinook Therapeutics, Inc. | 760627 |
| 47080 | Equillium, Inc. | 48492 |
| 5470 | Immunocore Holdings PLC ADR | 335147 |
| 16170 | Immunovant, Inc. | 287341 |
| 10706 | Karuna Therapeutics, Inc. | 2134669 |
| 9730 | Krystal Biotech, Inc. | 808758 |
| 11330 | Kura Oncology, Inc. | 156581 |
| 40753 | Neurocrine Biosciences, Inc. | 4520730 |
| 22140 | Opthea, Ltd. ADR | 120663 |
| 4420 | Prometheus Biosciences, Inc. | 502377 |
| 14950 | Replimune Group, Inc. | 416358 |
| 11600 | SpringWorks Therapeutics, Inc. | 364240 |
| 9500 | Syndax Pharmaceuticals, Inc. | 272650 |
| 9970 | Vaxcyte, Inc. | 452140 |
|  |  | 19578569 |
| **Building Products – 1.8%** | **Building Products – 1.8%** | **Building Products – 1.8%** |
| 15910 | AAON, Inc. | 1214251 |
| 31500 | Gibraltar Industries, Inc.\* | 1687455 |
| 79300 | Hayward Holdings, Inc.\* | 1069757 |
| 7452 | Masonite International Corp.\* | 679771 |
| 56893 | Resideo Technologies, Inc.\* | 1094052 |
| 5200 | Simpson Manufacturing Co., Inc. | 556972 |
| 67281 | The AZEK Co., Inc.\* | 1623491 |
| 30450 | UFP Industries, Inc. | 2848598 |
| 130939 | Zurn Elkay Water Solutions Corp. | 2862327 |
|  |  | 13636674 |
| **Capital Markets – 1.0%** | **Capital Markets – 1.0%** | **Capital Markets – 1.0%** |
| 22104 | Avantax, Inc.\* | 644111 |
| 218227 | BGC Partners, Inc. Class A | 949287 |
| 28875 | Cohen & Steers, Inc. | 2121446 |
| 16222 | Evercore, Inc. Class A | 2105778 |
| 10450 | Focus Financial Partners, Inc. Class A\* | 471818 |
| 9446 | StoneX Group, Inc.\* | 830114 |
|  |  | 7122554 |
| **Chemicals – 3.2%** | **Chemicals – 3.2%** | **Chemicals – 3.2%** |
| 11144 | Ashland, Inc. | 1217705 |
| 13530 | Avient Corp. | 548236 |
| 14968 | Cabot Corp. | 1127539 |
| 93953 | Ecovyst, Inc.\* | 985567 |
| 64525 | H.B. Fuller Co. | 4458678 |
| 21548 | Ingevity Corp.\* | 1776417 |
| 23950 | Innospec, Inc. | 2706829 |
| 34920 | Livent Corp.\* | 905126 |
| 46688 | Mativ Holdings, Inc. | 1286721 |
| 31100 | Minerals Technologies, Inc. | 2159895 |
| 24272 | Quaker Chemical Corp. | 4778429 |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| 55739 | Valvoline, Inc. | $2043392 |
|  |  | 23994534 |
| **Commerical Services & Supplies – 4.0%** | **Commerical Services & Supplies – 4.0%** | **Commerical Services & Supplies – 4.0%** |
| 115602 | ABM Industries, Inc. | 5422890 |
| 24727 | Casella Waste Systems, Inc. Class A\* | 1981127 |
| 7660 | Clean Harbors, Inc.\* | 998098 |
| 64281 | CoreCivic, Inc.\* | 683950 |
| 46767 | IAA, Inc.\* | 1951587 |
| 27711 | MSA Safety, Inc. | 3779503 |
| 82936 | Rentokil Initial PLC ADR | 2522913 |
| 41121 | The Brink's Co. | 2697538 |
| 10750 | UniFirst Corp. | 2133230 |
| 64320 | Viad Corp.\* | 1900656 |
| 41380 | Waste Connections, Inc. | 5499402 |
|  |  | 29570894 |
| **Communications Equipment\* – 1.3%** | **Communications Equipment\* – 1.3%** | **Communications Equipment\* – 1.3%** |
| 40975 | Ciena Corp. | 2131520 |
| 142909 | CommScope Holding Co., Inc. | 1200436 |
| 13360 | Digi International, Inc. | 454106 |
| 52006 | Extreme Networks, Inc. | 937668 |
| 477772 | Infinera Corp. | 3497291 |
| 60500 | NETGEAR, Inc. | 1208185 |
|  |  | 9429206 |
| **Construction & Engineering – 1.1%** | **Construction & Engineering – 1.1%** | **Construction & Engineering – 1.1%** |
| 17459 | EMCOR Group, Inc. | 2588297 |
| 18413 | Granite Construction, Inc. | 784026 |
| 14100 | MYR Group, Inc.\* | 1396746 |
| 11258 | Valmont Industries, Inc. | 3712100 |
|  |  | 8481169 |
| **Construction Materials – 0.7%** | **Construction Materials – 0.7%** | **Construction Materials – 0.7%** |
| 16475 | Eagle Materials, Inc. | 2406668 |
| 78627 | Summit Materials, Inc. Class A\* | 2583683 |
|  |  | 4990351 |
| **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** | **Consumer Finance – 1.2%** |
| 19718 | FirstCash Holdings, Inc. | 1817605 |
| 11958 | Nelnet, Inc. Class A | 1141870 |
| 49037 | PRA Group, Inc.\* | 1973249 |
| 232190 | SLM Corp. | 4079578 |
|  |  | 9012302 |
| **Containers & Packaging – 1.4%** | **Containers & Packaging – 1.4%** | **Containers & Packaging – 1.4%** |
| 66373 | Graphic Packaging Holding Co. | 1598926 |
| 63190 | Silgan Holdings, Inc. | 3405309 |
| 47900 | Sonoco Products Co. | 2927169 |
| 74900 | TriMas Corp. | 2306171 |
|  |  | 10237575 |
| **Diversified Consumer Services – 1.8%** | **Diversified Consumer Services – 1.8%** | **Diversified Consumer Services – 1.8%** |
| 84897 | Bright Horizons Family Solutions, Inc.\* | 6518392 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Diversified Consumer Services – (continued)** | **Diversified Consumer Services – (continued)** | **Diversified Consumer Services – (continued)** |
| 98717 | Laureate Education, Inc. | $1083913 |
| 368902 | Mister Car Wash, Inc.\* | 3788623 |
| 45291 | Stride, Inc.\* | 1944342 |
|  |  | 13335270 |
| **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** | **Diversified Financial Services – 0.2%** |
| 17453 | Voya Financial, Inc. | 1217696 |
| **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** | **Diversified Telecommunication Services – 0.4%** |
| 42405 | Cogent Communications Holdings, Inc. | 2907711 |
| **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** | **Electric Utilities – 0.6%** |
| 24000 | ALLETE, Inc. | 1484640 |
| 14250 | IDACORP, Inc. | 1507792 |
| 16600 | MGE Energy, Inc. | 1213626 |
|  |  | 4206058 |
| **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** | **Electrical Equipment – 0.6%** |
| 6631 | Acuity Brands, Inc. | 1250076 |
| 5627 | Atkore, Inc.\* | 732917 |
| 36490 | Bloom Energy Corp. Class A\* | 909695 |
| 8739 | EnerSys | 725512 |
| 23730 | Shoals Technologies Group, Inc. Class A\* | 661830 |
|  |  | 4280030 |
