# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001193125-26-002641
**Filing Date:** 2026-1
**Character Count:** 1373128
**Document Hash:** 8bc22b91b1d4cf3bed062130bf1e6479
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-002641.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-002641

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22781
- **FILM NUMBER:** 26507373

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

## Series and Classes Contracts Data

### Goldman Sachs Multi-Strategy Alternatives Fund (Series ID: S000040071)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000124400 | Class A Shares       | GMAMX           |
| C000124401 | Class C Shares       | GMCMX           |
| C000124402 | Institutional Shares | GSMMX           |
| C000124403 | Investor Shares      | GIMMX           |
| C000198936 | Class R6 Shares      | GMMFX           |
| C000201711 | Class P Shares       | GMMPX           |

### Goldman Sachs Multi-Manager Non-Core Fixed Income Fund (Series ID: S000048067)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000151918 | Class R6 Shares | GNCFX           |

### Goldman Sachs Multi-Manager Global Equity Fund (Series ID: S000049146)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000154942 | Class R6 Shares | GSEQX           |

### Goldman Sachs Multi-Manager Real Assets Strategy Fund (Series ID: S000049147)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000154943 | Class R6 Shares | GRASX           |

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

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

### Multi-Manager U.S. Small Cap Equity Fund (Series ID: S000051363)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000161913 | Class P Shares | MMSMX           |

### Multi-Manager High Yield Bond Fund (Series ID: S000094308)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000262794 | Class P Shares | MMHGX           |

?xml version='1.0' encoding='ASCII'? Goldman Sachs Trust II

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-22781

### Goldman Sachs Trust II

#### (Exact name of registrant as specified in charter)

#### 200 West Street

#### 15th Floor

#### New York, New York 10282

#### (Address of principal executive offices) (Zip code)

#### Copies to:

---

| | |
|:---|:---|
| **Robert Griffith, Esq.**<br> **Goldman Sachs & Co. LLC**<br> **200 West Street**<br> **New York, NY 10282** | **Stephen H. Bier, Esq.**<br> **Dechert LLP**<br> **1095 Avenue of the Americas**<br> **New York, NY 10036** |

---

#### (Name and address of agents for service)

#### Registrant's telephone number, including area code: (212) 902-1000

#### Date of fiscal year end: October 31

#### Date of reporting period: October 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders for the Goldman Sachs Multi-Strategy Alternatives Fund, Goldman Sachs Multi-Manager Non-Core Fixed Income Fund, Goldman Sachs Multi-Manager Global Equity Fund, Goldman Sachs Multi-Manager Real Assets Strategy Fund, Multi-Manager High Yield Bond Fund, Multi-Manager International Equity Fund, and Multi-Manager U.S. Small Cap Equity Fund is filed herewith.

![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Manager High Yield Bond Fund

# MMHGX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Manager High Yield Bond Fund (the "Fund") for the period of October 14, 2025 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $2 | 0.44%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. |

---

## How did the Fund perform and what affected its performance?
High yield corporate bonds overall produced modestly positive returns. Investor sentiment was buoyed by the solid start of the third quarter 2025 corporate earnings season, a rate cut by the Federal Reserve and easing geopolitical and trade tensions. Higher quality credits generally outperformed lower quality credits.

Top Contributors to Performance:

* There were no meaningful contributors. Given the Fund's launch on October 14, 2025, it was a matter of funding the three underlying managers, who were initiating trades to gain exposure to high-conviction investment options across the high yield corporate bond market.

* Blackstone Credit Systematic Strategies LLC seeks to add alpha over time by identifying mispriced securities that are trading away from what it deems to be the true intrinsic value with the belief that these positions will converge to their intrinsic value over time.

* Eaton Vance Management employs a broadly diversified high yield strategy that employs a defensive style and seeks to add value via credit selection and, to a lesser extent, implementation of top-down views. 

* PGIM Fixed Income employs a core-oriented investment approach with a focus on bottom-up relative value issuer and industry selection, while top-down views seek to help manage overall portfolio risk.

Top Detractors from Performance:

* As the underlying managers were not yet fully funded, the Fund did not have full exposure to the high yield corporate bond market during the Period, which limited its returns.

# Goldman Sachs Multi-Manager High Yield Bond Fund

# Class P

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g22b89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/14/25** | $1000000 | $1000000 | $1000000 |
| **10/25** | $1002500 | $1005300 | $997700 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| AATR | **Since Inception** |
| Class P (Commenced October 14, 2025) | 0.25% |
| Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 0.53% |
| Bloomberg U.S. Aggregate Bond Index | -0.23% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Multi-Manager High Yield Bond Fund

# Class P

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1123121434 |
| # of Portfolio Holdings as of Period End | 952 |
| Portfolio Turnover Rate for the Period | 2% |
| Total Net Advisory Fees Paid for the Period | $105411 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Oil Field Services | 7.2% |
| Media | 5.9% |
| Commercial Services | 5.6% |
| Diversified Financial Services | 5.1% |
| Retailing | 4.7% |
| Healthcare Providers & Services | 4.3% |
| Electrical | 3.9% |
| Telecommunication Services | 3.1% |
| Entertainment | 2.8% |
| Other | 60.7% |

---

# Goldman Sachs Multi-Manager High Yield Bond Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Manager High Yield Bond Fund

# 38147N137-AR-1025

# Class P
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Manager Global Equity Fund

# GSEQX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Manager Global Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $47 | 0.43% |

---

## How did the Fund perform and what affected its performance?
Global equities were volatile but recorded strong positive returns overall buoyed by trade negotiations progress, supportive central bank monetary policy and continued enthusiasm around the artificial intelligence theme. Emerging markets equities posted the strongest gains followed by non-U.S. developed markets equities and U.S. equities.

Top Contributors to Performance:

* Nine of the Fund's 11 underlying managers generated positive absolute returns.

* Causeway Capital Management LLC outperformed its benchmark driven by selection in health care and financials. These gains were partially offset by selection in industrials and real estate.

* Axiom International Investors LLC outperformed its benchmark due to strong selection in industrials, information technology and utilities. An underweight in utilities contributed positively. These results were partially offset by selection in financials as well as by an overweight and stock selection in consumer discretionary.

Top Detractors from Performance:

* Diamond Hill Capital Management Inc. underperformed its benchmark, primarily because of its defensive positioning. Selection in information technology, consumer discretionary and consumer staples detracted from performance, while selection in health care was advantageous. 

* MFS Investment Management underperformed its benchmark due to selection in financials, consumer staples and information technology. A lack of exposure to real estate and an overweight in industrials contributed positively.

* WCM Investment Management underperformed its benchmark because of selection in financials and health care. This was partially offset by selection in industrials and communication services. 

* Vaughan Nelson Investment Management, L.P. lagged its benchmark, with selection in information technology, industrials and health care detracting from returns. Selection in consumer discretionary and consumer staples contributed positively.

* GW&K Investment Management, LLC underperformed its benchmark due to selection in information technology, materials and financials. These results were partly offset by selection in health care, industrials and real estate.

* Boston Partners Global Investors, Inc. underperformed its benchmark because of selection in health care and materials. An underweight in real estate and strong selection in financials added to relative results. 

* T. Rowe Price Associates, Inc. underperformed its benchmark. Selection and an overweight in health care detracted most from relative returns followed by selection in consumer discretionary and an overweight in financials. A lack of exposure to consumer staples and selection in communication services and industrials added to returns.

* Principal Global Investors, LLC underperformed its benchmark due to selection in materials, consumer discretionary and real estate. Selection in industrials, information technology and energy contributed positively.

* Wellington Management Company LLC slightly lagged its benchmark. Selection in information technology and health care detracted from relative performance, while selection in financials, real estate and materials contributed positively.

# Goldman Sachs Multi-Manager Global Equity Fund

# Class R6

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g79x64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD)** | **MSCI ACWI IMI Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1007400 | $1027300 | $1023400 |
| **10/17** | $1225301 | $1266969 | $1264104 |
| **10/18** | $1183273 | $1264689 | $1252095 |
| **10/19** | $1318048 | $1421004 | $1402471 |
| **10/20** | $1352317 | $1480260 | $1463058 |
| **10/21** | $1932866 | $2047644 | $2021654 |
| **10/22** | $1553831 | $1678249 | $1612875 |
| **10/23** | $1710768 | $1837347 | $1764969 |
| **10/24** | $2217498 | $2432647 | $2335584 |
| **10/25** | $2642814 | $2962477 | $2849412 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 19.19% | 14.33% | 10.20% |
| MSCI ACWI IMI (Net, USD, 50% Non-U.S. Developed Hedged to USD) | 21.78% | 14.88% | 11.46% |
| MSCI ACWI IMI Index (Net, USD, Unhedged) | 22.00% | 14.25% | 11.03% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI ACWI IMI Index (Net, USD, Unhedged)

# Goldman Sachs Multi-Manager Global Equity Fund

# Class R6

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1948776152 |
| # of Portfolio Holdings as of Period End | 858 |
| Portfolio Turnover Rate for the Period | 86% |
| Total Net Advisory Fees Paid for the Period | $4781173 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by TBD at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of an increase in average net assets.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Exchange Traded Funds | 33.0% |
| Information Technology | 13.4% |
| Financials | 11.0% |
| Industrials | 9.3% |
| Consumer Discretionary | 6.6% |
| Health Care | 5.4% |
| Communication Services | 4.0% |
| Consumer Staples | 3.0% |
| Materials | 2.5% |
| Other | 10.9% |

---

# Goldman Sachs Multi-Manager Global Equity Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Manager Global Equity Fund

# 38147N707-AR-1025

# Class R6
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

# GMAMX: Class A

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| A | $109 | 1.02% |

---

## How did the Fund perform and what affected its performance?
The performance of the Fund was influenced most by a strong rally in the global equities market, interest rate volatility, price movements and dispersions across commodities and depreciation of the U.S. dollar versus major currencies.

Top Contributors to Performance:

* The Fund benefited from its position in U.S. convertible bonds, which are hybrid debt securities that offer interest payments while also providing the option of conversion to an issuing company's common stock. Strong U.S. equity performance during the Period spurred issuance of convertible bonds, while there was robust demand for hybrid debt securities.

* Investments in developed markets equities added to the Fund's performance, as U.S. large cap stocks, Japanese equities and European equities posted strong gains during the Period.

* The Fund was helped by its position in U.S. Treasury inflation-protected securities, as elevated inflation supported demand for inflation-hedging investments.

* The trend equity-bond long-only factor, which seeks to capture trends in stock and bond performance, added to the Fund's returns amid positive price momentum across the equities and fixed income markets.

* The commodity curve factor bolstered Fund performance, as the movements of spot prices versus future prices propelled gains in the energy sector.

Top Detractors from Performance:

* The Fund was hurt by the trend cross-asset slow/fast factor, which seeks to capture slow and fast trend changes across asset classes, given the lack of clear price trends during the Period.

* A position in U.S. mid-cap equities detracted from the Fund's returns, as these stocks weakened due to broad-based investor concerns about the health of the U.S. economy.

* The trend rates fast factor, which seeks to capture fast trend changes in interest rate-related investments, performed negatively due to interest rate volatility.

* The Fund was hampered by the commodity value long-term reversal factor, which aims to detect reversals in commodity prices. Certain commodities exhibited persistent trends during the Period, which hurt the performance of this factor.

* The trend commodity fast factor, which seeks to capture fast trend changes in commodity prices, detracted from the Fund's returns amidst volatile price movements across many commodities.

* Exposure to the U.S. dollar had a negative impact on Fund performance given that the currency depreciated on concerns about trade tariffs and the U.S. economic outlook.

* The trend currency fast factor, which seeks to capture fast trend changes in exchange rates, detracted from the Fund's returns amid currency price volatility during the Period.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class A

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g70i25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charges)** | **Class A (excluding sales charges)** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **Bloomberg Global Aggregate Index (Gross, USD, Hedged)** |
| **11/1/15** | $9450 | $10000 | $10000 | $10000 |
| **10/16** | $9428 | $9977 | $10031 | $10517 |
| **10/17** | $9530 | $10085 | $10103 | $10646 |
| **10/18** | $9241 | $9779 | $10273 | $10668 |
| **10/19** | $9773 | $10341 | $10520 | $11806 |
| **10/20** | $10000 | $10582 | $10616 | $12316 |
| **10/21** | $11126 | $11774 | $10623 | $12214 |
| **10/22** | $10536 | $11149 | $10706 | $10733 |
| **10/23** | $10399 | $11004 | $11217 | $10918 |
| **10/24** | $10293 | $10892 | $11822 | $12001 |
| **10/25** | $11698 | $12378 | $12335 | $12637 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class A | 13.65% | 3.18% | 2.15% |
| Class A including sales charges | 7.38% | 2.02% | 1.58% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.34% | 3.04% | 2.12% |
| Bloomberg Global Aggregate Index (Gross, USD, Hedged) | 5.30% | 0.52% | 2.37% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class A

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $57600818 |
| # of Portfolio Holdings as of Period End | 260 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $355101 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the Period as a result of a decrease in operating expenses.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Interest Rate | 2.8 | 1.9 | 0.9 | 1 |
| Commodities | 16.9 | 9 | 8 | 1 |
| Developed Markets Equity Volatility | 30.5 | 2.4 | 28.1 | -25.8 |
| Convertible Securities | 3.4 | 3.4 | - | 3.4 |
| Short-Term Investments | 23.6 | 23.6 | - | 23.6 |
| Developed Markets ex US Equity | 18.2 | 16 | 2.2 | 13.9 |
| Emerging Markets Currency | 11 | 5.2 | 5.8 | -0.5 |
| Master Limited Partnerships | 0.3 | 0.3 | - | 0.3 |
| Developed Markets Currency | 16.3 | 9.1 | 7.2 | 1.9 |
| Developed Markets FI Volatility | 5.1 | 5.1 | - | 5.1 |
| Short-Term Fixed Income | 41.8 | 41.5 | 0.3 | 41.3 |
| Long-Term Fixed Income | 51.2 | 23.4 | 27.8 | -4.4 |
| Global Real Estate | 1.3 | 1.3 | - | 1.3 |
| Emerging Markets Equity | 3.1 | 3.1 | - | 3.1 |
| US Equity | 42.2 | 42.2 | - | 42.2 |
| Credit | 52.5 | 52.5 | - | 52.5 |
| Cash | 143.7 | 78.4 | 65.3 | 13 |
| Preferred | 12.4 | 12.4 | - | 12.4 |
| Medium-Term Fixed Income | 10.2 | 10.2 |  | 10.2 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and offsetting forward foreign currency exchange contract positions are netted by currency pair and settlement date for both gross and net exposure calculations. Short-term Investments include investment companies and U.S. Treasury Bills.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class A

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N103-AR-1025

# Class A
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

# GMCMX: Class C

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| C | $188 | 1.77% |

---

## How did the Fund perform and what affected its performance?
The performance of the Fund was influenced most by a strong rally in the global equities market, interest rate volatility, price movements and dispersions across commodities and depreciation of the U.S. dollar versus major currencies.

Top Contributors to Performance:

* The Fund benefited from its position in U.S. convertible bonds, which are hybrid debt securities that offer interest payments while also providing the option of conversion to an issuing company's common stock. Strong U.S. equity performance during the Period spurred issuance of convertible bonds, while there was robust demand for hybrid debt securities.

* Investments in developed markets equities added to the Fund's performance, as U.S. large cap stocks, Japanese equities and European equities posted strong gains during the Period.

* The Fund was helped by its position in U.S. Treasury inflation-protected securities, as elevated inflation supported demand for inflation-hedging investments.

* The trend equity-bond long-only factor, which seeks to capture trends in stock and bond performance, added to the Fund's returns amid positive price momentum across the equities and fixed income markets.

* The commodity curve factor bolstered Fund performance, as the movements of spot prices versus future prices propelled gains in the energy sector.

Top Detractors from Performance:

* The Fund was hurt by the trend cross-asset slow/fast factor, which seeks to capture slow and fast trend changes across asset classes, given the lack of clear price trends during the Period.

* A position in U.S. mid-cap equities detracted from the Fund's returns, as these stocks weakened due to broad-based investor concerns about the health of the U.S. economy.

* The trend rates fast factor, which seeks to capture fast trend changes in interest rate-related investments, performed negatively due to interest rate volatility.

* The Fund was hampered by the commodity value long-term reversal factor, which aims to detect reversals in commodity prices. Certain commodities exhibited persistent trends during the Period, which hurt the performance of this factor.

* The trend commodity fast factor, which seeks to capture fast trend changes in commodity prices, detracted from the Fund's returns amidst volatile price movements across many commodities.

* Exposure to the U.S. dollar had a negative impact on Fund performance given that the currency depreciated on concerns about trade tariffs and the U.S. economic outlook.

* The trend currency fast factor, which seeks to capture fast trend changes in exchange rates, detracted from the Fund's returns amid currency price volatility during the Period.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class C

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g14m27.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (including sales charges)** | **Class C (excluding sales charges)** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **Bloomberg Global Aggregate Index (Gross, USD, Hedged)** |
| **11/1/15** | $9900 | $10000 | $10000 | $10000 |
| **10/16** | $9798 | $9897 | $10031 | $10517 |
| **10/17** | $9821 | $9920 | $10103 | $10646 |
| **10/18** | $9457 | $9553 | $10273 | $10668 |
| **10/19** | $9928 | $10028 | $10520 | $11806 |
| **10/20** | $10075 | $10177 | $10616 | $12316 |
| **10/21** | $11136 | $11249 | $10623 | $12214 |
| **10/22** | $10459 | $10565 | $10706 | $10733 |
| **10/23** | $10253 | $10356 | $11217 | $10918 |
| **10/24** | $10067 | $10169 | $11822 | $12001 |
| **10/25** | $11352 | $11467 | $12335 | $12637 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class C | 12.76% | 2.41% | 1.38% |
| Class C including sales charges | 11.73% | 2.41% | 1.38% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.34% | 3.04% | 2.12% |
| Bloomberg Global Aggregate Index (Gross, USD, Hedged) | 5.30% | 0.52% | 2.37% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class C

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $57600818 |
| # of Portfolio Holdings as of Period End | 260 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $355101 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Interest Rate | 2.8 | 1.9 | 0.9 | 1 |
| Commodities | 16.9 | 9 | 8 | 1 |
| Developed Markets Equity Volatility | 30.5 | 2.4 | 28.1 | -25.8 |
| Convertible Securities | 3.4 | 3.4 | - | 3.4 |
| Short-Term Investments | 23.6 | 23.6 | - | 23.6 |
| Developed Markets ex US Equity | 18.2 | 16 | 2.2 | 13.9 |
| Emerging Markets Currency | 11 | 5.2 | 5.8 | -0.5 |
| Master Limited Partnerships | 0.3 | 0.3 | - | 0.3 |
| Developed Markets Currency | 16.3 | 9.1 | 7.2 | 1.9 |
| Developed Markets FI Volatility | 5.1 | 5.1 | - | 5.1 |
| Short-Term Fixed Income | 41.8 | 41.5 | 0.3 | 41.3 |
| Long-Term Fixed Income | 51.2 | 23.4 | 27.8 | -4.4 |
| Global Real Estate | 1.3 | 1.3 | - | 1.3 |
| Emerging Markets Equity | 3.1 | 3.1 | - | 3.1 |
| US Equity | 42.2 | 42.2 | - | 42.2 |
| Credit | 52.5 | 52.5 | - | 52.5 |
| Cash | 143.7 | 78.4 | 65.3 | 13 |
| Preferred | 12.4 | 12.4 | - | 12.4 |
| Medium-Term Fixed Income | 10.2 | 10.2 |  | 10.2 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and offsetting forward foreign currency exchange contract positions are netted by currency pair and settlement date for both gross and net exposure calculations. Short-term Investments include investment companies and U.S. Treasury Bills.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class C

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N202-AR-1025

# Class C
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

# GMMPX: Class P

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $76 | 0.71% |

---

## How did the Fund perform and what affected its performance?
The performance of the Fund was influenced most by a strong rally in the global equities market, interest rate volatility, price movements and dispersions across commodities and depreciation of the U.S. dollar versus major currencies.

Top Contributors to Performance:

* The Fund benefited from its position in U.S. convertible bonds, which are hybrid debt securities that offer interest payments while also providing the option of conversion to an issuing company's common stock. Strong U.S. equity performance during the Period spurred issuance of convertible bonds, while there was robust demand for hybrid debt securities.

* Investments in developed markets equities added to the Fund's performance, as U.S. large cap stocks, Japanese equities and European equities posted strong gains during the Period.

* The Fund was helped by its position in U.S. Treasury inflation-protected securities, as elevated inflation supported demand for inflation-hedging investments.

* The trend equity-bond long-only factor, which seeks to capture trends in stock and bond performance, added to the Fund's returns amid positive price momentum across the equities and fixed income markets.

* The commodity curve factor bolstered Fund performance, as the movements of spot prices versus future prices propelled gains in the energy sector.

Top Detractors from Performance:

* The Fund was hurt by the trend cross-asset slow/fast factor, which seeks to capture slow and fast trend changes across asset classes, given the lack of clear price trends during the Period.

* A position in U.S. mid-cap equities detracted from the Fund's returns, as these stocks weakened due to broad-based investor concerns about the health of the U.S. economy.

* The trend rates fast factor, which seeks to capture fast trend changes in interest rate-related investments, performed negatively due to interest rate volatility.

* The Fund was hampered by the commodity value long-term reversal factor, which aims to detect reversals in commodity prices. Certain commodities exhibited persistent trends during the Period, which hurt the performance of this factor.

* The trend commodity fast factor, which seeks to capture fast trend changes in commodity prices, detracted from the Fund's returns amidst volatile price movements across many commodities.

* Exposure to the U.S. dollar had a negative impact on Fund performance given that the currency depreciated on concerns about trade tariffs and the U.S. economic outlook.

* The trend currency fast factor, which seeks to capture fast trend changes in exchange rates, detracted from the Fund's returns amid currency price volatility during the Period.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class P

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g47h99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **Bloomberg Global Aggregate Index (Gross, USD, Hedged)** |
| **4/16/18** | $10000 | $10000 | $10000 |
| **10/18** | $9794 | $10105 | $10008 |
| **10/19** | $10401 | $10348 | $11076 |
| **10/20** | $10673 | $10443 | $11554 |
| **10/21** | $11920 | $10449 | $11458 |
| **10/22** | $11316 | $10530 | $10070 |
| **10/23** | $11213 | $11034 | $10243 |
| **10/24** | $11128 | $11629 | $11259 |
| **10/25** | $12687 | $12133 | $11856 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 16, 2018) | 14.01% | 3.52% | 3.20% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.34% | 3.04% | 2.59% |
| Bloomberg Global Aggregate Index (Gross, USD, Hedged) | 5.30% | 0.52% | 2.28% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class P

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $57600818 |
| # of Portfolio Holdings as of Period End | 260 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $355101 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Interest Rate | 2.8 | 1.9 | 0.9 | 1 |
| Commodities | 16.9 | 9 | 8 | 1 |
| Developed Markets Equity Volatility | 30.5 | 2.4 | 28.1 | -25.8 |
| Convertible Securities | 3.4 | 3.4 | - | 3.4 |
| Short-Term Investments | 23.6 | 23.6 | - | 23.6 |
| Developed Markets ex US Equity | 18.2 | 16 | 2.2 | 13.9 |
| Emerging Markets Currency | 11 | 5.2 | 5.8 | -0.5 |
| Master Limited Partnerships | 0.3 | 0.3 | - | 0.3 |
| Developed Markets Currency | 16.3 | 9.1 | 7.2 | 1.9 |
| Developed Markets FI Volatility | 5.1 | 5.1 | - | 5.1 |
| Short-Term Fixed Income | 41.8 | 41.5 | 0.3 | 41.3 |
| Long-Term Fixed Income | 51.2 | 23.4 | 27.8 | -4.4 |
| Global Real Estate | 1.3 | 1.3 | - | 1.3 |
| Emerging Markets Equity | 3.1 | 3.1 | - | 3.1 |
| US Equity | 42.2 | 42.2 | - | 42.2 |
| Credit | 52.5 | 52.5 | - | 52.5 |
| Cash | 143.7 | 78.4 | 65.3 | 13 |
| Preferred | 12.4 | 12.4 | - | 12.4 |
| Medium-Term Fixed Income | 10.2 | 10.2 |  | 10.2 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and offsetting forward foreign currency exchange contract positions are netted by currency pair and settlement date for both gross and net exposure calculations. Short-term Investments include investment companies and U.S. Treasury Bills.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N210-AR-1025

# Class P
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

# GMMFX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $76 | 0.71% |

---

## How did the Fund perform and what affected its performance?
The performance of the Fund was influenced most by a strong rally in the global equities market, interest rate volatility, price movements and dispersions across commodities and depreciation of the U.S. dollar versus major currencies.

Top Contributors to Performance:

* The Fund benefited from its position in U.S. convertible bonds, which are hybrid debt securities that offer interest payments while also providing the option of conversion to an issuing company's common stock. Strong U.S. equity performance during the Period spurred issuance of convertible bonds, while there was robust demand for hybrid debt securities.

* Investments in developed markets equities added to the Fund's performance, as U.S. large cap stocks, Japanese equities and European equities posted strong gains during the Period.

* The Fund was helped by its position in U.S. Treasury inflation-protected securities, as elevated inflation supported demand for inflation-hedging investments.

* The trend equity-bond long-only factor, which seeks to capture trends in stock and bond performance, added to the Fund's returns amid positive price momentum across the equities and fixed income markets.

* The commodity curve factor bolstered Fund performance, as the movements of spot prices versus future prices propelled gains in the energy sector.

Top Detractors from Performance:

* The Fund was hurt by the trend cross-asset slow/fast factor, which seeks to capture slow and fast trend changes across asset classes, given the lack of clear price trends during the Period.

* A position in U.S. mid-cap equities detracted from the Fund's returns, as these stocks weakened due to broad-based investor concerns about the health of the U.S. economy.

* The trend rates fast factor, which seeks to capture fast trend changes in interest rate-related investments, performed negatively due to interest rate volatility.

* The Fund was hampered by the commodity value long-term reversal factor, which aims to detect reversals in commodity prices. Certain commodities exhibited persistent trends during the Period, which hurt the performance of this factor.

* The trend commodity fast factor, which seeks to capture fast trend changes in commodity prices, detracted from the Fund's returns amidst volatile price movements across many commodities.

* Exposure to the U.S. dollar had a negative impact on Fund performance given that the currency depreciated on concerns about trade tariffs and the U.S. economic outlook.

* The trend currency fast factor, which seeks to capture fast trend changes in exchange rates, detracted from the Fund's returns amid currency price volatility during the Period.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class R6

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g06o94.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class R6** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **Bloomberg Global Aggregate Index (Gross, USD, Hedged)** |
| **2/28/18** | $10000 | $10000 | $10000 |
| **10/18** | $9795 | $10126 | $10077 |
| **10/19** | $10401 | $10369 | $11152 |
| **10/20** | $10673 | $10464 | $11634 |
| **10/21** | $11919 | $10471 | $11537 |
| **10/22** | $11316 | $10552 | $10139 |
| **10/23** | $11225 | $11057 | $10313 |
| **10/24** | $11135 | $11653 | $11337 |
| **10/25** | $12703 | $12158 | $11937 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class R6 (Commenced February 28, 2018) | 14.08% | 3.54% | 3.16% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.34% | 3.04% | 2.58% |
| Bloomberg Global Aggregate Index (Gross, USD, Hedged) | 5.30% | 0.52% | 2.33% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class R6

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $57600818 |
| # of Portfolio Holdings as of Period End | 260 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $355101 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a decrease in operating expenses.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Interest Rate | 2.8 | 1.9 | 0.9 | 1 |
| Commodities | 16.9 | 9 | 8 | 1 |
| Developed Markets Equity Volatility | 30.5 | 2.4 | 28.1 | -25.8 |
| Convertible Securities | 3.4 | 3.4 | - | 3.4 |
| Short-Term Investments | 23.6 | 23.6 | - | 23.6 |
| Developed Markets ex US Equity | 18.2 | 16 | 2.2 | 13.9 |
| Emerging Markets Currency | 11 | 5.2 | 5.8 | -0.5 |
| Master Limited Partnerships | 0.3 | 0.3 | - | 0.3 |
| Developed Markets Currency | 16.3 | 9.1 | 7.2 | 1.9 |
| Developed Markets FI Volatility | 5.1 | 5.1 | - | 5.1 |
| Short-Term Fixed Income | 41.8 | 41.5 | 0.3 | 41.3 |
| Long-Term Fixed Income | 51.2 | 23.4 | 27.8 | -4.4 |
| Global Real Estate | 1.3 | 1.3 | - | 1.3 |
| Emerging Markets Equity | 3.1 | 3.1 | - | 3.1 |
| US Equity | 42.2 | 42.2 | - | 42.2 |
| Credit | 52.5 | 52.5 | - | 52.5 |
| Cash | 143.7 | 78.4 | 65.3 | 13 |
| Preferred | 12.4 | 12.4 | - | 12.4 |
| Medium-Term Fixed Income | 10.2 | 10.2 |  | 10.2 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and offsetting forward foreign currency exchange contract positions are netted by currency pair and settlement date for both gross and net exposure calculations. Short-term Investments include investment companies and U.S. Treasury Bills.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N236-AR-1025

# Class R6
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

# GSMMX: Institutional Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional | $77 | 0.72% |

---

## How did the Fund perform and what affected its performance?
The performance of the Fund was influenced most by a strong rally in the global equities market, interest rate volatility, price movements and dispersions across commodities and depreciation of the U.S. dollar versus major currencies.

Top Contributors to Performance:

* The Fund benefited from its position in U.S. convertible bonds, which are hybrid debt securities that offer interest payments while also providing the option of conversion to an issuing company's common stock. Strong U.S. equity performance during the Period spurred issuance of convertible bonds, while there was robust demand for hybrid debt securities.

* Investments in developed markets equities added to the Fund's performance, as U.S. large cap stocks, Japanese equities and European equities posted strong gains during the Period.

* The Fund was helped by its position in U.S. Treasury inflation-protected securities, as elevated inflation supported demand for inflation-hedging investments.

* The trend equity-bond long-only factor, which seeks to capture trends in stock and bond performance, added to the Fund's returns amid positive price momentum across the equities and fixed income markets.

* The commodity curve factor bolstered Fund performance, as the movements of spot prices versus future prices propelled gains in the energy sector.

Top Detractors from Performance:

* The Fund was hurt by the trend cross-asset slow/fast factor, which seeks to capture slow and fast trend changes across asset classes, given the lack of clear price trends during the Period.

* A position in U.S. mid-cap equities detracted from the Fund's returns, as these stocks weakened due to broad-based investor concerns about the health of the U.S. economy.

* The trend rates fast factor, which seeks to capture fast trend changes in interest rate-related investments, performed negatively due to interest rate volatility.

* The Fund was hampered by the commodity value long-term reversal factor, which aims to detect reversals in commodity prices. Certain commodities exhibited persistent trends during the Period, which hurt the performance of this factor.

* The trend commodity fast factor, which seeks to capture fast trend changes in commodity prices, detracted from the Fund's returns amidst volatile price movements across many commodities.

* Exposure to the U.S. dollar had a negative impact on Fund performance given that the currency depreciated on concerns about trade tariffs and the U.S. economic outlook.

* The trend currency fast factor, which seeks to capture fast trend changes in exchange rates, detracted from the Fund's returns amid currency price volatility during the Period.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Institutional Class

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g75s72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Shares** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **Bloomberg Global Aggregate Index (Gross, USD, Hedged)** |
| **11/1/15** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1001300 | $1003100 | $1051700 |
| **10/17** | $1016019 | $1010322 | $1064636 |
| **10/18** | $988383 | $1027296 | $1066765 |
| **10/19** | $1049663 | $1051951 | $1180589 |
| **10/20** | $1077689 | $1061629 | $1231590 |
| **10/21** | $1202486 | $1062266 | $1221368 |
| **10/22** | $1141520 | $1070551 | $1073338 |
| **10/23** | $1131018 | $1121724 | $1091800 |
| **10/24** | $1122309 | $1182185 | $1200106 |
| **10/25** | $1279320 | $1233492 | $1263712 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Institutional Shares | 13.99% | 3.49% | 2.49% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.34% | 3.04% | 2.12% |
| Bloomberg Global Aggregate Index (Gross, USD, Hedged) | 5.30% | 0.52% | 2.37% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Institutional Class

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $57600818 |
| # of Portfolio Holdings as of Period End | 260 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $355101 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Interest Rate | 2.8 | 1.9 | 0.9 | 1 |
| Commodities | 16.9 | 9 | 8 | 1 |
| Developed Markets Equity Volatility | 30.5 | 2.4 | 28.1 | -25.8 |
| Convertible Securities | 3.4 | 3.4 | - | 3.4 |
| Short-Term Investments | 23.6 | 23.6 | - | 23.6 |
| Developed Markets ex US Equity | 18.2 | 16 | 2.2 | 13.9 |
| Emerging Markets Currency | 11 | 5.2 | 5.8 | -0.5 |
| Master Limited Partnerships | 0.3 | 0.3 | - | 0.3 |
| Developed Markets Currency | 16.3 | 9.1 | 7.2 | 1.9 |
| Developed Markets FI Volatility | 5.1 | 5.1 | - | 5.1 |
| Short-Term Fixed Income | 41.8 | 41.5 | 0.3 | 41.3 |
| Long-Term Fixed Income | 51.2 | 23.4 | 27.8 | -4.4 |
| Global Real Estate | 1.3 | 1.3 | - | 1.3 |
| Emerging Markets Equity | 3.1 | 3.1 | - | 3.1 |
| US Equity | 42.2 | 42.2 | - | 42.2 |
| Credit | 52.5 | 52.5 | - | 52.5 |
| Cash | 143.7 | 78.4 | 65.3 | 13 |
| Preferred | 12.4 | 12.4 | - | 12.4 |
| Medium-Term Fixed Income | 10.2 | 10.2 |  | 10.2 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and offsetting forward foreign currency exchange contract positions are netted by currency pair and settlement date for both gross and net exposure calculations. Short-term Investments include investment companies and U.S. Treasury Bills.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Institutional Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N301-AR-1025

# Institutional Class
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

# GIMMX: Investor Class

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-526-7384.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor | $82 | 0.77% |

---

## How did the Fund perform and what affected its performance?
The performance of the Fund was influenced most by a strong rally in the global equities market, interest rate volatility, price movements and dispersions across commodities and depreciation of the U.S. dollar versus major currencies.

Top Contributors to Performance:

* The Fund benefited from its position in U.S. convertible bonds, which are hybrid debt securities that offer interest payments while also providing the option of conversion to an issuing company's common stock. Strong U.S. equity performance during the Period spurred issuance of convertible bonds, while there was robust demand for hybrid debt securities.

* Investments in developed markets equities added to the Fund's performance, as U.S. large cap stocks, Japanese equities and European equities posted strong gains during the Period.

* The Fund was helped by its position in U.S. Treasury inflation-protected securities, as elevated inflation supported demand for inflation-hedging investments.

* The trend equity-bond long-only factor, which seeks to capture trends in stock and bond performance, added to the Fund's returns amid positive price momentum across the equities and fixed income markets.

* The commodity curve factor bolstered Fund performance, as the movements of spot prices versus future prices propelled gains in the energy sector.

Top Detractors from Performance:

* The Fund was hurt by the trend cross-asset slow/fast factor, which seeks to capture slow and fast trend changes across asset classes, given the lack of clear price trends during the Period.

* A position in U.S. mid-cap equities detracted from the Fund's returns, as these stocks weakened due to broad-based investor concerns about the health of the U.S. economy.

* The trend rates fast factor, which seeks to capture fast trend changes in interest rate-related investments, performed negatively due to interest rate volatility.

* The Fund was hampered by the commodity value long-term reversal factor, which aims to detect reversals in commodity prices. Certain commodities exhibited persistent trends during the Period, which hurt the performance of this factor.

* The trend commodity fast factor, which seeks to capture fast trend changes in commodity prices, detracted from the Fund's returns amidst volatile price movements across many commodities.

* Exposure to the U.S. dollar had a negative impact on Fund performance given that the currency depreciated on concerns about trade tariffs and the U.S. economic outlook.

* The trend currency fast factor, which seeks to capture fast trend changes in exchange rates, detracted from the Fund's returns amid currency price volatility during the Period.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Investor Class

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g10w07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Shares** | **ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged)** | **Bloomberg Global Aggregate Index (Gross, USD, Hedged)** |
| **11/1/15** | $10000 | $10000 | $10000 |
| **10/16** | $9994 | $10031 | $10517 |
| **10/17** | $10117 | $10103 | $10646 |
| **10/18** | $9841 | $10273 | $10668 |
| **10/19** | $10433 | $10520 | $11806 |
| **10/20** | $10704 | $10616 | $12316 |
| **10/21** | $11942 | $10623 | $12214 |
| **10/22** | $11333 | $10706 | $10733 |
| **10/23** | $11219 | $11217 | $10918 |
| **10/24** | $11125 | $11822 | $12001 |
| **10/25** | $12683 | $12335 | $12637 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Investor Shares | 14.00% | 3.45% | 2.40% |
| ICE BofA 3-Month U.S. Treasury Bill Index (Total Return, USD, Unhedged) | 4.34% | 3.04% | 2.12% |
| Bloomberg Global Aggregate Index (Gross, USD, Hedged) | 5.30% | 0.52% | 2.37% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Investor Class

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $57600818 |
| # of Portfolio Holdings as of Period End | 260 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $355101 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-526-7384.

The Fund's net expense ratio decreased during the Period as a result of a decrease in operating expenses.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Interest Rate | 2.8 | 1.9 | 0.9 | 1 |
| Commodities | 16.9 | 9 | 8 | 1 |
| Developed Markets Equity Volatility | 30.5 | 2.4 | 28.1 | -25.8 |
| Convertible Securities | 3.4 | 3.4 | - | 3.4 |
| Short-Term Investments | 23.6 | 23.6 | - | 23.6 |
| Developed Markets ex US Equity | 18.2 | 16 | 2.2 | 13.9 |
| Emerging Markets Currency | 11 | 5.2 | 5.8 | -0.5 |
| Master Limited Partnerships | 0.3 | 0.3 | - | 0.3 |
| Developed Markets Currency | 16.3 | 9.1 | 7.2 | 1.9 |
| Developed Markets FI Volatility | 5.1 | 5.1 | - | 5.1 |
| Short-Term Fixed Income | 41.8 | 41.5 | 0.3 | 41.3 |
| Long-Term Fixed Income | 51.2 | 23.4 | 27.8 | -4.4 |
| Global Real Estate | 1.3 | 1.3 | - | 1.3 |
| Emerging Markets Equity | 3.1 | 3.1 | - | 3.1 |
| US Equity | 42.2 | 42.2 | - | 42.2 |
| Credit | 52.5 | 52.5 | - | 52.5 |
| Cash | 143.7 | 78.4 | 65.3 | 13 |
| Preferred | 12.4 | 12.4 | - | 12.4 |
| Medium-Term Fixed Income | 10.2 | 10.2 |  | 10.2 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted and offsetting forward foreign currency exchange contract positions are netted by currency pair and settlement date for both gross and net exposure calculations. Short-term Investments include investment companies and U.S. Treasury Bills.

# Goldman Sachs Multi-Strategy Alternatives Fund

# Investor Class

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-526-7384.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ICE Data Indices, LLC ("ICE DATA") is used with permission. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES, REPRESENTATIONS, EXPRESS AND/OR IMPLIED INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND GOLDMAN SACHS, OR ANY OF ITS PRODUCTS OR SERVICES.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N400-AR-1025

# Investor Class
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Manager Non-Core Fixed Income Fund

# GNCFX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Manager Non-Core Fixed Income Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $58 | 0.55% |

---

## How did the Fund perform and what affected its performance?
Global fixed income was influenced overall by central bank monetary policy, rising long-term interest rates and macroeconomic data. Geopolitical tensions, particularly U.S. trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of a drop in global economic growth.

Top Contributors to Performance:

* All six underlying managers that managed Fund assets for the entire Period generated positive absolute returns. Four outperformed their respective benchmark indices.

* In global high yield, Brigade Capital Management, LP outperformed its benchmark, with security selection in health care, services, banking & financials and telecommunications adding to returns. Selection in retail, technology, consumer goods and energy detracted from relative returns.

* In bank loans, Aristotle Pacific Capital, LLC outperformed its benchmark, with overweights in capital goods, financial services and insurance contributing positively. Underweights in media/entertainment and telecommunications detracted from relative returns.

* In emerging markets debt, Ninety One North America, Inc. slightly outperformed its benchmark, led by exposure to the Nigerian naira, South African local interest rates and Peruvian local interest rates. Exposure to Argentinian local interest rates and the Argentine peso detracted from relative returns.

* Marathon Emerging Markets Debt, L.P. produced positive absolute returns and outperformed its benchmark between the beginning of the Period and September 30, 2025, when it was removed as an underlying manager of the Fund. Security selection in Mexico contributed most to relative returns, while an underweight in China detracted most from relative returns.

* In local emerging markets debt, TCW Investment Management Company LLC generated positive absolute returns and outperformed its benchmark between the beginning of the Period and September 30, 2025, when it was removed as an underlying manager of the Fund. Overall, the strategy benefited from its underweight in China, security selection in Latin America and allocations to the Middle East and Africa. Exposure to Turkey and South Korea detracted from relative performance.

Top Detractors from Performance:

* In global high yield, Ares Capital Management II LLC ("Ares") underperformed its benchmark, mainly because of selection in the transportation, basic industry, capital goods and electric sectors. Selection in consumer cyclical, communications, technology and energy added to performance as did overweight positions in energy and technology.

* Also in global high yield, RBC BlueBay Asset Management underperformed its benchmark with selection in capital goods, consumer cyclical and consumer non-cyclical detracting most from relative returns. An overweight position and selection in banking and selection in communications contributed positively.

* Ares, as a bank loan manager, slightly underperformed its benchmark due to selection within forest products/packaging, health care and chemicals. Selection within automotive, food/tobacco and information technology bolstered results.

# Goldman Sachs Multi-Manager Non-Core Fixed Income Fund

# Class R6

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on September 30, 2025, the composition of the Fund's blended performance benchmark index was changed from Bloomberg Global High Yield Corporate Index (Gross, USD, Unhedged), the J.P. Morgan Government Bond Index—Emerging Markets (GBI-EM℠) Global Diversified Index (Gross, USD, Unhedged), the S&P UBS Leveraged Loan Index (Gross, USD, Unhedged) (formerly, Credit Suisse Leveraged Loan Index (Gross, USD, Unhedged)) and the J.P. Morgan Emerging Market Bond Index (EMBI℠) Global Diversified Index (Gross, USD, Unhedged) (periodically weighted in accordance with the relative market capitalizations of each constituent index) to 70% Bloomberg Global High Yield Corporate Index (Gross, USD, Hedged) and 30% S&P UBS Leveraged Loan Index (Gross, USD, Hedged). The new composite performance benchmark is intended to better align with the Fund's investment objective to seek to generate total returns by investing in higher-yielding credit investments.

### Fund Performance
![Growth of 10K Chart](g92279g71w95.jpg)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Bloomberg Global High-Yield Corporate Index (Gross, USD, Unhedged)** | **S&P UBS Leveraged Loan Index (Gross, USD, Unhedged)** | **J.P. Morgan EMBI℠ Global Diversified Index (Gross, USD, Unhedged)** | **J.P. Morgan GBI-EM℠ Global Diversified Index (Gross, USD, Unhedged)** | **Prior Multi-Manager Non-Core Fixed Income Composite Dynamic Index** | **Bloomberg Global High Yield Corporate Index (Gross, USD, Hedged)** | **S&P UBS Leveraged Loan Index (Gross, USD, Hedged)** | **Multi-Manager Non-Core Fixed Income Composite Dynamic Index** | **Bloomberg Global Aggregate Index (Gross, USD, Hedged)** |
| **11/1/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **10/16** | $1075600 | $1083806 | $1063009 | $1117009 | $1110429 | $1099689 | $1096607 | $1063009 | $1086500 | $1051700 |
| **10/17** | $1133467 | $1195658 | $1118815 | $1187560 | $1167972 | $1176376 | $1198589 | $1118815 | $1174181 | $1064636 |
| **10/18** | $1101277 | $1188507 | $1173547 | $1135450 | $1091121 | $1166872 | $1205017 | $1173547 | $1195668 | $1066765 |
| **10/19** | $1200722 | $1285602 | $1204137 | $1298358 | $1261234 | $1281720 | $1314105 | $1257434 | $1280441 | $1180589 |
| **10/20** | $1215251 | $1333047 | $1222236 | $1311091 | $1213146 | $1295997 | $1356990 | $1276334 | $1315525 | $1231590 |
| **10/21** | $1306030 | $1450763 | $1326291 | $1368965 | $1223352 | $1386188 | $1480456 | $1385207 | $1433001 | $1221368 |
| **10/22** | $1104640 | $1214156 | $1299413 | $1037851 | $975325 | $1189214 | $1291952 | $1357136 | $1295577 | $1073338 |
| **10/23** | $1213889 | $1323651 | $1449334 | $1124616 | $1107040 | $1298991 | $1394518 | $1513712 | $1412567 | $1091800 |
| **10/24** | $1370966 | $1547113 | $1602208 | $1328866 | $1203990 | $1481993 | $1624108 | $1674943 | $1619791 | $1200106 |
| **10/25** | $1509571 | $1684845 | $1706397 | $1498452 | $1361274 | $1626221 | $1753791 | $1783845 | $1741923 | $1263712 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 10.11% | 4.43% | 4.20% |
| Bloomberg Global High Yield Corporate Index (Gross, USD, Hedged) | 7.98% | 5.26% | 5.77% |
| S&P UBS Leveraged Loan Index (Gross, USD, Hedged) | 6.50% | 6.92% | 5.95% |
| Multi-Manager Non-Core Fixed Income Composite Dynamic Index | 7.54% | 5.77% | 5.70% |
| Bloomberg Global High-Yield Corporate Index (Gross, USD, Unhedged) | 8.90% | 4.79% | 5.35% |
| J.P. Morgan GBI-EM℠ Global Diversified Index (Gross, USD, Unhedged) | 13.06% | 2.33% | 3.13% |
| S&P UBS Leveraged Loan Index (Gross, USD, Unhedged) | 6.50% | 6.90% | 5.48% |
| J.P. Morgan EMBI℠ Global Diversified Index (Gross, USD, Unhedged) | 12.76% | 2.71% | 4.12% |
| Prior Multi-Manager Non-Core Fixed Income Composite Dynamic Index | 9.73% | 4.64% | 4.98% |
| Bloomberg Global Aggregate Index (Gross, USD, Hedged) | 5.30% | 0.52% | 2.37% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Index (Gross, USD, Hedged)

# Goldman Sachs Multi-Manager Non-Core Fixed Income Fund

# Class R6

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2033681272 |
| # of Portfolio Holdings as of Period End | 1276 |
| Portfolio Turnover Rate for the Period | 146% |
| Total Net Advisory Fees Paid for the Period | $6107324 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its 80% investment policy to reflect that the Fund will invest at least 80% of its net assets in fixed income securities and derivatives that have similar economic characteristics to fixed income securities. These changes did not materially impact the way in which the Fund is managed, the portfolio holdings of the Fund, or the Fund's investment objective.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Software | 5.9% |
| Commercial Services | 4.5% |
| Insurance | 4.5% |
| Oil Field Services | 4.4% |
| Media | 4.3% |
| Diversified Financial Services | 3.7% |
| Banks | 3.0% |
| Telecommunication Services | 2.9% |
| Electrical | 2.7% |
| Other | 66.0% |

---

# Goldman Sachs Multi-Manager Non-Core Fixed Income Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. The S&P UBS Leveraged Loan Index ("Index(es)") and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Goldman Sachs.© 2025 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spglobal.com/spdji/en/. S&P<sup>®</sup> is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS") and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors ("S&P DJI") make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors, omissions, or interruptions of any index or the data included therein.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Manager Non-Core Fixed Income Fund

# 38147N608-AR-1025

# Class R6
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Multi-Manager International Equity Fund

# MMITX: Class P

## Fund Overview
This annual shareholder report contains important information about Multi-Manager International Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $57 | 0.52% |

---

## How did the Fund perform and what affected its performance?
Non-U.S. developed markets equities posted strongly positive returns amid a rally in cyclical and value stocks. In Europe, gains were concentrated in the banking sector and in companies likely to benefit from greater defense and infrastructure spending. In Japan, AI and defense-oriented equities drove a powerful rally.

Top Contributors to Performance:

* Two of the Fund's three underlying managers generated positive absolute returns. One of these underlying managers added to the Fund's performance relative to the MSCI EAFE Index (Net, USD, Unhedged).

* Value-oriented underlying manager Causeway Capital Management LLC delivered positive absolute returns and outperformed its benchmark. Strong stock selection within the health care and financials sectors added to relative returns, which was partially offset by weak stock selection in the industrials and real estate sectors. Regionally, overweight positions in the U.K. and emerging markets contributed positively, while an underweight in Japan was the largest detractor.

Top Detractors from Performance:

* Core-oriented underlying manager MFS Investment Management generated positive absolute returns but underperformed its benchmark. Weak stock selection in financials, particularly in European bank stocks, and in the consumer staples and information technology sectors detracted from relative performance. Stock selection across the consumer discretionary, utilities and energy sectors added to relative returns. An underweight in the financials sector and overweight positions in consumer staples and consumer discretionary detracted from relative performance, but a lack of exposure to real estate and an overweight in industrials contributed positively. Regionally, stock selection in the emerging markets and in Asia ex-Japan was beneficial.

* Growth-oriented underlying manager WCM Investment Management produced negative absolute returns and underperformed its benchmark due to poor stock selection in the health care and financials sectors. These negative results were partly offset by effective stock selection in the industrials and real estate sectors. Exposure to emerging markets equities was also advantageous

# Multi-Manager International Equity Fund

# Class P

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g44d00.jpg)

---

| | | |
|:---|:---|:---|
| | **Class P** | **MSCI EAFE Index (Net, USD, Unhedged)** |
| **11/1/15** | $1000000 | $1000000 |
| **10/16** | $991800 | $967700 |
| **10/17** | $1244114 | $1194529 |
| **10/18** | $1174070 | $1112704 |
| **10/19** | $1324117 | $1235546 |
| **10/20** | $1293794 | $1150788 |
| **10/21** | $1804325 | $1544127 |
| **10/22** | $1386624 | $1188978 |
| **10/23** | $1599055 | $1360191 |
| **10/24** | $1989544 | $1672626 |
| **10/25** | $2397600 | $2057832 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class P | 20.51% | 13.12% | 9.13% |
| MSCI EAFE Index (Net, USD, Unhedged) | 23.03% | 12.32% | 7.48% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Multi-Manager International Equity Fund

# Class P

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1658925946 |
| # of Portfolio Holdings as of Period End | 154 |
| Portfolio Turnover Rate for the Period | 43% |
| Total Net Advisory Fees Paid for the Period | $6388317 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Industrials | 20.7% |
| Financials | 19.2% |
| Information Technology | 14.0% |
| Consumer Discretionary | 11.6% |
| Health Care | 9.3% |
| Consumer Staples | 7.4% |
| Communication Services | 4.9% |
| Materials | 4.7% |
| Energy | 2.3% |
| Other | 5.4% |

---

# Multi-Manager International Equity Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential, lost profits) or any other damages. (www.msci.com).

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Multi-Manager International Equity Fund

# 38147N889-AR-1025

# Class P
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Goldman Sachs Multi-Manager Real Assets Strategy Fund

# GRASX: Class R6

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Multi-Manager Real Assets Strategy Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| R6 | $67 | 0.65% |

---

## How did the Fund perform and what affected its performance?
Global real estate and global infrastructure securities broadly produced positive returns, with global infrastructure securities outperforming global real estate securities. Key influences were shifting interest rates, tailwinds related to power demand from AI data centers and increased European infrastructure spending.

Top Contributors to Performance:

* All four of the underlying managers that managed Fund assets for the entire Period generated positive absolute returns.

* PGIM Real Estate outperformed its benchmark driven by strong selection among health care real estate investment trusts (REITs). Within this market segment, senior housing REITs benefited from continued strong fundamental growth due to demographics and occupancy tailwinds, rent growth and limited new supply. Selection of retail REITs also added to relative returns. An underweight in single-family residential REITs detracted from relative performance.

Top Detractors from Performance:

* Principal Real Estate Investors, LLC underperformed its benchmark mainly because of selection within industrial REITs. Additionally, an overweight position and selection of residential REITs detracted from relative returns. On the positive side, the strategy benefited from an overweight position and selection in health care REITs as well as from selection among retail REITs.

* In global infrastructure, Cohen & Steers Capital Management, Inc. lagged its benchmark largely due to underweight positions in European and Asia-based transportation infrastructure securities and because of selection of midstream energy securities. However, the strategy benefited from broad-based positive stock selection within utilities, including an overweight position and selection among multi-utilities and strong selection in gas utilities.

* Also in global infrastructure, RREEF America L.L.C. underperformed its benchmark due in part to an overweight position in cell tower REITs, which lagged on fundamental concerns related to cell phone carrier consolidation. Selection of electric utilities was negative, while selection of water utilities was positive. In addition, an underweight in European and Asia transportation infrastructure securities detracted from performance, offset somewhat by out-of-benchmark exposure to North American freight rails that benefited from mergers and acquisition activity. Selection among midstream energy securities contributed positively to relative returns, especially the strategy's underweight in commodity price-sensitive companies.

* CenterSquare Investment Management LLC generated positive absolute returns but underperformed its benchmark between April 23, 2025, when it was added as an underlying manager of the Fund, and the end of the Period. The strategy was hampered by an underweight position in real estate operating companies/developers as well as by selection within retail REITs and office REITs. Adding significantly to relative returns was selection among health care REITs.

# Goldman Sachs Multi-Manager Real Assets Strategy Fund

# Class R6

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g93n22.jpg)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Class R6** | **Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged)** | **FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged)** | **Multi-Manager Real Assets Strategy Composite Dynamic Index** | **S&P 500<sup>®</sup> Index** |
| **11/1/15** | $1000000 | $1000000 | $1000000 | $1000000 | $1000000 |
| **10/16** | $978500 | $1049825 | $1024820 | $1031378 | $1045100 |
| **10/17** | $1063140 | $1182708 | $1087540 | $1120303 | $1292057 |
| **10/18** | $1043153 | $1135563 | $1090772 | $1105357 | $1387023 |
| **10/19** | $1252201 | $1360890 | $1312044 | $1328110 | $1585784 |
| **10/20** | $1090792 | $1204609 | $1011160 | $1084841 | $1739763 |
| **10/21** | $1458389 | $1525344 | $1437050 | $1471470 | $2486296 |
| **10/22** | $1169920 | $1401801 | $1078862 | $1195891 | $2123048 |
| **10/23** | $1136226 | $1361204 | $1013872 | $1140725 | $2338325 |
| **10/24** | $1465618 | $1713829 | $1302584 | $1452594 | $3227356 |
| **10/25** | $1547253 | $1873280 | $1347065 | $1541045 | $3919624 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Class R6 | 5.57% | 7.24% | 4.46% |
| Dow Jones Brookfield Global Infrastructure Index (Net, USD, Unhedged) | 9.30% | 9.23% | 6.47% |
| FTSE EPRA/NAREIT Developed Index (Net, USD, Unhedged) | 3.41% | 5.90% | 3.02% |
| Multi-Manager Real Assets Strategy Composite Dynamic Index | 6.09% | 7.27% | 4.42% |
| S&P 500<sup>®</sup> Index | 21.45% | 17.63% | 14.62% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the S&P 500<sup>®</sup> Index.

# Goldman Sachs Multi-Manager Real Assets Strategy Fund

# Class R6

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1311475311 |
| # of Portfolio Holdings as of Period End | 219 |
| Portfolio Turnover Rate for the Period | 91% |
| Total Net Advisory Fees Paid for the Period | $4689057 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 23, 2025, CenterSquare Investment Management LLC now serves as an investment subadviser for the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Real Estate | 55.6% |
| Utilities | 19.2% |
| Energy | 12.6% |
| Industrials | 7.1% |
| Communication Services | 1.4% |
| Health Care | 0.5% |
| Information Technology | 0.5% |
| Consumer Discretionary | 0.1% |
| Other | 3.8% |

---

# Goldman Sachs Multi-Manager Real Assets Strategy Fund

# Class R6

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Manager Real Assets Strategy Fund

# 38147N806-AR-1025

# Class R6
![Image](g92279g06m92.jpg)

Annual Shareholder Report

October 31, 2025

# Multi-Manager U.S. Small Cap Equity Fund

# MMSMX: Class P

## Fund Overview
This annual shareholder report contains important information about Multi-Manager U.S. Small Cap Equity Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| P | $78 | 0.76% |

---

## How did the Fund perform and what affected its performance?
U.S. small-cap equities generated strong positive returns with performance marked by pronounced volatility and sharp market rotations. The market was heavily influenced by shifting interest rate expectations, speculative investor sentiment, narrow market leadership and sector-specific trends tied to AI and commodities.

Top Contributors to Performance:

* The Fund's four underlying managers generated positive absolute returns. 

Top Detractors from Performance:

* All four underlying managers underperformed their respective benchmarks, which detracted from the Fund's performance versus the Russell 2000<sup>®</sup> Total Return Index.

* The Period presented significant challenges for managers with quality orientations. As a result, most of the Fund's relative underperformance was driven by underlying managers Brown Advisory, LLC ("Brown Advisory") and to a lesser extent, Victory Capital Management, Inc. ("Victory Capital"). Brown Advisory is a growth-at-a-reasonable-price manager that pursues opportunities that provide sustainable growth, advantageous competitive positioning and stable governance, while Victory Capital is more contrarian and price sensitive than many of its other value-oriented counterparts.

* Growth-oriented underlying manager Brown Advisory underperformed its benchmark, largely due to selection in the technology and industrials sectors. Within technology, an underweight in semiconductor stocks weighed on results. Conversely, stock selection in consumer staples and an underweight in financials contributed positively to relative returns.

* Value-oriented underlying manager Victory Capital lagged its benchmark primarily because of stock selection in the materials and financials sectors. However, an underweight in real estate, as well as stock selection in the utilities sector, partially offset the negative results.

* The Fund's other value-oriented underlying manager, Boston Partners Global Investors ("Boston Partners"), underperformed its benchmark due to stock selection in health care and materials. Boston Partners favors companies trading at attractive valuations with strong business momentum. In the materials sector, an underweight position in metals and mining, which benefited from rising commodity prices, was a headwind. On the positive side, an underweight position and stock selection in the real estate sector, as well as stock selection in financials, added to relative returns.

* Growth-oriented underlying manager Westfield Capital Management Company, L.P. ("Westfield") underperformed its benchmark. Although Westfield imposes a valuation and quality discipline, it maintains its core investment belief that companies growing earnings at a consistently high or accelerating pace versus consensus expectations will provide superior rates of return. During the Period, Westfield's strategy was hurt by stock selection in the consumer discretionary and information technology sectors. In information technology, an overweight in software detracted from relative returns. Conversely, stock selection in the industrials and health care sectors contributed positively.

# Multi-Manager U.S. Small Cap Equity Fund

# Class P

## Performance Overview
The following graph assumes an initial $1,000,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund's share class (or less if the share class has been in operation for less than 10 years). The Fund's performance reflects applicable sales charges, if any. For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g92279g84y79.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class P** | **Russell 2000<sup>®</sup> Total Return Index** | **Russell 3000 Index** |
| **4/29/16** | $1000000 | $1000000 | $1000000 |
| **10/16** | $1052000 | $1061300 | $1041800 |
| **10/17** | $1291856 | $1356872 | $1291624 |
| **10/18** | $1286689 | $1381974 | $1376871 |
| **10/19** | $1422563 | $1449691 | $1562611 |
| **10/20** | $1338632 | $1447661 | $1721216 |
| **10/21** | $1928567 | $2183073 | $2476829 |
| **10/22** | $1624432 | $1778332 | $2067657 |
| **10/23** | $1543210 | $1626106 | $2240927 |
| **10/24** | $1946297 | $2180121 | $3089342 |
| **10/25** | $2054900 | $2494276 | $3732234 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **Since Inception** |
| Class P (Commenced April 29, 2016) | 5.58% | 8.95% | 7.86% |
| Russell 2000<sup>®</sup> Total Return Index | 14.41% | 11.49% | 10.08% |
| Russell 3000 Index | 20.81% | 16.73% | 14.84% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our website at: am.gs.com to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

# Multi-Manager U.S. Small Cap Equity Fund

# Class P

## Key Fund Statistics **(as of October 31, 2025)** 

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $589301403 |
| # of Portfolio Holdings as of Period End | 562 |
| Portfolio Turnover Rate for the Period | 112% |
| Total Net Advisory Fees Paid for the Period | $3436535 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by February 28, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio increased during the Period as a result of a decrease in average net assets.

Effective October 23, 2025, Wellington Management Company LLP now serves as an investment subadviser for the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### Sector Allocation (%)

---

| | |
|:---|:---|
| Industrials | 22.9% |
| Financials | 17.6% |
| Information Technology | 15.5% |
| Health Care | 15.1% |
| Consumer Discretionary | 9.2% |
| Energy | 4.0% |
| Materials | 3.7% |
| Communication Services | 2.4% |
| Consumer Staples | 2.4% |
| Other | 7.8% |

---

# Multi-Manager U.S. Small Cap Equity Fund

# Class P

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus

* financial information

* fund holdings

* proxy voting information

#### Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Multi-Manager U.S. Small Cap Equity Fund

# 38147N863-AR-1025

# Class P

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust II and includes the Goldman Sachs Funds to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $590799 | $414639 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $44793 | $44100 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | $0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | $0 |  |

---

**Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust II's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs Trust II pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | $2081340 | $2122312 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust II.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs Trust II ("GST II") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST II may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST II at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to GST II's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST II, the Audit Committee will pre-approve those non-audit services provided to GST II's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST II) where the engagement relates directly to the operations or financial reporting of GST II.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST II's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST II's service affiliates listed in Table 2 were approved by GST II's Audit Committee pursuant to the "de minimis" exception of Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST II by PwC for the twelve months ended October 31, 2025 and October 31, 2024 were approximately $44,793 and $44,100, respectively. The aggregate non-audit fees billed to GST II's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. With regard to the aggregate non-audit fees billed to GST II's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST II's operations or financial reporting.

**Item 4(h) —** GST II's Audit Committee has considered whether the provision of non-audit services to GST II's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g92279dsp001.jpg)

Goldman Sachs Funds

Annual Financial Statements October 31, 2025

Active Equity Multi-Manager Funds

Multi-Manager International Equity Fund Multi-Manager U.S. Small Cap Equity Fund

------

&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;

## Active Equity Multi-Manager Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#aemm92279_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager International Equity Fund](#aemm92279_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager U.S. Small Cap Equity Fund](#aemm92279_3) | 5 |
|  **[Financial Statements](#aemm92279_4)** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#aemm92279_5) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#aemm92279_6) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#aemm92279_7) | 15 |
|  **[Financial Highlights](#aemm92279_8)** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager International Equity Fund](#aemm92279_9) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager U.S. Small Cap Equity Fund](#aemm92279_10) | 17 |
|  **[Notes to Financial Statements](#aemm92279_11)** | 18 |
|  **[Report of Independent Registered Public Accounting Firm](#aemm92279_12)** | 30 |
|  **[Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements](#aemm92279_13)** | 31 |
|  **[Other Information](#aemm92279_14)** | 36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – 96.2% | Common Stocks – 96.2% | Common Stocks – 96.2% |
| Australia\* – 0.2% | Australia\* – 0.2% | Australia\* – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;820286 | Glencore PLC (Metals & Mining) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929633 |
| Belgium – 0.8% | Belgium – 0.8% | Belgium – 0.8% |
| 136421 | Anheuser-Busch InBev SA (Beverages) | 8318570 |
| 61255 | Syensqo SA (Chemicals) | 5056373 |
|  |  | 13374943 |
| Bermuda – 0.5% | Bermuda – 0.5% | Bermuda – 0.5% |
| 102926 | Arch Capital Group Ltd. (Insurance) | 8883543 |
| Brazil\* – 0.5% | Brazil\* – 0.5% | Brazil\* – 0.5% |
| 554194 | NU Holdings Ltd. Class A (Banks) | 8928065 |
| Canada – 3.4% | Canada – 3.4% | Canada – 3.4% |
| 132189 | Barrick Mining Corp. (Metals & Mining) | 4339226 |
| 60897 | Canadian National Railway Co. (Ground Transportation) | 5840631 |
| 181392 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 5803044 |
| 271911 | Canadian Pacific Kansas City Ltd. (Ground Transportation) | 19565655 |
| 21241 | Intact Financial Corp. (Insurance) | 3962271 |
| 54018 | Shopify, Inc. Class A\* (IT Services) | 9391569 |
| 19290 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 768134 |
| 84930 | Toronto-Dominion Bank (Banks) | 6973398 |
|  |  | 56643928 |
| China – 2.2% | China – 2.2% | China – 2.2% |
| 244900 | NetEase, Inc. (Entertainment) | 6872071 |
| 362137 | Tencent Holdings Ltd. (Interactive Media & Services) | 29415555 |
|  |  | 36287626 |
| Denmark – 1.6% | Denmark – 1.6% | Denmark – 1.6% |
| 62757 | Carlsberg AS Class B (Beverages) | 7378939 |
| 369437 | Novo Nordisk AS Class B (Pharmaceuticals) | 18188001 |
|  |  | 25566940 |
| Finland – 0.5% | Finland – 0.5% | Finland – 0.5% |
| 124600 | Kone OYJ Class B (Machinery) | 8324904 |
| France – 14.5% | France – 14.5% | France – 14.5% |
| 90235 | Air Liquide SA (Chemicals) | 17463980 |
| 777014 | Alstom SA\* (Machinery) | 19431238 |
| 281576 | BNP Paribas SA (Banks) | 21810301 |
| 126402 | Capgemini SE (IT Services) | 19446365 |
| 227195 | Cie de Saint-Gobain SA (Building Products) | 22052002 |
| 122248 | Cie Generale des Etablissements Michelin SCA (Automobile Components) | 3905263 |
| 100552 | Dassault Systemes SE (Software) | 2861482 |
| 146221 | Edenred SE (Financial Services) | 4203000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| France (continued) | France (continued) | France (continued) | France (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;476269 | Engie SA (Multi-Utilities) | $| &nbsp;&nbsp;&nbsp;&nbsp;11150863 |
| 11166 | EssilorLuxottica SA (Health Care Equipment & Supplies) |  | 4089197 |
| 73221 | Kering SA (Textiles, Apparel & Luxury Goods) |  | 26002013 |
| 44936 | Legrand SA (Electrical Equipment) |  | 7759895 |
| 20509 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) |  | 14496225 |
| 73606 | Pernod Ricard SA (Beverages) |  | 7209009 |
| 42688 | Safran SA (Aerospace & Defense) |  | 15167828 |
| 103810 | Sanofi SA (Pharmaceuticals) |  | 10501708 |
| 59810 | Schneider Electric SE (Electrical Equipment) |  | 17041650 |
| 104545 | Societe Generale SA (Banks) |  | 6630307 |
| 121358 | TotalEnergies SE (Oil, Gas & Consumable Fuels) |  | 7576989 |
| 354566 | Worldline SA\*<sup>(a)</sup> (Financial Services) |  | 961268 |
|  |  |  | 239760583 |
| Germany – 9.0% | Germany – 9.0% | Germany – 9.0% | Germany – 9.0% |
| 74283 | Beiersdorf AG (Personal Products) |  | 7875039 |
| 156593 | Deutsche Bank AG (Capital Markets) |  | 5606056 |
| 70899 | Deutsche Boerse AG (Capital Markets) |  | 17954460 |
| 365144 | Deutsche Telekom AG (Diversified Telecommunication Services) |  | 11310398 |
| 147685 | E.ON SE (Multi-Utilities) |  | 2747882 |
| 278113 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 11039110 |
| 230754 | Lanxess AG (Chemicals) |  | 5495069 |
| 69615 | Merck KGaA (Pharmaceuticals) |  | 9119119 |
| 10156 | MTU Aero Engines AG (Aerospace & Defense) |  | 4438427 |
| 3372 | Rheinmetall AG (Aerospace & Defense) |  | 6628624 |
| 154740 | SAP SE (Software) |  | 40243596 |
| 218631 | Siemens Energy AG\* (Electrical Equipment) |  | 27238209 |
|  |  |  | 149695989 |
| Greece – 0.1% | Greece – 0.1% | Greece – 0.1% | Greece – 0.1% |
| 426389 | Eurobank Ergasias Services & Holdings SA (Banks) |  | 1603906 |
| Hong Kong – 0.6% | Hong Kong – 0.6% | Hong Kong – 0.6% | Hong Kong – 0.6% |
| 1044600 | AIA Group Ltd. (Insurance) |  | 10164720 |
| India – 0.8% | India – 0.8% | India – 0.8% | India – 0.8% |
| 263350 | HDFC Bank Ltd. (Banks) |  | 2928147 |
| 267945 | ICICI Bank Ltd. ADR (Banks) |  | 8118733 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| India (continued) | India (continued) | India (continued) | India (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;43335 | Tata Consultancy Services Ltd. (IT Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491448 |
|  |  |  | 12538328 |
| Ireland – 2.2% | Ireland – 2.2% | Ireland – 2.2% | Ireland – 2.2% |
| 1048636 | AIB Group PLC (Banks) |  | 9664571 |
| 15811 | Aon PLC Class A (Insurance) |  | 5386491 |
| 76311 | Bank of Ireland Group PLC (Banks) |  | 1249438 |
| 19679 | Linde PLC (Chemicals) |  | 8231726 |
| 188718 | Ryanair Holdings PLC ADR (Passenger Airlines) |  | 11791101 |
|  |  |  | 36323327 |
| Israel\* – 0.6% | Israel\* – 0.6% | Israel\* – 0.6% | Israel\* – 0.6% |
| 52397 | Check Point Software Technologies Ltd. (Software) |  | 10253045 |
| Italy – 2.3% | Italy – 2.3% | Italy – 2.3% | Italy – 2.3% |
| 494806 | Enel SpA (Electric Utilities) |  | 5005337 |
| 380552 | Eni SpA (Oil, Gas & Consumable Fuels) |  | 7017179 |
| 16189 | Ferrari NV (Automobiles) |  | 6483054 |
| 1540786 | Intesa Sanpaolo SpA (Banks) |  | 9930888 |
| 124853 | UniCredit SpA (Banks) |  | 9244944 |
| 56468 | Wizz Air Holdings PLC\*<sup>(a)</sup> (Passenger Airlines) |  | 776790 |
|  |  |  | 38458192 |
| Japan – 13.4% | Japan – 13.4% | Japan – 13.4% | Japan – 13.4% |
| 62400 | Daikin Industries Ltd. (Building Products) |  | 7249633 |
| 516300 | Denso Corp. (Automobile Components) |  | 7213631 |
| 381000 | FANUC Corp. (Machinery) |  | 12714511 |
| 263600 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals) |  | 6109374 |
| 564600 | Hitachi Ltd. (Industrial Conglomerates) |  | 19286160 |
| 12700 | Hoya Corp. (Health Care Equipment & Supplies) |  | 2062887 |
| 100700 | KDDI Corp. (Wireless Telecommunication Services) |  | 1605193 |
| 57800 | Kose Corp. (Personal Products) |  | 2214347 |
| 1998300 | LY Corp. (Interactive Media & Services) |  | 5872035 |
| 433200 | Mitsubishi Electric Corp. (Electrical Equipment) |  | 12299669 |
| 547220 | Mitsubishi Heavy Industries Ltd. (Machinery) |  | 16520391 |
| 430700 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) |  | 9286285 |
| 164100 | Nintendo Co. Ltd. (Entertainment) |  | 13996071 |
| 450700 | Olympus Corp. (Health Care Equipment & Supplies) |  | 5546748 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) | Japan (continued) |
| 1355200 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;16736132 |
| 460400 | Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail) |  | 5856193 |
| 287800 | Shin-Etsu Chemical Co. Ltd. (Chemicals) |  | 8650959 |
| 34500 | SMC Corp. (Machinery) |  | 11810124 |
| 531500 | Sompo Holdings, Inc. (Insurance) |  | 16197709 |
| 472300 | Sony Group Corp. (Household Durables) |  | 13153356 |
| 446900 | Sumitomo Mitsui Financial Group, Inc. (Banks) |  | 12099277 |
| 443500 | Suzuki Motor Corp. (Automobiles) |  | 6620954 |
| 308700 | Terumo Corp. (Health Care Equipment & Supplies) |  | 4982700 |
| 507400 | ZOZO, Inc. (Specialty Retail) |  | 4386224 |
|  |  |  | 222470563 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| 59836 | ArcelorMittal SA (Metals & Mining) |  | 2284302 |
| Netherlands – 4.8% | Netherlands – 4.8% | Netherlands – 4.8% | Netherlands – 4.8% |
| 5865 | Adyen NV\*<sup>(a)</sup> (Financial Services) |  | 10049585 |
| 177720 | Akzo Nobel NV (Chemicals) |  | 11744651 |
| 11744 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 7620031 |
| 14868 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 15748632 |
| 117108 | Heineken NV (Beverages) |  | 9067942 |
| 588633 | ING Groep NV (Banks) |  | 14697968 |
| 372163 | Koninklijke Philips NV (Health Care Equipment & Supplies) |  | 10195475 |
|  |  |  | 79124284 |
| Portugal – 0.3% | Portugal – 0.3% | Portugal – 0.3% | Portugal – 0.3% |
| 239274 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) |  | 4807271 |
| Singapore – 2.1% | Singapore – 2.1% | Singapore – 2.1% | Singapore – 2.1% |
| 187380 | DBS Group Holdings Ltd. (Banks) |  | 7758001 |
| 127440 | Sea Ltd. ADR\* (Broadline Retail) |  | 19912500 |
| 231800 | United Overseas Bank Ltd. (Banks) |  | 6165289 |
|  |  |  | 33835790 |
| South Korea – 2.2% | South Korea – 2.2% | South Korea – 2.2% | South Korea – 2.2% |
| 374064 | Coupang, Inc.\* (Broadline Retail) |  | 11958826 |
| 8677 | Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) |  | 16194175 |
| 9859 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) |  | 3051403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| South Korea (continued) | South Korea (continued) | South Korea (continued) | South Korea (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;97540 | Shinhan Financial Group Co. Ltd. (Banks) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009901 |
|  |  |  | 36214305 |
| Spain – 0.6% | Spain – 0.6% | Spain – 0.6% | Spain – 0.6% |
| 129819 | Amadeus IT Group SA (Hotels, Restaurants & Leisure) |  | 9923454 |
| Sweden – 0.6% | Sweden – 0.6% | Sweden – 0.6% | Sweden – 0.6% |
| 604724 | Electrolux AB Class B\* (Household Durables) |  | 3902117 |
| 464545 | Hexagon AB Class B (Electronic Equipment, Instruments & Components) |  | 5662627 |
|  |  |  | 9564744 |
| Switzerland – 3.6% | Switzerland – 3.6% | Switzerland – 3.6% | Switzerland – 3.6% |
| 76628 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) |  | 15157445 |
| 111303 | Novartis AG (Pharmaceuticals) |  | 13775043 |
| 12431 | Sonova Holding AG (Health Care Equipment & Supplies) |  | 3390806 |
| 465017 | UBS Group AG (Capital Markets) |  | 17794021 |
| 14260 | Zurich Insurance Group AG (Insurance) |  | 9917417 |
|  |  |  | 60034732 |
| Taiwan – 2.6% | Taiwan – 2.6% | Taiwan – 2.6% | Taiwan – 2.6% |
| 553000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 26742896 |
| 55645 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) |  | 16717427 |
|  |  |  | 43460323 |
| United Kingdom – 17.7% | United Kingdom – 17.7% | United Kingdom – 17.7% | United Kingdom – 17.7% |
| 233531 | 3i Group PLC (Capital Markets) |  | 13514576 |
| 167637 | AstraZeneca PLC (Pharmaceuticals) |  | 27651477 |
| 3123452 | Barclays PLC (Banks) |  | 16753010 |
| 80020 | Berkeley Group Holdings PLC (Household Durables) |  | 4239033 |
| 1976245 | BP PLC (Oil, Gas & Consumable Fuels) |  | 11578439 |
| 319618 | British American Tobacco PLC (Tobacco) |  | 16369394 |
| 602298 | Compass Group PLC (Hotels, Restaurants & Leisure) |  | 19935956 |
| 439527 | Diageo PLC (Beverages) |  | 10109888 |
| 230601 | GSK PLC (Pharmaceuticals) |  | 5399162 |
| 62030 | London Stock Exchange Group PLC (Capital Markets) |  | 7730568 |
| 655358 | National Grid PLC (Multi-Utilities) |  | 9826504 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) |
| 2081125 | NatWest Group PLC (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;16021567 |
| 859167 | Prudential PLC (Insurance) | 11949364 |
| 226572 | Reckitt Benckiser Group PLC (Household Products) | 17330276 |
| 403737 | RELX PLC (Professional Services) | 17812968 |
| 68571 | Rio Tinto PLC (Metals & Mining) | 4943281 |
| 3500995 | Rolls-Royce Holdings PLC (Aerospace & Defense) | 53876093 |
| 625721 | Segro PLC REIT (Industrial REITs) | 5741843 |
| 230001 | Smith & Nephew PLC (Health Care Equipment & Supplies) | 4247200 |
| 50315 | Smiths Group PLC (Industrial Conglomerates) | 1666134 |
| 287032 | Standard Chartered PLC (Banks) | 5891974 |
| 1225748 | Tesco PLC (Consumer Staples Distribution & Retail) | 7396986 |
| 484050 | WH Smith PLC (Specialty Retail) | 4299823 |
|  |  | 294285516 |
| United States – 7.8% | United States – 7.8% | United States – 7.8% |
| 403699 | Carnival Corp.\* (Hotels, Restaurants & Leisure) | 11638642 |
| 321199 | Experian PLC (Professional Services) | 14982377 |
| 14383 | Ferguson Enterprises, Inc. (Trading Companies & Distributors) | 3574176 |
| 29649 | Monday.com Ltd.\* (Software) | 6085161 |
| 111770 | Nestle SA (Food Products) | 10679449 |
| 93118 | Philip Morris International, Inc. (Tobacco) | 13439721 |
| 97175 | Qiagen NV (Life Sciences Tools & Services) | 4574033 |
| 93430 | Roche Holding AG (Pharmaceuticals) | 30263862 |
| 41592 | Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 10642561 |
| 152239 | Smurfit WestRock PLC (Containers & Packaging) | 5620664 |
| 19150 | Spotify Technology SA\* (Entertainment) | 12549378 |
| 31999 | Waste Connections, Inc. (Commercial Services & Supplies) | 5365592 |
|  |  | 129415616 |
| Uruguay\* – 0.6% | Uruguay\* – 0.6% | Uruguay\* – 0.6% |
| 3990 | MercadoLibre, Inc. (Broadline Retail) | 9285767 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,111,271,525)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,111,271,525)** | $1595444339 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

MULTI-MANAGER INTERNATIONAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 3.3% | Investment Company<sup>(b)</sup> – 3.3% | Investment Company<sup>(b)</sup> – 3.3% |
|  Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| 55570939 | 3.956% | $&nbsp;&nbsp;&nbsp;&nbsp;55570939 |
| (Cost $55,570,939) | (Cost $55,570,939) |  |
| **TOTAL INVESTMENTS – 99.5%**<br> **(Cost $1,166,842,464)** | **TOTAL INVESTMENTS – 99.5%**<br> **(Cost $1,166,842,464)** | $1651015278 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.5%** | 7910668 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1658925946 |
| <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | <br> 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 ALLOCATION AS OF OCTOBER 31, 2025

---

| | |
|:---|:---|
| **Sector** | **% of Total<br>Market Value** |
|  Industrials | 20.8% |
|  Financials | 19.3 |
|  Information Technology | 14.1 |
|  Consumer Discretionary | 11.7 |
|  Health Care | 9.3 |
|  Consumer Staples | 7.5 |
|  Communication Services | 4.9 |
|  Materials | 4.7 |
|  Investment Company | 3.4 |
|  Energy | 2.3 |
|  Utilities | 1.7 |
|  Real Estate | 0.3 |
|  | 100.0% |

---

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – 95.9% | Common Stocks – 95.9% | Common Stocks – 95.9% |
| Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% | Aerospace & Defense – 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6629 | AAR Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558228 |
| 117 | AeroVironment, Inc.\* | 43280 |
| 4505 | BWX Technologies, Inc. | 962313 |
| 3521 | Curtiss-Wright Corp. | 2097565 |
| 29029 | Karman Holdings, Inc.\* | 2445403 |
| 12639 | Kratos Defense & Security Solutions, Inc.\* | 1145093 |
| 6825 | Mercury Systems, Inc.\* | 528323 |
| 20072 | Rocket Lab Corp.\* | 1264135 |
| 83443 | StandardAero, Inc.\* | 2410668 |
| 3502 | V2X, Inc.\* | 199929 |
| 4075 | Voyager Technologies, Inc. Class A\* | 124614 |
| 3311 | Woodward, Inc. | 867846 |
|  |  | 12647397 |
| Air Freight & Logistics – 0.4% | Air Freight & Logistics – 0.4% | Air Freight & Logistics – 0.4% |
| 16000 | GXO Logistics, Inc.\* | 899360 |
| 45800 | Hub Group, Inc. Class A | 1686814 |
|  |  | 2586174 |
| Automobile Components – 1.4% | Automobile Components – 1.4% | Automobile Components – 1.4% |
| 21705 | Dorman Products, Inc.\* | 2911292 |
| 31789 | Goodyear Tire & Rubber Co.\* | 219026 |
| 8348 | LCI Industries | 863934 |
| 7584 | Lear Corp. | 793666 |
| 9600 | Modine Manufacturing Co.\* | 1470816 |
| 935 | Patrick Industries, Inc. | 97586 |
| 18483 | Visteon Corp. | 1980638 |
|  |  | 8336958 |
| Banks – 7.6% | Banks – 7.6% | Banks – 7.6% |
| 20493 | Amerant Bancorp, Inc. | 343668 |
| 10840 | Ameris Bancorp | 776361 |
| 11192 | Axos Financial, Inc.\* | 872752 |
| 25817 | Banner Corp. | 1559089 |
| 54696 | Blue Ridge Bankshares, Inc.\* | 245038 |
| 31903 | Byline Bancorp, Inc. | 853086 |
| 40816 | Cadence Bank | 1540396 |
| 12933 | California BanCorp\* | 239131 |
| 4675 | Capital City Bank Group, Inc. | 181858 |
| 39782 | Columbia Banking System, Inc. | 1066158 |
| 11832 | East West Bancorp, Inc. | 1202131 |
| 29313 | Eastern Bankshares, Inc. | 513857 |
| 7502 | Enterprise Financial Services Corp. | 392880 |
| 6475 | FB Financial Corp. | 349715 |
| 12569 | First Interstate BancSystem, Inc. Class A | 392781 |
| 86207 | FNB Corp. | 1355174 |
| 24729 | Hancock Whitney Corp. | 1412273 |
| 71796 | Heritage Commerce Corp. | 746678 |
| 46502 | Heritage Financial Corp. | 1031879 |
| 31418 | Home BancShares, Inc. | 839175 |
| 6269 | Horizon Bancorp, Inc. | 97796 |
| 11550 | Lakeland Financial Corp. | 658927 |
| 6492 | MidWestOne Financial Group, Inc. | 240139 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;36911 | National Bank Holdings Corp. Class A | $| &nbsp;&nbsp;&nbsp;&nbsp;1316246 |
| 8495 | Nicolet Bankshares, Inc. |  | 1003599 |
| 9561 | Northeast Bank |  | 824923 |
| 81025 | Old National Bancorp |  | 1655341 |
| 34989 | Old Second Bancorp, Inc. |  | 628053 |
| 6664 | Pinnacle Financial Partners, Inc. |  | 567839 |
| 16591 | Preferred Bank |  | 1497338 |
| 46314 | Prosperity Bancshares, Inc. |  | 3048387 |
| 60198 | Renasant Corp. |  | 2024459 |
| 10074 | Seacoast Banking Corp. of Florida |  | 305242 |
| 12375 | ServisFirst Bancshares, Inc. |  | 869591 |
| 6947 | Shore Bancshares, Inc. |  | 108443 |
| 13500 | Simmons First National Corp. Class A |  | 234630 |
| 3194 | SmartFinancial, Inc. |  | 111694 |
| 15900 | Southstate Bank Corp. |  | 1409535 |
| 18450 | Stock Yards Bancorp, Inc. |  | 1199619 |
| 7216 | Synovus Financial Corp. |  | 322122 |
| 37707 | Towne Bank |  | 1225855 |
| 6282 | Trustmark Corp. |  | 233816 |
| 13475 | UMB Financial Corp. |  | 1440208 |
| 48700 | United Bankshares, Inc. |  | 1742973 |
| 4516 | United Community Banks, Inc. |  | 131867 |
| 7149 | WesBanco, Inc. |  | 215185 |
| 39927 | Wintrust Financial Corp. |  | 5191309 |
| 14606 | WSFS Financial Corp. |  | 760827 |
|  |  |  | 44980043 |
| Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% | Beverages – 0.5% |
| 8537 | Coca-Cola Consolidated, Inc. |  | 1113054 |
| 48023 | Vita Coco Co., Inc.\* |  | 1977587 |
|  |  |  | 3090641 |
| Biotechnology\* – 6.0% | Biotechnology\* – 6.0% | Biotechnology\* – 6.0% | Biotechnology\* – 6.0% |
| 13720 | Abivax SA ADR |  | 1405202 |
| 146927 | ADMA Biologics, Inc. |  | 2274430 |
| 2578 | Agios Pharmaceuticals, Inc. |  | 111473 |
| 5133 | Alkermes PLC |  | 157583 |
| 13215 | Amicus Therapeutics, Inc. |  | 119331 |
| 2198 | Apogee Therapeutics, Inc. |  | 124385 |
| 1121 | Arcellx, Inc. |  | 101170 |
| 5635 | Arcus Biosciences, Inc. |  | 111122 |
| 26107 | Ascendis Pharma AS ADR |  | 5263171 |
| 24252 | Avidity Biosciences, Inc. |  | 1694002 |
| 99181 | Bicycle Therapeutics PLC ADR |  | 800391 |
| 14409 | Biohaven Ltd. |  | 247835 |
| 12629 | Blueprint Medicines Corp.<sup>(a)</sup> |  | 5809 |
| 4029 | Bridgebio Pharma, Inc. |  | 252377 |
| 38921 | Catalyst Pharmaceuticals, Inc. |  | 827850 |
| 5112 | Celldex Therapeutics, Inc. |  | 136644 |
| 3021 | CG oncology, Inc. |  | 130719 |
| 18800 | Cytokinetics, Inc. |  | 1195492 |
| 1540 | Dianthus Therapeutics, Inc. |  | 53869 |
| 1796 | Disc Medicine, Inc. |  | 154851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Biotechnology\* – (continued) | Biotechnology\* – (continued) | Biotechnology\* – (continued) | Biotechnology\* – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8033 | Eledon Pharmaceuticals, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34703 |
| 13697 | Halozyme Therapeutics, Inc. |  | 892907 |
| 1756 | Immunocore Holdings PLC ADR |  | 58106 |
| 2770 | Janux Therapeutics, Inc. |  | 79527 |
| 2450 | Kymera Therapeutics, Inc. |  | 151508 |
| 55958 | Legend Biotech Corp. ADR |  | 1813039 |
| 545 | Madrigal Pharmaceuticals, Inc. |  | 228300 |
| 17484 | MannKind Corp. |  | 97736 |
| 29601 | Merus NV |  | 2807951 |
| 1922 | Mineralys Therapeutics, Inc. |  | 78533 |
| 1268 | Mirum Pharmaceuticals, Inc. |  | 92120 |
| 1117 | Monopar Therapeutics, Inc. |  | 96241 |
| 5158 | Neurocrine Biosciences, Inc. |  | 738677 |
| 1615 | Newamsterdam Pharma Co. NV |  | 61289 |
| 1531 | Nuvalent, Inc. Class A |  | 152059 |
| 699 | Praxis Precision Medicines, Inc. |  | 138933 |
| 2501 | Protagonist Therapeutics, Inc. |  | 196629 |
| 3816 | PTC Therapeutics, Inc. |  | 260671 |
| 29231 | Revolution Medicines, Inc. |  | 1719952 |
| 22993 | Rhythm Pharmaceuticals, Inc. |  | 2615684 |
| 16922 | Savara, Inc. |  | 70226 |
| 4488 | Scholar Rock Holding Corp. |  | 132935 |
| 23224 | Soleno Therapeutics, Inc. |  | 1559724 |
| 4120 | Spyre Therapeutics, Inc. |  | 100775 |
| 3150 | Stoke Therapeutics, Inc. |  | 94626 |
| 3773 | Travere Therapeutics, Inc. |  | 132659 |
| 3803 | Twist Bioscience Corp. |  | 125081 |
| 2242 | Ultragenyx Pharmaceutical, Inc. |  | 77573 |
| 89657 | Vaxcyte, Inc. |  | 4059669 |
| 4634 | Viridian Therapeutics, Inc. |  | 109501 |
| 29656 | Xenon Pharmaceuticals, Inc. |  | 1243179 |
|  |  |  | 35188219 |
| Broadline Retail\* – 0.2% | Broadline Retail\* – 0.2% | Broadline Retail\* – 0.2% | Broadline Retail\* – 0.2% |
| 49706 | Pattern Group, Inc. Class A |  | 876317 |
| Building Products – 2.6% | Building Products – 2.6% | Building Products – 2.6% | Building Products – 2.6% |
| 21916 | AAON, Inc. |  | 2156315 |
| 16000 | Apogee Enterprises, Inc. |  | 585760 |
| 11412 | AZZ, Inc. |  | 1139488 |
| 27455 | Gibraltar Industries, Inc.\* |  | 1712917 |
| 19646 | Griffon Corp. |  | 1454001 |
| 126192 | Hayward Holdings, Inc.\* |  | 2141478 |
| 116932 | Janus International Group, Inc.\* |  | 1122547 |
| 72822 | Masterbrand, Inc.\* |  | 919742 |
| 12319 | Simpson Manufacturing Co., Inc. |  | 2174304 |
| 1691 | Tecnoglass, Inc. |  | 100834 |
| 5952 | Trex Co., Inc.\* |  | 287601 |
| 28594 | Zurn Elkay Water Solutions Corp. |  | 1347063 |
|  |  |  | 15142050 |
| Capital Markets – 2.4% | Capital Markets – 2.4% | Capital Markets – 2.4% | Capital Markets – 2.4% |
| 159780 | BGC Group, Inc. Class A |  | 1460389 |
| 8300 | Cohen & Steers, Inc. |  | 567056 |
| 54644 | DigitalBridge Group, Inc. |  | 646439 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Capital Markets – (continued) | Capital Markets – (continued) | Capital Markets – (continued) | Capital Markets – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;18500 | Federated Hermes, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896880 |
| 1284 | Hamilton Lane, Inc. Class A |  | 146325 |
| 13304 | Houlihan Lokey, Inc. |  | 2382480 |
| 31900 | Lazard, Inc. |  | 1556720 |
| 2682 | Miami International Holdings, Inc.\* |  | 117203 |
| 5563 | Perella Weinberg Partners |  | 103917 |
| 1125 | Piper Sandler Cos. |  | 359167 |
| 46061 | StepStone Group, Inc. Class A |  | 2804194 |
| 10600 | Stifel Financial Corp. |  | 1255358 |
| 18056 | StoneX Group, Inc.\* |  | 1659708 |
| 28041 | WisdomTree, Inc. |  | 335370 |
|  |  |  | 14291206 |
| Chemicals – 1.8% | Chemicals – 1.8% | Chemicals – 1.8% | Chemicals – 1.8% |
| 26375 | AdvanSix, Inc. |  | 490311 |
| 71894 | Avient Corp. |  | 2305641 |
| 4513 | Cabot Corp. |  | 304537 |
| 90980 | Ecovyst, Inc.\* |  | 745126 |
| 7392 | Element Solutions, Inc. |  | 197514 |
| 43279 | HB Fuller Co. |  | 2482916 |
| 4020 | Ingevity Corp.\* |  | 215954 |
| 12477 | Innospec, Inc. |  | 918058 |
| 24777 | Methanex Corp. |  | 974232 |
| 6796 | Quaker Chemical Corp. |  | 943897 |
| 9625 | Sensient Technologies Corp. |  | 907541 |
|  |  |  | 10485727 |
| Commercial Services & Supplies – 3.0% | Commercial Services & Supplies – 3.0% | Commercial Services & Supplies – 3.0% | Commercial Services & Supplies – 3.0% |
| 21657 | ABM Industries, Inc. |  | 931251 |
| 16201 | Brink's Co. |  | 1800903 |
| 60559 | Casella Waste Systems, Inc. Class A\* |  | 5363711 |
| 18037 | HNI Corp. |  | 738074 |
| 11788 | MSA Safety, Inc. |  | 1851070 |
| 66130 | OPENLANE, Inc.\* |  | 1747154 |
| 26158 | Rentokil Initial PLC ADR |  | 727715 |
| 6725 | UniFirst Corp. |  | 1038004 |
| 20719 | Waste Connections, Inc. |  | 3474162 |
|  |  |  | 17672044 |
| Communications Equipment\* – 0.7% | Communications Equipment\* – 0.7% | Communications Equipment\* – 0.7% | Communications Equipment\* – 0.7% |
| 28397 | Calix, Inc. |  | 1942923 |
| 46950 | Extreme Networks, Inc. |  | 892989 |
| 9941 | Harmonic, Inc. |  | 106369 |
| 753 | Lumentum Holdings, Inc. |  | 151774 |
| 63381 | Viavi Solutions, Inc. |  | 1121844 |
|  |  |  | 4215899 |
| Construction & Engineering – 4.3% | Construction & Engineering – 4.3% | Construction & Engineering – 4.3% | Construction & Engineering – 4.3% |
| 7616 | Ameresco, Inc. Class A\* |  | 300984 |
| 3040 | Centuri Holdings, Inc.\* |  | 61378 |
| 6317 | Comfort Systems USA, Inc. |  | 6099569 |
| 7300 | Everus Construction Group, Inc.\* |  | 663497 |
| 8505 | Fluor Corp.\* |  | 414789 |
| 19330 | Granite Construction, Inc. |  | 1989250 |
| 35300 | Legence Corp. Class A\* |  | 1460361 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Construction & Engineering – (continued) | Construction & Engineering – (continued) | Construction & Engineering – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 | MYR Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;1039300 |
| 53937 | Primoris Services Corp. | 7633164 |
| 2599 | Sterling Infrastructure, Inc.\* | 982162 |
| 4919 | Valmont Industries, Inc. | 2033662 |
| 117505 | WillScot Holdings Corp. | 2555734 |
|  |  | 25233850 |
| Construction Materials – 0.9% | Construction Materials – 0.9% | Construction Materials – 0.9% |
| 9854 | Eagle Materials, Inc. | 2092201 |
| 90910 | James Hardie Industries PLC\* | 1902747 |
| 11183 | Knife River Corp.\* | 676124 |
| 54200 | Titan America SA\* | 799992 |
|  |  | 5471064 |
| Consumer Finance – 1.7% | Consumer Finance – 1.7% | Consumer Finance – 1.7% |
| 680 | Dave, Inc.\* | 162738 |
| 45339 | FirstCash Holdings, Inc. | 7186231 |
| 4338 | LendingClub Corp.\* | 75438 |
| 98069 | SLM Corp. | 2633153 |
| 1345 | Upstart Holdings, Inc.\* | 63914 |
|  |  | 10121474 |
| Consumer Staples Distribution & Retail – 1.0% | Consumer Staples Distribution & Retail – 1.0% | Consumer Staples Distribution & Retail – 1.0% |
| 4098 | Casey's General Stores, Inc. | 2103052 |
| 24662 | Chefs' Warehouse, Inc.\* | 1455058 |
| 1085 | Natural Grocers by Vitamin Cottage, Inc. | 34818 |
| 20087 | PriceSmart, Inc. | 2308800 |
|  |  | 5901728 |
| Containers & Packaging – 0.2% | Containers & Packaging – 0.2% | Containers & Packaging – 0.2% |
| 29000 | Silgan Holdings, Inc. | 1119980 |
| Diversified Consumer Services – 2.2% | Diversified Consumer Services – 2.2% | Diversified Consumer Services – 2.2% |
| 10634 | Adtalem Global Education, Inc.\* | 1042345 |
| 21902 | Bright Horizons Family Solutions, Inc.\* | 2392355 |
| 11074 | Frontdoor, Inc.\* | 735646 |
| 8102 | Grand Canyon Education, Inc.\* | 1525606 |
| 61452 | KinderCare Learning Cos., Inc.\* | 362567 |
| 82658 | Laureate Education, Inc.\* | 2399562 |
| 287576 | Mister Car Wash, Inc.\* | 1607550 |
| 60628 | OneSpaWorld Holdings Ltd. | 1410813 |
| 31909 | Perdoceo Education Corp. | 1013430 |
| 4424 | Stride, Inc.\* | 301009 |
|  |  | 12790883 |
| Diversified REITs – 0.2% | Diversified REITs – 0.2% | Diversified REITs – 0.2% |
| 36763 | Essential Properties Realty Trust, Inc. | 1098478 |
| Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% | Diversified Telecommunication Services – 0.2% |
| 23462 | Cogent Communications Holdings, Inc. | 967808 |
| Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% |
| 15177 | IDACORP, Inc. | 1958136 |
| 10900 | MGE Energy, Inc. | 903283 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Electric Utilities – (continued) | Electric Utilities – (continued) | Electric Utilities – (continued) | Electric Utilities – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;15190 | OGE Energy Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670487 |
| 3200 | Oklo, Inc.\* |  | 424864 |
|  |  |  | 3956770 |
| Electrical Equipment – 2.1% | Electrical Equipment – 2.1% | Electrical Equipment – 2.1% | Electrical Equipment – 2.1% |
| 3099 | Array Technologies, Inc.\* |  | 26837 |
| 6500 | Atkore, Inc. |  | 450125 |
| 18174 | Bloom Energy Corp. Class A\* |  | 2401876 |
| 13107 | EnerSys |  | 1653579 |
| 2165 | Generac Holdings, Inc.\* |  | 363763 |
| 2729 | Net Power, Inc.\* |  | 10425 |
| 30502 | NEXTracker, Inc. Class A\* |  | 3087413 |
| 20718 | Regal Rexnord Corp. |  | 2918959 |
| 44340 | Sensata Technologies Holding PLC |  | 1411342 |
|  |  |  | 12324319 |
| Electronic Equipment, Instruments & Components – 3.0% | Electronic Equipment, Instruments & Components – 3.0% | Electronic Equipment, Instruments & Components – 3.0% | Electronic Equipment, Instruments & Components – 3.0% |
| 8604 | Arrow Electronics, Inc.\* |  | 959776 |
| 24103 | Avnet, Inc. |  | 1167790 |
| 10612 | Belden, Inc. |  | 1293072 |
| 19508 | Benchmark Electronics, Inc. |  | 854841 |
| 3680 | Cognex Corp. |  | 152315 |
| 22650 | Crane NXT Co. |  | 1432613 |
| 4637 | Fabrinet\* |  | 2042923 |
| 53404 | Ingram Micro Holding Corp. |  | 1226156 |
| 6794 | Littelfuse, Inc. |  | 1653048 |
| 48760 | Mirion Technologies, Inc.\* |  | 1432081 |
| 12835 | Novanta, Inc.\* |  | 1630174 |
| 3798 | OSI Systems, Inc.\* |  | 1057591 |
| 14600 | Ralliant Corp. |  | 641232 |
| 5296 | TTM Technologies, Inc.\* |  | 355891 |
| 39000 | Vontier Corp. |  | 1501500 |
|  |  |  | 17401003 |
| Energy Equipment & Services – 1.8% | Energy Equipment & Services – 1.8% | Energy Equipment & Services – 1.8% | Energy Equipment & Services – 1.8% |
| 43778 | Archrock, Inc. |  | 1106270 |
| 10580 | Bristow Group, Inc.\* |  | 430606 |
| 14043 | Cactus, Inc. Class A |  | 620279 |
| 30800 | Helmerich & Payne, Inc. |  | 808808 |
| 7261 | Innovex International, Inc.\* |  | 145728 |
| 3672 | Liberty Energy, Inc. |  | 66500 |
| 124646 | Oceaneering International, Inc.\* |  | 2903005 |
| 3589 | Seadrill Ltd.\* |  | 113269 |
| 57450 | Select Water Solutions, Inc. |  | 664122 |
| 21046 | SLB Ltd. |  | 758919 |
| 2027 | Solaris Energy Infrastructure, Inc. |  | 107897 |
| 1612 | TETRA Technologies, Inc.\* |  | 11381 |
| 15264 | Tidewater, Inc.\* |  | 772206 |
| 557 | Valaris Ltd.\* |  | 31259 |
| 27026 | Weatherford International PLC |  | 1991546 |
|  |  |  | 10531795 |
| Entertainment – 0.9% | Entertainment – 0.9% | Entertainment – 0.9% | Entertainment – 0.9% |
| 4214 | Atlanta Braves Holdings, Inc. Class C\* |  | 171594 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9815 | Cinemark Holdings, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265103 |
| 84923 | IMAX Corp.\* |  | 2759148 |
| 5425 | Madison Square Garden Sports Corp.\* |  | 1163066 |
| 3877 | Take-Two Interactive Software, Inc.\* |  | 993947 |
|  |  |  | 5352858 |
| Financial Services – 2.4% | Financial Services – 2.4% | Financial Services – 2.4% | Financial Services – 2.4% |
| 35344 | Essent Group Ltd. |  | 2140786 |
| 7553 | Euronet Worldwide, Inc.\* |  | 572971 |
| 24620 | EVERTEC, Inc. |  | 700931 |
| 11411 | Federal Agricultural Mortgage Corp. Class C |  | 1810241 |
| 16644 | Flywire Corp.\* |  | 221698 |
| 9037 | HA Sustainable Infrastructure Capital, Inc. |  | 250415 |
| 45469 | Marqeta, Inc. Class A\* |  | 205975 |
| 42825 | NCR Atleos Corp.\* |  | 1580243 |
| 11261 | PennyMac Financial Services, Inc. |  | 1416746 |
| 9605 | Remitly Global, Inc.\* |  | 154064 |
| 14667 | Shift4 Payments, Inc. Class A\* |  | 1013490 |
| 25791 | Voya Financial, Inc. |  | 1920398 |
| 14650 | Walker & Dunlop, Inc. |  | 1170828 |
| 4947 | WEX, Inc.\* |  | 721668 |
|  |  |  | 13880454 |
| Food Products – 0.4% | Food Products – 0.4% | Food Products – 0.4% | Food Products – 0.4% |
| 81983 | Dole PLC |  | 1044463 |
| 1993 | Freshpet, Inc.\* |  | 98075 |
| 10471 | Ingredion, Inc. |  | 1208458 |
| 1271 | Mama's Creations, Inc.\* |  | 13460 |
| 249 | Marzetti Co. |  | 39041 |
| 2549 | Vital Farms, Inc.\* |  | 83735 |
|  |  |  | 2487232 |
| Gas Utilities – 0.1% | Gas Utilities – 0.1% | Gas Utilities – 0.1% | Gas Utilities – 0.1% |
| 2466 | Chesapeake Utilities Corp. |  | 313873 |
| 4343 | ONE Gas, Inc. |  | 348265 |
| 1946 | Spire, Inc. |  | 168134 |
|  |  |  | 830272 |
| Ground Transportation – 1.1% | Ground Transportation – 1.1% | Ground Transportation – 1.1% | Ground Transportation – 1.1% |
| 5101 | Landstar System, Inc. |  | 655121 |
| 46300 | Lyft, Inc. Class A\* |  | 947298 |
| 9364 | RXO, Inc.\* |  | 166024 |
| 4902 | Ryder System, Inc. |  | 829566 |
| 8859 | Saia, Inc.\* |  | 2591258 |
| 56132 | Werner Enterprises, Inc. |  | 1470658 |
|  |  |  | 6659925 |
| Health Care Equipment & Supplies\* – 2.5% | Health Care Equipment & Supplies\* – 2.5% | Health Care Equipment & Supplies\* – 2.5% | Health Care Equipment & Supplies\* – 2.5% |
| 6154 | AtriCure, Inc. |  | 212621 |
| 62700 | Envista Holdings Corp. |  | 1275945 |
| 49308 | Establishment Labs Holdings, Inc. |  | 2364319 |
| 17439 | Haemonetics Corp. |  | 872124 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Equipment & Supplies\* – (continued) | Health Care Equipment & Supplies\* – (continued) | Health Care Equipment & Supplies\* – (continued) | Health Care Equipment & Supplies\* – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;15137 | iRhythm Technologies, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;2835160 |
| 26431 | Kestra Medical Technologies Ltd. |  | 723681 |
| 4317 | LivaNova PLC |  | 227204 |
| 22340 | Masimo Corp. |  | 3142121 |
| 2242 | Merit Medical Systems, Inc. |  | 196265 |
| 2876 | Omnicell, Inc. |  | 96547 |
| 49017 | OrthoPediatrics Corp. |  | 825446 |
| 40203 | PROCEPT BioRobotics Corp. |  | 1368108 |
| 53024 | SI-BONE, Inc. |  | 786346 |
|  |  |  | 14925887 |
| Health Care Providers & Services – 4.5% | Health Care Providers & Services – 4.5% | Health Care Providers & Services – 4.5% | Health Care Providers & Services – 4.5% |
| 10201 | Addus HomeCare Corp.\* |  | 1192395 |
| 10224 | Alignment Healthcare, Inc.\* |  | 172377 |
| 46968 | Brookdale Senior Living, Inc.\* |  | 435393 |
| 1564 | Castle Biosciences, Inc.\* |  | 39882 |
| 2839 | Concentra Group Holdings Parent, Inc. |  | 56553 |
| 19613 | Encompass Health Corp. |  | 2232940 |
| 7067 | Ensign Group, Inc. |  | 1272767 |
| 25060 | GeneDx Holdings Corp.\* |  | 3430964 |
| 20622 | Guardant Health, Inc.\* |  | 1918258 |
| 46402 | Guardian Pharmacy Services, Inc. Class A\* |  | 1301112 |
| 79372 | HealthEquity, Inc.\* |  | 7507004 |
| 4175 | Hims & Hers Health, Inc.\* |  | 189795 |
| 67184 | LifeStance Health Group, Inc.\* |  | 329202 |
| 102991 | Option Care Health, Inc.\* |  | 2680856 |
| 122621 | Pediatrix Medical Group, Inc.\* |  | 2080878 |
| 2344 | Privia Health Group, Inc.\* |  | 56959 |
| 23139 | RadNet, Inc.\* |  | 1758333 |
|  |  |  | 26655668 |
| Health Care REITs – 0.2% | Health Care REITs – 0.2% | Health Care REITs – 0.2% | Health Care REITs – 0.2% |
| 15862 | American Healthcare REIT, Inc. |  | 718866 |
| 12911 | CareTrust REIT, Inc. |  | 447366 |
|  |  |  | 1166232 |
| Health Care Technology\* – 0.1% | Health Care Technology\* – 0.1% | Health Care Technology\* – 0.1% | Health Care Technology\* – 0.1% |
| 386 | HeartFlow, Inc. |  | 14344 |
| 21321 | Phreesia, Inc. |  | 482708 |
| 1491 | Waystar Holding Corp. |  | 53452 |
|  |  |  | 550504 |
| Hotel & Resort REITs – 0.4% | Hotel & Resort REITs – 0.4% | Hotel & Resort REITs – 0.4% | Hotel & Resort REITs – 0.4% |
| 98525 | Apple Hospitality REIT, Inc. |  | 1102495 |
| 12725 | Ryman Hospitality Properties, Inc. |  | 1105930 |
| 18219 | Xenia Hotels & Resorts, Inc. |  | 224093 |
|  |  |  | 2432518 |
| Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% | Hotels, Restaurants & Leisure – 1.5% |
| 4356 | Black Rock Coffee Bar, Inc. Class A\* |  | 111775 |
| 26269 | Boyd Gaming Corp. |  | 2045567 |
| 8586 | Brightstar Lottery PLC |  | 143043 |
| 19450 | Cheesecake Factory, Inc. |  | 968610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) | Hotels, Restaurants & Leisure – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733 | Dutch Bros, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151791 |
| 16542 | First Watch Restaurant Group, Inc.\* |  | 272777 |
| 277615 | Genius Sports Ltd.\* |  | 3125945 |
| 28700 | Pursuit Attractions & Hospitality, Inc.\* |  | 1018276 |
| 1607 | Red Rock Resorts, Inc. Class A |  | 85669 |
| 3272 | Shake Shack, Inc. Class A\* |  | 315781 |
| 282 | Wingstop, Inc. |  | 61090 |
| 8973 | Wyndham Hotels & Resorts, Inc. |  | 658887 |
|  |  |  | 8959211 |
| Household Durables – 1.0% | Household Durables – 1.0% | Household Durables – 1.0% | Household Durables – 1.0% |
| 1800 | Cavco Industries, Inc.\* |  | 953640 |
| 3447 | Century Communities, Inc. |  | 204752 |
| 4986 | Champion Homes, Inc.\* |  | 340195 |
| 9509 | Green Brick Partners, Inc.\* |  | 615613 |
| 1764 | Installed Building Products, Inc. |  | 437878 |
| 5069 | Smith Douglas Homes Corp.\* |  | 88555 |
| 17856 | Taylor Morrison Home Corp.\* |  | 1058325 |
| 5728 | TopBuild Corp.\* |  | 2419965 |
|  |  |  | 6118923 |
| Household Products\* – 0.2% | Household Products\* – 0.2% | Household Products\* – 0.2% | Household Products\* – 0.2% |
| 36137 | Central Garden & Pet Co. Class A |  | 1004970 |
| Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% | Independent Power and Renewable Electricity Producers – 0.0% |
| 2588 | Ormat Technologies, Inc. |  | 275286 |
| Industrial REITs – 0.3% | Industrial REITs – 0.3% | Industrial REITs – 0.3% | Industrial REITs – 0.3% |
| 6516 | EastGroup Properties, Inc. |  | 1137238 |
| 16154 | First Industrial Realty Trust, Inc. |  | 892993 |
|  |  |  | 2030231 |
| Insurance – 3.2% | Insurance – 3.2% | Insurance – 3.2% | Insurance – 3.2% |
| 28579 | Assured Guaranty Ltd. |  | 2302896 |
| 25764 | Axis Capital Holdings Ltd. |  | 2413056 |
| 25600 | Bowhead Specialty Holdings, Inc.\* |  | 613376 |
| 15923 | Employers Holdings, Inc. |  | 607144 |
| 25928 | First American Financial Corp. |  | 1620759 |
| 10785 | Hamilton Insurance Group Ltd. Class B\* |  | 255281 |
| 7075 | Hanover Insurance Group, Inc. |  | 1208976 |
| 593 | HCI Group, Inc. |  | 120978 |
| 3783 | Oscar Health, Inc. Class A\* |  | 68094 |
| 27888 | Palomar Holdings, Inc.\* |  | 3179511 |
| 9415 | Primerica, Inc. |  | 2446676 |
| 79633 | SiriusPoint Ltd.\* |  | 1449321 |
| 8475 | Stewart Information Services Corp. |  | 578588 |
| 993 | White Mountains Insurance Group Ltd. |  | 1891228 |
|  |  |  | 18755884 |
| Interactive Media & Services\* – 0.4% | Interactive Media & Services\* – 0.4% | Interactive Media & Services\* – 0.4% | Interactive Media & Services\* – 0.4% |
| 61882 | Cargurus, Inc. |  | 2173296 |
| IT Services\* – 0.1% | IT Services\* – 0.1% | IT Services\* – 0.1% | IT Services\* – 0.1% |
| 3980 | EPAM Systems, Inc. |  | 650889 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Leisure Products – 0.1% | Leisure Products – 0.1% | Leisure Products – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | Acushnet Holdings Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150175 |
| 26254 | Latham Group, Inc.\* | 190341 |
|  |  | 340516 |
| Life Sciences Tools & Services – 1.6% | Life Sciences Tools & Services – 1.6% | Life Sciences Tools & Services – 1.6% |
| 9563 | 10X Genomics, Inc. Class A\* | 130439 |
| 6737 | Bio-Rad Laboratories, Inc. Class A\* | 2152809 |
| 37928 | Bio-Techne Corp. | 2373155 |
| 59061 | Bruker Corp. | 2299835 |
| 5200 | Charles River Laboratories International, Inc.\* | 936364 |
| 15023 | Cytek Biosciences, Inc.\* | 58590 |
| 27731 | Maravai LifeSciences Holdings, Inc. Class A\* | 87075 |
| 26900 | Qiagen NV | 1260265 |
|  |  | 9298532 |
| Machinery – 3.2% | Machinery – 3.2% | Machinery – 3.2% |
| 7045 | Alamo Group, Inc. | 1259082 |
| 3048 | Alliance Laundry Holdings, Inc.\* | 80772 |
| 11000 | Astec Industries, Inc. | 511830 |
| 3379 | Atmus Filtration Technologies, Inc. | 153677 |
| 18525 | Donaldson Co., Inc. | 1560731 |
| 11546 | Enerpac Tool Group Corp. | 473848 |
| 7946 | Enpro, Inc. | 1843551 |
| 40100 | Gates Industrial Corp. PLC\* | 885408 |
| 11750 | Gorman-Rupp Co. | 528398 |
| 4150 | Helios Technologies, Inc. | 229744 |
| 22100 | Hillenbrand, Inc. | 698360 |
| 3093 | IDEX Corp. | 530326 |
| 11915 | ITT, Inc. | 2205109 |
| 8700 | JBT Marel Corp. | 1097070 |
| 3037 | Kadant, Inc. | 840216 |
| 6009 | Kennametal, Inc. | 131898 |
| 7100 | Mueller Industries, Inc. | 751677 |
| 29948 | Mueller Water Products, Inc. Class A | 768466 |
| 11799 | SPX Technologies, Inc.\* | 2641678 |
| 3700 | Terex Corp. | 170274 |
| 11725 | Timken Co. | 920530 |
| 2825 | Watts Water Technologies, Inc. Class A | 770095 |
| 743 | Worthington Enterprises, Inc. | 41675 |
|  |  | 19094415 |
| Marine Transportation – 0.2% | Marine Transportation – 0.2% | Marine Transportation – 0.2% |
| 9813 | Matson, Inc. | 990622 |
| Media\* – 0.9% | Media\* – 0.9% | Media\* – 0.9% |
| 2208 | EchoStar Corp. Class A | 165313 |
| 165617 | Magnite, Inc. | 2961232 |
| 17417 | MNTN, Inc. Class A | 288774 |
| 109529 | NIQ Global Intelligence PLC | 1358159 |
| 141332 | Stagwell, Inc. | 671327 |
|  |  | 5444805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Metals & Mining – 0.7% | Metals & Mining – 0.7% | Metals & Mining – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | Alpha Metallurgical Resources, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53017 |
| 1193 | Century Aluminum Co.\* | 35337 |
| 12589 | Coeur Mining, Inc.\* | 216153 |
| 38208 | Commercial Metals Co. | 2268027 |
| 2559 | Constellium SE\* | 40253 |
| 12201 | Hecla Mining Co. | 157027 |
| 4287 | Ivanhoe Electric, Inc.\* | 63405 |
| 305 | Kaiser Aluminum Corp. | 27612 |
| 8787 | Novagold Resources, Inc.\* | 72844 |
| 5085 | SSR Mining, Inc.\* | 114718 |
| 14140 | Warrior Met Coal, Inc. | 959258 |
| 743 | Worthington Steel, Inc. | 23768 |
|  |  | 4031419 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.3% | Mortgage Real Estate Investment Trusts (REITs) – 0.3% | Mortgage Real Estate Investment Trusts (REITs) – 0.3% |
| 52191 | PennyMac Mortgage Investment Trust | 628380 |
| 118832 | Redwood Trust, Inc. | 630998 |
| 31018 | Starwood Property Trust, Inc. | 563907 |
|  |  | 1823285 |
| Multi-Utilities – 0.0% | Multi-Utilities – 0.0% | Multi-Utilities – 0.0% |
| 2702 | Unitil Corp. | 131723 |
| Office REITs – 0.2% | Office REITs – 0.2% | Office REITs – 0.2% |
| 35074 | Cousins Properties, Inc. | 909469 |
| 2884 | SL Green Realty Corp. | 148093 |
|  |  | 1057562 |
| Oil, Gas & Consumable Fuels – 2.2% | Oil, Gas & Consumable Fuels – 2.2% | Oil, Gas & Consumable Fuels – 2.2% |
| 21300 | California Resources Corp. | 1004721 |
| 252 | Centrus Energy Corp. Class A\* | 92600 |
| 3421 | Chord Energy Corp. | 310353 |
| 1991 | CNX Resources Corp.\* | 67017 |
| 977 | Core Natural Resources, Inc. | 77183 |
| 2655 | Energy Fuels, Inc.\* | 54454 |
| 3671 | Excelerate Energy, Inc. Class A | 95116 |
| 7169 | Gulfport Energy Corp.\* | 1333506 |
| 2890 | Kinetik Holdings, Inc. | 111294 |
| 53175 | Magnolia Oil & Gas Corp. Class A | 1194310 |
| 29347 | Matador Resources Co. | 1158033 |
| 79407 | Northern Oil & Gas, Inc. | 1757277 |
| 633 | Par Pacific Holdings, Inc.\* | 25307 |
| 2889 | Peabody Energy Corp. | 79216 |
| 25851 | Range Resources Corp. | 919003 |
| 40138 | South Bow Corp. | 1040778 |
| 5683 | Uranium Energy Corp.\* | 85984 |
| 57460 | Viper Energy, Inc. Class A | 2158198 |
| 54332 | World Kinect Corp. | 1404482 |
|  |  | 12968832 |
| Paper & Forest Products – 0.2% | Paper & Forest Products – 0.2% | Paper & Forest Products – 0.2% |
| 11350 | Louisiana-Pacific Corp. | 988698 |
| Personal Products – 0.2% | Personal Products – 0.2% | Personal Products – 0.2% |
| 22628 | BellRing Brands, Inc.\* | 681782 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Personal Products – (continued) | Personal Products – (continued) | Personal Products – (continued) | Personal Products – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | elf Beauty, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36642 |
| 7250 | Interparfums, Inc. |  | 646337 |
| 800 | Oddity Tech Ltd. Class A\* |  | 36200 |
|  |  |  | 1400961 |
| Pharmaceuticals\* – 0.4% | Pharmaceuticals\* – 0.4% | Pharmaceuticals\* – 0.4% | Pharmaceuticals\* – 0.4% |
| 3739 | Avadel Pharmaceuticals PLC |  | 70630 |
| 1726 | Axsome Therapeutics, Inc. |  | 232993 |
| 3953 | Crinetics Pharmaceuticals, Inc. |  | 171955 |
| 20000 | Harmony Biosciences Holdings, Inc. |  | 571400 |
| 3625 | Ligand Pharmaceuticals, Inc. |  | 693499 |
| 4508 | MBX Biosciences, Inc. |  | 98996 |
| 5267 | Mind Medicine MindMed, Inc. |  | 74791 |
| 2549 | Pharvaris NV |  | 56639 |
| 3507 | Structure Therapeutics, Inc. ADR |  | 116853 |
| 10083 | Trevi Therapeutics, Inc. |  | 117568 |
| 8438 | Xeris Biopharma Holdings, Inc. |  | 81848 |
|  |  |  | 2287172 |
| Professional Services – 1.8% | Professional Services – 1.8% | Professional Services – 1.8% | Professional Services – 1.8% |
| 57732 | Alight, Inc. Class A |  | 166268 |
| 18701 | Concentrix Corp. |  | 753837 |
| 86798 | First Advantage Corp.\* |  | 1096259 |
| 10058 | Huron Consulting Group, Inc.\* |  | 1653938 |
| 3657 | Innodata, Inc.\* |  | 272849 |
| 17018 | KBR, Inc. |  | 729051 |
| 61623 | Kelly Services, Inc. Class A |  | 690794 |
| 18685 | Korn Ferry |  | 1208919 |
| 75918 | Legalzoom.com, Inc.\* |  | 756902 |
| 13235 | Maximus, Inc. |  | 1100093 |
| 15262 | Parsons Corp.\* |  | 1268883 |
| 56171 | Upwork, Inc.\* |  | 895366 |
|  |  |  | 10593159 |
| Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% | Real Estate Management & Development – 0.3% |
| 5250 | Colliers International Group, Inc. |  | 837533 |
| 5334 | FirstService Corp. |  | 850293 |
| 7926 | Five Point Holdings LLC Class A\* |  | 46367 |
| 9228 | Newmark Group, Inc. Class A |  | 164535 |
|  |  |  | 1898728 |
| Residential REITs – 0.0% | Residential REITs – 0.0% | Residential REITs – 0.0% | Residential REITs – 0.0% |
| 1100 | Centerspace |  | 65175 |
| Retail REITs – 0.1% | Retail REITs – 0.1% | Retail REITs – 0.1% | Retail REITs – 0.1% |
| 7670 | Curbline Properties Corp. |  | 176870 |
| 7738 | Phillips Edison & Co., Inc. |  | 261854 |
| 11577 | Tanger, Inc. |  | 376947 |
|  |  |  | 815671 |
| Semiconductors & Semiconductor Equipment – 5.6% | Semiconductors & Semiconductor Equipment – 5.6% | Semiconductors & Semiconductor Equipment – 5.6% | Semiconductors & Semiconductor Equipment – 5.6% |
| 5976 | Allegro MicroSystems, Inc.\* |  | 178802 |
| 4824 | Amkor Technology, Inc. |  | 155719 |
| 14248 | Axcelis Technologies, Inc.\* |  | 1133571 |
| 6517 | Cirrus Logic, Inc.\* |  | 864480 |
| 44550 | Cohu, Inc.\* |  | 1059845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) | Semiconductors & Semiconductor Equipment – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;14202 | Credo Technology Group Holding Ltd.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;2664579 |
| 20355 | Entegris, Inc. |  | 1863907 |
| 58956 | FormFactor, Inc.\* |  | 3239632 |
| 7056 | Ichor Holdings Ltd.\* |  | 160030 |
| 966 | Impinj, Inc.\* |  | 195287 |
| 22400 | Kulicke & Soffa Industries, Inc. |  | 894432 |
| 56177 | Lattice Semiconductor Corp.\* |  | 4098674 |
| 3040 | MKS, Inc. |  | 436878 |
| 13335 | Onto Innovation, Inc.\* |  | 1799692 |
| 66910 | Photronics, Inc.\* |  | 1599149 |
| 19661 | Power Integrations, Inc. |  | 823599 |
| 7414 | Qorvo, Inc.\* |  | 703737 |
| 12748 | Rambus, Inc.\* |  | 1311004 |
| 6463 | Rigetti Computing, Inc.\* |  | 286117 |
| 56025 | Semtech Corp.\* |  | 3801856 |
| 1983 | Silicon Laboratories, Inc.\* |  | 259932 |
| 7684 | SiTime Corp.\* |  | 2225594 |
| 13125 | Tower Semiconductor Ltd.\* |  | 1117856 |
| 14031 | Universal Display Corp. |  | 2066486 |
|  |  |  | 32940858 |
| Software – 5.9% | Software – 5.9% | Software – 5.9% | Software – 5.9% |
| 95373 | Adeia, Inc. |  | 1625156 |
| 104825 | Alkami Technology, Inc.\* |  | 2126899 |
| 90385 | Braze, Inc. Class A\* |  | 2590434 |
| 1359 | C3.ai, Inc. Class A\* |  | 23891 |
| 441182 | CCC Intelligent Solutions Holdings, Inc.\* |  | 3847107 |
| 3024 | Cipher Mining, Inc.\* |  | 56398 |
| 17320 | Clear Secure, Inc. Class A |  | 527740 |
| 68856 | Clearwater Analytics Holdings, Inc. Class A\* |  | 1267639 |
| 23223 | Commvault Systems, Inc.\* |  | 3233106 |
| 68309 | Confluent, Inc. Class A\* |  | 1596381 |
| 2220 | Core Scientific, Inc.\* |  | 47819 |
| 15033 | Descartes Systems Group, Inc.\* |  | 1326061 |
| 95471 | Dynatrace, Inc.\* |  | 4827968 |
| 5257 | Guidewire Software, Inc.\* |  | 1228245 |
| 7279 | InterDigital, Inc. |  | 2634707 |
| 42065 | LiveRamp Holdings, Inc.\* |  | 1150057 |
| 1902 | MARA Holdings, Inc.\* |  | 34750 |
| 52810 | NCR Voyix Corp.\* |  | 602562 |
| 83240 | Onestream, Inc.\* |  | 1572404 |
| 22356 | Procore Technologies, Inc.\* |  | 1650320 |
| 4096 | Riot Platforms, Inc.\* |  | 81019 |
| 14153 | SailPoint, Inc.\* |  | 306837 |
| 4446 | SoundHound AI, Inc. Class A\* |  | 78339 |
| 15301 | Terawulf, Inc.\* |  | 237166 |
| 82758 | Vertex, Inc. Class A\* |  | 1895158 |
|  |  |  | 34568163 |
| Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% |
| 60300 | Four Corners Property Trust, Inc. |  | 1425492 |
| 3394 | Millrose Properties, Inc. |  | 109321 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialized REITs – (continued) | Specialized REITs – (continued) | Specialized REITs – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;15398 | Outfront Media, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272391 |
| 39075 | Rayonier, Inc. | 862385 |
|  |  | 2669589 |
| Specialty Retail – 1.9% | Specialty Retail – 1.9% | Specialty Retail – 1.9% |
| 14136 | Abercrombie & Fitch Co. Class A\* | 1025567 |
| 23306 | Academy Sports & Outdoors, Inc. | 1116124 |
| 3097 | Advance Auto Parts, Inc. | 145962 |
| 18727 | Bath & Body Works, Inc. | 458437 |
| 1607 | Boot Barn Holdings, Inc.\* | 304767 |
| 8139 | Group 1 Automotive, Inc. | 3235578 |
| 2453 | Murphy USA, Inc. | 878664 |
| 9065 | National Vision Holdings, Inc.\* | 233424 |
| 6649 | RH\* | 1146886 |
| 13842 | Urban Outfitters, Inc.\* | 894332 |
| 59288 | Valvoline, Inc.\* | 1957097 |
| 2685 | Warby Parker, Inc. Class A\* | 52599 |
|  |  | 11449437 |
| Technology Hardware, Storage & Peripherals\* – 0.2% | Technology Hardware, Storage & Peripherals\* – 0.2% | Technology Hardware, Storage & Peripherals\* – 0.2% |
| 13307 | IonQ, Inc. | 830091 |
| 2250 | Sandisk Corp. | 448492 |
|  |  | 1278583 |
| Textiles, Apparel & Luxury Goods – 1.0% | Textiles, Apparel & Luxury Goods – 1.0% | Textiles, Apparel & Luxury Goods – 1.0% |
| 79312 | Birkenstock Holding PLC\* | 3165342 |
| 17720 | Kontoor Brands, Inc. | 1433902 |
| 27210 | Steven Madden Ltd. | 922691 |
| 3465 | Wolverine World Wide, Inc. | 78656 |
|  |  | 5600591 |
| Trading Companies & Distributors – 2.1% | Trading Companies & Distributors – 2.1% | Trading Companies & Distributors – 2.1% |
| 947 | Air Lease Corp. | 60475 |
| 15004 | Applied Industrial Technologies, Inc. | 3857378 |
| 2291 | Boise Cascade Co. | 161493 |
| 47776 | DNOW, Inc.\* | 702307 |
| 3827 | DXP Enterprises, Inc.\* | 457901 |
| 18587 | FTAI Aviation Ltd. | 3213692 |
| 14725 | McGrath RentCorp | 1582054 |
| 14500 | MSC Industrial Direct Co., Inc. Class A | 1231195 |
| 6510 | SiteOne Landscape Supply, Inc.\* | 844803 |
|  |  | 12111298 |
| Wireless Telecommunication Services\*<sup>(a)</sup> – 0.0% | Wireless Telecommunication Services\*<sup>(a)</sup> – 0.0% | Wireless Telecommunication Services\*<sup>(a)</sup> – 0.0% |
| 29864 | GCI Liberty, Inc. |  |
| **TOTAL COMMON STOCKS**<br> **(Cost $469,716,823)** | **TOTAL COMMON STOCKS**<br> **(Cost $469,716,823)** | $565191861 |
| Exchange Traded Funds – 0.2% | Exchange Traded Funds – 0.2% | Exchange Traded Funds – 0.2% |
| 6600 | iShares Russell 2000 Value ETF | $1169058 |
| (Cost $1,194,862) | (Cost $1,194,862) | (Cost $1,194,862) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 4.5% | Investment Company<sup>(b)</sup> – 4.5% | Investment Company<sup>(b)</sup> – 4.5% |
|  Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| 26414238 | 3.956% | $26414238 |
| (Cost $26,414,238) | (Cost $26,414,238) | (Cost $26,414,238) |
| TOTAL INVESTMENTS – 100.6%<br>(Cost $497,325,923) | TOTAL INVESTMENTS – 100.6%<br>(Cost $497,325,923) | $592775157 |
| LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.6)% | LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.6)% | (3473754) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $589301403 |
| <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | <br> The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | <br> 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| |
|:---|
| **Investment Abbreviations:** |
| ADR —American Depositary Receipt |
| ETF —Exchange Traded Fund |
| LLC —Limited Liability Company |
| PLC —Public Limited Company |
| REIT—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Multi-Manager<br>International<br>Equity Fund** | **Multi-Manager<br>U.S. Small Cap<br>Equity Fund** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,111,271,525 and $470,911,685, respectively) | $1595444339 | $566360919 |
|  Investments in affiliated issuers, at value (cost $55,570,939 and $26,414,238, respectively) | 55570939 | 26414238 |
|  Cash | 1216696 | 1220759 |
|  Foreign currencies, at value (cost $81,949 and $0, respectively) | 82128 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 5580022 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2992981 | 944845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2463379 | 187464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 242640 | 107060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 227041 |  |
|  Other assets | 13937 | 13328 |
|  **Total assets** | 1663834102 | 595248613 |
| Liabilities: |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3014992 | 3337662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 810528 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 494112 | 298996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 90352 | 193464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 86341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency fees | 14509 | 5295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | 1977278 |
|  Accrued expenses | 397322 | 134515 |
|  **Total liabilities** | 4908156 | 5947210 |
| Net Assets: |  |  |
|  Paid-in capital | 1075443399 | 462089374 |
|  Total distributable earnings | 583482547 | 127212029 |
|  **NET ASSETS** | $1658925946 | $589301403 |
|  Shares Outstanding $0.001 par value (unlimited shares authorized): | 97343317 | 42774971 |
|  Net asset value, offering and redemption price per share: | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Multi-Manager<br>International<br>Equity Fund** | **Multi-Manager<br>U.S. Small Cap<br>Equity Fund** |
| Investment Income: |  |  |
|  Dividends — unaffiliated issuers (net of tax withholding of $2,482,877 and $17,312, respectively) | $34854619 | $5677097 |
|  Dividends — affiliated issuers | 1910721 | 1099363 |
|  **Total investment income** | 36765340 | 6776460 |
| Expenses: |  |  |
|  Management fees | 9606425 | 4489493 |
|  Custody, accounting and administrative services | 1088796 | 655340 |
|  Transfer Agency fees | 320214 | 119720 |
|  Professional fees | 300410 | 199873 |
|  Registration fees | 47455 | 42774 |
|  Trustee fees | 30615 | 28382 |
|  Printing and mailing costs | 27378 | 27786 |
|  Other | 54090 | 44438 |
|  **Total expenses** | 11475383 | 5607806 |
|  Less — expense reductions | (3218108) | (1052958) |
|  **Net expenses** | 8257275 | 4554848 |
|  **NET INVESTMENT INCOME** | 28508065 | 2221612 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including commission recapture of $10,944 and $39,732, respectively) | 111490569 | 45759387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 15640 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 57854 | 4 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $10,398 and $0, respectively) | 157314834 | (5660867) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 436 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 355516 |  |
|  **Net realized and unrealized gain** | 269234849 | 40098524 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $297742914 | $42320136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;28508065 | $&nbsp;&nbsp;&nbsp;&nbsp;28185241 | $&nbsp;&nbsp;&nbsp;&nbsp;2221612 | $&nbsp;&nbsp;&nbsp;&nbsp;4211125 |
|  Net realized gain | 111564063 | 91540251 | 45759391 | 62247919 |
|  Net change in unrealized gain (loss) | 157670786 | 180120167 | (5660867) | 118731382 |
|  **Net increase in net assets resulting from operations** | 297742914 | 299845659 | 42320136 | 185190426 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings | (119846062) | (22657088) | (58944862) | (5116836) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 370238512 | 255706702 | 179119154 | 121492031 |
|  Reinvestment of distributions | 119846062 | 22657088 | 58944862 | 5116836 |
|  Cost of shares redeemed | (594955708) | (190703467) | (182107004) | (478327989) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (104871134) | 87660323 | 55957012 | (351719122) |
|  **TOTAL INCREASE (DECREASE)** | 73025718 | 364848894 | 39332286 | (171645532) |
| Net assets: |  |  |  |  |
|  Beginning of year | 1585900228 | 1221051334 | 549969117 | 721614649 |
|  End of year | $1658925946 | $1585900228 | $589301403 | $549969117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

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MULTI-MANAGER INTERNATIONAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $15.24 | $12.45 | $10.94 | $15.42 | $11.16 |
|  Net investment income<sup>(a)</sup>  | 0.28 | 0.28 <sup>(b)</sup> | 0.22 <sup>(c)</sup> | 0.19 | 0.22 |
|  Net realized and unrealized gain (loss) | 2.62 | 2.74 | 1.45 | (3.52) | 4.17 |
|  Total from investment operations | 2.90 | 3.02 | 1.67 | (3.33) | 4.39 |
|  Distributions to shareholders from net investment income | (0.27) | (0.23) | (0.16) | (0.23) | (0.13) |
|  Distributions to shareholders from net realized gains | (0.83) |  |  | (0.92) |  |
|  Total distributions | (1.10) | (0.23) | (0.16) | (1.15) | (0.13) |
|  Net asset value, end of year | $17.04 | $15.24 | $12.45 | $10.94 | $15.42 |
|  **Total return<sup>(d)</sup>**  | 20.51% | 24.42% | 15.32% | (23.15)% | 39.46% |
|  Net assets, end of year (in 000s) | $1658926 | $1585900 | $1221051 | $1159020 | $1373200 |
|  Ratio of net expenses to average net assets | 0.52% | 0.52% | 0.54% | 0.56% | 0.56% |
|  Ratio of total expenses to average net assets | 0.72% | 0.71% | 0.71% | 0.73% | 0.72% |
|  Ratio of net investment income to average net assets | 1.78% | 1.89 %<sup>(b)</sup> | 1.70 %<sup>(c)</sup> | 1.50% | 1.50% |
|  Portfolio turnover rate<sup>(e)</sup>  | 43% | 68% | 35% | 39% | 61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from withholding tax reclaims which amounted to $0.02 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Reflects income recognized from withholding tax reclaims which amounted to $0.01 per share and 0.09% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $14.49 | $11.56 | $12.23 | $17.45 | $12.14 |
|  Net investment income<sup>(a)</sup>  | 0.05 | 0.07 | 0.07 | 0.05 | 0.03 <sup>(b)</sup> |
|  Net realized and unrealized gain (loss) | 0.77 | 2.94 | (0.68) | (2.47) | 5.31 |
|  Total from investment operations | 0.82 | 3.01 | (0.61) | (2.42) | 5.34 |
|  Distributions to shareholders from net investment income | (0.13) | (0.08) | (0.06) | (0.03) | (0.03) |
|  Distributions to shareholders from net realized gains | (1.40) |  |  | (2.77) |  |
|  Total distributions | (1.53) | (0.08) | (0.06) | (2.80) | (0.03) |
|  Net asset value, end of year | $13.78 | $14.49 | $11.56 | $12.23 | $17.45 |
|  **Total return<sup>(c)</sup>**  | 5.58% | 26.12% | (5.00)% | (15.77)% | 44.07% |
|  Net assets, end of year (in 000s) | $589301 | $549969 | $721615 | $680833 | $647500 |
|  Ratio of net expenses to average net assets | 0.76% | 0.71% | 0.71% | 0.73% | 0.75% |
|  Ratio of total expenses to average net assets | 0.94% | 0.89% | 0.89% | 0.90% | 0.92% |
|  Ratio of net investment income to average net assets | 0.37% | 0.51% | 0.58% | 0.35% | 0.17 %<sup>(b)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 112% | 69% | 62% | 57% | 105% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Reflects income recognized from special dividends which amounted to $0.02 per share and 0.12% of average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust II (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ Non-diversified** |
| Multi-Manager International Equity Fund | Class P | Diversified |
| Multi-Manager U.S. Small Cap Equity Fund | Class P | Diversified |

---

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. As of October 31, 2025, GSAM had sub-advisory agreements (the "Sub-Advisory Agreements") for the Multi-Manager International Equity Fund with Causeway Capital Management LLC, Massachusetts Financial Services Company, doing business as MFS Investment Management, and WCM Investment Management, LLC and for the Multi-Manager U.S. Small Cap Equity Fund with Boston Partners Global Investors, Inc., Brown Advisory LLC, Victory Capital Management, Inc., and Westfield Capital Management Company, L.P., (the "Underlying Managers"). Pursuant to the terms of the Sub-Advisory Agreements, the Underlying Managers are responsible for making investment decisions and managing the investments of the applicable Fund. GSAM compensates the Underlying Managers directly in accordance with the terms of the applicable Sub-Advisory Agreements. The Funds are not charged any separate or additional investment advisory fees by the Underlying Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are

allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**18**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 ("Valuation Procedures"), 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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (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.

&nbsp;&nbsp;&nbsp;&nbsp;A. 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**20**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;B. 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. 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 investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER INTERNATIONAL EQUITY FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $66960531 | $338264169 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 3929633 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 41157950 | 931975137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 134443366 | 60499721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 18213832 |  |  |
|  Investment Company | 55570939 |  |  |
|  **Total** | $316346618 | $1334668660 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER U.S. SMALL CAP EQUITY FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $1332858 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 21825879 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 542027315 |  | 5809 |
|  Exchange Traded Funds | 1169058 |  |  |
|  Investment Company | 26414238 |  |  |
|  **Total** | $592769348 | $— | $5809 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the Multi-Manager International Equity Fund's gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains

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**22**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

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| | | | |
|:---|:---|:---|:---|
| **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** |
| **Risk** | **Statements of Operations** | **Net Realized Gain** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Currency | Net realized gain from forward foreign currency exchange contracts/Net change in unrealized gain on forward foreign currency exchange contracts | $15640 | $436 |

---

For the fiscal year ended October 31, 2025, the relevant values for each derivative type were as follows:

---

| | |
|:---|:---|
|  | **Average Notional Amounts<sup>(a)</sup>** |
| **Fund** | **Forward<br>Contracts** |
|  Multi-Manager International Equity Fund | $215933 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent notional amounts for forward contracts, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives for the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For the fiscal year ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

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| | | |
|:---|:---|:---|
| **Fund** | **Contractual Management Rate** | **Effective Net<br>Management<br>Rate#\*** |
|  Multi-Manager International Equity Fund | 0.60% | 0.40% |
|  Multi-Manager U.S. Small Cap Equity Fund | 0.75 | 0.57 |

---

\* GSAM has agreed to waive a portion of its management fee for each Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to the Fund's Underlying Managers. These arrangements will remain in effect through at least February 28, 2026, and prior to such date, GSAM may not terminate the applicable arrangement without the approval of the Trustees. 

# Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest. For the fiscal year ended October 31, 2025, the management fees waived by GSAM for each Fund was as follows:

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| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Multi-Manager International Equity Fund | $72284 |
|  Multi-Manager U.S. Small Cap Equity Fund | 41560 |

---

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**23**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.02% of the average daily net assets of Class P Shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Total Annual Operating Expense limitations as an annual percentage rate of average daily net assets for the Multi-Manager International Equity and Multi-Manager U.S. Small Cap Equity Funds are 0.57% and 0.80%, respectively. These Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the fiscal year ended October 31, 2025, these expense reductions, including any fee waivers, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waiver** |
|  Multi-Manager International Equity Fund | $3218108 |
|  Multi-Manager U.S. Small Cap Equity Fund | 1052958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Line of Credit Facility — As of October 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;E. Other Transactions with Affiliates — For the fiscal year ended October 31, 2025, Goldman Sachs earned $7,448 and $2,361 in brokerage commissions from portfolio transactions on behalf of the Multi-Manager International Equity and Multi-Manager U.S. Small Cap Equity Funds, respectively.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of**<br> **October 31,**<br> **2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending Value as of**<br> **October 31,**<br> **2025** | **Shares as of**<br> **October 31,**<br> **2025** | **Dividend<br>Income** |
|  Multi-Manager<br>International Equity<br>Fund | Goldman Sachs<br>Financial Square<br>Government Fund —<br>Institutional Shares | $57892238 | $1092245810 | $(1094567109) | $55570939 | 55570939 | $1910721 |
|  Multi-Manager<br>U.S. Small Cap<br>Equity Fund | Goldman Sachs<br>Financial Square<br>Government Fund —<br>Institutional Shares | 24476895 | 505249644 | (503312301) | 26414238 | 26414238 | 1099363 |

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**24**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Multi-Manager International Equity Fund | $665761128 | $867641034 |
|  Multi-Manager U.S. Small Cap Equity Fund | 639531896 | 635971743 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
|  | **Multi-Manager<br>International<br>Equity Fund** | **Multi-Manager<br>U.S. Small Cap<br>Equity Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $53397825 | $19286646 |
|  Net long-term capital gains | 66448237 | 39658216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $119846062 | $58944862 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Multi-Manager<br>International<br>Equity Fund** | **Multi-Manager<br>U.S. Small Cap<br>Equity Fund** |
|  Distributions paid from: |  |  |
|  Ordinary income | $22657088 | $5116836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $22657088 | $5116836 |

---

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Multi-Manager<br>International<br>Equity Fund** | **Multi-Manager<br>U.S. Small Cap<br>Equity Fund** |
|  Undistributed ordinary income — net | $54154346 | $17289921 |
|  Undistributed long-term capital gains | 89135680 | 34805919 |
|  Total Undistributed Earnings | $143290026 | $52095840 |
|  Capital loss carryforwards: |  |  |
|  Unrealized gains (loss) — net | $440192521 | $75116189 |
|  Total accumulated earnings (loss) net | $583482547 | $127212029 |

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**25**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

As of October 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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| | | |
|:---|:---|:---|
|  | **Multi-Manager<br>International<br>Equity Fund** | **Multi-Manager<br>U.S. Small Cap<br>Equity Fund** |
|  Tax Cost | $1210954349 | $517658968 |
|  Gross unrealized gain | 469729235 | 99588462 |
|  Gross unrealized loss | (29536714) | (24472273) |
|  Net unrealized gain | $440192521 | $75116189 |

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The difference between GAAP-basis and tax basis unrealized gains/(losses) is attributable primarily to wash sales, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

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

Asset Allocation Risk — The Funds' allocations to the various asset classes and to the Underlying Managers may cause the Funds to underperform other funds with a similar investment objective.

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

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**26**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

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

Geographic Risk — If 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.

Index/Tracking Error Risk — To the extent that an index-tracking strategy or implementation of a sub-strategy by a transition manager is used with respect to a portion of a Fund's assets, including through investment in an ETF that seeks to track an index or implementation of an index-tracking strategy, the Fund will be negatively affected by general declines in the securities and asset classes represented in the relevant index. There is no guarantee that the Fund, or relevant portion of the Fund, will achieve a high degree of correlation to the relevant index. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability, or the ability of an ETF in which it invests, to adjust its exposure to the required levels in order for the relevant portion of the Fund to track the relevant index. In addition, because that portion of the Fund is not "actively" managed, unless a specific security is removed from the relevant index, the Fund or an ETF in which it invests generally would not sell a security because the security's issuer was in financial trouble. At times when an index-tracking strategy is used with respect to a portion of the Fund's assets, the Fund's performance could be lower than funds that may actively shift all of their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Funds may outperform or underperform other funds that invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase.

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

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**27**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

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, declining prices of the securities sold, 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 a 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, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact 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 a Fund has unsettled or open transactions defaults.

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

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.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum

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**28**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS (continued)

exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** | **Multi-Manager International Equity Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class P Shares |  |  |  |  |
|  Shares sold | 24266363 | $370238512 | 17335647 | $255706702 |
|  Reinvestment of distributions | 8392775 | 119846062 | 1650188 | 22657088 |
|  Shares redeemed | (39356891) | (594955708) | (12988352) | (190703467) |
| NET INCREASE (DECREASE) | (6697753) | $(104871134) | 5997483 | $87660323 |
|  | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** | **Multi-Manager U.S. Small Cap Equity Fund** |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| Class P Shares |  |  |  |  |
|  Shares sold | 14118971 | $179119154 | 8746296 | $121492031 |
|  Reinvestment of distributions | 4229368 | 58944862 | 383571 | 5116836 |
|  Shares redeemed | (13533773) | (182107004) | (33568277) | (478327989) |
| NET INCREASE (DECREASE) | 4814566 | $55957012 | (24438410) | $(351719122) |

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**29**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust II and Shareholders of Multi-Manager International Equity Fund and Multi-Manager U.S. Small Cap Equity Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Multi-Manager International Equity Fund and Multi-Manager U.S. Small Cap Equity Fund (two of the funds constituting Goldman Sachs Trust II, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, MA

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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**30**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory</u>

<u>Agreements (Unaudited)</u>

#### Background
The Multi-Manager International Equity Fund and Multi-Manager U.S. Small Cap Equity Fund (the "Funds") are investment portfolios of Goldman Sachs Trust II (the "Trust"). The Board of Trustees (the "Board") oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. Each Fund employs a "manager of managers" structure, whereby Goldman Sachs Asset Management, L.P. (the "Investment Adviser") is responsible for selecting sub-advisers (subject to Board approval), allocating the Fund's assets among them, and overseeing their day-to-day management of Fund assets. The Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with the Investment Adviser on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting"). At the Annual Meeting, the Board also considered the sub-advisory agreements (each a "Designated Sub-Advisory Agreement" and, together with the Management Agreement, the "Agreements") between the Investment Adviser and (i) each of Causeway Capital Management LLC, Massachusetts Financial Services Company (d/b/a MFS Investment Management), and WCM Investment Management, LLC (on behalf of Multi-Manager International Equity Fund); and (ii) each of Boston Partners Global Investors, Inc., Brown Advisory, LLC, Victory Capital Management, Inc., and Westfield Capital Management Company, L.P. (on behalf of Multi-Manager U.S. Small Cap Equity Fund) (each, a "Designated Sub-Adviser" and collectively, the "Designated Sub-Advisers").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement and the Designated Sub-Advisory Agreements were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, and the Designated Sub-Advisers, including, as applicable, information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and the Designated Sub-Advisers and the Designated Sub-Advisers' portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), a benchmark performance index, and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Agreements and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

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**31**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory</u>

<u>Agreements (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to the Investment Adviser, portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; information on the Designated Sub-Advisers' compensation arrangements; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the nature and quality of the services provided to the Fund by its unaffiliated service providers (as well as the Designated Sub-Advisers), and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Investment Adviser's and Designated Sub-Advisers' processes and policies addressing various types of potential conflicts of interest; their approaches to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets and share purchase and redemption activity. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board has responsibility. In evaluating the Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates and Designated Sub-Advisers, their respective services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. In addition, the Trustees periodically received written materials and oral presentations from the Funds' various sub-advisers, including the Designated Sub-Advisers. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. The Trustees reviewed a written response prepared by each Designated Sub-Adviser to a similar request for information submitted to the Designated Sub-Adviser by the Investment Adviser. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment

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**32**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory</u>

<u>Agreements (Unaudited) (continued)</u>

Adviser's and the Funds' various sub-advisers' efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates. In addition, the Trustees reviewed the sub-adviser oversight process that the Investment Adviser had employed, which included areas such as investment analytics, risk management, and compliance.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2024, and information prepared by the Investment Adviser comparing each Fund's investment performance to its benchmark index as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees considered the Investment Adviser's representations that each Fund had significant differences from its Outside Data Provider peer group that caused it to be an imperfect basis for comparison.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and the Designated Sub-Advisers' portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Multi-Manager International Equity Fund had placed in the top half of the Fund's performance peer groupThi for the one-, three-, and five-year periods ended December 31, 2024, and had outperformed the Fund's benchmark index for the one-, three-, and five-year periods ended March 31, 2025. They noted that the Multi-Manager U.S. Small Cap Equity Fund's Institutional Shares had placed in the top half of the Fund's performance peer group for the three- and five-year periods and in the fourth quartile for the one-year period ended December 31, 2024, and had outperformed the Fund's benchmark index for the three-year period and underperformed for the one- and five-year periods ended March 31, 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds, as well as additional information provided by the Investment Adviser throughout the year. The analyses provided a comparison of each Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/ reimbursements to those of the peer group and category medians. The Trustees also considered comparative fee information for services provided by the Investment Adviser to collective investment vehicles having investment objectives and policies similar to those of the Funds. The Trustees considered that services provided to the Funds differed in various significant respects from the services provided to these collective investment vehicles, which generally operated under less stringent regulatory and financial reporting requirements and required fewer services from the Investment Adviser. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and expense limitations. In this regard the Trustees noted that shareholders that are invested in the Funds consist of institutional clients that have entered into a separate management agreement with the Investment Adviser and pay a single management fee for the Investment Adviser's management of their accounts, and that the Investment Adviser waives a portion of the management fee with respect to each Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to the Fund's sub-advisers. In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory</u>

<u>Agreements (Unaudited) (continued)</u>

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered that the Funds are offered to the Investment Adviser's institutional clients as part of an investment program whereby the Funds and other funds act as core "building blocks" for the client's portfolio. The Trustees considered the Investment Adviser's representations that its clients benefit from this investment model with increased liquidity, increased investment oversight, access to new investment strategies, economies of scale, and reduced complexity in managing client portfolios. The Trustees noted that, pursuant to the model, clients pay a management fee for the Investment Adviser's management of their accounts, and that the fund-level management fees in excess of the weighted average sub-advisory fees are waived in order to avoid charging two layers of management fees.

The Trustees considered that there are no breakpoints in the fee rate payable under the Management Agreement for each of the Funds. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits (if any); information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's undertakings to waive a portion of its management fee and to limit certain expenses of the Funds that exceed specified levels. The Trustees also considered the relationship between the advisory and sub-advisory fee rate schedules.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities transactions (in its capacity as clearing broker) and futures transactions on behalf of the Funds; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs' retention of fees earned by the Investment Adviser and certain affiliates directly from certain clients who invest in the Funds in connection with a broader advisory arrangement; (f) the Investment Adviser's ability to negotiate better pricing with the Funds' custodian on behalf of its other clients, as a result of the relationship with the Funds; (g) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers, including the Funds' sub-advisers, may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (e) the Funds' ability to aggregate assets managed by certain sub-advisers with those of other clients of the Investment Adviser for

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**34**

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ACTIVE EQUITY MULTI-MANAGER FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory</u>

<u>Agreements (Unaudited) (continued)</u>

purposes of applying breakpoints in a sub-advisory agreement; and (f) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

#### Designated Sub-Advisory Agreements

#### Nature, Extent, and Quality of the Services Provided Under the Designated Sub-Advisory Agreements and Performance
In evaluating the Designated Sub-Advisory Agreements, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and the Designated Sub-Advisers. In evaluating the nature, extent, and quality of services provided by each Designated Sub-Adviser, the Trustees considered information on the services provided to the Funds by their respective Designated Sub-Advisers, including information about each Designated Sub-Adviser's (a) personnel and compensation structure; (b) track record in managing the Fund and, if applicable, other funds and/or accounts with investment strategies similar to those employed on behalf of the Funds; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they also considered assessments provided by the Investment Adviser of each Designated Sub-Adviser, the Designated Sub-Adviser's investment strategies and personnel, and its compliance program. The Trustees also considered information regarding each Designated Sub-Adviser's efforts relating to business continuity planning. The Trustees also reviewed the operations and investment performance of each Designated Sub-Adviser's respective sleeve of the applicable Fund since its inception, including a comparison of each Designated Sub-Adviser to relevant benchmark indices based on various metrics.

#### Costs of Services Provided
The Trustees reviewed the terms of each Designated Sub-Advisory Agreement, including the schedule of fees payable to the Designated Sub-Advisers. They considered any breakpoints in the sub-advisory fee rate payable under each Designated Sub-Advisory Agreement. The Trustees noted that the compensation paid to each Designated Sub-Adviser is paid by the Investment Adviser, not by the Funds. The Trustees considered that certain Designated Sub-Advisers had agreed to reduce their sub-advisory fee rate, which benefited shareholders of the applicable Funds in light of the existing management fee waiver arrangement. The Trustees reviewed the blended average of all sub-advisory fees paid by the Investment Adviser with respect to each Fund in light of the overall management fee paid by each Fund. They also considered the Investment Adviser's undertaking to waive a portion of its management fee which is in excess of the weighted average of each Fund's sub-advisory fees.

#### Conclusion
In connection with their consideration of the Designated Sub-Advisory Agreements, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees, including the Independent Trustees, unanimously concluded, in the exercise of their business judgment, that the sub-advisory fees paid by the Investment Adviser to each Designated Sub-Adviser were reasonable in light of the factors considered, and that each Designated Sub-Advisory Agreement should be approved and continued until June 30, 2026.

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**35**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Trust – Active Equity Multi-Manager Funds - Tax Information (Unaudited)
For the year ended October 31, 2025, 0.38 % and 35.69% of the dividends paid from net investment company taxable income by the Multi-Manager International Equity and Multi-Manager U.S. Small Cap Equity Funds qualify for the dividends received deduction available to corporations.