| **Electronic Equipment, Instruments & Components – 3.7%** | **Electronic Equipment, Instruments & Components – 3.7%** | **Electronic Equipment, Instruments & Components – 3.7%** |
| 45530 | Advanced Energy Industries, Inc. | 4222452 |
| 60684 | Avnet, Inc. | 2784182 |
| 2310 | Badger Meter, Inc. | 267729 |
| 59663 | Belden, Inc. | 4838073 |
| 16600 | Fabrinet\* | 2185556 |
| 26191 | Insight Enterprises, Inc.\* | 2952249 |
| 23591 | Littelfuse, Inc. | 6055574 |
| 9059 | OSI Systems, Inc.\* | 857978 |
| 12800 | Plexus Corp.\* | 1228672 |
| 5475 | Rogers Corp.\* | 764255 |
| 40700 | ScanSource, Inc.\* | 1340251 |
|  |  | 27496971 |
| **Energy Equipment & Services – 2.0%** | **Energy Equipment & Services – 2.0%** | **Energy Equipment & Services – 2.0%** |
| 83219 | Cactus, Inc. Class A | 4502980 |
| 231228 | ChampionX Corp. | 7635149 |
| 84368 | National Energy Services Reunited Corp.\* | 637822 |
| 142456 | NexTier Oilfield Solutions, Inc.\* | 1341935 |
| 71284 | ProPetro Holding Corp.\* | 709276 |
|  |  | 14827162 |
| **Entertainment – 0.2%** | **Entertainment – 0.2%** | **Entertainment – 0.2%** |
| 9721 | Take-Two Interactive Software, Inc.\* | 1100709 |
| 7210 | World Wrestling Entertainment, Inc. Class A Class A | 610110 |
|  |  | 1710819 |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Equity Real Estate Investment Trusts (REITs) – 2.6%** | **Equity Real Estate Investment Trusts (REITs) – 2.6%** | **Equity Real Estate Investment Trusts (REITs) – 2.6%** |
| 116800 | Apple Hospitality REIT, Inc. | $2070864 |
| 90000 | Corporate Office Properties Trust | 2526300 |
| 34522 | Cousins Properties, Inc. | 946593 |
| 24830 | EastGroup Properties, Inc. | 4177647 |
| 36100 | First Industrial Realty Trust, Inc. | 1925935 |
| 100000 | Four Corners Property Trust, Inc. | 2876000 |
| 27470 | Highwoods Properties, Inc. | 834264 |
| 80000 | Rayonier, Inc. | 2911200 |
| 22685 | Spirit Realty Capital, Inc. | 995418 |
|  |  | 19264221 |
| **Food & Staples Retailing – 1.6%** | **Food & Staples Retailing – 1.6%** | **Food & Staples Retailing – 1.6%** |
| 36671 | Casey's General Stores, Inc. | 8651056 |
| 42760 | Grocery Outlet Holding Corp.\* | 1299476 |
| 35950 | Performance Food Group Co.\* | 2204454 |
|  |  | 12154986 |
| **Food Products – 1.1%** | **Food Products – 1.1%** | **Food Products – 1.1%** |
| 44666 | Fresh Del Monte Produce, Inc. | 1277447 |
| 26100 | Ingredion, Inc. | 2683080 |
| 5700 | Lancaster Colony Corp. | 1093887 |
| 87139 | The Simply Good Foods Co.\* | 3163146 |
|  |  | 8217560 |
| **Gas Utilities – 0.2%** | **Gas Utilities – 0.2%** | **Gas Utilities – 0.2%** |
| 17800 | ONE Gas, Inc. | 1466008 |
| **Health Care Equipment & Supplies – 3.4%** | **Health Care Equipment & Supplies – 3.4%** | **Health Care Equipment & Supplies – 3.4%** |
| 98800 | AngioDynamics, Inc.\* | 1286376 |
| 10940 | Axonics, Inc.\* | 671716 |
| 47032 | Envista Holdings Corp.\* | 1833778 |
| 57336 | Establishment Labs Holdings, Inc.\* | 3901141 |
| 16886 | Haemonetics Corp.\* | 1428556 |
| 7700 | ICU Medical, Inc.\* | 1487871 |
| 42220 | Inari Medical, Inc.\* | 2408651 |
| 5460 | Inspire Medical Systems, Inc.\* | 1381708 |
| 25200 | Integer Holdings Corp.\* | 1658412 |
| 9671 | Lantheus Holdings, Inc.\* | 556082 |
| 13130 | LivaNova PLC\* | 737906 |
| 57742 | OrthoPediatrics Corp.\* | 2721380 |
| 6470 | PROCEPT BioRobotics Corp.\* | 251618 |
| 4332 | QuidelOrtho Corp.\* | 370863 |
| 4370 | Shockwave Medical, Inc.\* | 821254 |
| 155950 | SI-BONE, Inc.\* | 2655828 |
| 4542 | Teleflex, Inc. | 1105614 |
|  |  | 25278754 |
| **Health Care Providers & Services – 4.1%** | **Health Care Providers & Services – 4.1%** | **Health Care Providers & Services – 4.1%** |
| 11780 | Acadia Healthcare Co., Inc.\* | 989756 |
| 186666 | Accolade, Inc.\* | 2178392 |
| 148357 | agilon health, Inc.\* | 3228248 |
| 175967 | Alignment Healthcare, Inc.\* | 2173192 |
| 13116 | Amedisys, Inc.\* | 1267793 |
| 10220 | AMN Healthcare Services, Inc.\* | 979485 |
| 4725 | Chemed Corp. | 2386786 |
| 63898 | Encompass Health Corp. | 3990430 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** | **Health Care Providers & Services – (continued)** |
| 92383 | HealthEquity, Inc.\* | $5621506 |
| 5388 | LHC Group, Inc.\* | 854537 |
| 270017 | NeoGenomics, Inc.\* | 3207802 |
| 22450 | Option Care Health, Inc.\* | 648132 |
| 50976 | PetIQ, Inc.\* | 603556 |
| 100937 | R1 RCM, Inc.\* | 1444408 |
| 23300 | Surgery Partners, Inc.\* | 773560 |
|  |  | 30347583 |
| **Health Care Technology\* – 0.8%** | **Health Care Technology\* – 0.8%** | **Health Care Technology\* – 0.8%** |
| 24228 | Definitive Healthcare Corp. | 299943 |
| 34430 | Evolent Health, Inc. Class A | 1109334 |
| 121434 | Phreesia, Inc. | 4552561 |
|  |  | 5961838 |
| **Hotels, Restaurants & Leisure – 2.8%** | **Hotels, Restaurants & Leisure – 2.8%** | **Hotels, Restaurants & Leisure – 2.8%** |
| 33673 | Bloomin' Brands, Inc. | 816570 |
| 36765 | Choice Hotels International, Inc. | 4518051 |
| 19455 | Churchill Downs, Inc. | 4826785 |
| 41532 | First Watch Restaurant Group, Inc.\* | 672818 |
| 13475 | Hyatt Hotels Corp. Class A\* | 1470392 |
| 49133 | International Game Technology PLC | 1299568 |
| 118944 | MakeMyTrip Ltd.\* | 3446997 |
| 13660 | Texas Roadhouse, Inc. | 1371874 |
| 32686 | Travel + Leisure Co. | 1384906 |
| 5850 | Wingstop, Inc. | 927050 |
|  |  | 20735011 |
| **Household Durables – 0.9%** | **Household Durables – 0.9%** | **Household Durables – 0.9%** |
| 10175 | Helen of Troy Ltd.\* | 1150894 |
| 54883 | Tempur Sealy International, Inc. | 2236482 |
| 9047 | TopBuild Corp.\* | 1809943 |
| 144192 | Vizio Holding Corp. Class A\* | 1263122 |
|  |  | 6460441 |
| **Household Products\* – 0.3%** | **Household Products\* – 0.3%** | **Household Products\* – 0.3%** |