For the year ended October 31, 2025, 60.12% and 36.31% of the dividends paid from net investment company taxable income by the Multi-Manager International Equity and Multi-Manager U.S. Small Cap Equity Funds qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

From distributions paid during the year ended October 31, 2025, the total amount of income received by the Multi-Manager International Equity Fund from sources within foreign countries and possessions of the United States was $0.2324 per share, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the Multi-Manager International Equity Fund was 89.56%. The total amount of taxes paid by the Multi-Manager International Equity Fund to such countries was $0.0061 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**36**

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![LOGO](g92279dsp040.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. MMGRFDSAR-25

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![LOGO](g93558dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements October 31, 2025 Multi-Manager High Yield Bond Fund

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## Multi-Manager High Yield Bond Fund

---

| | |
|:---|:---|
|  **TABLE OF CONTENTS** |  |
|  **[Schedule of Investments](#mmhyb93558_1)** | 1 |
|  **[Financial Statements](#mmhyb93558_2)** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#mmhyb93558_3) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#mmhyb93558_4) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#mmhyb93558_5) | 21 |
|  **[Financial Highlights](#mmhyb93558_6)** | 22 |
|  **[Notes to Financial Statements](#mmhyb93558_7)** | 23 |
|  **[Report of Independent Registered Public Accounting Firm](#mmhyb93558_8)** | 36 |
|  **[Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements](#mmhyb93558_9)** | 37 |
|  **[Other Information](#mmhyb93558_10)** | 40 |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 86.6% | Corporate Obligations – 86.6% | Corporate Obligations – 86.6% | Corporate Obligations – 86.6% |
| Advertising<sup>(a)</sup> – 1.0% | Advertising<sup>(a)</sup> – 1.0% | Advertising<sup>(a)</sup> – 1.0% | Advertising<sup>(a)</sup> – 1.0% |
| Clear Channel Outdoor Holdings, Inc. <sup>(b)</sup> | Clear Channel Outdoor Holdings, Inc. <sup>(b)</sup> | Clear Channel Outdoor Holdings, Inc. <sup>(b)</sup> | Clear Channel Outdoor Holdings, Inc. <sup>(b)</sup> |
| $1385000 | 7.750% | 04/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376399 |
| 1565000 | 7.500 | 06/01/29 | 1535656 |
| 235000 | 7.875 | 04/01/30 | 246435 |
| 269000 | 7.125 | 02/15/31 | 277395 |
| 92000 | 7.500 | 03/15/33 | 96284 |
| Dotdash Meredith, Inc. <sup>(b)</sup> | Dotdash Meredith, Inc. <sup>(b)</sup> | Dotdash Meredith, Inc. <sup>(b)</sup> | Dotdash Meredith, Inc. <sup>(b)</sup> |
| 350000 | 7.625 | 06/15/32 | 314657 |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 4240000 | 3.750 | 02/15/28 | 4123994 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(b)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(b)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(b)</sup> | Outfront Media Capital LLC/Outfront Media Capital Corp. <sup>(b)</sup> |
| 405000 | 4.250 | 01/15/29 | 390975 |
| 1115000 | 4.625 | 03/15/30 | 1074983 |
| 1030000 | 7.375 | 02/15/31 | 1089009 |
| Stagwell Global LLC <sup>(b)</sup> | Stagwell Global LLC <sup>(b)</sup> | Stagwell Global LLC <sup>(b)</sup> | Stagwell Global LLC <sup>(b)</sup> |
| 1250000 | 5.625 | 08/15/29 | 1190938 |
|  |  |  | 11716725 |
| Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% | Aerospace & Defense – 2.0% |
| AAR Escrow Issuer LLC <sup>(a)(b)</sup> | AAR Escrow Issuer LLC <sup>(a)(b)</sup> | AAR Escrow Issuer LLC <sup>(a)(b)</sup> | AAR Escrow Issuer LLC <sup>(a)(b)</sup> |
| 840000 | 6.750 | 03/15/29 | 867292 |
| ATI, Inc. <sup>(a)</sup> | ATI, Inc. <sup>(a)</sup> | ATI, Inc. <sup>(a)</sup> | ATI, Inc. <sup>(a)</sup> |
| 325000 | 7.250 | 08/15/30 | 341338 |
| Bombardier, Inc. <sup>(b)</sup> | Bombardier, Inc. <sup>(b)</sup> | Bombardier, Inc. <sup>(b)</sup> | Bombardier, Inc. <sup>(b)</sup> |
| 625000 | 6.000 <sup>(a)</sup> | 02/15/28 | 626231 |
| 675000 | 7.500 <sup>(a)</sup> | 02/01/29 | 703161 |
| 1675000 | 8.750 <sup>(a)</sup> | 11/15/30 | 1808096 |
| 755000 | 7.250 <sup>(a)</sup> | 07/01/31 | 801606 |
| 645000 | 7.000 <sup>(a)</sup> | 06/01/32 | 676579 |
| 1300000 | 6.750 <sup>(a)</sup> | 06/15/33 | 1364519 |
| 2300000 | 7.450 | 05/01/34 | 2557922 |
| Moog, Inc. <sup>(a)(b)</sup> | Moog, Inc. <sup>(a)(b)</sup> | Moog, Inc. <sup>(a)(b)</sup> | Moog, Inc. <sup>(a)(b)</sup> |
| 780000 | 4.250 | 12/15/27 | 771217 |
| TransDigm, Inc. <sup>(a)</sup> | TransDigm, Inc. <sup>(a)</sup> | TransDigm, Inc. <sup>(a)</sup> | TransDigm, Inc. <sup>(a)</sup> |
| 1355000 | 6.750 <sup>(b)</sup> | 08/15/28 | 1383631 |
| 2760000 | 4.625 | 01/15/29 | 2714929 |
| 3550000 | 6.375 <sup>(b)</sup> | 03/01/29 | 3645353 |
| 1705000 | 6.625 <sup>(b)</sup> | 03/01/32 | 1762868 |
| 525000 | 6.000 <sup>(b)</sup> | 01/15/33 | 533631 |
| 900000 | 6.375 <sup>(b)</sup> | 05/31/33 | 917757 |
| 275000 | 6.250 <sup>(b)</sup> | 01/31/34 | 284204 |
| 1085000 | 6.750 <sup>(b)</sup> | 01/31/34 | 1124733 |
|  |  |  | 22885067 |
| Agriculture<sup>(a)(b)</sup> – 0.1% | Agriculture<sup>(a)(b)</sup> – 0.1% | Agriculture<sup>(a)(b)</sup> – 0.1% | Agriculture<sup>(a)(b)</sup> – 0.1% |
| Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| 875000 | 6.000 | 06/15/30 | 884844 |
| Airlines<sup>(b)</sup> – 0.8% | Airlines<sup>(b)</sup> – 0.8% | Airlines<sup>(b)</sup> – 0.8% | Airlines<sup>(b)</sup> – 0.8% |
| American Airlines, Inc. <sup>(a)</sup> | American Airlines, Inc. <sup>(a)</sup> | American Airlines, Inc. <sup>(a)</sup> | American Airlines, Inc. <sup>(a)</sup> |
| 625000 | 7.250 | 02/15/28 | 639388 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| 1250000 | 5.750 | 04/20/29 | 1259012 |
| JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> |
| 1060000 | 9.875 | 09/20/31 | 1041577 |
| United Airlines, Inc. <sup>(a)</sup> | United Airlines, Inc. <sup>(a)</sup> | United Airlines, Inc. <sup>(a)</sup> | United Airlines, Inc. <sup>(a)</sup> |
| 1175000 | 4.375 | 04/15/26 | 1172626 |
| 750000 | 4.625 | 04/15/29 | 742793 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Airlines<sup>(b)</sup> – (continued) | Airlines<sup>(b)</sup> – (continued) | Airlines<sup>(b)</sup> – (continued) | Airlines<sup>(b)</sup> – (continued) |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)</sup> |
| 575000 | 7.875% | 05/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583832 |
| 950000 | 9.500 | 06/01/28 | 986138 |
| 3110000 | 6.375 | 02/01/30 | 3000808 |
|  |  |  | 9426174 |
| Apparel<sup>(a)(b)</sup> – 0.9% | Apparel<sup>(a)(b)</sup> – 0.9% | Apparel<sup>(a)(b)</sup> – 0.9% | Apparel<sup>(a)(b)</sup> – 0.9% |
| Beach Acquisition Bidco LLC <sup>(c)</sup> (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC <sup>(c)</sup> (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC <sup>(c)</sup> (PIK 10.750%, Cash 10.000%) | Beach Acquisition Bidco LLC <sup>(c)</sup> (PIK 10.750%, Cash 10.000%) |
| 4950000 | 10.000 | 07/15/33 | 5242619 |
| Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. | Champ Acquisition Corp. |
| 985000 | 8.375 | 12/01/31 | 1049153 |
| Kontoor Brands, Inc. | Kontoor Brands, Inc. | Kontoor Brands, Inc. | Kontoor Brands, Inc. |
| 675000 | 4.125 | 11/15/29 | 642168 |
| Wolverine World Wide, Inc. | Wolverine World Wide, Inc. | Wolverine World Wide, Inc. | Wolverine World Wide, Inc. |
| 3185000 | 4.000 | 08/15/29 | 2915262 |
|  |  |  | 9849202 |
| Automotive – 2.4% | Automotive – 2.4% | Automotive – 2.4% | Automotive – 2.4% |
| Adient Global Holdings Ltd. <sup>(a)(b)</sup> | Adient Global Holdings Ltd. <sup>(a)(b)</sup> | Adient Global Holdings Ltd. <sup>(a)(b)</sup> | Adient Global Holdings Ltd. <sup>(a)(b)</sup> |
| 475000 | 7.000 | 04/15/28 | 486296 |
| 540000 | 8.250 | 04/15/31 | 563960 |
| American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> | American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> | American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> | American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> |
| 350000 | 6.375 | 10/15/32 | 351313 |
| 675000 | 7.750 | 10/15/33 | 675979 |
| Aston Martin Capital Holdings Ltd. <sup>(a)(b)</sup> | Aston Martin Capital Holdings Ltd. <sup>(a)(b)</sup> | Aston Martin Capital Holdings Ltd. <sup>(a)(b)</sup> | Aston Martin Capital Holdings Ltd. <sup>(a)(b)</sup> |
| 1000000 | 10.000 | 03/31/29 | 887680 |
| Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> |
| 615000 | 6.750 | 02/15/30 | 638376 |
| 1115000 | 6.750 | 09/15/32 | 1145663 |
| Dana, Inc. <sup>(a)</sup> | Dana, Inc. <sup>(a)</sup> | Dana, Inc. <sup>(a)</sup> | Dana, Inc. <sup>(a)</sup> |
| 475000 | 5.625 | 06/15/28 | 474953 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 1365000 | 4.750 | 01/15/43 | 1099821 |
| Ford Motor Credit Co. LLC <sup>(a)</sup> | Ford Motor Credit Co. LLC <sup>(a)</sup> | Ford Motor Credit Co. LLC <sup>(a)</sup> | Ford Motor Credit Co. LLC <sup>(a)</sup> |
| 425000 | 5.800 | 03/08/29 | 432212 |
| 425000 | 5.875 | 11/07/29 | 433419 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL <sup>(a)(b)</sup> | Garrett Motion Holdings, Inc./Garrett LX I SARL <sup>(a)(b)</sup> | Garrett Motion Holdings, Inc./Garrett LX I SARL <sup>(a)(b)</sup> | Garrett Motion Holdings, Inc./Garrett LX I SARL <sup>(a)(b)</sup> |
| 1220000 | 7.750 | 05/31/32 | 1284245 |
| Goodyear Tire & Rubber Co. <sup>(a)</sup> | Goodyear Tire & Rubber Co. <sup>(a)</sup> | Goodyear Tire & Rubber Co. <sup>(a)</sup> | Goodyear Tire & Rubber Co. <sup>(a)</sup> |
| 835000 | 5.000 | 07/15/29 | 794452 |
| JB Poindexter & Co., Inc. <sup>(a)(b)</sup> | JB Poindexter & Co., Inc. <sup>(a)(b)</sup> | JB Poindexter & Co., Inc. <sup>(a)(b)</sup> | JB Poindexter & Co., Inc. <sup>(a)(b)</sup> |
| 1675000 | 8.750 | 12/15/31 | 1752820 |
| New Flyer Holdings, Inc. <sup>(a)(b)</sup> | New Flyer Holdings, Inc. <sup>(a)(b)</sup> | New Flyer Holdings, Inc. <sup>(a)(b)</sup> | New Flyer Holdings, Inc. <sup>(a)(b)</sup> |
| 1195000 | 9.250 | 07/01/30 | 1271946 |
| Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> |
| 475000 | 5.625 | 09/29/28 | 474829 |
| 625000 | 6.125 | 09/30/30 | 619481 |
| Nissan Motor Co. Ltd. <sup>(a)(b)</sup> | Nissan Motor Co. Ltd. <sup>(a)(b)</sup> | Nissan Motor Co. Ltd. <sup>(a)(b)</sup> | Nissan Motor Co. Ltd. <sup>(a)(b)</sup> |
| 1480000 | 7.500 | 07/17/30 | 1543152 |
| 1610000 | 4.810 | 09/17/30 | 1507395 |
| 950000 | 7.750 | 07/17/32 | 1003542 |
| Phinia, Inc. <sup>(a)(b)</sup> | Phinia, Inc. <sup>(a)(b)</sup> | Phinia, Inc. <sup>(a)(b)</sup> | Phinia, Inc. <sup>(a)(b)</sup> |
| 1380000 | 6.750 | 04/15/29 | 1425650 |
| 325000 | 6.625 | 10/15/32 | 334646 |
| PM General Purchaser LLC <sup>(a)(b)</sup> | PM General Purchaser LLC <sup>(a)(b)</sup> | PM General Purchaser LLC <sup>(a)(b)</sup> | PM General Purchaser LLC <sup>(a)(b)</sup> |
| 1300000 | 9.500 | 10/01/28 | 1130506 |
| Qnity Electronics, Inc. <sup>(a)(b)</sup> | Qnity Electronics, Inc. <sup>(a)(b)</sup> | Qnity Electronics, Inc. <sup>(a)(b)</sup> | Qnity Electronics, Inc. <sup>(a)(b)</sup> |
| 100000 | 5.750 | 08/15/32 | 101718 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive – (continued) | Automotive – (continued) | Automotive – (continued) | Automotive – (continued) |
| 75000 | 6.250% | 08/15/33 | 77059 |
| Real Hero Merger Sub 2, Inc. <sup>(a)(b)</sup> | Real Hero Merger Sub 2, Inc. <sup>(a)(b)</sup> | Real Hero Merger Sub 2, Inc. <sup>(a)(b)</sup> | Real Hero Merger Sub 2, Inc. <sup>(a)(b)</sup> |
| 1445000 | 6.250 | 02/01/29 | 841366 |
| Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> |
| 2955000 | 8.000 | 11/17/28 | 2948410 |
| Titan International, Inc. <sup>(a)</sup> | Titan International, Inc. <sup>(a)</sup> | Titan International, Inc. <sup>(a)</sup> | Titan International, Inc. <sup>(a)</sup> |
| 1000000 | 7.000 | 04/30/28 | 1002420 |
| Wabash National Corp. <sup>(a)(b)</sup> | Wabash National Corp. <sup>(a)(b)</sup> | Wabash National Corp. <sup>(a)(b)</sup> | Wabash National Corp. <sup>(a)(b)</sup> |
| 60000 | 4.500 | 10/15/28 | 53189 |
| ZF North America Capital, Inc. <sup>(a)(b)</sup> | ZF North America Capital, Inc. <sup>(a)(b)</sup> | ZF North America Capital, Inc. <sup>(a)(b)</sup> | ZF North America Capital, Inc. <sup>(a)(b)</sup> |
| 825000 | 7.500 | 03/24/31 | 787050 |
| 600000 | 6.875 | 04/23/32 | 546936 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26690484 |
| Banks<sup>(a)</sup> – 0.1% | Banks<sup>(a)</sup> – 0.1% | Banks<sup>(a)</sup> – 0.1% | Banks<sup>(a)</sup> – 0.1% |
| Freedom Mortgage Corp. <sup>(b)</sup> | Freedom Mortgage Corp. <sup>(b)</sup> | Freedom Mortgage Corp. <sup>(b)</sup> | Freedom Mortgage Corp. <sup>(b)</sup> |
| 200000 | 6.625 | 01/15/27 | 200428 |
| 525000 | 12.250 | 10/01/30 | 584976 |
| Intesa Sanpaolo SpA <sup>(b)(d)</sup> (1 yr. CMT + 2.600%) | Intesa Sanpaolo SpA <sup>(b)(d)</sup> (1 yr. CMT + 2.600%) | Intesa Sanpaolo SpA <sup>(b)(d)</sup> (1 yr. CMT + 2.600%) | Intesa Sanpaolo SpA <sup>(b)(d)</sup> (1 yr. CMT + 2.600%) |
| 525000 | 4.198 | 06/01/32 | 498162 |
| Popular, Inc. | Popular, Inc. | Popular, Inc. | Popular, Inc. |
| 100000 | 7.250 | 03/13/28 | 104522 |
|  |  |  | 1388088 |
| Beverages<sup>(a)(b)</sup> – 0.1% | Beverages<sup>(a)(b)</sup> – 0.1% | Beverages<sup>(a)(b)</sup> – 0.1% | Beverages<sup>(a)(b)</sup> – 0.1% |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |
| 1240000 | 6.250 | 04/01/29 | 1245134 |
| Biotechnology<sup>(a)(b)</sup> – 0.1% | Biotechnology<sup>(a)(b)</sup> – 0.1% | Biotechnology<sup>(a)(b)</sup> – 0.1% | Biotechnology<sup>(a)(b)</sup> – 0.1% |
| Emergent BioSolutions, Inc. | Emergent BioSolutions, Inc. | Emergent BioSolutions, Inc. | Emergent BioSolutions, Inc. |
| 1200000 | 3.875 | 08/15/28 | 1062564 |
| Building Materials<sup>(a)</sup> – 2.4% | Building Materials<sup>(a)</sup> – 2.4% | Building Materials<sup>(a)</sup> – 2.4% | Building Materials<sup>(a)</sup> – 2.4% |
| AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> |
| 725000 | 7.625 | 08/15/33 | 758270 |
| Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> |
| 895000 | 5.000 | 03/01/30 | 886184 |
| 1840000 | 4.250 | 02/01/32 | 1742185 |
| Camelot Return Merger Sub, Inc. <sup>(b)</sup> | Camelot Return Merger Sub, Inc. <sup>(b)</sup> | Camelot Return Merger Sub, Inc. <sup>(b)</sup> | Camelot Return Merger Sub, Inc. <sup>(b)</sup> |
| 425000 | 8.750 | 08/01/28 | 393533 |
| Cornerstone Building Brands, Inc. <sup>(b)</sup> | Cornerstone Building Brands, Inc. <sup>(b)</sup> | Cornerstone Building Brands, Inc. <sup>(b)</sup> | Cornerstone Building Brands, Inc. <sup>(b)</sup> |
| 325000 | 6.125 | 01/15/29 | 247114 |
| CP Atlas Buyer, Inc. <sup>(b)</sup> | CP Atlas Buyer, Inc. <sup>(b)</sup> | CP Atlas Buyer, Inc. <sup>(b)</sup> | CP Atlas Buyer, Inc. <sup>(b)</sup> |
| 1430000 | 9.750 | 07/15/30 | 1492663 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> |
| 1555000 | 6.625 | 12/15/30 | 1598089 |
| Griffon Corp. | Griffon Corp. | Griffon Corp. | Griffon Corp. |
| 325000 | 5.750 | 03/01/28 | 324828 |
| JELD-WEN, Inc. <sup>(b)</sup> | JELD-WEN, Inc. <sup>(b)</sup> | JELD-WEN, Inc. <sup>(b)</sup> | JELD-WEN, Inc. <sup>(b)</sup> |
| 525000 | 4.875 | 12/15/27 | 510562 |
| JH North America Holdings, Inc. <sup>(b)</sup> | JH North America Holdings, Inc. <sup>(b)</sup> | JH North America Holdings, Inc. <sup>(b)</sup> | JH North America Holdings, Inc. <sup>(b)</sup> |
| 570000 | 5.875 | 01/31/31 | 580591 |
| 725000 | 6.125 | 07/31/32 | 744075 |
| Masterbrand, Inc. <sup>(b)</sup> | Masterbrand, Inc. <sup>(b)</sup> | Masterbrand, Inc. <sup>(b)</sup> | Masterbrand, Inc. <sup>(b)</sup> |
| 1575000 | 7.000 | 07/15/32 | 1636504 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC <sup>(b)</sup> | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC <sup>(b)</sup> | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC <sup>(b)</sup> | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC <sup>(b)</sup> |
| 200000 | 6.750 | 04/01/32 | 205300 |
| MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> | MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> | MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> | MIWD Holdco II LLC/MIWD Finance Corp. <sup>(b)</sup> |
| 1005000 | 5.500 | 02/01/30 | 977171 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Building Materials<sup>(a)</sup> – (continued) | Building Materials<sup>(a)</sup> – (continued) | Building Materials<sup>(a)</sup> – (continued) | Building Materials<sup>(a)</sup> – (continued) |
| Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> |
| 2135000 | 6.375% | 03/01/32 | 2216279 |
| 2390000 | 6.750 | 03/01/33 | 2485433 |
| Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> |
| 2235000 | 6.000 | 11/01/28 | 2226038 |
| 1025000 | 8.875 | 11/15/31 | 1080739 |
| Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> |
| 695000 | 6.500 | 08/15/32 | 714828 |
| 475000 | 6.250 | 08/01/33 | 484999 |
| Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> |
| 485000 | 4.750 | 01/15/28 | 483133 |
| 2830000 | 4.375 | 07/15/30 | 2730271 |
| 2215000 | 3.375 | 01/15/31 | 2018552 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;26537341 |
| Chemicals<sup>(a)</sup> – 2.1% | Chemicals<sup>(a)</sup> – 2.1% | Chemicals<sup>(a)</sup> – 2.1% | Chemicals<sup>(a)</sup> – 2.1% |
| Ashland, Inc. | Ashland, Inc. | Ashland, Inc. | Ashland, Inc. |
| 625000 | 3.375 <sup>(b)</sup> | 09/01/31 | 557375 |
| 875000 | 6.875 | 05/15/43 | 909510 |
| Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> |
| 1280000 | 7.125 | 08/01/30 | 1317223 |
| 845000 | 6.250 | 11/01/31 | 862880 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 575000 | 6.665 | 07/15/27 | 589726 |
| 200000 | 6.850 | 11/15/28 | 206806 |
| 2540000 | 7.200 | 11/15/33 | 2602027 |
| Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> |
| 2185000 | 9.375 | 10/03/31 | 2283631 |
| Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> |
| 1320000 | 4.625 | 11/15/29 | 1163976 |
| 220000 | 8.000 | 01/15/33 | 212214 |
| INEOS Finance PLC <sup>(b)</sup> | INEOS Finance PLC <sup>(b)</sup> | INEOS Finance PLC <sup>(b)</sup> | INEOS Finance PLC <sup>(b)</sup> |
| 220000 | 7.500 | 04/15/29 | 203916 |
| INEOS Quattro Finance 2 PLC <sup>(b)</sup> | INEOS Quattro Finance 2 PLC <sup>(b)</sup> | INEOS Quattro Finance 2 PLC <sup>(b)</sup> | INEOS Quattro Finance 2 PLC <sup>(b)</sup> |
| 360000 | 9.625 | 03/15/29 | 337586 |
| Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> | Ingevity Corp. <sup>(b)</sup> |
| 330000 | 3.875 | 11/01/28 | 317998 |
| Inversion Escrow Issuer LLC <sup>(b)</sup> | Inversion Escrow Issuer LLC <sup>(b)</sup> | Inversion Escrow Issuer LLC <sup>(b)</sup> | Inversion Escrow Issuer LLC <sup>(b)</sup> |
| 1350000 | 6.750 | 08/01/32 | 1317492 |
| Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> | Methanex U.S. Operations, Inc. <sup>(b)</sup> |
| 250000 | 6.250 | 03/15/32 | 253825 |
| NOVA Chemicals Corp. <sup>(b)</sup> | NOVA Chemicals Corp. <sup>(b)</sup> | NOVA Chemicals Corp. <sup>(b)</sup> | NOVA Chemicals Corp. <sup>(b)</sup> |
| 400000 | 7.000 | 12/01/31 | 424236 |
| Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> | Olympus Water U.S. Holding Corp. <sup>(b)</sup> |
| 575000 | 4.250 | 10/01/28 | 550085 |
| 1000000 | 6.250 | 10/01/29 | 973500 |
| 425000 | 7.250 | 06/15/31 | 425387 |
| 2945000 | 7.250 | 02/15/33 | 2932484 |
| SK Invictus Intermediate II SARL <sup>(b)</sup> | SK Invictus Intermediate II SARL <sup>(b)</sup> | SK Invictus Intermediate II SARL <sup>(b)</sup> | SK Invictus Intermediate II SARL <sup>(b)</sup> |
| 525000 | 5.000 | 10/30/29 | 516290 |
| SNF Group SACA <sup>(b)</sup> | SNF Group SACA <sup>(b)</sup> | SNF Group SACA <sup>(b)</sup> | SNF Group SACA <sup>(b)</sup> |
| 525000 | 3.375 | 03/15/30 | 485609 |
| Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> |
| 400000 | 5.625 | 09/30/33 | 399604 |
| Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> |
| 560000 | 4.625 | 03/15/29 | 344478 |
| 100000 | 9.125 | 09/30/30 | 91266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) |
| Valvoline, Inc. <sup>(b)</sup>  | Valvoline, Inc. <sup>(b)</sup>  | Valvoline, Inc. <sup>(b)</sup>  | Valvoline, Inc. <sup>(b)</sup>  |
| 2435000 | 3.625% | 06/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217774 |
| WR Grace Holdings LLC <sup>(b)</sup>  | WR Grace Holdings LLC <sup>(b)</sup>  | WR Grace Holdings LLC <sup>(b)</sup>  | WR Grace Holdings LLC <sup>(b)</sup>  |
| 1295000 | 7.375 | 03/01/31 | 1297823 |
|  |  |  | 23794721 |
| Coal<sup>(a)(b)</sup> – 0.1% | Coal<sup>(a)(b)</sup> – 0.1% | Coal<sup>(a)(b)</sup> – 0.1% | Coal<sup>(a)(b)</sup> – 0.1% |
| SunCoke Energy, Inc. | SunCoke Energy, Inc. | SunCoke Energy, Inc. | SunCoke Energy, Inc. |
| 1540000 | 4.875 | 06/30/29 | 1438268 |
| Commercial Services<sup>(a)</sup> – 5.4% | Commercial Services<sup>(a)</sup> – 5.4% | Commercial Services<sup>(a)</sup> – 5.4% | Commercial Services<sup>(a)</sup> – 5.4% |
| Adtalem Global Education, Inc. <sup>(b)</sup>  | Adtalem Global Education, Inc. <sup>(b)</sup>  | Adtalem Global Education, Inc. <sup>(b)</sup>  | Adtalem Global Education, Inc. <sup>(b)</sup>  |
| 1565000 | 5.500 | 03/01/28 | 1565892 |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup>  | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup>  | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup>  | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup>  |
| 530000 | 7.000 | 05/21/30 | 548979 |
| Allied Universal Holdco LLC <sup>(b)</sup>  | Allied Universal Holdco LLC <sup>(b)</sup>  | Allied Universal Holdco LLC <sup>(b)</sup>  | Allied Universal Holdco LLC <sup>(b)</sup>  |
| 1740000 | 7.875 | 02/15/31 | 1813515 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup>  | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup>  | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup>  | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup>  |
| 1615000 | 6.000 | 06/01/29 | 1577726 |
| 1260000 | 6.875 | 06/15/30 | 1292193 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <sup>(b)</sup>  | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <sup>(b)</sup>  | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <sup>(b)</sup>  | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL <sup>(b)</sup>  |
| 1150000 | 4.625 | 06/01/28 | 1126172 |
| 1460000 | 4.625 | 06/01/28 | 1430508 |
| Alta Equipment Group, Inc. <sup>(b)</sup>  | Alta Equipment Group, Inc. <sup>(b)</sup>  | Alta Equipment Group, Inc. <sup>(b)</sup>  | Alta Equipment Group, Inc. <sup>(b)</sup>  |
| 465000 | 9.000 | 06/01/29 | 422257 |
| AMN Healthcare, Inc. <sup>(b)</sup>  | AMN Healthcare, Inc. <sup>(b)</sup>  | AMN Healthcare, Inc. <sup>(b)</sup>  | AMN Healthcare, Inc. <sup>(b)</sup>  |
| 1250000 | 4.000 | 04/15/29 | 1185450 |
| 575000 | 6.500 | 01/15/31 | 576351 |
| APi Group DE, Inc. <sup>(b)</sup>  | APi Group DE, Inc. <sup>(b)</sup>  | APi Group DE, Inc. <sup>(b)</sup>  | APi Group DE, Inc. <sup>(b)</sup>  |
| 1105000 | 4.750 | 10/15/29 | 1083906 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. <sup>(b)</sup>  |
| 775000 | 4.750 | 04/01/28 | 743101 |
| 475000 | 5.375 | 03/01/29 | 457810 |
| 3740000 | 8.250 | 01/15/30 | 3818129 |
| 485000 | 8.375 | 06/15/32 | 497314 |
| Belron U.K. Finance PLC <sup>(b)</sup>  | Belron U.K. Finance PLC <sup>(b)</sup>  | Belron U.K. Finance PLC <sup>(b)</sup>  | Belron U.K. Finance PLC <sup>(b)</sup>  |
| 1600000 | 5.750 | 10/15/29 | 1621680 |
| Block, Inc. <sup>(b)</sup>  | Block, Inc. <sup>(b)</sup>  | Block, Inc. <sup>(b)</sup>  | Block, Inc. <sup>(b)</sup>  |
| 1245000 | 5.625 | 08/15/30 | 1263712 |
| 1230000 | 6.000 | 08/15/33 | 1257564 |
| Boost Newco Borrower LLC <sup>(b)</sup>  | Boost Newco Borrower LLC <sup>(b)</sup>  | Boost Newco Borrower LLC <sup>(b)</sup>  | Boost Newco Borrower LLC <sup>(b)</sup>  |
| 1365000 | 7.500 | 01/15/31 | 1446955 |
| Carriage Services, Inc. <sup>(b)</sup>  | Carriage Services, Inc. <sup>(b)</sup>  | Carriage Services, Inc. <sup>(b)</sup>  | Carriage Services, Inc. <sup>(b)</sup>  |
| 1070000 | 4.250 | 05/15/29 | 1013322 |
| Champions Financing, Inc. <sup>(b)</sup>  | Champions Financing, Inc. <sup>(b)</sup>  | Champions Financing, Inc. <sup>(b)</sup>  | Champions Financing, Inc. <sup>(b)</sup>  |
| 425000 | 8.750 | 02/15/29 | 411778 |
| Cimpress PLC <sup>(b)</sup>  | Cimpress PLC <sup>(b)</sup>  | Cimpress PLC <sup>(b)</sup>  | Cimpress PLC <sup>(b)</sup>  |
| 2585000 | 7.375 | 09/15/32 | 2627239 |
| Dcli Bidco LLC <sup>(b)</sup>  | Dcli Bidco LLC <sup>(b)</sup>  | Dcli Bidco LLC <sup>(b)</sup>  | Dcli Bidco LLC <sup>(b)</sup>  |
| 785000 | 7.750 | 11/15/29 | 797945 |
| Deluxe Corp. <sup>(b)</sup>  | Deluxe Corp. <sup>(b)</sup>  | Deluxe Corp. <sup>(b)</sup>  | Deluxe Corp. <sup>(b)</sup>  |
| 1520000 | 8.000 | 06/01/29 | 1504937 |
| EquipmentShare.com, Inc. <sup>(b)</sup>  | EquipmentShare.com, Inc. <sup>(b)</sup>  | EquipmentShare.com, Inc. <sup>(b)</sup>  | EquipmentShare.com, Inc. <sup>(b)</sup>  |
| 505000 | 8.625 | 05/15/32 | 510065 |
| HealthEquity, Inc. <sup>(b)</sup>  | HealthEquity, Inc. <sup>(b)</sup>  | HealthEquity, Inc. <sup>(b)</sup>  | HealthEquity, Inc. <sup>(b)</sup>  |
| 1565000 | 4.500 | 10/01/29 | 1523700 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) |
| Herc Holdings, Inc. <sup>(b)</sup>  | Herc Holdings, Inc. <sup>(b)</sup>  | Herc Holdings, Inc. <sup>(b)</sup>  | Herc Holdings, Inc. <sup>(b)</sup>  |
| 375000 | 5.500% | 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374963 |
| 625000 | 6.625 | 06/15/29 | 645619 |
| 1510000 | 7.000 | 06/15/30 | 1581045 |
| 1385000 | 7.250 | 06/15/33 | 1460607 |
| Hertz Corp. <sup>(b)</sup>  | Hertz Corp. <sup>(b)</sup>  | Hertz Corp. <sup>(b)</sup>  | Hertz Corp. <sup>(b)</sup>  |
| 275000 | 12.625 | 07/15/29 | 272467 |
| 1070000 | 5.000 | 12/01/29 | 729077 |
| Korn Ferry <sup>(b)</sup>  | Korn Ferry <sup>(b)</sup>  | Korn Ferry <sup>(b)</sup>  | Korn Ferry <sup>(b)</sup>  |
| 965000 | 4.625 | 12/15/27 | 957405 |
| Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  | Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  | Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  | Mavis Tire Express Services Topco Corp. <sup>(b)</sup>  |
| 3825000 | 6.500 | 05/15/29 | 3786329 |
| Neptune Bidco U.S., Inc. <sup>(b)</sup>  | Neptune Bidco U.S., Inc. <sup>(b)</sup>  | Neptune Bidco U.S., Inc. <sup>(b)</sup>  | Neptune Bidco U.S., Inc. <sup>(b)</sup>  |
| 770000 | 9.290 | 04/15/29 | 760336 |
| NESCO Holdings II, Inc. <sup>(b)</sup>  | NESCO Holdings II, Inc. <sup>(b)</sup>  | NESCO Holdings II, Inc. <sup>(b)</sup>  | NESCO Holdings II, Inc. <sup>(b)</sup>  |
| 1910000 | 5.500 | 04/15/29 | 1867350 |
| PROG Holdings, Inc. <sup>(b)</sup>  | PROG Holdings, Inc. <sup>(b)</sup>  | PROG Holdings, Inc. <sup>(b)</sup>  | PROG Holdings, Inc. <sup>(b)</sup>  |
| 1090000 | 6.000 | 11/15/29 | 1063415 |
| RR Donnelley & Sons Co. <sup>(b)</sup>  | RR Donnelley & Sons Co. <sup>(b)</sup>  | RR Donnelley & Sons Co. <sup>(b)</sup>  | RR Donnelley & Sons Co. <sup>(b)</sup>  |
| 550000 | 9.500 | 08/01/29 | 564129 |
| Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
| 1805000 | 3.375 | 08/15/30 | 1677459 |
| 475000 | 4.000 | 05/15/31 | 449383 |
| 50000 | 5.750 | 10/15/32 | 50734 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup>  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup>  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup>  | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup>  |
| 1325000 | 6.750 | 08/15/32 | 1368977 |
| TriNet Group, Inc. <sup>(b)</sup>  | TriNet Group, Inc. <sup>(b)</sup>  | TriNet Group, Inc. <sup>(b)</sup>  | TriNet Group, Inc. <sup>(b)</sup>  |
| 340000 | 3.500 | 03/01/29 | 319178 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 200000 | 4.875 | 01/15/28 | 199814 |
| 1350000 | 4.000 | 07/15/30 | 1296189 |
| 525000 | 3.875 | 02/15/31 | 497616 |
| 900000 | 3.750 | 01/15/32 | 837936 |
| Veritiv Operating Co. <sup>(b)</sup>  | Veritiv Operating Co. <sup>(b)</sup>  | Veritiv Operating Co. <sup>(b)</sup>  | Veritiv Operating Co. <sup>(b)</sup>  |
| 1100000 | 10.500 | 11/30/30 | 1145199 |
| VM Consolidated, Inc. <sup>(b)</sup>  | VM Consolidated, Inc. <sup>(b)</sup>  | VM Consolidated, Inc. <sup>(b)</sup>  | VM Consolidated, Inc. <sup>(b)</sup>  |
| 1317000 | 5.500 | 04/15/29 | 1303646 |
| VT Topco, Inc. <sup>(b)</sup>  | VT Topco, Inc. <sup>(b)</sup>  | VT Topco, Inc. <sup>(b)</sup>  | VT Topco, Inc. <sup>(b)</sup>  |
| 1850000 | 8.500 | 08/15/30 | 1924074 |
| Wand NewCo 3, Inc. <sup>(b)</sup>  | Wand NewCo 3, Inc. <sup>(b)</sup>  | Wand NewCo 3, Inc. <sup>(b)</sup>  | Wand NewCo 3, Inc. <sup>(b)</sup>  |
| 1730000 | 7.625 | 01/30/32 | 1812642 |
| WEX, Inc. <sup>(b)</sup>  | WEX, Inc. <sup>(b)</sup>  | WEX, Inc. <sup>(b)</sup>  | WEX, Inc. <sup>(b)</sup>  |
| 250000 | 6.500 | 03/15/33 | 255790 |
| Williams Scotsman, Inc. <sup>(b)</sup>  | Williams Scotsman, Inc. <sup>(b)</sup>  | Williams Scotsman, Inc. <sup>(b)</sup>  | Williams Scotsman, Inc. <sup>(b)</sup>  |
| 200000 | 6.625 | 04/15/30 | 206910 |
| ZipRecruiter, Inc. <sup>(b)</sup>  | ZipRecruiter, Inc. <sup>(b)</sup>  | ZipRecruiter, Inc. <sup>(b)</sup>  | ZipRecruiter, Inc. <sup>(b)</sup>  |
| 1490000 | 5.000 | 01/15/30 | 1165061 |
|  |  |  | 60691550 |
| Computers<sup>(a)(b)</sup> – 1.3% | Computers<sup>(a)(b)</sup> – 1.3% | Computers<sup>(a)(b)</sup> – 1.3% | Computers<sup>(a)(b)</sup> – 1.3% |
| Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. | Amentum Holdings, Inc. |
| 765000 | 7.250 | 08/01/32 | 796021 |
| CACI International, Inc. | CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
| 790000 | 6.375 | 06/15/33 | 821347 |
| Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. | Diebold Nixdorf, Inc. |
| 1415000 | 7.750 | 03/31/30 | 1504003 |
| Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
| 475000 | 7.500 | 06/01/31 | 495530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Computers<sup>(a)(b)</sup> – (continued) | Computers<sup>(a)(b)</sup> – (continued) | Computers<sup>(a)(b)</sup> – (continued) | Computers<sup>(a)(b)</sup> – (continued) |
| Insight Enterprises, Inc. | Insight Enterprises, Inc. | Insight Enterprises, Inc. | Insight Enterprises, Inc. |
| 940000 | 6.625% | 05/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961470 |
| McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. |
| 3595000 | 7.375 | 02/15/30 | 3307436 |
| NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. | NCR Atleos Corp. |
| 1250000 | 9.500 | 04/01/29 | 1349562 |
| NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
| 925000 | 5.125 | 04/15/29 | 915972 |
| Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
| 1185000 | 4.875 | 04/01/28 | 1175164 |
| 790000 | 5.875 | 11/01/33 | 787859 |
| Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. | Seagate Data Storage Technology Pte. Ltd. |
| 200000 | 5.875 | 07/15/30 | 205544 |
| 2160000 | 4.125 | 01/15/31 | 2032258 |
| 590000 | 9.625 | 12/01/32 | 672547 |
|  |  |  | 15024713 |
| Cosmetics & Personal Care<sup>(a)</sup> – 0.2% | Cosmetics & Personal Care<sup>(a)</sup> – 0.2% | Cosmetics & Personal Care<sup>(a)</sup> – 0.2% | Cosmetics & Personal Care<sup>(a)</sup> – 0.2% |
| P&L Development LLC/PLD Finance Corp. <sup>(b)(c)</sup>  | P&L Development LLC/PLD Finance Corp. <sup>(b)(c)</sup>  | P&L Development LLC/PLD Finance Corp. <sup>(b)(c)</sup>  | P&L Development LLC/PLD Finance Corp. <sup>(b)(c)</sup>  |
| 550000 | 12.000 | 05/15/29 | 568848 |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| 1260000 | 4.900 | 06/15/30 | 1233351 |
| 480000 | 4.900 | 12/15/44 | 398117 |
|  |  |  | 2200316 |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.7% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.7% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.7% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.7% |
| RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. | RB Global Holdings, Inc. |
| 3755000 | 6.750 | 03/15/28 | 3837310 |
| 285000 | 7.750 | 03/15/31 | 298030 |
| Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. |
| 890000 | 6.500 | 07/15/32 | 910532 |
| Velocity Vehicle Group LLC | Velocity Vehicle Group LLC | Velocity Vehicle Group LLC | Velocity Vehicle Group LLC |
| 200000 | 8.000 | 06/01/29 | 196198 |
| Windsor Holdings III LLC | Windsor Holdings III LLC | Windsor Holdings III LLC | Windsor Holdings III LLC |
| 2790000 | 8.500 | 06/15/30 | 2944706 |
|  |  |  | 8186776 |
| Diversified Financial Services – 5.1% | Diversified Financial Services – 5.1% | Diversified Financial Services – 5.1% | Diversified Financial Services – 5.1% |
| Ally Financial, Inc. <sup>(a)</sup>  | Ally Financial, Inc. <sup>(a)</sup>  | Ally Financial, Inc. <sup>(a)</sup>  | Ally Financial, Inc. <sup>(a)</sup>  |
| 200000 | 6.700 | 02/14/33 | 208750 |
| Atlanticus Holdings Corp. <sup>(a)(b)</sup>  | Atlanticus Holdings Corp. <sup>(a)(b)</sup>  | Atlanticus Holdings Corp. <sup>(a)(b)</sup>  | Atlanticus Holdings Corp. <sup>(a)(b)</sup>  |
| 630000 | 9.750 | 09/01/30 | 612228 |
| Azorra Finance Ltd. <sup>(a)(b)</sup>  | Azorra Finance Ltd. <sup>(a)(b)</sup>  | Azorra Finance Ltd. <sup>(a)(b)</sup>  | Azorra Finance Ltd. <sup>(a)(b)</sup>  |
| 475000 | 7.750 | 04/15/30 | 501087 |
| 1215000 | 7.250 | 01/15/31 | 1273174 |
| Bread Financial Holdings, Inc. <sup>(a)(b)</sup>  | Bread Financial Holdings, Inc. <sup>(a)(b)</sup>  | Bread Financial Holdings, Inc. <sup>(a)(b)</sup>  | Bread Financial Holdings, Inc. <sup>(a)(b)</sup>  |
| 190000 | 6.750 | 05/15/31 | 191269 |
| (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) |
| 325000 | 8.375 <sup>(d)</sup> | 06/15/35 | 331776 |
| Credit Acceptance Corp. <sup>(a)(b)</sup>  | Credit Acceptance Corp. <sup>(a)(b)</sup>  | Credit Acceptance Corp. <sup>(a)(b)</sup>  | Credit Acceptance Corp. <sup>(a)(b)</sup>  |
| 3050000 | 6.625 | 03/15/30 | 3045150 |
| CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup>  | CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup>  | CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup>  | CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup>  |
| 70000 | 6.500 | 10/01/30 | 70683 |
| Encore Capital Group, Inc. <sup>(a)(b)</sup>  | Encore Capital Group, Inc. <sup>(a)(b)</sup>  | Encore Capital Group, Inc. <sup>(a)(b)</sup>  | Encore Capital Group, Inc. <sup>(a)(b)</sup>  |
| 3225000 | 8.500 | 05/15/30 | 3395925 |
| 425000 | 6.625 | 04/15/31 | 421664 |
| Enova International, Inc. <sup>(a)(b)</sup>  | Enova International, Inc. <sup>(a)(b)</sup>  | Enova International, Inc. <sup>(a)(b)</sup>  | Enova International, Inc. <sup>(a)(b)</sup>  |
| 1250000 | 11.250 | 12/15/28 | 1326988 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| 1160000 | 9.125% | 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215842 |
| Focus Financial Partners LLC <sup>(a)(b)</sup>  | Focus Financial Partners LLC <sup>(a)(b)</sup>  | Focus Financial Partners LLC <sup>(a)(b)</sup>  | Focus Financial Partners LLC <sup>(a)(b)</sup>  |
| 1600000 | 6.750 | 09/15/31 | 1650496 |
| Freedom Funding Center LLC <sup>(a)(b)(c)</sup> (PIK 13.000%, Cash 12.000%) | Freedom Funding Center LLC <sup>(a)(b)(c)</sup> (PIK 13.000%, Cash 12.000%) | Freedom Funding Center LLC <sup>(a)(b)(c)</sup> (PIK 13.000%, Cash 12.000%) | Freedom Funding Center LLC <sup>(a)(b)(c)</sup> (PIK 13.000%, Cash 12.000%) |
| 225000 | 12.000 | 10/01/37 | 240750 |
| Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> |
| 675000 | 9.250 | 02/01/29 | 708892 |
| 835000 | 9.125 | 05/15/31 | 887438 |
| 1135000 | 8.375 | 04/01/32 | 1186529 |
| GGAM Finance Ltd. <sup>(a)(b)</sup>  | GGAM Finance Ltd. <sup>(a)(b)</sup>  | GGAM Finance Ltd. <sup>(a)(b)</sup>  | GGAM Finance Ltd. <sup>(a)(b)</sup>  |
| 675000 | 8.000 | 02/15/27 | 691254 |
| 825000 | 8.000 | 06/15/28 | 875837 |
| goeasy Ltd. <sup>(a)(b)</sup>  | goeasy Ltd. <sup>(a)(b)</sup>  | goeasy Ltd. <sup>(a)(b)</sup>  | goeasy Ltd. <sup>(a)(b)</sup>  |
| 575000 | 7.625 | 07/01/29 | 579807 |
| 1150000 | 6.875 | 05/15/30 | 1130876 |
| 775000 | 7.375 | 10/01/30 | 773233 |
| 1185000 | 6.875 | 02/15/31 | 1158136 |
| Hightower Holding LLC <sup>(a)(b)</sup>  | Hightower Holding LLC <sup>(a)(b)</sup>  | Hightower Holding LLC <sup>(a)(b)</sup>  | Hightower Holding LLC <sup>(a)(b)</sup>  |
| 1315000 | 9.125 | 01/31/30 | 1409180 |
| Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  | Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  | Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  | Jane Street Group/JSG Finance, Inc. <sup>(a)(b)</sup>  |
| 1190000 | 6.750 | 05/01/33 | 1240765 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup>  |
| 425000 | 5.000 | 08/15/28 | 402496 |
| 425000 | 6.625 | 10/15/31 | 418935 |
| Jefferson Capital Holdings LLC <sup>(a)(b)</sup>  | Jefferson Capital Holdings LLC <sup>(a)(b)</sup>  | Jefferson Capital Holdings LLC <sup>(a)(b)</sup>  | Jefferson Capital Holdings LLC <sup>(a)(b)</sup>  |
| 240000 | 9.500 | 02/15/29 | 253130 |
| 190000 | 8.250 | 05/15/30 | 196935 |
| LD Holdings Group LLC <sup>(a)(b)</sup>  | LD Holdings Group LLC <sup>(a)(b)</sup>  | LD Holdings Group LLC <sup>(a)(b)</sup>  | LD Holdings Group LLC <sup>(a)(b)</sup>  |
| 200000 | 6.125 | 04/01/28 | 186662 |
| Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  | Macquarie Airfinance Holdings Ltd. <sup>(a)(b)</sup>  |
| 100000 | 6.400 | 03/26/29 | 105100 |
| 300000 | 6.500 | 03/26/31 | 320307 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 575000 | 6.750 | 06/15/26 | 581503 |
| 575000 | 5.000 <sup>(a)</sup> | 03/15/27 | 571757 |
| 1000000 | 4.875 <sup>(a)</sup> | 03/15/28 | 978350 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 425000 | 7.125 | 03/15/26 | 427928 |
| 325000 | 3.500 <sup>(a)</sup> | 01/15/27 | 319693 |
| 425000 | 3.875 <sup>(a)</sup> | 09/15/28 | 410210 |
| 425000 | 6.625 <sup>(a)</sup> | 05/15/29 | 437427 |
| 1300000 | 5.375 <sup>(a)</sup> | 11/15/29 | 1289392 |
| 325000 | 6.125 <sup>(a)</sup> | 05/15/30 | 328773 |
| 375000 | 4.000 <sup>(a)</sup> | 09/15/30 | 348690 |
| 575000 | 6.750 <sup>(a)</sup> | 03/15/32 | 583499 |
| 160000 | 7.125 <sup>(a)</sup> | 09/15/32 | 165128 |
| 130000 | 6.500 <sup>(a)</sup> | 03/15/33 | 129812 |
| Osaic Holdings, Inc. <sup>(a)(b)</sup>  | Osaic Holdings, Inc. <sup>(a)(b)</sup>  | Osaic Holdings, Inc. <sup>(a)(b)</sup>  | Osaic Holdings, Inc. <sup>(a)(b)</sup>  |
| 530000 | 6.750 | 08/01/32 | 547336 |
| PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  | PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  | PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  | PennyMac Financial Services, Inc. <sup>(a)(b)</sup>  |
| 825000 | 4.250 | 02/15/29 | 801356 |
| 200000 | 7.875 | 12/15/29 | 212508 |
| 375000 | 5.750 | 09/15/31 | 374239 |
| 575000 | 6.875 | 05/15/32 | 600197 |
| 3395000 | 6.750 | 02/15/34 | 3478245 |
| PHH Escrow Issuer LLC/PHH Corp. <sup>(a)(b)</sup>  | PHH Escrow Issuer LLC/PHH Corp. <sup>(a)(b)</sup>  | PHH Escrow Issuer LLC/PHH Corp. <sup>(a)(b)</sup>  | PHH Escrow Issuer LLC/PHH Corp. <sup>(a)(b)</sup>  |
| 575000 | 9.875 | 11/01/29 | 577024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| Phoenix Aviation Capital Ltd. <sup>(a)(b)</sup>  | Phoenix Aviation Capital Ltd. <sup>(a)(b)</sup>  | Phoenix Aviation Capital Ltd. <sup>(a)(b)</sup>  | Phoenix Aviation Capital Ltd. <sup>(a)(b)</sup>  |
| 1795000 | 9.250% | 07/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891589 |
| PRA Group, Inc. <sup>(a)(b)</sup>  | PRA Group, Inc. <sup>(a)(b)</sup>  | PRA Group, Inc. <sup>(a)(b)</sup>  | PRA Group, Inc. <sup>(a)(b)</sup>  |
| 200000 | 8.375 | 02/01/28 | 202942 |
| 250000 | 5.000 | 10/01/29 | 227435 |
| 525000 | 8.875 | 01/31/30 | 533400 |
| Rfna LP <sup>(a)(b)</sup>  | Rfna LP <sup>(a)(b)</sup>  | Rfna LP <sup>(a)(b)</sup>  | Rfna LP <sup>(a)(b)</sup>  |
| 90000 | 7.875 | 02/15/30 | 89564 |
| Rocket Cos., Inc. <sup>(a)(b)</sup>  | Rocket Cos., Inc. <sup>(a)(b)</sup>  | Rocket Cos., Inc. <sup>(a)(b)</sup>  | Rocket Cos., Inc. <sup>(a)(b)</sup>  |
| 375000 | 6.500 | 08/01/29 | 388920 |
| 2660000 | 6.125 | 08/01/30 | 2745519 |
| 1370000 | 6.375 | 08/01/33 | 1428526 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. <sup>(a)(b)</sup>  |
| 150000 | 2.875 | 10/15/26 | 147308 |
| 2345000 | 3.625 | 03/01/29 | 2252771 |
| 1675000 | 3.875 | 03/01/31 | 1574282 |
| 580000 | 4.000 | 10/15/33 | 533101 |
| Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  | Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  | Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  | Stonex Escrow Issuer LLC <sup>(a)(b)</sup>  |
| 300000 | 6.875 | 07/15/32 | 309891 |
| Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  | Synchrony Financial <sup>(a)</sup>  |
| 2000000 | 7.250 | 02/02/33 | 2117920 |
| TrueNoord Capital DAC <sup>(a)(b)</sup>  | TrueNoord Capital DAC <sup>(a)(b)</sup>  | TrueNoord Capital DAC <sup>(a)(b)</sup>  | TrueNoord Capital DAC <sup>(a)(b)</sup>  |
| 330000 | 8.750 | 03/01/30 | 347744 |
| UWM Holdings LLC <sup>(a)(b)</sup>  | UWM Holdings LLC <sup>(a)(b)</sup>  | UWM Holdings LLC <sup>(a)(b)</sup>  | UWM Holdings LLC <sup>(a)(b)</sup>  |
| 100000 | 6.625 | 02/01/30 | 101958 |
| 1905000 | 6.250 | 03/15/31 | 1902409 |
|  |  |  | 56969640 |
| Electrical<sup>(a)</sup> – 3.9% | Electrical<sup>(a)</sup> – 3.9% | Electrical<sup>(a)</sup> – 3.9% | Electrical<sup>(a)</sup> – 3.9% |
| Alpha Generation LLC <sup>(b)</sup>  | Alpha Generation LLC <sup>(b)</sup>  | Alpha Generation LLC <sup>(b)</sup>  | Alpha Generation LLC <sup>(b)</sup>  |
| 2025000 | 6.750 | 10/15/32 | 2081356 |
| Atlantica Sustainable Infrastructure Ltd. <sup>(b)</sup>  | Atlantica Sustainable Infrastructure Ltd. <sup>(b)</sup>  | Atlantica Sustainable Infrastructure Ltd. <sup>(b)</sup>  | Atlantica Sustainable Infrastructure Ltd. <sup>(b)</sup>  |
| 480000 | 4.125 | 06/15/28 | 463934 |
| California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup>  | California Buyer Ltd./Atlantica Sustainable Infrastructure PLC <sup>(b)</sup>  |
| 1205000 | 6.375 | 02/15/32 | 1217411 |
| Calpine Corp. <sup>(b)</sup>  | Calpine Corp. <sup>(b)</sup>  | Calpine Corp. <sup>(b)</sup>  | Calpine Corp. <sup>(b)</sup>  |
| 1915000 | 4.500 | 02/15/28 | 1909121 |
| 875000 | 5.125 | 03/15/28 | 874974 |
| 2350000 | 4.625 | 02/01/29 | 2334537 |
| 2035000 | 5.000 | 02/01/31 | 2037320 |
| 625000 | 3.750 | 03/01/31 | 599850 |
| Clearway Energy Operating LLC <sup>(b)</sup>  | Clearway Energy Operating LLC <sup>(b)</sup>  | Clearway Energy Operating LLC <sup>(b)</sup>  | Clearway Energy Operating LLC <sup>(b)</sup>  |
| 2230000 | 4.750 | 03/15/28 | 2216798 |
| 515000 | 3.750 | 02/15/31 | 477225 |
| Hawaiian Electric Co., Inc. <sup>(b)</sup>  | Hawaiian Electric Co., Inc. <sup>(b)</sup>  | Hawaiian Electric Co., Inc. <sup>(b)</sup>  | Hawaiian Electric Co., Inc. <sup>(b)</sup>  |
| 100000 | 6.000 | 10/01/33 | 101006 |
| Leeward Renewable Energy Operations LLC <sup>(b)</sup>  | Leeward Renewable Energy Operations LLC <sup>(b)</sup>  | Leeward Renewable Energy Operations LLC <sup>(b)</sup>  | Leeward Renewable Energy Operations LLC <sup>(b)</sup>  |
| 625000 | 4.250 | 07/01/29 | 596225 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
| 250000 | 5.750 | 01/15/28 | 250953 |
| 1150000 | 3.375 <sup>(b)</sup> | 02/15/29 | 1094110 |
| 470000 | 5.250 <sup>(b)</sup> | 06/15/29 | 472059 |
| 1345000 | 3.625 <sup>(b)</sup> | 02/15/31 | 1256028 |
| 2695000 | 3.875 <sup>(b)</sup> | 02/15/32 | 2501768 |
| 865000 | 6.000 <sup>(b)</sup> | 02/01/33 | 882395 |
| 885000 | 5.750 <sup>(b)</sup> | 01/15/34 | 890806 |
| 580000 | 6.250 <sup>(b)</sup> | 11/01/34 | 597394 |
| 725000 | 6.000 <sup>(b)</sup> | 01/15/36 | 737224 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) | Electrical<sup>(a)</sup> – (continued) |
| (5 yr. CMT + 5.920%) | (5 yr. CMT + 5.920%) | (5 yr. CMT + 5.920%) | (5 yr. CMT + 5.920%) |
| $1160000 | 10.250 %<sup>(b)(d)</sup> | 03/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272543 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(b)</sup>  | Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(b)</sup>  | Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(b)</sup>  | Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(b)</sup>  |
| 810000 | 4.500 | 08/15/28 | 788851 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
| 2385000 | 5.000 | 07/01/28 | 2366755 |
| TransAlta Corp. | TransAlta Corp. | TransAlta Corp. | TransAlta Corp. |
| 1040000 | 7.750 | 11/15/29 | 1082047 |
| Vistra Operations Co. LLC <sup>(b)</sup>  | Vistra Operations Co. LLC <sup>(b)</sup>  | Vistra Operations Co. LLC <sup>(b)</sup>  | Vistra Operations Co. LLC <sup>(b)</sup>  |
| 1825000 | 5.625 | 02/15/27 | 1825420 |
| 6395000 | 5.000 | 07/31/27 | 6397494 |
| 2110000 | 4.375 | 05/01/29 | 2072484 |
| 1225000 | 6.875 | 04/15/32 | 1286948 |
| VoltaGrid LLC <sup>(b)</sup>  | VoltaGrid LLC <sup>(b)</sup>  | VoltaGrid LLC <sup>(b)</sup>  | VoltaGrid LLC <sup>(b)</sup>  |
| 1775000 | 7.375 | 11/01/30 | 1805086 |
| XPLR Infrastructure Operating Partners LP <sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP <sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP <sup>(b)</sup>  | XPLR Infrastructure Operating Partners LP <sup>(b)</sup>  |
| 920000 | 8.375 | 01/15/31 | 962872 |
| 570000 | 8.625 | 03/15/33 | 597719 |
|  |  |  | 44050713 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.4% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.4% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.4% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.4% |
| Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. | Energizer Holdings, Inc. |
| 250000 | 4.750 | 06/15/28 | 245990 |
| 100000 | 4.375 | 03/31/29 | 96013 |
| 200000 | 6.000 | 09/15/33 | 193618 |
| EnerSys | EnerSys | EnerSys | EnerSys |
| 150000 | 6.625 | 01/15/32 | 154187 |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 605000 | 7.250 | 06/15/28 | 613313 |
| 755000 | 6.375 | 03/15/29 | 778903 |
| 990000 | 6.625 | 03/15/32 | 1034649 |
| 1470000 | 6.375 | 03/15/33 | 1535694 |
|  |  |  | 4652367 |
| Electronics<sup>(a)(b)</sup> – 0.5% | Electronics<sup>(a)(b)</sup> – 0.5% | Electronics<sup>(a)(b)</sup> – 0.5% | Electronics<sup>(a)(b)</sup> – 0.5% |
| Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
| 150000 | 5.000 | 12/15/29 | 148509 |
| Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. | Imola Merger Corp. |
| 1985000 | 4.750 | 05/15/29 | 1959830 |
| Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
| 1685000 | 3.750 | 02/15/31 | 1566983 |
| 480000 | 6.625 | 07/15/32 | 499901 |
| TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. | TTM Technologies, Inc. |
| 1330000 | 4.000 | 03/01/29 | 1284846 |
|  |  |  | 5460069 |
| Energy-Alternate Sources<sup>(a)(b)</sup> – 0.1% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.1% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.1% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.1% |
| TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
| 1040000 | 5.000 | 01/31/28 | 1036526 |
| 385000 | 4.750 | 01/15/30 | 369331 |
|  |  |  | 1405857 |
| Engineering & Construction<sup>(a)(b)</sup> – 0.5% | Engineering & Construction<sup>(a)(b)</sup> – 0.5% | Engineering & Construction<sup>(a)(b)</sup> – 0.5% | Engineering & Construction<sup>(a)(b)</sup> – 0.5% |
| AECOM | AECOM | AECOM | AECOM |
| 350000 | 6.000 | 08/01/33 | 359461 |
| Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. | Arcosa, Inc. |
| 780000 | 6.875 | 08/15/32 | 814741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Engineering & Construction<sup>(a)(b)</sup> – (continued) | Engineering & Construction<sup>(a)(b)</sup> – (continued) | Engineering & Construction<sup>(a)(b)</sup> – (continued) | Engineering & Construction<sup>(a)(b)</sup> – (continued) |
| Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
| 1075000 | 8.500% | 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925693 |
| Brundage-Bone Concrete Pumping Holdings, Inc. | Brundage-Bone Concrete Pumping Holdings, Inc. | Brundage-Bone Concrete Pumping Holdings, Inc. | Brundage-Bone Concrete Pumping Holdings, Inc. |
| 150000 | 7.500 | 02/01/32 | 151425 |
| TopBuild Corp. | TopBuild Corp. | TopBuild Corp. | TopBuild Corp. |
| 150000 | 3.625 | 03/15/29 | 144659 |
| 1700000 | 4.125 | 02/15/32 | 1601213 |
| 1445000 | 5.625 | 01/31/34 | 1450505 |
|  |  |  | 5447697 |
| Entertainment<sup>(a)</sup> – 2.8% | Entertainment<sup>(a)</sup> – 2.8% | Entertainment<sup>(a)</sup> – 2.8% | Entertainment<sup>(a)</sup> – 2.8% |
| Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup>  | Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup>  | Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup>  | Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup>  |
| 1480000 | 7.875 | 04/30/29 | 1531341 |
| Brightstar Lottery PLC <sup>(b)</sup>  | Brightstar Lottery PLC <sup>(b)</sup>  | Brightstar Lottery PLC <sup>(b)</sup>  | Brightstar Lottery PLC <sup>(b)</sup>  |
| 765000 | 6.250 | 01/15/27 | 772428 |
| 810000 | 5.250 | 01/15/29 | 807141 |
| Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> |
| 2450000 | 4.625 | 10/15/29 | 2305768 |
| 1295000 | 7.000 | 02/15/30 | 1333086 |
| 885000 | 6.500 | 02/15/32 | 892478 |
| 414000 | 6.000 | 10/15/32 | 394977 |
| Churchill Downs, Inc. <sup>(b)</sup>  | Churchill Downs, Inc. <sup>(b)</sup>  | Churchill Downs, Inc. <sup>(b)</sup>  | Churchill Downs, Inc. <sup>(b)</sup>  |
| 720000 | 4.750 | 01/15/28 | 713657 |
| 1710000 | 5.750 | 04/01/30 | 1712992 |
| Cinemark USA, Inc. <sup>(b)</sup>  | Cinemark USA, Inc. <sup>(b)</sup>  | Cinemark USA, Inc. <sup>(b)</sup>  | Cinemark USA, Inc. <sup>(b)</sup>  |
| 1140000 | 5.250 | 07/15/28 | 1134950 |
| 745000 | 7.000 | 08/01/32 | 773221 |
| Flutter Treasury DAC <sup>(b)</sup>  | Flutter Treasury DAC <sup>(b)</sup>  | Flutter Treasury DAC <sup>(b)</sup>  | Flutter Treasury DAC <sup>(b)</sup>  |
| 1105000 | 5.875 | 06/04/31 | 1120205 |
| Great Canadian Gaming Corp./Raptor LLC <sup>(b)</sup>  | Great Canadian Gaming Corp./Raptor LLC <sup>(b)</sup>  | Great Canadian Gaming Corp./Raptor LLC <sup>(b)</sup>  | Great Canadian Gaming Corp./Raptor LLC <sup>(b)</sup>  |
| 370000 | 8.750 | 11/15/29 | 361716 |
| Jacobs Entertainment, Inc. <sup>(b)</sup>  | Jacobs Entertainment, Inc. <sup>(b)</sup>  | Jacobs Entertainment, Inc. <sup>(b)</sup>  | Jacobs Entertainment, Inc. <sup>(b)</sup>  |
| 725000 | 6.750 | 02/15/29 | 702547 |
| Light & Wonder International, Inc. <sup>(b)</sup>  | Light & Wonder International, Inc. <sup>(b)</sup>  | Light & Wonder International, Inc. <sup>(b)</sup>  | Light & Wonder International, Inc. <sup>(b)</sup>  |
| 325000 | 6.250 | 10/01/33 | 323876 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>(b)</sup> | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>(b)</sup> | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>(b)</sup> | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.<sup>(b)</sup> |
| 1200000 | 4.875 | 05/01/29 | 1165104 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings<br>LLC <sup>(b)</sup>  | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings<br>LLC <sup>(b)</sup>  | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings<br>LLC <sup>(b)</sup>  | Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings<br>LLC <sup>(b)</sup>  |
| 1240000 | 8.250 | 04/15/30 | 1286599 |
| Motion Finco SARL <sup>(b)</sup>  | Motion Finco SARL <sup>(b)</sup>  | Motion Finco SARL <sup>(b)</sup>  | Motion Finco SARL <sup>(b)</sup>  |
| 985000 | 8.375 | 02/15/32 | 833970 |
| Penn Entertainment, Inc. <sup>(b)</sup>  | Penn Entertainment, Inc. <sup>(b)</sup>  | Penn Entertainment, Inc. <sup>(b)</sup>  | Penn Entertainment, Inc. <sup>(b)</sup>  |
| 1100000 | 5.625 | 01/15/27 | 1099923 |
| Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> | Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.<sup>(b)</sup> |
| 825000 | 6.625 | 02/01/33 | 833926 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  | Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. <sup>(b)</sup>  |
| 1160000 | 6.250 | 10/15/30 | 1168967 |
| Speedway Motorsports LLC/Speedway Funding II, Inc. <sup>(b)</sup>  | Speedway Motorsports LLC/Speedway Funding II, Inc. <sup>(b)</sup>  | Speedway Motorsports LLC/Speedway Funding II, Inc. <sup>(b)</sup>  | Speedway Motorsports LLC/Speedway Funding II, Inc. <sup>(b)</sup>  |
| 1050000 | 4.875 | 11/01/27 | 1043626 |
| Voyager Parent LLC <sup>(b)</sup>  | Voyager Parent LLC <sup>(b)</sup>  | Voyager Parent LLC <sup>(b)</sup>  | Voyager Parent LLC <sup>(b)</sup>  |
| 4115000 | 9.250 | 07/01/32 | 4317005 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 1400000 | 4.279 | 03/15/32 | 1283534 |
| 900000 | 5.050 | 03/15/42 | 722160 |
| 975000 | 5.141 | 03/15/52 | 743437 |

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Entertainment<sup>(a)</sup> – (continued) | Entertainment<sup>(a)</sup> – (continued) | Entertainment<sup>(a)</sup> – (continued) | Entertainment<sup>(a)</sup> – (continued) |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup>  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup>  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup>  | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup>  |
| 525000 | 5.125% | 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525173 |
| 1150000 | 7.125 | 02/15/31 | 1234042 |
| 250000 | 6.250 | 03/15/33 | 254358 |
|  |  |  | 31392207 |
| Environmental<sup>(a)(b)</sup> – 1.0% | Environmental<sup>(a)(b)</sup> – 1.0% | Environmental<sup>(a)(b)</sup> – 1.0% | Environmental<sup>(a)(b)</sup> – 1.0% |
| Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
| 340000 | 5.125 | 07/15/29 | 338222 |
| 440000 | 6.375 | 02/01/31 | 450828 |
| 300000 | 5.750 | 10/15/33 | 306558 |
| Enviri Corp. | Enviri Corp. | Enviri Corp. | Enviri Corp. |
| 1260000 | 5.750 | 07/31/27 | 1249038 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 475000 | 4.000 | 08/01/28 | 464711 |
| 1970000 | 4.750 | 06/15/29 | 1950182 |
| 825000 | 4.375 | 08/15/29 | 805893 |
| 625000 | 6.750 | 01/15/31 | 653000 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 820000 | 5.875 | 06/30/29 | 803649 |
| Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
| 2120000 | 4.875 | 12/01/29 | 1990129 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 200000 | 7.000 | 02/01/33 | 208278 |
| Wrangler Holdco Corp. | Wrangler Holdco Corp. | Wrangler Holdco Corp. | Wrangler Holdco Corp. |
| 1880000 | 6.625 | 04/01/32 | 1961216 |
|  |  |  | 11181704 |
| Food & Drug Retailing<sup>(a)</sup> – 1.7% | Food & Drug Retailing<sup>(a)</sup> – 1.7% | Food & Drug Retailing<sup>(a)</sup> – 1.7% | Food & Drug Retailing<sup>(a)</sup> – 1.7% |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(b)</sup>  | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC <sup>(b)</sup>  |
| 560000 | 5.875 | 02/15/28 | 560588 |
| 1225000 | 4.875 | 02/15/30 | 1209663 |
| B&G Foods, Inc. <sup>(b)</sup>  | B&G Foods, Inc. <sup>(b)</sup>  | B&G Foods, Inc. <sup>(b)</sup>  | B&G Foods, Inc. <sup>(b)</sup>  |
| 2550000 | 8.000 | 09/15/28 | 2399269 |
| Chobani Holdco II LLC <sup>(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(b)(c)</sup> (PIK 9.500%, Cash 8.750%) | Chobani Holdco II LLC <sup>(b)(c)</sup> (PIK 9.500%, Cash 8.750%) |
| 1905000 | 8.750 | 10/01/29 | 2018081 |
| Chobani LLC/Chobani Finance Corp., Inc. <sup>(b)</sup>  | Chobani LLC/Chobani Finance Corp., Inc. <sup>(b)</sup>  | Chobani LLC/Chobani Finance Corp., Inc. <sup>(b)</sup>  | Chobani LLC/Chobani Finance Corp., Inc. <sup>(b)</sup>  |
| 920000 | 4.625 | 11/15/28 | 914866 |
| 1590000 | 7.625 | 07/01/29 | 1656685 |
| Ingles Markets, Inc. <sup>(b)</sup>  | Ingles Markets, Inc. <sup>(b)</sup>  | Ingles Markets, Inc. <sup>(b)</sup>  | Ingles Markets, Inc. <sup>(b)</sup>  |
| 1170000 | 4.000 | 06/15/31 | 1094313 |
| Lamb Weston Holdings, Inc. <sup>(b)</sup>  | Lamb Weston Holdings, Inc. <sup>(b)</sup>  | Lamb Weston Holdings, Inc. <sup>(b)</sup>  | Lamb Weston Holdings, Inc. <sup>(b)</sup>  |
| 325000 | 4.125 | 01/31/30 | 313813 |
| 375000 | 4.375 | 01/31/32 | 357476 |
| Performance Food Group, Inc. <sup>(b)</sup>  | Performance Food Group, Inc. <sup>(b)</sup>  | Performance Food Group, Inc. <sup>(b)</sup>  | Performance Food Group, Inc. <sup>(b)</sup>  |
| 1810000 | 4.250 | 08/01/29 | 1766307 |
| 690000 | 6.125 | 09/15/32 | 708568 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 1150000 | 3.500 | 03/01/32 | 1053043 |
| Post Holdings, Inc. <sup>(b)</sup>  | Post Holdings, Inc. <sup>(b)</sup>  | Post Holdings, Inc. <sup>(b)</sup>  | Post Holdings, Inc. <sup>(b)</sup>  |
| 725000 | 5.500 | 12/15/29 | 725761 |
| 250000 | 4.625 | 04/15/30 | 242403 |
| 2415000 | 4.500 | 09/15/31 | 2270583 |
| 820000 | 6.250 | 02/15/32 | 843034 |
| 200000 | 6.375 | 03/01/33 | 203090 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food & Drug Retailing<sup>(a)</sup> – (continued) | Food & Drug Retailing<sup>(a)</sup> – (continued) | Food & Drug Retailing<sup>(a)</sup> – (continued) | Food & Drug Retailing<sup>(a)</sup> – (continued) |
| U.S. Foods, Inc. <sup>(b)</sup>  | U.S. Foods, Inc. <sup>(b)</sup>  | U.S. Foods, Inc. <sup>(b)</sup>  | U.S. Foods, Inc. <sup>(b)</sup>  |
| 1215000 | 4.750% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202376 |
|  |  |  | 19539919 |
| Forest Products & Paper<sup>(a)(b)</sup> – 0.1% | Forest Products & Paper<sup>(a)(b)</sup> – 0.1% | Forest Products & Paper<sup>(a)(b)</sup> – 0.1% | Forest Products & Paper<sup>(a)(b)</sup> – 0.1% |
| Domtar Corp. | Domtar Corp. | Domtar Corp. | Domtar Corp. |
| 120000 | 6.750 | 10/01/28 | 91309 |
| Magnera Corp. | Magnera Corp. | Magnera Corp. | Magnera Corp. |
| 650000 | 7.250 | 11/15/31 | 561353 |
|  |  |  | 652662 |
| Gaming<sup>(a)(b)</sup> – 0.1% | Gaming<sup>(a)(b)</sup> – 0.1% | Gaming<sup>(a)(b)</sup> – 0.1% | Gaming<sup>(a)(b)</sup> – 0.1% |
| Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
| 1680000 | 4.750 | 06/15/31 | 1618126 |
| Healthcare Providers & Services – 4.3% | Healthcare Providers & Services – 4.3% | Healthcare Providers & Services – 4.3% | Healthcare Providers & Services – 4.3% |
| Charles River Laboratories International, Inc. <sup>(a)(b)</sup>  | Charles River Laboratories International, Inc. <sup>(a)(b)</sup>  | Charles River Laboratories International, Inc. <sup>(a)(b)</sup>  | Charles River Laboratories International, Inc. <sup>(a)(b)</sup>  |
| 3400000 | 4.250 | 05/01/28 | 3353386 |
| 500000 | 3.750 | 03/15/29 | 479475 |
| CHS/Community Health Systems, Inc. <sup>(a)(b)</sup>  | CHS/Community Health Systems, Inc. <sup>(a)(b)</sup>  | CHS/Community Health Systems, Inc. <sup>(a)(b)</sup>  | CHS/Community Health Systems, Inc. <sup>(a)(b)</sup>  |
| 200000 | 6.000 | 01/15/29 | 198010 |
| 1085000 | 6.875 | 04/15/29 | 982804 |
| 2120000 | 6.125 | 04/01/30 | 1780440 |
| 325000 | 5.250 | 05/15/30 | 304626 |
| 200000 | 4.750 | 02/15/31 | 178568 |
| 775000 | 9.750 | 01/15/34 | 820368 |
| DaVita, Inc. <sup>(a)(b)</sup>  | DaVita, Inc. <sup>(a)(b)</sup>  | DaVita, Inc. <sup>(a)(b)</sup>  | DaVita, Inc. <sup>(a)(b)</sup>  |
| 2875000 | 4.625 | 06/01/30 | 2774260 |
| 2400000 | 3.750 | 02/15/31 | 2205168 |
| Embecta Corp. <sup>(a)(b)</sup>  | Embecta Corp. <sup>(a)(b)</sup>  | Embecta Corp. <sup>(a)(b)</sup>  | Embecta Corp. <sup>(a)(b)</sup>  |
| 1820000 | 6.750 | 02/15/30 | 1799270 |
| Encompass Health Corp. <sup>(a)</sup>  | Encompass Health Corp. <sup>(a)</sup>  | Encompass Health Corp. <sup>(a)</sup>  | Encompass Health Corp. <sup>(a)</sup>  |
| 4320000 | 4.500 | 02/01/28 | 4287514 |
| 500000 | 4.625 | 04/01/31 | 487960 |
| Fortrea Holdings, Inc. <sup>(a)(b)</sup>  | Fortrea Holdings, Inc. <sup>(a)(b)</sup>  | Fortrea Holdings, Inc. <sup>(a)(b)</sup>  | Fortrea Holdings, Inc. <sup>(a)(b)</sup>  |
| 780000 | 7.500 | 07/01/30 | 748831 |
| Global Medical Response, Inc. <sup>(a)(b)</sup>  | Global Medical Response, Inc. <sup>(a)(b)</sup>  | Global Medical Response, Inc. <sup>(a)(b)</sup>  | Global Medical Response, Inc. <sup>(a)(b)</sup>  |
| 1315000 | 7.375 | 10/01/32 | 1376266 |
| Heartland Dental LLC/Heartland Dental Finance Corp. <sup>(a)(b)</sup>  | Heartland Dental LLC/Heartland Dental Finance Corp. <sup>(a)(b)</sup>  | Heartland Dental LLC/Heartland Dental Finance Corp. <sup>(a)(b)</sup>  | Heartland Dental LLC/Heartland Dental Finance Corp. <sup>(a)(b)</sup>  |
| 210000 | 10.500 | 04/30/28 | 221302 |
| IQVIA, Inc. <sup>(a)(b)</sup>  | IQVIA, Inc. <sup>(a)(b)</sup>  | IQVIA, Inc. <sup>(a)(b)</sup>  | IQVIA, Inc. <sup>(a)(b)</sup>  |
| 780000 | 5.000 | 05/15/27 | 779969 |
| 580000 | 6.500 | 05/15/30 | 601762 |
| 1575000 | 6.250 | 06/01/32 | 1639260 |
| LifePoint Health, Inc. <sup>(a)(b)</sup>  | LifePoint Health, Inc. <sup>(a)(b)</sup>  | LifePoint Health, Inc. <sup>(a)(b)</sup>  | LifePoint Health, Inc. <sup>(a)(b)</sup>  |
| 2945000 | 5.375 | 01/15/29 | 2852439 |
| 830000 | 8.375 | 02/15/32 | 896466 |
| 265000 | 10.000 | 06/01/32 | 281828 |
| Medline Borrower LP <sup>(a)(b)</sup>  | Medline Borrower LP <sup>(a)(b)</sup>  | Medline Borrower LP <sup>(a)(b)</sup>  | Medline Borrower LP <sup>(a)(b)</sup>  |
| 3475000 | 5.250 | 10/01/29 | 3460474 |
| Molina Healthcare, Inc. <sup>(a)(b)</sup>  | Molina Healthcare, Inc. <sup>(a)(b)</sup>  | Molina Healthcare, Inc. <sup>(a)(b)</sup>  | Molina Healthcare, Inc. <sup>(a)(b)</sup>  |
| 1655000 | 3.875 | 11/15/30 | 1528624 |
| 285000 | 3.875 | 05/15/32 | 257195 |
| 460000 | 6.250 | 01/15/33 | 462613 |
| MPH Acquisition Holdings LLC <sup>(a)(b)</sup>  | MPH Acquisition Holdings LLC <sup>(a)(b)</sup>  | MPH Acquisition Holdings LLC <sup>(a)(b)</sup>  | MPH Acquisition Holdings LLC <sup>(a)(b)</sup>  |
| 140000 | 5.750 | 12/31/30 | 127169 |
| Prime Healthcare Services, Inc. <sup>(a)(b)</sup>  | Prime Healthcare Services, Inc. <sup>(a)(b)</sup>  | Prime Healthcare Services, Inc. <sup>(a)(b)</sup>  | Prime Healthcare Services, Inc. <sup>(a)(b)</sup>  |
| 1765000 | 9.375 | 09/01/29 | 1857274 |