| 58500 | Central Garden & Pet Co. Class A | 2318355 |
| **Insurance – 3.4%** | **Insurance – 3.4%** | **Insurance – 3.4%** |
| 31700 | AMERISAFE, Inc. | 1746036 |
| 17247 | Assured Guaranty Ltd. | 1079662 |
| 41590 | Axis Capital Holdings Ltd. | 2602286 |
| 15913 | Employers Holdings, Inc. | 698103 |
| 33350 | First American Financial Corp. | 2063365 |
| 3270 | Kinsale Capital Group, Inc. | 910499 |
| 12275 | Primerica, Inc. | 1985481 |
| 4769 | RenaissanceRe Holdings Ltd. | 933246 |
| 31900 | Ryan Specialty Holdings, Inc.\* | 1359578 |
| 15200 | Safety Insurance Group, Inc. | 1282728 |
| 22725 | Selective Insurance Group, Inc. | 2158875 |
| 31000 | Stewart Information Services Corp. | 1480870 |
| 28004 | The Hanover Insurance Group, Inc. | 3768778 |
| 1891 | White Mountains Insurance Group Ltd. | 2889373 |
|  |  | 24958880 |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Interactive Media & Services\* – 0.8%** | **Interactive Media & Services\* – 0.8%** | **Interactive Media & Services\* – 0.8%** |
| 368010 | Angi, Inc. | $1070909 |
| 154223 | Pinterest, Inc. Class A | 4054523 |
| 50080 | ZipRecruiter, Inc. Class A | 983571 |
|  |  | 6109003 |
| **IT Services – 3.4%** | **IT Services – 3.4%** | **IT Services – 3.4%** |
| 16690 | DigitalOcean Holdings, Inc.\* | 489852 |
| 155382 | Evo Payments, Inc. Class A\* | 5262788 |
| 23520 | Flywire Corp.\* | 634334 |
| 154813 | Genpact Ltd. | 7319559 |
| 41140 | Marqeta, Inc. Class A\* | 272758 |
| 40516 | MAXIMUS, Inc. | 3032623 |
| 137220 | Payoneer Global, Inc.\* | 817831 |
| 10075 | Perficient, Inc.\* | 746960 |
| 9200 | Shift4 Payments, Inc. Class A\* | 589168 |
| 14756 | The Hackett Group, Inc. | 326108 |
| 16189 | TTEC Holdings, Inc. | 823049 |
| 21520 | WEX, Inc.\* | 3980554 |
| 11500 | WNS Holdings Ltd. ADR\* | 974395 |
|  |  | 25269979 |
| **Leisure Products – 1.2%** | **Leisure Products – 1.2%** | **Leisure Products – 1.2%** |
| 14010 | Acushnet Holdings Corp. | 657769 |
| 193467 | Clarus Corp. | 1944343 |
| 127100 | Mattel, Inc.\* | 2600466 |
| 135448 | Topgolf Callaway Brands Corp.\* | 3317122 |
|  |  | 8519700 |
| **Life Sciences Tools & Services – 2.0%** | **Life Sciences Tools & Services – 2.0%** | **Life Sciences Tools & Services – 2.0%** |
| 70446 | Azenta, Inc.\* | 3937932 |
| 66094 | Bruker Corp. | 4634511 |
| 13332 | Charles River Laboratories International, Inc.\* | 3243009 |
| 43510 | Pacific Biosciences of California, Inc.\* | 482526 |
| 94149 | Sotera Health Co.\* | 1623129 |
| 24996 | Syneos Health, Inc.\* | 897856 |
|  |  | 14818963 |
| **Machinery – 3.9%** | **Machinery – 3.9%** | **Machinery – 3.9%** |
| 16675 | Alamo Group, Inc. | 2609137 |
| 23630 | Allison Transmission Holdings, Inc. | 1065240 |
| 20793 | Altra Industrial Motion Corp. | 1269828 |
| 41800 | Astec Industries, Inc. | 1845052 |
| 4250 | Chart Industries, Inc.\* | 569415 |
| 34100 | Columbus McKinnon Corp. | 1225895 |
| 15300 | Crane Holdings Co. | 1773423 |
| 29060 | Evoqua Water Technologies Corp.\* | 1409701 |
| 78582 | Hillenbrand, Inc. | 3682353 |
| 6889 | IDEX Corp. | 1651156 |
| 28014 | John Bean Technologies Corp. | 3130004 |
| 69000 | Kennametal, Inc. | 1966500 |
| 23300 | Mueller Industries, Inc. | 1527315 |
| 12425 | Mueller Water Products, Inc. Class A | 157176 |
| 27189 | Terex Corp. | 1385823 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Machinery – (continued)** | **Machinery – (continued)** | **Machinery – (continued)** |
| 39168 | Wabash National Corp. | $1008968 |
| 16100 | Watts Water Technologies, Inc. Class A | 2632672 |
|  |  | 28909658 |
| **Media – 1.1%** | **Media – 1.1%** | **Media – 1.1%** |
| 10709 | Entravision Communications Corp. Class A | 69609 |
| 19894 | John Wiley & Sons, Inc. Class A | 911145 |
| 16033 | Nexstar Media Group, Inc. | 3283077 |
| 78359 | TEGNA, Inc. | 1561695 |
| 169700 | The E.W. Scripps Co. Class A\* | 2537015 |
|  |  | 8362541 |
| **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** | **Metals & Mining – 0.7%** |
| 34000 | Kaiser Aluminum Corp. | 2975680 |
| 34600 | Worthington Industries, Inc. | 1967702 |
|  |  | 4943382 |
| **Mortgage Real Estate Investment Trusts (REITs) – 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.4%** | **Mortgage Real Estate Investment Trusts (REITs) – 0.4%** |
| 44821 | Ares Commercial Real Estate Corp. | 550402 |
| 54338 | Blackstone Mortgage Trust, Inc. Class A | 1295418 |
| 65726 | Starwood Property Trust, Inc. | 1373016 |
|  |  | 3218836 |
| **Multiline Retail\* – 0.1%** | **Multiline Retail\* – 0.1%** | **Multiline Retail\* – 0.1%** |
| 7230 | Ollie's Bargain Outlet Holdings, Inc. | 395915 |
| **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** | **Multi-Utilities – 0.3%** |
| 36300 | NorthWestern Corp. | 2061840 |
| **Oil, Gas & Consumable Fuels – 3.7%** | **Oil, Gas & Consumable Fuels – 3.7%** | **Oil, Gas & Consumable Fuels – 3.7%** |
| 5880 | Callon Petroleum Co.\* | 250194 |
| 9606 | Chord Energy Corp. | 1376828 |
| 64631 | Delek U.S. Holdings, Inc. | 1729526 |
| 58468 | Denbury, Inc.\* | 5073853 |
| 113576 | Enerplus Corp. | 2015974 |
| 226288 | Kosmos Energy Ltd.\* | 1789938 |
| 105600 | Magnolia Oil & Gas Corp. Class A | 2493216 |
| 10380 | Matador Resources Co. | 686741 |
| 30222 | Par Pacific Holdings, Inc.\* | 807834 |
| 52547 | PDC Energy, Inc. | 3559008 |
| 25471 | Peabody Energy Corp.\* | 710386 |
| 91250 | Permian Resources Corp. | 991888 |
| 21560 | Ranger Oil Corp. Class A | 905520 |
| 70647 | Viper Energy Partners LP | 2243042 |
| 88740 | World Fuel Services Corp. | 2511342 |
|  |  | 27145290 |
| **Personal Products\* – 0.4%** | **Personal Products\* – 0.4%** | **Personal Products\* – 0.4%** |
| 60970 | BellRing Brands, Inc. | 1729109 |
| 65130 | Herbalife Nutrition Ltd. | 1144334 |
|  |  | 2873443 |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Pharmaceuticals\* – 0.2%** | **Pharmaceuticals\* – 0.2%** | **Pharmaceuticals\* – 0.2%** |
| 21233 | Arvinas, Inc. | $695806 |
| 9900 | Pliant Therapeutics, Inc. | 346896 |
| 3130 | Reata Pharmaceuticals, Inc. Class A | 135623 |
| 15180 | Revance Therapeutics, Inc. | 526442 |
|  |  | 1704767 |
| **Professional Services – 1.9%** | **Professional Services – 1.9%** | **Professional Services – 1.9%** |
| 21280 | ASGN, Inc.\* | 1935416 |
| 34400 | CBIZ, Inc.\* | 1637096 |
| 27754 | FTI Consulting, Inc.\* | 4427318 |
| 19350 | ICF International, Inc. | 1977377 |
| 24753 | Korn Ferry | 1336414 |
| 26128 | Science Applications International Corp. | 2711564 |
|  |  | 14025185 |
| **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** | **Real Estate Management & Development – 0.7%** |
| 13925 | Colliers International Group, Inc. | 1493596 |
| 99400 | Cushman & Wakefield PLC\* | 1434342 |
| 94944 | DigitalBridge Group, Inc. | 1405171 |
| 38481 | Kennedy-Wilson Holdings, Inc. | 688040 |
|  |  | 5021149 |
| **Road & Rail – 1.3%** | **Road & Rail – 1.3%** | **Road & Rail – 1.3%** |
| 32533 | Knight-Swift Transportation Holdings, Inc. | 1922700 |
| 2946 | Landstar System, Inc. | 509157 |
| 103800 | Marten Transport Ltd. | 2292942 |
| 3070 | Saia, Inc.\* | 837435 |
| 86418 | Werner Enterprises, Inc. | 4059054 |
|  |  | 9621288 |
| **Semiconductors & Semiconductor Equipment – 2.5%** | **Semiconductors & Semiconductor Equipment – 2.5%** | **Semiconductors & Semiconductor Equipment – 2.5%** |
| 75500 | Cohu, Inc.\* | 2724040 |
| 36933 | Entegris, Inc. | 2980862 |
| 8550 | Impinj, Inc.\* | 1109619 |
| 50800 | Kulicke & Soffa Industries, Inc. | 2595880 |
| 24892 | Lattice Semiconductor Corp.\* | 1886565 |
| 32820 | MACOM Technology Solutions Holdings, Inc.\* | 2199596 |
| 37175 | Power Integrations, Inc. | 3200396 |
| 44028 | SMART Global Holdings, Inc.\* | 756841 |
| 30070 | Ultra Clean Holdings, Inc.\* | 1011856 |
|  |  | 18465655 |
| **Software – 4.6%** | **Software – 4.6%** | **Software – 4.6%** |
| 59135 | Bentley Systems, Inc. Class B | 2309222 |
| 61942 | Blackline, Inc.\* | 4447435 |
| 32900 | Box, Inc. Class A\* | 1052471 |
| 12210 | Braze, Inc. Class A\* | 390720 |
| 3941 | Clear Secure, Inc. Class A | 123708 |
| 4920 | CyberArk Software Ltd.\* | 693130 |
| 91459 | Dynatrace, Inc.\* | 3514769 |
| 51174 | Envestnet, Inc.\* | 3326310 |
| 12000 | Gitlab, Inc. Class A\* | 592920 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| 24201 | InterDigital, Inc. | $1692860 |
| 1510 | Jamf Holding Corp.\* | 30004 |
| 43015 | NCR Corp.\* | 1179471 |
| 36790 | Paycor HCM, Inc.\* | 923797 |
| 104590 | PROS Holdings, Inc.\* | 2635668 |
| 12110 | Smartsheet, Inc. Class A\* | 523273 |
| 23910 | Sprout Social, Inc. Class A\* | 1529523 |
| 11270 | Varonis Systems, Inc.\* | 291217 |
| 68050 | Verint Systems, Inc.\* | 2583858 |
| 67813 | Workiva, Inc.\* | 5867859 |
|  |  | 33708215 |
| **Specialty Retail – 1.2%** | **Specialty Retail – 1.2%** | **Specialty Retail – 1.2%** |
| 32247 | Caleres, Inc. | 839067 |
| 47127 | Foot Locker, Inc. | 2050496 |
| 93513 | Leslie's, Inc.\* | 1448516 |
| 2350 | Murphy USA, Inc. | 639271 |
| 52971 | Petco Health & Wellness Co., Inc.\* | 619231 |
| 32300 | Signet Jewelers Ltd. | 2480963 |
| 21502 | The Buckle, Inc. | 946088 |
|  |  | 9023632 |
| **Textiles, Apparel & Luxury Goods – 1.3%** | **Textiles, Apparel & Luxury Goods – 1.3%** | **Textiles, Apparel & Luxury Goods – 1.3%** |
| 27200 | Carter's, Inc. | 2267664 |
| 37990 | Columbia Sportswear Co. | 3643241 |
| 8490 | Ralph Lauren Corp. | 1051487 |
| 58684 | Steven Madden Ltd. | 2103821 |
| 38260 | Under Armour, Inc. Class C\* | 417034 |
|  |  | 9483247 |
| **Thrifts & Mortgage Finance – 0.8%** | **Thrifts & Mortgage Finance – 0.8%** | **Thrifts & Mortgage Finance – 0.8%** |
| 29148 | Essent Group Ltd. | 1283387 |
| 16997 | Federal Agricultural Mortgage Corp. Class C | 2260091 |
| 10550 | PennyMac Financial Services, Inc. | 711281 |
| 15785 | Walker & Dunlop, Inc. | 1505573 |
|  |  | 5760332 |
| **Tobacco – 0.1%** | **Tobacco – 0.1%** | **Tobacco – 0.1%** |
| 72702 | Vector Group Ltd. | 941491 |
| **Trading Companies & Distributors – 1.2%** | **Trading Companies & Distributors – 1.2%** | **Trading Companies & Distributors – 1.2%** |
| 18960 | Applied Industrial Technologies, Inc. | 2715262 |
| 102000 | Core & Main, Inc. Class A\* | 2251140 |
| 3600 | Herc Holdings, Inc. | 559152 |
| 18100 | McGrath RentCorp | 1801674 |
| 51414 | NOW, Inc.\* | 721852 |
| 6285 | SiteOne Landscape Supply, Inc.\* | 952240 |
|  |  | 9001320 |
| **TOTAL COMMON STOCKS<br>(Cost $604,471,399)** | **TOTAL COMMON STOCKS<br>(Cost $604,471,399)** | $684153506 |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 1.5%** | **Exchange Traded Funds – 1.5%** | **Exchange Traded Funds – 1.5%** |
| 24100 | iShares Russell 2000 Value ETF | $3664887 |
| 82762 | SPDR S&P Biotech ETF | 7357542 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $10,160,751)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $10,160,751)** | $11022429 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company – 5.6%** | **Investment Company – 5.6%** | **Investment Company – 5.6%** |
| 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 |
| 41302315 | 4.237% | $41302315 |
| **(Cost $41,302,315)** | **(Cost $41,302,315)** |  |
| **TOTAL INVESTMENTS – 99.7%<br>(Cost $655,934,465)** | **TOTAL INVESTMENTS – 99.7%<br>(Cost $655,934,465)** | $736478250 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.3%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.3%** | 2068801 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $738547051 |