---

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) | Healthcare Providers & Services – (continued) |
| Select Medical Corp. <sup>(a)(b)</sup>  | Select Medical Corp. <sup>(a)(b)</sup>  | Select Medical Corp. <sup>(a)(b)</sup>  | Select Medical Corp. <sup>(a)(b)</sup>  |
| 25000 | 6.250% | 12/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25348 |
| Sotera Health Holdings LLC <sup>(a)(b)</sup>  | Sotera Health Holdings LLC <sup>(a)(b)</sup>  | Sotera Health Holdings LLC <sup>(a)(b)</sup>  | Sotera Health Holdings LLC <sup>(a)(b)</sup>  |
| 180000 | 7.375 | 06/01/31 | 189315 |
| Star Parent, Inc. <sup>(a)(b)</sup>  | Star Parent, Inc. <sup>(a)(b)</sup>  | Star Parent, Inc. <sup>(a)(b)</sup>  | Star Parent, Inc. <sup>(a)(b)</sup>  |
| 200000 | 9.000 | 10/01/30 | 213562 |
| Surgery Center Holdings, Inc. <sup>(a)(b)</sup>  | Surgery Center Holdings, Inc. <sup>(a)(b)</sup>  | Surgery Center Holdings, Inc. <sup>(a)(b)</sup>  | Surgery Center Holdings, Inc. <sup>(a)(b)</sup>  |
| 525000 | 7.250 | 04/15/32 | 541070 |
| Team Health Holdings, Inc. <sup>(a)(b)</sup>  | Team Health Holdings, Inc. <sup>(a)(b)</sup>  | Team Health Holdings, Inc. <sup>(a)(b)</sup>  | Team Health Holdings, Inc. <sup>(a)(b)</sup>  |
| 690000 | 8.375 | 06/30/28 | 697749 |
| (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) |
| 1225000 | 13.500 <sup>(c)</sup> | 06/30/28 | 1321224 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 885000 | 5.125 <sup>(a)</sup> | 11/01/27 | 884823 |
| 1150000 | 6.125 <sup>(a)</sup> | 10/01/28 | 1151345 |
| 675000 | 4.250 <sup>(a)</sup> | 06/01/29 | 659137 |
| 3960000 | 4.375 <sup>(a)</sup> | 01/15/30 | 3865000 |
| 900000 | 6.875 | 11/15/31 | 978093 |
| U.S. Acute Care Solutions LLC <sup>(a)(b)</sup>  | U.S. Acute Care Solutions LLC <sup>(a)(b)</sup>  | U.S. Acute Care Solutions LLC <sup>(a)(b)</sup>  | U.S. Acute Care Solutions LLC <sup>(a)(b)</sup>  |
| 1575000 | 9.750 | 05/15/29 | 1601743 |
|  |  |  | 48871730 |
| Holding Companies-Diversified<sup>(a)(b)</sup> – 0.2% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.2% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.2% | Holding Companies-Diversified<sup>(a)(b)</sup> – 0.2% |
| Clue Opco LLC | Clue Opco LLC | Clue Opco LLC | Clue Opco LLC |
| 1325000 | 9.500 | 10/15/31 | 1348320 |
| Stena International SA | Stena International SA | Stena International SA | Stena International SA |
| 500000 | 7.250 | 01/15/31 | 509520 |
|  |  |  | 1857840 |
| Home Builders<sup>(a)</sup> – 2.6% | Home Builders<sup>(a)</sup> – 2.6% | Home Builders<sup>(a)</sup> – 2.6% | Home Builders<sup>(a)</sup> – 2.6% |
| Ashton Woods USA LLC/Ashton Woods Finance Co. <sup>(b)</sup>  | Ashton Woods USA LLC/Ashton Woods Finance Co. <sup>(b)</sup>  | Ashton Woods USA LLC/Ashton Woods Finance Co. <sup>(b)</sup>  | Ashton Woods USA LLC/Ashton Woods Finance Co. <sup>(b)</sup>  |
| 1615000 | 4.625 | 08/01/29 | 1531779 |
| 1140000 | 4.625 | 04/01/30 | 1073458 |
| 1015000 | 6.875 | 08/01/33 | 1017537 |
| Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. |
| 725000 | 5.875 | 10/15/27 | 724246 |
| 2975000 | 7.250 | 10/15/29 | 3014657 |
| 775000 | 7.500 <sup>(b)</sup> | 03/15/31 | 786013 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(b)</sup>  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(b)</sup>  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(b)</sup>  | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC <sup>(b)</sup>  |
| 1150000 | 5.000 | 06/15/29 | 1101907 |
| 2045000 | 4.875 | 02/15/30 | 1896165 |
| Empire Communities Corp. <sup>(b)</sup>  | Empire Communities Corp. <sup>(b)</sup>  | Empire Communities Corp. <sup>(b)</sup>  | Empire Communities Corp. <sup>(b)</sup>  |
| 550000 | 9.750 | 05/01/29 | 563920 |
| Forestar Group, Inc. <sup>(b)</sup>  | Forestar Group, Inc. <sup>(b)</sup>  | Forestar Group, Inc. <sup>(b)</sup>  | Forestar Group, Inc. <sup>(b)</sup>  |
| 325000 | 5.000 | 03/01/28 | 324695 |
| 1400000 | 6.500 | 03/15/33 | 1435546 |
| K Hovnanian Enterprises, Inc. <sup>(b)</sup>  | K Hovnanian Enterprises, Inc. <sup>(b)</sup>  | K Hovnanian Enterprises, Inc. <sup>(b)</sup>  | K Hovnanian Enterprises, Inc. <sup>(b)</sup>  |
| 480000 | 8.000 | 04/01/31 | 490157 |
| 605000 | 8.375 | 10/01/33 | 619242 |
| KB Home | KB Home | KB Home | KB Home |
| 100000 | 6.875 | 06/15/27 | 102116 |
| 675000 | 4.800 | 11/15/29 | 669431 |
| 950000 | 4.000 | 06/15/31 | 894938 |
| M/I Homes, Inc. | M/I Homes, Inc. | M/I Homes, Inc. | M/I Homes, Inc. |
| 1020000 | 4.950 | 02/01/28 | 1016624 |
| 695000 | 3.950 | 02/15/30 | 661445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Home Builders<sup>(a)</sup> – (continued) | Home Builders<sup>(a)</sup> – (continued) | Home Builders<sup>(a)</sup> – (continued) | Home Builders<sup>(a)</sup> – (continued) |
| Mattamy Group Corp. <sup>(b)</sup>  | Mattamy Group Corp. <sup>(b)</sup>  | Mattamy Group Corp. <sup>(b)</sup>  | Mattamy Group Corp. <sup>(b)</sup>  |
| 575000 | 5.250% | 12/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573160 |
| 1975000 | 4.625 | 03/01/30 | 1916915 |
| New Home Co., Inc. <sup>(b)</sup>  | New Home Co., Inc. <sup>(b)</sup>  | New Home Co., Inc. <sup>(b)</sup>  | New Home Co., Inc. <sup>(b)</sup>  |
| 325000 | 9.250 | 10/01/29 | 341234 |
| 1340000 | 8.500 | 11/01/30 | 1391282 |
| STL Holding Co. LLC <sup>(b)</sup>  | STL Holding Co. LLC <sup>(b)</sup>  | STL Holding Co. LLC <sup>(b)</sup>  | STL Holding Co. LLC <sup>(b)</sup>  |
| 525000 | 8.750 | 02/15/29 | 550263 |
| Taylor Morrison Communities, Inc. <sup>(b)</sup>  | Taylor Morrison Communities, Inc. <sup>(b)</sup>  | Taylor Morrison Communities, Inc. <sup>(b)</sup>  | Taylor Morrison Communities, Inc. <sup>(b)</sup>  |
| 4645000 | 5.750 | 01/15/28 | 4700508 |
| 850000 | 5.125 | 08/01/30 | 848062 |
| Tri Pointe Homes, Inc. | Tri Pointe Homes, Inc. | Tri Pointe Homes, Inc. | Tri Pointe Homes, Inc. |
| 250000 | 5.250 | 06/01/27 | 250470 |
| 700000 | 5.700 | 06/15/28 | 706874 |
|  |  |  | 29202644 |
| Home Furnishings<sup>(a)</sup> – 0.4% | Home Furnishings<sup>(a)</sup> – 0.4% | Home Furnishings<sup>(a)</sup> – 0.4% | Home Furnishings<sup>(a)</sup> – 0.4% |
| Somnigroup International, Inc. <sup>(b)</sup>  | Somnigroup International, Inc. <sup>(b)</sup>  | Somnigroup International, Inc. <sup>(b)</sup>  | Somnigroup International, Inc. <sup>(b)</sup>  |
| 1295000 | 4.000 | 04/15/29 | 1246878 |
| 1740000 | 3.875 | 10/15/31 | 1607603 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 200000 | 6.125 | 06/15/30 | 198198 |
| 1350000 | 6.500 | 06/15/33 | 1317425 |
|  |  |  | 4370104 |
| Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% | Household Products<sup>(a)(b)</sup> – 0.1% |
| ACCO Brands Corp. | ACCO Brands Corp. | ACCO Brands Corp. | ACCO Brands Corp. |
| 1725000 | 4.250 | 03/15/29 | 1534060 |
| Housewares<sup>(a)</sup> – 0.3% | Housewares<sup>(a)</sup> – 0.3% | Housewares<sup>(a)</sup> – 0.3% | Housewares<sup>(a)</sup> – 0.3% |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 150000 | 8.500 <sup>(b)</sup> | 06/01/28 | 154361 |
| 150000 | 6.375 | 05/15/30 | 142500 |
| 1100000 | 6.625 | 05/15/32 | 1036508 |
| 200000 | 7.500 | 04/01/46 | 165934 |
| Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. | Scotts Miracle-Gro Co. |
| 900000 | 4.000 | 04/01/31 | 834273 |
| 1150000 | 4.375 | 02/01/32 | 1064302 |
|  |  |  | 3397878 |
| Insurance<sup>(a)(b)</sup> – 1.1% | Insurance<sup>(a)(b)</sup> – 1.1% | Insurance<sup>(a)(b)</sup> – 1.1% | Insurance<sup>(a)(b)</sup> – 1.1% |
| Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. | Acrisure LLC/Acrisure Finance, Inc. |
| 2100000 | 8.250 | 02/01/29 | 2188641 |
| 1400000 | 8.500 | 06/15/29 | 1469622 |
| 250000 | 7.500 | 11/06/30 | 258825 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| 2280000 | 6.750 | 10/15/27 | 2287683 |
| 560000 | 7.000 | 01/15/31 | 578990 |
| 615000 | 6.500 | 10/01/31 | 631648 |
| 185000 | 7.375 | 10/01/32 | 191207 |
| AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| 775000 | 4.875 | 06/30/29 | 748379 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC |
| 400000 | 7.875 | 11/01/29 | 412100 |
| Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |
| 425000 | 7.750 | 02/15/31 | 444439 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance<sup>(a)(b)</sup> – (continued) | Insurance<sup>(a)(b)</sup> – (continued) | Insurance<sup>(a)(b)</sup> – (continued) | Insurance<sup>(a)(b)</sup> – (continued) |
| Broadstreet Partners Group LLC | Broadstreet Partners Group LLC | Broadstreet Partners Group LLC | Broadstreet Partners Group LLC |
| 400000 | 5.875% | 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398328 |
| Nassau Cos., of New York | Nassau Cos., of New York | Nassau Cos., of New York | Nassau Cos., of New York |
| 340000 | 7.875 | 07/15/30 | 346967 |
| Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC | Panther Escrow Issuer LLC |
| 1185000 | 7.125 | 06/01/31 | 1224721 |
| Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC | Ryan Specialty LLC |
| 1010000 | 5.875 | 08/01/32 | 1027079 |
|  |  |  | 12208629 |
| Internet<sup>(a)(b)</sup> – 1.1% | Internet<sup>(a)(b)</sup> – 1.1% | Internet<sup>(a)(b)</sup> – 1.1% | Internet<sup>(a)(b)</sup> – 1.1% |
| Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| 415000 | 4.250 | 06/01/28 | 405642 |
| 1380000 | 6.125 | 12/01/28 | 1347694 |
| Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
| 500000 | 3.875 | 09/15/27 | 489480 |
| 350000 | 5.625 | 09/15/28 | 345138 |
| Cars.com, Inc. | Cars.com, Inc. | Cars.com, Inc. | Cars.com, Inc. |
| 1085000 | 6.375 | 11/01/28 | 1081550 |
| Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. | Cogent Communications Group LLC/Cogent Finance, Inc. |
| 730000 | 7.000 | 06/15/27 | 728153 |
| Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
| 725000 | 6.750 | 09/30/27 | 736433 |
| 200000 | 6.250 | 04/01/33 | 205752 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 675000 | 3.500 | 03/01/29 | 643376 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 1545000 | 6.875 | 03/01/33 | 1581555 |
| 150000 | 6.875 | 03/15/34 | 152526 |
| Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC |
| 3980000 | 7.750 | 09/15/30 | 4200492 |
|  |  |  | 11917791 |
| Investment Companies<sup>(a)</sup> – 0.4% | Investment Companies<sup>(a)</sup> – 0.4% | Investment Companies<sup>(a)</sup> – 0.4% | Investment Companies<sup>(a)</sup> – 0.4% |
| Compass Group Diversified Holdings LLC <sup>(b)</sup>  | Compass Group Diversified Holdings LLC <sup>(b)</sup>  | Compass Group Diversified Holdings LLC <sup>(b)</sup>  | Compass Group Diversified Holdings LLC <sup>(b)</sup>  |
| 1185000 | 5.250 | 04/15/29 | 1073942 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| 1690000 | 9.750 | 01/15/29 | 1697706 |
| 1600000 | 4.375 | 02/01/29 | 1376816 |
| 500000 | 9.000 | 06/15/30 | 481145 |
|  |  |  | 4629609 |
| Iron/Steel<sup>(a)(b)</sup> – 1.6% | Iron/Steel<sup>(a)(b)</sup> – 1.6% | Iron/Steel<sup>(a)(b)</sup> – 1.6% | Iron/Steel<sup>(a)(b)</sup> – 1.6% |
| Big River Steel LLC/BRS Finance Corp. | Big River Steel LLC/BRS Finance Corp. | Big River Steel LLC/BRS Finance Corp. | Big River Steel LLC/BRS Finance Corp. |
| 1050000 | 6.625 | 01/31/29 | 1051596 |
| Champion Iron Canada, Inc. | Champion Iron Canada, Inc. | Champion Iron Canada, Inc. | Champion Iron Canada, Inc. |
| 375000 | 7.875 | 07/15/32 | 393000 |
| Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
| 525000 | 6.875 | 11/01/29 | 539453 |
| 775000 | 6.750 | 04/15/30 | 792329 |
| 4945000 | 7.500 | 09/15/31 | 5181074 |
| 150000 | 7.000 | 03/15/32 | 153368 |
| 1335000 | 7.375 | 05/01/33 | 1381017 |
| 2109000 | 7.625 | 01/15/34 | 2191905 |
| Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. | Mineral Resources Ltd. |
| 150000 | 8.000 | 11/01/27 | 152999 |
| 725000 | 9.250 | 10/01/28 | 760336 |
| 50000 | 8.500 | 05/01/30 | 52031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Iron/Steel<sup>(a)(b)</sup> – (continued) | Iron/Steel<sup>(a)(b)</sup> – (continued) | Iron/Steel<sup>(a)(b)</sup> – (continued) | Iron/Steel<sup>(a)(b)</sup> – (continued) |
| 4785000 | 7.000% | 04/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954772 |
|  |  |  | 17603880 |
| Leisure Time<sup>(a)(b)</sup> – 1.6% | Leisure Time<sup>(a)(b)</sup> – 1.6% | Leisure Time<sup>(a)(b)</sup> – 1.6% | Leisure Time<sup>(a)(b)</sup> – 1.6% |
| Acushnet Co. | Acushnet Co. | Acushnet Co. | Acushnet Co. |
| 800000 | 7.375 | 10/15/28 | 829536 |
| Amer Sports Co. | Amer Sports Co. | Amer Sports Co. | Amer Sports Co. |
| 375000 | 6.750 | 02/16/31 | 390221 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 2050000 | 6.000 | 05/01/29 | 2080750 |
| 1825000 | 5.750 | 03/15/30 | 1879969 |
| 1540000 | 5.750 | 08/01/32 | 1582181 |
| Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC | Lindblad Expeditions LLC |
| 575000 | 7.000 | 09/15/30 | 585845 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 2440000 | 7.750 | 02/15/29 | 2607262 |
| 200000 | 6.250 | 03/01/30 | 203182 |
| 1965000 | 6.750 | 02/01/32 | 2019765 |
| 200000 | 6.250 | 09/15/33 | 202096 |
| NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. |
| 885000 | 6.125 | 03/15/28 | 903921 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| 970000 | 10.750 | 11/15/29 | 921490 |
| 200000 | 11.125 | 07/15/30 | 189054 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 820000 | 7.000 | 02/15/29 | 825059 |
| 825000 | 9.125 | 07/15/31 | 883913 |
| 1150000 | 5.875 | 10/15/33 | 1167630 |
| Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. |
| 320000 | 5.625 | 02/15/29 | 320019 |
| VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
| 250000 | 5.000 | 02/15/28 | 249505 |
|  |  |  | 17841398 |
| Lodging<sup>(a)</sup> – 1.3% | Lodging<sup>(a)</sup> – 1.3% | Lodging<sup>(a)</sup> – 1.3% | Lodging<sup>(a)</sup> – 1.3% |
| Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup>  | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup>  | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup>  | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup>  |
| 1185000 | 7.250 | 10/01/29 | 1226961 |
| Hilton Domestic Operating Co., Inc. <sup>(b)</sup>  | Hilton Domestic Operating Co., Inc. <sup>(b)</sup>  | Hilton Domestic Operating Co., Inc. <sup>(b)</sup>  | Hilton Domestic Operating Co., Inc. <sup>(b)</sup>  |
| 4600000 | 3.750 | 05/01/29 | 4446728 |
| 825000 | 3.625 | 02/15/32 | 760897 |
| 150000 | 5.750 | 09/15/33 | 152822 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 375000 | 5.500 | 04/15/27 | 376991 |
| 1925000 | 4.750 | 10/15/28 | 1913161 |
| 725000 | 6.125 | 09/15/29 | 738101 |
| 250000 | 6.500 | 04/15/32 | 253882 |
| Studio City Finance Ltd. <sup>(b)</sup>  | Studio City Finance Ltd. <sup>(b)</sup>  | Studio City Finance Ltd. <sup>(b)</sup>  | Studio City Finance Ltd. <sup>(b)</sup>  |
| 590000 | 5.000 | 01/15/29 | 564571 |
| Travel & Leisure Co. <sup>(b)</sup>  | Travel & Leisure Co. <sup>(b)</sup>  | Travel & Leisure Co. <sup>(b)</sup>  | Travel & Leisure Co. <sup>(b)</sup>  |
| 1730000 | 4.625 | 03/01/30 | 1678152 |
| Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  |
| 610000 | 4.375 | 08/15/28 | 599075 |
| Wynn Macau Ltd. <sup>(b)</sup>  | Wynn Macau Ltd. <sup>(b)</sup>  | Wynn Macau Ltd. <sup>(b)</sup>  | Wynn Macau Ltd. <sup>(b)</sup>  |
| 1100000 | 5.625 | 08/26/28 | 1097470 |
| 425000 | 5.125 | 12/15/29 | 417244 |
|  |  |  | 14226055 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.4% |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |  |
| $635000 | 4.125% | 06/30/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620636 |
| 2685000 | 4.125 | 04/15/29 | 2618197 |
| Terex Corp. | Terex Corp. |  |  |
| 625000 | 5.000 | 05/15/29 | 613462 |
| 475000 | 6.250 | 10/15/32 | 482325 |
| Vertiv Group Corp. | Vertiv Group Corp. |  |  |
| 350000 | 4.125 | 11/15/28 | 344824 |
|  |  |  | 4679444 |
| Machinery-Diversified<sup>(a)(b)</sup> – 0.3% | Machinery-Diversified<sup>(a)(b)</sup> – 0.3% | Machinery-Diversified<sup>(a)(b)</sup> – 0.3% |  |
| Chart Industries, Inc. | Chart Industries, Inc. |  |  |
| 1335000 | 9.500 | 01/01/31 | 1427689 |
| Esab Corp. | Esab Corp. |  |  |
| 790000 | 6.250 | 04/15/29 | 808628 |
| Maxim Crane Works Holdings Capital LLC | Maxim Crane Works Holdings Capital LLC | Maxim Crane Works Holdings Capital LLC | Maxim Crane Works Holdings Capital LLC |
| 800000 | 11.500 | 09/01/28 | 849280 |
|  |  |  | 3085597 |
| Media – 4.1% | Media – 4.1% |  |  |
| Altice Financing SA <sup>(a)(b)</sup>  | Altice Financing SA <sup>(a)(b)</sup>  | Altice Financing SA <sup>(a)(b)</sup>  |  |
| 625000 | 5.000 | 01/15/28 | 471381 |
| 480000 | 5.750 | 08/15/29 | 349181 |
| CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)</sup>  | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)</sup>  | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)</sup>  | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)</sup>  |
| 475000 | 5.500 <sup>(b)</sup> | 05/01/26 | 474582 |
| 1875000 | 5.125 <sup>(b)</sup> | 05/01/27 | 1864312 |
| 2100000 | 5.000 <sup>(b)</sup> | 02/01/28 | 2078832 |
| 590000 | 5.375 <sup>(b)</sup> | 06/01/29 | 583180 |
| 1305000 | 6.375 <sup>(b)</sup> | 09/01/29 | 1317580 |
| 2805000 | 4.750 <sup>(b)</sup> | 03/01/30 | 2662590 |
| 3285000 | 4.500 <sup>(b)</sup> | 08/15/30 | 3073315 |
| 780000 | 4.250 <sup>(b)</sup> | 02/01/31 | 706711 |
| 1200000 | 4.500 | 05/01/32 | 1067652 |
| 2320000 | 4.250 <sup>(b)</sup> | 01/15/34 | 1949009 |
| CSC Holdings LLC <sup>(a)(b)</sup>  | CSC Holdings LLC <sup>(a)(b)</sup>  | CSC Holdings LLC <sup>(a)(b)</sup>  |  |
| 3340000 | 5.500 | 04/15/27 | 3106200 |
| 1135000 | 11.750 | 01/31/29 | 894845 |
| 1790000 | 6.500 | 02/01/29 | 1230822 |
| 525000 | 4.125 | 12/01/30 | 323400 |
| 900000 | 3.375 | 02/15/31 | 544338 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup>  | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup>  | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup>  | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup>  |
| 1430000 | 10.000 | 02/15/31 | 1429971 |
| DISH DBS Corp. | DISH DBS Corp. |  |  |
| 2000000 | 7.750 | 07/01/26 | 1979440 |
| 725000 | 7.375 <sup>(a)</sup> | 07/01/28 | 677331 |
| 1000000 | 5.125 | 06/01/29 | 863590 |
| DISH Network Corp. <sup>(a)(b)</sup>  | DISH Network Corp. <sup>(a)(b)</sup>  | DISH Network Corp. <sup>(a)(b)</sup>  |  |
| 1650000 | 11.750 | 11/15/27 | 1736229 |
| Gray Media, Inc. <sup>(a)(b)</sup>  | Gray Media, Inc. <sup>(a)(b)</sup>  |  |  |
| 1800000 | 4.750 | 10/15/30 | 1279080 |
| 1655000 | 5.375 | 11/15/31 | 1151102 |
| 200000 | 9.625 | 07/15/32 | 200988 |
| 150000 | 7.250 | 08/15/33 | 147035 |
| iHeartCommunications, Inc. <sup>(a)(b)</sup>  | iHeartCommunications, Inc. <sup>(a)(b)</sup>  | iHeartCommunications, Inc. <sup>(a)(b)</sup>  |  |
| 200000 | 10.875 | 05/01/30 | 144088 |
| 525000 | 7.750 | 08/15/30 | 440785 |
| McGraw-Hill Education, Inc. <sup>(a)(b)</sup>  | McGraw-Hill Education, Inc. <sup>(a)(b)</sup>  | McGraw-Hill Education, Inc. <sup>(a)(b)</sup>  |  |
| 670000 | 5.750 | 08/01/28 | 668707 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| 1335000 | 8.000% | 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346147 |
| 535000 | 7.375 | 09/01/31 | 548947 |
| News Corp. <sup>(a)(b)</sup>  | News Corp. <sup>(a)(b)</sup>  | News Corp. <sup>(a)(b)</sup>  | News Corp. <sup>(a)(b)</sup>  |
| 150000 | 3.875 | 05/15/29 | 144677 |
| Sinclair Television Group, Inc. <sup>(a)(b)</sup>  | Sinclair Television Group, Inc. <sup>(a)(b)</sup>  | Sinclair Television Group, Inc. <sup>(a)(b)</sup>  | Sinclair Television Group, Inc. <sup>(a)(b)</sup>  |
| 140000 | 5.500 | 03/01/30 | 118891 |
| 120000 | 4.375 | 12/31/32 | 87905 |
| 1965000 | 8.125 | 02/15/33 | 2004831 |
| Univision Communications, Inc. <sup>(a)(b)</sup> | Univision Communications, Inc. <sup>(a)(b)</sup> | Univision Communications, Inc. <sup>(a)(b)</sup> | Univision Communications, Inc. <sup>(a)(b)</sup> |
| 450000 | 8.000 | 08/15/28 | 463500 |
| 650000 | 4.500 | 05/01/29 | 611084 |
| 2995000 | 9.375 | 08/01/32 | 3161043 |
| Versant Media Group, Inc. <sup>(a)(b)</sup>  | Versant Media Group, Inc. <sup>(a)(b)</sup>  | Versant Media Group, Inc. <sup>(a)(b)</sup>  | Versant Media Group, Inc. <sup>(a)(b)</sup>  |
| 610000 | 7.250 | 01/30/31 | 622011 |
| Virgin Media Secured Finance PLC <sup>(a)(b)</sup>  | Virgin Media Secured Finance PLC <sup>(a)(b)</sup>  | Virgin Media Secured Finance PLC <sup>(a)(b)</sup>  | Virgin Media Secured Finance PLC <sup>(a)(b)</sup>  |
| 950000 | 5.500 | 05/15/29 | 932092 |
| 1425000 | 4.500 | 08/15/30 | 1324637 |
| VZ Secured Financing BV <sup>(a)(b)</sup>  | VZ Secured Financing BV <sup>(a)(b)</sup>  | VZ Secured Financing BV <sup>(a)(b)</sup>  | VZ Secured Financing BV <sup>(a)(b)</sup>  |
| 1135000 | 5.000 | 01/15/32 | 1032124 |
|  |  |  | 45814165 |
| Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.4% |
| Park-Ohio Industries, Inc. | Park-Ohio Industries, Inc. | Park-Ohio Industries, Inc. | Park-Ohio Industries, Inc. |
| 940000 | 8.500 | 08/01/30 | 958716 |
| Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. | Roller Bearing Co. of America, Inc. |
| 2375000 | 4.375 | 10/15/29 | 2323700 |
| TMS International Corp. | TMS International Corp. | TMS International Corp. | TMS International Corp. |
| 910000 | 6.250 | 04/15/29 | 896741 |
|  |  |  | 4179157 |
| Mining<sup>(a)</sup> – 2.1% | Mining<sup>(a)</sup> – 2.1% | Mining<sup>(a)</sup> – 2.1% | Mining<sup>(a)</sup> – 2.1% |
| Arsenal AIC Parent LLC <sup>(b)</sup>  | Arsenal AIC Parent LLC <sup>(b)</sup>  | Arsenal AIC Parent LLC <sup>(b)</sup>  | Arsenal AIC Parent LLC <sup>(b)</sup>  |
| 250000 | 8.000 | 10/01/30 | 265665 |
| 2210000 | 11.500 | 10/01/31 | 2456128 |
| Capstone Copper Corp. <sup>(b)</sup>  | Capstone Copper Corp. <sup>(b)</sup>  | Capstone Copper Corp. <sup>(b)</sup>  | Capstone Copper Corp. <sup>(b)</sup>  |
| 425000 | 6.750 | 03/31/33 | 440041 |
| Century Aluminum Co. <sup>(b)</sup>  | Century Aluminum Co. <sup>(b)</sup>  | Century Aluminum Co. <sup>(b)</sup>  | Century Aluminum Co. <sup>(b)</sup>  |
| 1370000 | 6.875 | 08/01/32 | 1406291 |
| Compass Minerals International, Inc. <sup>(b)</sup>  | Compass Minerals International, Inc. <sup>(b)</sup>  | Compass Minerals International, Inc. <sup>(b)</sup>  | Compass Minerals International, Inc. <sup>(b)</sup>  |
| 1515000 | 8.000 | 07/01/30 | 1576857 |
| Constellium SE <sup>(b)</sup>  | Constellium SE <sup>(b)</sup>  | Constellium SE <sup>(b)</sup>  | Constellium SE <sup>(b)</sup>  |
| 1185000 | 3.750 | 04/15/29 | 1131497 |
| Eldorado Gold Corp. <sup>(b)</sup>  | Eldorado Gold Corp. <sup>(b)</sup>  | Eldorado Gold Corp. <sup>(b)</sup>  | Eldorado Gold Corp. <sup>(b)</sup>  |
| 1810000 | 6.250 | 09/01/29 | 1808914 |
| First Quantum Minerals Ltd. <sup>(b)</sup>  | First Quantum Minerals Ltd. <sup>(b)</sup>  | First Quantum Minerals Ltd. <sup>(b)</sup>  | First Quantum Minerals Ltd. <sup>(b)</sup>  |
| 1885000 | 9.375 | 03/01/29 | 1990353 |
| 825000 | 8.625 | 06/01/31 | 863156 |
| 1025000 | 8.000 | 03/01/33 | 1086500 |
| 1005000 | 7.250 | 02/15/34 | 1040175 |
| Fortescue Treasury Pty. Ltd. <sup>(b)</sup>  | Fortescue Treasury Pty. Ltd. <sup>(b)</sup>  | Fortescue Treasury Pty. Ltd. <sup>(b)</sup>  | Fortescue Treasury Pty. Ltd. <sup>(b)</sup>  |
| 1220000 | 6.125 | 04/15/32 | 1269983 |
| Hecla Mining Co. | Hecla Mining Co. | Hecla Mining Co. | Hecla Mining Co. |
| 575000 | 7.250 | 02/15/28 | 578893 |
| Hudbay Minerals, Inc. <sup>(b)</sup>  | Hudbay Minerals, Inc. <sup>(b)</sup>  | Hudbay Minerals, Inc. <sup>(b)</sup>  | Hudbay Minerals, Inc. <sup>(b)</sup>  |
| 2030000 | 4.500 | 04/01/26 | 2025027 |
| 1415000 | 6.125 | 04/01/29 | 1430551 |
| New Gold, Inc. <sup>(b)</sup>  | New Gold, Inc. <sup>(b)</sup>  | New Gold, Inc. <sup>(b)</sup>  | New Gold, Inc. <sup>(b)</sup>  |
| 985000 | 6.875 | 04/01/32 | 1028350 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Mining<sup>(a)</sup> – (continued) | Mining<sup>(a)</sup> – (continued) | Mining<sup>(a)</sup> – (continued) | Mining<sup>(a)</sup> – (continued) |
| Novelis Corp. <sup>(b)</sup>  | Novelis Corp. <sup>(b)</sup>  | Novelis Corp. <sup>(b)</sup>  | Novelis Corp. <sup>(b)</sup>  |
| 1456000 | 4.750% | 01/30/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405593 |
| 150000 | 6.875 | 01/30/30 | 155700 |
| 1270000 | 3.875 | 08/15/31 | 1163472 |
| Taseko Mines Ltd. <sup>(b)</sup>  | Taseko Mines Ltd. <sup>(b)</sup>  | Taseko Mines Ltd. <sup>(b)</sup>  | Taseko Mines Ltd. <sup>(b)</sup>  |
| 800000 | 8.250 | 05/01/30 | 846176 |
|  |  |  | 23969322 |
| Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.7% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.7% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.7% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.7% |
| Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
| 950000 | 4.625 | 05/15/30 | 930164 |
| 425000 | 6.375 | 03/15/33 | 439650 |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 2780000 | 6.125 | 03/15/30 | 2865930 |
| 455000 | 6.250 | 03/15/33 | 471871 |
| Calderys Financing II LLC <sup>(c)</sup> (PIK 12.500%, Cash 11.750%) | Calderys Financing II LLC <sup>(c)</sup> (PIK 12.500%, Cash 11.750%) | Calderys Financing II LLC <sup>(c)</sup> (PIK 12.500%, Cash 11.750%) | Calderys Financing II LLC <sup>(c)</sup> (PIK 12.500%, Cash 11.750%) |
| 985000 | 11.750 | 06/01/28 | 1023947 |
| Calderys Financing LLC | Calderys Financing LLC | Calderys Financing LLC | Calderys Financing LLC |
| 1665000 | 11.250 | 06/01/28 | 1761004 |
| Trinity Industries, Inc. | Trinity Industries, Inc. | Trinity Industries, Inc. | Trinity Industries, Inc. |
| 300000 | 7.750 | 07/15/28 | 310905 |
|  |  |  | 7803471 |
| Office & Business Equipment<sup>(a)(b)</sup> – 0.0% | Office & Business Equipment<sup>(a)(b)</sup> – 0.0% | Office & Business Equipment<sup>(a)(b)</sup> – 0.0% | Office & Business Equipment<sup>(a)(b)</sup> – 0.0% |
| Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. | Zebra Technologies Corp. |
| 200000 | 6.500 | 06/01/32 | 207406 |
| Oil Field Services – 7.2% | Oil Field Services – 7.2% | Oil Field Services – 7.2% | Oil Field Services – 7.2% |
| Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup>  | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup>  | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup>  | Aethon United BR LP/Aethon United Finance Corp. <sup>(a)(b)</sup>  |
| 1065000 | 7.500 | 10/01/29 | 1105140 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup>  | Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup>  | Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup>  | Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup>  |
| 375000 | 9.000 | 11/01/27 | 443471 |
| 1050000 | 6.625 | 10/15/32 | 1070664 |
| 250000 | 6.625 | 07/15/33 | 253950 |
| Baytex Energy Corp. <sup>(a)(b)</sup>  | Baytex Energy Corp. <sup>(a)(b)</sup>  | Baytex Energy Corp. <sup>(a)(b)</sup>  | Baytex Energy Corp. <sup>(a)(b)</sup>  |
| 1650000 | 8.500 | 04/30/30 | 1689468 |
| 650000 | 7.375 | 03/15/32 | 640322 |
| California Resources Corp. <sup>(b)</sup>  | California Resources Corp. <sup>(b)</sup>  | California Resources Corp. <sup>(b)</sup>  | California Resources Corp. <sup>(b)</sup>  |
| 1720000 | 8.250 <sup>(a)</sup> | 06/15/29 | 1788938 |
| 1660000 | 7.000 | 01/15/34 | 1652497 |
| Civitas Resources, Inc. <sup>(a)(b)</sup>  | Civitas Resources, Inc. <sup>(a)(b)</sup>  | Civitas Resources, Inc. <sup>(a)(b)</sup>  | Civitas Resources, Inc. <sup>(a)(b)</sup>  |
| 375000 | 8.375 | 07/01/28 | 387289 |
| 2025000 | 8.625 | 11/01/30 | 2093243 |
| 200000 | 8.750 | 07/01/31 | 205500 |
| 325000 | 9.625 | 06/15/33 | 348348 |
| CNX Resources Corp. <sup>(a)(b)</sup>  | CNX Resources Corp. <sup>(a)(b)</sup>  | CNX Resources Corp. <sup>(a)(b)</sup>  | CNX Resources Corp. <sup>(a)(b)</sup>  |
| 910000 | 6.000 | 01/15/29 | 914768 |
| 2725000 | 7.250 | 03/01/32 | 2841221 |
| Comstock Resources, Inc. <sup>(a)(b)</sup>  | Comstock Resources, Inc. <sup>(a)(b)</sup>  | Comstock Resources, Inc. <sup>(a)(b)</sup>  | Comstock Resources, Inc. <sup>(a)(b)</sup>  |
| 3925000 | 6.750 | 03/01/29 | 3888340 |
| 1100000 | 5.875 | 01/15/30 | 1046782 |
| Crescent Energy Finance LLC <sup>(a)(b)</sup>  | Crescent Energy Finance LLC <sup>(a)(b)</sup>  | Crescent Energy Finance LLC <sup>(a)(b)</sup>  | Crescent Energy Finance LLC <sup>(a)(b)</sup>  |
| 300000 | 9.250 | 02/15/28 | 310503 |
| 425000 | 7.625 | 04/01/32 | 411791 |
| 625000 | 7.375 | 01/15/33 | 590350 |
| 525000 | 8.375 | 01/15/34 | 514148 |
| CVR Energy, Inc. <sup>(a)(b)</sup>  | CVR Energy, Inc. <sup>(a)(b)</sup>  | CVR Energy, Inc. <sup>(a)(b)</sup>  | CVR Energy, Inc. <sup>(a)(b)</sup>  |
| 2630000 | 8.500 | 01/15/29 | 2697170 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Diamond Foreign Asset Co./Diamond Finance LLC <sup>(a)(b)</sup>  | Diamond Foreign Asset Co./Diamond Finance LLC <sup>(a)(b)</sup>  | Diamond Foreign Asset Co./Diamond Finance LLC <sup>(a)(b)</sup>  | Diamond Foreign Asset Co./Diamond Finance LLC <sup>(a)(b)</sup>  |
| 685000 | 8.500% | 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726319 |
| Gulfport Energy Operating Corp. <sup>(a)(b)</sup>  | Gulfport Energy Operating Corp. <sup>(a)(b)</sup>  | Gulfport Energy Operating Corp. <sup>(a)(b)</sup>  | Gulfport Energy Operating Corp. <sup>(a)(b)</sup>  |
| 1730000 | 6.750 | 09/01/29 | 1767697 |
| Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup>  | Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup>  | Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup>  | Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup>  |
| 1240000 | 7.250 | 02/15/35 | 1193500 |
| Ithaca Energy North Sea PLC <sup>(a)(b)</sup>  | Ithaca Energy North Sea PLC <sup>(a)(b)</sup>  | Ithaca Energy North Sea PLC <sup>(a)(b)</sup>  | Ithaca Energy North Sea PLC <sup>(a)(b)</sup>  |
| 1310000 | 8.125 | 10/15/29 | 1376273 |
| Kodiak Gas Services LLC <sup>(a)(b)</sup>  | Kodiak Gas Services LLC <sup>(a)(b)</sup>  | Kodiak Gas Services LLC <sup>(a)(b)</sup>  | Kodiak Gas Services LLC <sup>(a)(b)</sup>  |
| 875000 | 6.500 | 10/01/33 | 896630 |
| 405000 | 6.750 | 10/01/35 | 417097 |
| Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup>  | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup>  | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup>  | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup>  |
| 370000 | 7.625 | 08/15/29 | 362034 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance<br>Corp. <sup>(a)(b)</sup>  | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance<br>Corp. <sup>(a)(b)</sup>  | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance<br>Corp. <sup>(a)(b)</sup>  | Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance<br>Corp. <sup>(a)(b)</sup>  |
| 1070000 | 6.875 | 12/01/32 | 1087858 |
| Matador Resources Co. <sup>(a)(b)</sup>  | Matador Resources Co. <sup>(a)(b)</sup>  | Matador Resources Co. <sup>(a)(b)</sup>  | Matador Resources Co. <sup>(a)(b)</sup>  |
| 1405000 | 6.500 | 04/15/32 | 1417490 |
| Murphy Oil Corp. <sup>(a)</sup>  | Murphy Oil Corp. <sup>(a)</sup>  | Murphy Oil Corp. <sup>(a)</sup>  | Murphy Oil Corp. <sup>(a)</sup>  |
| 2150000 | 6.000 | 10/01/32 | 2120588 |
| Nabors Industries Ltd. <sup>(a)(b)</sup>  | Nabors Industries Ltd. <sup>(a)(b)</sup>  | Nabors Industries Ltd. <sup>(a)(b)</sup>  | Nabors Industries Ltd. <sup>(a)(b)</sup>  |
| 525000 | 7.500 | 01/15/28 | 527210 |
| Nabors Industries, Inc. <sup>(a)(b)</sup>  | Nabors Industries, Inc. <sup>(a)(b)</sup>  | Nabors Industries, Inc. <sup>(a)(b)</sup>  | Nabors Industries, Inc. <sup>(a)(b)</sup>  |
| 1350000 | 9.125 | 01/31/30 | 1418567 |
| 1005000 | 8.875 | 08/15/31 | 955554 |
| Noble Finance II LLC <sup>(a)(b)</sup>  | Noble Finance II LLC <sup>(a)(b)</sup>  | Noble Finance II LLC <sup>(a)(b)</sup>  | Noble Finance II LLC <sup>(a)(b)</sup>  |
| 700000 | 8.000 | 04/15/30 | 725893 |
| PBF Holding Co. LLC/PBF Finance Corp. <sup>(a)(b)</sup>  | PBF Holding Co. LLC/PBF Finance Corp. <sup>(a)(b)</sup>  | PBF Holding Co. LLC/PBF Finance Corp. <sup>(a)(b)</sup>  | PBF Holding Co. LLC/PBF Finance Corp. <sup>(a)(b)</sup>  |
| 3280000 | 9.875 | 03/15/30 | 3475226 |
| Permian Resources Operating LLC <sup>(a)(b)</sup>  | Permian Resources Operating LLC <sup>(a)(b)</sup>  | Permian Resources Operating LLC <sup>(a)(b)</sup>  | Permian Resources Operating LLC <sup>(a)(b)</sup>  |
| 100000 | 8.000 | 04/15/27 | 101392 |
| 699000 | 5.875 | 07/01/29 | 699063 |
| 1065000 | 7.000 | 01/15/32 | 1105044 |
| 1155000 | 6.250 | 02/01/33 | 1176090 |
| Precision Drilling Corp. <sup>(a)(b)</sup>  | Precision Drilling Corp. <sup>(a)(b)</sup>  | Precision Drilling Corp. <sup>(a)(b)</sup>  | Precision Drilling Corp. <sup>(a)(b)</sup>  |
| 1635000 | 6.875 | 01/15/29 | 1644091 |
| Range Resources Corp. <sup>(a)(b)</sup>  | Range Resources Corp. <sup>(a)(b)</sup>  | Range Resources Corp. <sup>(a)(b)</sup>  | Range Resources Corp. <sup>(a)(b)</sup>  |
| 350000 | 4.750 | 02/15/30 | 342580 |
| SESI LLC <sup>(a)(b)</sup>  | SESI LLC <sup>(a)(b)</sup>  | SESI LLC <sup>(a)(b)</sup>  | SESI LLC <sup>(a)(b)</sup>  |
| 450000 | 7.875 | 09/30/30 | 441563 |
| SM Energy Co. <sup>(a)(b)</sup>  | SM Energy Co. <sup>(a)(b)</sup>  | SM Energy Co. <sup>(a)(b)</sup>  | SM Energy Co. <sup>(a)(b)</sup>  |
| 200000 | 6.750 | 08/01/29 | 199554 |
| 780000 | 7.000 | 08/01/32 | 762824 |
| Sunoco LP <sup>(a)(b)</sup>  | Sunoco LP <sup>(a)(b)</sup>  | Sunoco LP <sup>(a)(b)</sup>  | Sunoco LP <sup>(a)(b)</sup>  |
| 790000 | 7.250 | 05/01/32 | 832707 |
| 875000 | 5.875 | 03/15/34 | 874869 |
| (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) |
| 3190000 | 7.875 <sup>(d)</sup> | 12/31/99 | 3244007 |
| Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup>  | Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup>  | Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup>  | Sunoco LP/Sunoco Finance Corp. <sup>(a)</sup>  |
| 285000 | 4.500 | 05/15/29 | 279354 |
| 2385000 | 4.500 | 04/30/30 | 2310683 |
| Talos Production, Inc. <sup>(a)(b)</sup>  | Talos Production, Inc. <sup>(a)(b)</sup>  | Talos Production, Inc. <sup>(a)(b)</sup>  | Talos Production, Inc. <sup>(a)(b)</sup>  |
| 1550000 | 9.375 | 02/01/31 | 1586518 |
| Tidewater, Inc. <sup>(a)(b)</sup>  | Tidewater, Inc. <sup>(a)(b)</sup>  | Tidewater, Inc. <sup>(a)(b)</sup>  | Tidewater, Inc. <sup>(a)(b)</sup>  |
| 2055000 | 9.125 | 07/15/30 | 2193075 |
| Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
| 3391000 | 8.250 <sup>(a)(b)</sup> | 05/15/29 | 3409786 |
| 536250 | 8.750 <sup>(a)(b)</sup> | 02/15/30 | 562371 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| $1190000 | 7.500% | 04/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135296 |
| 1525000 | 8.500 <sup>(a)(b)</sup> | 05/15/31 | 1512221 |
| 325000 | 7.875 <sup>(a)(b)</sup> | 10/15/32 | 334750 |
| USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> | USA Compression Partners LP/USA Compression Finance Corp. <sup>(a)(b)</sup> |
| 1520000 | 7.125 | 03/15/29 | 1569932 |
| Valaris Ltd. <sup>(a)(b)</sup>  | Valaris Ltd. <sup>(a)(b)</sup>  | Valaris Ltd. <sup>(a)(b)</sup>  | Valaris Ltd. <sup>(a)(b)</sup>  |
| 3315000 | 8.375 | 04/30/30 | 3456981 |
| Viridien <sup>(a)(b)</sup>  | Viridien <sup>(a)(b)</sup>  | Viridien <sup>(a)(b)</sup>  | Viridien <sup>(a)(b)</sup>  |
| 620000 | 10.000 | 10/15/30 | 649382 |
| Vital Energy, Inc. <sup>(a)</sup>  | Vital Energy, Inc. <sup>(a)</sup>  | Vital Energy, Inc. <sup>(a)</sup>  | Vital Energy, Inc. <sup>(a)</sup>  |
| 805000 | 9.750 | 10/15/30 | 827451 |
| 625000 | 7.875 <sup>(b)</sup> | 04/15/32 | 591588 |
| WBI Operating LLC <sup>(a)(b)</sup>  | WBI Operating LLC <sup>(a)(b)</sup>  | WBI Operating LLC <sup>(a)(b)</sup>  | WBI Operating LLC <sup>(a)(b)</sup>  |
| 965000 | 6.250 | 10/15/30 | 962279 |
| 845000 | 6.500 | 10/15/33 | 844797 |
| Weatherford International Ltd. <sup>(a)(b)</sup>  | Weatherford International Ltd. <sup>(a)(b)</sup>  | Weatherford International Ltd. <sup>(a)(b)</sup>  | Weatherford International Ltd. <sup>(a)(b)</sup>  |
| 3130000 | 6.750 | 10/15/33 | 3198703 |
| Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup>  | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup>  | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup>  | Wildfire Intermediate Holdings LLC <sup>(a)(b)</sup>  |
| 390000 | 7.500 | 10/15/29 | 389688 |
|  |  |  | 80600478 |
| Packaging – 1.7% | Packaging – 1.7% | Packaging – 1.7% | Packaging – 1.7% |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)(b)</sup>  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(a)(b)</sup>  |
| 1030000 | 3.000 | 09/01/29 | 1107863 |
| $835000 | 4.000 | 09/01/29 | 779339 |
| Ardagh Packaging Finance PLC | Ardagh Packaging Finance PLC | Ardagh Packaging Finance PLC | Ardagh Packaging Finance PLC |
| 930000 | 9.500 | 12/01/30 | 992775 |
| Ball Corp. <sup>(a)</sup>  | Ball Corp. <sup>(a)</sup>  | Ball Corp. <sup>(a)</sup>  | Ball Corp. <sup>(a)</sup>  |
| $275000 | 5.500 | 09/15/33 | 278176 |
| Cascades, Inc./Cascades USA, Inc. <sup>(a)(b)</sup>  | Cascades, Inc./Cascades USA, Inc. <sup>(a)(b)</sup>  | Cascades, Inc./Cascades USA, Inc. <sup>(a)(b)</sup>  | Cascades, Inc./Cascades USA, Inc. <sup>(a)(b)</sup>  |
| 2220000 | 6.750 | 07/15/30 | 2270194 |
| Clydesdale Acquisition Holdings, Inc. <sup>(a)(b)</sup>  | Clydesdale Acquisition Holdings, Inc. <sup>(a)(b)</sup>  | Clydesdale Acquisition Holdings, Inc. <sup>(a)(b)</sup>  | Clydesdale Acquisition Holdings, Inc. <sup>(a)(b)</sup>  |
| 900000 | 6.875 | 01/15/30 | 910107 |
| 2455000 | 8.750 | 04/15/30 | 2461358 |
| 1870000 | 6.750 | 04/15/32 | 1876208 |
| Graham Packaging Co., Inc. <sup>(a)(b)</sup>  | Graham Packaging Co., Inc. <sup>(a)(b)</sup>  | Graham Packaging Co., Inc. <sup>(a)(b)</sup>  | Graham Packaging Co., Inc. <sup>(a)(b)</sup>  |
| 250000 | 7.125 | 08/15/28 | 248998 |
| Graphic Packaging International LLC <sup>(a)(b)</sup>  | Graphic Packaging International LLC <sup>(a)(b)</sup>  | Graphic Packaging International LLC <sup>(a)(b)</sup>  | Graphic Packaging International LLC <sup>(a)(b)</sup>  |
| 525000 | 3.500 | 03/01/29 | 496792 |
| Iris Holding, Inc. <sup>(a)(b)</sup>  | Iris Holding, Inc. <sup>(a)(b)</sup>  | Iris Holding, Inc. <sup>(a)(b)</sup>  | Iris Holding, Inc. <sup>(a)(b)</sup>  |
| 900000 | 10.000 | 12/15/28 | 779877 |
| LABL, Inc. <sup>(a)(b)</sup>  | LABL, Inc. <sup>(a)(b)</sup>  | LABL, Inc. <sup>(a)(b)</sup>  | LABL, Inc. <sup>(a)(b)</sup>  |
| 600000 | 10.500 | 07/15/27 | 391572 |
| 350000 | 5.875 | 11/01/28 | 252340 |
| 375000 | 9.500 | 11/01/28 | 279923 |
| 350000 | 8.625 | 10/01/31 | 225446 |
| Mauser Packaging Solutions Holding Co. <sup>(a)(b)</sup>  | Mauser Packaging Solutions Holding Co. <sup>(a)(b)</sup>  | Mauser Packaging Solutions Holding Co. <sup>(a)(b)</sup>  | Mauser Packaging Solutions Holding Co. <sup>(a)(b)</sup>  |
| 1250000 | 7.875 | 04/15/27 | 1253962 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC <sup>(a)(b)</sup>  | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC <sup>(a)(b)</sup>  | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC <sup>(a)(b)</sup>  | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC <sup>(a)(b)</sup>  |
| 1840000 | 9.500 | 05/15/30 | 1725386 |
| Trident TPI Holdings, Inc. <sup>(a)(b)</sup>  | Trident TPI Holdings, Inc. <sup>(a)(b)</sup>  | Trident TPI Holdings, Inc. <sup>(a)(b)</sup>  | Trident TPI Holdings, Inc. <sup>(a)(b)</sup>  |
| 1775000 | 12.750 | 12/31/28 | 1895203 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Packaging – (continued) | Packaging – (continued) | Packaging – (continued) | Packaging – (continued) |
| TriMas Corp. <sup>(a)(b)</sup>  | TriMas Corp. <sup>(a)(b)</sup>  | TriMas Corp. <sup>(a)(b)</sup>  | TriMas Corp. <sup>(a)(b)</sup>  |
| 575000 | 4.125% | 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556025 |
|  |  |  | 18781544 |
| Pharmaceuticals – 1.8% | Pharmaceuticals – 1.8% | Pharmaceuticals – 1.8% | Pharmaceuticals – 1.8% |
| 1261229 BC Ltd. <sup>(a)(b)</sup>  | 1261229 BC Ltd. <sup>(a)(b)</sup>  | 1261229 BC Ltd. <sup>(a)(b)</sup>  | 1261229 BC Ltd. <sup>(a)(b)</sup>  |
| 2840000 | 10.000 | 04/15/32 | 2971520 |
| AdaptHealth LLC <sup>(a)(b)</sup>  | AdaptHealth LLC <sup>(a)(b)</sup>  | AdaptHealth LLC <sup>(a)(b)</sup>  | AdaptHealth LLC <sup>(a)(b)</sup>  |
| 2695000 | 4.625 | 08/01/29 | 2558094 |
| 1675000 | 5.125 | 03/01/30 | 1603628 |
| Amneal Pharmaceuticals LLC <sup>(a)(b)</sup>  | Amneal Pharmaceuticals LLC <sup>(a)(b)</sup>  | Amneal Pharmaceuticals LLC <sup>(a)(b)</sup>  | Amneal Pharmaceuticals LLC <sup>(a)(b)</sup>  |
| 535000 | 6.875 | 08/01/32 | 560675 |
| Bausch Health Cos., Inc. <sup>(b)</sup>  | Bausch Health Cos., Inc. <sup>(b)</sup>  | Bausch Health Cos., Inc. <sup>(b)</sup>  | Bausch Health Cos., Inc. <sup>(b)</sup>  |
| 2200000 | 4.875 <sup>(a)</sup> | 06/01/28 | 2011328 |
| 1325000 | 11.000 | 09/30/28 | 1394457 |
| BellRing Brands, Inc. <sup>(a)(b)</sup>  | BellRing Brands, Inc. <sup>(a)(b)</sup>  | BellRing Brands, Inc. <sup>(a)(b)</sup>  | BellRing Brands, Inc. <sup>(a)(b)</sup>  |
| 1115000 | 7.000 | 03/15/30 | 1149978 |
| Endo Finance Holdings, Inc. <sup>(a)(b)</sup>  | Endo Finance Holdings, Inc. <sup>(a)(b)</sup>  | Endo Finance Holdings, Inc. <sup>(a)(b)</sup>  | Endo Finance Holdings, Inc. <sup>(a)(b)</sup>  |
| 460000 | 8.500 | 04/15/31 | 487595 |
| HLF Financing SARL LLC/Herbalife International, Inc. <sup>(a)(b)</sup>  | HLF Financing SARL LLC/Herbalife International, Inc. <sup>(a)(b)</sup>  | HLF Financing SARL LLC/Herbalife International, Inc. <sup>(a)(b)</sup>  | HLF Financing SARL LLC/Herbalife International, Inc. <sup>(a)(b)</sup>  |
| 1810000 | 4.875 | 06/01/29 | 1595986 |
| Option Care Health, Inc. <sup>(a)(b)</sup>  | Option Care Health, Inc. <sup>(a)(b)</sup>  | Option Care Health, Inc. <sup>(a)(b)</sup>  | Option Care Health, Inc. <sup>(a)(b)</sup>  |
| 1455000 | 4.375 | 10/31/29 | 1406403 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup>  | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup>  | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup>  | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup>  |
| 775000 | 5.125 | 04/30/31 | 595037 |
| Owens & Minor, Inc. <sup>(a)(b)</sup>  | Owens & Minor, Inc. <sup>(a)(b)</sup>  | Owens & Minor, Inc. <sup>(a)(b)</sup>  | Owens & Minor, Inc. <sup>(a)(b)</sup>  |
| 250000 | 4.500 | 03/31/29 | 191130 |
| Prestige Brands, Inc. <sup>(a)(b)</sup>  | Prestige Brands, Inc. <sup>(a)(b)</sup>  | Prestige Brands, Inc. <sup>(a)(b)</sup>  | Prestige Brands, Inc. <sup>(a)(b)</sup>  |
| 560000 | 3.750 | 04/01/31 | 519949 |
| Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
| 810000 | 6.000 <sup>(a)</sup> | 12/01/32 | 845510 |
| 2695000 | 4.100 | 10/01/46 | 2026370 |
|  |  |  | 19917660 |
| Pipelines – 2.6% | Pipelines – 2.6% | Pipelines – 2.6% | Pipelines – 2.6% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(a)(b)</sup> |
| 1610000 | 5.750 | 10/15/33 | 1608100 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup>  | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup>  | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup>  | Blue Racer Midstream LLC/Blue Racer Finance Corp. <sup>(a)(b)</sup>  |
| 100000 | 7.000 | 07/15/29 | 103637 |
| 375000 | 7.250 | 07/15/32 | 394009 |
| Buckeye Partners LP <sup>(a)(b)</sup>  | Buckeye Partners LP <sup>(a)(b)</sup>  | Buckeye Partners LP <sup>(a)(b)</sup>  | Buckeye Partners LP <sup>(a)(b)</sup>  |
| 940000 | 4.500 | 03/01/28 | 930722 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup>  | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup>  | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup>  | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(a)(b)</sup>  |
| 3020000 | 8.625 | 03/15/29 | 3149407 |
| 260000 | 7.375 | 06/30/33 | 263825 |
| Energy Transfer LP <sup>(a)</sup>  | Energy Transfer LP <sup>(a)</sup>  | Energy Transfer LP <sup>(a)</sup>  | Energy Transfer LP <sup>(a)</sup>  |
| 965000 | 5.000 | 05/15/50 | 819816 |
| Excelerate Energy LP <sup>(a)(b)</sup>  | Excelerate Energy LP <sup>(a)(b)</sup>  | Excelerate Energy LP <sup>(a)(b)</sup>  | Excelerate Energy LP <sup>(a)(b)</sup>  |
| 180000 | 8.000 | 05/15/30 | 189607 |
| Global Partners LP/GLP Finance Corp. <sup>(a)</sup>  | Global Partners LP/GLP Finance Corp. <sup>(a)</sup>  | Global Partners LP/GLP Finance Corp. <sup>(a)</sup>  | Global Partners LP/GLP Finance Corp. <sup>(a)</sup>  |
| 425000 | 6.875 | 01/15/29 | 429879 |
| 1040000 | 8.250 <sup>(b)</sup> | 01/15/32 | 1088308 |
| 560000 | 7.125 <sup>(b)</sup> | 07/01/33 | 568966 |
| Harvest Midstream I LP <sup>(a)(b)</sup>  | Harvest Midstream I LP <sup>(a)(b)</sup>  | Harvest Midstream I LP <sup>(a)(b)</sup>  | Harvest Midstream I LP <sup>(a)(b)</sup>  |
| 500000 | 7.500 | 05/15/32 | 517895 |
| Howard Midstream Energy Partners LLC <sup>(a)(b)</sup>  | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup>  | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup>  | Howard Midstream Energy Partners LLC <sup>(a)(b)</sup>  |
| 50000 | 7.375 | 07/15/32 | 52428 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| 325000 | 6.625% | 01/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334984 |
| NGL Energy Operating LLC/NGL Energy Finance Corp. <sup>(a)(b)</sup>  | NGL Energy Operating LLC/NGL Energy Finance Corp. <sup>(a)(b)</sup>  | NGL Energy Operating LLC/NGL Energy Finance Corp. <sup>(a)(b)</sup>  | NGL Energy Operating LLC/NGL Energy Finance Corp. <sup>(a)(b)</sup>  |
| 460000 | 8.125 | 02/15/29 | 470332 |
| 2140000 | 8.375 | 02/15/32 | 2187572 |
| Plains All American Pipeline LP <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 4.372%) | Plains All American Pipeline LP <sup>(a)(d)</sup> (3 mo. USD Term SOFR + 4.372%) |
| 1360000 | 8.583 | 11/30/25 | 1360258 |
| Rockies Express Pipeline LLC <sup>(b)</sup>  | Rockies Express Pipeline LLC <sup>(b)</sup>  | Rockies Express Pipeline LLC <sup>(b)</sup>  | Rockies Express Pipeline LLC <sup>(b)</sup>  |
| 250000 | 4.800 <sup>(a)</sup> | 05/15/30 | 244593 |
| 1100000 | 6.750 <sup>(a)</sup> | 03/15/33 | 1152415 |
| 250000 | 7.500 | 07/15/38 | 270478 |
| 375000 | 6.875 | 04/15/40 | 386257 |
| Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup>  | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup>  | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup>  | Venture Global Calcasieu Pass LLC <sup>(a)(b)</sup>  |
| 425000 | 3.875 | 08/15/29 | 402556 |
| 425000 | 6.250 | 01/15/30 | 433385 |
| 625000 | 4.125 | 08/15/31 | 578075 |
| Venture Global LNG, Inc. <sup>(a)(b)</sup>  | Venture Global LNG, Inc. <sup>(a)(b)</sup>  | Venture Global LNG, Inc. <sup>(a)(b)</sup>  | Venture Global LNG, Inc. <sup>(a)(b)</sup>  |
| 100000 | 8.125 | 06/01/28 | 103015 |
| 3005000 | 9.500 | 02/01/29 | 3235453 |
| 1250000 | 7.000 | 01/15/30 | 1264637 |
| 1900000 | 8.375 | 06/01/31 | 1950502 |
| 1450000 | 9.875 | 02/01/32 | 1548324 |
| (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) |
| 830000 | 9.000 <sup>(d)</sup> | 12/31/99 | 775759 |
| Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup>  | Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup>  | Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup>  | Venture Global Plaquemines LNG LLC <sup>(a)(b)</sup>  |
| 425000 | 7.500 | 05/01/33 | 467984 |
| 325000 | 6.500 | 01/15/34 | 340438 |
| 675000 | 7.750 | 05/01/35 | 761663 |
| 325000 | 6.750 | 01/15/36 | 344331 |
|  |  |  | 28729610 |
| Real Estate<sup>(a)</sup> – 0.9% | Real Estate<sup>(a)</sup> – 0.9% | Real Estate<sup>(a)</sup> – 0.9% | Real Estate<sup>(a)</sup> – 0.9% |
| Cushman & Wakefield U.S. Borrower LLC <sup>(b)</sup>  | Cushman & Wakefield U.S. Borrower LLC <sup>(b)</sup>  | Cushman & Wakefield U.S. Borrower LLC <sup>(b)</sup>  | Cushman & Wakefield U.S. Borrower LLC <sup>(b)</sup>  |
| 920000 | 6.750 | 05/15/28 | 926403 |
| 635000 | 8.875 | 09/01/31 | 679983 |
| Five Point Operating Co. LP <sup>(b)</sup>  | Five Point Operating Co. LP <sup>(b)</sup>  | Five Point Operating Co. LP <sup>(b)</sup>  | Five Point Operating Co. LP <sup>(b)</sup>  |
| 350000 | 8.000 | 10/01/30 | 358036 |
| Greystar Real Estate Partners LLC <sup>(b)</sup>  | Greystar Real Estate Partners LLC <sup>(b)</sup>  | Greystar Real Estate Partners LLC <sup>(b)</sup>  | Greystar Real Estate Partners LLC <sup>(b)</sup>  |
| 1660000 | 7.750 | 09/01/30 | 1755135 |
| Howard Hughes Corp. <sup>(b)</sup>  | Howard Hughes Corp. <sup>(b)</sup>  | Howard Hughes Corp. <sup>(b)</sup>  | Howard Hughes Corp. <sup>(b)</sup>  |
| 575000 | 5.375 | 08/01/28 | 574293 |
| 825000 | 4.125 | 02/01/29 | 792924 |
| 3215000 | 4.375 | 02/01/31 | 3023515 |
| Hunt Cos., Inc. <sup>(b)</sup>  | Hunt Cos., Inc. <sup>(b)</sup>  | Hunt Cos., Inc. <sup>(b)</sup>  | Hunt Cos., Inc. <sup>(b)</sup>  |
| 1300000 | 5.250 | 04/15/29 | 1264900 |
| Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
| 260000 | 4.750 | 03/01/29 | 245622 |
|  |  |  | 9620811 |
| Real Estate Investment Trust<sup>(a)</sup> – 2.3% | Real Estate Investment Trust<sup>(a)</sup> – 2.3% | Real Estate Investment Trust<sup>(a)</sup> – 2.3% | Real Estate Investment Trust<sup>(a)</sup> – 2.3% |
| Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup>  | Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup>  | Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup>  | Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup>  |
| 1330000 | 4.625 | 06/15/29 | 1279819 |
| Arbor Realty SR, Inc. <sup>(b)</sup>  | Arbor Realty SR, Inc. <sup>(b)</sup>  | Arbor Realty SR, Inc. <sup>(b)</sup>  | Arbor Realty SR, Inc. <sup>(b)</sup>  |
| 755000 | 7.875 | 07/15/30 | 767986 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| 3650000 | 4.750 | 02/15/28 | 3479180 |
| 150000 | 7.250 <sup>(b)</sup> | 10/15/30 | 151500 |
| 1250000 | 4.375 | 03/01/31 | 1097187 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) |
| Iron Mountain, Inc. <sup>(b)</sup>  | Iron Mountain, Inc. <sup>(b)</sup>  | Iron Mountain, Inc. <sup>(b)</sup>  | Iron Mountain, Inc. <sup>(b)</sup>  |
| 720000 | 4.500% | 02/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691697 |
| Millrose Properties, Inc. <sup>(b)</sup>  | Millrose Properties, Inc. <sup>(b)</sup>  | Millrose Properties, Inc. <sup>(b)</sup>  | Millrose Properties, Inc. <sup>(b)</sup>  |
| 525000 | 6.375 | 08/01/30 | 532471 |
| 475000 | 6.250 | 09/15/32 | 477266 |
| MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
| 2940000 | 4.625 | 08/01/29 | 2406037 |
| 1840000 | 3.500 | 03/15/31 | 1305370 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer <sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer <sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer <sup>(b)</sup>  | Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer <sup>(b)</sup>  |
| 775000 | 7.000 | 02/01/30 | 794166 |
| RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup>  | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup>  | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup>  | RHP Hotel Properties LP/RHP Finance Corp. <sup>(b)</sup>  |
| 690000 | 4.500 | 02/15/29 | 678663 |
| Rithm Capital Corp. <sup>(b)</sup>  | Rithm Capital Corp. <sup>(b)</sup>  | Rithm Capital Corp. <sup>(b)</sup>  | Rithm Capital Corp. <sup>(b)</sup>  |
| 1255000 | 8.000 | 04/01/29 | 1281192 |
| 2625000 | 8.000 | 07/15/30 | 2661225 |
| SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
| 150000 | 3.875 | 02/15/27 | 148302 |
| 250000 | 3.125 | 02/01/29 | 236307 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 390000 | 8.375 | 06/15/29 | 388054 |
| 470000 | 4.950 | 10/01/29 | 406075 |
| Starwood Property Trust, Inc. <sup>(b)</sup>  | Starwood Property Trust, Inc. <sup>(b)</sup>  | Starwood Property Trust, Inc. <sup>(b)</sup>  | Starwood Property Trust, Inc. <sup>(b)</sup>  |
| 50000 | 4.375 | 01/15/27 | 49581 |
| 100000 | 5.250 | 10/15/28 | 100416 |
| 2815000 | 7.250 | 04/01/29 | 2964589 |
| 2530000 | 6.000 | 04/15/30 | 2584395 |
| 200000 | 6.500 | 07/01/30 | 208156 |
| 900000 | 6.500 | 10/15/30 | 937134 |
| 80000 | 5.750 | 01/15/31 | 81143 |
|  |  |  | 25707911 |
| Retailing – 4.7% | Retailing – 4.7% | Retailing – 4.7% | Retailing – 4.7% |
| 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup>  | 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup>  |
| 1730000 | 3.875 | 01/15/28 | 1698670 |
| 580000 | 4.375 | 01/15/28 | 572605 |
| 1600000 | 4.000 | 10/15/30 | 1512912 |
| Arko Corp. <sup>(a)(b)</sup>  | Arko Corp. <sup>(a)(b)</sup>  | Arko Corp. <sup>(a)(b)</sup>  | Arko Corp. <sup>(a)(b)</sup>  |
| 1100000 | 5.125 | 11/15/29 | 921767 |
| Asbury Automotive Group, Inc. <sup>(a)</sup>  | Asbury Automotive Group, Inc. <sup>(a)</sup>  | Asbury Automotive Group, Inc. <sup>(a)</sup>  | Asbury Automotive Group, Inc. <sup>(a)</sup>  |
| 395000 | 4.625 <sup>(b)</sup> | 11/15/29 | 383628 |
| 635000 | 4.750 | 03/01/30 | 620230 |
| 175000 | 5.000 <sup>(b)</sup> | 02/15/32 | 168390 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 745000 | 6.950 | 03/01/33 | 771477 |
| 130000 | 6.875 | 11/01/35 | 135857 |
| 295000 | 6.750 | 07/01/36 | 305287 |
| Brinker International, Inc. <sup>(a)(b)</sup>  | Brinker International, Inc. <sup>(a)(b)</sup>  | Brinker International, Inc. <sup>(a)(b)</sup>  | Brinker International, Inc. <sup>(a)(b)</sup>  |
| 625000 | 8.250 | 07/15/30 | 662412 |
| Carvana Co. <sup>(a)(b)(c)</sup>  | Carvana Co. <sup>(a)(b)(c)</sup>  | Carvana Co. <sup>(a)(b)(c)</sup>  | Carvana Co. <sup>(a)(b)(c)</sup>  |
| (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) |
| 1275000 | 9.000 | 06/01/30 | 1332400 |
| (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) | (PIK 14.000%, Cash 9.000%) |
| 3025000 | 9.000 | 06/01/31 | 3368549 |
| Cougar JV Subsidiary LLC <sup>(a)(b)</sup>  | Cougar JV Subsidiary LLC <sup>(a)(b)</sup>  | Cougar JV Subsidiary LLC <sup>(a)(b)</sup>  | Cougar JV Subsidiary LLC <sup>(a)(b)</sup>  |
| 1240000 | 8.000 | 05/15/32 | 1323402 |
| EG Global Finance PLC <sup>(a)(b)</sup>  | EG Global Finance PLC <sup>(a)(b)</sup>  | EG Global Finance PLC <sup>(a)(b)</sup>  | EG Global Finance PLC <sup>(a)(b)</sup>  |
| 425000 | 12.000 | 11/30/28 | 465647 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing – (continued) | Retailing – (continued) | Retailing – (continued) | Retailing – (continued) |
| Ferrellgas LP/Ferrellgas Finance Corp. <sup>(a)(b)</sup>  | Ferrellgas LP/Ferrellgas Finance Corp. <sup>(a)(b)</sup>  | Ferrellgas LP/Ferrellgas Finance Corp. <sup>(a)(b)</sup>  | Ferrellgas LP/Ferrellgas Finance Corp. <sup>(a)(b)</sup>  |
| $1075000 | 5.875% | 04/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021400 |
| 450000 | 9.250 | 01/15/31 | 454073 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup>  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup>  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup>  | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup>  |
| 350000 | 4.625 | 01/15/29 | 334779 |
| 1825000 | 6.750 | 01/15/30 | 1691775 |
| FirstCash, Inc. <sup>(a)(b)</sup>  | FirstCash, Inc. <sup>(a)(b)</sup>  | FirstCash, Inc. <sup>(a)(b)</sup>  | FirstCash, Inc. <sup>(a)(b)</sup>  |
| 1940000 | 4.625 | 09/01/28 | 1914217 |
| 2190000 | 6.875 | 03/01/32 | 2274315 |
| Gap, Inc. <sup>(a)(b)</sup>  | Gap, Inc. <sup>(a)(b)</sup>  | Gap, Inc. <sup>(a)(b)</sup>  | Gap, Inc. <sup>(a)(b)</sup>  |
| 475000 | 3.625 | 10/01/29 | 446657 |
| 675000 | 3.875 | 10/01/31 | 617146 |
| Global Auto Holdings Ltd./AAG FH U.K. Ltd. <sup>(a)(b)</sup>  | Global Auto Holdings Ltd./AAG FH U.K. Ltd. <sup>(a)(b)</sup>  | Global Auto Holdings Ltd./AAG FH U.K. Ltd. <sup>(a)(b)</sup>  | Global Auto Holdings Ltd./AAG FH U.K. Ltd. <sup>(a)(b)</sup>  |
| 480000 | 8.375 | 01/15/29 | 456062 |
| 480000 | 8.750 | 01/15/32 | 454450 |
| Group 1 Automotive, Inc. <sup>(a)(b)</sup>  | Group 1 Automotive, Inc. <sup>(a)(b)</sup>  | Group 1 Automotive, Inc. <sup>(a)(b)</sup>  | Group 1 Automotive, Inc. <sup>(a)(b)</sup>  |
| 790000 | 4.000 | 08/15/28 | 766576 |
| 340000 | 6.375 | 01/15/30 | 347293 |
| Ken Garff Automotive LLC <sup>(a)(b)</sup>  | Ken Garff Automotive LLC <sup>(a)(b)</sup>  | Ken Garff Automotive LLC <sup>(a)(b)</sup>  | Ken Garff Automotive LLC <sup>(a)(b)</sup>  |
| 550000 | 4.875 | 09/15/28 | 539528 |
| Kohl's Corp. <sup>(a)</sup>  | Kohl's Corp. <sup>(a)</sup>  | Kohl's Corp. <sup>(a)</sup>  | Kohl's Corp. <sup>(a)</sup>  |
| 220000 | 5.550 | 07/17/45 | 142745 |
| LBM Acquisition LLC <sup>(a)(b)</sup>  | LBM Acquisition LLC <sup>(a)(b)</sup>  | LBM Acquisition LLC <sup>(a)(b)</sup>  | LBM Acquisition LLC <sup>(a)(b)</sup>  |
| 1510000 | 6.250 | 01/15/29 | 1377724 |
| 1870000 | 9.500 | 06/15/31 | 1957292 |
| LCM Investments Holdings II LLC <sup>(a)(b)</sup>  | LCM Investments Holdings II LLC <sup>(a)(b)</sup>  | LCM Investments Holdings II LLC <sup>(a)(b)</sup>  | LCM Investments Holdings II LLC <sup>(a)(b)</sup>  |
| 2075000 | 4.875 | 05/01/29 | 2021382 |
| 195000 | 8.250 | 08/01/31 | 205142 |
| Lithia Motors, Inc. <sup>(a)(b)</sup>  | Lithia Motors, Inc. <sup>(a)(b)</sup>  | Lithia Motors, Inc. <sup>(a)(b)</sup>  | Lithia Motors, Inc. <sup>(a)(b)</sup>  |
| 295000 | 4.625 | 12/15/27 | 292498 |
| 945000 | 3.875 | 06/01/29 | 902825 |
| 325000 | 5.500 | 10/01/30 | 325637 |
| 745000 | 4.375 | 01/15/31 | 710350 |
| Macy's Retail Holdings LLC <sup>(a)</sup>  | Macy's Retail Holdings LLC <sup>(a)</sup>  | Macy's Retail Holdings LLC <sup>(a)</sup>  | Macy's Retail Holdings LLC <sup>(a)</sup>  |
| 650000 | 4.500 | 12/15/34 | 576244 |
| Park River Holdings, Inc. <sup>(a)(b)</sup>  | Park River Holdings, Inc. <sup>(a)(b)</sup>  | Park River Holdings, Inc. <sup>(a)(b)</sup>  | Park River Holdings, Inc. <sup>(a)(b)</sup>  |
| 198000 | 8.750 | 12/31/30 | 197115 |
| 1159000 | 8.000 | 03/15/31 | 1192808 |
| Patrick Industries, Inc. <sup>(a)(b)</sup>  | Patrick Industries, Inc. <sup>(a)(b)</sup>  | Patrick Industries, Inc. <sup>(a)(b)</sup>  | Patrick Industries, Inc. <sup>(a)(b)</sup>  |
| 1560000 | 4.750 | 05/01/29 | 1534666 |
| 1150000 | 6.375 | 11/01/32 | 1171206 |
| PetSmart LLC/PetSmart Finance Corp. <sup>(a)(b)</sup>  | PetSmart LLC/PetSmart Finance Corp. <sup>(a)(b)</sup>  | PetSmart LLC/PetSmart Finance Corp. <sup>(a)(b)</sup>  | PetSmart LLC/PetSmart Finance Corp. <sup>(a)(b)</sup>  |
| 1395000 | 7.500 | 09/15/32 | 1394609 |
| 615000 | 10.000 | 09/15/33 | 618536 |
| QXO Building Products, Inc. <sup>(a)(b)</sup>  | QXO Building Products, Inc. <sup>(a)(b)</sup>  | QXO Building Products, Inc. <sup>(a)(b)</sup>  | QXO Building Products, Inc. <sup>(a)(b)</sup>  |
| 200000 | 6.750 | 04/30/32 | 207454 |
| Raising Cane's Restaurants LLC <sup>(a)(b)</sup>  | Raising Cane's Restaurants LLC <sup>(a)(b)</sup>  | Raising Cane's Restaurants LLC <sup>(a)(b)</sup>  | Raising Cane's Restaurants LLC <sup>(a)(b)</sup>  |
| 440000 | 9.375 | 05/01/29 | 460222 |
| Sally Holdings LLC/Sally Capital, Inc. <sup>(a)</sup>  | Sally Holdings LLC/Sally Capital, Inc. <sup>(a)</sup>  | Sally Holdings LLC/Sally Capital, Inc. <sup>(a)</sup>  | Sally Holdings LLC/Sally Capital, Inc. <sup>(a)</sup>  |
| 475000 | 6.750 | 03/01/32 | 494884 |
| Sonic Automotive, Inc. <sup>(a)(b)</sup>  | Sonic Automotive, Inc. <sup>(a)(b)</sup>  | Sonic Automotive, Inc. <sup>(a)(b)</sup>  | Sonic Automotive, Inc. <sup>(a)(b)</sup>  |
| 875000 | 4.625 | 11/15/29 | 851506 |
| 710000 | 4.875 | 11/15/31 | 676708 |
| Specialty Building Products Holdings LLC/SBP Finance Corp. <sup>(a)(b)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp. <sup>(a)(b)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp. <sup>(a)(b)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp. <sup>(a)(b)</sup> |
| 1091000 | 7.750 | 10/15/29 | 1096870 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing – (continued) | Retailing – (continued) | Retailing – (continued) | Retailing – (continued) |
| Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(a)(b)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(a)(b)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(a)(b)</sup> | Suburban Propane Partners LP/Suburban Energy Finance Corp. <sup>(a)(b)</sup> |
| 2280000 | 5.000% | 06/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168326 |
| Superior Plus LP/Superior General Partner, Inc. <sup>(a)(b)</sup>  | Superior Plus LP/Superior General Partner, Inc. <sup>(a)(b)</sup>  | Superior Plus LP/Superior General Partner, Inc. <sup>(a)(b)</sup>  | Superior Plus LP/Superior General Partner, Inc. <sup>(a)(b)</sup>  |
| 3090000 | 4.500 | 03/15/29 | 2996929 |
| Victra Holdings LLC/Victra Finance Corp. <sup>(a)(b)</sup>  | Victra Holdings LLC/Victra Finance Corp. <sup>(a)(b)</sup>  | Victra Holdings LLC/Victra Finance Corp. <sup>(a)(b)</sup>  | Victra Holdings LLC/Victra Finance Corp. <sup>(a)(b)</sup>  |
| 290000 | 8.750 | 09/15/29 | 307789 |
| White Cap Buyer LLC <sup>(a)(b)</sup>  | White Cap Buyer LLC <sup>(a)(b)</sup>  | White Cap Buyer LLC <sup>(a)(b)</sup>  | White Cap Buyer LLC <sup>(a)(b)</sup>  |
| 1735000 | 6.875 | 10/15/28 | 1735000 |
| White Cap Supply Holdings LLC <sup>(a)(b)</sup>  | White Cap Supply Holdings LLC <sup>(a)(b)</sup>  | White Cap Supply Holdings LLC <sup>(a)(b)</sup>  | White Cap Supply Holdings LLC <sup>(a)(b)</sup>  |
| 904000 | 7.375 | 11/15/30 | 913980 |
| Yum! Brands, Inc. <sup>(a)</sup>  | Yum! Brands, Inc. <sup>(a)</sup>  | Yum! Brands, Inc. <sup>(a)</sup>  | Yum! Brands, Inc. <sup>(a)</sup>  |
| 1225000 | 3.625 | 03/15/31 | 1149969 |
|  |  |  | 53241920 |
| Semiconductors<sup>(a)(b)</sup> – 0.6% | Semiconductors<sup>(a)(b)</sup> – 0.6% | Semiconductors<sup>(a)(b)</sup> – 0.6% | Semiconductors<sup>(a)(b)</sup> – 0.6% |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| 775000 | 4.375 | 04/15/28 | 761236 |
| 375000 | 4.750 | 04/15/29 | 372413 |
| Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
| 4000000 | 6.250 | 07/24/30 | 4131560 |
| 935000 | 6.625 | 07/24/33 | 976430 |
| ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
| 1085000 | 3.875 | 09/01/28 | 1056193 |
|  |  |  | 7297832 |
| Software<sup>(a)</sup> – 2.3% | Software<sup>(a)</sup> – 2.3% | Software<sup>(a)</sup> – 2.3% | Software<sup>(a)</sup> – 2.3% |
| AthenaHealth Group, Inc. <sup>(b)</sup>  | AthenaHealth Group, Inc. <sup>(b)</sup>  | AthenaHealth Group, Inc. <sup>(b)</sup>  | AthenaHealth Group, Inc. <sup>(b)</sup>  |
| 3025000 | 6.500 | 02/15/30 | 2963169 |
| Camelot Finance SA <sup>(b)</sup>  | Camelot Finance SA <sup>(b)</sup>  | Camelot Finance SA <sup>(b)</sup>  | Camelot Finance SA <sup>(b)</sup>  |
| 25000 | 4.500 | 11/01/26 | 24824 |
| Clarivate Science Holdings Corp. <sup>(b)</sup>  | Clarivate Science Holdings Corp. <sup>(b)</sup>  | Clarivate Science Holdings Corp. <sup>(b)</sup>  | Clarivate Science Holdings Corp. <sup>(b)</sup>  |
| 375000 | 3.875 | 07/01/28 | 361414 |
| 1515000 | 4.875 | 07/01/29 | 1414298 |
| Cloud Software Group, Inc. <sup>(b)</sup>  | Cloud Software Group, Inc. <sup>(b)</sup>  | Cloud Software Group, Inc. <sup>(b)</sup>  | Cloud Software Group, Inc. <sup>(b)</sup>  |
| 690000 | 6.500 | 03/31/29 | 695292 |
| 1555000 | 9.000 | 09/30/29 | 1607839 |
| 2190000 | 8.250 | 06/30/32 | 2302084 |
| CoreWeave, Inc. <sup>(b)</sup>  | CoreWeave, Inc. <sup>(b)</sup>  | CoreWeave, Inc. <sup>(b)</sup>  | CoreWeave, Inc. <sup>(b)</sup>  |
| 950000 | 9.250 | 06/01/30 | 957885 |
| 775000 | 9.000 | 02/01/31 | 777596 |
| Fair Isaac Corp. <sup>(b)</sup>  | Fair Isaac Corp. <sup>(b)</sup>  | Fair Isaac Corp. <sup>(b)</sup>  | Fair Isaac Corp. <sup>(b)</sup>  |
| 5265000 | 4.000 | 06/15/28 | 5146380 |
| 540000 | 6.000 | 05/15/33 | 551372 |
| Open Text Corp. <sup>(b)</sup>  | Open Text Corp. <sup>(b)</sup>  | Open Text Corp. <sup>(b)</sup>  | Open Text Corp. <sup>(b)</sup>  |
| 2650000 | 3.875 | 02/15/28 | 2578821 |
| 1520000 | 3.875 | 12/01/29 | 1438330 |
| Open Text Holdings, Inc. <sup>(b)</sup>  | Open Text Holdings, Inc. <sup>(b)</sup>  | Open Text Holdings, Inc. <sup>(b)</sup>  | Open Text Holdings, Inc. <sup>(b)</sup>  |
| 770000 | 4.125 | 02/15/30 | 735889 |
| Pagaya U.S. Holdings Co. LLC <sup>(b)</sup>  | Pagaya U.S. Holdings Co. LLC <sup>(b)</sup>  | Pagaya U.S. Holdings Co. LLC <sup>(b)</sup>  | Pagaya U.S. Holdings Co. LLC <sup>(b)</sup>  |
| 680000 | 8.875 | 08/01/30 | 613714 |
| SS&C Technologies, Inc. <sup>(b)</sup>  | SS&C Technologies, Inc. <sup>(b)</sup>  | SS&C Technologies, Inc. <sup>(b)</sup>  | SS&C Technologies, Inc. <sup>(b)</sup>  |
| 900000 | 5.500 | 09/30/27 | 900036 |
| Twilio, Inc. | Twilio, Inc. | Twilio, Inc. | Twilio, Inc. |
| 2650000 | 3.625 | 03/15/29 | 2547180 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software<sup>(a)</sup> – (continued) | Software<sup>(a)</sup> – (continued) | Software<sup>(a)</sup> – (continued) | Software<sup>(a)</sup> – (continued) |
| UKG, Inc. <sup>(b)</sup>  | UKG, Inc. <sup>(b)</sup>  | UKG, Inc. <sup>(b)</sup>  | UKG, Inc. <sup>(b)</sup>  |
| 330000 | 6.875% | 02/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339629 |
|  |  |  | 25955752 |
| Telecommunication Services<sup>(a)</sup> – 3.1% | Telecommunication Services<sup>(a)</sup> – 3.1% | Telecommunication Services<sup>(a)</sup> – 3.1% | Telecommunication Services<sup>(a)</sup> – 3.1% |
| Altice France SA <sup>(b)</sup>  | Altice France SA <sup>(b)</sup>  | Altice France SA <sup>(b)</sup>  | Altice France SA <sup>(b)</sup>  |
| 2025000 | 6.875 | 10/15/30 | 1981219 |
| C&W Senior Finance Ltd. <sup>(b)</sup>  | C&W Senior Finance Ltd. <sup>(b)</sup>  | C&W Senior Finance Ltd. <sup>(b)</sup>  | C&W Senior Finance Ltd. <sup>(b)</sup>  |
| 590000 | 9.000 | 01/15/33 | 603423 |
| Ciena Corp. <sup>(b)</sup>  | Ciena Corp. <sup>(b)</sup>  | Ciena Corp. <sup>(b)</sup>  | Ciena Corp. <sup>(b)</sup>  |
| 869000 | 4.000 | 01/31/30 | 835370 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 4310000 | 10.750 | 11/30/29 | 4745784 |
| (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) | (PIK 6.750%, Cash 6.750%) |
| 450000 | 6.750 <sup>(c)</sup> | 11/30/30 | 464544 |
| Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
| 1100000 | 5.875 <sup>(b)</sup> | 10/15/27 | 1100044 |
| 2350000 | 5.000 <sup>(b)</sup> | 05/01/28 | 2347368 |
| 475000 | 6.750 <sup>(b)</sup> | 05/01/29 | 479750 |
| 1050000 | 5.875 | 11/01/29 | 1062023 |
| 775000 | 6.000 <sup>(b)</sup> | 01/15/30 | 785718 |
| Iliad Holding SAS <sup>(b)</sup>  | Iliad Holding SAS <sup>(b)</sup>  | Iliad Holding SAS <sup>(b)</sup>  | Iliad Holding SAS <sup>(b)</sup>  |
| 1150000 | 7.000 | 10/15/28 | 1167193 |
| 950000 | 8.500 | 04/15/31 | 1020937 |
| 1570000 | 7.000 | 04/15/32 | 1607193 |
| Level 3 Financing, Inc. <sup>(b)</sup>  | Level 3 Financing, Inc. <sup>(b)</sup>  | Level 3 Financing, Inc. <sup>(b)</sup>  | Level 3 Financing, Inc. <sup>(b)</sup>  |
| 375000 | 4.875 | 06/15/29 | 359899 |
| 795000 | 4.500 | 04/01/30 | 738030 |
| 195000 | 3.875 | 10/15/30 | 175404 |
| 150000 | 4.000 | 04/15/31 | 134388 |
| 1575000 | 6.875 | 06/30/33 | 1614344 |
| 2295000 | 7.000 | 03/31/34 | 2358663 |
| Sable International Finance Ltd. <sup>(b)</sup>  | Sable International Finance Ltd. <sup>(b)</sup>  | Sable International Finance Ltd. <sup>(b)</sup>  | Sable International Finance Ltd. <sup>(b)</sup>  |
| 1050000 | 7.125 | 10/15/32 | 1050000 |
| Viasat, Inc. <sup>(b)</sup>  | Viasat, Inc. <sup>(b)</sup>  | Viasat, Inc. <sup>(b)</sup>  | Viasat, Inc. <sup>(b)</sup>  |
| 330000 | 7.500 | 05/30/31 | 309692 |
| Viavi Solutions, Inc. <sup>(b)</sup>  | Viavi Solutions, Inc. <sup>(b)</sup>  | Viavi Solutions, Inc. <sup>(b)</sup>  | Viavi Solutions, Inc. <sup>(b)</sup>  |
| 324000 | 3.750 | 10/01/29 | 305820 |
| Vmed O2 U.K. Financing I PLC <sup>(b)</sup>  | Vmed O2 U.K. Financing I PLC <sup>(b)</sup>  | Vmed O2 U.K. Financing I PLC <sup>(b)</sup>  | Vmed O2 U.K. Financing I PLC <sup>(b)</sup>  |
| 1380000 | 4.750 | 07/15/31 | 1277990 |
| 505000 | 7.750 | 04/15/32 | 523670 |
| 735000 | 6.750 | 01/15/33 | 736095 |
| Windstream Services LLC <sup>(b)</sup>  | Windstream Services LLC <sup>(b)</sup>  | Windstream Services LLC <sup>(b)</sup>  | Windstream Services LLC <sup>(b)</sup>  |
| 2089000 | 7.500 | 10/15/33 | 2084613 |
| Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(b)</sup>  | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(b)</sup>  | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(b)</sup>  | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(b)</sup>  |
| 1150000 | 8.250 | 10/01/31 | 1174656 |
| WULF Compute LLC <sup>(b)</sup>  | WULF Compute LLC <sup>(b)</sup>  | WULF Compute LLC <sup>(b)</sup>  | WULF Compute LLC <sup>(b)</sup>  |
| 1300000 | 7.750 | 10/15/30 | 1348906 |
| Zegona Finance PLC <sup>(b)</sup>  | Zegona Finance PLC <sup>(b)</sup>  | Zegona Finance PLC <sup>(b)</sup>  | Zegona Finance PLC <sup>(b)</sup>  |
| 1945000 | 8.625 | 07/15/29 | 2068352 |
|  |  |  | 34461088 |
| Transportation<sup>(a)(b)</sup> – 0.5% | Transportation<sup>(a)(b)</sup> – 0.5% | Transportation<sup>(a)(b)</sup> – 0.5% | Transportation<sup>(a)(b)</sup> – 0.5% |
| RXO, Inc. | RXO, Inc. | RXO, Inc. | RXO, Inc. |
| 500000 | 7.500 | 11/15/27 | 510865 |
| Seaspan Corp. | Seaspan Corp. | Seaspan Corp. | Seaspan Corp. |
| 1380000 | 5.500 | 08/01/29 | 1325007 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation<sup>(a)(b)</sup> – (continued) | Transportation<sup>(a)(b)</sup> – (continued) | Transportation<sup>(a)(b)</sup> – (continued) | Transportation<sup>(a)(b)</sup> – (continued) |
| Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC | Star Leasing Co. LLC |
| $825000 | 7.625% | 02/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780598 |
| Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC | Stonepeak Nile Parent LLC |
| 1095000 | 7.250 | 03/15/32 | 1158838 |
| Watco Cos. LLC/Watco Finance Corp. | Watco Cos. LLC/Watco Finance Corp. | Watco Cos. LLC/Watco Finance Corp. | Watco Cos. LLC/Watco Finance Corp. |
| 1030000 | 7.125 | 08/01/32 | 1066936 |
| XPO, Inc. | XPO, Inc. | XPO, Inc. | XPO, Inc. |
| 375000 | 7.125 | 06/01/31 | 391448 |
| 200000 | 7.125 | 02/01/32 | 210552 |
|  |  |  | 5444244 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $972,193,021) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $972,193,021) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $972,193,021) | $972551958 |
| Bank Loans<sup>(e)</sup> – 5.0% | Bank Loans<sup>(e)</sup> – 5.0% | Bank Loans<sup>(e)</sup> – 5.0% | Bank Loans<sup>(e)</sup> – 5.0% |
| Aerospace & Defense<sup>(f)</sup> – 0.2% | Aerospace & Defense<sup>(f)</sup> – 0.2% | Aerospace & Defense<sup>(f)</sup> – 0.2% | Aerospace & Defense<sup>(f)</sup> – 0.2% |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| $1885000 | 0.000% | 03/22/30 | $1886451 |
| Apparel – 0.1% | Apparel – 0.1% | Apparel – 0.1% | Apparel – 0.1% |
| Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 670000 | 6.715 | 03/07/32 | 671119 |
| Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% |
| Clarios Global LP | Clarios Global LP | Clarios Global LP | Clarios Global LP |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 920000 | 6.465 | 05/06/30 | 919430 |
| Tenneco, Inc. | Tenneco, Inc. | Tenneco, Inc. | Tenneco, Inc. |
| 500000 | 0.000 <sup>(f)</sup> | 11/17/28 | 491300 |
|  |  |  | 1410730 |
| Beverages<sup>(f)</sup> – 0.1% | Beverages<sup>(f)</sup> – 0.1% | Beverages<sup>(f)</sup> – 0.1% | Beverages<sup>(f)</sup> – 0.1% |
| Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. | Primo Brands Corp. |
| 1280000 | 0.000 | 03/31/28 | 1283136 |
| Building Materials – 0.2% | Building Materials – 0.2% | Building Materials – 0.2% | Building Materials – 0.2% |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 780000 | 9.215 | 07/08/30 | 767715 |
| Emrld Borrower LP | Emrld Borrower LP | Emrld Borrower LP | Emrld Borrower LP |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 900000 | 6.449 | 05/31/30 | 897273 |
|  |  |  | 1664988 |
| Chemicals – 0.2% | Chemicals – 0.2% | Chemicals – 0.2% | Chemicals – 0.2% |
| Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
| 300000 | 0.000 <sup>(f)</sup> | 06/20/31 | 296751 |
| TPC Group, Inc. | TPC Group, Inc. | TPC Group, Inc. | TPC Group, Inc. |
| (3 mo. USD Term SOFR + 5.750%) | (3 mo. USD Term SOFR + 5.750%) | (3 mo. USD Term SOFR + 5.750%) | (3 mo. USD Term SOFR + 5.750%) |
| 1850000 | 9.773 | 12/16/31 | 1748250 |
|  |  |  | 2045001 |
| Commercial Services – 0.2% | Commercial Services – 0.2% | Commercial Services – 0.2% | Commercial Services – 0.2% |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| 600000 | 0.000 <sup>(f)</sup> | 08/20/32 | 602118 |
| Crash Champions LLC | Crash Champions LLC | Crash Champions LLC | Crash Champions LLC |
| 450000 | 0.000 <sup>(f)</sup> | 02/23/29 | 415264 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| $790000 | 7.199% | 05/04/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791201 |
| Signal Parent, Inc. | Signal Parent, Inc. | Signal Parent, Inc. | Signal Parent, Inc. |
| 495000 | 0.000 <sup>(f)</sup> | 04/03/28 | 344713 |
|  |  |  | 2153296 |
| Computers – 0.3% | Computers – 0.3% | Computers – 0.3% | Computers – 0.3% |
| Bingo Holdings I LLC | Bingo Holdings I LLC | Bingo Holdings I LLC | Bingo Holdings I LLC |
| 800000 | 0.000 <sup>(f)</sup> | 06/30/32 | 790664 |
| Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. | Fortress Intermediate 3, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 1645000 | 7.106 | 06/27/31 | 1647056 |
| McAfee LLC | McAfee LLC | McAfee LLC | McAfee LLC |
| 850000 | 0.000 <sup>(f)</sup> | 03/01/29 | 803956 |
|  |  |  | 3241676 |
| Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% |
| Glatfelter Corp. | Glatfelter Corp. | Glatfelter Corp. | Glatfelter Corp. |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 200000 | 8.449 | 11/04/31 | 187800 |
| Health Care Services<sup>(f)</sup> – 0.1% | Health Care Services<sup>(f)</sup> – 0.1% | Health Care Services<sup>(f)</sup> – 0.1% | Health Care Services<sup>(f)</sup> – 0.1% |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 870000 | 0.000 | 05/19/31 | 869748 |
| MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
| 700000 | 0.000 | 12/31/30 | 698397 |
|  |  |  | 1568145 |
| Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% | Insurance – 0.3% |
| Acrisure LLC | Acrisure LLC | Acrisure LLC | Acrisure LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 450000 | 6.965 | 11/06/30 | 449212 |
| Asurion LLC | Asurion LLC | Asurion LLC | Asurion LLC |
| 1000000 | 0.000 <sup>(f)</sup> | 09/19/30 | 996110 |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 1000000 | 9.329 | 01/20/29 | 951940 |
| Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
| 855000 | 0.000 <sup>(f)</sup> | 05/06/32 | 865474 |
|  |  |  | 3262736 |
| Media – 1.8% | Media – 1.8% | Media – 1.8% | Media – 1.8% |
| CSC Holdings LLC <sup>(f)</sup>  | CSC Holdings LLC <sup>(f)</sup>  | CSC Holdings LLC <sup>(f)</sup>  | CSC Holdings LLC <sup>(f)</sup>  |
| 2700000 | 0.000 | 04/15/27 | 2540835 |
| 8700000 | 0.000 | 01/18/28 | 8608737 |
| E.W. Scripps Co. | E.W. Scripps Co. | E.W. Scripps Co. | E.W. Scripps Co. |
| (1 mo. USD Term SOFR + 3.350%) | (1 mo. USD Term SOFR + 3.350%) | (1 mo. USD Term SOFR + 3.350%) | (1 mo. USD Term SOFR + 3.350%) |
| 354976 | 7.497 | 11/30/29 | 342907 |
| (1 mo. USD Term SOFR + 5.750%) | (1 mo. USD Term SOFR + 5.750%) | (1 mo. USD Term SOFR + 5.750%) | (1 mo. USD Term SOFR + 5.750%) |
| 405000 | 9.897 | 06/30/28 | 409471 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 450000 | 0.000 <sup>(f)</sup> | 05/01/29 | 401062 |
| Radiate Holdco LLC | Radiate Holdco LLC | Radiate Holdco LLC | Radiate Holdco LLC |
| 10012917 | 0.000 <sup>(f)</sup> | 09/25/29 | 7797559 |
|  |  |  | 20100571 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) | Bank Loans<sup>(e)</sup> – (continued) |
| Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% | Pharmaceuticals – 0.3% |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) |
| $2455000 | 10.215% | 10/08/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435679 |
| Endo Luxembourg Finance Co. I SARL | Endo Luxembourg Finance Co. I SARL | Endo Luxembourg Finance Co. I SARL | Endo Luxembourg Finance Co. I SARL |
| 1150000 | 0.000 <sup>(f)</sup> | 04/23/31 | 1142525 |
|  |  |  | 3578204 |
| Retail – 0.7% | Retail – 0.7% | Retail – 0.7% | Retail – 0.7% |
| Evergreen Acqco 1 LP | Evergreen Acqco 1 LP | Evergreen Acqco 1 LP | Evergreen Acqco 1 LP |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 1565000 | 7.026 | 09/17/32 | 1563826 |
| IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
| 1820000 | 0.000 <sup>(f)</sup> | 12/15/27 | 1822202 |
| LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
| 875000 | 0.000 <sup>(f)</sup> | 06/06/31 | 843465 |
| Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. | Park River Holdings, Inc. |
| 450000 | 0.000 <sup>(f)</sup> | 03/15/31 | 451188 |
| Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. | Petco Health & Wellness Co., Inc. |
| 1075000 | 0.000 <sup>(f)</sup> | 03/03/28 | 1058047 |
| PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 1360000 | 8.031 | 08/18/32 | 1339600 |
| Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
| 1205000 | 0.000 <sup>(f)</sup> | 10/15/28 | 1152824 |
|  |  |  | 8231152 |
| Telecommunications<sup>(f)</sup> – 0.4% | Telecommunications<sup>(f)</sup> – 0.4% | Telecommunications<sup>(f)</sup> – 0.4% | Telecommunications<sup>(f)</sup> – 0.4% |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| 5000000 | 0.000 | 04/16/29 | 4967750 |
| Transportation<sup>(f)</sup> – 0.0% | Transportation<sup>(f)</sup> – 0.0% | Transportation<sup>(f)</sup> – 0.0% | Transportation<sup>(f)</sup> – 0.0% |
| Forward Air Corp. | Forward Air Corp. | Forward Air Corp. | Forward Air Corp. |
| 450000 | 0.000 | 12/19/30 | 437063 |
| TOTAL BANK LOANS<br>(Cost $57,024,381) | TOTAL BANK LOANS<br>(Cost $57,024,381) | TOTAL BANK LOANS<br>(Cost $57,024,381) | $56689818 |
| U.S. Treasury Obligations<sup>(g)</sup> – 0.2% | U.S. Treasury Obligations<sup>(g)</sup> – 0.2% | U.S. Treasury Obligations<sup>(g)</sup> – 0.2% | U.S. Treasury Obligations<sup>(g)</sup> – 0.2% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| $300000 | 3.500% | 10/31/27 | $299438 |
| 400000 | 3.625 | 08/31/30 | 398625 |
| 1400000 | 3.875 | 09/30/32 | 1399344 |
| TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $2,107,030) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $2,107,030) | TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $2,107,030) | $2097407 |
| **Shares** | **Description** | **Description** | **Value** |
| Exchange Traded Funds – 2.6% | Exchange Traded Funds – 2.6% | Exchange Traded Funds – 2.6% | Exchange Traded Funds – 2.6% |
| 782396 | iShares Broad USD High<br>Yield Corporate Bond ETF | iShares Broad USD High<br>Yield Corporate Bond ETF | $29402442 |
| (Cost $29,349,461) | (Cost $29,349,461) | (Cost $29,349,461) | (Cost $29,349,461) |

---

---

| | | |
|:---|:---|:---|
| Shares | **Dividend**<br> **Rate** | Value |
| Investment Company<sup>(h)</sup> – 8.9% | Investment Company<sup>(h)</sup> – 8.9% | Investment Company<sup>(h)</sup> – 8.9% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 99777179 | 3.956% | $99777179 |
| (Cost $99,777,179) | (Cost $99,777,179) | (Cost $99,777,179) |
| TOTAL INVESTMENTS – 103.3%<br>(Cost $1,160,451,072) | TOTAL INVESTMENTS – 103.3%<br>(Cost $1,160,451,072) | $1160518804 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (3.3)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (3.3)%** | (37397370) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1123121434 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Pay-in-kind securities. |
| (d) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on October 31, 2025. |
| (e) | Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on October 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. |
| (f) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate. |
| (g) | All or a portion of security is segregated as collateral for initial margin requirement on futures transactions. |
| (h) | Represents an affiliated issuer. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Currency<br>Purchased | Currency<br>Purchased | Currency<br>Sold | Currency<br>Sold | Settlement<br>Date | Unrealized<br>Gain |
|  BofA Securities LLC | USD | 1138022 | EUR | 972198 | 01/30/26 | $11741 |

---

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | 111 | 12/19/25 | $12506578 | $(67547) |
|  2 Year U.S. Treasury Notes | 131 | 12/31/25 | 27279726 | (64148) |
|  20 Year U.S. Treasury Bonds | 12 | 12/19/25 | 1407750 | (10687) |
|  5 Year U.S. Treasury Notes | 21 | 12/31/25 | 2293430 | (956) |
| TOTAL FUTURES CONTRACTS |  |  |  | $(143338) |

---

SWAP CONTRACTS — At October 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation/Index | Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup> | Credit<br>Spread at<br>October 31,<br>2025<sup>(b)</sup> | Termination<br>Date | Notional<br>Amount<br>(000s) | Value | Upfront<br>Premiums<br>(Received)<br>Paid | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | 5.000% | 3.285% | 12/20/30 | $16700 | $1307841 | $1177665 | $130176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CMT | —Constant Maturity Treasury Indexes |
| ETF | —Exchange Traded Fund |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| RB | —Revenue Bond |
| SOFR | —Secured Overnight Financing Rate |
| SpA | —Stand-by Purchase Agreement |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BofA Securities LLC | —Bank of America Securities LLC |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Assets and Liabilities *October 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $1,060,673,893) | $1060741625 |
|  Investments in affiliated issuers, at value (cost $99,777,179) | 99777179 |
|  Cash | 5316052 |
|  Foreign currencies, at value (cost $611,273) | 611273 |
|  Unrealized gain on forward foreign currency exchange contracts | 11741 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 15101340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 3170169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 558560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | 292366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 78597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 3699 |
|  **Total assets** | 1185662601 |
| Liabilities: |  |
|  Variation margin on swaps contracts | 15055 |
|  Variation margin on futures contracts | 8794 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 58082380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 3891339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering costs | 306648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 101286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organization costs | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 7777 |
|  Accrued expenses | 115888 |
|  **Total liabilities** | 62541167 |
| Net Assets: |  |
|  Paid-in capital | 1123195261 |
|  Total distributable loss | (73827) |
|  **NET ASSETS** | $1123121434 |
|  Shares Outstanding $0.001 par value (unlimited shares authorized): | 112263270 |
|  Net asset value per share: | $10.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations *For the Period Ended October 31, 2025<sup>(a)</sup>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Income: |  |
|  Interest | $2148728 |
|  Dividends — affiliated issuers | 81595 |
|  **Total investment income** | 2230323 |
| Expenses: |  |
|  Management fees | 120776 |
|  Custody, accounting and administrative services | 60385 |
|  Professional fees | 51543 |
|  Amortization of offering costs | 14282 |
|  Organization costs | 12000 |
|  Transfer Agency fees | 8052 |
|  Other | 3958 |
|  **Total expenses** | 270996 |
|  Less — expense reductions | (93962) |
|  **Net expenses** | 177034 |
|  **NET INVESTMENT INCOME** | 2053289 |
| Realized and unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 13056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 21283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | (64344) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (165) |
|  Net unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 67732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (143338) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 130176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 11741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | (139) |
|  **Net realized and unrealized gain** | 34487 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $2087776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **For the**<br> **Period Ended**<br> **October 31, 2025<sup>(a)</sup>** |
| From operations: |  |
|  Net investment income | $2053289 |
|  Net realized loss | (31685) |
|  Net unrealized gain | 66172 |
|  **Net increase in net assets resulting from operations** | 2087776 |
| Distributions to shareholders: |  |
|  From distributable earnings | (2166446) |
|  From return of capital | (38090) |
|  **Total distributions to shareholders** | (2204536) |
| From share transactions: |  |
|  Proceeds from sales of shares | 1121033668 |
|  Reinvestment of distributions | 2204536 |
|  Cost of shares redeemed | (10) |
|  **Net increase in net assets resulting from share transactions** | 1123238194 |
|  **TOTAL INCREASE** | 1123121434 |
| Net assets: |  |
|  Beginning of period |  |
|  End of period | $1123121434 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout The Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Multi-Manager High Yield Bond Fund** |
|  | **Class P Shares** |
|  | **Period Ended**<br> **October 31, 2025<sup>(a)</sup>** |
| Per Share Data |  |
|  Net asset value, beginning of period | $10.00 |
|  Net investment income<sup>(b)</sup> | 0.02 |
|  Net realized and unrealized gain | 0.01 |
|  Total from investment operations | 0.03 |
|  Distributions to shareholders from net investment income | (0.03) |
|  Distributions to shareholders from return of capital | (0.00)<sup>(c)</sup> |
|  Total distributions | (0.03) |
|  Net asset value, end of period | $10.00 |
|  **Total return<sup>(d)</sup>** | 0.25% |
|  Net assets, end of period (in 000s) | $1123121 |
|  Ratio of net expenses to average net assets | 0.44 %<sup>(e)</sup> |
|  Ratio of total expenses to average net assets | 0.49 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 5.10 %<sup>(e)</sup> |
|  Portfolio turnover rate<sup>(f)</sup> | 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Rounds to less than $0.01 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust II (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust includes the Multi-Manager High Yield Bond Fund (the "Fund"). The Fund is a diversified portfolio that currently offers Class P shares.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Fund pursuant to a management agreement (the "Agreement") with the Trust. As of October 31, 2025, GSAM had sub-advisory agreements (the "Sub-Advisory Agreements") for the Fund with Blackstone Credit Systematic Strategies LLC, Eaton Vance Management and PGIM Fixed Income, a business unit of PGIM, Inc. (the "Underlying Managers"). Pursuant to the terms of the Sub-Advisory Agreements, the Underlying Managers are responsible for making investment decisions and managing the investments of the Fund. GSAM compensates the Underlying Managers directly in accordance with the terms of the Sub-Advisory Agreements. The Fund is not charged any separate or additional investment advisory fees by the Underlying Managers. The Fund commenced operations on October 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Fund's valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations.

Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

&nbsp;&nbsp;&nbsp;&nbsp;E. Federal Taxes and Distributions to Shareholders — It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income distributions are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid annually, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**23**

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;F. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Fund follows the Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Fund's Investment Adviser. The CODM monitors and actively manages the operating results of the Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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 Fund's policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Fund ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund's

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**24**

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;A. 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.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. 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 financial statements at SEC.gov.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Bank Loans — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). The Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. The Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in the Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**26**

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. The Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If the Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. The Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, the Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that the Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Fund bought credit protection.

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

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Fund's investments and derivatives classified in the fair value hierarchy as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $972551958 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 56689818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 2097407 |  |  |
|  Exchange Traded Funds | 29402442 |  |  |
|  Investment Company | 99777179 |  |  |
|  **Total** | $131277028 | $1029241776 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

------

MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Derivative Type | Level 1 | Level 2 | Level 3 |
|  **Assets<sup>(a)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $11741 | $— |
|  Credit Default Swap Contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $— | $141917 | $— |
|  **Liabilities<sup>(a)</sup>** |  |  |  |
|  Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143338) | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount shown represents unrealized gain (loss) at period end.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2025. These instruments were used as part of the Fund's investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund's net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Manager High Yield Bond | Multi-Manager High Yield Bond |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities |
| Credit | Variation margin on swap contracts | $130176 <sup>(a)</sup> |  | $— |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | 11741 |  |  |
| Interest rate |  |  | Variation margin on futures contracts | (143338)<sup>(a)</sup> |
|  **Total** |  | $141917 |  | $(143338) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund's gains (losses) related to these derivatives and their indicative volumes for the period ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

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**28**

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| Multi-Manager High Yield Bond | Multi-Manager High Yield Bond |  |  |
| Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Credit | Net realized gain (loss) from swap contracts/Net unrealized gain (loss) on swap contracts | $(64344) | $130176 |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net unrealized gain (loss) on forward foreign currency exchange contracts | (1515) | 11741 |
| Interest rate | Net realized gain (loss) from futures contracts/Net unrealized gain (loss) on futures contracts | 21283 | (143338) |
|  **Total** |  | $(44576) | $(1421) |

---

For the period ended October 31, 2025, the relevant values for each derivative type were as follows:

---

| | | |
|:---|:---|:---|
| Average Number of Contracts or Notional Amounts<sup>(a)</sup> | Average Number of Contracts or Notional Amounts<sup>(a)</sup> | Average Number of Contracts or Notional Amounts<sup>(a)</sup> |
| Futures<br>Contracts | Forward<br>Contracts | Swap<br>Agreements |
| 275 | $1138022 | $16700000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, or notional amounts for forward contracts and swap agreements, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund's business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund's average daily net assets. For the period ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | |
|:---|:---|
| Contractual Management Rate | Effective Net<br>Management<br>Rate#\* |
| 0.30% | 0.26% |

---

\* GSAM has agreed to waive a portion of its management fee for the Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to the Fund's Underlying Managers. These arrangements will remain in effect through at least October 31, 2026, and prior to such date, GSAM may not terminate the applicable arrangement without the approval of the Trustees. 

# Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any.

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invests, except those management fees it earns from the Fund's investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the period ended October 31, 2025, GSAM waived $104 of the Fund's management fee.

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**29**

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.02% of the average daily net assets of Class P Shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Total Annual Operating Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.44%. The Total Annual Operating Expenses will remain in place through at least October 31, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund's expenses and are received irrespective of the application of the "Other Expense" limitations described above.

For the period ended October 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | |
|:---|:---|:---|
| Management<br>Fee Waiver | **Other**<br> **Expense<br>Reimbursements** | Total<br>Expense<br>Reductions |
| $15365 | $78597 | $93962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Other Transactions with Affiliates — For the period ended October 31, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Fund.

The following table provides information about the Fund's investments in the Goldman Sachs Financial Square Government Fund as of and for the period ended October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Underlying Fund | **Beginning Value as of**<br> **October 14,**<br> **2025** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending Value as of**<br> **October 31,**<br> **2025** | **Shares as of**<br> **October 31,**<br> **2025** | Dividend<br>Income |
|  Multi-Manager High Yield Bond | Goldman Sachs Financial Square Government Fund — Institutional Shares | $— | $116261516 | $(16484337) | $99777179 | 99777179 | $81595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases of<br>U.S. Government and<br>Agency Obligations | Purchases (Excluding<br>U.S. Government and<br>Agency Obligations) | **Sales and**<br> **Maturities of<br>U.S. Government and<br>Agency Obligations** | Sales and<br>Maturities of (Excluding<br>U.S. Government and<br>Agency Obligations) |
|  Multi-Manager High Yield Bond | $7915176 | $1062310405 | $5809398 | $13618248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**30**

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MULTI-MANAGER HIGH YIELD BOND FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the period ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
|  Distributions paid from: |  |
|  Ordinary income | $2166446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $2166446 |
|  Tax return of capital | $38090 |

---

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Capital loss carryforwards: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(18936) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (73521) |
|  Total capital loss carryforwards | (92457) |
|  Unrealized gains (loss) — net | $18630 |
|  Total accumulated earnings (loss) net | $(73827) |

---

As of October 31, 2025, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Tax Cost | $1160405836 |
|  Gross unrealized gain | 2999490 |
|  Gross unrealized loss | (2980860) |
|  Net unrealized gain | $18630 |

---

The difference between GAAP-basis and tax basis unrealized gains/(losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on foreign currency contracts, differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

GSAM has reviewed the Fund's tax positions for all open tax years (the current year, as applicable) and has concluded that no provision for income tax is required in the Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

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

Asset Allocation Risk — The Fund's allocations to the various asset classes and to the Underlying Managers may cause the Fund to underperform other funds with a similar investment objective.

Derivatives Risk — The Fund's 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 Fund. 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 Fund 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 Fund will be required to pay additional margin or set

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**31**

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

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 the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Index/Tracking Error Risk — To the extent that an index-tracking strategy or implementation of a sub-strategy by a transition manager is used with respect to a portion of a Fund's assets, including through investment in an ETF that seeks to track an index or implementation of an index-tracking strategy, the Fund will be negatively affected by general declines in the securities and asset classes represented in the relevant index. There is no guarantee that the Fund, or relevant portion of the Fund, will achieve a high degree of correlation to the relevant index. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability, or the ability of an ETF in which it invests, to adjust its exposure to the required levels in order for the relevant portion of the Fund to track the relevant index. In addition, because that portion of the Fund is not "actively" managed, unless a specific security is removed from the relevant index, the Fund or an ETF in which it invests generally would not sell a security because the security's issuer was in financial trouble. At times when an index-tracking strategy is used with respect to a portion of the Fund's assets, the Fund's performance could be lower than funds that may actively shift all of their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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**32**

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MULTI-MANAGER HIGH YIELD BOND FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund ("ETF"), the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. 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 — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — The 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 the 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, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the 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 Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund's liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates or deteriorating market conditions may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender or counterparty (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption

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**33**

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, and have a claim on the assets of the borrower that is senior to that held by subordinated debt holders and stockholders of the borrower. Nevertheless, senior loans may become subordinated to other debt holders and creditors. Senior loans are usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Multi-Manager Approach Risk — The Fund's 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 Fund's 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 Fund's performance depending on the performance of those investments and the overall market environment. The Fund's Underlying Managers may underperform the market generally or underperform other investment managers that could have been selected for the Fund. Because the Fund's 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 Fund, the Fund may be subject to greater counterparty risk than if it was managed directly by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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**34**

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MULTI-MANAGER HIGH YIELD BOND FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | Multi-Manager High Yield Bond Fund  | Multi-Manager High Yield Bond Fund  |
|  | **Period Ended**<br> **October 31, 2025<sup>(a)</sup>** | **Period Ended**<br> **October 31, 2025<sup>(a)</sup>** |
|  | Shares | Dollars |
|  **Class P Shares** |  |  |
|  Shares sold | 112042818 | $1121033668 |
|  Reinvestment of distributions | 220453 | 2204536 |
|  Shares redeemed | (1) | (10) |
|  **NET INCREASE** | 112263270 | $1123238194 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 14, 2025.

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**35**

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## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust II and Shareholders of Multi-Manager High Yield Bond Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Multi-Manager High Yield Bond Fund (one of the funds constituting Goldman Sachs Trust II, referred to hereafter as the "Fund") as of October 31, 2025, the related statements of operations and of changes in net assets, including the related notes, and the financial highlights for the period October 14, 2025 (commencement of operations) through October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations, the changes in its net assets and the financial highlights for the period October 14, 2025 (commencement of operations) through October 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**36**

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited)</u> 

#### Background
The Multi-Manager High Yield Bond Fund (the "Fund") is a newly-organized investment portfolio of Goldman Sachs Trust II (the "Trust") that commenced investment operations on October 14, 2025. At a meeting held on July 17, 2025 (the "Meeting") in connection with the Fund's launch, the Board of Trustees (the "Board"), including those Trustees who are not parties to the Fund's investment management agreement or sub-advisory agreements or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), approved (i) the investment management agreement (the "Management Agreement") between the Trust on behalf of the Fund and Goldman Sachs Asset Management, L.P. (the "Investment Adviser"); and (ii) the sub-advisory agreements (each, a "Sub-Advisory Agreement" and, together with the Management Agreement, the "Agreements") between the Investment Adviser and each of Blackstone Credit Systematic Strategies LLC, Eaton Vance Management, and PGIM Fixed Income, a business unit of PGIM, Inc. (each, a "Sub-Adviser" and collectively, the "Sub-Advisers"). In connection with their consideration of each Agreement, the Trustees received written materials and oral presentations prepared by the Investment Adviser and each Sub-Adviser on the topics covered and were advised by their independent legal counsel. In evaluating the Management Agreement, the Trustees considered information included in presentations made by the Investment Adviser and other information received at prior Board meetings.

#### Management Agreement
At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser's anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund's proposed management fees and anticipated expenses with those paid by other similar mutual funds; the Investment Adviser's proposal to waive certain fees to be payable under the Management Agreement; and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser.

#### Nature, Extent, and Quality of the Services to be Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent and quality of the services to be provided to the Fund by the Investment Adviser. The Trustees also considered information about the Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would employ a "manager of managers" structure, whereby the Investment Adviser would be responsible for selecting sub-advisers (subject to Board approval), allocating the Fund's assets among them, and overseeing their day-to-day management of Fund assets. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates (including oversight of the Sub-Advisers). The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cybersecurity risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's and the Sub-Advisers' efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. In this regard, the Trustees noted that, the Fund would be offered to the Investment Adviser's institutional clients as part of an investment model whereby the Fund would act as a core "building block" with which the client and the Investment Adviser would form an investment strategy for the client's portfolio. The Trustees considered the Investment Adviser's representations that its clients would benefit from this approach with increased liquidity, increased investment oversight, access to new investment strategies, economies of scale, and reduced complexity in managing client portfolios. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser had experience managing other sub-advised funds (including other series of the Trust) and has a team dedicated to sub-adviser oversight. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates. In addition, the Trustees reviewed the sub-adviser oversight process that the Investment Adviser had employed and was expected to employ going forward, which included areas such as investment analytics, risk management and compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u> 

#### Costs of Services to be Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement, the fee rate to be payable by the Fund thereunder, and the net amount expected to be retained by the Investment Adviser after payment of sub-advisory fees. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which include both advisory and administrative services directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed the Fund's projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund's fee rate and projected total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees concluded that the information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.

The Trustees considered the Investment Adviser's undertakings to limit certain expenses of the Fund that exceed a specified level and to waive certain fees that would be payable under the Management Agreement. The Trustees noted that clients would pay a management fee for the Investment Adviser's management of their accounts, and that the fund-level management fees in excess of the weighted average sub-advisory fees would be waived in order to avoid charging two layers of management fees. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser's representations that such data would be provided after the Fund commenced operations.

#### Economies of Scale
The Trustees considered that there would be no breakpoints in the fee rate payable under the Management Agreement for the Fund. The Trustees considered the Fund's projected asset levels; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser's undertakings to waive certain fees and to limit certain expenses of the Fund that exceed a specified level. The Trustees also considered the relationship between the advisory and sub-advisory fee rate schedules, including the blended average of all sub-advisory fee rates paid to all Sub-Advisers for the Fund, and noted that the Investment Adviser had agreed to implement a waiver which will have the effect of limiting the Fund's management fee to the actual amount of fees paid by the Investment Adviser to the respective Sub-Advisers.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities transactions (in its capacity as clearing broker) and futures transactions on behalf of the Fund; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs' retention of fees earned by the Investment Adviser and certain affiliates directly from certain clients who will invest in the Fund in connection with a broader advisory arrangement; (f) the Investment Adviser's ability to negotiate better pricing with the Fund's custodian on behalf of its other clients, as a result of the relationship with the Fund; (g) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) the possibility that the working relationship between the Investment Adviser and the Fund's third-party service providers, including the Sub-Advisers, may cause those service providers to be more likely to do business with other areas of Goldman Sachs.

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (d) the Fund's access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (e) the Fund's ability to aggregate assets managed by certain sub-advisers with those of other clients of the Investment Adviser for purposes of applying breakpoints in a sub-advisory agreement; and (f) the Fund's access to certain affiliated distribution channels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**38**

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MULTI-MANAGER HIGH YIELD BOND FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u> 

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser. The Trustees, including the Independent Trustees, unanimously concluded that the Management Agreement should be approved for an initial two-year period from its effective date.

#### Sub-Advisory Agreements

#### Nature, Extent, and Quality of the Services to be Provided Under the Sub-Advisory Agreements
In evaluating the Sub-Advisory Agreements, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and the Sub-Advisers. In evaluating the nature, extent, and quality of services to be provided by each Sub-Adviser, the Trustees considered information on the services to be provided to the Fund by its Sub-Advisers, including information about each Sub-Adviser's (a) personnel and compensation structure; (b) track record in managing other funds and/or accounts with investment strategies similar to those to be employed on behalf of the Fund; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they also considered assessments provided by the Investment Adviser of each Sub-Adviser, each Sub-Adviser's investment strategies and personnel, and its compliance program. The Trustees also considered information regarding each Sub-Adviser's efforts related to business continuity planning.

#### Costs of Services to be Provided
The Trustees reviewed the terms of each Sub-Advisory Agreement, including the schedule of fees to be payable to the Sub-Advisers. They considered any breakpoints in the sub-advisory fee rate to be payable under each Sub-Advisory Agreement. The Trustees noted that the compensation paid to each Sub-Adviser would be paid by the Investment Adviser, not by the Fund. They also noted that the terms of each Sub-Advisory Agreement were the result of arms' length negotiations between the Investment Adviser and each Sub-Adviser. The Trustees considered the amount of the management fee expected to be retained by the Investment Adviser. They also considered the Investment Adviser's undertakings to waive a portion of its management fee which is in excess of the weighted average of the Fund's sub-advisory fees.

#### Conclusion
In connection with their consideration of the Sub-Advisory Agreements, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees, including the Independent Trustees, unanimously concluded that each Sub-Advisory Agreement should be approved for an initial two-year period from its effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Trust II - Multi Manager High Yield Bond Fund - Tax Information (Unaudited)
For the fiscal year ended October 31, 2025, the Multi Manager High Yield Bond Fund designated 99.17% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

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**40**

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![LOGO](g93558dsp043.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. MMHGHYIEAR-25

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![LOGO](g14170dsp001.jpg)

Goldman Sachs Funds

Annual Financial Statements

October 31, 2025

Goldman Sachs Multi-Strategy Alternatives Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Multi-Strategy Alternatives Fund

#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  [**Consolidated Schedule of Investments**](#msa14170_1) | 1 |
|  [**Consolidated Financial Statements**](#msa14170_2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#msa14170_3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Operations](#msa14170_4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#msa14170_5) | 12 |
|  **[Consolidated Financial Highlights](#msa14170_6)** | 13 |
|  **[Consolidated Notes to Financial Statements](#msa14170_7)** | 19 |
|  **[Report of Independent Registered Public Accounting Firm](#msa14170_8)** | 33 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#msa14170_9)** | 34 |

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **Value** |
| Common Stocks\*<sup>(a)</sup> – 0.0% | Common Stocks\*<sup>(a)</sup> – 0.0% | Common Stocks\*<sup>(a)</sup> – 0.0% |
| Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% |
| 39366 | Gazprom PJSC | $— |
| 3021 | LUKOIL PJSC |  |
| 27893 | Rosneft Oil Co. PJSC |  |
| **TOTAL COMMON STOCKS**<br> **(Cost $621,980)** | **TOTAL COMMON STOCKS**<br> **(Cost $621,980)** | $— |
| Exchange Traded Funds – 61.4% | Exchange Traded Funds – 61.4% | Exchange Traded Funds – 61.4% |
| 139600 | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF<sup>(b)</sup> | $7152239 |
| 6900 | iShares Core MSCI Emerging Markets ETF | 471063 |
| 21800 | iShares Global Clean Energy ETF | 377140 |
| 2200 | iShares JP Morgan USD Emerging Markets Bond ETF | 212674 |
| 58700 | State Street Blackstone Senior Loan ETF | 2436637 |
| 20800 | State Street SPDR Bloomberg Convertible Securities ETF | 1937728 |
| 8200 | Vanguard Real Estate ETF | 731276 |
| 441300 | Vanguard Short-Term Inflation- Protected Securities ETF | 22082652 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $34,874,259)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $34,874,259)** | $35401409 |

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| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 23.8% | Investment Company<sup>(b)</sup> – 23.8% | Investment Company<sup>(b)</sup> – 23.8% |
|  Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares | Goldman Sachs Financial Square Government Fund —<br>Institutional Shares |
| 13700639 | 3.956% | $13700639 |
| (Cost $13,700,639) | (Cost $13,700,639) |  |
| **TOTAL INVESTMENTS – 85.2%**<br> **(Cost $49,196,878)** | **TOTAL INVESTMENTS – 85.2%**<br> **(Cost $49,196,878)** | $49102048 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 14.8%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 14.8%** | 8498770 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $57600818 |

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| | |
|:---|:---|
| 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (b) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  MS & Co. Int. PLC | BRL | 2430000 | USD | 434822 | 12/17/25 | $11786 |
|  | HUF | 138660000 | USD | 409154 | 12/17/25 | 1734 |
|  | ILS | 1630000 | USD | 485021 | 12/17/25 | 15272 |
|  | MXN | 8490000 | USD | 449713 | 12/17/25 | 4968 |
|  | USD | 1842539 | CAD | 2560000 | 12/17/25 | 12715 |
|  | USD | 737720 | EUR | 630000 | 12/17/25 | 9564 |
|  | USD | 321742 | GBP | 240000 | 12/17/25 | 6438 |
|  | USD | 442372 | IDR | 7342940000 | 12/17/25 | 1238 |
|  | USD | 959345 | INR | 84920000 | 12/17/25 | 5279 |
|  | USD | 1318788 | JPY | 197770000 | 12/17/25 | 29201 |
|  | USD | 396483 | KRW | 555950000 | 12/17/25 | 6660 |
|  | USD | 1084540 | NZD | 1860000 | 12/17/25 | 17964 |
|  | USD | 383689 | PHP | 22290000 | 12/17/25 | 4224 |
|  | USD | 317469 | SEK | 2980000 | 12/17/25 | 2885 |
|  | USD | 65789 | TWD | 2000000 | 12/17/25 | 731 |
|  | ZAR | 6450000 | USD | 362692 | 12/17/25 | 8105 |
| TOTAL |  |  |  |  |  | $138764 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | 830000 | USD | 547947 | 12/17/25 | $(4598) |
|  | CAD | 480000 | USD | 343210 | 12/17/25 | (118) |
|  | CHF | 960000 | USD | 1211526 | 12/17/25 | (11806) |
|  | CZK | 9510000 | USD | 455764 | 12/17/25 | (4750) |
|  | EUR | 1400000 | USD | 1643118 | 12/17/25 | (24993) |
|  | GBP | 840000 | USD | 1129730 | 12/17/25 | (26167) |
|  | NOK | 6510000 | USD | 651906 | 12/17/25 | (9257) |
|  | NZD | 540000 | USD | 322730 | 12/17/25 | (13079) |
|  | PLN | 1440000 | USD | 394675 | 12/17/25 | (4922) |
|  | SEK | 8490000 | USD | 907767 | 12/17/25 | (11519) |
|  | USD | 286147 | AUD | 440000 | 12/17/25 | (1894) |
|  | USD | 300102 | CAD | 420000 | 12/17/25 | (104) |
|  | USD | 200348 | CLP | 193770000 | 12/17/25 | (5262) |
|  | USD | 303599 | IDR | 5108880000 | 12/17/25 | (3322) |
|  | USD | 291590 | KRW | 417980000 | 12/17/25 | (1490) |
|  | USD | 349476 | NZD | 610000 | 12/17/25 | (315) |
|  | USD | 299341 | PHP | 17750000 | 12/17/25 | (2835) |
| TOTAL |  |  |  |  |  | $(126431) |

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FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  2 Year U.S. Treasury Notes | 30 | 12/31/25 | $6247266 | $(11989) |
|  20 Year U.S. Treasury Bonds | 16 | 12/19/25 | 1877000 | 4929 |
|  3 Month SOFR | 4 | 12/15/26 | 968050 | (2263) |
|  3 Month SOFR | 8 | 03/16/27 | 1937600 | (2538) |
|  3 Month SOFR | 12 | 03/14/28 | 2904150 | (1015) |
|  3 Month SOFR | 10 | 06/15/27 | 2422375 | (2716) |
|  3 Month SOFR | 12 | 09/14/27 | 2906400 | (3725) |
|  3 Month SOFR | 12 | 12/14/27 | 2905500 | (2783) |
|  30 Year German Euro-Buxl | 1 | 12/08/25 | 133846 | (1798) |
|  3M CORRA | 7 | 06/16/26 | 1220839 | 1123 |
|  3M CORRA | 8 | 09/15/26 | 1395244 | 1604 |
|  3M CORRA | 7 | 12/15/26 | 1220215 | 312 |
|  3M Euribor | 2 | 12/14/26 | 565029 | (432) |
|  3M Euribor | 4 | 03/15/27 | 1129539 | (778) |
|  3M Euribor | 5 | 06/14/27 | 1411204 | (634) |
|  3M Euribor | 5 | 09/13/27 | 1410411 | (720) |
|  3M Euribor | 5 | 12/13/27 | 1409619 | (158) |
|  5 Year German Euro-Bobl | 28 | 12/08/25 | 3816747 | (10635) |
|  5 Year U.S. Treasury Notes | 49 | 12/31/25 | 5351336 | (12963) |
|  Australian 10 Year Government Bonds | 90 | 12/15/25 | 6690299 | (24581) |
|  CAC40 Index | 7 | 11/21/25 | 656135 | (1573) |
|  Cocoa | 1 | 12/15/25 | 61510 | (10853) |
|  Coffee | 1 | 12/18/26 | 119513 | 13084 |
|  Copper | 2 | 05/27/26 | 259700 | 23544 |
|  Corn | 9 | 03/13/26 | 199800 | 11756 |
|  Cotton No.2 | 2 | 03/09/26 | 66730 | (1176) |
|  DAX Index | 1 | 12/19/25 | 692570 | 15806 |

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|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Dollar Index | 9 | 12/15/25 | $896670 | $20502 |
|  E-Mini Nasdaq 100 Index | 6 | 12/19/25 | 3120480 | 149340 |
|  E-Mini Russell 2000 Index | 3 | 12/19/25 | 373485 | 2835 |
|  Euro Stoxx 50 Index | 41 | 12/19/25 | 2679093 | 111362 |
|  French 10 Year Government Bonds | 20 | 12/08/25 | 2825606 | (1973) |
|  FTSE 100 Index | 10 | 12/19/25 | 1280332 | 60654 |
|  FTSE/JSE Top 40 Index | 3 | 12/18/25 | 177962 | 4770 |
|  FTSE/MIB Index | 2 | 12/19/25 | 494003 | 6778 |
|  Gasoline RBOB | 1 | 09/30/26 | 76364 | 1224 |
|  Gold | 1 | 12/29/25 | 399650 | 34317 |
|  Hang Seng Index | 3 | 11/27/25 | 500100 | (10411) |
|  HSCEI | 7 | 11/27/25 | 413439 | (9073) |
|  IBEX 35 Index | 3 | 11/21/25 | 553320 | 15540 |
|  Ice 3M Sonia Index | 1 | 09/15/26 | 317176 | 66 |
|  Ice 3M Sonia Index | 3 | 12/15/26 | 952071 | 296 |
|  Ice 3M Sonia Index | 3 | 03/16/27 | 952268 | 1095 |
|  Ice 3M Sonia Index | 4 | 06/15/27 | 1269428 | 107 |
|  Ice 3M Sonia Index | 4 | 09/14/27 | 1269034 | 870 |
|  Ice 3M Sonia Index | 4 | 12/14/27 | 1268640 | 920 |
|  Ice 3M Sonia Index | 3 | 03/14/28 | 951135 | (131) |
|  Lean Hogs | 2 | 02/13/26 | 66020 | (6286) |
|  Live Cattle | 2 | 02/27/26 | 182140 | (7116) |
|  LME Lead | 12 | 11/17/25 | 600234 | (12532) |
|  LME Lead | 7 | 01/19/26 | 352685 | (5198) |
|  LME Lead | 6 | 05/18/26 | 308009 | 1925 |
|  LME Lead | 2 | 06/15/26 | 103045 | 90 |
|  LME Nickel | 13 | 11/17/25 | 1174848 | (88748) |
|  LME Nickel | 21 | 01/19/26 | 1915885 | (71847) |
|  LME Nickel | 1 | 12/15/25 | 90772 | (44) |
|  LME Nickel | 9 | 02/16/26 | 824222 | (100432) |
|  LME Nickel | 10 | 04/13/26 | 922120 | (55513) |
|  LME Nickel | 9 | 05/18/26 | 833544 | (12187) |
|  LME Nickel | 2 | 06/15/26 | 185886 | (1021) |
|  LME Nickel | 1 | 08/17/26 | 93645 | (89) |
|  LME Nickel | 1 | 09/14/26 | 93927 | (206) |
|  LME Primary Aluminum | 27 | 01/19/26 | 1948334 | 306698 |
|  LME Primary Aluminum | 7 | 11/17/25 | 503743 | 37814 |
|  LME Primary Aluminum | 10 | 12/15/25 | 720550 | 36055 |
|  LME Primary Aluminum | 5 | 05/18/26 | 361934 | 33641 |
|  LME Zinc | 17 | 12/15/25 | 1310403 | 63927 |
|  LME Zinc | 23 | 01/19/26 | 1763473 | 146121 |
|  LME Zinc | 4 | 11/17/25 | 312498 | 21073 |
|  LME Zinc | 12 | 05/18/26 | 911997 | 102589 |
|  LME Zinc | 1 | 04/13/26 | 76075 | 907 |
|  LME Zinc | 3 | 03/16/26 | 228562 | 16951 |
|  Low Sulphur Gas Oil | 4 | 12/11/25 | 280000 | 6617 |
|  MSCI Emerging Markets Index | 5 | 12/19/25 | 351900 | 8527 |
|  Natural Gas | 3 | 03/27/26 | 109830 | 5734 |
|  NY Harbor ULSD | 1 | 02/27/26 | 96970 | 5734 |
|  NY Harbor ULSD | 1 | 11/28/25 | 100741 | 60 |
|  Omxs30 Index | 21 | 11/21/25 | 612300 | 11373 |
|  S&P 500 E-Mini Index | 61 | 12/19/25 | 20965700 | 572153 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P Toronto Stock Exchange 60 Index | &nbsp;&nbsp;&nbsp;&nbsp;2 | 12/18/25 | $508103 | $13177 |
|  Silver | &nbsp;&nbsp;&nbsp;&nbsp;1 | 12/29/25 | 240800 | 19727 |
|  Soybean | &nbsp;&nbsp;&nbsp;&nbsp;4 | 07/14/26 | 228350 | 7349 |
|  Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;4 | 07/14/26 | 133440 | 11507 |
|  Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp;2 | 12/12/25 | 58416 | (2263) |
|  Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp;5 | 07/14/26 | 150480 | (6701) |
|  Sugar 11 | &nbsp;&nbsp;&nbsp;&nbsp;4 | 04/30/26 | 62944 | (9331) |
|  TOPIX Futures | &nbsp;&nbsp;&nbsp;&nbsp;6 | 12/11/25 | 1298034 | 91136 |
|  VSTOXX Index | 48 | 11/19/25 | 105122 | (12981) |
|  Wheat | &nbsp;&nbsp;&nbsp;&nbsp;9 | 07/14/26 | 253563 | (1941) |
| Total |  |  |  | $1494365 |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | (21) | 12/29/25 | (2582760) | (75193) |
|  3 Month SOFR | (3) | 06/16/26 | (723038) | 256 |
|  3M Euribor | (8) | 03/16/26 | (2259540) | 123 |
|  3M Euribor | (3) | 06/15/26 | (847673) | 11 |
|  5 Year German Euro-Bund | (5) | 12/08/25 | (745707) | (2076) |
|  ASX 90 Day Bank Accepted Bills | (14) | 03/12/26 | (9081822) | (349) |
|  ASX 90 Day Bank Accepted Bills | (3) | 06/11/26 | (1946343) | (111) |
|  Brent Crude | (4) | 11/28/25 | (259080) | (9198) |
|  Canada 10 Year Government Bonds | (21) | 12/18/25 | (1838052) | (19115) |
|  CBOE Volatility Index | (4) | 11/19/25 | (76523) | 8267 |
|  CBOE Volatility Index | (9) | 12/17/25 | (179669) | (7002) |
|  CBOE Volatility Index | (9) | 01/21/26 | (189468) | (1151) |
|  Copper | (1) | 12/29/25 | (127225) | (11453) |
|  Corn | (22) | 12/12/25 | (474650) | (27460) |
|  Cotton No.2 | (9) | 12/08/25 | (294930) | (2673) |
|  Euro BTP | (12) | 12/08/25 | (1679596) | (1107) |
|  Euro-Schatz | (5) | 12/08/25 | (617129) | (33) |
|  Gasoline RBOB | (1) | 11/28/25 | (79834) | (3846) |
|  Gasoline RBOB | (1) | 12/31/25 | (78170) | (3531) |
|  Ice 3M Sonia Index | (3) | 06/16/26 | (950347) |  |
|  Japan 10 Year Government Bond | (5) | 12/15/25 | (4413730) | 19402 |
|  Korea 10 Year Government Bonds | (59) | 12/16/25 | (4816901) | 84625 |
|  Lean Hogs | (6) | 12/12/25 | (195060) | 6421 |
|  LME Lead | (12) | 11/17/25 | (600234) | 4221 |
|  LME Lead | (7) | 01/19/26 | (352685) | 1202 |
|  LME Lead | (7) | 12/15/25 | (351222) | (826) |
|  LME Lead | (6) | 05/18/26 | (308009) | (1775) |
|  LME Lead | (2) | 06/15/26 | (103045) | 471 |
|  LME Nickel | (13) | 11/17/25 | (1174848) | 83852 |
|  LME Nickel | (22) | 01/19/26 | (2007118) | 155581 |
|  LME Nickel | (9) | 02/16/26 | (824222) | 24095 |
|  LME Nickel | (10) | 04/13/26 | (922120) | 13381 |
|  LME Nickel | (4) | 12/15/25 | (363088) | 5791 |
|  LME Nickel | (9) | 05/18/26 | (833544) | 1319 |
|  LME Nickel | (2) | 06/15/26 | (185886) | 2556 |
|  LME Nickel | (1) | 08/17/26 | (93645) | 174 |
|  LME Primary Aluminum | (29) | 01/19/26 | (2092655) | (266100) |
|  LME Primary Aluminum | (7) | 11/17/25 | (503743) | (40368) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  LME Primary Aluminum | (5) | 05/18/26 | $(361934) | $(32687) |
|  LME Zinc | (13) | 12/15/25 | (1002073) | (61403) |
|  LME Zinc | (24) | 01/19/26 | (1840146) | (148843) |
|  LME Zinc | (4) | 11/17/25 | (312498) | (23948) |
|  LME Zinc | (12) | 05/18/26 | (911997) | (102213) |
|  LME Zinc | (3) | 03/16/26 | (228562) | (10794) |
|  Low Sulphur Gas Oil | (2) | 01/12/26 | (136500) | (4904) |
|  MSCI EAFE Index | (9) | 12/19/25 | (1263195) | (7573) |
|  Natural Gas | (4) | 11/25/25 | (164960) | (51) |
|  Natural Gas | (2) | 12/29/25 | (87380) | (5146) |
|  NY Harbor ULSD | (1) | 12/31/25 | (99565) | (6618) |
|  Soybean | (7) | 01/14/26 | (390338) | (29548) |
|  Soybean Meal | (3) | 01/14/26 | (97050) | (13580) |
|  Soybean Oil | (4) | 01/14/26 | (117768) | 3647 |
|  Sugar 11 | (7) | 02/27/26 | (113131) | 17562 |
|  Wheat | (27) | 12/12/25 | (717100) | (13768) |
|  WTI Crude | (3) | 12/19/25 | (181800) | (7158) |
|  WTI Crude | (1) | 11/20/25 | (60980) | 327 |
| Total |  |  |  | $(508317) |
| TOTAL FUTURES CONTRACTS |  |  |  | $986048 |

---

SWAP CONTRACTS — At October 31, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced Obligation/Index** | **Financing Rate**<br> **Received/(Paid)**<br> **by the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>October 31,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | 5.000% | 3.285% | 12/20/30 | $4750 | $371991 | $352652 | $19339 |
|  CDX.NA.IG Index 45 | 1.000 | 0.527 | 12/20/30 | 4500 | 104239 | 101593 | 2646 |
|  ICE CD ITXEB 44 | 1.000 | 0.548 | 12/20/30 | EUR11,000 | 290571 | 263692 | 26879 |
|  ICE CD ITXEX 44 | 5.000 | 2.665 | 12/20/30 | 4150 | 520109 | 511178 | 8931 |
| TOTAL |  |  |  |  | $1286910 | $1229115 | $57795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER TOTAL RETURN SWAP CONTRACTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Paid/(Received) by<br>the Fund** | **Counterparty** | **Termination<br>Date<sup>#</sup>** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  AMZX Index | 12M SOFR+0.350 (a) | JPMorgan Securities, Inc. | 09/09/26 | $167 | $2925 |
|  BCOMRS Index | 0.000 (a) | JPMorgan Securities, Inc. | 08/12/26 | 831 | 8504 |
|  JPOSSVHY Index | 0.000 (b) | JPMorgan Securities, Inc. | 11/12/25 | 2840 | 9122 |
|  JPOSSVTY Index | 0.000 (a) | JPMorgan Securities, Inc. | 11/12/25 | 115 | 123 |
|  JPOSSVUA Index | 0.000 (a) | JPMorgan Securities, Inc. | 11/12/25 | 725 | 2354 |
| TOTAL |  |  |  |  | $23028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made monthly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made annually.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars). 

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

#### A basket (JPOSSVUA) of Options

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  S&P 500 Index, 11/07/25 | Options | – $|  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options | – |  | 0.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

#### A basket (JPOSSVUA) of Options (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Caption** | **Security Type** | **Shares** | **Value** | **Weight** |
|  S&P 500 Index, 11/07/25 | Options |  | $— | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  S&P 500 Index, 11/07/25 | Options |  |  | 0.0 |
|  **A basket (JPOSSVHY) of Options** |  |  |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 12/19/25 | Options | (125) | (80) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (113) | (72) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 12/19/25 | Options | (39) | (44) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 12/19/25 | Options | (125) | (34) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (89) | (23) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (89) | (12) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 12/19/25 | Options | (8) | (7) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 11/21/25 | Options | (113) | (3) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 12/19/25 | Options | (8) | (3) | 0.0 |
|  iShares iBoxx $ High Yield Corporate Bond ETF, 12/19/25 | Options | (39) | (1) | 0.0 |

---

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At October 31, 2025, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  CBOE Volatility Index | $23.000 | 11/19/2025 | 70 | $161000 | $6790 | $15320 | $(8530) |
|  CBOE Volatility Index | 22.000 | 12/17/2025 | 80 | 176000 | 16680 | 19780 | (3100) |
|  CBOE Volatility Index | 23.000 | 01/21/2026 | 90 | 207000 | 24255 | 24683 | (428) |
| Total purchased option contracts |  |  | 240 | $544000 | $47725 | $59783 | $(12058) |
|  **Written option contracts** |  |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | 5800.000 | 11/07/2025 | (2) | (1160000) | (35) | (257) | 222 |
|  Euro Stoxx 50 Index | 5875.000 | 11/14/2025 | (2) | (1175000) | (55) | (347) | 292 |
|  Euro Stoxx 50 Index | 5900.000 | 11/21/2025 | (2) | (1180000) | (138) | (293) | 155 |
|  FTSE 100 Index | 9850.000 | 11/21/2025 | (1) | (985000) | (539) | (284) | (255) |
|  S&P 500 Index | 6930.000 | 11/03/2025 | (1) | (693000) | (30) | (1529) | 1499 |
|  S&P 500 Index | 7000.000 | 11/05/2025 | (1) | (700000) | (32) | (1214) | 1182 |
|  S&P 500 Index | 7040.000 | 11/05/2025 | (1) | (704000) | (10) | (898) | 888 |
|  S&P 500 Index | 6975.000 | 11/07/2025 | (1) | (697500) | (500) | (985) | 485 |
|  S&P 500 Index | 6950.000 | 11/12/2025 | (1) | (695000) | (1870) | (2125) | 255 |
|  S&P 500 Index | 7000.000 | 11/19/2025 | (1) | (700000) | (2225) | (1045) | (1180) |
|  S&P 500 Index | 7200.000 | 11/26/2025 | (1) | (720000) | (595) | (1552) | 957 |
|  |  |  | (14) | $(9409500) | $(6029) | $(10529) | $4500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON EQUITY CONTRACTS (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)<br>by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Puts** |  |  |  |  |  |  |  |
|  Euro Stoxx 50 Index | $5250.000 | 11/07/2025 | (4) | $(2100000) | $(51) | $(1178) | $1127 |
|  Euro Stoxx 50 Index | 5325.000 | 11/14/2025 | (4) | (2130000) | (304) | (777) | 473 |
|  Euro Stoxx 50 Index | 5450.000 | 11/21/2025 | (4) | (2180000) | (1074) | (860) | (214) |
|  FTSE 100 Index | 9075.000 | 11/21/2025 | (1) | (907500) | (144) | (151) | 7 |
|  FTSE 100 Index | 9175.000 | 11/21/2025 | (1) | (917500) | (171) | (184) | 13 |
|  FTSE 100 Index | 9300.000 | 11/21/2025 | (1) | (930000) | (250) | (315) | 65 |
|  FTSE 100 Index | 9500.000 | 11/21/2025 | (1) | (950000) | (493) | (486) | (7) |
|  S&P 500 Index | 6645.000 | 11/03/2025 | (2) | (1329000) | (140) | (1541) | 1401 |
|  S&P 500 Index | 6450.000 | 11/05/2025 | (2) | (1290000) | (145) | (6038) | 5893 |
|  S&P 500 Index | 6755.000 | 11/05/2025 | (2) | (1351000) | (2490) | (2982) | 492 |
|  S&P 500 Index | 6680.000 | 11/07/2025 | (2) | (1336000) | (2100) | (2038) | (62) |
|  S&P 500 Index | 6300.000 | 11/12/2025 | (2) | (1260000) | (500) | (5693) | 5193 |
|  S&P 500 Index | 6450.000 | 11/19/2025 | (2) | (1290000) | (2680) | (8520) | 5840 |
|  S&P 500 Index | 6620.000 | 11/26/2025 | (2) | (1324000) | (8670) | (6952) | (1718) |
|  |  |  | (30) | $(19295000) | $(19212) | $(37715) | $18503 |
| Total written option contracts |  |  | (44) | $(28704500) | $(25241) | $(48244) | $23003 |
| TOTAL |  |  | 196 | $(28160500) | $22484 | $11539 | $10945 |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| CLP | —Chilean Peso |
| CZK | —Czech Republic Koruna |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| IDR | —Indonesia Rupiah |
| ILS | —Israeli Shekel |
| INR | —Indian Rupee |
| JPY | —Japanese Yen |
| KRW | —South Korean Won |
| MXN | —Mexican Peso |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| PHP | —Philippines Peso |
| PLN | —Polish Zloty |
| SEK | —Swedish Krona |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ETF | —Exchange Traded Fund |
| MSCI | —Morgan Stanley Capital International |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| CDX.NA.IG Ind 45 | —CDX North America Investment Grade Index 45 |
| ICE | —Inter-Continental Exchange |
| ICE CD ITXEB | —iTraxx Europe Index |
| ICE CD ITXEX | —iTraxx Europe Crossover Index |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Statement of Assets and Liabilities<sup>(a)</sup> *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $28,444,596) | $28249170 |
|  Investments in affiliated issuers, at value (cost $20,752,282) | 20852878 |
|  Purchased options, at value (premium paid $59,783) | 47725 |
|  Cash | 2370613 |
|  Foreign currencies, at value (cost $39,428) | 13257 |
|  Unrealized gain on swap contracts | 23028 |
|  Unrealized gain on forward foreign currency exchange contracts | 138764 |
|  Unrealized gain on futures contracts | 1060434 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup> | 6456229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 893849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 303926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 25401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 769 |
|  Other assets | 52104 |
|  **Total assets** | 60488147 |
| Liabilities: |  |
|  Unrealized loss on futures contracts | 1036774 |
|  Unrealized loss on forward foreign currency exchange contracts | 126431 |
|  Variation margin on futures contracts | 43606 |
|  Written option contracts, at value (premium received $48,244) | 25241 |
|  Variation margin on swaps contracts | 24383 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 872577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 259089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to investment adviser | 212725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 178029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker — upfront payment | 6709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 6278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 1923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 224 |
|  Accrued expenses | 93340 |
|  **Total liabilities** | 2887329 |
| Net Assets: |  |
|  Paid-in capital | 92943578 |
|  Total distributable loss | (35342760) |
|  **NET ASSETS** | $57600818 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $5560048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 62767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 11955061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3514824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 12699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 36495419 |
|  Total Net Assets | $57600818 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 483681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1020103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 301762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 3114182 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 11.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 11.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 11.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 11.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 11.72 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Assets and Liabilities for the Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity- MMA IV, LLC. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes segregated cash of $3,542,988, $1,886,871 and $1,026,370 relating to initial margin requirements and/or collateral on futures, options and swaps transactions, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares is $12.17. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Statement of Operations<sup>(a)</sup> *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Investment Income: |  |
|  Dividends — affiliated issuers | $1921769 |
|  Dividends — unaffiliated issuers (net of tax withholding of $10,660) | 301209 |
|  Interest | 34410 |
|  **Total investment income** | 2257388 |
| Expenses: |  |
|  Management fees | 475823 |
|  Professional fees | 273797 |
|  Custody, accounting and administrative services | 95733 |
|  Registration fees | 93994 |
|  Printing and mailing costs | 68182 |
|  Transfer Agency fees<sup>(b)</sup> | 28881 |
|  Trustee fees | 27407 |
|  Distribution and Service (12b-1) fees<sup>(b)</sup> | 14531 |
|  Service fees — Class C | 259 |
|  Other | 29434 |
|  **Total expenses** | 1108041 |
|  Less — expense reductions | (676925) |
|  **Net expenses** | 431116 |
|  **NET INVESTMENT INCOME** | 1826272 |
| Realized and unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 235388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (13660) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 1721665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 84752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 384309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 2045737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (27175) |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 100596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 426553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options | (12058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (400109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 23003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts | 80823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 815996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 31147 |
|  **Net realized and unrealized gain** | 5497077 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $7323349 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statement of Operations for the Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity- MMA IV, LLC. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distribution and/or Service (12b-1) Fees** | **Distribution and/or Service (12b-1) Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** | **Transfer Agency Fees** |
| **Class A** | **Class C** | **Class A** | **Class C** | **Institutional** | **Investor** | **Class R6** | **Class P** |
| $13755 | $776 | $8253 | $155 | $5327 | $4436 | $4 | $10706 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Statements of Changes in Net Assets<sup>(a)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |
|  Net investment income | $1826272 | $3395167 |
|  Net realized gain (loss) | 4431126 | (7270428) |
|  Net change in unrealized gain | 1065951 | 2652375 |
|  **Net increase (decrease) in net assets resulting from operations** | 7323349 | (1222886) |
| Distributions to shareholders: |  |  |
|  From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | (261661) | (235940) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares | (4599) | (1187) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (700044) | (883239) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | (129783) | (151781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 Shares | (543) | (387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R Shares<sup>(b)</sup> |  | (875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class P Shares | (1826161) | (2093131) |
|  **Total distributions to shareholders** | (2922791) | (3366540) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 5628366 | 2516194 |
|  Reinvestment of distributions | 2884404 | 3304758 |
|  Cost of shares redeemed | (19983051) | (37132808) |
|  **Net decrease in net assets resulting from share transactions** | (11470281) | (31311856) |
|  **TOTAL DECREASE** | (7069723) | (35901282) |
| Net assets: |  |  |
|  Beginning of year | 64670541 | 100571823 |
|  End of year | $57600818 | $64670541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Statements of Changes in Net Assets for the Fund is consolidated and includes the balances of the wholly-owned subsidiary, Cayman Commodity — MMA IV, LLC. Accordingly, all interfund balances and transactions have been eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) At the close of business on April 16, 2024, Class R Shares of the Fund were liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.60 | $11.06 | $11.22 | $11.86 | $10.66 |
|  Net investment income (loss)<sup>(a)</sup> | 0.31 | 0.41 | 0.11 | (0.14) | (0.07) |
|  Net realized and unrealized gain (loss) | 1.08 | (0.51) | (0.25) | (0.50) | 1.27 |
|  Total from investment operations | 1.39 | (0.10) | (0.14) | (0.64) | 1.20 |
|  Distributions to shareholders from net investment income | (0.49) | (0.36) | (0.02) |  |  |
|  Net asset value, end of year | $11.50 | $10.60 | $11.06 | $11.22 | $11.86 |
|  **Total return<sup>(b)</sup>** | 13.65% | (1.02)% | (1.30)% | (5.31)% | 11.26% |
|  Net assets, end of year (in 000s) | $5560 | $6183 | $7876 | $8666 | $7943 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.02% | 1.07% | 2.02% | 2.18% | 2.15% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.02% | 1.07% | 1.95% | 2.08% | 2.08% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 2.17% | 2.85% | 3.53% | 3.38% | 3.36% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 2.17% | 2.85% | 3.46% | 3.29% | 3.30% |
|  Ratio of net investment income (loss) to average net assets | 2.90% | 3.83% | 1.00% | (1.21)% | (0.63)% |
|  Portfolio turnover rate<sup>(c)</sup> | 46% | — %<sup>(d)</sup> | 242% | 236% | 269% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were no long-term transactions for the fiscal year ended October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.22 | $10.44 | $10.64 | $11.34 | $10.26 |
|  Net investment income (loss)<sup>(a)</sup> | 0.23 | 0.33 | 0.00 | (0.24) | (0.15) |
|  Net realized and unrealized gain (loss) | 1.03 | (0.52) | (0.20) | (0.46) | 1.23 |
|  Total from investment operations | 1.26 | (0.19) | (0.20) | (0.70) | 1.08 |
|  Distributions to shareholders from net investment income | (0.32) | (0.03) |  |  |  |
|  Net asset value, end of year | $11.16 | $10.22 | $10.44 | $10.64 | $11.34 |
|  **Total return<sup>(b)</sup>** | 12.76% | (1.81)% | (1.97)% | (6.08)% | 10.53% |
|  Net assets, end of year (in 000s) | $63 | $146 | $542 | $1810 | $3544 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.77% | 1.79% | 2.85% | 2.93% | 2.89% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.77% | 1.79% | 2.76% | 2.83% | 2.84% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 3.00% | 3.36% | 4.36% | 4.11% | 4.15% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 3.00% | 3.36% | 4.27% | 4.01% | 4.09% |
|  Ratio of net investment income (loss) to average net assets | 2.21% | 3.13% | 0.03% | (2.16)% | (1.39)% |
|  Portfolio turnover rate<sup>(c)</sup> | 46% | — %<sup>(d)</sup> | 242% | 236% | 269% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were no long-term transactions for the fiscal year ended October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.81 | $11.27 | $11.42 | $12.04 | $10.78 |
|  Net investment income (loss)<sup>(a)</sup> | 0.35 | 0.45 | 0.14 | (0.11) | (0.03) |
|  Net realized and unrealized gain (loss) | 1.09 | (0.52) | (0.23) | (0.51) | 1.29 |
|  Total from investment operations | 1.44 | (0.07) | (0.09) | (0.62) | 1.26 |
|  Distributions to shareholders from net investment income | (0.53) | (0.39) | (0.06) |  |  |
|  Net asset value, end of year | $11.72 | $10.81 | $11.27 | $11.42 | $12.04 |
|  **Total return<sup>(b)</sup>** | 13.99% | (0.77)% | (0.92)% | (5.07)% | 11.58% |
|  Net assets, end of year (in 000s) | $11955 | $16033 | $26614 | $35165 | $54438 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.72% | 0.76% | 1.73% | 1.86% | 1.82% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 0.72% | 0.76% | 1.66% | 1.76% | 1.76% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.82% | 2.42% | 3.18% | 3.00% | 3.00% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.82% | 2.42% | 3.10% | 2.90% | 2.94% |
|  Ratio of net investment income (loss) to average net assets | 3.20% | 4.14% | 1.26% | (0.98)% | (0.28)% |
|  Portfolio turnover rate<sup>(c)</sup> | 46% | — %<sup>(d)</sup> | 242% | 236% | 269% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were no long-term transactions for the fiscal year ended October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.74 | $11.20 | $11.35 | $11.97 | $10.73 |
|  Net investment income (loss)<sup>(a)</sup> | 0.34 | 0.44 | 0.14 | (0.12) | (0.04) |
|  Net realized and unrealized gain (loss) | 1.09 | (0.52) | (0.24) | (0.50) | 1.28 |
|  Total from investment operations | 1.43 | (0.08) | (0.10) | (0.62) | 1.24 |
|  Distributions to shareholders from net investment income | (0.52) | (0.38) | (0.05) |  |  |
|  Net asset value, end of year | $11.65 | $10.74 | $11.20 | $11.35 | $11.97 |
|  **Total return<sup>(b)</sup>** | 14.00% | (0.84)% | (1.00)% | (5.10)% | 11.56% |
|  Net assets, end of year (in 000s) | $3515 | $2915 | $4537 | $5853 | $7478 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.77% | 0.82% | 1.79% | 1.93% | 1.89% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 0.77% | 0.82% | 1.72% | 1.83% | 1.83% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.87% | 2.58% | 3.30% | 3.12% | 3.10% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.87% | 2.58% | 3.22% | 3.02% | 3.04% |
|  Ratio of net investment income (loss) to average net assets | 3.13% | 4.08% | 1.22% | (1.07)% | (0.38)% |
|  Portfolio turnover rate<sup>(c)</sup> | 46% | — %<sup>(d)</sup> | 242% | 236% | 269% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were no long-term transactions for the fiscal year ended October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.83 | $11.29 | $11.44 | $12.05 | $10.79 |
|  Net investment income (loss)<sup>(a)</sup> | 0.35 | 0.45 | 0.13 | (0.10) | (0.04) |
|  Net realized and unrealized gain (loss) | 1.10 | (0.52) | (0.22) | (0.51) | 1.30 |
|  Total from investment operations | 1.45 | (0.07) | (0.09) | (0.61) | 1.26 |
|  Distributions to shareholders from net investment income | (0.53) | (0.39) | (0.06) |  |  |
|  Net asset value, end of year | $11.75 | $10.83 | $11.29 | $11.44 | $12.05 |
|  **Total return<sup>(b)</sup>** | 14.08% | (0.80)% | (0.81)% | (5.06)% | 11.68% |
|  Net assets, end of year (in 000s) | $13 | $11 | $11 | $37 | $12 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.71% | 0.77% | 1.80% | 1.87% | 1.83% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 0.71% | 0.77% | 1.70% | 1.77% | 1.76% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.78% | 2.49% | 3.24% | 3.01% | 2.96% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.78% | 2.49% | 3.14% | 2.91% | 2.89% |
|  Ratio of net investment income (loss) to average net assets | 3.20% | 4.12% | 1.12% | (0.91)% | (0.30)% |
|  Portfolio turnover rate<sup>(c)</sup> | 46% | — %<sup>(d)</sup> | 242% | 236% | 269% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were no long-term transactions for the fiscal year ended October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.81 | $11.27 | $11.42 | $12.04 | $10.78 |
|  Net investment income (loss)<sup>(a)</sup> | 0.35 | 0.45 | 0.14 | (0.11) | (0.03) |
|  Net realized and unrealized gain (loss) | 1.09 | (0.52) | (0.23) | (0.51) | 1.29 |
|  Total from investment operations | 1.44 | (0.07) | (0.09) | (0.62) | 1.26 |
|  Distributions to shareholders from net investment income | (0.53) | (0.39) | (0.06) |  |  |
|  Net asset value, end of year | $11.72 | $10.81 | $11.27 | $11.42 | $12.04 |
|  **Total return<sup>(b)</sup>** | 14.01% | (0.76)% | (0.91)% | (5.07)% | 11.69% |
|  Net assets, end of year (in 000s) | $36495 | $39382 | $60963 | $99431 | $103080 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.71% | 0.75% | 1.75% | 1.85% | 1.81% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 0.71% | 0.75% | 1.66% | 1.75% | 1.76% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.80% | 2.43% | 3.19% | 2.99% | 2.91% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.80% | 2.43% | 3.11% | 2.89% | 2.85% |
|  Ratio of net investment income (loss) to average net assets | 3.21% | 4.14% | 1.24% | (0.93)% | (0.29)% |
|  Portfolio turnover rate<sup>(c)</sup> | 46% | — %<sup>(d)</sup> | 242% | 236% | 269% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;(d) There were no long-term transactions for the fiscal year ended October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust II (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust includes the Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund"). The Fund is a diversified portfolio and currently offers six classes of shares: Class A, Class C, Institutional, Investor, Class R6 and Class P Shares.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge ("CDSC") of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Investor, Class R6, and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Fund pursuant to a management agreement (the "Agreement") with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Basis of Consolidation for the Goldman Sachs Multi-Strategy Alternatives Fund — The Cayman Commodity — MMA IV, LLC (the "Subsidiary"), a Cayman Islands exempted company, is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of October 31, 2025, the Fund's net assets were $57,600,818 of which, $3,205,934 or 5.6%, represented the Subsidiary's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Valuation — The Fund's valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;C. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;D. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service fees.

&nbsp;&nbsp;&nbsp;&nbsp;E. Federal Taxes and Distributions to Shareholders — It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the Fund is required to increase its taxable income by its share of the Subsidiary's income. Net losses of the Subsidiary cannot be deducted by the Fund in the current period nor carried forward to offset taxable income in future periods.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Consolidated Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;F. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Consolidated Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Fund follows Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. The Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Fund's Investment Adviser. The CODM monitors and actively manages the operating results of the Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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 Fund's 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**20**

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;A. 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:

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

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. The Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If the Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. The Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, the Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**22**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The maximum potential amount of future payments (undiscounted) that the Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Fund bought credit protection.

A *total return swap* is an agreement that gives the Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

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

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Fund's investments and derivatives classified in the fair value hierarchy as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $— | $— |
|  Exchange Traded Funds | 35401409 |  |  |
|  Investment Company | 13700639 |  |  |
|  **Total** | $49102048 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $138764 | $— |
|  Futures Contracts<sup>(b)</sup> | 2437003 |  |  |
|  Credit Default Swap Contracts<sup>(b)</sup> |  | 57795 |  |
|  Total Return Swap Contracts<sup>(b)</sup> |  | 23028 |  |
|  Purchased Option Contracts | 47725 |  |  |
|  **Total** | $2484728 | $219587 | $— |
|  **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup> | $— | $(126431) | $— |
|  Futures Contracts<sup>(b)</sup> | (1450955) |  |  |
|  Written Option Contracts | (25241) |  |  |
|  **Total** | $(1476196) | $(126431) | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at fiscal year end.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**23**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2025. These instruments were used as part of the Fund's investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund's net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |  |  |  |
| **Risk** | **Consolidated Statement of Assets and Liabilities** | **Assets** | **Consolidated Statement of Assets and Liabilities** | **Liabilities** |
| Commodity | Variation margin on futures contracts | $1229044 <sup>(a)</sup> | Variation margin on futures contracts | $(1221375)<sup>(a)</sup> |
| Credit | Receivable for unrealized gain on swap contracts | 57795 |  |  |
| Currency | Receivable for unrealized gain on forward foreign currency contracts; |  | Payable for unrealized loss on forward foreign currency contracts |  |
|  | Variation margin on futures contracts | 159266 |  | (126431) |
| Equity | Receivable for unrealized gain on swap contracts; |  | Variation margin on futures contracts; Written options, at value |  |
|  | Variation margin on futures contracts; and Purchased options, at value | 1142471 <sup>(a)</sup> |  | (75005)<sup>(a)</sup> |
| Interest rate | Variation margin on futures contracts | 115739 <sup>(a)</sup> | Variation margin on futures contracts | (179816)<sup>(a)</sup> |
|  **Total** |  | $2704315 |  | $(1602627) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Consolidated Schedule of Investments. Only current day's variation margin is reported within the Consolidated Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund's gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**24**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Consolidated Statement of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |  |  |
| **Risk** | **Consolidated Statement of Operations** | **Net Realized Gain (Loss)** | **Net Change in**<br> **Unrealized<br>Gain (Loss)** |
| Commodity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $(452379) | $(8408) |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 317303 | 57795 |
| Currency | Net realized gain (loss) from futures contracts and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on futures contracts and forward foreign currency exchange contracts | 2048795 | 836498 |
| Equity | Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts | 2188950 | 1055927 |
| Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 120134 | (1434157) |
|  **Total** |  | $4222803 | $507655 |

---

For the fiscal year ended October 31, 2025, the relevant values for each derivative type were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** | **Average Number of Contracts, Notional Amounts<sup>(a)</sup>** |
| **Futures**<br> **Contracts** | **Forward**<br> **Contracts** | **Swap**<br> **Agreements** | **Purchased**<br> **Options** | **Written**<br> **Options** |
| 2439 | $239262815 | $29230314 | 20667 | 1785 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures, notional amounts for forward contracts, swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund's business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund's average daily net assets. For the fiscal year ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Contractual Management Rate** | **Effective Rate** | **Effective Net<br>Management<br>Rate^(a)** |
|  |  |  |  | **Effective Rate** | **Effective Net<br>Management<br>Rate^(a)** |
| **First<br>$2 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate^(a)** |
|  0.75% | 0.68% | 0.64% | 0.63% | 0.75% | 0.64% |

---

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Reflects combined management fees paid to GSAM under the Agreement and the Subsidiary Agreement, as defined below, after waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *October 31, 2025*

&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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund") and Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Fund invests. For the fiscal year ended October 31, 2025, GSAM waived $76,750 of the Fund's management fee.

GSAM also provides management services to the Subsidiary pursuant to a Subsidiary Management Agreement (the "Subsidiary Agreement") and is entitled to a management fee accrued daily and paid monthly, equal to an annual percentage rate of 0.42% of the Subsidiary's average daily net assets. In consideration of the Subsidiary's management fee, and for as long as the Subsidiary Agreement remains in effect, GSAM has contractually agreed to waive irrevocably a portion of the Fund's management fee in an amount equal to the management fee accrued and paid to GSAM by the Subsidiary under the Subsidiary Agreement. For the fiscal year ended October 31, 2025, GSAM waived $43,972 of the Fund's management fee.

&nbsp;&nbsp;&nbsp;&nbsp;B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of the Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Fund, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of the Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Fund, as set forth below.

---

| | | |
|:---|:---|:---|
|  | **Distribution and/or Service Plan Rates**  | **Distribution and/or Service Plan Rates**  |
|  | **Class A\*** | **Class C** |
|  Distribution and/or Service Plan | 0.25% | 0.75% |

---

\* With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on "service fees" imposed by the Financial Industry Regulatory Authority. 

&nbsp;&nbsp;&nbsp;&nbsp;C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares' front end sales charge and Class C Shares' CDSC. During the fiscal year ended October 31, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge**  |
| **Fund** | **Class A** |
|  Multi-Strategy Alternatives Fund | $3 |

---

During the fiscal year ended October 31, 2025, Goldman Sachs did not retain any portion of Class C Shares' CDSC.

&nbsp;&nbsp;&nbsp;&nbsp;D. Service Plan — The Trust, on behalf of the Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.15% of the average daily net assets of Class A, Class C and Investor Shares; 0.04% of the average daily net assets of Institutional Shares; and 0.03% of the average daily net assets of Class R6 and Class P Shares. Goldman Sachs has agreed to waive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**26**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

a portion of the transfer agency fees equal to 0.06% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Fund through at least February 28, 2026. Prior to such date, Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.064% of the average daily net assets of the Fund. These Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. GSAM has agreed to reduce or limit the Subsidiary's expenses (excluding management fees) to 0.42% of the Subsidiary's average daily net assets.

In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund's expenses and are received irrespective of the application of the "Other Expense" limitations described above. For the fiscal year ended October 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Transfer Agency<br>Waivers/Credits** | **Other<br>Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Multi-Strategy Alternatives Fund | $120722 | $5138 | $551065 | $676925 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of October 31, 2025, the Fund participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2025, the Fund did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;H. Other Transactions with Affiliates — For the fiscal year ended October 31, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Fund.

As of October 31, 2025, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of Class R6 Shares of the Fund.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund and Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF for the fiscal year ended October 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning Value as of<br>October 31,**<br> **2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Realized<br>Gain (Loss)** | **Change In<br>Unrealized<br>Gain (Loss)** | **Ending Value as of<br>October 31, 2025** | **Shares as of<br>October 31,<br>2025** | **Dividend<br>Income** |
|  Multi-Strategy Alternatives Fund | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF | $— | $7470413 | $(418880) | $110 | $100596 | $7152239 | 139600 | $98969 |
|  | Goldman Sachs Financial Square Government Fund — Institutional<br> Shares | 59498130 | 50329315 | (96126806) |  |  | 13700639 | 13700639 | 1822800 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *October 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2025, was $39,435,760 and $4,710,178, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:

---

| | |
|:---|:---|
|  Distributions paid from: |  |
|  Ordinary income | $2922791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $2922791 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

---

| | |
|:---|:---|
|  Distributions paid from: |  |
|  Ordinary income | $3366540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $3366540 |

---

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income — net | $4010625 |
|  Capital loss carryforwards<sup>(1)</sup>: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (39135082) |
|  Timing differences (Straddles, Misc. Tax Adjustment) | (346147) |
|  Unrealized gains (loss) — net | 127844 |
|  Total accumulated earnings (loss) net | $(35342760) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund utilized $2,897,594 of capital losses in the current fiscal year.

As of October 31, 2025, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Tax Cost | $50028620 |
|  Gross unrealized gain | 1038681 |
|  Gross unrealized loss | (910837) |
|  Net unrealized gain | $127844 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, net mark to market gains/(losses) on regulated options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions and underlying fund investments.

The Fund reclassed $4,082 from distributable earnings to paid in capital for the year ending October 31, 2025. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund's and result primarily from differences in the tax treatment of underlying fund investments.

GSAM has reviewed the Fund's tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

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**28**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

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

Derivatives Risk — The Fund's 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 Fund. 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 Fund 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 Fund 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 the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable

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**29**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

Liquidity Risk — The 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 the 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, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. These risks may be more pronounced in connection with the Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund's liquidity.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Short Position Risk — The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that the Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of the Fund to the markets and therefore could magnify changes to the Fund's NAV.

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**30**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

Tax Risk — The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/ or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Code. However, the Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Fund's income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Investment Company Act of 1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Fund has limited its investments in commodity index-linked structured notes. The Fund has obtained an opinion of counsel that the Fund's income from investments in the Subsidiary should constitute "qualifying income." However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund's income from such investments was not "qualifying income," in which case the Fund would fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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**31**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Consolidated Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Multi-Strategy Alternatives Fund | Multi-Strategy Alternatives Fund | Multi-Strategy Alternatives Fund | Multi-Strategy Alternatives Fund |
|  | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2025** | **For the Fiscal Year Ended<br>October 31, 2024** | **For the Fiscal Year Ended<br>October 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Class A Shares** |  |  |  |  |
|  Shares sold | 42378 | $449410 | 43380 | $473137 |
|  Reinvestment of distributions | 25419 | 255460 | 20637 | 230923 |
|  Shares redeemed | (167294) | (1758174) | (193122) | (2098306) |
|  | (99497) | (1053304) | (129105) | (1394246) |
|  **Class C Shares** |  |  |  |  |
|  Reinvestment of distributions | 468 | 4599 | 108 | 1171 |
|  Shares redeemed | (9168) | (95068) | (37726) | (397977) |
|  | (8700) | (90469) | (37618) | (396806) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 236717 | 2581395 | 110702 | 1208825 |
|  Reinvestment of distributions | 65348 | 667858 | 72629 | 826520 |
|  Shares redeemed | (765757) | (8266838) | (1061924) | (11535306) |
|  | (463692) | (5017585) | (878593) | (9499961) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 155684 | 1696700 | 20220 | 219737 |
|  Reinvestment of distributions | 12774 | 129783 | 13417 | 151751 |
|  Shares redeemed | (138139) | (1460839) | (167437) | (1794483) |
|  | 30319 | 365644 | (133800) | (1422995) |
|  **Class R6 Shares** |  |  |  |  |
|  Reinvestment of distributions | 53 | 543 | 34 | 387 |
|  | 53 | 543 | 34 | 387 |
|  **Class R Shares<sup>(a)</sup>** |  |  |  |  |
|  Shares sold |  |  | 705 | 7561 |
|  Reinvestment of distributions |  |  | 80 | 875 |
|  Shares redeemed |  |  | (3410) | (34985) |
|  |  |  | (2625) | (26549) |
|  **Class P Shares** |  |  |  |  |
|  Shares sold | 86351 | 900861 | 55447 | 606934 |
|  Reinvestment of distributions | 178685 | 1826161 | 184092 | 2093131 |
|  Shares redeemed | (795386) | (8402132) | (2006392) | (21271751) |
|  | (530350) | (5675110) | (1766853) | (18571686) |
|  **NET DECREASE** | (1071867) | $(11470281) | (2948560) | $(31311856) |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) At the close of business on April 16, 2024, Class R Shares of the Fund were liquidated.