---

---

| | |
|:---|:---|
| 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. |
| 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 | 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 |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange Traded Fund |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS ACTIVE EQUITY MULTI-MANAGER FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

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

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

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

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

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

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

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

**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 ACTIVE EQUITY MULTI-MANAGER FUNDS

*January 31, 2023 (Unaudited)* 

------

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

------

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

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

**Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER INTERNATIONAL EQUITY**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $19725955 | $232151908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 10628467 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 49385775 | 813751711 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 135977518 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1445488 |  |  |
|  Investment Company | 29779425 |  |  |
| **Total** | $236314161 | $1056532086 | $&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 net asset value. Security valuations are based on the principal exchange or system on
which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

------

GOLDMAN SACHS ACTIVE EQUITY MULTI-MANAGER FUNDS

*January 31, 2023 (Unaudited)* 

------

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

------

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER U.S. SMALL CAP EQUITY**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $7258929 | $&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; Australia and Oceania | 120663 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 10047058 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 666726856 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 11022429 |  |  |
|  Investment Company | 41302315 |  |  |
| **Total** | $736478250 | $&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 net asset value. Security valuations are based on the principal exchange or system on
which they are traded, which may differ from country of domicile. The Funds utilize 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 Funds' risks include, but are not limited to, the following:

**Derivatives Risk** — The Funds' use of derivatives and other similar instruments (collectively, referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a 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 a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which 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.

------

GOLDMAN SACHS ACTIVE EQUITY MULTI-MANAGER FUNDS

*January 31, 2023 (Unaudited)* 

------

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

------

**Foreign Custody Risk** — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy.

**Geographic Risk** — If a 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.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an exchange-traded fund ("ETF"), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

**Large Shareholder Transactions Risk** — A 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 a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a 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 a 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 a 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.

**Liquidity Risk** — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**Market and Credit Risks** — In the normal course of business, a 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 a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.

------

GOLDMAN SACHS ACTIVE EQUITY MULTI-MANAGER FUNDS

*January 31, 2023 (Unaudited)* 

------

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

------

Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a 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.

**Multi-Manager Approach Risk** — The Funds' performance depends on the ability of the Investment Adviser in selecting, overseeing, and allocating Fund assets to the Underlying Managers. The Underlying Managers' investment styles may not always be complementary. The Funds' multi-manager approach may result in the Fund investing a significant percentage of its assets in certain types of investments, which could be beneficial or detrimental to the Funds' performance depending on the performance of those investments and the overall market environment. The Funds' Underlying Managers may underperform the market generally or underperform other investment managers that could have been selected for the Funds. Because the Funds' Underlying Managers may trade with counterparties, prime brokers, clearing brokers or futures commission merchants on terms that are different than those on which the Investment Adviser would trade, and because each Underlying Manager applies its own risk analysis in evaluating potential counterparties for the Funds, the Funds may be subject to greater counterparty risk than if they were managed directly by the Investment Adviser.