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**32**

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## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust II and Shareholders of Goldman Sachs Multi-Strategy Alternatives Fund

#### Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Goldman Sachs Multi-Strategy Alternatives Fund and its subsidiary (one of the funds constituting Goldman Sachs Trust II, referred to hereafter as the "Fund") as of October 31, 2025, the related consolidated statement of operations for the year ended October 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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**33**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u>

#### Background
The Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") is an investment portfolio of Goldman Sachs Trust II (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and an expense limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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**34**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund's distribution arrangements. They received information regarding the Fund's assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on the Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Fund's risk profile, and how the Investment Adviser's approach to risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

monitoring and management influences portfolio management. They noted the efforts of the Fund's portfolio management team to continue to enhance the investment models used in managing the Fund.

The Trustees observed that the Fund's Institutional Shares had placed in the top half of the Fund's performance peer group for the one-year period and in fourth quartile for the three-, five-, and ten-year periods, and had outperformed the Fund's U.S. Treasury-based benchmark index for the five-year period and underperformed for the one-, three-, and ten-year periods ended March 31, 2025. The Trustees noted that, on September 22, 2023, the Fund was repositioned from a strategy of allocating assets among the Fund's previous sub-advisers to being managed solely by the Investment Adviser's Quantitative Investment Strategies Team.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund, as well as additional information provided by the Investment Adviser throughout the year. The analyses provided a comparison of the Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund's overall net and gross expenses to a peer group and a category universe; and data comparing the Fund's net expenses to the peer and category medians. The analyses also compared the Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and/or expense limitations. They noted that the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Fund's wholly-owned subsidiary. The Trustees also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed the Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for the Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**36**

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

---

| | |
|:---|:---|
| **Average Daily Net Assets** | **Management Fee Annual Rate** |
|  First $2 billion | 0.75% |
|  Next $3 billion | 0.68 |
|  Next $3 billion | 0.64 |
|  Over $8 billion | 0.63 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund's recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser's undertakings to limit certain expenses of the Fund that exceed a specified level, as well as Goldman Sachs & Co. LLC's ("Goldman Sachs") undertaking to waive a portion of the transfer agency fees paid by the Fund's Class A, Class C, Investor and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by the Investment Adviser for managing the fund in which the Fund's securities lending cash collateral is invested; (e) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs' retention of certain fees as Fund Distributor; (h) the Investment Adviser's ability to negotiate better pricing with the Fund's custodian on behalf of its other clients, as a result of the relationship with the Fund; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds ("ETFs") managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser's ETF advisory business; and (k) the possibility that the working relationship between the Investment Adviser and the Fund's third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund's access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund's access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund's shareholders invested in the Fund in part because of the Fund's relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u>

judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and the Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**38**

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![LOGO](g14170dsp044.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. MMALTAR 25

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![LOGO](g72330dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements October 31, 2025 Strategic Multi-Asset Class Funds Goldman Sachs Multi-Manager Global Equity Fund Goldman Sachs Multi-Manager Non-Core Fixed Income Fund Goldman Sachs Multi-Manager Real Assets Strategy Fund

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Strategic Multi-Asset Class Funds

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[Schedules of Investments](#smac72330_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Global Equity Fund](#smac72330_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Non-Core Fixed Income Fund](#smac72330_3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Real Assets Strategy Fund](#smac72330_4) | 53 |
|  **Financial Statements** | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#smac72330_6) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#smac72330_7) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#smac72330_8) | 61 |
|  **[Financial Highlights](#smac72330_9)** | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Global Equity Fund](#smac72330_10) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Non-Core Fixed Income Fund](#smac72330_11) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Real Assets Strategy Fund](#smac72330_12) | 65 |
|  **[Notes to Financial Statements](#smac72330_13)** | 66 |
|  **[Report of Independent Registered Public Accounting Firm](#smac72330_14)** | 85 |
|  **[Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements](#smac72330_15)** | 86 |
|  **[Other Information](#smac72330_16)** | 92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 58.6% | Common Stocks – 58.6% | Common Stocks – 58.6% |
| Australia – 0.2% | Australia – 0.2% | Australia – 0.2% |
| 18846 | AUB Group Ltd. (Insurance) | $455233 |
| 60085 | Flight Centre Travel Group Ltd. (Hotels, Restaurants & Leisure) | 483358 |
| 182908 | Genesis Minerals Ltd.\* (Metals & Mining) | 695891 |
| 212994 | Glencore PLC\* (Metals & Mining) | 1020362 |
| 14785 | Lynas Rare Earths Ltd.\* (Metals & Mining) | 147397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483635 | Mirvac Group (Diversified REITs) | 728077 |
| 86202 | Pilbara Minerals Ltd.\* (Metals & Mining) | 185488 |
| 9279 | SGH Ltd. (Trading Companies & Distributors) | 294009 |
| 153769 | Stockland (Diversified REITs) | 635739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645554 |
| Austria – 0.1% | Austria – 0.1% | Austria – 0.1% |
| 5177 | BAWAG Group AG<sup>(a)</sup> (Banks) | 669030 |
| 7012 | Erste Group Bank AG (Banks) | 726365 |
| 14914 | Wienerberger AG (Construction Materials) | 442717 |
|  |  | 1838112 |
| Belgium – 0.2% | Belgium – 0.2% | Belgium – 0.2% |
| 35380 | Anheuser-Busch InBev SA (Beverages) | 2157373 |
| 15163 | Syensqo SA (Chemicals) | 1251650 |
|  |  | 3409023 |
| Bermuda – 0.2% | Bermuda – 0.2% | Bermuda – 0.2% |
| 25736 | Arch Capital Group Ltd. (Insurance) | 2221274 |
| 7488 | Assured Guaranty Ltd. (Insurance) | 603383 |
| 4910 | Axis Capital Holdings Ltd. (Insurance) | 459871 |
|  |  | 3284528 |
| Brazil – 0.4% | Brazil – 0.4% | Brazil – 0.4% |
| 66650 | Banco BTG Pactual SA (Capital Markets) | 604811 |
| 26350 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 645679 |
| 34400 | Cury Construtora e Incorporadora SA (Household Durables) | 223410 |
| 109800 | Embraer SA (Aerospace & Defense) | 1775389 |
| 181574 | NU Holdings Ltd. Class A\* (Banks) | 2925157 |
| 20150 | Porto Seguro SA (Insurance) | 179966 |
| 129100 | TIM SA (Wireless Telecommunication Services) | 582875 |
| 33900 | TOTVS SA (Software) | 279583 |
|  |  | 7216870 |
| Canada – 1.3% | Canada – 1.3% | Canada – 1.3% |
| 16850 | Alamos Gold, Inc. Class A (Metals & Mining) | 519478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Canada (continued) | Canada (continued) | Canada (continued) | Canada (continued) |
| 35100 | ARC Resources Ltd. (Oil, Gas & Consumable Fuels) | $| 647419 |
| 19750 | ATS Corp.\* (Machinery) |  | 543264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34583 | Barrick Mining Corp. (Metals & Mining) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135219 |
| 5070 | BOYD GROUP, Inc. (Commercial Services & Supplies) |  | 809834 |
| 14569 | Canadian National Railway Co. (Ground Transportation) |  | 1397313 |
| 45356 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) |  | 1451017 |
| 69226 | Canadian Pacific Kansas City Ltd. (Ground Transportation) |  | 4981240 |
| 11680 | Capital Power Corp. (Independent Power and Renewable Electricity Producers) |  | 591266 |
| 59300 | Capstone Copper Corp.\* (Metals & Mining) |  | 529347 |
| 2430 | Celestica, Inc.\* (Electronic Equipment, Instruments & Components) |  | 836601 |
| 12525 | Descartes Systems Group, Inc.\* (Software) |  | 1105337 |
| 26100 | Gibson Energy, Inc. (Oil, Gas & Consumable Fuels) |  | 444940 |
| 9710 | Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods) |  | 566241 |
| 5338 | Intact Financial Corp. (Insurance) |  | 995744 |
| 10575 | Lunr Royalties Corp.\* (Residential REITs) |  | 10857 |
| 7056 | Methanex Corp. (Chemicals) |  | 277442 |
| 37200 | NGEx Minerals Ltd.\* (Metals & Mining) |  | 606053 |
| 21250 | OR Royalties, Inc. (Metals & Mining) |  | 681794 |
| 152400 | Osisko Development Corp.\* (Metals & Mining) |  | 475927 |
| 16400 | Quebecor, Inc. Class B (Diversified Telecommunication Services) |  | 523144 |
| 20552 | Shopify, Inc. Class A\* (IT Services) |  | 3573171 |
| 11675 | South Bow Corp. (Oil, Gas & Consumable Fuels) |  | 302733 |
| 5260 | Stantec, Inc. (Construction & Engineering) |  | 582498 |
| 4238 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) |  | 168759 |
| 21456 | Toronto-Dominion Bank (Banks) |  | 1761700 |
| 77985 | Whitecap Resources, Inc. (Oil, Gas & Consumable Fuels) |  | 580488 |
|  |  |  | 26098826 |
| Chile – 0.0% | Chile – 0.0% | Chile – 0.0% | Chile – 0.0% |
| 47039 | Enel Chile SA ADR (Electric Utilities) |  | 181100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>1</sub>

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Chile (continued) | Chile (continued) | Chile (continued) | Chile (continued) |
| 5871 | Latam Airlines Group SA ADR (Passenger Airlines) | $| 264136 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445236 |
| China – 3.1% | China – 3.1% | China – 3.1% | China – 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346500 | Agricultural Bank of China Ltd. Class H (Banks) |  | 264337 |
| 260450 | Alibaba Group Holding Ltd. (Broadline Retail) |  | 5542047 |
| 385350 | Aluminum Corp. of China Ltd. Class H (Metals & Mining) |  | 489979 |
| 3412 | Atour Lifestyle Holdings Ltd. ADR (Hotels, Restaurants & Leisure) |  | 132932 |
| 3433750 | Bank of China Ltd. Class H (Banks) |  | 1944338 |
| 1344400 | Bank of Communications Co. Ltd. Class H (Banks) |  | 1194231 |
| 28600 | Beijing Yanjing Brewery Co. Ltd. Class A (Beverages) |  | 47199 |
| 16650 | BeOne Medicines Ltd. Class H\* (Biotechnology) |  | 400304 |
| 4648 | Bestechnic Shanghai Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) |  | 160520 |
| 1103800 | BOE Technology Group Co. Ltd. Class A (Electronic Equipment, Instruments & Components) |  | 629170 |
| 21900 | BYD Co. Ltd. Class H (Automobiles) |  | 282948 |
| 45000 | BYD Co. Ltd. Class A (Automobiles) |  | 637223 |
| 954650 | China CITIC Bank Corp. Ltd. Class H (Banks) |  | 910837 |
| 822950 | China CITIC Financial Asset Management Co. Ltd. Class H\*<sup>(a)</sup> (Capital Markets) |  | 109096 |
| 1574000 | China Construction Bank Corp. Class H (Banks) |  | 1558324 |
| 184550 | China Everbright Bank Co. Ltd. Class H (Banks) |  | 75711 |
| 46500 | China Life Insurance Co. Ltd. Class H (Insurance) |  | 146637 |
| 288550 | China Mengniu Dairy Co. Ltd. (Food Products) |  | 525089 |
| 342150 | China Minsheng Banking Corp. Ltd. Class H (Banks) |  | 175288 |
| 327600 | China National Building Material Co. Ltd. Class H (Construction Materials) |  | 232156 |
| 54550 | China Pacific Insurance Group Co. Ltd. Class H (Insurance) |  | 221148 |
| 840400 | China Railway Group Ltd. Class H (Construction & Engineering) |  | 426317 |
| 514400 | China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> (Pharmaceuticals) |  | 329651 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| China (continued) | China (continued) | China (continued) |
| 362000 | CITIC Ltd. (Industrial Conglomerates) | $559518 |
| 59500 | CMOC Group Ltd. Class A (Metals & Mining) | 142473 |
| 25400 | Contemporary Amperex Technology Co. Ltd. Class A (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386758 |
| 24200 | COSCO SHIPPING Holdings Co. Ltd. Class A (Marine Transportation) | 50986 |
| 14600 | Dong-E-E-Jiao Co. Ltd. Class A (Pharmaceuticals) | 97281 |
| 33300 | Dongyue Group Ltd. (Chemicals) | 42843 |
| 13900 | Eastroc Beverage Group Co. Ltd. Class A (Beverages) | 546240 |
| 31900 | Fuyao Glass Industry Group Co. Ltd. Class A (Automobile Components) | 302264 |
| 385700 | Geely Automobile Holdings Ltd. (Automobiles) | 915000 |
| 131600 | GF Securities Co. Ltd. Class H (Capital Markets) | 317711 |
| 28700 | Gree Electric Appliances, Inc. of Zhuhai Class A (Household Durables) | 160251 |
| 63040 | Guotai Haitong Securities Co. Ltd. (Capital Markets) | 171602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104900 | Hangzhou First Applied Material Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 231207 |
| 114350 | HBM Holdings Ltd.\*<sup>(a)</sup> (Biotechnology) | 198181 |
| 3668 | Hesai Group ADR\* (Automobile Components) | 87042 |
| 61300 | Huatai Securities Co. Ltd. Class A (Capital Markets) | 187034 |
| 27000 | Innovent Biologics, Inc.\*<sup>(a)</sup> (Biotechnology) | 302875 |
| 161700 | JD Health International, Inc.\*<sup>(a)</sup> (Consumer Staples Distribution & Retail) | 1262221 |
| 95550 | JD.com, Inc. Class A (Broadline Retail) | 1577528 |
| 2684 | JOYY, Inc. ADR (Interactive Media & Services) | 159188 |
| 61800 | Kuaishou Technology<sup>(a)</sup> (Interactive Media & Services) | 573772 |
| 5200 | Laopu Gold Co. Ltd. Class H (Textiles, Apparel & Luxury Goods) | 457735 |
| 484700 | Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 707104 |
| 33800 | Lens Technology Co. Ltd. Class A (Electronic Equipment, Instruments & Components) | 139516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **2** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| China (continued) | China (continued) | China (continued) |
| 26400 | Midea Group Co. Ltd. Class H (Household Durables) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285365 |
| 5779 | Montage Technology Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 110608 |
| 4600 | NetEase Cloud Music, Inc.\*<sup>(a)</sup> (Entertainment) | 142835 |
| 91600 | NetEase, Inc. (Entertainment) | 2570362 |
| 87050 | Newborn Town, Inc.\* (Interactive Media & Services) | 118340 |
| 304050 | Orient Securities Co. Ltd. Class H<sup>(a)</sup> (Capital Markets) | 283308 |
| 7718 | PDD Holdings, Inc. ADR\* (Broadline Retail) | 1040927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440850 | People's Insurance Co. Group of China Ltd. Class H (Insurance) | 395932 |
| 371350 | PICC Property & Casualty Co. Ltd. Class H (Insurance) | 877323 |
| 255100 | Ping An Bank Co. Ltd. Class A (Banks) | 405354 |
| 3686 | Piotech, Inc. Class A (Semiconductors & Semiconductor Equipment) | 157836 |
| 22000 | Pop Mart International Group Ltd.<sup>(a)</sup> (Specialty Retail) | 625793 |
| 4100 | Rockchip Electronics Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 104448 |
| 17700 | Ruijie Networks Co. Ltd. Class A (Communications Equipment) | 184338 |
| 53000 | SAIC Motor Corp. Ltd. Class A (Automobiles) | 123826 |
| 77800 | Sany Heavy Industry Co. Ltd. Class A (Machinery) | 241758 |
| 7200 | Seres Group Co. Ltd. Class A (Automobiles) | 157007 |
| 7578 | Shanghai Allist Pharmaceuticals Co. Ltd. Class A (Pharmaceuticals) | 114396 |
| 8000 | Shenzhen Goodix Technology Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 92329 |
| 347100 | Sino Biopharmaceutical Ltd. (Pharmaceuticals) | 316184 |
| 109250 | Sinopharm Group Co. Ltd. Class H (Health Care Providers & Services) | 272313 |
| 8831 | TAL Education Group ADR\* (Diversified Consumer Services) | 108268 |
| 210313 | Tencent Holdings Ltd. (Interactive Media & Services) | 17083241 |
| 41934 | Tencent Music Entertainment Group ADR (Entertainment) | 935967 |
| 15900 | Trip.com Group Ltd. (Hotels, Restaurants & Leisure) | 1118905 |
| 17167 | Vipshop Holdings Ltd. ADR (Broadline Retail) | 300251 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| China (continued) | China (continued) | China (continued) | China (continued) |
| 21364 | Weibo Corp. ADR (Interactive Media & Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232440 |
| 48800 | Wuliangye Yibin Co. Ltd. Class A (Beverages) |  | 815172 |
| 28500 | WuXi AppTec Co. Ltd. Class H<sup>(a)</sup> (Life Sciences Tools & Services) |  | 398234 |
| 5300 | WuXi AppTec Co. Ltd. Class A (Life Sciences Tools & Services) |  | 73921 |
| 12800 | XD, Inc. (Entertainment) |  | 111016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281100 | Xiaomi Corp. Class B\*<sup>(a)</sup> (Technology Hardware, Storage & Peripherals) |  | 1559518 |
| 6000 | Yealink Network Technology Corp. Ltd. Class A (Communications Equipment) |  | 30305 |
| 1250 | Yum China Holdings, Inc. (Hotels, Restaurants & Leisure) |  | 53831 |
| 153100 | Zhejiang China Commodities City Group Co.Ltd.Class A (Distributors) |  | 396279 |
| 48150 | Zhejiang Leapmotor Technology Co. Ltd. Class H\*<sup>(a)</sup> (Automobiles) |  | 360676 |
| 340500 | Zhejiang Zheneng Electric Power Co. Ltd. Class A (Independent Power and Renewable Electricity Producers) |  | 246594 |
|  |  |  | 59457012 |
| Denmark – 0.4% | Denmark – 0.4% | Denmark – 0.4% | Denmark – 0.4% |
| 15753 | Carlsberg AS Class B (Beverages) |  | 1852230 |
| 5895 | NKT AS\* (Electrical Equipment) |  | 659891 |
| 94764 | Novo Nordisk AS Class B (Pharmaceuticals) |  | 4665390 |
| 7056 | Royal Unibrew AS (Beverages) |  | 533294 |
| 3700 | Zealand Pharma AS\* (Biotechnology) |  | 292946 |
|  |  |  | 8003751 |
| Finland – 0.1% | Finland – 0.1% | Finland – 0.1% | Finland – 0.1% |
| 9134 | Hiab OYJ (Machinery) |  | 505843 |
| 31529 | Kone OYJ Class B (Machinery) |  | 2106548 |
|  |  |  | 2612391 |
| France – 3.3% | France – 3.3% | France – 3.3% | France – 3.3% |
| 22535 | Air Liquide SA (Chemicals) |  | 4361398 |
| 197204 | Alstom SA\* (Machinery) |  | 4931594 |
| 71881 | BNP Paribas SA (Banks) |  | 5567755 |
| 31924 | Capgemini SE (IT Services) |  | 4911360 |
| 57708 | Cie de Saint-Gobain SA (Building Products) |  | 5601254 |
| 31851 | Cie Generale des Etablissements Michelin SCA (Automobile Components) |  | 1017493 |
| 25252 | Dassault Systemes SE (Software) |  | 718615 |
| 37605 | Edenred SE (Financial Services) |  | 1080924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| France (continued) | France (continued) | France (continued) | France (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27858 | Elis SA (Commercial Services & Supplies) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775821 |
| 119537 | Engie SA (Multi-Utilities) |  | 2798714 |
| 2798 | EssilorLuxottica SA (Health Care Equipment & Supplies) |  | 1024680 |
| 6180 | Gecina SA (Office REITs) |  | 574315 |
| 18989 | Kering SA (Textiles, Apparel & Luxury Goods) |  | 6743315 |
| 11245 | Legrand SA (Electrical Equipment) |  | 1941873 |
| 5121 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) |  | 3619639 |
| 18410 | Pernod Ricard SA (Beverages) |  | 1803085 |
| 17022 | Rexel SA (Trading Companies & Distributors) |  | 590237 |
| 10674 | Safran SA (Aerospace & Defense) |  | 3792668 |
| 26145 | Sanofi SA (Pharmaceuticals) |  | 2644901 |
| 15130 | Schneider Electric SE (Electrical Equipment) |  | 4310988 |
| 27135 | Societe Generale SA (Banks) |  | 1720918 |
| 2387 | Sopra Steria Group (IT Services) |  | 371528 |
| 12021 | Technip Energies NV (Energy Equipment & Services) |  | 488462 |
| 30320 | TotalEnergies SE (Oil, Gas & Consumable Fuels) |  | 1893030 |
| 91815 | Worldline SA\*<sup>(a)</sup> (Financial Services) |  | 248921 |
|  |  |  | 63533488 |
| Germany – 2.1% | Germany – 2.1% | Germany – 2.1% | Germany – 2.1% |
| 18549 | Beiersdorf AG (Personal Products) |  | 1966454 |
| 43657 | Deutsche Bank AG (Capital Markets) |  | 1562928 |
| 17472 | Deutsche Boerse AG (Capital Markets) |  | 4424609 |
| 94567 | Deutsche Telekom AG (Diversified Telecommunication Services) |  | 2929229 |
| 38330 | E.ON SE (Multi-Utilities) |  | 713182 |
| 6658 | Fraport AG Frankfurt Airport Services Worldwide\* (Transportation Infrastructure) |  | 570689 |
| 69357 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 2752980 |
| 11506 | KION Group AG (Machinery) |  | 817552 |
| 61554 | Lanxess AG (Chemicals) |  | 1465818 |
| 17241 | Merck KGaA (Pharmaceuticals) |  | 2258461 |
| 2336 | MTU Aero Engines AG (Aerospace & Defense) |  | 1020891 |
| 849 | Rheinmetall AG (Aerospace & Defense) |  | 1668951 |
| 39782 | SAP SE (Software) |  | 10346198 |
| 4097 | Scout24 SE<sup>(a)</sup> (Interactive Media & Services) |  | 473803 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Germany (continued) | Germany (continued) | Germany (continued) | Germany (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54668 | Siemens Energy AG\* (Electrical Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810829 |
| 40374 | TAG Immobilien AG (Real Estate Management & Development) |  | 670245 |
| 57270 | thyssenkrupp AG (Metals & Mining) |  | 600152 |
| 2863 | Tkms AG& Co. KGaA\* (Aerospace & Defense) |  | 269778 |
|  |  |  | 41322749 |
| Greece – 0.1% | Greece – 0.1% | Greece – 0.1% | Greece – 0.1% |
| 75250 | Alpha Bank SA (Banks) |  | 294996 |
| 166105 | Eurobank Ergasias Services & Holdings SA (Banks) |  | 624821 |
| 9700 | Jumbo SA (Specialty Retail) |  | 307917 |
| 53229 | National Bank of Greece SA (Banks) |  | 782387 |
| 84040 | Piraeus Financial Holdings SA (Banks) |  | 656370 |
|  |  |  | 2666491 |
| Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% |
| 318700 | AIA Group Ltd. (Insurance) |  | 3101184 |
| 24100 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets) |  | 1313519 |
|  |  |  | 4414703 |
| Hungary – 0.1% | Hungary – 0.1% | Hungary – 0.1% | Hungary – 0.1% |
| 20179 | OTP Bank Nyrt (Banks) |  | 1926195 |
| India – 1.4% | India – 1.4% | India – 1.4% | India – 1.4% |
| 32003 | Bajaj Finance Ltd. (Consumer Finance) |  | 375863 |
| 3450 | Bajaj Holdings & Investment Ltd. (Financial Services) |  | 478086 |
| 156700 | Bank of Baroda (Banks) |  | 491075 |
| 299065 | Bharat Electronics Ltd. (Aerospace & Defense) |  | 1434081 |
| 43410 | Bharti Airtel Ltd. (Wireless Telecommunication Services) |  | 1005210 |
| 9960 | BSE Ltd. (Capital Markets) |  | 278239 |
| 315050 | Canara Bank (Banks) |  | 485791 |
| 6050 | Cipla Ltd. (Pharmaceuticals) |  | 102304 |
| 272400 | Coal India Ltd. (Oil, Gas & Consumable Fuels) |  | 1191618 |
| 7300 | Coromandel International Ltd. (Chemicals) |  | 174562 |
| 2276 | Divi's Laboratories Ltd. (Life Sciences Tools & Services) |  | 172791 |
| 2127 | Dixon Technologies India Ltd. (Household Durables) |  | 370947 |
| 41093 | DLF Ltd. (Real Estate Management & Development) |  | 349816 |
| 6750 | Eicher Motors Ltd. (Automobiles) |  | 532321 |
| 55900 | Fortis Healthcare Ltd. (Health Care Providers & Services) |  | 643820 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| India (continued) | India (continued) | India (continued) |
| 13702 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (Chemicals) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77668 |
| 11950 | HCL Technologies Ltd. (IT Services) | 207346 |
| 7400 | HDFC Asset Management Co. Ltd.<sup>(a)</sup> (Capital Markets) | 448236 |
| 159922 | HDFC Bank Ltd. (Banks) | 1778147 |
| 34900 | Hindalco Industries Ltd. (Metals & Mining) | 332870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39900 | Hindustan Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels) | 213460 |
| 66999 | ICICI Bank Ltd. ADR (Banks) | 2030070 |
| 42517 | ICICI Bank Ltd. (Banks) | 644245 |
| 24750 | Indian Bank (Banks) | 239195 |
| 48598 | Indian Hotels Co. Ltd. (Hotels, Restaurants & Leisure) | 405795 |
| 421850 | Indian Oil Corp. Ltd. (Oil, Gas & Consumable Fuels) | 787223 |
| 67350 | Infosys Ltd. (IT Services) | 1122192 |
| 11788 | InterGlobe Aviation Ltd.<sup>(a)</sup> (Passenger Airlines) | 746872 |
| 267250 | ITC Ltd. (Tobacco) | 1265035 |
| 33950 | L&T Finance Ltd. (Financial Services) | 103401 |
| 26400 | Lupin Ltd. (Pharmaceuticals) | 584434 |
| 17927 | Mahindra & Mahindra Ltd. (Automobiles) | 703958 |
| 3500 | MakeMyTrip Ltd.\* (Hotels, Restaurants & Leisure) | 280000 |
| 23893 | Max Healthcare Institute Ltd. (Health Care Providers & Services) | 308933 |
| 18900 | Narayana Hrudayalaya Ltd. (Health Care Providers & Services) | 373716 |
| 50900 | National Aluminium Co. Ltd. (Metals & Mining) | 134022 |
| 291450 | Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels) | 838719 |
| 17500 | One 97 Communications Ltd.\* (Financial Services) | 256599 |
| 53900 | Paradeep Phosphates Ltd.<sup>(a)</sup> (Chemicals) | 100975 |
| 457500 | Punjab National Bank (Banks) | 632920 |
| 23279 | Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 389524 |
| 11522 | Siemens Energy India Ltd.\* (Electrical Equipment) | 413827 |
| 1350 | Solar Industries India Ltd. (Chemicals) | 210925 |
| 36618 | Tata Consultancy Services Ltd. (IT Services) | 1260271 |
| 17300 | Tata Motors Ltd./new\* (Machinery) | 50816 |
| 17300 | Tata Motors Passenger Vehicles Limited (Automobiles) | 79849 |
| 18193 | TVS Motor Co. Ltd. (Automobiles) | 718528 |
| 139650 | Union Bank of India Ltd. (Banks) | 233819 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| India (continued) | India (continued) | India (continued) | India (continued) |
| 75150 | Vedanta Ltd. (Metals & Mining) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417198 |
| 54350 | Vishal Mega Mart Ltd.\* (Broadline Retail) |  | 88468 |
| 177950 | Wipro Ltd. (IT Services) |  | 481922 |
|  |  |  | 27047702 |
| Indonesia – 0.0% | Indonesia – 0.0% | Indonesia – 0.0% | Indonesia – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;2239600 | Aneka Tambang Tbk. PT (Metals & Mining) |  | 416583 |
| 156000 | United Tractors Tbk. PT (Oil, Gas & Consumable Fuels) |  | 252233 |
|  |  |  | 668816 |
| Ireland – 1.0% | Ireland – 1.0% | Ireland – 1.0% | Ireland – 1.0% |
| 9481 | Accenture PLC Class A (IT Services) |  | 2371198 |
| 216907 | AIB Group PLC (Banks) |  | 1999086 |
| 20159 | Aon PLC Class A (Insurance) |  | 6867768 |
| 19246 | Bank of Ireland Group PLC (Banks) |  | 315114 |
| 4986 | Linde PLC (Chemicals) |  | 2085644 |
| 20484 | Medtronic PLC (Health Care Equipment & Supplies) |  | 1857899 |
| 49730 | Ryanair Holdings PLC ADR (Passenger Airlines) |  | 3107130 |
| 2274 | Weatherford International PLC (Energy Equipment & Services) |  | 167571 |
|  |  |  | 18771410 |
| Israel – 0.2% | Israel – 0.2% | Israel – 0.2% | Israel – 0.2% |
| 36209 | Cellebrite DI Ltd.\* (Software) |  | 617726 |
| 12626 | Check Point Software Technologies Ltd.\* (Software) |  | 2470656 |
| 1675 | Nova Ltd.\* (Semiconductors & Semiconductor Equipment) |  | 577272 |
| 15103 | Phoenix Financial Ltd. (Insurance) |  | 581420 |
|  |  |  | 4247074 |
| Italy – 0.6% | Italy – 0.6% | Italy – 0.6% | Italy – 0.6% |
| 36578 | Banca Mediolanum SpA (Financial |  |  |
|  | Services) |  | 735381 |
| 4759 | Brunello Cucinelli SpA (Textiles, |  |  |
|  | Apparel & Luxury Goods) |  | 482317 |
| 7041 | Buzzi SpA (Construction Materials) |  | 424172 |
| 124389 | Enel SpA (Electric Utilities) |  | 1258289 |
| 94754 | Eni SpA (Oil, Gas & Consumable |  |  |
|  | Fuels) |  | 1747214 |
| 4078 | Ferrari NV (Automobiles) |  | 1633078 |
| 121115 | Hera SpA (Multi-Utilities) |  | 543586 |
| 420105 | Intesa Sanpaolo SpA (Banks) |  | 2707719 |
| 31812 | UniCredit SpA (Banks) |  | 2355571 |
| 14644 | Wizz Air Holdings PLC\*<sup>(a)</sup> (Passenger Airlines) |  | 201447 |
|  |  |  | 12088774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan – 4.0% | Japan – 4.0% | Japan – 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26500 | ADEKA Corp. (Chemicals) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600431 |
| 34400 | Air Water, Inc. (Chemicals) | 480403 |
| 19701 | Allegro MicroSystems, Inc.\* (Semiconductors & Semiconductor Equipment) | 589454 |
| 16100 | Amano Corp. (Electronic Equipment, Instruments & Components) | 427161 |
| 11900 | Canon Marketing Japan, Inc. (Electronic Equipment, Instruments & Components) | 495525 |
| 17600 | Credit Saison Co. Ltd. (Consumer Finance) | 428745 |
| 35500 | Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies) | 592508 |
| 15500 | Daikin Industries Ltd. (Building Products) | 1800790 |
| 122900 | Denso Corp. (Automobile Components) | 1717132 |
| 101800 | FANUC Corp. (Machinery) | 3397211 |
| 11500 | Food & Life Cos. Ltd. (Hotels, Restaurants & Leisure) | 560894 |
| 66800 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals) | 1548202 |
| 15700 | Fuso Chemical Co. Ltd. (Chemicals) | 520494 |
| 7200 | GMO Payment Gateway, Inc. (Financial Services) | 392762 |
| 143700 | Hitachi Ltd. (Industrial Conglomerates) | 4908645 |
| 6300 | Hoya Corp. (Health Care Equipment & Supplies) | 1023322 |
| 1457 | Invincible Investment Corp. (Hotel & Resort REITs) | 650978 |
| 9600 | Japan Steel Works Ltd. (Machinery) | 628734 |
| 8300 | JINS Holdings, Inc. (Specialty Retail) | 419012 |
| 18500 | JMDC, Inc. (Health Care Technology) | 586302 |
| 69800 | JVCKenwood Corp. (Household Durables) | 559257 |
| 20200 | Kamigumi Co. Ltd. (Transportation Infrastructure) | 606368 |
| 21600 | Kandenko Co. Ltd. (Construction & Engineering) | 660143 |
| 26100 | KDDI Corp. (Wireless Telecommunication Services) | 416043 |
| 593 | KDX Realty Investment Corp. (Diversified REITs) | 656543 |
| 17300 | Kinden Corp. (Construction & Engineering) | 692989 |
| 14400 | Kose Corp. (Personal Products) | 551671 |
| 38800 | Kotobuki Spirits Co. Ltd. (Food Products) | 465179 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200 | Kyushu Railway Co. (Ground Transportation) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537649 |
| 515400 | LY Corp. (Interactive Media & Services) | 1514511 |
| 116600 | Mebuki Financial Group, Inc. (Banks) | 727539 |
| 44400 | Menicon Co. Ltd. (Health Care Equipment & Supplies) | 346144 |
| 112100 | Mitsubishi Electric Corp. (Electrical Equipment) | 3182809 |
| 122587 | Mitsubishi Heavy Industries Ltd. (Machinery) | 3700861 |
| 19000 | Monogatari Corp. (Hotels, Restaurants & Leisure) | 475047 |
| 111600 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | 2406198 |
| 23000 | Nifco, Inc. (Automobile Components) | 666529 |
| 41300 | Nintendo Co. Ltd. (Entertainment) | 3522472 |
| 32300 | NOF Corp. (Chemicals) | 574764 |
| 123800 | Olympus Corp. (Health Care Equipment & Supplies) | 1523602 |
| 8600 | Organo Corp. (Machinery) | 738045 |
| 346800 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 4282830 |
| 5700 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 540347 |
| 116600 | Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail) | 1483128 |
| 68200 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 2050019 |
| 8100 | SMC Corp. (Machinery) | 2772812 |
| 25300 | Sojitz Corp. (Trading Companies & Distributors) | 671220 |
| 133100 | Sompo Holdings, Inc. (Insurance) | 4056284 |
| 118800 | Sony Group Corp. (Household Durables) | 3308530 |
| 116300 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 3148682 |
| 116500 | Suzuki Motor Corp. (Automobiles) | 1739213 |
| 9300 | SWCC Corp. (Electrical Equipment) | 451848 |
| 73300 | Terumo Corp. (Health Care Equipment & Supplies) | 1183129 |
| 14800 | TIS, Inc. (IT Services) | 509872 |
| 72900 | Tohoku Electric Power Co., Inc. (Electric Utilities) | 498798 |
| 35000 | Tokyo Tatemono Co. Ltd. (Real Estate Management & Development) | 653458 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) | Japan (continued) |
| 8700 | Toyo Suisan Kaisha Ltd. (Food Products) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | TV Asahi Holdings Corp. (Media) |  | 651180 |
| 20200 | Yamazaki Baking Co. Ltd. (Food Products) |  | 396983 |
| 81900 | Yokohama Financial Group, Inc. (Banks) |  | 594941 |
| 127300 | ZOZO, Inc. (Specialty Retail) |  | 1100446 |
|  |  |  | 77017407 |
| Jordan – 0.0% | Jordan – 0.0% | Jordan – 0.0% | Jordan – 0.0% |
| 20348 | Hikma Pharmaceuticals PLC (Pharmaceuticals) |  | 492208 |
| Luxembourg – 0.0% | Luxembourg – 0.0% | Luxembourg – 0.0% | Luxembourg – 0.0% |
| 15587 | ArcelorMittal SA (Metals & Mining) |  | 595050 |
| Macau – 0.0% | Macau – 0.0% | Macau – 0.0% | Macau – 0.0% |
| 343600 | MGM China Holdings Ltd. (Hotels, Restaurants & Leisure) |  | 658144 |
| Malaysia – 0.1% | Malaysia – 0.1% | Malaysia – 0.1% | Malaysia – 0.1% |
| 372300 | AMMB Holdings Bhd. (Banks) |  | 506410 |
| 28500 | CIMB Group Holdings Bhd. (Banks) |  | 49599 |
| 310493 | RHB Bank Bhd. (Banks) |  | 501965 |
|  |  |  | 1057974 |
| Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% |
| 651000 | America Movil SAB de CV (Wireless Telecommunication Services) |  | 742508 |
| 58863 | Cemex SAB de CV ADR (Construction Materials) |  | 597459 |
| 4750 | Gruma SAB de CV Class B (Food Products) |  | 80611 |
| 6200 | Grupo Aeroportuario del Centro Norte SAB de CV (Transportation Infrastructure) |  | 76402 |
| 12600 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) |  | 381143 |
| 34800 | Grupo Financiero Banorte SAB de CV Class O (Banks) |  | 327517 |
| 3200 | Industrias Penoles SAB de CV\* (Metals & Mining) |  | 132470 |
| 4167 | Southern Copper Corp. (Metals & Mining) |  | 578380 |
|  |  |  | 2916490 |
| Mongolia – 0.0% | Mongolia – 0.0% | Mongolia – 0.0% | Mongolia – 0.0% |
| 74500 | Galaxy Entertainment Group Ltd. (Hotels, Restaurants & Leisure) |  | 371183 |
| Netherlands – 1.2% | Netherlands – 1.2% | Netherlands – 1.2% | Netherlands – 1.2% |
| 2104 | Adyen NV\*<sup>(a)</sup> (Financial Services) |  | 3605171 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Netherlands (continued) | Netherlands (continued) | Netherlands (continued) | Netherlands (continued) |
| 46111 | Akzo Nobel NV (Chemicals) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047252 |
| 1646 | Argenx SE ADR\* (Biotechnology) |  | 1347251 |
| 2958 | ASM International NV (Semiconductors & Semiconductor Equipment) |  | 1919282 |
| 3718 | ASML Holding NV (Semiconductors & Semiconductor Equipment) |  | 3938217 |
| 8198 | ASR Nederland NV (Insurance) |  | 547123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30370 | Heineken NV (Beverages) |  | 2351619 |
| 154387 | ING Groep NV (Banks) |  | 3854992 |
| 95253 | Koninklijke Philips NV (Health Care Equipment & Supplies) |  | 2609474 |
| 23932 | SBM Offshore NV (Energy Equipment & Services) |  | 618858 |
|  |  |  | 23839239 |
| Philippines – 0.0% | Philippines – 0.0% | Philippines – 0.0% | Philippines – 0.0% |
| 11050 | International Container Terminal Services, Inc. (Transportation Infrastructure) |  | 99664 |
| Poland – 0.1% | Poland – 0.1% | Poland – 0.1% | Poland – 0.1% |
| 40600 | PGE Polska Grupa Energetyczna SA\* (Electric Utilities) |  | 123111 |
| 53100 | Powszechna Kasa Oszczednosci Bank Polski SA (Banks) |  | 1088723 |
|  |  |  | 1211834 |
| Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% |
| 770430 | Banco Comercial Portugues SA Class R (Banks) |  | 680060 |
| 62045 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) |  | 1246550 |
|  |  |  | 1926610 |
| Puerto Rico – 0.0% | Puerto Rico – 0.0% | Puerto Rico – 0.0% | Puerto Rico – 0.0% |
| 6210 | EVERTEC, Inc. (Financial Services) |  | 176799 |
| Qatar – 0.0% | Qatar – 0.0% | Qatar – 0.0% | Qatar – 0.0% |
| 406600 | Al Rayan Bank (Banks) |  | 261384 |
| Romania – 0.0% | Romania – 0.0% | Romania – 0.0% | Romania – 0.0% |
| 3900 | NEPI Rockcastle NV (Real Estate Management & Development) |  | 31582 |
| Russia\*<sup>(b)</sup> – 0.0% | Russia\*<sup>(b)</sup> – 0.0% | Russia\*<sup>(b)</sup> – 0.0% | Russia\*<sup>(b)</sup> – 0.0% |
| 61284 | Gazprom PJSC (Oil, Gas & Consumable Fuels) |  |  |
| 5200 | LUKOIL PJSC ADR (Oil, Gas & Consumable Fuels) |  |  |
| 2390 | Magnit PJSC (Consumer Staples Distribution & Retail) |  |  |
| 3393 | Novolipetsk Steel PJSC GDR (Metals & Mining) |  |  |
| 5614 | PhosAgro PJSC GDR (Chemicals) |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Russia\*<sup>(b)</sup> (continued) | Russia\*<sup>(b)</sup> (continued) | Russia\*<sup>(b)</sup> (continued) | Russia\*<sup>(b)</sup> (continued) |
| 36 | PhosAgro PJSC (Chemicals) | $|  |
| 19000 | Surgutneftegas PJSC ADR (Oil, Gas & Consumable Fuels) |  |  |
| 23847 | VTB Bank PJSC GDR (Banks) |  |  |
| Singapore – 0.6% | Singapore – 0.6% | Singapore – 0.6% | Singapore – 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48850 | DBS Group Holdings Ltd. (Banks) |  | 2022512 |
| 72000 | Grab Holdings Ltd. Class A\* (Ground Transportation) |  | 432720 |
| 359400 | Keppel DC REIT (Specialized REITs) |  | 659475 |
| 36101 | Sea Ltd. ADR\* (Broadline Retail) |  | 5640781 |
| 82200 | Sembcorp Industries Ltd. (Multi-Utilities) |  | 411867 |
| 60100 | United Overseas Bank Ltd. (Banks) |  | 1598507 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;10765862 |
| South Africa – 0.3% | South Africa – 0.3% | South Africa – 0.3% | South Africa – 0.3% |
| 2462 | Capitec Bank Holdings Ltd. (Banks) |  | 544711 |
| 34654 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) |  | 730679 |
| 22413 | Gold Fields Ltd. ADR (Metals & Mining) |  | 860883 |
| 10100 | Impala Platinum Holdings Ltd. (Metals & Mining) |  | 108242 |
| 35515 | Investec Ltd. (Capital Markets) |  | 267138 |
| 94600 | MTN Group Ltd. (Wireless Telecommunication Services) |  | 945103 |
| 19649 | Naspers Ltd. Class N (Broadline Retail) |  | 1380067 |
| 145900 | Sanlam Ltd. (Insurance) |  | 765539 |
| 8550 | Standard Bank Group Ltd. (Banks) |  | 125726 |
|  |  |  | 5728088 |
| South Korea – 2.1% | South Korea – 2.1% | South Korea – 2.1% | South Korea – 2.1% |
| 900 | APR Corp. (Personal Products) |  | 161081 |
| 1650 | BHI Co. Ltd.\* (Machinery) |  | 58440 |
| 154344 | Coupang, Inc.\* (Broadline Retail) |  | 4934378 |
| 250 | Doosan Co. Ltd. (Industrial Conglomerates) |  | 165191 |
| 2100 | Doosan Enerbility Co. Ltd.\* (Electrical Equipment) |  | 129971 |
| 3800 | Hana Financial Group, Inc. (Banks) |  | 227653 |
| 2453 | Hanwha Aerospace Co. Ltd. (Aerospace & Defense) |  | 1682573 |
| 1500 | Hanwha Ocean Co. Ltd.\* (Machinery) |  | 144868 |
| 2450 | HD Hyundai Co. Ltd. (Oil, Gas & Consumable Fuels) |  | 351901 |
| 1910 | HD Hyundai Electric Co. Ltd. (Electrical Equipment) |  | 1160413 |
| 3980 | HD Hyundai Heavy Industries Co. Ltd. (Machinery) |  | 1676084 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| South Korea (continued) | South Korea (continued) | South Korea (continued) |
| 3775 | HD Hyundai Marine Solution Co. Ltd. (Machinery) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636713 |
| 800 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Machinery) | 265904 |
| 220 | Hyosung Heavy Industries Corp. (Electrical Equipment) | 328161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | Hyundai Glovis Co. Ltd. (Air Freight & Logistics) | 198246 |
| 4100 | Hyundai Motor Co. (Automobiles) | 831436 |
| 10350 | Hyundai Steel Co. (Metals & Mining) | 239116 |
| 4500 | Kakao Corp. (Interactive Media & Services) | 205086 |
| 15243 | KB Financial Group, Inc. (Banks) | 1244341 |
| 14121 | Kia Corp. (Automobiles) | 1184449 |
| 4400 | Korea Investment Holdings Co. Ltd. (Capital Markets) | 560982 |
| 2200 | Krafton, Inc.\* (Entertainment) | 425805 |
| 6866 | KT Corp. ADR (Diversified Telecommunication Services) | 127364 |
| 8350 | KT Corp. (Diversified Telecommunication Services) | 287621 |
| 35050 | LG Display Co. Ltd.\* (Electronic Equipment, Instruments & Components) | 358339 |
| 8700 | LG Electronics, Inc. (Household Durables) | 533599 |
| 800 | LS Corp. (Electrical Equipment) | 116587 |
| 1450 | POSCO Holdings, Inc. (Metals & Mining) | 315367 |
| 635 | Samsung Biologics Co. Ltd.\*<sup>(a)</sup> (Life Sciences Tools & Services) | 542889 |
| 14050 | Samsung E&A Co. Ltd. (Construction & Engineering) | 255433 |
| 95307 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 7174347 |
| 2253 | Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) | 4204849 |
| 2744 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | 849280 |
| 24600 | Samsung Heavy Industries Co. Ltd.\* (Machinery) | 510216 |
| 42745 | Shinhan Financial Group Co. Ltd. (Banks) | 2195491 |
| 14037 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 5461704 |
| 1 | SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels) | 90 |
| 1250 | SK, Inc. (Industrial Conglomerates) | 217066 |
| 41505 | Woori Financial Group, Inc. (Banks) | 738859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| South Korea (continued) | South Korea (continued) | South Korea (continued) | South Korea (continued) |
| 2300 | YG Entertainment, Inc. (Entertainment) | $| 147612 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;40849505 |
| Spain – 0.2% | Spain – 0.2% | Spain – 0.2% | Spain – 0.2% |
| 27791 | Amadeus IT Group SA (Hotels, Restaurants & Leisure) |  | 2124363 |
| 5402 | Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals) |  | 380869 |
| 51140 | Merlin Properties Socimi SA (Diversified REITs) |  | 796673 |
|  |  |  | 3301905 |
| Sweden – 0.2% | Sweden – 0.2% | Sweden – 0.2% | Sweden – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157702 | Electrolux AB Class B\* (Household Durables) |  | 1017608 |
| 119096 | Hexagon AB Class B (Electronic Equipment, Instruments & Components) |  | 1451735 |
| 31852 | Securitas AB Class B (Commercial Services & Supplies) |  | 469207 |
| 12861 | Trelleborg AB Class B (Machinery) |  | 536718 |
|  |  |  | 3475268 |
| Switzerland – 0.9% | Switzerland – 0.9% | Switzerland – 0.9% | Switzerland – 0.9% |
| 6215 | Aryzta AG\* (Food Products) |  | 398490 |
| 19127 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) |  | 3783427 |
| 27460 | Novartis AG (Pharmaceuticals) |  | 3398495 |
| 7018 | SMG Swiss Marketplace Group AG\*<sup>(a)</sup> (Interactive Media & Services) |  | 387636 |
| 2843 | Sonova Holding AG (Health Care Equipment & Supplies) |  | 775485 |
| 26690 | Sportradar Group AG Class A\* (Hotels, Restaurants & Leisure) |  | 683531 |
| 122833 | UBS Group AG (Capital Markets) |  | 4700243 |
| 3551 | Zurich Insurance Group AG (Insurance) |  | 2469618 |
|  |  |  | 16596925 |
| Taiwan – 2.8% | Taiwan – 2.8% | Taiwan – 2.8% | Taiwan – 2.8% |
| 70200 | Accton Technology Corp. (Communications Equipment) |  | 2441324 |
| 23500 | ADATA Technology Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 150859 |
| 13260 | ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) |  | 2351569 |
| 21950 | Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals) |  | 495883 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Taiwan (continued) | Taiwan (continued) | Taiwan (continued) |
| 7344 | Bizlink Holding, Inc. (Electrical Equipment) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330100 |
| 13100 | Chenbro Micom Co. Ltd. (Technology Hardware, Storage & Peripherals) | 391451 |
| 10500 | Chroma ATE, Inc. (Electronic Equipment, Instruments & Components) | 278005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791500 | Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals) | 845759 |
| 126000 | Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 4052647 |
| 13800 | Elite Material Co. Ltd. (Electronic Equipment, Instruments & Components) | 606312 |
| 320050 | Far Eastern New Century Corp. (Industrial Conglomerates) | 275416 |
| 211047 | First Financial Holding Co. Ltd. (Banks) | 195759 |
| 178400 | Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components) | 1483821 |
| 657450 | Innolux Corp. (Electronic Equipment, Instruments & Components) | 283154 |
| 2450 | King Slide Works Co. Ltd. (Technology Hardware, Storage & Peripherals) | 325021 |
| 71900 | Lite-On Technology Corp. (Technology Hardware, Storage & Peripherals) | 417127 |
| 42950 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 1821485 |
| 4900 | MPI Corp. (Semiconductors & Semiconductor Equipment) | 332244 |
| 259950 | Pegatron Corp. (Technology Hardware, Storage & Peripherals) | 625384 |
| 381700 | Pou Chen Corp. (Textiles, Apparel & Luxury Goods) | 363185 |
| 36700 | Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 612841 |
| 46700 | Sunonwealth Electric Machine Industry Co. Ltd. (Machinery) | 227942 |
| 509023 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 24616183 |
| 32534 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 9774190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Taiwan (continued) | Taiwan (continued) | Taiwan (continued) | Taiwan (continued) |
| 11200 | Tripod Technology Corp. (Electronic Equipment, Instruments & Components) | $| 123863 |
| 17050 | United Integrated Services Co. Ltd. (Construction & Engineering) |  | 474582 |
| 250000 | Winbond Electronics Corp.\* (Semiconductors & Semiconductor Equipment) |  | 437237 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;54333343 |
| Thailand – 0.1% | Thailand – 0.1% | Thailand – 0.1% | Thailand – 0.1% |
| 55400 | Advanced Info Service PCL NVDR (Wireless Telecommunication Services) |  | 517499 |
| 189350 | Bangkok Bank PCL (Banks) |  | 927863 |
| &nbsp;&nbsp;&nbsp;&nbsp;1246550 | Charoen Pokphand Foods PCL (Food Products) |  | 812735 |
| 592200 | Krung Thai Bank PCL (Banks) |  | 498639 |
|  |  |  | 2756736 |
| Turkey – 0.0% | Turkey – 0.0% | Turkey – 0.0% | Turkey – 0.0% |
| 126645 | Aselsan Elektronik Sanayi Ve Ticaret AS (Aerospace & Defense) |  | 612270 |
| United Arab Emirates – 0.3% | United Arab Emirates – 0.3% | United Arab Emirates – 0.3% | United Arab Emirates – 0.3% |
| 143472 | Abu Dhabi Commercial Bank PJSC (Banks) |  | 562883 |
| 109650 | Abu Dhabi Islamic Bank PJSC (Banks) |  | 630063 |
| 168800 | ADNOC Drilling Co. PJSC (Energy Equipment & Services) |  | 256443 |
| 115212 | Aldar Properties PJSC (Real Estate Management & Development) |  | 282283 |
| 59300 | Dubai Islamic Bank PJSC (Banks) |  | 153398 |
| 638098 | Emaar Properties PJSC (Real Estate Management & Development) |  | 2469212 |
| 71800 | Emirates NBD Bank PJSC (Banks) |  | 549308 |
| 5850 | Yalla Group Ltd. ADR\* (Interactive Media & Services) |  | 44402 |
|  |  |  | 4947992 |
| United Kingdom – 4.3% | United Kingdom – 4.3% | United Kingdom – 4.3% | United Kingdom – 4.3% |
| 58394 | 3i Group PLC (Capital Markets) |  | 3379295 |
| 10350 | Anglogold Ashanti PLC (Metals & Mining) |  | 709635 |
| 42977 | AstraZeneca PLC (Pharmaceuticals) |  | 7088993 |
| 72314 | Balfour Beatty PLC (Construction & Engineering) |  | 639116 |
| 776306 | Barclays PLC (Banks) |  | 4163811 |
| 56560 | Beazley PLC (Insurance) |  | 691943 |
| 14120 | Bellway PLC (Household Durables) |  | 487323 |
| 20260 | Berkeley Group Holdings PLC (Household Durables) |  | 1073267 |
| 512511 | BP PLC (Oil, Gas & Consumable Fuels) |  | 3002703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) |
| 96344 | Breedon Group PLC (Construction Materials) | $| 436150 |
| 81278 | British American Tobacco PLC (Tobacco) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148125 | Compass Group PLC (Hotels, Restaurants & Leisure) |  | 4902911 |
| 14515 | Computacenter PLC (IT Services) |  | 546966 |
| 176558 | Convatec Group PLC<sup>(a)</sup> (Health Care Equipment & Supplies) |  | 567031 |
| 8261 | Cranswick PLC (Food Products) |  | 535930 |
| 115541 | Diageo PLC (Beverages) |  | 2657645 |
| 4 | Flutter Entertainment PLC\* (Hotels, Restaurants & Leisure) |  | 930 |
| 40523 | Gamma Communications PLC (Diversified Telecommunication Services) |  | 528624 |
| 59484 | GSK PLC (Pharmaceuticals) |  | 1392725 |
| 24203 | ICG PLC (Capital Markets) |  | 614850 |
| 40110 | IG Group Holdings PLC (Capital Markets) |  | 587113 |
| 21977 | IMI PLC (Machinery) |  | 690934 |
| 15566 | London Stock Exchange Group PLC (Capital Markets) |  | 1939933 |
| 167099 | National Grid PLC (Multi-Utilities) |  | 2505499 |
| 533330 | NatWest Group PLC (Banks) |  | 4105848 |
| 224953 | Prudential PLC (Insurance) |  | 3128665 |
| 55792 | Reckitt Benckiser Group PLC (Household Products) |  | 4267477 |
| 107675 | RELX PLC (Professional Services) |  | 4750873 |
| 17312 | Rio Tinto PLC (Metals & Mining) |  | 1248021 |
| 890206 | Rolls-Royce Holdings PLC (Aerospace & Defense) |  | 13699197 |
| 157209 | Segro PLC REIT (Industrial REITs) |  | 1442607 |
| 57261 | Smith & Nephew PLC (Health Care Equipment & Supplies) |  | 1057382 |
| 13382 | Smiths Group PLC (Industrial Conglomerates) |  | 443132 |
| 74437 | Standard Chartered PLC (Banks) |  | 1527986 |
| 310765 | Tesco PLC (Consumer Staples Distribution & Retail) |  | 1875365 |
| 70627 | UNITE Group PLC (Residential REITs) |  | 526822 |
| 17408 | Weir Group PLC (Machinery) |  | 677657 |
| 123588 | WH Smith PLC (Specialty Retail) |  | 1097834 |
| 7828 | Whitbread PLC (Hotels, Restaurants & Leisure) |  | 298014 |
|  |  |  | 83452900 |
| United States – 26.0% | United States – 26.0% | United States – 26.0% | United States – 26.0% |
| 49034 | Abbott Laboratories (Health Care Equipment & Supplies) |  | 6061583 |
| 4019 | Abercrombie & Fitch Co. Class A\* (Specialty Retail) |  | 291578 |
| 6202 | ABM Industries, Inc. (Commercial Services & Supplies) |  | 266686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 6451 | Academy Sports & Outdoors, Inc. (Specialty Retail) | $308938 |
| 2580 | Addus HomeCare Corp.\* (Health Care Providers & Services) | 301576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27207 | Adeia, Inc. (Software) | 463607 |
| 8876 | Adobe, Inc.\* (Software) | 3020592 |
| 3043 | Adtalem Global Education, Inc.\* (Diversified Consumer Services) | 298275 |
| 5746 | Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164887 |
| 7456 | Advanced Micro Devices, Inc.\* (Semiconductors & Semiconductor Equipment) | 1909631 |
| 1425 | AeroVironment, Inc.\* (Aerospace & Defense) | 527122 |
| 14986 | Agios Pharmaceuticals, Inc.\* (Biotechnology) | 647995 |
| 9321 | Agree Realty Corp. (Retail REITs) | 680526 |
| 22920 | Alkami Technology, Inc.\* (Software) | 465047 |
| 53344 | Alphabet, Inc. Class A (Interactive Media & Services) | 14999799 |
| 64312 | Amazon.com, Inc.\* (Broadline Retail) | 15706277 |
| 95304 | American International Group, Inc. (Insurance) | 7525204 |
| 15802 | Ameris Bancorp (Banks) | 1131739 |
| 32916 | Amphenol Corp. Class A (Electronic Equipment, Instruments & Components) | 4586515 |
| 40215 | Amrize Ltd.\* (Construction Materials) | 2084746 |
| 3673 | Appfolio, Inc. Class A\* (Software) | 934521 |
| 52141 | Apple, Inc. (Technology Hardware, Storage & Peripherals) | 14097362 |
| 2901 | AppLovin Corp. Class A\* (Software) | 1848894 |
| 11376 | Archrock, Inc. (Energy Equipment & Services) | 287472 |
| 29569 | Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 748391 |
| 4876 | ARES Management Corp. Class A (Capital Markets) | 725110 |
| 20358 | Arista Networks, Inc.\* (Communications Equipment) | 3210253 |
| 2463 | Arrow Electronics, Inc.\* (Electronic Equipment, Instruments & Components) | 274748 |
| 18062 | Artivion, Inc.\* (Health Care Equipment & Supplies) | 819473 |
| 2834 | Asbury Automotive Group, Inc.\* (Specialty Retail) | 664856 |
| 22104 | AtriCure, Inc.\* (Health Care Equipment & Supplies) | 763693 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 3506 | Aura Minerals, Inc. (Metals & Mining) | $113349 |
| 27388 | Avient Corp. (Chemicals) | 878333 |
| 6951 | Avnet, Inc. (Electronic Equipment, Instruments & Components) | 336776 |
| 4055 | Axcelis Technologies, Inc.\* (Semiconductors & Semiconductor Equipment) | 322616 |
| 3261 | Axos Financial, Inc.\* (Banks) | 254293 |
| 13421 | Azenta, Inc.\* (Life Sciences Tools & Services) | 405314 |
| 2201 | AZZ, Inc. (Building Products) | 219770 |
| 5239 | Balchem Corp. (Chemicals) | 803610 |
| 75036 | Bank of America Corp. (Banks) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010674 |
| 5326 | Bath & Body Works, Inc. (Specialty Retail) | 130380 |
| 3037 | Belden, Inc. (Electronic Equipment, Instruments & Components) | 370058 |
| 6102 | BellRing Brands, Inc.\* (Personal Products) | 183853 |
| 5631 | Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 246750 |
| 20052 | Berkshire Hathaway, Inc. Class B\* (Financial Services) | 9575632 |
| 45327 | BGC Group, Inc. Class A (Capital Markets) | 414289 |
| 55240 | BioCryst Pharmaceuticals, Inc.\* (Biotechnology) | 404357 |
| 62962 | Block, Inc.\* (Financial Services) | 4781334 |
| 6612 | Boeing Co.\* (Aerospace & Defense) | 1329144 |
| 377 | Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 1914308 |
| 4060 | Boot Barn Holdings, Inc.\* (Specialty Retail) | 769979 |
| 3146 | Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 244979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750 | Bridgebio Pharma, Inc.\* (Biotechnology) | 673380 |
| 4886 | Brink's Co. (Commercial Services & Supplies) | 543128 |
| 2998 | Bristow Group, Inc.\* (Energy Equipment & Services) | 122019 |
| 21239 | Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 7850572 |
| 12841 | Builders FirstSource, Inc.\* (Building Products) | 1491739 |
| 9071 | Byline Bancorp, Inc. (Banks) | 242559 |
| 7370 | Cadence Bank (Banks) | 278144 |
| 20320 | Cadre Holdings, Inc. (Aerospace & Defense) | 862787 |
| 32461 | Capital One Financial Corp. (Consumer Finance) | 7141095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 9149 | Cargurus, Inc.\* (Interactive Media & Services) | $321313 |
| 44585 | CarMax, Inc.\* (Specialty Retail) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104696 | Carnival Corp.\* (Hotels, Restaurants & Leisure) | 3018386 |
| 11117 | Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 236459 |
| 15217 | Cathay General Bancorp (Banks) | 691613 |
| 514 | Cavco Industries, Inc.\* (Household Durables) | 272317 |
| 14446 | CBIZ, Inc.\* (Professional Services) | 794530 |
| 27673 | Central Garden & Pet Co. Class A\* (Household Products) | 769586 |
| 13936 | Champion Homes, Inc.\* (Household Durables) | 950853 |
| 29055 | Chipotle Mexican Grill, Inc.\* (Hotels, Restaurants & Leisure) | 920753 |
| 5706 | Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 517648 |
| 3350 | Ciena Corp.\* (Communications Equipment) | 636232 |
| 4169 | Cigna Group (Health Care Providers & Services) | 1018945 |
| 1864 | Cirrus Logic, Inc.\* (Semiconductors & Semiconductor Equipment) | 247260 |
| 2438 | Coca-Cola Consolidated, Inc. (Beverages) | 317866 |
| 10270 | Cohen & Steers, Inc. (Capital Markets) | 701646 |
| 74176 | Colgate-Palmolive Co. (Household Products) | 5715261 |
| 36053 | Columbia Banking System, Inc. (Banks) | 966220 |
| 4494 | Commercial Metals Co. (Metals & Mining) | 266764 |
| 5200 | Commvault Systems, Inc.\* (Software) | 723944 |
| 5351 | Concentrix Corp. (Professional Services) | 215699 |
| 54392 | ConocoPhillips (Oil, Gas & Consumable Fuels) | 4833273 |
| 26506 | Cooper Cos., Inc.\* (Health Care Equipment & Supplies) | 1853034 |
| 10016 | Cousins Properties, Inc. (Office REITs) | 259715 |
| 2400 | Credo Technology Group Holding Ltd.\* (Semiconductors & Semiconductor Equipment) | 450288 |
| 13922 | Crinetics Pharmaceuticals, Inc.\* (Pharmaceuticals) | 605607 |
| 1112 | CyberArk Software Ltd.\* (Software) | 579107 |
| 7500 | Cytokinetics, Inc.\* (Biotechnology) | 476925 |
| 4429 | Danaher Corp. (Life Sciences Tools & Services) | 953918 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 9727 | Datadog, Inc. Class A\* (Software) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14571 | Dayforce, Inc.\* (Professional Services) | 1001611 |
| 5927 | Deere & Co. (Machinery) | 2736081 |
| 22236 | Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 3183973 |
| 11212 | DNOW, Inc.\* (Trading Companies & Distributors) | 164816 |
| 85 | DoorDash, Inc. Class A\* (Hotels, Restaurants & Leisure) | 21621 |
| 2158 | Dover Corp. (Machinery) | 391591 |
| 8062 | Ducommun, Inc.\* (Aerospace & Defense) | 739689 |
| 15324 | Dynatrace, Inc.\* (Software) | 774935 |
| 6435 | Eaton Corp. PLC (Electrical Equipment) | 2455339 |
| 25887 | Ecovyst, Inc.\* (Chemicals) | 212015 |
| 7987 | Eli Lilly & Co. (Pharmaceuticals) | 6891663 |
| 4533 | Employers Holdings, Inc. (Insurance) | 172843 |
| 18465 | Enerpac Tool Group Corp. (Machinery) | 757804 |
| 3776 | EnerSys (Electrical Equipment) | 476380 |
| 19268 | Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 1764371 |
| 1085 | EPAM Systems, Inc.\* (IT Services) | 177441 |
| 4546 | Equifax, Inc. (Professional Services) | 959661 |
| 40942 | Equitable Holdings, Inc. (Financial Services) | 2022535 |
| 8253 | Essent Group Ltd. (Financial Services) | 499884 |
| 6862 | Essential Properties Realty Trust, Inc. (Diversified REITs) | 205037 |
| 2212 | Euronet Worldwide, Inc.\* (Financial Services) | 167802 |
| 15636 | Expand Energy Corp. (Oil, Gas & Consumable Fuels) | 1615355 |
| 85649 | Experian PLC (Professional Services) | 3995111 |
| 20744 | Extra Space Storage, Inc. (Specialized REITs) | 2770154 |
| 13165 | Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 1505549 |
| 3376 | Federal Agricultural Mortgage Corp. Class C (Financial Services) | 535569 |
| 8136 | FedEx Corp. (Air Freight & Logistics) | 2065080 |
| 14461 | Ferguson Enterprises, Inc. (Trading Companies & Distributors) | 3593558 |
| 24621 | First Advantage Corp.\* (Professional Services) | 310963 |
| 7389 | First American Financial Corp. (Insurance) | 461886 |
| 4642 | First Industrial Realty Trust, Inc. (Industrial REITs) | 256610 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 47206 | First Watch Restaurant Group, Inc.\* (Hotels, Restaurants & Leisure) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778427 |
| 5665 | FirstCash Holdings, Inc. (Consumer Finance) | 897903 |
| 3155 | Frontdoor, Inc.\* (Diversified Consumer Services) | 209587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25325 | Gates Industrial Corp. PLC\* (Machinery) | 559176 |
| 67090 | General Mills, Inc. (Food Products) | 3127065 |
| 48174 | General Motors Co. (Automobiles) | 3328342 |
| 2520 | Gibraltar Industries, Inc.\* (Building Products) | 157223 |
| 8897 | Glacier Bancorp, Inc. (Banks) | 363442 |
| 13633 | Globus Medical, Inc. Class A\* (Health Care Equipment & Supplies) | 823297 |
| 7455 | Grand Canyon Education, Inc.\* (Diversified Consumer Services) | 1403776 |
| 5517 | Granite Construction, Inc. (Construction & Engineering) | 567754 |
| 2529 | Green Brick Partners, Inc.\* (Household Durables) | 163727 |
| 5609 | Griffon Corp. (Building Products) | 415122 |
| 1138 | Group 1 Automotive, Inc. (Specialty Retail) | 452401 |
| 13299 | Guardian Pharmacy Services, Inc. Class A\* (Health Care Providers & Services) | 372904 |
| 3195 | Gulfport Energy Corp.\* (Oil, Gas & Consumable Fuels) | 594302 |
| 4981 | Haemonetics Corp.\* (Health Care Equipment & Supplies) | 249100 |
| 15109 | Halozyme Therapeutics, Inc.\* (Biotechnology) | 984956 |
| 7063 | Hancock Whitney Corp. (Banks) | 403368 |
| 5702 | Harmony Biosciences Holdings, Inc.\* (Pharmaceuticals) | 162906 |
| 4376 | HCA Healthcare, Inc. (Health Care Providers & Services) | 2011560 |
| 8611 | HealthEquity, Inc.\* (Health Care Providers & Services) | 814428 |
| 20467 | Heritage Commerce Corp. (Banks) | 212857 |
| 67861 | Hillman Solutions Corp.\* (Machinery) | 625678 |
| 5143 | HNI Corp. (Commercial Services & Supplies) | 210452 |
| 9152 | Home BancShares, Inc. (Banks) | 244450 |
| 21130 | Horace Mann Educators Corp. (Insurance) | 944722 |
| 6169 | Houlihan Lokey, Inc. (Capital Markets) | 1104745 |
| 11936 | Howmet Aerospace, Inc. (Aerospace & Defense) | 2458219 |
| 7688 | HubSpot, Inc.\* (Software) | 3781881 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 2861 | Huron Consulting Group, Inc.\* (Professional Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470463 |
| 5973 | IDACORP, Inc. (Electric Utilities) | 770636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31860 | Independence Realty Trust, Inc. (Residential REITs) | 507530 |
| 8485 | Independent Bank Corp. (Banks) | 570956 |
| 9815 | Ingersoll Rand, Inc. (Machinery) | 749179 |
| 2867 | Ingredion, Inc. (Food Products) | 330880 |
| 503 | Installed Building Products, Inc. (Household Durables) | 124860 |
| 28244 | Intapp, Inc.\* (Software) | 1084005 |
| 14165 | Intercontinental Exchange, Inc. (Capital Markets) | 2072198 |
| 2104 | InterDigital, Inc. (Software) | 761564 |
| 49537 | International Paper Co. (Containers & Packaging) | 1914110 |
| 6334 | Intuit, Inc. (Software) | 4228262 |
| 6407 | Intuitive Surgical, Inc.\* (Health Care Equipment & Supplies) | 3423132 |
| 4552 | ITT, Inc. (Machinery) | 842439 |
| 33444 | Janus International Group, Inc.\* (Building Products) | 321062 |
| 40625 | JBS NV\* (Food Products) | 539834 |
| 10240 | JPMorgan Chase & Co. (Banks) | 3185869 |
| 4743 | KBR, Inc. (Professional Services) | 203190 |
| 17384 | Kelly Services, Inc. Class A (Professional Services) | 194875 |
| 112790 | KeyCorp (Banks) | 1983976 |
| 3202 | Knife River Corp.\* (Construction Materials) | 193593 |
| 4413 | Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 357100 |
| 3000 | Korn Ferry (Professional Services) | 194100 |
| 6756 | L3Harris Technologies, Inc. (Aerospace & Defense) | 1953160 |
| 11345 | Labcorp Holdings, Inc. (Health Care Providers & Services) | 2881176 |
| 1460 | Landstar System, Inc. (Ground Transportation) | 187508 |
| 18103 | Lattice Semiconductor Corp.\* (Semiconductors & Semiconductor Equipment) | 1320795 |
| 23120 | Laureate Education, Inc.\* (Diversified Consumer Services) | 671174 |
| 9621 | La-Z-Boy, Inc. (Household Durables) | 304986 |
| 2386 | LCI Industries (Automobile Components) | 246927 |
| 2218 | Lear Corp. (Automobile Components) | 232114 |
| 22210 | Legalzoom.com, Inc.\* (Professional Services) | 221434 |
| 627 | Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | 152555 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 11745 | LiveRamp Holdings, Inc.\* (Software) | $321108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10965 | MACOM Technology Solutions Holdings, Inc.\* (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624245 |
| 37113 | Magnite, Inc.\* (Media) | 663580 |
| 30203 | Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels) | 678359 |
| 4428 | Martin Marietta Materials, Inc. (Construction Materials) | 2714807 |
| 21327 | Masterbrand, Inc.\* (Building Products) | 269360 |
| 9375 | Mastercard, Inc. Class A (Financial Services) | 5174906 |
| 17185 | Matador Resources Co. (Oil, Gas & Consumable Fuels) | 678120 |
| 2804 | Matson, Inc. (Marine Transportation) | 283064 |
| 3834 | Maximus, Inc. (Professional Services) | 318682 |
| 1421 | Medpace Holdings, Inc.\* (Life Sciences Tools & Services) | 831157 |
| 15201 | Meta Platforms, Inc. Class A (Interactive Media & Services) | 9855568 |
| 40079 | MetLife, Inc. (Insurance) | 3199106 |
| 41064 | Microsoft Corp. (Software) | 21263350 |
| 11687 | Minerals Technologies, Inc. (Chemicals) | 663237 |
| 1849 | Modine Manufacturing Co.\* (Automobile Components) | 283285 |
| 7414 | Monday.com Ltd.\* (Software) | 1521649 |
| 25000 | Mondelez International, Inc. Class A (Food Products) | 1436500 |
| 3186 | MongoDB, Inc.\* (IT Services) | 1146387 |
| 3281 | Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 3297405 |
| 4780 | Motorola Solutions, Inc. (Communications Equipment) | 1944074 |
| 704 | Murphy USA, Inc. (Specialty Retail) | 252173 |
| 8030 | Natera, Inc.\* (Biotechnology) | 1597408 |
| 7878 | National Health Investors, Inc. (Health Care REITs) | 586990 |
| 15181 | NCR Voyix Corp.\* (Software) | 173215 |
| 42397 | NeoGenomics, Inc.\* (Health Care Providers & Services) | 414219 |
| 27875 | Nestle SA (Food Products) | 2663413 |
| 3042 | Netflix, Inc.\* (Entertainment) | 3403572 |
| 2487 | Nicolet Bankshares, Inc. (Banks) | 293814 |
| 2778 | Northeast Bank (Banks) | 239686 |
| 15704 | Northwestern Energy Group, Inc. (Multi-Utilities) | 937058 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 6472 | Novanta, Inc.\* (Electronic Equipment, Instruments & Components) | $822009 |
| 17300 | Nucor Corp. (Metals & Mining) | 2595865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122173 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;24738811 |
| 357 | NVR, Inc.\* (Household Durables) | 2574263 |
| 32330 | OceanFirst Financial Corp. (Banks) | 587759 |
| 4310 | OGE Energy Corp. (Electric Utilities) | 190243 |
| 9576 | Old Second Bancorp, Inc. (Banks) | 171889 |
| 9102 | Option Care Health, Inc.\* (Health Care Providers & Services) | 236925 |
| 25100 | O'Reilly Automotive, Inc.\* (Specialty Retail) | 2370444 |
| 1065 | OSI Systems, Inc.\* (Electronic Equipment, Instruments & Components) | 296560 |
| 7053 | Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 259903 |
| 7706 | PAR Technology Corp.\* (Software) | 272330 |
| 9083 | Patrick Industries, Inc. (Automobile Components) | 947993 |
| 17060 | Pediatrix Medical Group, Inc.\* (Health Care Providers & Services) | 289508 |
| 3223 | PennyMac Financial Services, Inc. (Financial Services) | 405486 |
| 15132 | PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts (REITs)) | 182189 |
| 8982 | Perdoceo Education Corp. (Diversified Consumer Services) | 285268 |
| 22575 | Perella Weinberg Partners (Capital Markets) | 421701 |
| 95687 | Pfizer, Inc. (Pharmaceuticals) | 2358685 |
| 23284 | Philip Morris International, Inc. (Tobacco) | 3360580 |
| 9443 | Photronics, Inc.\* (Semiconductors & Semiconductor Equipment) | 225688 |
| 30874 | Phreesia, Inc.\* (Health Care Technology) | 698987 |
| 1904 | Pinnacle Financial Partners, Inc. (Banks) | 162240 |
| 4791 | Preferred Bank (Banks) | 432388 |
| 2973 | PriceSmart, Inc. (Consumer Staples Distribution & Retail) | 341717 |
| 18072 | Primoris Services Corp. (Construction & Engineering) | 2557549 |
| 23300 | Qiagen NV (Life Sciences Tools & Services) | 1096732 |
| 2161 | Qorvo, Inc.\* (Semiconductors & Semiconductor Equipment) | 205122 |
| 7435 | Range Resources Corp. (Oil, Gas & Consumable Fuels) | 264314 |
| 3584 | RBC Bearings, Inc.\* (Machinery) | 1535852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 33977 | Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs)) | $180418 |
| 16584 | Regal Rexnord Corp. (Electrical Equipment) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336520 |
| 11205 | Revolve Group, Inc.\* (Specialty Retail) | 247855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23808 | Roche Holding AG (Pharmaceuticals) | 7711891 |
| 7156 | Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | 621928 |
| 12231 | Salesforce, Inc. (Software) | 3185075 |
| 18088 | SBA Communications Corp. (Specialized REITs) | 3463490 |
| 13125 | Schneider National, Inc. Class B (Ground Transportation) | 280481 |
| 31031 | Seacoast Banking Corp. of Florida (Banks) | 940239 |
| 10400 | Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | 2661152 |
| 9350 | Semtech Corp.\* (Semiconductors & Semiconductor Equipment) | 634491 |
| 12077 | Sensata Technologies Holding PLC (Electrical Equipment) | 384411 |
| 6019 | ServiceNow, Inc.\* (Software) | 5533146 |
| 5440 | Sherwin-Williams Co. (Chemicals) | 1876474 |
| 19101 | Silgan Holdings, Inc. (Containers & Packaging) | 737681 |
| 11200 | Skyward Specialty Insurance Group, Inc.\* (Insurance) | 510608 |
| 27819 | SLM Corp. (Consumer Finance) | 746940 |
| 39473 | Smurfit WestRock PLC (Containers & Packaging) | 1457343 |
| 17780 | Solaris Energy Infrastructure, Inc. (Energy Equipment & Services) | 946429 |
| 8464 | Spotify Technology SA\* (Entertainment) | 5546628 |
| 7212 | SPX Technologies, Inc.\* (Machinery) | 1614695 |
| 23887 | SS&C Technologies Holdings, Inc. (Professional Services) | 2028484 |
| 28568 | STAG Industrial, Inc. (Industrial REITs) | 1093297 |
| 39589 | Stagwell, Inc.\* (Media) | 188048 |
| 27648 | Starbucks Corp. (Hotels, Restaurants & Leisure) | 2235894 |
| 8871 | Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs)) | 161275 |
| 4546 | Sterling Infrastructure, Inc.\* (Construction & Engineering) | 1717933 |
| 7735 | Steven Madden Ltd. (Textiles, Apparel & Luxury Goods) | 262294 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 9632 | Stifel Financial Corp. (Capital Markets) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140718 |
| 5154 | StoneX Group, Inc.\* (Capital Markets) | 473756 |
| 1261 | Stride, Inc.\* (Diversified Consumer Services) | 85798 |
| 5729 | Stryker Corp. (Health Care Equipment & Supplies) | 2040899 |
| 21176 | Supernus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 1167433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49906 | Sysco Corp. (Consumer Staples Distribution & Retail) | 3707018 |
| 28051 | Tandem Diabetes Care, Inc.\* (Health Care Equipment & Supplies) | 392714 |
| 5085 | Taylor Morrison Home Corp.\* (Household Durables) | 301388 |
| 6347 | Texas Capital Bancshares, Inc.\* (Banks) | 532132 |
| 32111 | Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 5184642 |
| 5585 | Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 913594 |
| 4865 | Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 2760352 |
| 24457 | Thermon Group Holdings, Inc.\* (Electrical Equipment) | 702650 |
| 4365 | Tidewater, Inc.\* (Energy Equipment & Services) | 220825 |
| 4005 | TopBuild Corp.\* (Household Durables) | 1692032 |
| 12101 | Tradeweb Markets, Inc. Class A (Capital Markets) | 1275324 |
| 1358 | TransDigm Group, Inc. (Aerospace & Defense) | 1776957 |
| 20174 | Tri Pointe Homes, Inc.\* (Household Durables) | 642542 |
| 8961 | U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 773065 |
| 5948 | UFP Industries, Inc. (Building Products) | 547989 |
| 17155 | Ultragenyx Pharmaceutical, Inc.\* (Biotechnology) | 593563 |
| 7571 | UMB Financial Corp. (Banks) | 809188 |
| 15680 | Union Pacific Corp. (Ground Transportation) | 3455402 |
| 3725 | United Rentals, Inc. (Trading Companies & Distributors) | 3245145 |
| 7068 | UnitedHealth Group, Inc. (Health Care Providers & Services) | 2414146 |
| 16007 | Upwork, Inc.\* (Professional Services) | 255152 |
| 3742 | Urban Outfitters, Inc.\* (Specialty Retail) | 241771 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43644 | Utz Brands, Inc. (Food Products) | $459571 |
| 6190 | Valvoline, Inc.\* (Specialty Retail) | 204332 |
| 27193 | Veracyte, Inc.\* (Biotechnology) | 981123 |
| 66380 | Viavi Solutions, Inc.\* (Communications Equipment) | 1174926 |
| 16398 | Viper Energy, Inc. Class A (Oil, Gas & Consumable Fuels) | 615909 |
| 18124 | Visa, Inc. Class A (Financial Services) | 6175572 |
| 1637 | Visteon Corp. (Automobile Components) | 175421 |
| 18921 | Vita Coco Co., Inc.\* (Beverages) | 779167 |
| 7176 | Voya Financial, Inc. (Financial Services) | 534325 |
| 42116 | Walt Disney Co. (Entertainment) | 4743104 |
| 8061 | Waste Connections, Inc. (Commercial Services & Supplies) | 1351668 |
| 22703 | Waste Management, Inc. (Commercial Services & Supplies) | 4535378 |
| 1410 | WEX, Inc.\* (Financial Services) | 205691 |
| 270 | White Mountains Insurance Group Ltd. (Insurance) | 514231 |
| 3220 | Wintrust Financial Corp. (Banks) | 418664 |
| 15511 | World Kinect Corp. (Oil, Gas & Consumable Fuels) | 400959 |
| 4280 | WSFS Financial Corp. (Banks) | 222945 |
| 2582 | Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 189596 |
| 15100 | Xylem, Inc. (Machinery) | 2277835 |
| 24341 | Zoetis, Inc. (Pharmaceuticals) | 3507295 |
|  |  | 506743552 |
| Uruguay\* – 0.2% | Uruguay\* – 0.2% | Uruguay\* – 0.2% |
| 1873 | MercadoLibre, Inc. (Broadline Retail) | 4358958 |
| **TOTAL COMMON STOCKS**<br> **(Cost $853,981,001)** | **TOTAL COMMON STOCKS**<br> **(Cost $853,981,001)** | $1142277577 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.2% | Preferred Stocks – 0.2% | Preferred Stocks – 0.2% |
| Brazil – 0.2% | Brazil – 0.2% | Brazil – 0.2% |
|  Banco Bradesco SA (Banks) | Banco Bradesco SA (Banks) | Banco Bradesco SA (Banks) |
| 295200 | 7.400% | $996446 |
|  Cia Energetica de Minas Gerais (Electric Utilities) | Cia Energetica de Minas Gerais (Electric Utilities) | Cia Energetica de Minas Gerais (Electric Utilities) |
| 92600 | 12.908 | 195185 |
|  Itausa SA (Banks) | Itausa SA (Banks) | Itausa SA (Banks) |
| 499090 | 8.739 | 1080753 |
|  Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) |
| 213200 | 10.136 | 1178952 |
|  |  | 3451336 |

---

---

| | | |
|:---|:---|:---|
| Shares | **Dividend**<br> **Rate** | Value |
| Preferred Stocks (continued) | Preferred Stocks (continued) | Preferred Stocks (continued) |
| India<sup>(b)</sup> – 0.0% | India<sup>(b)</sup> – 0.0% | India<sup>(b)</sup> – 0.0% |
|  TVS Motor Co. Ltd. (Automobiles) | TVS Motor Co. Ltd. (Automobiles) | TVS Motor Co. Ltd. (Automobiles) |
| 50336 | 6.000% | $5670 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $3,188,643)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $3,188,643)** | $3457006 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Exchange Traded Funds – 33.0% | Exchange Traded Funds – 33.0% | Exchange Traded Funds – 33.0% |
| 31600 | iShares Core MSCI Emerging Markets ETF | $2157332 |
| 38355 | iShares MSCI Saudi Arabia ETF | 1544940 |
| &nbsp;&nbsp;&nbsp;&nbsp;5497801 | State Street SPDR Portfolio S&P 500 ETF | 441143552 |
| 314408 | Vanguard S&P 500 ETF | 197146392 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $575,018,953)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $575,018,953)** | $641992216 |
| Shares | **Dividend**<br> **Rate** | Value |
| Investment Companies<sup>(c)</sup> – 7.3% | Investment Companies<sup>(c)</sup> – 7.3% | Investment Companies<sup>(c)</sup> – 7.3% |
|  Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 |
| 72485084 | 3.956% | $72485084 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 70060015 | 3.956 | 70060015 |
| TOTAL INVESTMENT COMPANIES – 7.3% (Cost $142,545,099) | TOTAL INVESTMENT COMPANIES – 7.3% (Cost $142,545,099) | $142545099 |
| TOTAL INVESTMENTS – 99.1%<br>(Cost $1,574,733,696) | TOTAL INVESTMENTS – 99.1%<br>(Cost $1,574,733,696) | $1930271898 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%** | 18504254 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1948776152 |

---

---

| | |
|:---|:---|
| 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (c) | Represents an affiliated issuer. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> SECTOR ALLOCATION AS OF OCTOBER 31, 2025

---

| | |
|:---|:---|
| Sector | **% of Total** <br> **Market Value** |
| Exchange Traded Funds | 33.3% |
| Information Technology | 13.6 |
| Financials | 11.1 |
| Industrials | 9.4 |
| Investment Companies | 7.4 |
| Consumer Discretionary | 6.7 |
| Health Care | 5.5 |
| Communication Services | 4.0 |
| Consumer Staples | 3.0 |
| Materials | 2.5 |
| Energy | 1.8 |
| Real Estate | 1.1 |
| Utilities | 0.6 |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  BNP Paribas SA | USD | 9794043 | AUD | 14950000 | 11/04/25 | $11737 |
|  | USD | 9835174 | AUD | 14950000 | 12/02/25 | 49722 |
|  | USD | 14263692 | CHF | 11340000 | 11/04/25 | 164891 |
|  | USD | 14338393 | CHF | 11340000 | 12/02/25 | 193844 |
|  | USD | 3472074 | DKK | 22110000 | 11/04/25 | 58428 |
|  | USD | 3458457 | DKK | 22110000 | 12/02/25 | 38485 |
|  | USD | 51745111 | EUR | 44160000 | 11/04/25 | 830991 |
|  | USD | 51583693 | EUR | 44160000 | 12/02/25 | 590274 |
|  | USD | 20954717 | GBP | 15670000 | 11/04/25 | 368837 |
|  | USD | 20800521 | GBP | 15670000 | 12/02/25 | 213523 |
|  | USD | 2615458 | HKD | 20310000 | 12/02/25 | 94 |
|  | USD | 836693 | ILS | 2720000 | 12/02/25 | 1992 |
|  | USD | 30035993 | JPY | 4468000000 | 11/04/25 | 1031961 |
|  | USD | 29485817 | JPY | 4468000000 | 12/02/25 | 398797 |
|  | USD | 909903 | NOK | 9100000 | 11/04/25 | 11516 |
|  | USD | 912239 | NOK | 9100000 | 12/02/25 | 13865 |
|  | USD | 260317 | NZD | 450000 | 11/04/25 | 2759 |
|  | USD | 260615 | NZD | 450000 | 12/02/25 | 2755 |
|  | USD | 4499741 | SEK | 42450000 | 11/04/25 | 30192 |
|  | USD | 4544015 | SEK | 42450000 | 12/02/25 | 67105 |
|  | USD | 1884823 | SGD | 2430000 | 11/04/25 | 17217 |
|  | USD | 1881970 | SGD | 2430000 | 12/02/25 | 10408 |
|  JPMorgan Securities, Inc. | USD | 3079064 | AUD | 4700000 | 11/04/25 | 3690 |
|  | USD | 4578784 | AUD | 6960000 | 12/02/25 | 23148 |
|  | USD | 6414276 | CHF | 5100000 | 11/04/25 | 73545 |
|  | USD | 6448484 | CHF | 5100000 | 12/02/25 | 87178 |
|  | USD | 1313565 | DKK | 8390000 | 11/04/25 | 18203 |
|  | USD | 1312368 | DKK | 8390000 | 12/02/25 | 14604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  JPMorgan Securities, Inc. (continued) | USD | 23901645 | EUR | 20460000 | 11/04/25 | $&nbsp;&nbsp;&nbsp;&nbsp;312358 |
|  | USD | 23899510 | EUR | 20460000 | 12/02/25 | 273483 |
|  | USD | 9758276 | GBP | 7300000 | 11/04/25 | 168173 |
|  | USD | 9690096 | GBP | 7300000 | 12/02/25 | 99471 |
|  | USD | 1260726 | HKD | 9790000 | 12/02/25 | 45 |
|  | USD | 430651 | ILS | 1400000 | 12/02/25 | 1025 |
|  | USD | 15254311 | JPY | 2287000000 | 11/04/25 | 408245 |
|  | USD | 15092673 | JPY | 2287000000 | 12/02/25 | 204129 |
|  | USD | 394716 | NOK | 3950000 | 11/04/25 | 4757 |
|  | USD | 395972 | NOK | 3950000 | 12/02/25 | 6018 |
|  | USD | 121178 | NZD | 210000 | 11/04/25 | 984 |
|  | USD | 121620 | NZD | 210000 | 12/02/25 | 1286 |
|  | USD | 2092803 | SEK | 19725000 | 11/04/25 | 15963 |
|  | USD | 2111441 | SEK | 19725000 | 12/02/25 | 31181 |
|  | USD | 913568 | SGD | 1180000 | 11/04/25 | 6664 |
|  | USD | 913879 | SGD | 1180000 | 12/02/25 | 5054 |
| TOTAL |  |  |  |  |  | $5868597 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  BNP Paribas SA | AUD | 14950000 | USD | 9831715 | 11/04/25 | $&nbsp;&nbsp;&nbsp;&nbsp;(49409) |
|  | CHF | 11340000 | USD | 14291598 | 11/04/25 | (192797) |
|  | DKK | 22110000 | USD | 3452036 | 11/04/25 | (38390) |
|  | EUR | 44160000 | USD | 51502527 | 11/04/25 | (588407) |
|  | GBP | 15670000 | USD | 20799466 | 11/04/25 | (213587) |
|  | HKD | 20310000 | USD | 2614059 | 11/04/25 | (116) |
|  | ILS | 2720000 | USD | 836622 | 11/04/25 | (1903) |
|  | JPY | 4468000000 | USD | 29403744 | 11/04/25 | (399711) |
|  | NOK | 9100000 | USD | 912255 | 11/04/25 | (13867) |
|  | NZD | 450000 | USD | 260310 | 11/04/25 | (2752) |
|  | SEK | 42450000 | USD | 4536570 | 11/04/25 | (67021) |
|  | SGD | 2430000 | USD | 1877925 | 11/04/25 | (10320) |
|  | USD | 2612528 | HKD | 20310000 | 11/04/25 | (1416) |
|  | USD | 808047 | ILS | 2720000 | 11/04/25 | (26672) |
|  JPMorgan Securities, Inc. | AUD | 6960000 | USD | 4577173 | 11/04/25 | (23003) |
|  | CHF | 5100000 | USD | 6427438 | 11/04/25 | (86708) |
|  | DKK | 8390000 | USD | 1309931 | 11/04/25 | (14568) |
|  | EUR | 20460000 | USD | 23861905 | 11/04/25 | (272618) |
|  | GBP | 7300000 | USD | 9689605 | 11/04/25 | (99501) |
|  | HKD | 9790000 | USD | 1260051 | 11/04/25 | (56) |
|  | ILS | 1400000 | USD | 430614 | 11/04/25 | (979) |
|  | JPY | 2287000000 | USD | 15050663 | 11/04/25 | (204597) |
|  | NOK | 3950000 | USD | 395979 | 11/04/25 | (6019) |
|  | NZD | 210000 | USD | 121478 | 11/04/25 | (1284) |
|  | SEK | 19725000 | USD | 2107982 | 11/04/25 | (31142) |
|  | SGD | 1180000 | USD | 911914 | 11/04/25 | (5011) |
|  | USD | 1466953 | AUD | 2260000 | 11/04/25 | (11844) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Loss** |
|  JPMorgan Securities, Inc. (continued) | USD | 1259424 | HKD | 9790000 | 11/04/25 | $(571) |
|  | USD | 419068 | ILS | 1400000 | 11/04/25 | (10567) |
| TOTAL |  |  |  |  |  | $(2374836) |

---

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 308 | 12/19/25 | $105859600 | $3315060 |
|  S&P Toronto Stock Exchange 60 Index | 205 | 12/18/25 | 52080568 | 1255067 |
| TOTAL FUTURES CONTRACTS |  |  |  | $4570127 |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| CHF | —Swiss Franc |
| DKK | —Denmark Krone |
| EUR | —Euro |
| GBP | —British Pound |
| HKD | —Hong Kong Dollar |
| ILS | —Israeli Shekel |
| JPY | —Japanese Yen |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| <br> **Investment Abbreviations:** | <br> **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| ETF | —Exchange Traded Fund |
| GDR | —Global Depository Receipt |
| MSCI | —Morgan Stanley Capital International |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SPDR | —Standard and Poor's Depository Receipt |

---

&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;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 53.5% | Corporate Obligations – 53.5% | Corporate Obligations – 53.5% | Corporate Obligations – 53.5% |
| Advertising<sup>(a)(b)</sup> – 0.1% | Advertising<sup>(a)(b)</sup> – 0.1% | Advertising<sup>(a)(b)</sup> – 0.1% | Advertising<sup>(a)(b)</sup> – 0.1% |
| CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
| $3321025 | 8.875% | 06/18/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920576 |
| Aerospace & Defense<sup>(a)(b)</sup> – 0.3% | Aerospace & Defense<sup>(a)(b)</sup> – 0.3% | Aerospace & Defense<sup>(a)(b)</sup> – 0.3% | Aerospace & Defense<sup>(a)(b)</sup> – 0.3% |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| 301000 | 7.875 | 04/15/27 | 301753 |
| 725000 | 7.250 | 07/01/31 | 769754 |
| 340000 | 7.000 | 06/01/32 | 356646 |
| 295000 | 6.750 | 06/15/33 | 309641 |
| Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC | Goat Holdco LLC |
| 348000 | 6.750 | 02/01/32 | 356905 |
| Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
| 620000 | 5.750 | 10/15/27 | 834677 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| $2150000 | 7.125 | 12/01/31 | 2246342 |
|  |  |  | 5175718 |
| Agriculture<sup>(a)(c)</sup> – 0.0% | Agriculture<sup>(a)(c)</sup> – 0.0% | Agriculture<sup>(a)(c)</sup> – 0.0% | Agriculture<sup>(a)(c)</sup> – 0.0% |
| Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) | Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) | Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) | Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) |
| 800000 | 5.494 | 11/25/29 | 957825 |
| Airlines – 0.5% | Airlines – 0.5% | Airlines – 0.5% | Airlines – 0.5% |
| Allegiant Travel Co. <sup>(a)(b)</sup> | Allegiant Travel Co. <sup>(a)(b)</sup> | Allegiant Travel Co. <sup>(a)(b)</sup> | Allegiant Travel Co. <sup>(a)(b)</sup> |
| $328000 | 7.250 | 08/15/27 | 331700 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <sup>(b)</sup> |
| 416667 | 5.500 | 04/20/26 | 417371 |
| JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)(b)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)(b)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)(b)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)(b)</sup> |
| 1596000 | 9.875 | 09/20/31 | 1568261 |
| Latam Airlines Group SA <sup>(a)</sup> | Latam Airlines Group SA <sup>(a)</sup> | Latam Airlines Group SA <sup>(a)</sup> | Latam Airlines Group SA <sup>(a)</sup> |
| 960000 | 7.625 | 01/07/31 | 989064 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(b)(c)(d)</sup><br>(PIK 4.000%, Cash 8.000%) | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(b)(c)(d)</sup><br>(PIK 4.000%, Cash 8.000%) | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(b)(c)(d)</sup><br>(PIK 4.000%, Cash 8.000%) | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(b)(c)(d)</sup><br>(PIK 4.000%, Cash 8.000%) |
| 1383295 | 11.000 | 03/12/30 | 731445 |
| United Airlines, Inc. <sup>(a)(b)</sup> | United Airlines, Inc. <sup>(a)(b)</sup> | United Airlines, Inc. <sup>(a)(b)</sup> | United Airlines, Inc. <sup>(a)(b)</sup> |
| 1250000 | 4.375 | 04/15/26 | 1247475 |
| 730000 | 4.625 | 04/15/29 | 722985 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc. <sup>(a)(b)</sup> |
| 771000 | 9.500 | 06/01/28 | 800329 |
| 2695000 | 6.375 | 02/01/30 | 2600378 |
|  |  |  | 9409008 |
| Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% | Apparel<sup>(a)(b)</sup> – 0.2% |
| Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. |
| 580000 | 9.000 | 02/15/31 | 612411 |
| Under Armour, Inc. | Under Armour, Inc. | Under Armour, Inc. | Under Armour, Inc. |
| 1927000 | 7.250 | 07/15/30 | 1902238 |
| William Carter Co. | William Carter Co. | William Carter Co. | William Carter Co. |
| 1377000 | 7.375 | 02/15/31 | 1371533 |
|  |  |  | 3886182 |
| Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0% | Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0% | Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0% | Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0% |
| Grupo Antolin Irausa SA | Grupo Antolin Irausa SA | Grupo Antolin Irausa SA | Grupo Antolin Irausa SA |
| 200000 | 3.500 | 04/30/28 | 154932 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Automotive – 1.5% | Automotive – 1.5% | Automotive – 1.5% | Automotive – 1.5% |
| Allison Transmission, Inc. <sup>(a)(b)</sup> | Allison Transmission, Inc. <sup>(a)(b)</sup> | Allison Transmission, Inc. <sup>(a)(b)</sup> | Allison Transmission, Inc. <sup>(a)(b)</sup> |
| $910000 | 4.750% | 10/01/27 | $904868 |
| American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> | American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> | American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> | American Axle & Manufacturing, Inc. <sup>(a)(b)</sup> |
| 1750000 | 6.375 | 10/15/32 | 1756562 |
| 3442000 | 7.750 | 10/15/33 | 3446991 |
| Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co. <sup>(a)(b)</sup> |
| 1411000 | 4.750 | 06/15/31 | 1659356 |
| Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> | Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> | Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> | Dealer Tire LLC/DT Issuer LLC <sup>(a)(b)</sup> |
| $1416000 | 8.000 | 02/01/28 | 1376154 |
| Ford Motor Credit Co. LLC <sup>(c)</sup> (Secured Overnight Financing Rate +2.030%) | Ford Motor Credit Co. LLC <sup>(c)</sup> (Secured Overnight Financing Rate +2.030%) | Ford Motor Credit Co. LLC <sup>(c)</sup> (Secured Overnight Financing Rate +2.030%) | Ford Motor Credit Co. LLC <sup>(c)</sup> (Secured Overnight Financing Rate +2.030%) |
| 1836000 | 6.158 | 03/20/28 | 1842095 |
| Forvia SE <sup>(a)(b)</sup> | Forvia SE <sup>(a)(b)</sup> | Forvia SE <sup>(a)(b)</sup> | Forvia SE <sup>(a)(b)</sup> |
| 425000 | 5.625 | 06/15/30 | 507154 |
| 2770000 | 5.375 | 03/15/31 | 3274450 |
| $1123000 | 6.750 | 09/15/33 | 1141204 |
| Gestamp Automocion SA <sup>(a)(b)</sup> | Gestamp Automocion SA <sup>(a)(b)</sup> | Gestamp Automocion SA <sup>(a)(b)</sup> | Gestamp Automocion SA <sup>(a)(b)</sup> |
| 193000 | 4.375 | 10/15/30 | 225930 |
| Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC <sup>(a)(b)</sup> |
| $1128000 | 1.850 | 09/16/26 | 1093032 |
| Nissan Motor Co. Ltd. <sup>(a)(b)</sup> | Nissan Motor Co. Ltd. <sup>(a)(b)</sup> | Nissan Motor Co. Ltd. <sup>(a)(b)</sup> | Nissan Motor Co. Ltd. <sup>(a)(b)</sup> |
| 105000 | 7.500 | 07/17/30 | 109480 |
| 705000 | 7.750 | 07/17/32 | 744734 |
| 1669000 | 6.375 | 07/17/33 | 1991105 |
| $2405000 | 8.125 | 07/17/35 | 2557573 |
| Qnity Electronics, Inc. <sup>(a)(b)</sup> | Qnity Electronics, Inc. <sup>(a)(b)</sup> | Qnity Electronics, Inc. <sup>(a)(b)</sup> | Qnity Electronics, Inc. <sup>(a)(b)</sup> |
| 628000 | 5.750 | 08/15/32 | 638789 |
| 649000 | 6.250 | 08/15/33 | 666815 |
| Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> |
| 2290000 | 8.000 | 11/17/28 | 2284893 |
| ZF North America Capital, Inc. <sup>(a)(b)</sup> | ZF North America Capital, Inc. <sup>(a)(b)</sup> | ZF North America Capital, Inc. <sup>(a)(b)</sup> | ZF North America Capital, Inc. <sup>(a)(b)</sup> |
| 3844000 | 7.500 | 03/24/31 | 3667176 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;29888361 |
| Banks – 2.7% | Banks – 2.7% | Banks – 2.7% | Banks – 2.7% |
| Akbank TAS <sup>(a)(c)</sup> (5 yr. CMT + 3.726%) | Akbank TAS <sup>(a)(c)</sup> (5 yr. CMT + 3.726%) | Akbank TAS <sup>(a)(c)</sup> (5 yr. CMT + 3.726%) | Akbank TAS <sup>(a)(c)</sup> (5 yr. CMT + 3.726%) |
| 490000 | 7.875 | 09/04/35 | 498658 |
| Banco Bilbao Vizcaya Argentaria SA <sup>(a)(c)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)(c)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)(c)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)(c)</sup> (5 yr. CMT + 3.249%) |
| 2240000 | 7.750 | 01/14/32 | 2386093 |
| Banco Davivienda SA <sup>(a)(c)</sup> (5 yr. CMT + 4.588%) | Banco Davivienda SA <sup>(a)(c)</sup> (5 yr. CMT + 4.588%) | Banco Davivienda SA <sup>(a)(c)</sup> (5 yr. CMT + 4.588%) | Banco Davivienda SA <sup>(a)(c)</sup> (5 yr. CMT + 4.588%) |
| 480000 | 8.125 | 07/02/35 | 495600 |
| Banco de Sabadell SA <sup>(a)(c)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA <sup>(a)(c)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA <sup>(a)(c)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA <sup>(a)(c)</sup> (5 yr. EUR Swap + 6.830%) |
| 2800000 | 9.375 | 07/18/28 | 3643015 |
| Banco Mercantil del Norte SA <sup>(a)(c)</sup> | Banco Mercantil del Norte SA <sup>(a)(c)</sup> | Banco Mercantil del Norte SA <sup>(a)(c)</sup> | Banco Mercantil del Norte SA <sup>(a)(c)</sup> |
| (10 yr. CMT + 5.034%) | (10 yr. CMT + 5.034%) | (10 yr. CMT + 5.034%) | (10 yr. CMT + 5.034%) |
| $515000 | 6.625 | 01/24/32 | 502001 |
| (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) | (10 yr. CMT + 5.353%) |
| 485000 | 7.625 | 01/10/28 | 497852 |
| (10 yr. CMT + 5.470%) | (10 yr. CMT + 5.470%) | (10 yr. CMT + 5.470%) | (10 yr. CMT + 5.470%) |
| 485000 | 7.500 | 06/27/29 | 495631 |
| (5 yr. CMT + 4.072%) | (5 yr. CMT + 4.072%) | (5 yr. CMT + 4.072%) | (5 yr. CMT + 4.072%) |
| 1652000 | 8.375 | 05/20/31 | 1731296 |
| Bancolombia SA <sup>(a)(c)</sup> (5 yr. CMT + 4.320%) | Bancolombia SA <sup>(a)(c)</sup> (5 yr. CMT + 4.320%) | Bancolombia SA <sup>(a)(c)</sup> (5 yr. CMT + 4.320%) | Bancolombia SA <sup>(a)(c)</sup> (5 yr. CMT + 4.320%) |
| 690000 | 8.625 | 12/24/34 | 738369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Bank Negara Indonesia Persero Tbk. PT <sup>(a)(c)</sup> (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT <sup>(a)(c)</sup> (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT <sup>(a)(c)</sup> (5 yr. CMT + 3.466%) | Bank Negara Indonesia Persero Tbk. PT <sup>(a)(c)</sup> (5 yr. CMT + 3.466%) |
| $520000 | 4.300% | 03/24/27 | $507221 |
| Bank of East Asia Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.550%) | Bank of East Asia Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.550%) | Bank of East Asia Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.550%) | Bank of East Asia Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.550%) |
| 960000 | 6.750 | 06/27/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010045 |
| Barclays PLC <sup>(a)(c)</sup> | Barclays PLC <sup>(a)(c)</sup> | Barclays PLC <sup>(a)(c)</sup> | Barclays PLC <sup>(a)(c)</sup> |
| (5 yr. GBP SONIA Linked ICE Swap + 4.881%) | (5 yr. GBP SONIA Linked ICE Swap + 4.881%) | (5 yr. GBP SONIA Linked ICE Swap + 4.881%) | (5 yr. GBP SONIA Linked ICE Swap + 4.881%) |
| 3002000 | 8.500 | 06/15/30 | 4244435 |
| (5 yr. GBP SONIA Linked ICE Swap + 5.639%) | (5 yr. GBP SONIA Linked ICE Swap + 5.639%) | (5 yr. GBP SONIA Linked ICE Swap + 5.639%) | (5 yr. GBP SONIA Linked ICE Swap + 5.639%) |
| 2738000 | 9.250 | 09/15/28 | 3907143 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(c)</sup> |
| (5 yr. CMT + 4.214%) | (5 yr. CMT + 4.214%) | (5 yr. CMT + 4.214%) | (5 yr. CMT + 4.214%) |
| $1355000 | 8.125 <sup>(b)</sup> | 01/08/39 | 1470107 |
| (5 yr. CMT + 4.661%) | (5 yr. CMT + 4.661%) | (5 yr. CMT + 4.661%) | (5 yr. CMT + 4.661%) |
| 1350000 | 8.450 | 06/29/38 | 1493437 |
| CaixaBank SA <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.857%) | CaixaBank SA <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.857%) | CaixaBank SA <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.857%) | CaixaBank SA <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.857%) |
| 2200000 | 3.625 | 09/14/28 | 2453416 |
| Commerzbank AG <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) |
| 1600000 | 7.875 | 10/09/31 | 2091147 |
| Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> | Deutsche Bank AG <sup>(a)(c)</sup> |
| (5 yr. EURIBOR ICE Swap + 5.692%) | (5 yr. EURIBOR ICE Swap + 5.692%) | (5 yr. EURIBOR ICE Swap + 5.692%) | (5 yr. EURIBOR ICE Swap + 5.692%) |
| 1600000 | 6.750 | 10/30/28 | 1945360 |
| (5 yr. EURIBOR ICE Swap + 6.940%) | (5 yr. EURIBOR ICE Swap + 6.940%) | (5 yr. EURIBOR ICE Swap + 6.940%) | (5 yr. EURIBOR ICE Swap + 6.940%) |
| 2800000 | 10.000 | 12/01/27 | 3578693 |
| Freedom Mortgage Corp. <sup>(a)(b)</sup> | Freedom Mortgage Corp. <sup>(a)(b)</sup> | Freedom Mortgage Corp. <sup>(a)(b)</sup> | Freedom Mortgage Corp. <sup>(a)(b)</sup> |
| $2220000 | 6.625 | 01/15/27 | 2224751 |
| Intesa Sanpaolo SpA <sup>(a)(c)</sup> | Intesa Sanpaolo SpA <sup>(a)(c)</sup> | Intesa Sanpaolo SpA <sup>(a)(c)</sup> | Intesa Sanpaolo SpA <sup>(a)(c)</sup> |
| (1 yr. CMT + 2.750%) | (1 yr. CMT + 2.750%) | (1 yr. CMT + 2.750%) | (1 yr. CMT + 2.750%) |
| 1760000 | 4.950 <sup>(b)</sup> | 06/01/42 | 1500277 |
| (-1X 5 yr. EUR Swap + 6.086%) | (-1X 5 yr. EUR Swap + 6.086%) | (-1X 5 yr. EUR Swap + 6.086%) | (-1X 5 yr. EUR Swap + 6.086%) |
| 1020000 | 5.875 | 09/01/31 | 1242318 |
| Jscb Agrobank | Jscb Agrobank | Jscb Agrobank | Jscb Agrobank |
| $450000 | 9.250 | 10/02/29 | 489937 |
| Metro Bank Holdings PLC <sup>(a)(b)(c)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC <sup>(a)(b)(c)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC <sup>(a)(b)(c)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC <sup>(a)(b)(c)</sup> (1 yr. U.K. Government Bond + 7.814%) |
| 820000 | 12.000 | 04/30/29 | 1229727 |
| NBK Tier 1 Ltd. <sup>(a)(c)</sup> (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. <sup>(a)(c)</sup> (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. <sup>(a)(c)</sup> (6 yr. CMT + 2.403%) | NBK Tier 1 Ltd. <sup>(a)(c)</sup> (6 yr. CMT + 2.403%) |
| $975000 | 6.375 | 01/10/31 | 1002544 |
| OTP Bank Nyrt <sup>(a)(c)</sup> (5 yr. CMT + 2.861%) | OTP Bank Nyrt <sup>(a)(c)</sup> (5 yr. CMT + 2.861%) | OTP Bank Nyrt <sup>(a)(c)</sup> (5 yr. CMT + 2.861%) | OTP Bank Nyrt <sup>(a)(c)</sup> (5 yr. CMT + 2.861%) |
| 470000 | 7.300 | 07/30/35 | 499180 |
| Riyad Sukuk Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.250%) | Riyad Sukuk Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.250%) | Riyad Sukuk Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.250%) | Riyad Sukuk Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.250%) |
| 1270000 | 6.209 | 07/14/35 | 1295324 |
| Scotiabank Peru SAA <sup>(a)(c)</sup> (1 yr. CMT + 2.309%) | Scotiabank Peru SAA <sup>(a)(c)</sup> (1 yr. CMT + 2.309%) | Scotiabank Peru SAA <sup>(a)(c)</sup> (1 yr. CMT + 2.309%) | Scotiabank Peru SAA <sup>(a)(c)</sup> (1 yr. CMT + 2.309%) |
| 480000 | 6.100 | 10/01/35 | 498240 |
| Societe Generale SA <sup>(a)(c)</sup> | Societe Generale SA <sup>(a)(c)</sup> | Societe Generale SA <sup>(a)(c)</sup> | Societe Generale SA <sup>(a)(c)</sup> |
| (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) |
| 2268000 | 5.375 | 11/18/30 | 2147048 |
| (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) |
| 1686000 | 9.375 | 11/22/27 | 1802149 |
| (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) |
| 2200000 | 7.875 | 01/18/29 | 2745036 |
| Standard Chartered PLC <sup>(a)(c)</sup> (5 yr. CMT + 3.805%) | Standard Chartered PLC <sup>(a)(c)</sup> (5 yr. CMT + 3.805%) | Standard Chartered PLC <sup>(a)(c)</sup> (5 yr. CMT + 3.805%) | Standard Chartered PLC <sup>(a)(c)</sup> (5 yr. CMT + 3.805%) |
| $535000 | 4.750 | 01/14/31 | 502253 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  TC Ziraat Bankasi AS | TC Ziraat Bankasi AS | TC Ziraat Bankasi AS | TC Ziraat Bankasi AS | TC Ziraat Bankasi AS |
|  $ | 485000 | 7.250% | 02/04/30 | 498944 |
|  UBS Group AG <sup>(a)(b)(c)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(c)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(c)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(c)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(c)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) |
|  | 1700000 | 7.125 | 08/10/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729699 |
|  UniCredit SpA <sup>(a)(c)</sup> | UniCredit SpA <sup>(a)(c)</sup> | UniCredit SpA <sup>(a)(c)</sup> | UniCredit SpA <sup>(a)(c)</sup> | UniCredit SpA <sup>(a)(c)</sup> |
|  (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) |
|  EUR | 840000 | 4.450 | 12/03/27 | 971857 |
|  (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) |
|  $ | 1200000 | 5.861 <sup>(b)</sup> | 06/19/32 | 1219536 |
|  |  |  |  | 55288339 |
| Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% | Biotechnology<sup>(a)</sup> – 0.3% |
|  Biocon Biologics Global PLC <sup>(b)</sup> | Biocon Biologics Global PLC <sup>(b)</sup> | Biocon Biologics Global PLC <sup>(b)</sup> | Biocon Biologics Global PLC <sup>(b)</sup> | Biocon Biologics Global PLC <sup>(b)</sup> |
|  | 2066000 | 6.670 | 10/09/29 | 2040743 |
|  Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL |
|  EUR | 1960000 | 7.000 | 10/27/31 | 2275912 |
|  GBP | 1120000 | 9.125 | 10/27/31 | 1477612 |
|  |  |  |  | 5794267 |
| Building Materials<sup>(a)</sup> – 1.0% | Building Materials<sup>(a)</sup> – 1.0% | Building Materials<sup>(a)</sup> – 1.0% | Building Materials<sup>(a)</sup> – 1.0% | Building Materials<sup>(a)</sup> – 1.0% |
|  AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC <sup>(b)</sup> |
|  $ | 1890000 | 7.625 | 08/15/33 | 1976732 |
|  Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> |
|  | 1607000 | 6.375 | 03/01/34 | 1664595 |
|  Cemex SAB de CV <sup>(c)</sup> (5 yr. CMT + 3.520%) | Cemex SAB de CV <sup>(c)</sup> (5 yr. CMT + 3.520%) | Cemex SAB de CV <sup>(c)</sup> (5 yr. CMT + 3.520%) | Cemex SAB de CV <sup>(c)</sup> (5 yr. CMT + 3.520%) | Cemex SAB de CV <sup>(c)</sup> (5 yr. CMT + 3.520%) |
|  | 485000 | 7.200 | 06/10/30 | 504497 |
|  CP Atlas Buyer, Inc. <sup>(b)</sup> | CP Atlas Buyer, Inc. <sup>(b)</sup> | CP Atlas Buyer, Inc. <sup>(b)</sup> | CP Atlas Buyer, Inc. <sup>(b)</sup> | CP Atlas Buyer, Inc. <sup>(b)</sup> |
|  | 1696000 | 9.750 | 07/15/30 | 1770319 |
|  (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) |
|  | 1171000 | 12.750 <sup>(e)</sup> | 01/15/31 | 1149793 |
|  EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc. <sup>(b)</sup> |
|  | 2542000 | 6.625 | 12/15/30 | 2612439 |
|  JH North America Holdings, Inc. <sup>(b)</sup> | JH North America Holdings, Inc. <sup>(b)</sup> | JH North America Holdings, Inc. <sup>(b)</sup> | JH North America Holdings, Inc. <sup>(b)</sup> | JH North America Holdings, Inc. <sup>(b)</sup> |
|  | 1310000 | 6.125 | 07/31/32 | 1344466 |
|  Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> |
|  | 1270000 | 6.375 | 03/01/32 | 1318349 |
|  | 725000 | 6.750 | 03/01/33 | 753949 |
|  Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> | Smyrna Ready Mix Concrete LLC <sup>(b)</sup> |
|  | 1175000 | 8.875 | 11/15/31 | 1238897 |
|  Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> | Standard Building Solutions, Inc. <sup>(b)</sup> |
|  | 800000 | 6.500 | 08/15/32 | 822824 |
|  Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> |
|  | 1730000 | 4.375 | 07/15/30 | 1669035 |
|  Wilsonart LLC <sup>(b)</sup> | Wilsonart LLC <sup>(b)</sup> | Wilsonart LLC <sup>(b)</sup> | Wilsonart LLC <sup>(b)</sup> | Wilsonart LLC <sup>(b)</sup> |
|  | 2855000 | 11.000 | 08/15/32 | 2698146 |
|  |  |  |  | 19524041 |
| Chemicals<sup>(a)</sup> – 1.4% | Chemicals<sup>(a)</sup> – 1.4% | Chemicals<sup>(a)</sup> – 1.4% | Chemicals<sup>(a)</sup> – 1.4% | Chemicals<sup>(a)</sup> – 1.4% |
|  ASP Unifrax Holdings, Inc. <sup>(b)(e)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc. <sup>(b)(e)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc. <sup>(b)(e)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc. <sup>(b)(e)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc. <sup>(b)(e)</sup> (PIK 1.250%, Cash 5.850%) |
|  | 2423084 | 7.100 | 09/30/29 | 917404 |
|  Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> |
|  | 1619000 | 6.250 | 11/01/31 | 1653258 |
|  Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> |
|  | 2595000 | 7.250 | 02/15/31 | 2721532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) | Chemicals<sup>(a)</sup> – (continued) |
| Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> | Axalta Coating Systems LLC <sup>(b)</sup> |
| $5000 | 3.375% | 02/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756 |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV <sup>(b)</sup> |
| 2623000 | 4.750 | 06/15/27 | 2613452 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 1324000 | 6.750 | 04/15/33 | 1304696 |
| Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> |
| 3080000 | 9.375 | 10/03/31 | 3219031 |
| Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> |
| 817000 | 5.750 | 11/15/28 | 784753 |
| 540000 | 4.625 | 11/15/29 | 476172 |
| Cornerstone Chemical Co. LLC <sup>(b)(e)(f)</sup> | Cornerstone Chemical Co. LLC <sup>(b)(e)(f)</sup> | Cornerstone Chemical Co. LLC <sup>(b)(e)(f)</sup> | Cornerstone Chemical Co. LLC <sup>(b)(e)(f)</sup> |
| 2810346 | 10.000 | 05/07/29 | 2810346 |
| FMC Corp. <sup>(c)</sup> (5 yr. CMT + 4.366%) | FMC Corp. <sup>(c)</sup> (5 yr. CMT + 4.366%) | FMC Corp. <sup>(c)</sup> (5 yr. CMT + 4.366%) | FMC Corp. <sup>(c)</sup> (5 yr. CMT + 4.366%) |
| 1316000 | 8.450 | 11/01/55 | 1276388 |
| Innophos Holdings, Inc. <sup>(b)</sup> | Innophos Holdings, Inc. <sup>(b)</sup> | Innophos Holdings, Inc. <sup>(b)</sup> | Innophos Holdings, Inc. <sup>(b)</sup> |
| 846500 | 11.500 | 06/15/29 | 813139 |
| Itelyum Regeneration SpA <sup>(b)</sup> | Itelyum Regeneration SpA <sup>(b)</sup> | Itelyum Regeneration SpA <sup>(b)</sup> | Itelyum Regeneration SpA <sup>(b)</sup> |
| 996000 | 5.750 | 04/15/30 | 1164261 |
| Rain Carbon, Inc. <sup>(b)</sup> | Rain Carbon, Inc. <sup>(b)</sup> | Rain Carbon, Inc. <sup>(b)</sup> | Rain Carbon, Inc. <sup>(b)</sup> |
| $1155000 | 12.250 | 09/01/29 | 1230248 |
| SCIH Salt Holdings, Inc. <sup>(b)</sup> | SCIH Salt Holdings, Inc. <sup>(b)</sup> | SCIH Salt Holdings, Inc. <sup>(b)</sup> | SCIH Salt Holdings, Inc. <sup>(b)</sup> |
| 2687000 | 4.875 | 05/01/28 | 2654944 |
| 318000 | 6.625 | 05/01/29 | 316143 |
| Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> | Solstice Advanced Materials, Inc. <sup>(b)</sup> |
| 985000 | 5.625 | 09/30/33 | 984025 |
| Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> |
| 2911000 | 4.625 | 03/15/29 | 1790673 |
| WR Grace Holdings LLC <sup>(b)</sup> | WR Grace Holdings LLC <sup>(b)</sup> | WR Grace Holdings LLC <sup>(b)</sup> | WR Grace Holdings LLC <sup>(b)</sup> |
| 668000 | 4.875 | 06/15/27 | 662750 |
| 693000 | 5.625 | 08/15/29 | 634144 |
| 666000 | 6.625 | 08/15/32 | 643696 |
|  |  |  | 28675811 |
| Commercial Services<sup>(a)</sup> – 1.9% | Commercial Services<sup>(a)</sup> – 1.9% | Commercial Services<sup>(a)</sup> – 1.9% | Commercial Services<sup>(a)</sup> – 1.9% |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(b)</sup> |
| 1587000 | 5.375 | 05/21/30 | 1895841 |
| Allied Universal Holdco LLC <sup>(b)</sup> | Allied Universal Holdco LLC <sup>(b)</sup> | Allied Universal Holdco LLC <sup>(b)</sup> | Allied Universal Holdco LLC <sup>(b)</sup> |
| $700000 | 7.875 | 02/15/31 | 729575 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp. <sup>(b)</sup> |
| 115000 | 6.875 | 06/15/30 | 117938 |
| Amber Finco PLC <sup>(b)</sup> | Amber Finco PLC <sup>(b)</sup> | Amber Finco PLC <sup>(b)</sup> | Amber Finco PLC <sup>(b)</sup> |
| 1235000 | 6.625 | 07/15/29 | 1496777 |
| Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC |
| 1400000 | 7.250 | 07/31/30 | 1648841 |
| BCP V Modular Services Finance II PLC <sup>(b)</sup> | BCP V Modular Services Finance II PLC <sup>(b)</sup> | BCP V Modular Services Finance II PLC <sup>(b)</sup> | BCP V Modular Services Finance II PLC <sup>(b)</sup> |
| 415000 | 4.750 | 11/30/28 | 451290 |
| BCP V Modular Services Finance PLC <sup>(b)</sup> | BCP V Modular Services Finance PLC <sup>(b)</sup> | BCP V Modular Services Finance PLC <sup>(b)</sup> | BCP V Modular Services Finance PLC <sup>(b)</sup> |
| 180000 | 6.750 | 11/30/29 | 125696 |
| Belron U.K. Finance PLC <sup>(b)</sup> | Belron U.K. Finance PLC <sup>(b)</sup> | Belron U.K. Finance PLC <sup>(b)</sup> | Belron U.K. Finance PLC <sup>(b)</sup> |
| 1970000 | 4.625 | 10/15/29 | 2335550 |
| Boels Topholding BV <sup>(b)</sup> | Boels Topholding BV <sup>(b)</sup> | Boels Topholding BV <sup>(b)</sup> | Boels Topholding BV <sup>(b)</sup> |
| 1228000 | 5.750 | 05/15/30 | 1463976 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) | Commercial Services<sup>(a)</sup> – (continued) |
| Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV |
| 1551000 | 8.500% | 01/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173249 |
| Garda World Security Corp. <sup>(b)</sup> | Garda World Security Corp. <sup>(b)</sup> | Garda World Security Corp. <sup>(b)</sup> | Garda World Security Corp. <sup>(b)</sup> |
| $1518000 | 8.375 | 11/15/32 | 1543852 |
| Kapla Holding SAS <sup>(b)</sup> | Kapla Holding SAS <sup>(b)</sup> | Kapla Holding SAS <sup>(b)</sup> | Kapla Holding SAS <sup>(b)</sup> |
| 1500000 | 5.000 | 04/30/31 | 1753457 |
| Korn Ferry <sup>(b)</sup> | Korn Ferry <sup>(b)</sup> | Korn Ferry <sup>(b)</sup> | Korn Ferry <sup>(b)</sup> |
| $1305000 | 4.625 | 12/15/27 | 1294730 |
| Loxam SAS <sup>(b)</sup> | Loxam SAS <sup>(b)</sup> | Loxam SAS <sup>(b)</sup> | Loxam SAS <sup>(b)</sup> |
| 1255000 | 4.250 | 02/15/31 | 1441412 |
| Neptune Bidco U.S., Inc. <sup>(b)</sup> | Neptune Bidco U.S., Inc. <sup>(b)</sup> | Neptune Bidco U.S., Inc. <sup>(b)</sup> | Neptune Bidco U.S., Inc. <sup>(b)</sup> |
| $1674000 | 9.290 | 04/15/29 | 1652991 |
| OT Midco, Inc. <sup>(b)</sup> | OT Midco, Inc. <sup>(b)</sup> | OT Midco, Inc. <sup>(b)</sup> | OT Midco, Inc. <sup>(b)</sup> |
| 1756000 | 10.000 | 02/15/30 | 1030280 |
| Q-Park Holding I BV <sup>(b)</sup> | Q-Park Holding I BV <sup>(b)</sup> | Q-Park Holding I BV <sup>(b)</sup> | Q-Park Holding I BV <sup>(b)</sup> |
| 986000 | 5.125 | 03/01/29 | 1173450 |
| 735000 | 4.250 | 09/01/30 | 863074 |
| Raven Acquisition Holdings LLC <sup>(b)</sup> | Raven Acquisition Holdings LLC <sup>(b)</sup> | Raven Acquisition Holdings LLC <sup>(b)</sup> | Raven Acquisition Holdings LLC <sup>(b)</sup> |
| $1179000 | 6.875 | 11/15/31 | 1205598 |
| Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
| 1745000 | 5.750 | 10/15/32 | 1770599 |
| Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup> | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup> | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup> | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. <sup>(b)</sup> |
| 2465000 | 6.750 | 08/15/32 | 2546813 |
| 1756000 | 5.500 | 05/15/33 | 2090078 |
| StoneMor, Inc. <sup>(b)</sup> | StoneMor, Inc. <sup>(b)</sup> | StoneMor, Inc. <sup>(b)</sup> | StoneMor, Inc. <sup>(b)</sup> |
| $975000 | 8.500 | 05/15/29 | 964782 |
| Techem Verwaltungsgesellschaft 675 GmbH <sup>(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH <sup>(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH <sup>(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH <sup>(b)</sup> |
| 987000 | 5.375 | 07/15/29 | 1176574 |
| 745000 | 4.625 | 07/15/32 | 863267 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| $750000 | 4.875 | 01/15/28 | 749303 |
| 595000 | 4.000 | 07/15/30 | 571283 |
| Verisure Holding AB <sup>(b)</sup> | Verisure Holding AB <sup>(b)</sup> | Verisure Holding AB <sup>(b)</sup> | Verisure Holding AB <sup>(b)</sup> |
| 1953000 | 5.500 | 05/15/30 | 2336443 |
| Wand NewCo 3, Inc. <sup>(b)</sup> | Wand NewCo 3, Inc. <sup>(b)</sup> | Wand NewCo 3, Inc. <sup>(b)</sup> | Wand NewCo 3, Inc. <sup>(b)</sup> |
| $1017550 | 7.625 | 01/30/32 | 1066158 |
| WEX, Inc. <sup>(b)</sup> | WEX, Inc. <sup>(b)</sup> | WEX, Inc. <sup>(b)</sup> | WEX, Inc. <sup>(b)</sup> |
| 265000 | 6.500 | 03/15/33 | 271137 |
| ZipRecruiter, Inc. <sup>(b)</sup> | ZipRecruiter, Inc. <sup>(b)</sup> | ZipRecruiter, Inc. <sup>(b)</sup> | ZipRecruiter, Inc. <sup>(b)</sup> |
| 125000 | 5.000 | 01/15/30 | 97740 |
|  |  |  | 38901754 |
| Computers<sup>(a)(b)</sup> – 0.2% | Computers<sup>(a)(b)</sup> – 0.2% | Computers<sup>(a)(b)</sup> – 0.2% | Computers<sup>(a)(b)</sup> – 0.2% |
| CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings |
| 915000 | 5.375 | 10/31/26 | 910425 |
| Lutech SpA | Lutech SpA | Lutech SpA | Lutech SpA |
| 500000 | 5.000 | 05/15/27 | 575046 |
| McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. |
| $1598000 | 7.375 | 02/15/30 | 1470176 |
| Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
| 1765000 | 4.875 | 04/01/28 | 1750350 |
|  |  |  | 4705997 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Cosmetics & Personal Care<sup>(a)</sup> – 0.2% | Cosmetics & Personal Care<sup>(a)</sup> – 0.2% | Cosmetics & Personal Care<sup>(a)</sup> – 0.2% | Cosmetics & Personal Care<sup>(a)</sup> – 0.2% |
| Opal Bidco SAS <sup>(b)</sup> | Opal Bidco SAS <sup>(b)</sup> | Opal Bidco SAS <sup>(b)</sup> | Opal Bidco SAS <sup>(b)</sup> |
| 2630000 | 5.500% | 03/31/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146241 |
| Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
| $700000 | 6.125 | 09/30/32 | 707336 |
|  |  |  | 3853577 |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.2% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.2% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.2% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.2% |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
| 3002000 | 4.000 | 01/15/28 | 2957631 |
| Green Bidco SA | Green Bidco SA | Green Bidco SA | Green Bidco SA |
| 295000 | 10.250 | 07/15/28 | 86259 |
|  |  |  | 3043890 |
| Diversified Financial Services – 2.7% | Diversified Financial Services – 2.7% | Diversified Financial Services – 2.7% | Diversified Financial Services – 2.7% |
| Bread Financial Holdings, Inc. <sup>(a)(b)</sup> | Bread Financial Holdings, Inc. <sup>(a)(b)</sup> | Bread Financial Holdings, Inc. <sup>(a)(b)</sup> | Bread Financial Holdings, Inc. <sup>(a)(b)</sup> |
| $1753000 | 9.750 | 03/15/29 | 1870994 |
| (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) |
| 1588000 | 8.375 <sup>(c)</sup> | 06/15/35 | 1621110 |
| CI Financial Corp. <sup>(a)(b)</sup> | CI Financial Corp. <sup>(a)(b)</sup> | CI Financial Corp. <sup>(a)(b)</sup> | CI Financial Corp. <sup>(a)(b)</sup> |
| 2050000 | 7.500 | 05/30/29 | 2178822 |
| Coinbase Global, Inc. <sup>(a)(b)</sup> | Coinbase Global, Inc. <sup>(a)(b)</sup> | Coinbase Global, Inc. <sup>(a)(b)</sup> | Coinbase Global, Inc. <sup>(a)(b)</sup> |
| 2095000 | 3.375 | 10/01/28 | 1996849 |
| CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup> | CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup> | CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup> | CrossCountry Intermediate HoldCo LLC <sup>(a)(b)</sup> |
| 2785000 | 6.500 | 10/01/30 | 2812154 |
| Encore Capital Group, Inc. <sup>(a)(b)</sup> | Encore Capital Group, Inc. <sup>(a)(b)</sup> | Encore Capital Group, Inc. <sup>(a)(b)</sup> | Encore Capital Group, Inc. <sup>(a)(b)</sup> |
| 2055000 | 6.625 | 04/15/31 | 2038868 |
| Finance of America Funding LLC <sup>(b)</sup> | Finance of America Funding LLC <sup>(b)</sup> | Finance of America Funding LLC <sup>(b)</sup> | Finance of America Funding LLC <sup>(b)</sup> |
| 1034285 | 8.875 | 11/30/27 | 937166 |
| 775000 | 10.000 | 11/30/29 | 916677 |
| Focus Financial Partners LLC <sup>(a)(b)</sup> | Focus Financial Partners LLC <sup>(a)(b)</sup> | Focus Financial Partners LLC <sup>(a)(b)</sup> | Focus Financial Partners LLC <sup>(a)(b)</sup> |
| 5336000 | 6.750 | 09/15/31 | 5495645 |
| Freedom Funding Center LLC <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 12.000%) | Freedom Funding Center LLC <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 12.000%) | Freedom Funding Center LLC <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 12.000%) | Freedom Funding Center LLC <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 12.000%) |
| 550000 | 12.000 | 10/01/37 | 588500 |
| Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC <sup>(a)(b)</sup> |
| 1383000 | 9.250 | 02/01/29 | 1452440 |
| 899000 | 8.375 | 04/01/32 | 939815 |
| 2769000 | 7.875 | 04/01/33 | 2844511 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup> | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup> | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup> | Jefferies Finance LLC/JFIN Co-Issuer Corp. <sup>(a)(b)</sup> |
| 3774000 | 5.000 | 08/15/28 | 3574167 |
| 820000 | 6.625 | 10/15/31 | 808299 |
| Jerrold Finco PLC <sup>(a)</sup> | Jerrold Finco PLC <sup>(a)</sup> | Jerrold Finco PLC <sup>(a)</sup> | Jerrold Finco PLC <sup>(a)</sup> |
| 1680000 | 7.500 | 06/15/31 | 2240231 |
| Kane Bidco Ltd. <sup>(a)(b)</sup> | Kane Bidco Ltd. <sup>(a)(b)</sup> | Kane Bidco Ltd. <sup>(a)(b)</sup> | Kane Bidco Ltd. <sup>(a)(b)</sup> |
| 1072000 | 7.750 | 07/15/31 | 1429410 |
| Midcap Financial Issuer Trust <sup>(a)(b)</sup> | Midcap Financial Issuer Trust <sup>(a)(b)</sup> | Midcap Financial Issuer Trust <sup>(a)(b)</sup> | Midcap Financial Issuer Trust <sup>(a)(b)</sup> |
| $3143000 | 6.500 | 05/01/28 | 3086803 |
| 2565000 | 5.625 | 01/15/30 | 2424694 |
| Muangthai Capital PCL | Muangthai Capital PCL | Muangthai Capital PCL | Muangthai Capital PCL |
| 480000 | 7.550 | 07/21/30 | 497424 |
| Muthoot Finance Ltd. <sup>(b)</sup> | Muthoot Finance Ltd. <sup>(b)</sup> | Muthoot Finance Ltd. <sup>(b)</sup> | Muthoot Finance Ltd. <sup>(b)</sup> |
| 480000 | 6.375 | 04/23/29 | 487800 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 1590000 | 7.875 <sup>(a)</sup> | 06/15/32 | 1643583 |
| 1200000 | 5.625 | 08/01/33 | 1083660 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> |
| 1337000 | 3.500% | 01/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315167 |
| 1805000 | 3.875 | 09/15/28 | 1742186 |
| 1565000 | 5.375 | 11/15/29 | 1552230 |
| 715000 | 4.000 | 09/15/30 | 664836 |
| 350000 | 7.500 | 05/15/31 | 365669 |
| PennyMac Financial Services, Inc. <sup>(a)(b)</sup> | PennyMac Financial Services, Inc. <sup>(a)(b)</sup> | PennyMac Financial Services, Inc. <sup>(a)(b)</sup> | PennyMac Financial Services, Inc. <sup>(a)(b)</sup> |
| 555000 | 4.250 | 02/15/29 | 539094 |
| 500000 | 5.750 | 09/15/31 | 498985 |
| Planet Financial Group LLC <sup>(a)(b)</sup> | Planet Financial Group LLC <sup>(a)(b)</sup> | Planet Financial Group LLC <sup>(a)(b)</sup> | Planet Financial Group LLC <sup>(a)(b)</sup> |
| 2517000 | 10.500 | 12/15/29 | 2616900 |
| PRA Group, Inc. <sup>(a)(b)</sup> | PRA Group, Inc. <sup>(a)(b)</sup> | PRA Group, Inc. <sup>(a)(b)</sup> | PRA Group, Inc. <sup>(a)(b)</sup> |
| 3063000 | 8.875 | 01/31/30 | 3112008 |
| Rocket Cos., Inc. <sup>(a)(b)</sup> | Rocket Cos., Inc. <sup>(a)(b)</sup> | Rocket Cos., Inc. <sup>(a)(b)</sup> | Rocket Cos., Inc. <sup>(a)(b)</sup> |
| 250000 | 6.125 | 08/01/30 | 258037 |
| 250000 | 6.375 | 08/01/33 | 260680 |
|  |  |  | 55895414 |
| Electrical – 2.7% | Electrical – 2.7% | Electrical – 2.7% | Electrical – 2.7% |
| Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. | Adani Electricity Mumbai Ltd. |
| 1605000 | 3.949 | 02/12/30 | 1506902 |
| AES Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.201%) | AES Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.201%) | AES Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.201%) | AES Corp. <sup>(a)(c)</sup> (5 yr. CMT + 3.201%) |
| 2708000 | 7.600 | 01/15/55 | 2758017 |
| Alpha Generation LLC <sup>(a)(b)</sup> | Alpha Generation LLC <sup>(a)(b)</sup> | Alpha Generation LLC <sup>(a)(b)</sup> | Alpha Generation LLC <sup>(a)(b)</sup> |
| 3025000 | 6.750 | 10/15/32 | 3109186 |
| Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy <sup>(a)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy <sup>(a)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy <sup>(a)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy <sup>(a)</sup> |
| 1928138 | 7.875 <sup>(b)</sup> | 02/15/39 | 2081907 |
| 462634 | 7.875 | 02/15/39 | 499529 |
| Calpine Corp. <sup>(a)(b)</sup> | Calpine Corp. <sup>(a)(b)</sup> | Calpine Corp. <sup>(a)(b)</sup> | Calpine Corp. <sup>(a)(b)</sup> |
| 1000000 | 5.125 | 03/15/28 | 999970 |
| 1080000 | 4.625 | 02/01/29 | 1072894 |
| Chile Electricity Lux MPC II SARL <sup>(g)</sup> | Chile Electricity Lux MPC II SARL <sup>(g)</sup> | Chile Electricity Lux MPC II SARL <sup>(g)</sup> | Chile Electricity Lux MPC II SARL <sup>(g)</sup> |
| 478977 | 5.580 | 10/20/35 | 494209 |
| Continuum Green Energy India Pvt/Co-Issuers <sup>(a)</sup> | Continuum Green Energy India Pvt/Co-Issuers <sup>(a)</sup> | Continuum Green Energy India Pvt/Co-Issuers <sup>(a)</sup> | Continuum Green Energy India Pvt/Co-Issuers <sup>(a)</sup> |
| 704085 | 7.500 | 06/26/33 | 742373 |
| Edison International <sup>(a)(c)</sup> | Edison International <sup>(a)(c)</sup> | Edison International <sup>(a)(c)</sup> | Edison International <sup>(a)(c)</sup> |
| (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) |
| 2500000 | 5.000 | 12/15/26 | 2447975 |
| (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) |
| 5157000 | 5.375 | 03/09/26 | 5110123 |
| EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)(b)</sup> | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)(b)</sup> | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)(b)</sup> | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA <sup>(a)(b)</sup> |
| 1229000 | 5.375 | 12/30/30 | 1139443 |
| EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU <sup>(a)(b)</sup> | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU <sup>(a)(b)</sup> | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU <sup>(a)(b)</sup> | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain SAU <sup>(a)(b)</sup> |
| 1229000 | 8.499 | 06/30/32 | 1285202 |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)</sup> | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)</sup> | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)</sup> | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple <sup>(a)</sup> |
| 945934 | 7.250 | 01/31/41 | 1000032 |
| Limak Yenilenebilir Enerji AS <sup>(a)</sup> | Limak Yenilenebilir Enerji AS <sup>(a)</sup> | Limak Yenilenebilir Enerji AS <sup>(a)</sup> | Limak Yenilenebilir Enerji AS <sup>(a)</sup> |
| 990000 | 9.625 | 08/12/30 | 977934 |
| NRG Energy, Inc. <sup>(a)</sup> | NRG Energy, Inc. <sup>(a)</sup> | NRG Energy, Inc. <sup>(a)</sup> | NRG Energy, Inc. <sup>(a)</sup> |
| 1000000 | 5.750 | 01/15/28 | 1003810 |
| 5015000 | 3.625 <sup>(b)</sup> | 02/15/31 | 4683258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) |
| $485000 | 6.250 %<sup>(b)</sup> | 11/01/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499545 |
| 750000 | 6.000 <sup>(b)</sup> | 01/15/36 | 762645 |
| Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(a)(b)</sup> | Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(a)(b)</sup> | Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(a)(b)</sup> | Pattern Energy Operations LP/Pattern Energy Operations, Inc. <sup>(a)(b)</sup> |
| 2000000 | 4.500 | 08/15/28 | 1947780 |
| PG&E Corp. <sup>(a)</sup> | PG&E Corp. <sup>(a)</sup> | PG&E Corp. <sup>(a)</sup> | PG&E Corp. <sup>(a)</sup> |
| 1300000 | 5.250 | 07/01/30 | 1286805 |
| (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) |
| 2293000 | 7.375 <sup>(c)</sup> | 03/15/55 | 2359887 |
| Saavi Energia SARL <sup>(a)</sup> | Saavi Energia SARL <sup>(a)</sup> | Saavi Energia SARL <sup>(a)</sup> | Saavi Energia SARL <sup>(a)</sup> |
| 1784000 | 8.875 <sup>(b)</sup> | 02/10/35 | 1908880 |
| 695000 | 8.875 | 02/10/35 | 743650 |
| SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL <sup>(a)</sup> | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL <sup>(a)</sup> | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL <sup>(a)</sup> | SAEL/SPREPL/SSSPL/JGPEPL/SKREPL/UBEPL <sup>(a)</sup> |
| 980096 | 7.800 | 07/31/31 | 1002148 |
| Threelands Energy Ltd. SARL <sup>(a)(b)</sup> | Threelands Energy Ltd. SARL <sup>(a)(b)</sup> | Threelands Energy Ltd. SARL <sup>(a)(b)</sup> | Threelands Energy Ltd. SARL <sup>(a)(b)</sup> |
| 765000 | 7.450 | 10/20/35 | 764197 |
| Vistra Corp. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.740%) | Vistra Corp. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.740%) | Vistra Corp. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.740%) | Vistra Corp. <sup>(a)(b)(c)</sup> (5 yr. CMT + 5.740%) |
| 1395000 | 7.000 | 12/31/99 | 1409871 |
| Vistra Operations Co. LLC <sup>(a)(b)</sup> | Vistra Operations Co. LLC <sup>(a)(b)</sup> | Vistra Operations Co. LLC <sup>(a)(b)</sup> | Vistra Operations Co. LLC <sup>(a)(b)</sup> |
| 2750000 | 5.000 | 07/31/27 | 2751072 |
| 1970000 | 4.375 | 05/01/29 | 1934973 |
| 29000 | 4.300 | 07/15/29 | 28712 |
| 800000 | 7.750 | 10/15/31 | 849112 |
| 1355000 | 6.875 | 04/15/32 | 1423522 |
| XPLR Infrastructure Operating Partners LP <sup>(a)(b)</sup> | XPLR Infrastructure Operating Partners LP <sup>(a)(b)</sup> | XPLR Infrastructure Operating Partners LP <sup>(a)(b)</sup> | XPLR Infrastructure Operating Partners LP <sup>(a)(b)</sup> |
| 1658000 | 8.375 | 01/15/31 | 1735263 |
| 1596000 | 8.625 | 03/15/33 | 1673613 |
|  |  |  | 53994439 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.1% |
| Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV |
| 1261000 | 3.500 | 06/30/29 | 1423404 |
| Electronics<sup>(a)(b)</sup> – 0.1% | Electronics<sup>(a)(b)</sup> – 0.1% | Electronics<sup>(a)(b)</sup> – 0.1% | Electronics<sup>(a)(b)</sup> – 0.1% |
| Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
| $675000 | 5.000 | 12/15/29 | 668290 |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| 2070000 | 4.000 | 04/15/29 | 2016967 |
|  |  |  | 2685257 |
| Energy-Alternate Sources – 0.4% | Energy-Alternate Sources – 0.4% | Energy-Alternate Sources – 0.4% | Energy-Alternate Sources – 0.4% |
| Cullinan Holdco SCSp <sup>(b)</sup> | Cullinan Holdco SCSp <sup>(b)</sup> | Cullinan Holdco SCSp <sup>(b)</sup> | Cullinan Holdco SCSp <sup>(b)</sup> |
| 890497 | 8.500 | 10/15/29 | 744512 |
| FS Luxembourg SARL <sup>(a)(b)</sup> | FS Luxembourg SARL <sup>(a)(b)</sup> | FS Luxembourg SARL <sup>(a)(b)</sup> | FS Luxembourg SARL <sup>(a)(b)</sup> |
| $2206000 | 8.625 | 06/25/33 | 2280453 |
| Greenko Wind Projects Mauritius Ltd. <sup>(a)</sup> | Greenko Wind Projects Mauritius Ltd. <sup>(a)</sup> | Greenko Wind Projects Mauritius Ltd. <sup>(a)</sup> | Greenko Wind Projects Mauritius Ltd. <sup>(a)</sup> |
| 480000 | 7.250 | 09/27/28 | 486912 |
| TerraForm Power Operating LLC <sup>(a)(b)</sup> | TerraForm Power Operating LLC <sup>(a)(b)</sup> | TerraForm Power Operating LLC <sup>(a)(b)</sup> | TerraForm Power Operating LLC <sup>(a)(b)</sup> |
| 2602000 | 5.000 | 01/31/28 | 2593309 |
| 1250000 | 4.750 | 01/15/30 | 1199125 |
|  |  |  | 7304311 |
| Engineering & Construction<sup>(a)</sup> – 0.1% | Engineering & Construction<sup>(a)</sup> – 0.1% | Engineering & Construction<sup>(a)</sup> – 0.1% | Engineering & Construction<sup>(a)</sup> – 0.1% |
| Artera Services LLC <sup>(b)</sup> | Artera Services LLC <sup>(b)</sup> | Artera Services LLC <sup>(b)</sup> | Artera Services LLC <sup>(b)</sup> |
| 360000 | 8.500 | 02/15/31 | 310000 |
| Assemblin Caverion Group AB <sup>(b)</sup> | Assemblin Caverion Group AB <sup>(b)</sup> | Assemblin Caverion Group AB <sup>(b)</sup> | Assemblin Caverion Group AB <sup>(b)</sup> |
| 944000 | 6.250 | 07/01/30 | 1134966 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) | Engineering & Construction<sup>(a)</sup> – (continued) |
| (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
| 246000 | 5.500 %<sup>(c)</sup> | 07/01/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285301 |
| IHS Holding Ltd. | IHS Holding Ltd. | IHS Holding Ltd. | IHS Holding Ltd. |
| $495000 | 6.250 | 11/29/28 | 494307 |
|  |  |  | 2224574 |
| Entertainment<sup>(a)</sup> – 2.1% | Entertainment<sup>(a)</sup> – 2.1% | Entertainment<sup>(a)</sup> – 2.1% | Entertainment<sup>(a)</sup> – 2.1% |
| 888 Acquisitions Ltd. <sup>(b)</sup> | 888 Acquisitions Ltd. <sup>(b)</sup> | 888 Acquisitions Ltd. <sup>(b)</sup> | 888 Acquisitions Ltd. <sup>(b)</sup> |
| 2156000 | 8.000 | 09/30/31 | 2327806 |
| Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup> | Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup> | Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup> | Allwyn Entertainment Financing U.K. PLC <sup>(b)</sup> |
| 1523000 | 4.125 | 02/15/31 | 1723765 |
| Banijay Entertainment SAS <sup>(b)</sup> | Banijay Entertainment SAS <sup>(b)</sup> | Banijay Entertainment SAS <sup>(b)</sup> | Banijay Entertainment SAS <sup>(b)</sup> |
| 1237000 | 7.000 | 05/01/29 | 1477457 |
| Boyne USA, Inc. <sup>(b)</sup> | Boyne USA, Inc. <sup>(b)</sup> | Boyne USA, Inc. <sup>(b)</sup> | Boyne USA, Inc. <sup>(b)</sup> |
| $2601000 | 4.750 | 05/15/29 | 2547523 |
| Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> | Caesars Entertainment, Inc. <sup>(b)</sup> |
| 600000 | 7.000 | 02/15/30 | 617646 |
| Churchill Downs, Inc. <sup>(b)</sup> | Churchill Downs, Inc. <sup>(b)</sup> | Churchill Downs, Inc. <sup>(b)</sup> | Churchill Downs, Inc. <sup>(b)</sup> |
| 3082000 | 4.750 | 01/15/28 | 3054847 |
| Cirsa Finance International SARL <sup>(b)</sup> | Cirsa Finance International SARL <sup>(b)</sup> | Cirsa Finance International SARL <sup>(b)</sup> | Cirsa Finance International SARL <sup>(b)</sup> |
| 1266000 | 6.500 | 03/15/29 | 1521653 |
| 1391000 | 4.875 | 10/15/31 | 1635804 |
| Flutter Treasury DAC <sup>(b)</sup> | Flutter Treasury DAC <sup>(b)</sup> | Flutter Treasury DAC <sup>(b)</sup> | Flutter Treasury DAC <sup>(b)</sup> |
| 737000 | 5.000 | 04/29/29 | 878352 |
| GENM Capital Labuan Ltd. | GENM Capital Labuan Ltd. | GENM Capital Labuan Ltd. | GENM Capital Labuan Ltd. |
| $1080000 | 3.882 | 04/19/31 | 977940 |
| Jacobs Entertainment, Inc. <sup>(b)</sup> | Jacobs Entertainment, Inc. <sup>(b)</sup> | Jacobs Entertainment, Inc. <sup>(b)</sup> | Jacobs Entertainment, Inc. <sup>(b)</sup> |
| 1220000 | 6.750 | 02/15/29 | 1182217 |
| 150000 | 6.750 | 02/15/29 | 145990 |
| LHMC Finco 2 SARL <sup>(b)(e)</sup> (PIK 9.375%, Cash 8.625%) | LHMC Finco 2 SARL <sup>(b)(e)</sup> (PIK 9.375%, Cash 8.625%) | LHMC Finco 2 SARL <sup>(b)(e)</sup> (PIK 9.375%, Cash 8.625%) | LHMC Finco 2 SARL <sup>(b)(e)</sup> (PIK 9.375%, Cash 8.625%) |
| 1874000 | 8.625 | 05/15/30 | 2252323 |
| Light & Wonder International, Inc. <sup>(b)</sup> | Light & Wonder International, Inc. <sup>(b)</sup> | Light & Wonder International, Inc. <sup>(b)</sup> | Light & Wonder International, Inc. <sup>(b)</sup> |
| $1650000 | 6.250 | 10/01/33 | 1644291 |
| Live Nation Entertainment, Inc. <sup>(b)</sup> | Live Nation Entertainment, Inc. <sup>(b)</sup> | Live Nation Entertainment, Inc. <sup>(b)</sup> | Live Nation Entertainment, Inc. <sup>(b)</sup> |
| 2000000 | 4.750 | 10/15/27 | 1994440 |
| Loarre Investments SARL <sup>(b)</sup> | Loarre Investments SARL <sup>(b)</sup> | Loarre Investments SARL <sup>(b)</sup> | Loarre Investments SARL <sup>(b)</sup> |
| 800000 | 6.500 | 05/15/29 | 950365 |
| Lottomatica Group SpA <sup>(b)</sup> | Lottomatica Group SpA <sup>(b)</sup> | Lottomatica Group SpA <sup>(b)</sup> | Lottomatica Group SpA <sup>(b)</sup> |
| 715000 | 4.875 | 01/31/31 | 850633 |
| Merlin Entertainments Group U.S. Holdings, Inc. <sup>(b)</sup> | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(b)</sup> | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(b)</sup> | Merlin Entertainments Group U.S. Holdings, Inc. <sup>(b)</sup> |
| $200000 | 7.375 | 02/15/31 | 168152 |
| Ontario Gaming GTA LP/OTG Co-Issuer, Inc. <sup>(b)</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. <sup>(b)</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. <sup>(b)</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc. <sup>(b)</sup> |
| 2067000 | 8.000 | 08/01/30 | 2039075 |
| Pinewood Finco PLC <sup>(b)</sup> | Pinewood Finco PLC <sup>(b)</sup> | Pinewood Finco PLC <sup>(b)</sup> | Pinewood Finco PLC <sup>(b)</sup> |
| 400000 | 6.000 | 03/27/30 | 529043 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc. | Resorts World Las Vegas LLC/RWLV Capital, Inc. | Resorts World Las Vegas LLC/RWLV Capital, Inc. | Resorts World Las Vegas LLC/RWLV Capital, Inc. |
| $1110000 | 4.625 <sup>(b)</sup> | 04/16/29 | 1001719 |
| 500000 | 4.625 | 04/16/29 | 451225 |
| 500000 | 4.625 <sup>(b)</sup> | 04/06/31 | 426550 |
| Six Flags Entertainment Corp. <sup>(b)</sup> | Six Flags Entertainment Corp. <sup>(b)</sup> | Six Flags Entertainment Corp. <sup>(b)</sup> | Six Flags Entertainment Corp. <sup>(b)</sup> |
| 1970000 | 7.250 | 05/15/31 | 1973901 |
| Voyager Parent LLC <sup>(b)</sup> | Voyager Parent LLC <sup>(b)</sup> | Voyager Parent LLC <sup>(b)</sup> | Voyager Parent LLC <sup>(b)</sup> |
| 1481000 | 9.250 | 07/01/32 | 1553702 |
| Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
| 2411000 | 4.693 | 05/17/33 | 2699114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Entertainment<sup>(a)</sup> – (continued) | Entertainment<sup>(a)</sup> – (continued) | Entertainment<sup>(a)</sup> – (continued) | Entertainment<sup>(a)</sup> – (continued) |
| $7264000 | 5.050% | 03/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5828633 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. <sup>(b)</sup> |
| 350000 | 7.125 | 02/15/31 | 375578 |
| 500000 | 6.250 | 03/15/33 | 508715 |
|  |  |  | 43338459 |
| Environmental<sup>(a)(b)</sup> – 0.4% | Environmental<sup>(a)(b)</sup> – 0.4% | Environmental<sup>(a)(b)</sup> – 0.4% | Environmental<sup>(a)(b)</sup> – 0.4% |
| Ambipar Lux SARL <sup>(d)(h)</sup> | Ambipar Lux SARL <sup>(d)(h)</sup> | Ambipar Lux SARL <sup>(d)(h)</sup> | Ambipar Lux SARL <sup>(d)(h)</sup> |
| 614000 | 10.875 | 02/05/33 | 113590 |
| Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
| 1300000 | 5.750 | 10/15/33 | 1328418 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 450000 | 3.500 | 09/01/28 | 439857 |
| 700000 | 4.375 | 08/15/29 | 683788 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 3382000 | 4.125 | 06/30/28 | 3311654 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 1420000 | 7.000 | 02/01/33 | 1478774 |
|  |  |  | 7356081 |
| Food & Drug Retailing – 1.3% | Food & Drug Retailing – 1.3% | Food & Drug Retailing – 1.3% | Food & Drug Retailing – 1.3% |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC <sup>(a)(b)</sup> |
| 2784000 | 3.500 | 03/15/29 | 2656381 |
| Bellis Acquisition Co. PLC <sup>(a)(b)</sup> | Bellis Acquisition Co. PLC <sup>(a)(b)</sup> | Bellis Acquisition Co. PLC <sup>(a)(b)</sup> | Bellis Acquisition Co. PLC <sup>(a)(b)</sup> |
| 1982000 | 8.125 | 05/14/30 | 2512778 |
| 708000 | 8.000 | 07/01/31 | 829240 |
| C&S Group Enterprises LLC <sup>(a)(b)</sup> | C&S Group Enterprises LLC <sup>(a)(b)</sup> | C&S Group Enterprises LLC <sup>(a)(b)</sup> | C&S Group Enterprises LLC <sup>(a)(b)</sup> |
| $1725000 | 5.000 | 12/15/28 | 1574632 |
| Chobani LLC/Chobani Finance Corp., Inc. <sup>(a)(b)</sup> | Chobani LLC/Chobani Finance Corp., Inc. <sup>(a)(b)</sup> | Chobani LLC/Chobani Finance Corp., Inc. <sup>(a)(b)</sup> | Chobani LLC/Chobani Finance Corp., Inc. <sup>(a)(b)</sup> |
| 1751000 | 4.625 | 11/15/28 | 1741229 |
| Darling Global Finance BV <sup>(a)(b)</sup> | Darling Global Finance BV <sup>(a)(b)</sup> | Darling Global Finance BV <sup>(a)(b)</sup> | Darling Global Finance BV <sup>(a)(b)</sup> |
| 1200000 | 4.500 | 07/15/32 | 1409543 |
| Flora Food Management BV <sup>(a)(b)</sup> | Flora Food Management BV <sup>(a)(b)</sup> | Flora Food Management BV <sup>(a)(b)</sup> | Flora Food Management BV <sup>(a)(b)</sup> |
| 753000 | 6.875 | 07/02/29 | 818499 |
| Froneri Lux FinCo SARL <sup>(a)(b)</sup> | Froneri Lux FinCo SARL <sup>(a)(b)</sup> | Froneri Lux FinCo SARL <sup>(a)(b)</sup> | Froneri Lux FinCo SARL <sup>(a)(b)</sup> |
| 1379000 | 4.750 | 08/01/32 | 1617257 |
| Iceland Bondco PLC <sup>(a)(b)</sup> | Iceland Bondco PLC <sup>(a)(b)</sup> | Iceland Bondco PLC <sup>(a)(b)</sup> | Iceland Bondco PLC <sup>(a)(b)</sup> |
| 439000 | 4.375 | 05/15/28 | 560416 |
| (3 mo. EUR EURIBOR + 5.500%) | (3 mo. EUR EURIBOR + 5.500%) | (3 mo. EUR EURIBOR + 5.500%) | (3 mo. EUR EURIBOR + 5.500%) |
| 200000 | 7.536 <sup>(c)</sup> | 12/15/27 | 232132 |
| Lamb Weston Holdings, Inc. <sup>(a)(b)</sup> | Lamb Weston Holdings, Inc. <sup>(a)(b)</sup> | Lamb Weston Holdings, Inc. <sup>(a)(b)</sup> | Lamb Weston Holdings, Inc. <sup>(a)(b)</sup> |
| $2000000 | 4.125 | 01/31/30 | 1931160 |
| New Albertsons LP | New Albertsons LP | New Albertsons LP | New Albertsons LP |
| 1050000 | 8.700 | 05/01/30 | 1173060 |
| 543000 | 8.000 | 05/01/31 | 597311 |
| Nomad Foods Bondco PLC <sup>(a)(b)</sup> | Nomad Foods Bondco PLC <sup>(a)(b)</sup> | Nomad Foods Bondco PLC <sup>(a)(b)</sup> | Nomad Foods Bondco PLC <sup>(a)(b)</sup> |
| 1074000 | 2.500 | 06/24/28 | 1215267 |
| Performance Food Group, Inc. <sup>(a)(b)</sup> | Performance Food Group, Inc. <sup>(a)(b)</sup> | Performance Food Group, Inc. <sup>(a)(b)</sup> | Performance Food Group, Inc. <sup>(a)(b)</sup> |
| $1185000 | 4.250 | 08/01/29 | 1156394 |
| 1605000 | 6.125 | 09/15/32 | 1648190 |
| Picard Groupe SAS <sup>(a)(b)</sup> | Picard Groupe SAS <sup>(a)(b)</sup> | Picard Groupe SAS <sup>(a)(b)</sup> | Picard Groupe SAS <sup>(a)(b)</sup> |
| 980000 | 6.375 | 07/01/29 | 1185241 |
| Post Holdings, Inc. <sup>(a)(b)</sup> | Post Holdings, Inc. <sup>(a)(b)</sup> | Post Holdings, Inc. <sup>(a)(b)</sup> | Post Holdings, Inc. <sup>(a)(b)</sup> |
| $2621000 | 6.250 | 10/15/34 | 2655047 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed <sup>(a)(b)</sup> | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed <sup>(a)(b)</sup> | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed <sup>(a)(b)</sup> | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed <sup>(a)(b)</sup> |
| $580000 | 4.625% | 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555756 |
| Tyson Foods, Inc. <sup>(a)</sup> | Tyson Foods, Inc. <sup>(a)</sup> | Tyson Foods, Inc. <sup>(a)</sup> | Tyson Foods, Inc. <sup>(a)</sup> |
| 724000 | 5.100 | 09/28/48 | 667789 |
|  |  |  | 26737322 |
| Forest Products & Paper<sup>(a)(b)</sup> – 0.3% | Forest Products & Paper<sup>(a)(b)</sup> – 0.3% | Forest Products & Paper<sup>(a)(b)</sup> – 0.3% | Forest Products & Paper<sup>(a)(b)</sup> – 0.3% |
| Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ |
| 1259000 | 3.625 | 02/04/28 | 1436051 |
| Domtar Corp. | Domtar Corp. | Domtar Corp. | Domtar Corp. |
| $3349000 | 6.750 | 10/01/28 | 2548288 |
| WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH |
| 1483000 | 5.625 | 01/15/31 | 1786900 |
|  |  |  | 5771239 |
| Gaming<sup>(a)(b)</sup> – 0.1% | Gaming<sup>(a)(b)</sup> – 0.1% | Gaming<sup>(a)(b)</sup> – 0.1% | Gaming<sup>(a)(b)</sup> – 0.1% |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| $1650000 | 6.625 | 03/15/32 | 1676763 |
| Gas<sup>(a)</sup> – 0.4% | Gas<sup>(a)</sup> – 0.4% | Gas<sup>(a)</sup> – 0.4% | Gas<sup>(a)</sup> – 0.4% |
| AltaGas Ltd. <sup>(b)(c)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(c)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(c)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(c)</sup> (5 yr. CMT + 3.573%) |
| 2828000 | 7.200 | 10/15/54 | 2911483 |
| AmeriGas Partners LP/AmeriGas Finance Corp. <sup>(b)</sup> | AmeriGas Partners LP/AmeriGas Finance Corp. <sup>(b)</sup> | AmeriGas Partners LP/AmeriGas Finance Corp. <sup>(b)</sup> | AmeriGas Partners LP/AmeriGas Finance Corp. <sup>(b)</sup> |
| 2481000 | 9.500 | 06/01/30 | 2611947 |
| Northwest Natural Holding Co. <sup>(c)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co. <sup>(c)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co. <sup>(c)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co. <sup>(c)</sup> (5 yr. CMT + 2.701%) |
| 2288000 | 7.000 | 09/15/55 | 2382860 |
|  |  |  | 7906290 |
| Hand/Machine Tools<sup>(a)(b)</sup> – 0.1% | Hand/Machine Tools<sup>(a)(b)</sup> – 0.1% | Hand/Machine Tools<sup>(a)(b)</sup> – 0.1% | Hand/Machine Tools<sup>(a)(b)</sup> – 0.1% |
| Dynamo Newco II GmbH | Dynamo Newco II GmbH | Dynamo Newco II GmbH | Dynamo Newco II GmbH |
| 1553000 | 6.250 | 10/15/31 | 1799088 |
| IMA Industria Macchine Automatiche SpA | IMA Industria Macchine Automatiche SpA | IMA Industria Macchine Automatiche SpA | IMA Industria Macchine Automatiche SpA |
| 750000 | 3.750 | 01/15/28 | 862326 |
|  |  |  | 2661414 |
| Health Care Providers & Services – 0.2% | Health Care Providers & Services – 0.2% | Health Care Providers & Services – 0.2% | Health Care Providers & Services – 0.2% |
| Kedrion SpA <sup>(a)(b)</sup> | Kedrion SpA <sup>(a)(b)</sup> | Kedrion SpA <sup>(a)(b)</sup> | Kedrion SpA <sup>(a)(b)</sup> |
| $1760000 | 6.500 | 09/01/29 | 1725997 |
| Lantheus Holdings, Inc. | Lantheus Holdings, Inc. | Lantheus Holdings, Inc. | Lantheus Holdings, Inc. |
| 1680000 | 2.625 | 12/15/27 | 1861440 |
|  |  |  | 3587437 |
| Healthcare Providers & Services<sup>(a)</sup> – 2.5% | Healthcare Providers & Services<sup>(a)</sup> – 2.5% | Healthcare Providers & Services<sup>(a)</sup> – 2.5% | Healthcare Providers & Services<sup>(a)</sup> – 2.5% |
| Akumin, Inc. <sup>(b)</sup> | Akumin, Inc. <sup>(b)</sup> | Akumin, Inc. <sup>(b)</sup> | Akumin, Inc. <sup>(b)</sup> |
| 15000 | 8.000 | 08/01/28 | 13198 |
| (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) |
| 1590000 | 9.000 <sup>(e)</sup> | 08/01/27 | 1470416 |
| Avantor Funding, Inc. <sup>(b)</sup> | Avantor Funding, Inc. <sup>(b)</sup> | Avantor Funding, Inc. <sup>(b)</sup> | Avantor Funding, Inc. <sup>(b)</sup> |
| 753000 | 3.875 | 07/15/28 | 866027 |
| CAB SELAS <sup>(b)</sup> | CAB SELAS <sup>(b)</sup> | CAB SELAS <sup>(b)</sup> | CAB SELAS <sup>(b)</sup> |
| 1091000 | 3.375 | 02/01/28 | 1161050 |
| Cerba Healthcare SACA | Cerba Healthcare SACA | Cerba Healthcare SACA | Cerba Healthcare SACA |
| 2719000 | 3.500 | 05/31/28 | 2182023 |
| Charles River Laboratories International, Inc. <sup>(b)</sup> | Charles River Laboratories International, Inc. <sup>(b)</sup> | Charles River Laboratories International, Inc. <sup>(b)</sup> | Charles River Laboratories International, Inc. <sup>(b)</sup> |
| $850000 | 4.000 | 03/15/31 | 801618 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) | Healthcare Providers & Services<sup>(a)</sup> – (continued) |
| CHS/Community Health Systems, Inc. <sup>(b)</sup> | CHS/Community Health Systems, Inc. <sup>(b)</sup> | CHS/Community Health Systems, Inc. <sup>(b)</sup> |  |
| 667000 | 6.875% | 04/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604175 |
| 2141000 | 5.250 | 05/15/30 | 2006781 |
| 2528000 | 10.875 | 01/15/32 | 2723187 |
| 1546000 | 9.750 | 01/15/34 | 1636503 |
| DaVita, Inc. <sup>(b)</sup> | DaVita, Inc. <sup>(b)</sup> | DaVita, Inc. <sup>(b)</sup> | DaVita, Inc. <sup>(b)</sup> |
| 1350000 | 3.750 | 02/15/31 | 1240407 |
| Embecta Corp. <sup>(b)</sup> | Embecta Corp. <sup>(b)</sup> | Embecta Corp. <sup>(b)</sup> | Embecta Corp. <sup>(b)</sup> |
| 900000 | 5.000 | 02/15/30 | 853605 |
| 400000 | 6.750 | 02/15/30 | 395444 |
| Fortrea Holdings, Inc. <sup>(b)</sup> | Fortrea Holdings, Inc. <sup>(b)</sup> | Fortrea Holdings, Inc. <sup>(b)</sup> | Fortrea Holdings, Inc. <sup>(b)</sup> |
| 1549000 | 7.500 | 07/01/30 | 1487102 |
| Global Medical Response, Inc. <sup>(b)</sup> | Global Medical Response, Inc. <sup>(b)</sup> | Global Medical Response, Inc. <sup>(b)</sup> | Global Medical Response, Inc. <sup>(b)</sup> |
| 650000 | 7.375 | 10/01/32 | 680284 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 725000 | 5.250 | 06/15/49 | 663933 |
| IQVIA, Inc. <sup>(b)</sup> | IQVIA, Inc. <sup>(b)</sup> | IQVIA, Inc. <sup>(b)</sup> | IQVIA, Inc. <sup>(b)</sup> |
| 1024000 | 2.250 | 03/15/29 | 1148669 |
| LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> | LifePoint Health, Inc. <sup>(b)</sup> |
| 5191000 | 9.875 | 08/15/30 | 5606540 |
| 1599000 | 8.375 | 02/15/32 | 1727048 |
| 1042000 | 10.000 | 06/01/32 | 1108167 |
| Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> | Medline Borrower LP <sup>(b)</sup> |
| 3811000 | 3.875 | 04/01/29 | 3702310 |
| 300000 | 5.250 | 10/01/29 | 298746 |
| Mehilainen Yhtiot OYJ <sup>(b)</sup> | Mehilainen Yhtiot OYJ <sup>(b)</sup> | Mehilainen Yhtiot OYJ <sup>(b)</sup> | Mehilainen Yhtiot OYJ <sup>(b)</sup> |
| 2540000 | 5.125 | 06/30/32 | 2980606 |
| Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> | Molina Healthcare, Inc. <sup>(b)</sup> |
| 2393000 | 4.375 | 06/15/28 | 2335616 |
| 950000 | 3.875 | 11/15/30 | 877458 |
| Radiology Partners, Inc. <sup>(b)</sup> | Radiology Partners, Inc. <sup>(b)</sup> | Radiology Partners, Inc. <sup>(b)</sup> | Radiology Partners, Inc. <sup>(b)</sup> |
| 1244452 | 9.781 <sup>(e)</sup> | 02/15/30 | 1218791 |
| 3530000 | 8.500 | 07/15/32 | 3675824 |
| RAY Financing LLC <sup>(b)</sup> | RAY Financing LLC <sup>(b)</sup> | RAY Financing LLC <sup>(b)</sup> | RAY Financing LLC <sup>(b)</sup> |
| 300000 | 6.500 | 07/15/31 | 351224 |
| Team Health Holdings, Inc. <sup>(b)</sup> | Team Health Holdings, Inc. <sup>(b)</sup> | Team Health Holdings, Inc. <sup>(b)</sup> | Team Health Holdings, Inc. <sup>(b)</sup> |
| 1590000 | 8.375 | 06/30/28 | 1607856 |
| (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) |
| 3374750 | 13.500 <sup>(e)</sup> | 06/30/28 | 3639837 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 1800000 | 6.750 | 05/15/31 | 1867410 |
|  |  |  | 50931855 |
| Home Builders<sup>(a)(b)</sup> – 0.2% | Home Builders<sup>(a)(b)</sup> – 0.2% | Home Builders<sup>(a)(b)</sup> – 0.2% | Home Builders<sup>(a)(b)</sup> – 0.2% |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC |
| 650000 | 5.000 | 06/15/29 | 622817 |
| K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. | K Hovnanian Enterprises, Inc. |
| 1464000 | 8.000 | 04/01/31 | 1494978 |
| 1674000 | 8.375 | 10/01/33 | 1713406 |
|  |  |  | 3831201 |
| Home Furnishings<sup>(a)(b)</sup> – 0.1% | Home Furnishings<sup>(a)(b)</sup> – 0.1% | Home Furnishings<sup>(a)(b)</sup> – 0.1% | Home Furnishings<sup>(a)(b)</sup> – 0.1% |
| Flos B&b Italia SpA | Flos B&b Italia SpA | Flos B&b Italia SpA | Flos B&b Italia SpA |
| 784800 | 10.000 | 11/15/28 | 940965 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Home Furnishings<sup>(a)(b)</sup> – (continued) | Home Furnishings<sup>(a)(b)</sup> – (continued) | Home Furnishings<sup>(a)(b)</sup> – (continued) | Home Furnishings<sup>(a)(b)</sup> – (continued) |
| Versuni Group BV | Versuni Group BV | Versuni Group BV |  |
| 1310000 | 3.125% | 06/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472977 |
|  |  |  | 2413942 |
| Household Products<sup>(a)</sup> – 0.0% | Household Products<sup>(a)</sup> – 0.0% | Household Products<sup>(a)</sup> – 0.0% | Household Products<sup>(a)</sup> – 0.0% |
| Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. | Central Garden & Pet Co. |
| $650000 | 4.125 | 10/15/30 | 614575 |
| Housewares<sup>(a)(b)</sup> – 0.1% | Housewares<sup>(a)(b)</sup> – 0.1% | Housewares<sup>(a)(b)</sup> – 0.1% | Housewares<sup>(a)(b)</sup> – 0.1% |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 1596000 | 8.500 | 06/01/28 | 1642396 |
| Insurance – 1.8% | Insurance – 1.8% | Insurance – 1.8% | Insurance – 1.8% |
| Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc. <sup>(a)(b)</sup> |
| 1341000 | 8.250 | 02/01/29 | 1397604 |
| 245000 | 8.500 | 06/15/29 | 257184 |
| 945000 | 7.500 | 11/06/30 | 978358 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer <sup>(a)(b)</sup> |
| 1159000 | 4.250 | 10/15/27 | 1141198 |
| 5500000 | 6.750 | 10/15/27 | 5518535 |
| 2323000 | 7.000 | 01/15/31 | 2401773 |
| 1250000 | 7.375 | 10/01/32 | 1291937 |
| American National Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.183%) | American National Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.183%) | American National Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.183%) | American National Group, Inc. <sup>(a)(c)</sup> (5 yr. CMT + 3.183%) |
| 2296000 | 7.000 | 12/01/55 | 2346925 |
| AmWINS Group, Inc. <sup>(a)(b)</sup> | AmWINS Group, Inc. <sup>(a)(b)</sup> | AmWINS Group, Inc. <sup>(a)(b)</sup> | AmWINS Group, Inc. <sup>(a)(b)</sup> |
| 714000 | 4.875 | 06/30/29 | 689474 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC <sup>(a)(b)</sup> |
| 2430000 | 7.875 | 11/01/29 | 2503507 |
| Ardonagh Finco Ltd. <sup>(a)(b)</sup> | Ardonagh Finco Ltd. <sup>(a)(b)</sup> | Ardonagh Finco Ltd. <sup>(a)(b)</sup> | Ardonagh Finco Ltd. <sup>(a)(b)</sup> |
| 2170000 | 7.750 | 02/15/31 | 2269256 |
| Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> | Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> | Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> | Ardonagh Group Finance Ltd. <sup>(a)(b)</sup> |
| 1459000 | 8.875 | 02/15/32 | 1521664 |
| Arthur J Gallagher & Co. <sup>(a)</sup> | Arthur J Gallagher & Co. <sup>(a)</sup> | Arthur J Gallagher & Co. <sup>(a)</sup> | Arthur J Gallagher & Co. <sup>(a)</sup> |
| 2377000 | 5.550 | 02/15/55 | 2314366 |
| Athora Holding Ltd. <sup>(a)</sup> | Athora Holding Ltd. <sup>(a)</sup> | Athora Holding Ltd. <sup>(a)</sup> | Athora Holding Ltd. <sup>(a)</sup> |
| 1792000 | 5.875 | 09/10/34 | 2240542 |
| Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. |
| $1440000 | 6.500 | 06/15/34 | 1484395 |
| (3 mo. USD Term SOFR + 2.264%) | (3 mo. USD Term SOFR + 2.264%) | (3 mo. USD Term SOFR + 2.264%) | (3 mo. USD Term SOFR + 2.264%) |
| 1000000 | 6.476 <sup>(a)(c)</sup> | 11/15/66 | 829370 |
| Hanwha Life Insurance Co. Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.292%) | Hanwha Life Insurance Co. Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.292%) | Hanwha Life Insurance Co. Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.292%) | Hanwha Life Insurance Co. Ltd. <sup>(a)(c)</sup> (5 yr. CMT + 2.292%) |
| 475000 | 6.300 | 06/24/55 | 498608 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC <sup>(a)(b)</sup> |
| 1960000 | 7.250 | 02/15/31 | 2019035 |
| HUB International Ltd. <sup>(a)(b)</sup> | HUB International Ltd. <sup>(a)(b)</sup> | HUB International Ltd. <sup>(a)(b)</sup> | HUB International Ltd. <sup>(a)(b)</sup> |
| 600000 | 7.250 | 06/15/30 | 626694 |
| Ryan Specialty LLC <sup>(a)(b)</sup> | Ryan Specialty LLC <sup>(a)(b)</sup> | Ryan Specialty LLC <sup>(a)(b)</sup> | Ryan Specialty LLC <sup>(a)(b)</sup> |
| 1580000 | 5.875 | 08/01/32 | 1606718 |
| SBL Holdings, Inc. <sup>(a)(b)</sup> | SBL Holdings, Inc. <sup>(a)(b)</sup> | SBL Holdings, Inc. <sup>(a)(b)</sup> | SBL Holdings, Inc. <sup>(a)(b)</sup> |
| 1764000 | 7.200 | 10/30/34 | 1720853 |
|  |  |  | 35657996 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Internet – 1.1% | Internet – 1.1% | Internet – 1.1% | Internet – 1.1% |
| ANGI Group LLC <sup>(a)(b)</sup> | ANGI Group LLC <sup>(a)(b)</sup> | ANGI Group LLC <sup>(a)(b)</sup> |  |
| $381000 | 3.875% | 08/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351781 |
| Cablevision Lightpath LLC <sup>(a)(b)</sup> | Cablevision Lightpath LLC <sup>(a)(b)</sup> | Cablevision Lightpath LLC <sup>(a)(b)</sup> | Cablevision Lightpath LLC <sup>(a)(b)</sup> |
| 1540000 | 5.625 | 09/15/28 | 1518610 |
| Cerved Group SpA <sup>(a)</sup> | Cerved Group SpA <sup>(a)</sup> | Cerved Group SpA <sup>(a)</sup> | Cerved Group SpA <sup>(a)</sup> |
| 484000 | 6.000 <sup>(b)</sup> | 02/15/29 | 515383 |
| 300000 | 6.000 | 02/15/29 | 319452 |
| Gen Digital, Inc. <sup>(a)(b)</sup> | Gen Digital, Inc. <sup>(a)(b)</sup> | Gen Digital, Inc. <sup>(a)(b)</sup> | Gen Digital, Inc. <sup>(a)(b)</sup> |
| $1297000 | 6.250 | 04/01/33 | 1334302 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. <sup>(a)(b)</sup> | Go Daddy Operating Co. LLC/GD Finance Co., Inc. <sup>(a)(b)</sup> | Go Daddy Operating Co. LLC/GD Finance Co., Inc. <sup>(a)(b)</sup> | Go Daddy Operating Co. LLC/GD Finance Co., Inc. <sup>(a)(b)</sup> |
| 2655000 | 3.500 | 03/01/29 | 2530613 |
| GrubHub Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 7.000%, Cash 6.000%) | GrubHub Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 7.000%, Cash 6.000%) | GrubHub Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 7.000%, Cash 6.000%) | GrubHub Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 7.000%, Cash 6.000%) |
| 746025 | 13.000 | 07/31/30 | 628563 |
| HSE Investment SARL <sup>(b)(c)</sup> (6 mo. EUR EURIBOR + 6.000%) | HSE Investment SARL <sup>(b)(c)</sup> (6 mo. EUR EURIBOR + 6.000%) | HSE Investment SARL <sup>(b)(c)</sup> (6 mo. EUR EURIBOR + 6.000%) | HSE Investment SARL <sup>(b)(c)</sup> (6 mo. EUR EURIBOR + 6.000%) |
| 796853 | 8.051 | 10/15/29 | 852260 |
| Prosus NV <sup>(a)</sup> | Prosus NV <sup>(a)</sup> | Prosus NV <sup>(a)</sup> | Prosus NV <sup>(a)</sup> |
| $715000 | 4.027 | 08/03/50 | 510331 |
| 620000 | 4.987 | 01/19/52 | 506026 |
| Rakuten Group, Inc. <sup>(b)</sup> | Rakuten Group, Inc. <sup>(b)</sup> | Rakuten Group, Inc. <sup>(b)</sup> | Rakuten Group, Inc. <sup>(b)</sup> |
| 2624000 | 9.750 | 04/15/29 | 2940008 |
| Snap, Inc. <sup>(a)(b)</sup> | Snap, Inc. <sup>(a)(b)</sup> | Snap, Inc. <sup>(a)(b)</sup> | Snap, Inc. <sup>(a)(b)</sup> |
| 4494000 | 6.875 | 03/01/33 | 4600328 |
| United Group BV <sup>(a)</sup> | United Group BV <sup>(a)</sup> | United Group BV <sup>(a)</sup> | United Group BV <sup>(a)</sup> |
| 500000 | 3.625 <sup>(b)</sup> | 02/15/28 | 569467 |
| 3126000 | 5.250 <sup>(b)</sup> | 02/01/30 | 3549461 |
| (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) |
| 1708000 | 6.286 <sup>(c)</sup> | 02/15/31 | 1971187 |
|  |  |  | 22697772 |
| Investment Companies<sup>(a)</sup> – 0.1% | Investment Companies<sup>(a)</sup> – 0.1% | Investment Companies<sup>(a)</sup> – 0.1% | Investment Companies<sup>(a)</sup> – 0.1% |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. | Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
| $925000 | 5.250 | 05/15/27 | 909053 |
| 700000 | 9.000 | 06/15/30 | 673603 |
|  |  |  | 1582656 |
| Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% | Iron/Steel – 0.6% |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP <sup>(a)(b)</sup> | Baffinland Iron Mines Corp./Baffinland Iron Mines LP <sup>(a)(b)</sup> | Baffinland Iron Mines Corp./Baffinland Iron Mines LP <sup>(a)(b)</sup> | Baffinland Iron Mines Corp./Baffinland Iron Mines LP <sup>(a)(b)</sup> |
| 735000 | 8.750 | 07/15/26 | 661537 |
| CAP SA <sup>(a)</sup> | CAP SA <sup>(a)</sup> | CAP SA <sup>(a)</sup> | CAP SA <sup>(a)</sup> |
| 605000 | 3.900 | 04/27/31 | 492772 |
| Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> | Cleveland-Cliffs, Inc. <sup>(a)(b)</sup> |
| 750000 | 7.000 | 03/15/32 | 766837 |
| 350000 | 7.625 | 01/15/34 | 363758 |
| CSN Resources SA <sup>(a)</sup> | CSN Resources SA <sup>(a)</sup> | CSN Resources SA <sup>(a)</sup> | CSN Resources SA <sup>(a)</sup> |
| 2938000 | 8.875 | 12/05/30 | 2789455 |
| Mineral Resources Ltd. <sup>(a)(b)</sup> | Mineral Resources Ltd. <sup>(a)(b)</sup> | Mineral Resources Ltd. <sup>(a)(b)</sup> | Mineral Resources Ltd. <sup>(a)(b)</sup> |
| 800000 | 8.000 | 11/01/27 | 815992 |
| 1378000 | 9.250 | 10/01/28 | 1445164 |
| 1431000 | 8.500 | 05/01/30 | 1489113 |
| Samarco Mineracao SA <sup>(a)(e)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(a)(e)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(a)(e)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(a)(e)</sup> (PIK 9.049%, Cash 9.000%) |
| 3282450 | 9.500 | 06/30/31 | 3271213 |
| Tacora Resources, Inc. <sup>(f)</sup> | Tacora Resources, Inc. <sup>(f)</sup> | Tacora Resources, Inc. <sup>(f)</sup> | Tacora Resources, Inc. <sup>(f)</sup> |
| 27984 | 13.000 | 09/18/31 | 27984 |
|  |  |  | 12123825 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Leisure Time<sup>(a)(b)</sup> – 0.5% | Leisure Time<sup>(a)(b)</sup> – 0.5% | Leisure Time<sup>(a)(b)</sup> – 0.5% | Leisure Time<sup>(a)(b)</sup> – 0.5% |
| Carnival Corp. | Carnival Corp. | Carnival Corp. |  |
| $1850000 | 4.000% | 08/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820104 |
| 400000 | 6.000 | 05/01/29 | 406000 |
| Carnival PLC | Carnival PLC | Carnival PLC | Carnival PLC |
| 1506000 | 4.125 | 07/15/31 | 1777448 |
| Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC |
| 250000 | 5.500 | 06/15/27 | 327745 |
| (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) |
| 200000 | 6.764 <sup>(c)</sup> | 06/15/27 | 232496 |
| Kingpin Intermediate Holdings LLC | Kingpin Intermediate Holdings LLC | Kingpin Intermediate Holdings LLC | Kingpin Intermediate Holdings LLC |
| $1374000 | 7.250 | 10/15/32 | 1290804 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 1000000 | 6.250 | 09/15/33 | 1010480 |
| Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
| 350000 | 10.000 | 10/11/28 | 484012 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| $1050000 | 10.750 | 11/15/29 | 997490 |
| Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. |
| 1825000 | 5.625 | 02/15/29 | 1825110 |
|  |  |  | 10171689 |
| Lodging<sup>(a)</sup> – 0.8% | Lodging<sup>(a)</sup> – 0.8% | Lodging<sup>(a)</sup> – 0.8% | Lodging<sup>(a)</sup> – 0.8% |
| Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc. <sup>(b)</sup> |
| 1450000 | 7.250 | 10/01/29 | 1501344 |
| Hilton Domestic Operating Co., Inc. <sup>(b)</sup> | Hilton Domestic Operating Co., Inc. <sup>(b)</sup> | Hilton Domestic Operating Co., Inc. <sup>(b)</sup> | Hilton Domestic Operating Co., Inc. <sup>(b)</sup> |
| 1215000 | 4.000 | 05/01/31 | 1154335 |
| 350000 | 5.750 | 09/15/33 | 356584 |
| Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. | Melco Resorts Finance Ltd. |
| 1450000 | 5.375 <sup>(b)</sup> | 12/04/29 | 1423537 |
| 2708000 | 7.625 <sup>(b)</sup> | 04/17/32 | 2851524 |
| 700000 | 7.625 | 04/17/32 | 736141 |
| 250000 | 6.500 <sup>(b)</sup> | 09/24/33 | 251393 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 235000 | 6.500 | 04/15/32 | 238650 |
| Station Casinos LLC <sup>(b)</sup> | Station Casinos LLC <sup>(b)</sup> | Station Casinos LLC <sup>(b)</sup> | Station Casinos LLC <sup>(b)</sup> |
| 1988000 | 4.625 | 12/01/31 | 1864128 |
| Studio City Finance Ltd. <sup>(b)</sup> | Studio City Finance Ltd. <sup>(b)</sup> | Studio City Finance Ltd. <sup>(b)</sup> | Studio City Finance Ltd. <sup>(b)</sup> |
| 1800000 | 5.000 | 01/15/29 | 1722420 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <sup>(b)</sup> | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <sup>(b)</sup> | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <sup>(b)</sup> | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <sup>(b)</sup> |
| 1905000 | 5.250 | 05/15/27 | 1908429 |
| Wynn Macau Ltd. <sup>(b)</sup> | Wynn Macau Ltd. <sup>(b)</sup> | Wynn Macau Ltd. <sup>(b)</sup> | Wynn Macau Ltd. <sup>(b)</sup> |
| 85000 | 5.625 | 08/26/28 | 84805 |
| 1090000 | 5.125 | 12/15/29 | 1070107 |
| 1050000 | 6.750 | 02/15/34 | 1060447 |
|  |  |  | 16223844 |
| Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% | Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1% |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 1334000 | 4.125 | 06/30/28 | 1303825 |
| Machinery-Diversified<sup>(a)(b)</sup> – 0.1% | Machinery-Diversified<sup>(a)(b)</sup> – 0.1% | Machinery-Diversified<sup>(a)(b)</sup> – 0.1% | Machinery-Diversified<sup>(a)(b)</sup> – 0.1% |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 250000 | 7.500 | 01/01/30 | 260643 |
| 610000 | 9.500 | 01/01/31 | 652352 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Machinery-Diversified<sup>(a)(b)</sup> – (continued) | Machinery-Diversified<sup>(a)(b)</sup> – (continued) | Machinery-Diversified<sup>(a)(b)</sup> – (continued) | Machinery-Diversified<sup>(a)(b)</sup> – (continued) |
| Mangrove Luxco III SARL <sup>(c)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL <sup>(c)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL <sup>(c)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL <sup>(c)</sup> (3 mo. EUR EURIBOR + 5.000%) |
| 218000 | 7.009% | 07/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252185 |
|  |  |  | 1165180 |
| Media – 3.9% | Media – 3.9% | Media – 3.9% | Media – 3.9% |
| Altice Financing SA <sup>(a)</sup> | Altice Financing SA <sup>(a)</sup> | Altice Financing SA <sup>(a)</sup> | Altice Financing SA <sup>(a)</sup> |
| $625000 | 9.625 <sup>(b)</sup> | 07/15/27 | 535694 |
| 1649000 | 3.000 | 01/15/28 | 1417405 |
| $2380000 | 5.000 <sup>(b)</sup> | 01/15/28 | 1795020 |
| 767000 | 5.750 <sup>(b)</sup> | 08/15/29 | 557962 |
| AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> | AMC Networks, Inc. <sup>(a)(b)</sup> |
| 1711000 | 10.250 | 01/15/29 | 1796892 |
| Beasley Mezzanine Holdings LLC <sup>(a)(b)</sup> | Beasley Mezzanine Holdings LLC <sup>(a)(b)</sup> | Beasley Mezzanine Holdings LLC <sup>(a)(b)</sup> | Beasley Mezzanine Holdings LLC <sup>(a)(b)</sup> |
| 1112000 | 9.200 | 08/01/28 | 422504 |
| CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(a)(b)</sup> |
| 995000 | 5.000 | 02/01/28 | 984970 |
| 1025000 | 5.375 | 06/01/29 | 1013151 |
| 2335000 | 6.375 | 09/01/29 | 2357509 |
| 4090000 | 4.500 | 08/15/30 | 3826440 |
| 900000 | 4.250 | 02/01/31 | 815436 |
| 1120000 | 4.250 | 01/15/34 | 940901 |
| Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> | Charter Communications Operating LLC/Charter Communications Operating Capital <sup>(a)</sup> |
| 900000 | 3.900 | 06/01/52 | 590886 |
| CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> | CSC Holdings LLC <sup>(a)(b)</sup> |
| 2019000 | 5.500 | 04/15/27 | 1877670 |
| 425000 | 7.500 | 04/01/28 | 290373 |
| 3024000 | 11.750 | 01/31/29 | 2384152 |
| 2123000 | 6.500 | 02/01/29 | 1459796 |
| 2293000 | 5.750 | 01/15/30 | 859898 |
| 94000 | 4.125 | 12/01/30 | 57904 |
| Directv Financing LLC <sup>(a)(b)</sup> | Directv Financing LLC <sup>(a)(b)</sup> | Directv Financing LLC <sup>(a)(b)</sup> | Directv Financing LLC <sup>(a)(b)</sup> |
| 1814000 | 8.875 | 02/01/30 | 1804730 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> | Directv Financing LLC/Directv Financing Co-Obligor, Inc. <sup>(a)(b)</sup> |
| 1400000 | 10.000 | 02/15/31 | 1399972 |
| Discovery Communications LLC <sup>(a)</sup> | Discovery Communications LLC <sup>(a)</sup> | Discovery Communications LLC <sup>(a)</sup> | Discovery Communications LLC <sup>(a)</sup> |
| 3811000 | 5.000 | 09/20/37 | 3241637 |
| DISH DBS Corp. <sup>(a)(b)</sup> | DISH DBS Corp. <sup>(a)(b)</sup> | DISH DBS Corp. <sup>(a)(b)</sup> | DISH DBS Corp. <sup>(a)(b)</sup> |
| 5696000 | 5.250 | 12/01/26 | 5604465 |
| 2591000 | 5.750 | 12/01/28 | 2486816 |
| EW Scripps Co. <sup>(a)(b)</sup> | EW Scripps Co. <sup>(a)(b)</sup> | EW Scripps Co. <sup>(a)(b)</sup> | EW Scripps Co. <sup>(a)(b)</sup> |
| 1778000 | 9.875 | 08/15/30 | 1686878 |
| Fox Corp. <sup>(a)</sup> | Fox Corp. <sup>(a)</sup> | Fox Corp. <sup>(a)</sup> | Fox Corp. <sup>(a)</sup> |
| 660000 | 5.476 | 01/25/39 | 663683 |
| 680000 | 5.576 | 01/25/49 | 660280 |
| Gray Media, Inc. <sup>(a)(b)</sup> | Gray Media, Inc. <sup>(a)(b)</sup> | Gray Media, Inc. <sup>(a)(b)</sup> | Gray Media, Inc. <sup>(a)(b)</sup> |
| 2738000 | 10.500 | 07/15/29 | 2948908 |
| 2433000 | 4.750 | 10/15/30 | 1728890 |
| 665000 | 5.375 | 11/15/31 | 462527 |
| 305000 | 9.625 | 07/15/32 | 306507 |
| 833000 | 7.250 | 08/15/33 | 816532 |
| McGraw-Hill Education, Inc. <sup>(a)(b)</sup> | McGraw-Hill Education, Inc. <sup>(a)(b)</sup> | McGraw-Hill Education, Inc. <sup>(a)(b)</sup> | McGraw-Hill Education, Inc. <sup>(a)(b)</sup> |
| 850000 | 5.750 | 08/01/28 | 848360 |
| Nexstar Media, Inc. <sup>(a)(b)</sup> | Nexstar Media, Inc. <sup>(a)(b)</sup> | Nexstar Media, Inc. <sup>(a)(b)</sup> | Nexstar Media, Inc. <sup>(a)(b)</sup> |
| 1211000 | 4.750 | 11/01/28 | 1191818 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| Paramount Global | Paramount Global | Paramount Global |  |
| $500000 | 5.500% | 05/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491385 |
| (3 mo. USD LIBOR + 3.899%) | (3 mo. USD LIBOR + 3.899%) | (3 mo. USD LIBOR + 3.899%) | (3 mo. USD LIBOR + 3.899%) |
| 1397000 | 6.250 <sup>(a)(c)</sup> | 02/28/57 | 1365665 |
| (5 yr. CMT + 3.999%) | (5 yr. CMT + 3.999%) | (5 yr. CMT + 3.999%) | (5 yr. CMT + 3.999%) |
| 3674000 | 6.375 <sup>(a)(c)</sup> | 03/30/62 | 3621976 |
| Scripps Escrow II, Inc. <sup>(a)(b)</sup> | Scripps Escrow II, Inc. <sup>(a)(b)</sup> | Scripps Escrow II, Inc. <sup>(a)(b)</sup> | Scripps Escrow II, Inc. <sup>(a)(b)</sup> |
| 3564000 | 3.875 | 01/15/29 | 3221357 |
| Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> | Sinclair Television Group, Inc. <sup>(a)(b)</sup> |
| 2254000 | 5.500 | 03/01/30 | 1914142 |
| 1397000 | 8.125 | 02/15/33 | 1425317 |
| Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> | Sirius XM Radio LLC <sup>(a)(b)</sup> |
| 2642000 | 3.125 | 09/01/26 | 2620573 |
| 800000 | 4.125 | 07/01/30 | 753296 |
| Spanish Broadcasting System, Inc. <sup>(a)(b)</sup> | Spanish Broadcasting System, Inc. <sup>(a)(b)</sup> | Spanish Broadcasting System, Inc. <sup>(a)(b)</sup> | Spanish Broadcasting System, Inc. <sup>(a)(b)</sup> |
| 1225000 | 9.750 | 03/01/26 | 810093 |
| Sunrise FinCo I BV <sup>(a)(b)</sup> | Sunrise FinCo I BV <sup>(a)(b)</sup> | Sunrise FinCo I BV <sup>(a)(b)</sup> | Sunrise FinCo I BV <sup>(a)(b)</sup> |
| 1004000 | 4.625 | 05/15/32 | 1172571 |
| TEGNA, Inc. <sup>(a)</sup> | TEGNA, Inc. <sup>(a)</sup> | TEGNA, Inc. <sup>(a)</sup> | TEGNA, Inc. <sup>(a)</sup> |
| $2000000 | 4.625 | 03/15/28 | 1979400 |
| Telenet Finance Luxembourg Notes SARL <sup>(a)(b)</sup> | Telenet Finance Luxembourg Notes SARL <sup>(a)(b)</sup> | Telenet Finance Luxembourg Notes SARL <sup>(a)(b)</sup> | Telenet Finance Luxembourg Notes SARL <sup>(a)(b)</sup> |
| 1000000 | 5.500 | 03/01/28 | 991830 |
| Urban One, Inc. <sup>(a)(b)</sup> | Urban One, Inc. <sup>(a)(b)</sup> | Urban One, Inc. <sup>(a)(b)</sup> | Urban One, Inc. <sup>(a)(b)</sup> |
| 1215000 | 7.375 | 02/01/28 | 618435 |
| Virgin Media Finance PLC <sup>(a)(b)</sup> | Virgin Media Finance PLC <sup>(a)(b)</sup> | Virgin Media Finance PLC <sup>(a)(b)</sup> | Virgin Media Finance PLC <sup>(a)(b)</sup> |
| 1532000 | 5.000 | 07/15/30 | 1366942 |
| Virgin Media Secured Finance PLC <sup>(a)(b)</sup> | Virgin Media Secured Finance PLC <sup>(a)(b)</sup> | Virgin Media Secured Finance PLC <sup>(a)(b)</sup> | Virgin Media Secured Finance PLC <sup>(a)(b)</sup> |
| 872000 | 4.500 | 08/15/30 | 810585 |
| Virgin Media Vendor Financing Notes III DAC <sup>(a)(b)</sup> | Virgin Media Vendor Financing Notes III DAC <sup>(a)(b)</sup> | Virgin Media Vendor Financing Notes III DAC <sup>(a)(b)</sup> | Virgin Media Vendor Financing Notes III DAC <sup>(a)(b)</sup> |
| 1394000 | 4.875 | 07/15/28 | 1781321 |
| Virgin Media Vendor Financing Notes IV DAC <sup>(a)(b)</sup> | Virgin Media Vendor Financing Notes IV DAC <sup>(a)(b)</sup> | Virgin Media Vendor Financing Notes IV DAC <sup>(a)(b)</sup> | Virgin Media Vendor Financing Notes IV DAC <sup>(a)(b)</sup> |
| $1845000 | 5.000 | 07/15/28 | 1805388 |
| VZ Secured Financing BV <sup>(a)(b)</sup> | VZ Secured Financing BV <sup>(a)(b)</sup> | VZ Secured Financing BV <sup>(a)(b)</sup> | VZ Secured Financing BV <sup>(a)(b)</sup> |
| 1479000 | 7.500 | 01/15/33 | 1506509 |
| Ziggo BV <sup>(a)(b)</sup> | Ziggo BV <sup>(a)(b)</sup> | Ziggo BV <sup>(a)(b)</sup> | Ziggo BV <sup>(a)(b)</sup> |
| 1284000 | 2.875 | 01/15/30 | 1402525 |
|  |  |  | 79495876 |
| Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.0% |
| Vallourec SACA | Vallourec SACA | Vallourec SACA | Vallourec SACA |
| $895000 | 7.500 | 04/15/32 | 951358 |
| Mining<sup>(a)</sup> – 1.6% | Mining<sup>(a)</sup> – 1.6% | Mining<sup>(a)</sup> – 1.6% | Mining<sup>(a)</sup> – 1.6% |
| Aris Mining Corp. <sup>(b)</sup> | Aris Mining Corp. <sup>(b)</sup> | Aris Mining Corp. <sup>(b)</sup> | Aris Mining Corp. <sup>(b)</sup> |
| 2450000 | 8.000 | 10/31/29 | 2538322 |
| Constellium SE <sup>(b)</sup> | Constellium SE <sup>(b)</sup> | Constellium SE <sup>(b)</sup> | Constellium SE <sup>(b)</sup> |
| 3450000 | 3.750 | 04/15/29 | 3294232 |
| Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| 1405000 | 6.330 | 01/13/35 | 1501102 |
| 465000 | 6.780 | 01/13/55 | 508478 |
| Eldorado Gold Corp. <sup>(b)</sup> | Eldorado Gold Corp. <sup>(b)</sup> | Eldorado Gold Corp. <sup>(b)</sup> | Eldorado Gold Corp. <sup>(b)</sup> |
| 1750000 | 6.250 | 09/01/29 | 1748950 |
| Endeavour Mining PLC <sup>(b)</sup> | Endeavour Mining PLC <sup>(b)</sup> | Endeavour Mining PLC <sup>(b)</sup> | Endeavour Mining PLC <sup>(b)</sup> |
| 1151000 | 7.000 | 05/28/30 | 1186612 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Mining<sup>(a)</sup> – (continued) | Mining<sup>(a)</sup> – (continued) | Mining<sup>(a)</sup> – (continued) | Mining<sup>(a)</sup> – (continued) |
| First Quantum Minerals Ltd. <sup>(b)</sup> | First Quantum Minerals Ltd. <sup>(b)</sup> | First Quantum Minerals Ltd. <sup>(b)</sup> |  |
| 1450000 | 9.375% | 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531041 |
| 1150000 | 8.625 | 06/01/31 | 1203188 |
| 600000 | 8.000 | 03/01/33 | 636000 |
| 1722000 | 7.250 | 02/15/34 | 1782270 |
| Fortescue Treasury Pty. Ltd. <sup>(b)</sup> | Fortescue Treasury Pty. Ltd. <sup>(b)</sup> | Fortescue Treasury Pty. Ltd. <sup>(b)</sup> | Fortescue Treasury Pty. Ltd. <sup>(b)</sup> |
| 879000 | 4.500 | 09/15/27 | 874886 |
| 777000 | 4.375 | 04/01/31 | 752431 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 795000 | 5.400 | 11/14/34 | 820003 |
| Mountain Province Diamonds, Inc. <sup>(b)(f)</sup> | Mountain Province Diamonds, Inc. <sup>(b)(f)</sup> | Mountain Province Diamonds, Inc. <sup>(b)(f)</sup> | Mountain Province Diamonds, Inc. <sup>(b)(f)</sup> |
| 2861000 | 9.000 | 12/15/27 | 2586344 |
| Nexa Resources SA | Nexa Resources SA | Nexa Resources SA | Nexa Resources SA |
| 475000 | 6.600 | 04/08/37 | 493620 |
| Nickel Industries Ltd. <sup>(b)</sup> | Nickel Industries Ltd. <sup>(b)</sup> | Nickel Industries Ltd. <sup>(b)</sup> | Nickel Industries Ltd. <sup>(b)</sup> |
| 500000 | 9.000 | 09/30/30 | 515625 |
| Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(d)(h)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(d)(h)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(d)(h)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(d)(h)</sup> |
| 1260000 | 7.125 | 11/01/22 | 13 |
| Novelis Corp. <sup>(b)</sup> | Novelis Corp. <sup>(b)</sup> | Novelis Corp. <sup>(b)</sup> | Novelis Corp. <sup>(b)</sup> |
| 2270000 | 6.375 | 08/15/33 | 2301666 |
| Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. | Stillwater Mining Co. |
| 1070000 | 4.500 | 11/16/29 | 997775 |
| Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC | Vedanta Resources Finance II PLC |
| 1593000 | 11.250 <sup>(b)</sup> | 12/03/31 | 1690571 |
| 2092000 | 9.850 <sup>(b)</sup> | 04/24/33 | 2120765 |
| 1410000 | 9.850 | 04/24/33 | 1429388 |
| Volcan Cia Minera SAA <sup>(b)</sup> | Volcan Cia Minera SAA <sup>(b)</sup> | Volcan Cia Minera SAA <sup>(b)</sup> | Volcan Cia Minera SAA <sup>(b)</sup> |
| 2300000 | 8.500 | 10/28/32 | 2337030 |
|  |  |  | 32850312 |
| Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.2% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.2% |
| Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
| 1857000 | 4.625 | 05/15/30 | 1818226 |
| 1901000 | 6.375 | 03/15/33 | 1966528 |
| LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. |
| 360000 | 6.250 | 10/15/28 | 355633 |
|  |  |  | 4140387 |
| Oil Field Services – 4.4% | Oil Field Services – 4.4% | Oil Field Services – 4.4% | Oil Field Services – 4.4% |
| Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp. <sup>(a)(b)</sup> |
| 594000 | 6.250 | 04/01/28 | 595865 |
| 607000 | 6.625 | 09/01/32 | 624117 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup> | Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup> | Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup> | Ascent Resources Utica Holdings LLC/ARU Finance Corp. <sup>(a)(b)</sup> |
| 873000 | 6.625 | 10/15/32 | 890181 |
| 860000 | 6.625 | 07/15/33 | 873588 |
| Baytex Energy Corp. <sup>(a)(b)</sup> | Baytex Energy Corp. <sup>(a)(b)</sup> | Baytex Energy Corp. <sup>(a)(b)</sup> | Baytex Energy Corp. <sup>(a)(b)</sup> |
| 500000 | 7.375 | 03/15/32 | 492555 |
| California Resources Corp. <sup>(b)</sup> | California Resources Corp. <sup>(b)</sup> | California Resources Corp. <sup>(b)</sup> | California Resources Corp. <sup>(b)</sup> |
| 1862000 | 7.000 | 01/15/34 | 1853584 |
| Chesapeake Energy Corp. <sup>(h)(i)</sup> | Chesapeake Energy Corp. <sup>(h)(i)</sup> | Chesapeake Energy Corp. <sup>(h)(i)</sup> | Chesapeake Energy Corp. <sup>(h)(i)</sup> |
| 195000 | 0.000 | 10/01/24 | 624 |
| 935000 | 0.000 | 10/01/26 | 2992 |
| CITGO Petroleum Corp. <sup>(a)(b)</sup> | CITGO Petroleum Corp. <sup>(a)(b)</sup> | CITGO Petroleum Corp. <sup>(a)(b)</sup> | CITGO Petroleum Corp. <sup>(a)(b)</sup> |
| 4365000 | 8.375 | 01/15/29 | 4542917 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> | Civitas Resources, Inc. <sup>(a)(b)</sup> |  |
| $710000 | 8.625% | 11/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733927 |
| 1685000 | 9.625 | 06/15/33 | 1806050 |
| CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> | CNX Resources Corp. <sup>(a)(b)</sup> |
| 1175000 | 6.000 | 01/15/29 | 1181157 |
| 250000 | 7.250 | 03/01/32 | 260663 |
| Comstock Resources, Inc. <sup>(a)(b)</sup> | Comstock Resources, Inc. <sup>(a)(b)</sup> | Comstock Resources, Inc. <sup>(a)(b)</sup> | Comstock Resources, Inc. <sup>(a)(b)</sup> |
| 3721000 | 6.750 | 03/01/29 | 3684423 |
| CVR Energy, Inc. <sup>(a)(b)</sup> | CVR Energy, Inc. <sup>(a)(b)</sup> | CVR Energy, Inc. <sup>(a)(b)</sup> | CVR Energy, Inc. <sup>(a)(b)</sup> |
| 1631000 | 5.750 | 02/15/28 | 1613124 |
| 865000 | 8.500 | 01/15/29 | 887092 |
| Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> | Ecopetrol SA <sup>(a)</sup> |
| 995000 | 5.875 | 11/02/51 | 733713 |
| Energean Israel Finance Ltd. <sup>(a)</sup> | Energean Israel Finance Ltd. <sup>(a)</sup> | Energean Israel Finance Ltd. <sup>(a)</sup> | Energean Israel Finance Ltd. <sup>(a)</sup> |
| 515000 | 5.875 | 03/30/31 | 495842 |
| Greenfire Resources Ltd. <sup>(a)(b)</sup> | Greenfire Resources Ltd. <sup>(a)(b)</sup> | Greenfire Resources Ltd. <sup>(a)(b)</sup> | Greenfire Resources Ltd. <sup>(a)(b)</sup> |
| 2199000 | 12.000 | 10/01/28 | 2316207 |
| Guara Norte SARL | Guara Norte SARL | Guara Norte SARL | Guara Norte SARL |
| 510913 | 5.198 | 06/15/34 | 499417 |
| Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup> | Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup> | Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup> | Hilcorp Energy I LP/Hilcorp Finance Co. <sup>(a)(b)</sup> |
| 750000 | 5.750 | 02/01/29 | 735090 |
| KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC | KazMunayGas National Co. JSC |
| 995000 | 6.375 | 10/24/48 | 1001318 |
| Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> | Kodiak Gas Services LLC <sup>(a)(b)</sup> |
| 1000000 | 7.250 | 02/15/29 | 1037610 |
| 1505000 | 6.750 | 10/01/35 | 1549954 |
| Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> | Kosmos Energy Ltd. <sup>(a)</sup> |
| 649000 | 7.750 <sup>(b)</sup> | 05/01/27 | 606221 |
| 570000 | 7.500 | 03/01/28 | 450870 |
| Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC <sup>(a)(b)</sup> |
| 1462000 | 7.625 | 08/15/29 | 1430523 |
| Long Ridge Energy LLC <sup>(a)(b)</sup> | Long Ridge Energy LLC <sup>(a)(b)</sup> | Long Ridge Energy LLC <sup>(a)(b)</sup> | Long Ridge Energy LLC <sup>(a)(b)</sup> |
| 3271000 | 8.750 | 02/15/32 | 3381985 |
| Moss Creek Resources Holdings, Inc. <sup>(a)(b)</sup> | Moss Creek Resources Holdings, Inc. <sup>(a)(b)</sup> | Moss Creek Resources Holdings, Inc. <sup>(a)(b)</sup> | Moss Creek Resources Holdings, Inc. <sup>(a)(b)</sup> |
| 2349000 | 8.250 | 09/01/31 | 2272070 |
| Nabors Industries, Inc. <sup>(a)(b)</sup> | Nabors Industries, Inc. <sup>(a)(b)</sup> | Nabors Industries, Inc. <sup>(a)(b)</sup> | Nabors Industries, Inc. <sup>(a)(b)</sup> |
| 1568000 | 9.125 | 01/31/30 | 1647639 |
| 721000 | 8.875 | 08/15/31 | 685527 |
| Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> | Northern Oil & Gas, Inc. <sup>(a)(b)</sup> |
| 912000 | 7.875 | 10/15/33 | 887586 |
| Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> | Permian Resources Operating LLC <sup>(a)(b)</sup> |
| 500000 | 8.000 | 04/15/27 | 506960 |
| 323000 | 9.875 | 07/15/31 | 350242 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 980000 | 6.840 <sup>(a)</sup> | 01/23/30 | 1006558 |
| 1030000 | 5.950 <sup>(a)</sup> | 01/28/31 | 1008061 |
| 860000 | 10.000 <sup>(a)</sup> | 02/07/33 | 1006544 |
| 2800000 | 6.750 | 09/21/47 | 2315320 |
| Raizen Fuels Finance SA <sup>(a)</sup> | Raizen Fuels Finance SA <sup>(a)</sup> | Raizen Fuels Finance SA <sup>(a)</sup> | Raizen Fuels Finance SA <sup>(a)</sup> |
| 1018000 | 6.950 | 03/05/54 | 786151 |
| Saudi Arabian Oil Co. <sup>(a)</sup> | Saudi Arabian Oil Co. <sup>(a)</sup> | Saudi Arabian Oil Co. <sup>(a)</sup> | Saudi Arabian Oil Co. <sup>(a)</sup> |
| 1010000 | 5.750 | 07/17/54 | 1012525 |
| SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> | SM Energy Co. <sup>(a)(b)</sup> |
| 160000 | 6.750 | 08/01/29 | 159643 |
| 1452000 | 7.000 | 08/01/32 | 1420027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