## 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:** Multi-Manager International Equity Fund

- **b. EDGAR series identifier (if any):** S000049850

- **c. LEI of Series:** 5493004BZ4MMUCN2AM80

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $2196095307.88

**Total Liabilities:** $899617171.17

**Net Assets:** $1296478136.71

**Cash Not Reported:** $643926.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157436 | 12.34%               | -2.29%               | 9.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-10693692.07            | $152946946.87                              |
| Month 2  | $1148601.85              | $-30609387.06                              |
| Month 3  | $1084639.14              | $110215537.56                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Universal Music Group NV                       | Universal Music Group NV                       | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |    237041 | NS      | $6059328.67   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| EPAM Systems Inc                               | EPAM Systems Inc                               | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     18740 | NS      | $6233861.00   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE            | LVMH Moet Hennessy Louis Vuitton SE            | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     21389 | NS      | $18672075.48  | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP - Energias de Portugal SA                  | EDP - Energias de Portugal SA                  | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |    910264 | NS      | $4522425.85   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                                  | Accenture PLC                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     46709 | NS      | $13034146.45  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| L'Oreal SA                                     | L'Oreal SA                                     | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |      7764 | NS      | $3205845.67   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                       | SMC Corp                                       | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      8100 | NS      | $4114075.47   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                   | KBC Group NV                                   | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |     37492 | NS      | $2776930.15   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                  | Beiersdorf AG                                  | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |     57646 | NS      | $7008462.63   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlassian Corp                                 | Atlassian Corp                                 | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | US        |     37247 | NS      | $6019860.14   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC                       | Rolls-Royce Holdings PLC                       | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |  12405775 | NS      | $16230887.29  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                         | BP PLC                                         | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    580137 | NS      | $3504171.12   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                        | National Bank of Canada                        | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |     93701 | NS      | $7038754.61   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC                   | British American Tobacco PLC                   | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     74382 | NS      | $2851344.45   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                      | Tesco PLC                                      | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |   1085641 | NS      | $3299675.19   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| BRP Inc                                        | BRP Inc                                        | CUSIP: 05577W200<br>LEI: 529900EPQGESIRCPY551 | Long             | EC               | CORP              | CA        |     32677 | NS      | $2726787.65   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Continental AG                                 | Continental AG                                 | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     53334 | NS      | $3744857.95   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd          | Check Point Software Technologies Ltd          | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |     39573 | NS      | $5033685.60   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                   | Unilever PLC                                   | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    152605 | NS      | $7767450.37   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                              | Sonova Holding AG                              | CUSIP: 000000000<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      9159 | NS      | $2290406.19   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                         | SAP SE                                         | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    159563 | NS      | $18914591.88  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                            | Amadeus IT Group SA                            | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |    201223 | NS      | $12677844.20  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                                   | Olympus Corp                                   | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |    440100 | NS      | $8273708.62   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                                 | Advantest Corp                                 | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |     50000 | NS      | $3584049.01   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson PLC                                   | Ferguson PLC                                   | CUSIP: 000000000<br>LEI: 213800DU1LGY3R2S2X42 | Long             | EC               | CORP              | JE        |     34935 | NS      | $4922165.30   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour SA                                   | Carrefour SA                                   | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |    201789 | NS      | $3838221.87   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                 | BNP Paribas SA                                 | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     34754 | NS      | $2386970.14   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                | Sony Group Corp                                | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     64800 | NS      | $5789979.43   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                      | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |     49112 | NS      | $6156967.04   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| TMX Group Ltd                                  | TMX Group Ltd                                  | CUSIP: 87262K105<br>LEI: 549300N65GFVKSHGJW59 | Long             | EC               | CORP              | CA        |     36428 | NS      | $3590370.84   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                             | Deutsche Boerse AG                             | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |     41732 | NS      | $7467619.31   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                        | Bank Leumi Le-Israel BM                        | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |    734608 | NS      | $6492011.18   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad NV                                    | Randstad NV                                    | CUSIP: 000000000<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |     43816 | NS      | $2808532.92   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                               | Novo Nordisk A/S                               | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    140194 | NS      | $19401414.96  | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     39895 | NS      | $1987179.08   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Iberdrola SA                                   | Iberdrola SA                                   | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    320605 | NS      | $3761262.59   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                         | DBS Group Holdings Ltd                         | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |    370800 | NS      | $10151121.33  | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Tata Consultancy Services Ltd                  | Tata Consultancy Services Ltd                  | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |     58370 | NS      | $2409143.17   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                      | Toronto-Dominion Bank/The                      | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     63933 | NS      | $4423488.02   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Akzo Nobel NV                                  | Akzo Nobel NV                                  | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |    200216 | NS      | $14913081.69  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                                        | ABB Ltd                                        | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    147787 | NS      | $5145300.70   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                           | ASM International NV                           | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |     16278 | NS      | $5505316.27   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd                                    | Hitachi Ltd                                    | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |    151400 | NS      | $7939786.54   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Reckitt Benckiser Group PLC                    | Reckitt Benckiser Group PLC                    | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |    198131 | NS      | $14118993.25  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                              | Banco Bradesco SA                              | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |    518096 | NS      | $1445487.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                                      | Thales SA                                      | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     32249 | NS      | $4265230.75   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd                             | Tokyo Electron Ltd                             | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |     18800 | NS      | $6571054.05   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                     | Genmab A/S                                     | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |      9346 | NS      | $3662664.29   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                                    | Kubota Corp                                    | CUSIP: 000000000<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |    127800 | NS      | $1920615.22   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | Roche Holding AG                               | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     86290 | NS      | $26937181.35  | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                    | Informa PLC                                    | CUSIP: 000000000<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |    421676 | NS      | $3487575.65   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                | ASML Holding NV                                | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     11320 | NS      | $7480708.80   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd                          | Daikin Industries Ltd                          | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |     61400 | NS      | $10664846.96  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| ResMed Inc                                     | ResMed Inc                                     | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |     20798 | NS      | $4749639.26   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                                    | Swedbank AB                                    | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |    214463 | NS      | $4125499.20   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                               | TotalEnergies SE                               | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     49055 | NS      | $3032617.19   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                       | RELX PLC                                       | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    640604 | NS      | $19031641.48  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                         | Koninklijke Philips NV                         | CUSIP: 000000000<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |    359791 | NS      | $6211953.73   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Alimentation Couche-Tard Inc                   | Alimentation Couche-Tard Inc                   | CUSIP: 01626P148<br>LEI: 549300OSW32RVX8CCZ87 | Long             | EC               | CORP              | CA        |     81935 | NS      | $3741588.52   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc                              | Suncor Energy Inc                              | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |    246426 | NS      | $8552818.52   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel SpA                                       | Enel SpA                                       | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |   1869541 | NS      | $11008082.27  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                  | Industria de Diseno Textil SA                  | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    195559 | NS      | $6105509.96   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                      | Kering SA                                      | CUSIP: 000000000<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |      1022 | NS      | $637683.75    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                   | Evolution AB                                   | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     63229 | NS      | $7106373.96   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                  | HDFC Bank Ltd                                  | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    109013 | NS      | $2145226.40   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                       | Adyen NV                                       | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |      4227 | NS      | $6390830.89   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                         | AXA SA                                         | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    246470 | NS      | $7689622.79   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                        | GSK PLC                                        | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    212750 | NS      | $3736956.93   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont SA                    | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     70615 | NS      | $10885811.10  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| ESR Group Ltd                                  | ESR Group Ltd                                  | CUSIP: 000000000<br>LEI: 549300C81AR42BZUFZ09 | Long             | EC               | CORP              | KY        |   1429600 | NS      | $2862182.58   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                            | MTU Aero Engines AG                            | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |     10804 | NS      | $2700055.22   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                              | Bureau Veritas SA                              | CUSIP: 000000000<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |    145273 | NS      | $4153567.93   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberArk Software Ltd                          | CyberArk Software Ltd                          | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      3301 | NS      | $465044.88    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Group PLC                              | Compass Group PLC                              | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    866460 | NS      | $20697999.10  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Arca Continental SAB de CV                     | Arca Continental SAB de CV                     | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |    577700 | NS      | $5103136.83   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Liquide SA                                 | Air Liquide SA                                 | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |    114354 | NS      | $18208148.66  | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                      | Nestle SA                                      | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    171599 | NS      | $20936630.16  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                   | Keyence Corp                                   | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |     15300 | NS      | $7043641.99   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                                    | NetEase Inc                                    | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    159000 | NS      | $2820995.94   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                       | RELX PLC                                       | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |    137341 | NS      | $4086430.92   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd                    | Murata Manufacturing Co Ltd                    | CUSIP: 000000000<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |    113900 | NS      | $6508301.17   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                | London Stock Exchange Group PLC                | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |     39456 | NS      | $3611994.59   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                       | Engie SA                                       | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    563385 | NS      | $7999990.32   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                        | Vestas Wind Systems A/S                        | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |    101354 | NS      | $2965779.62   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                                        | DSV A/S                                        | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |     20311 | NS      | $3360049.34   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                            | Intesa Sanpaolo SpA                            | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |   1883415 | NS      | $4952006.15   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                 | Atlas Copco AB                                 | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |    296546 | NS      | $3518833.02   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    113004 | NS      | $14804931.52  | 1.14%             |  |  |  | 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        |  29688234 | NS      | $29688233.67  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                           | Thomson Reuters Corp                           | CUSIP: 884903709<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |     44886 | NS      | $5339563.40   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo Car AB                                   | Volvo Car AB                                   | CUSIP: 000000000<br>LEI: 5299000EAMGGBEYP7J33 | Long             | EC               | CORP              | SE        |    186150 | NS      | $928794.82    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                                     | FANUC Corp                                     | CUSIP: 000000000<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     69400 | NS      | $12262255.14  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                        | Sika AG                                        | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |     38647 | NS      | $10981423.40  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                               | Pernod Ricard SA                               | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |    104954 | NS      | $21728623.42  | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                      | Shin-Etsu Chemical Co Ltd                      | CUSIP: 000000000<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     15200 | NS      | $2240829.80   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| ICON PLC                                       | ICON PLC                                       | CUSIP: 000000000<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |     56413 | NS      | $13015043.23  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                                      | Alcon Inc                                      | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |    100701 | NS      | $7598746.65   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                            | Deutsche Telekom AG                            | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |    342511 | NS      | $7630733.97   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                   | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |    801926 | NS      | $11612097.47  | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                  | Rio Tinto PLC                                  | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    164264 | NS      | $12862072.55  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA                           | Galp Energia SGPS SA                           | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |    213379 | NS      | $2920741.22   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc                         | Yum China Holdings Inc                         | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |     51338 | NS      | $3162934.18   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                     | Anheuser-Busch InBev SA/NV                     | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     65084 | NS      | $3928583.17   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Ltd                   | Canadian Pacific Railway Ltd                   | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    145283 | NS      | $11462828.70  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                                     | Legrand SA                                     | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     38662 | NS      | $3447261.04   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                                 | Li Ning Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | KY        |    730000 | NS      | $7216534.88   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                   | CaixaBank SA                                   | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |    181729 | NS      | $806324.19    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                 | Lonza Group AG                                 | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      6644 | NS      | $3790012.27   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| CAE Inc                                        | CAE Inc                                        | CUSIP: 124765108<br>LEI: 549300FFM2BEH2GF1E44 | Long             | EC               | CORP              | CA        |    302665 | NS      | $6835581.71   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CSL Ltd                                        | CSL Ltd                                        | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     50336 | NS      | $10628467.26  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc            | Sumitomo Mitsui Financial Group Inc            | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |    107600 | NS      | $4676410.50   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd                          | Julius Baer Group Ltd                          | CUSIP: 000000000<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |     49318 | NS      | $3163469.31   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Kose Corp                                      | Kose Corp                                      | CUSIP: 000000000<br>LEI: 353800NX4GGAVDHHY664 | Long             | EC               | CORP              | JP        |     28700 | NS      | $3166553.31   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                  | UniCredit SpA                                  | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    799620 | NS      | $15617487.82  | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg AS                                   | Carlsberg AS                                   | CUSIP: 000000000<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |     75111 | NS      | $10662878.74  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp                              | Suzuki Motor Corp                              | CUSIP: 000000000<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     74300 | NS      | $2785669.32   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                      | Zurich Insurance Group AG                      | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |     19618 | NS      | $9701659.88   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                      | Danone SA                                      | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    172488 | NS      | $9459113.23   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoya Corp                                      | Hoya Corp                                      | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |     24000 | NS      | $2639326.01   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                                    | Aena SME SA                                    | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |     44066 | NS      | $6620871.13   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc                        | Lululemon Athletica Inc                        | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     14972 | NS      | $4594607.36   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc                          | Waste Connections Inc                          | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |     31739 | NS      | $4218113.10   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                                   | UBS Group AG                                   | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    383283 | NS      | $8181319.03   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Lasertec Corp                                  | Lasertec Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28900 | NS      | $5471431.85   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                   | Experian PLC                                   | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |    371248 | NS      | $13576343.69  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                      | Alstom SA                                      | CUSIP: 000000000<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |    305349 | NS      | $9079603.16   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                        | Eni SpA                                        | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |    295787 | NS      | $4551637.44   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Idorsia Ltd                                    | Idorsia Ltd                                    | CUSIP: 000000000<br>LEI: 506700XOVZUB107S5720 | Long             | EC               | CORP              | CH        |     93389 | NS      | $1570870.10   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Aon PLC                                        | Aon PLC                                        | CUSIP: 000000000<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | IE        |     66951 | NS      | $21335944.68  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                                     | Ferrari NV                                     | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |     36131 | NS      | $9028564.81   | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                   | Canadian National Railway Co                   | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     47257 | NS      | $5627836.13   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                                       | Bayer AG                                       | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |    188648 | NS      | $11742382.49  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Intact Financial Corp                          | Intact Financial Corp                          | CUSIP: 45823T106<br>LEI: 5493009LXGE7Y4U9OY43 | Long             | EC               | CORP              | CA        |     19015 | NS      | $2758607.68   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi                                         | Sanofi                                         | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     77130 | NS      | $7552910.87   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                   | Capgemini SE                                   | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     44355 | NS      | $8417939.02   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                         | RWE AG                                         | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |    125753 | NS      | $5598381.83   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                     | Samsung Electronics Co Ltd                     | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      9069 | NS      | $11239779.06  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                       | Vinci SA                                       | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     46106 | NS      | $5209495.91   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                   | Barclays PLC                                   | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   4054230 | NS      | $9319827.22   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                                      | Sampo Oyj                                      | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |    109821 | NS      | $5765544.72   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Capital International Airport Co Ltd   | Beijing Capital International Airport Co Ltd   | CUSIP: 000000000<br>LEI: 5299001QWQN7CK66FE04 | Long             | EC               | CORP              | CN        |   3296000 | NS      | $2506790.61   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Housing Development Finance Corp Ltd           | Housing Development Finance Corp Ltd           | CUSIP: 000000000<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |    192835 | NS      | $6207823.03   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Smith PLC                                   | WH Smith PLC                                   | CUSIP: 000000000<br>LEI: 2138001KJNGUJ34G7X91 | Long             | EC               | CORP              | GB        |    240657 | NS      | $4752387.18   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                     | Hexagon AB                                     | CUSIP: 000000000<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |    281671 | NS      | $3228935.92   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                     | Merck KGaA                                     | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |     63588 | NS      | $13272607.72  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                     | Diageo PLC                                     | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    129857 | NS      | $5678136.36   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA   | Cie Generale des Etablissements Michelin SCA   | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |     83700 | NS      | $2646577.77   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                                   | SK Hynix Inc                                   | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    117114 | NS      | $8472475.14   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                            | EssilorLuxottica SA                            | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     34075 | NS      | $6252058.32   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Corp                                    | Yamaha Corp                                    | CUSIP: 000000000<br>LEI: 529900S5TENP3IJS7S02 | Long             | EC               | CORP              | JP        |     80700 | NS      | $3137944.29   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp                                    | Terumo Corp                                    | CUSIP: 000000000<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |    133300 | NS      | $3880410.04   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd                   | Takeda Pharmaceutical Co Ltd                   | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    209200 | NS      | $6576697.38   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                                    | Shimano Inc                                    | CUSIP: 000000000<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |     15000 | NS      | $2675030.84   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Koito Manufacturing Co Ltd                     | Koito Manufacturing Co Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    127400 | NS      | $2149005.36   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain                            | Cie de Saint-Gobain                            | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     73159 | NS      | $4201606.59   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian National Railway Co                   | Canadian National Railway Co                   | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |     47886 | NS      | $5700037.34   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Dassault Systemes SE                           | Dassault Systemes SE                           | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |     54570 | NS      | $2029507.08   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd      | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    243000 | NS      | $4288167.92   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd      | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     44973 | NS      | $4170346.29   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Vonovia SE                                     | Vonovia SE                                     | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |     85052 | NS      | $2402540.72   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyocera Corp                                   | Kyocera Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     83200 | NS      | $4317364.52   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                                | Sands China Ltd                                | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |    798800 | NS      | $2995568.10   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                               | ArcelorMittal SA                               | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |     39849 | NS      | $1236232.48   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| ICICI Bank Ltd                                 | ICICI Bank Ltd                                 | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    326370 | NS      | $6798287.10   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC             | Coca-Cola Europacific Partners PLC             | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |    146012 | NS      | $8174797.64   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                 | Prudential PLC                                 | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    943933 | NS      | $15683495.29  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | Novartis AG                                    | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    147008 | NS      | $13290851.49  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mettler-Toledo International Inc               | Mettler-Toledo International Inc               | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |      3630 | NS      | $5564499.60   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                                  | AIA Group Ltd                                  | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |   2239190 | NS      | $25319964.58  | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |    105400 | NS      | $5136027.08   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| BayCurrent Consulting Inc                      | BayCurrent Consulting Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     97500 | NS      | $4144680.75   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Canadian Pacific Railway Ltd                   | Canadian Pacific Railway Ltd                   | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     48746 | NS      | $3847510.37   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC                           | Ryanair Holdings PLC                           | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    175145 | NS      | $15855876.85  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                     | STERIS PLC                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     30519 | NS      | $6302478.69   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kobe Bussan Co Ltd                             | Kobe Bussan Co Ltd                             | CUSIP: 000000000<br>LEI: 353800CJIFNHN2DXRD59 | Long             | EC               | CORP              | JP        |    110200 | NS      | $3181666.25   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                      | QIAGEN NV                                      | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |     61870 | NS      | $3018210.02   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                          | Schneider Electric SE                          | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |    124418 | NS      | $20182533.80  | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                       | Infineon Technologies AG                       | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |    130428 | NS      | $4696771.78   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                                        | Meituan                                        | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | KY        |     10810 | NS      | $241667.03    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Berkeley Group Holdings PLC                    | Berkeley Group Holdings PLC                    | CUSIP: 000000000<br>LEI: 2138009OQSSLVVHQAL78 | Long             | EC               | CORP              | GB        |     38899 | NS      | $1991926.29   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                                      | Linde PLC                                      | CUSIP: 000000000<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |     30221 | NS      | $9997698.06   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                                     | Denso Corp                                     | CUSIP: 000000000<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     79000 | NS      | $4266450.01   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                              | HSBC Holdings PLC                              | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |    808894 | NS      | $5960210.74   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Valeo                                          | Valeo                                          | CUSIP: 000000000<br>LEI: 5493006IH2N2WMIBB742 | Long             | EC               | CORP              | FR        |     79393 | NS      | $1735114.62   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

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

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President