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------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) | Oil Field Services – (continued) |
| Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> |  |
| $1700000 | 7.250% | 05/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791902 |
| 2238000 | 6.250 | 07/01/33 | 2285513 |
| (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) | (5 yr. CMT + 4.230%) |
| 4724000 | 7.875 <sup>(c)</sup> | 12/31/99 | 4803977 |
| TGNR Intermediate Holdings LLC <sup>(a)(b)</sup> | TGNR Intermediate Holdings LLC <sup>(a)(b)</sup> | TGNR Intermediate Holdings LLC <sup>(a)(b)</sup> | TGNR Intermediate Holdings LLC <sup>(a)(b)</sup> |
| 2417000 | 5.500 | 10/15/29 | 2343306 |
| Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. | Transocean International Ltd. |
| 1912000 | 8.250 <sup>(a)(b)</sup> | 05/15/29 | 1922592 |
| 562500 | 8.750 <sup>(a)(b)</sup> | 02/15/30 | 589899 |
| 2927000 | 8.500 <sup>(a)(b)</sup> | 05/15/31 | 2902472 |
| 1300000 | 7.875 <sup>(a)(b)</sup> | 10/15/32 | 1339000 |
| 3076000 | 6.800 | 03/15/38 | 2691808 |
| Trident Energy Finance PLC <sup>(a)</sup> | Trident Energy Finance PLC <sup>(a)</sup> | Trident Energy Finance PLC <sup>(a)</sup> | Trident Energy Finance PLC <sup>(a)</sup> |
| 465000 | 12.500 | 11/30/29 | 476313 |
| Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
| 460000 | 8.750 | 05/07/30 | 489900 |
| Valaris Ltd. <sup>(a)(b)</sup> | Valaris Ltd. <sup>(a)(b)</sup> | Valaris Ltd. <sup>(a)(b)</sup> | Valaris Ltd. <sup>(a)(b)</sup> |
| 2590000 | 8.375 | 04/30/30 | 2700930 |
| Var Energi ASA <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA <sup>(a)(c)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) |
| 3248000 | 7.862 | 11/15/83 | 4162889 |
| Vista Energy Argentina SAU <sup>(a)(b)</sup> | Vista Energy Argentina SAU <sup>(a)(b)</sup> | Vista Energy Argentina SAU <sup>(a)(b)</sup> | Vista Energy Argentina SAU <sup>(a)(b)</sup> |
| $1462000 | 7.625 | 12/10/35 | 1444602 |
| Vital Energy, Inc. <sup>(a)(b)</sup> | Vital Energy, Inc. <sup>(a)(b)</sup> | Vital Energy, Inc. <sup>(a)(b)</sup> | Vital Energy, Inc. <sup>(a)(b)</sup> |
| 3816000 | 7.875 | 04/15/32 | 3611997 |
| Wintershall Dea Finance 2 BV <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV <sup>(a)(c)</sup> (-1X 5 yr. EUR Swap + 3.319%) |
| 1100000 | 3.000 | 07/20/28 | 1222105 |
| Yinson Boronia Production BV <sup>(a)</sup> | Yinson Boronia Production BV <sup>(a)</sup> | Yinson Boronia Production BV <sup>(a)</sup> | Yinson Boronia Production BV <sup>(a)</sup> |
| $672047 | 8.947 | 07/31/42 | 733203 |
| YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> |
| 3794000 | 9.500 | 01/17/31 | 3984649 |
|  |  |  | 88843519 |
| Packaging<sup>(a)</sup> – 1.3% | Packaging<sup>(a)</sup> – 1.3% | Packaging<sup>(a)</sup> – 1.3% | Packaging<sup>(a)</sup> – 1.3% |
| ARD Finance SA <sup>(b)(e)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA <sup>(b)(e)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA <sup>(b)(e)</sup> (PIK 5.750%, Cash 5.000%) | ARD Finance SA <sup>(b)(e)</sup> (PIK 5.750%, Cash 5.000%) |
| 286806 | 5.000 | 06/30/27 | 3917 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC <sup>(b)</sup> |
| 1024000 | 2.000 | 09/01/28 | 1131590 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. <sup>(b)</sup> |
| $1503000 | 4.125 | 08/15/26 | 1397655 |
| 453000 | 5.250 | 08/15/27 | 111515 |
| 328000 | 5.250 | 08/15/27 | 79409 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 1065000 | 1.500 | 03/15/27 | 1212105 |
| $2544000 | 2.875 | 08/15/30 | 2326361 |
| 1000000 | 3.125 | 09/15/31 | 911260 |
| Canpack SA/Canpack U.S. LLC <sup>(b)</sup> | Canpack SA/Canpack U.S. LLC <sup>(b)</sup> | Canpack SA/Canpack U.S. LLC <sup>(b)</sup> | Canpack SA/Canpack U.S. LLC <sup>(b)</sup> |
| 1013000 | 2.375 | 11/01/27 | 1150295 |
| Crown Americas LLC <sup>(b)</sup> | Crown Americas LLC <sup>(b)</sup> | Crown Americas LLC <sup>(b)</sup> | Crown Americas LLC <sup>(b)</sup> |
| $2750000 | 5.875 | 06/01/33 | 2790260 |
| Fedrigoni SpA <sup>(b)</sup> | Fedrigoni SpA <sup>(b)</sup> | Fedrigoni SpA <sup>(b)</sup> | Fedrigoni SpA <sup>(b)</sup> |
| 969000 | 6.125 | 06/15/31 | 1086359 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Packaging<sup>(a)</sup> – (continued) | Packaging<sup>(a)</sup> – (continued) | Packaging<sup>(a)</sup> – (continued) | Packaging<sup>(a)</sup> – (continued) |
| (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) |  |
| 250000 | 6.000 %<sup>(c)</sup> | 01/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282731 |
| Graphic Packaging International LLC <sup>(b)</sup> | Graphic Packaging International LLC <sup>(b)</sup> | Graphic Packaging International LLC <sup>(b)</sup> | Graphic Packaging International LLC <sup>(b)</sup> |
| $1850000 | 3.750 | 02/01/30 | 1736724 |
| LABL, Inc. <sup>(b)</sup> | LABL, Inc. <sup>(b)</sup> | LABL, Inc. <sup>(b)</sup> | LABL, Inc. <sup>(b)</sup> |
| 968000 | 8.625 | 10/01/31 | 623518 |
| Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> |
| 1150000 | 4.000 | 12/01/27 | 1132899 |
| Sealed Air Corp./Sealed Air Corp. U.S. <sup>(b)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(b)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(b)</sup> | Sealed Air Corp./Sealed Air Corp. U.S. <sup>(b)</sup> |
| 1599000 | 6.125 | 02/01/28 | 1617980 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| 1288000 | 8.250 | 05/15/30 | 1369660 |
| $2374000 | 9.500 <sup>(b)</sup> | 05/15/30 | 2226124 |
| Trident TPI Holdings, Inc. <sup>(b)</sup> | Trident TPI Holdings, Inc. <sup>(b)</sup> | Trident TPI Holdings, Inc. <sup>(b)</sup> | Trident TPI Holdings, Inc. <sup>(b)</sup> |
| 2206000 | 12.750 | 12/31/28 | 2355390 |
| Trivium Packaging Finance BV <sup>(b)</sup> | Trivium Packaging Finance BV <sup>(b)</sup> | Trivium Packaging Finance BV <sup>(b)</sup> | Trivium Packaging Finance BV <sup>(b)</sup> |
| 1506000 | 6.625 | 07/15/30 | 1812565 |
| $1527000 | 8.250 | 07/15/30 | 1581056 |
|  |  |  | 26939373 |
| Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% |
| 1261229 BC Ltd. <sup>(a)(b)</sup> | 1261229 BC Ltd. <sup>(a)(b)</sup> | 1261229 BC Ltd. <sup>(a)(b)</sup> | 1261229 BC Ltd. <sup>(a)(b)</sup> |
| 3780000 | 10.000 | 04/15/32 | 3955052 |
| Bausch Health Cos., Inc. <sup>(b)</sup> | Bausch Health Cos., Inc. <sup>(b)</sup> | Bausch Health Cos., Inc. <sup>(b)</sup> | Bausch Health Cos., Inc. <sup>(b)</sup> |
| 43000 | 4.875 <sup>(a)</sup> | 06/01/28 | 39312 |
| 1100000 | 11.000 | 09/30/28 | 1157662 |
| Bayer AG <sup>(a)(c)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(c)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(c)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(c)</sup> (5 yr. EUR Swap + 3.432%) |
| 1400000 | 6.625 | 09/25/83 | 1726815 |
| Cheplapharm Arzneimittel GmbH <sup>(a)(b)</sup> | Cheplapharm Arzneimittel GmbH <sup>(a)(b)</sup> | Cheplapharm Arzneimittel GmbH <sup>(a)(b)</sup> | Cheplapharm Arzneimittel GmbH <sup>(a)(b)</sup> |
| 1308000 | 7.500 | 05/15/30 | 1551886 |
| Dolcetto Holdco SpA <sup>(a)(b)</sup> | Dolcetto Holdco SpA <sup>(a)(b)</sup> | Dolcetto Holdco SpA <sup>(a)(b)</sup> | Dolcetto Holdco SpA <sup>(a)(b)</sup> |
| 1498000 | 5.625 | 07/14/32 | 1765036 |
| Endo Finance Holdings, Inc. <sup>(a)(b)</sup> | Endo Finance Holdings, Inc. <sup>(a)(b)</sup> | Endo Finance Holdings, Inc. <sup>(a)(b)</sup> | Endo Finance Holdings, Inc. <sup>(a)(b)</sup> |
| $350000 | 8.500 | 04/15/31 | 370997 |
| Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> |
| 430000 | 2.250 | 11/15/27 | 487937 |
| 650000 | 3.875 | 10/15/28 | 728559 |
| $1375000 | 4.750 | 10/15/28 | 1328924 |
| 1479000 | 7.125 | 05/01/30 | 1792139 |
| Nidda Healthcare Holding GmbH <sup>(a)(b)</sup> | Nidda Healthcare Holding GmbH <sup>(a)(b)</sup> | Nidda Healthcare Holding GmbH <sup>(a)(b)</sup> | Nidda Healthcare Holding GmbH <sup>(a)(b)</sup> |
| 110000 | 5.625 | 02/21/30 | 130353 |
| 2378000 | 5.375 | 10/23/30 | 2797357 |
| (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) | (3 mo. EUR EURIBOR + 3.250%) |
| 810000 | 5.276 <sup>(c)</sup> | 10/15/32 | 939762 |
| (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) |
| 1232000 | 5.786 <sup>(c)</sup> | 10/23/30 | 1434507 |
| Option Care Health, Inc. <sup>(a)(b)</sup> | Option Care Health, Inc. <sup>(a)(b)</sup> | Option Care Health, Inc. <sup>(a)(b)</sup> | Option Care Health, Inc. <sup>(a)(b)</sup> |
| $2700000 | 4.375 | 10/31/29 | 2609820 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV <sup>(a)(b)</sup> |
| 985000 | 5.125 | 04/30/31 | 756273 |
| Par Pharmaceutical, Inc. <sup>(b)(d)(f)(h)(i)</sup> | Par Pharmaceutical, Inc. <sup>(b)(d)(f)(h)(i)</sup> | Par Pharmaceutical, Inc. <sup>(b)(d)(f)(h)(i)</sup> | Par Pharmaceutical, Inc. <sup>(b)(d)(f)(h)(i)</sup> |
| 344000 | 0.000 | 04/01/27 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) | Pharmaceuticals – (continued) |
| Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |  |
| $700000 | 3.150% | 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688814 |
|  |  |  | 24261205 |
| Pipelines<sup>(a)</sup> – 1.8% | Pipelines<sup>(a)</sup> – 1.8% | Pipelines<sup>(a)</sup> – 1.8% | Pipelines<sup>(a)</sup> – 1.8% |
| Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> | Antero Midstream Partners LP/Antero Midstream Finance Corp. <sup>(b)</sup> |
| 1850000 | 5.375 | 06/15/29 | 1849889 |
| CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> | CNX Midstream Partners LP <sup>(b)</sup> |
| 800000 | 4.750 | 04/15/30 | 766208 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp. <sup>(b)</sup> |
| 2551000 | 7.375 | 06/30/33 | 2588525 |
| Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
| 650000 | 8.875 | 04/15/30 | 686192 |
| 625000 | 7.875 | 05/15/32 | 643850 |
| Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> | Hess Midstream Operations LP <sup>(b)</sup> |
| 1201000 | 6.500 | 06/01/29 | 1244320 |
| ITT Holdings LLC <sup>(b)</sup> | ITT Holdings LLC <sup>(b)</sup> | ITT Holdings LLC <sup>(b)</sup> | ITT Holdings LLC <sup>(b)</sup> |
| 2015000 | 6.500 | 08/01/29 | 1953825 |
| NFE Financing LLC <sup>(b)</sup> | NFE Financing LLC <sup>(b)</sup> | NFE Financing LLC <sup>(b)</sup> | NFE Financing LLC <sup>(b)</sup> |
| 800000 | 12.000 | 11/15/29 | 189184 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 71000 | 5.600 | 04/01/44 | 67147 |
| 549000 | 5.450 | 06/01/47 | 503389 |
| Summit Midstream Holdings LLC <sup>(b)</sup> | Summit Midstream Holdings LLC <sup>(b)</sup> | Summit Midstream Holdings LLC <sup>(b)</sup> | Summit Midstream Holdings LLC <sup>(b)</sup> |
| 1825000 | 8.625 | 10/31/29 | 1856974 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. <sup>(b)</sup> |
| 1462000 | 7.375 | 02/15/29 | 1506869 |
| 4490000 | 6.000 | 12/31/30 | 4453541 |
| TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> |
| 1237000 | 8.500 | 06/15/30 | 1295374 |
| Venture Global Calcasieu Pass LLC <sup>(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(b)</sup> | Venture Global Calcasieu Pass LLC <sup>(b)</sup> |
| 1415000 | 3.875 | 11/01/33 | 1250917 |
| Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> | Venture Global LNG, Inc. <sup>(b)</sup> |
| 1580000 | 9.500 | 02/01/29 | 1701170 |
| 2219000 | 8.375 | 06/01/31 | 2277981 |
| 450000 | 9.875 | 02/01/32 | 480514 |
| (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) |
| 2887000 | 9.000 <sup>(c)</sup> | 12/31/99 | 2698334 |
| Venture Global Plaquemines LNG LLC <sup>(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(b)</sup> | Venture Global Plaquemines LNG LLC <sup>(b)</sup> |
| 3397000 | 7.500 | 05/01/33 | 3740572 |
| 1170000 | 6.500 | 01/15/34 | 1225575 |
| 1822000 | 7.750 | 05/01/35 | 2055927 |
| 1241000 | 6.750 | 01/15/36 | 1314815 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 1305000 | 5.250 | 02/01/50 | 1127207 |
|  |  |  | 37478299 |
| Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% |
| Adler Financing SARL <sup>(a)(e)</sup> | Adler Financing SARL <sup>(a)(e)</sup> | Adler Financing SARL <sup>(a)(e)</sup> | Adler Financing SARL <sup>(a)(e)</sup> |
| 1715532 | 8.250 | 12/31/28 | 2137420 |
| Aldar Properties PJSC <sup>(a)(c)</sup> (5 yr. CMT + 2.042%) | Aldar Properties PJSC <sup>(a)(c)</sup> (5 yr. CMT + 2.042%) | Aldar Properties PJSC <sup>(a)(c)</sup> (5 yr. CMT + 2.042%) | Aldar Properties PJSC <sup>(a)(c)</sup> (5 yr. CMT + 2.042%) |
| $705000 | 6.623 | 04/15/55 | 742661 |
| Arabian Centres Sukuk II Ltd. | Arabian Centres Sukuk II Ltd. | Arabian Centres Sukuk II Ltd. | Arabian Centres Sukuk II Ltd. |
| 505000 | 5.625 | 10/07/26 | 490928 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| Five Point Operating Co. LP <sup>(a)(b)</sup> | Five Point Operating Co. LP <sup>(a)(b)</sup> | Five Point Operating Co. LP <sup>(a)(b)</sup> |  |
| $2166000 | 8.000% | 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215731 |
| Howard Hughes Corp. <sup>(a)(b)</sup> | Howard Hughes Corp. <sup>(a)(b)</sup> | Howard Hughes Corp. <sup>(a)(b)</sup> | Howard Hughes Corp. <sup>(a)(b)</sup> |
| 710000 | 4.375 | 02/01/31 | 667712 |
| Kennedy-Wilson, Inc. <sup>(a)</sup> | Kennedy-Wilson, Inc. <sup>(a)</sup> | Kennedy-Wilson, Inc. <sup>(a)</sup> | Kennedy-Wilson, Inc. <sup>(a)</sup> |
| 535000 | 4.750 | 03/01/29 | 505415 |
| Neinor Homes SA <sup>(a)(b)</sup> | Neinor Homes SA <sup>(a)(b)</sup> | Neinor Homes SA <sup>(a)(b)</sup> | Neinor Homes SA <sup>(a)(b)</sup> |
| 143000 | 5.875 | 02/15/30 | 172040 |
| Samhallsbyggnadsbolaget I Norden Holding AB <sup>(a)</sup> | Samhallsbyggnadsbolaget I Norden Holding AB <sup>(a)</sup> | Samhallsbyggnadsbolaget I Norden Holding AB <sup>(a)</sup> | Samhallsbyggnadsbolaget I Norden Holding AB <sup>(a)</sup> |
| 4480000 | 2.250 | 07/12/27 | 4752570 |
| Via Celere Desarrollos Inmobiliarios SA <sup>(a)(b)</sup> | Via Celere Desarrollos Inmobiliarios SA <sup>(a)(b)</sup> | Via Celere Desarrollos Inmobiliarios SA <sup>(a)(b)</sup> | Via Celere Desarrollos Inmobiliarios SA <sup>(a)(b)</sup> |
| 316000 | 4.875 | 04/15/31 | 364238 |
|  |  |  | 12048715 |
| Real Estate Investment Trust<sup>(a)</sup> – 1.9% | Real Estate Investment Trust<sup>(a)</sup> – 1.9% | Real Estate Investment Trust<sup>(a)</sup> – 1.9% | Real Estate Investment Trust<sup>(a)</sup> – 1.9% |
| Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup> | Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup> | Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup> | Apollo Commercial Real Estate Finance, Inc. <sup>(b)</sup> |
| $2050000 | 4.625 | 06/15/29 | 1972653 |
| Arbor Realty SR, Inc. <sup>(b)</sup> | Arbor Realty SR, Inc. <sup>(b)</sup> | Arbor Realty SR, Inc. <sup>(b)</sup> | Arbor Realty SR, Inc. <sup>(b)</sup> |
| 960000 | 7.875 | 07/15/30 | 976512 |
| Blackstone Mortgage Trust, Inc. <sup>(b)</sup> | Blackstone Mortgage Trust, Inc. <sup>(b)</sup> | Blackstone Mortgage Trust, Inc. <sup>(b)</sup> | Blackstone Mortgage Trust, Inc. <sup>(b)</sup> |
| 1210000 | 7.750 | 12/01/29 | 1274324 |
| Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
| 198000 | 8.300 | 03/15/28 | 211577 |
| 1529000 | 8.875 | 04/12/29 | 1662008 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC <sup>(b)</sup> |
| 3083000 | 4.500 | 04/01/27 | 3035830 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| 1050000 | 4.750 | 02/15/28 | 1000860 |
| 3505000 | 4.375 | 03/01/31 | 3076514 |
| Iron Mountain U.K. PLC <sup>(b)</sup> | Iron Mountain U.K. PLC <sup>(b)</sup> | Iron Mountain U.K. PLC <sup>(b)</sup> | Iron Mountain U.K. PLC <sup>(b)</sup> |
| 400000 | 3.875 | 11/15/25 | 525038 |
| Iron Mountain, Inc. <sup>(b)</sup> | Iron Mountain, Inc. <sup>(b)</sup> | Iron Mountain, Inc. <sup>(b)</sup> | Iron Mountain, Inc. <sup>(b)</sup> |
| $1000000 | 4.875 | 09/15/27 | 997010 |
| 1935000 | 4.875 | 09/15/29 | 1909593 |
| 1175000 | 4.500 | 02/15/31 | 1128811 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. <sup>(b)</sup> | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. <sup>(b)</sup> | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. <sup>(b)</sup> | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. <sup>(b)</sup> |
| 200000 | 4.250 | 02/01/27 | 198078 |
| 1000000 | 4.750 | 06/15/29 | 981400 |
| Millrose Properties, Inc. <sup>(b)</sup> | Millrose Properties, Inc. <sup>(b)</sup> | Millrose Properties, Inc. <sup>(b)</sup> | Millrose Properties, Inc. <sup>(b)</sup> |
| 2380000 | 6.250 | 09/15/32 | 2391353 |
| MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
| 2474000 | 5.000 | 10/15/27 | 2380409 |
| 775000 | 8.500 <sup>(b)</sup> | 02/15/32 | 814440 |
| RLJ Lodging Trust LP <sup>(b)</sup> | RLJ Lodging Trust LP <sup>(b)</sup> | RLJ Lodging Trust LP <sup>(b)</sup> | RLJ Lodging Trust LP <sup>(b)</sup> |
| 2257000 | 3.750 | 07/01/26 | 2240298 |
| 1229000 | 4.000 | 09/15/29 | 1156169 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 1480000 | 5.500 | 12/15/27 | 1443266 |
| 350000 | 3.950 | 01/15/28 | 324982 |
| 885000 | 4.375 | 02/15/30 | 744365 |
| Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> | Starwood Property Trust, Inc. <sup>(b)</sup> |
| 700000 | 3.625 | 07/15/26 | 694148 |
| 350000 | 6.500 | 07/01/30 | 364273 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) | Real Estate Investment Trust<sup>(a)</sup> – (continued) |
| $300000 | 6.500% | 10/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312378 |
| Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno | Trust Fibra Uno |
| 690000 | 7.375 | 02/13/34 | 753756 |
| 805000 | 6.390 | 01/15/50 | 744375 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC <sup>(b)</sup> |
| 1110000 | 6.000 | 01/15/30 | 995193 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC <sup>(b)</sup> |
| 2544000 | 6.500 | 02/15/29 | 2379658 |
| 1000000 | 8.625 | 06/15/32 | 935760 |
|  |  |  | 37625031 |
| Retailing – 1.9% | Retailing – 1.9% | Retailing – 1.9% | Retailing – 1.9% |
| 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc. <sup>(a)(b)</sup> |
| 1000000 | 4.375 | 01/15/28 | 987250 |
| 1381000 | 5.625 | 09/15/29 | 1404228 |
| Advance Auto Parts, Inc. <sup>(a)(b)</sup> | Advance Auto Parts, Inc. <sup>(a)(b)</sup> | Advance Auto Parts, Inc. <sup>(a)(b)</sup> | Advance Auto Parts, Inc. <sup>(a)(b)</sup> |
| 1557000 | 7.375 | 08/01/33 | 1576213 |
| Asbury Automotive Group, Inc. <sup>(a)</sup> | Asbury Automotive Group, Inc. <sup>(a)</sup> | Asbury Automotive Group, Inc. <sup>(a)</sup> | Asbury Automotive Group, Inc. <sup>(a)</sup> |
| 2782000 | 4.500 | 03/01/28 | 2756712 |
| 678000 | 4.625 <sup>(b)</sup> | 11/15/29 | 658480 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 325000 | 5.250 | 02/01/28 | 326755 |
| 2055000 | 6.875 | 11/01/35 | 2147578 |
| 485000 | 6.750 | 07/01/36 | 501912 |
| BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. <sup>(a)(b)</sup> | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. <sup>(a)(b)</sup> | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. <sup>(a)(b)</sup> | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc. <sup>(a)(b)</sup> |
| 600000 | 9.500 | 07/01/32 | 605298 |
| Bloomin' Brands, Inc./OSI Restaurant Partners LLC <sup>(a)(b)</sup> | Bloomin' Brands, Inc./OSI Restaurant Partners LLC <sup>(a)(b)</sup> | Bloomin' Brands, Inc./OSI Restaurant Partners LLC <sup>(a)(b)</sup> | Bloomin' Brands, Inc./OSI Restaurant Partners LLC <sup>(a)(b)</sup> |
| 1155000 | 5.125 | 04/15/29 | 1021609 |
| Boots Group Finco LP <sup>(a)(b)</sup> | Boots Group Finco LP <sup>(a)(b)</sup> | Boots Group Finco LP <sup>(a)(b)</sup> | Boots Group Finco LP <sup>(a)(b)</sup> |
| 2471000 | 5.375 | 08/31/32 | 2946034 |
| Carvana Co. <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 11.000%) | Carvana Co. <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 11.000%) | Carvana Co. <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 11.000%) | Carvana Co. <sup>(a)(b)(e)</sup> (PIK 13.000%, Cash 11.000%) |
| $461000 | 9.000 | 06/01/30 | 481754 |
| CD&R Firefly Bidco PLC <sup>(a)(b)</sup> | CD&R Firefly Bidco PLC <sup>(a)(b)</sup> | CD&R Firefly Bidco PLC <sup>(a)(b)</sup> | CD&R Firefly Bidco PLC <sup>(a)(b)</sup> |
| 697000 | 8.625 | 04/30/29 | 956203 |
| Cougar JV Subsidiary LLC <sup>(a)(b)</sup> | Cougar JV Subsidiary LLC <sup>(a)(b)</sup> | Cougar JV Subsidiary LLC <sup>(a)(b)</sup> | Cougar JV Subsidiary LLC <sup>(a)(b)</sup> |
| $1781000 | 8.000 | 05/15/32 | 1900790 |
| EG Global Finance PLC <sup>(a)(b)</sup> | EG Global Finance PLC <sup>(a)(b)</sup> | EG Global Finance PLC <sup>(a)(b)</sup> | EG Global Finance PLC <sup>(a)(b)</sup> |
| 900000 | 11.000 | 11/30/28 | 1131787 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup> | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup> | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup> | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. <sup>(a)(b)</sup> |
| $1565000 | 4.625 | 01/15/29 | 1496938 |
| 1400000 | 6.750 | 01/15/30 | 1297800 |
| Gap, Inc. <sup>(a)(b)</sup> | Gap, Inc. <sup>(a)(b)</sup> | Gap, Inc. <sup>(a)(b)</sup> | Gap, Inc. <sup>(a)(b)</sup> |
| 1000000 | 3.625 | 10/01/29 | 940330 |
| LBM Acquisition LLC <sup>(a)(b)</sup> | LBM Acquisition LLC <sup>(a)(b)</sup> | LBM Acquisition LLC <sup>(a)(b)</sup> | LBM Acquisition LLC <sup>(a)(b)</sup> |
| 1279000 | 6.250 | 01/15/29 | 1166960 |
| 2812000 | 9.500 | 06/15/31 | 2943264 |
| LCM Investments Holdings II LLC <sup>(a)(b)</sup> | LCM Investments Holdings II LLC <sup>(a)(b)</sup> | LCM Investments Holdings II LLC <sup>(a)(b)</sup> | LCM Investments Holdings II LLC <sup>(a)(b)</sup> |
| 2359000 | 4.875 | 05/01/29 | 2298044 |
| Macy's Retail Holdings LLC <sup>(a)(b)</sup> | Macy's Retail Holdings LLC <sup>(a)(b)</sup> | Macy's Retail Holdings LLC <sup>(a)(b)</sup> | Macy's Retail Holdings LLC <sup>(a)(b)</sup> |
| 1574000 | 7.375 | 08/01/33 | 1659043 |
| Neiman Marcus Group Ltd. LLC <sup>(d)(f)(h)(i)</sup> | Neiman Marcus Group Ltd. LLC <sup>(d)(f)(h)(i)</sup> | Neiman Marcus Group Ltd. LLC <sup>(d)(f)(h)(i)</sup> | Neiman Marcus Group Ltd. LLC <sup>(d)(f)(h)(i)</sup> |
| 605000 | 0.000 | 10/15/21 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Retailing – (continued) | Retailing – (continued) | Retailing – (continued) | Retailing – (continued) |
| Papa John's International, Inc. <sup>(a)(b)</sup> | Papa John's International, Inc. <sup>(a)(b)</sup> | Papa John's International, Inc. <sup>(a)(b)</sup> |  |
| $404000 | 3.875% | 09/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394086 |
| Park River Holdings, Inc. <sup>(a)(b)</sup> | Park River Holdings, Inc. <sup>(a)(b)</sup> | Park River Holdings, Inc. <sup>(a)(b)</sup> | Park River Holdings, Inc. <sup>(a)(b)</sup> |
| 968000 | 8.000 | 03/15/31 | 996237 |
| Punch Finance PLC <sup>(a)(b)</sup> | Punch Finance PLC <sup>(a)(b)</sup> | Punch Finance PLC <sup>(a)(b)</sup> | Punch Finance PLC <sup>(a)(b)</sup> |
| 650000 | 7.875 | 12/30/30 | 873365 |
| QXO Building Products, Inc. <sup>(a)(b)</sup> | QXO Building Products, Inc. <sup>(a)(b)</sup> | QXO Building Products, Inc. <sup>(a)(b)</sup> | QXO Building Products, Inc. <sup>(a)(b)</sup> |
| $375000 | 6.750 | 04/30/32 | 388976 |
| Rite Aid Corp. <sup>(h)</sup> | Rite Aid Corp. <sup>(h)</sup> | Rite Aid Corp. <sup>(h)</sup> | Rite Aid Corp. <sup>(h)</sup> |
| 348000 | 0.000 <sup>(b)(d)(f)(i)</sup> | 07/01/25 |  |
| 97124 | 0.000 <sup>(b)(d)(f)(i)</sup> | 10/18/25 |  |
| 104492 | 15.000 <sup>(d)</sup> | 08/30/31 | 31339 |
| 49571 | 15.000 <sup>(d)</sup> | 08/30/31 | 3469 |
| 34147 | 0.000 <sup>(f)</sup> | 08/30/34 |  |
| (-1X 3 mo. USD Term SOFR + 7.000%) | (-1X 3 mo. USD Term SOFR + 7.000%) | (-1X 3 mo. USD Term SOFR + 7.000%) | (-1X 3 mo. USD Term SOFR + 7.000%) |
| 36240 | 0.000 <sup>(b)(d)</sup> | 08/30/31 | 1812 |
| Victoria's Secret & Co. <sup>(a)(b)</sup> | Victoria's Secret & Co. <sup>(a)(b)</sup> | Victoria's Secret & Co. <sup>(a)(b)</sup> | Victoria's Secret & Co. <sup>(a)(b)</sup> |
| 2424000 | 4.625 | 07/15/29 | 2319501 |
| White Cap Supply Holdings LLC <sup>(a)(b)</sup> | White Cap Supply Holdings LLC <sup>(a)(b)</sup> | White Cap Supply Holdings LLC <sup>(a)(b)</sup> | White Cap Supply Holdings LLC <sup>(a)(b)</sup> |
| 1670000 | 7.375 | 11/15/30 | 1688437 |
| Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
| 650000 | 6.875 | 11/15/37 | 726570 |
|  |  |  | 38628774 |
| Semiconductors<sup>(a)(b)</sup> – 0.5% | Semiconductors<sup>(a)(b)</sup> – 0.5% | Semiconductors<sup>(a)(b)</sup> – 0.5% | Semiconductors<sup>(a)(b)</sup> – 0.5% |
| BE Semiconductor Industries NV | BE Semiconductor Industries NV | BE Semiconductor Industries NV | BE Semiconductor Industries NV |
| 1240000 | 4.500 | 07/15/31 | 1481869 |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| $673000 | 4.750 | 04/15/29 | 668356 |
| 345000 | 3.625 | 05/01/29 | 328223 |
| Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
| 1318000 | 6.250 | 07/24/30 | 1361349 |
| 2789000 | 6.625 | 07/24/33 | 2912581 |
| ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
| 1026000 | 3.875 | 09/01/28 | 998760 |
| Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. |
| 2061000 | 4.000 | 06/15/29 | 1979652 |
|  |  |  | 9730790 |
| Software – 1.3% | Software – 1.3% | Software – 1.3% | Software – 1.3% |
| Asmodee Group AB <sup>(a)(b)</sup> | Asmodee Group AB <sup>(a)(b)</sup> | Asmodee Group AB <sup>(a)(b)</sup> | Asmodee Group AB <sup>(a)(b)</sup> |
| 613867 | 5.750 | 12/15/29 | 743490 |
| Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. <sup>(a)(b)</sup> | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. <sup>(a)(b)</sup> | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. <sup>(a)(b)</sup> | Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. <sup>(a)(b)</sup> |
| $683000 | 8.000 | 06/15/29 | 573187 |
| Central Parent, Inc./CDK Global, Inc. <sup>(a)(b)</sup> | Central Parent, Inc./CDK Global, Inc. <sup>(a)(b)</sup> | Central Parent, Inc./CDK Global, Inc. <sup>(a)(b)</sup> | Central Parent, Inc./CDK Global, Inc. <sup>(a)(b)</sup> |
| 375000 | 7.250 | 06/15/29 | 310384 |
| Cloud Software Group, Inc. <sup>(a)(b)</sup> | Cloud Software Group, Inc. <sup>(a)(b)</sup> | Cloud Software Group, Inc. <sup>(a)(b)</sup> | Cloud Software Group, Inc. <sup>(a)(b)</sup> |
| 4603000 | 6.500 | 03/31/29 | 4638305 |
| 4501000 | 9.000 | 09/30/29 | 4653944 |
| 2361000 | 8.250 | 06/30/32 | 2481836 |
| CoreWeave, Inc. <sup>(a)(b)</sup> | CoreWeave, Inc. <sup>(a)(b)</sup> | CoreWeave, Inc. <sup>(a)(b)</sup> | CoreWeave, Inc. <sup>(a)(b)</sup> |
| 1000000 | 9.250 | 06/01/30 | 1008300 |
| Elastic NV <sup>(a)(b)</sup> | Elastic NV <sup>(a)(b)</sup> | Elastic NV <sup>(a)(b)</sup> | Elastic NV <sup>(a)(b)</sup> |
| 2069000 | 4.125 | 07/15/29 | 1996482 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Mavenir PLC <sup>(f)(h)</sup> | Mavenir PLC <sup>(f)(h)</sup> | Mavenir PLC <sup>(f)(h)</sup> |  |
| $79863 | 0.000% | 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244301 |
| Pagaya U.S. Holdings Co. LLC <sup>(a)(b)</sup> | Pagaya U.S. Holdings Co. LLC <sup>(a)(b)</sup> | Pagaya U.S. Holdings Co. LLC <sup>(a)(b)</sup> | Pagaya U.S. Holdings Co. LLC <sup>(a)(b)</sup> |
| 1245000 | 8.875 | 08/01/30 | 1123637 |
| PTC, Inc. <sup>(a)(b)</sup> | PTC, Inc. <sup>(a)(b)</sup> | PTC, Inc. <sup>(a)(b)</sup> | PTC, Inc. <sup>(a)(b)</sup> |
| 1347000 | 4.000 | 02/15/28 | 1325488 |
| Rocket Software, Inc. <sup>(a)(b)</sup> | Rocket Software, Inc. <sup>(a)(b)</sup> | Rocket Software, Inc. <sup>(a)(b)</sup> | Rocket Software, Inc. <sup>(a)(b)</sup> |
| 1891000 | 9.000 | 11/28/28 | 1948411 |
| SS&C Technologies, Inc. <sup>(a)(b)</sup> | SS&C Technologies, Inc. <sup>(a)(b)</sup> | SS&C Technologies, Inc. <sup>(a)(b)</sup> | SS&C Technologies, Inc. <sup>(a)(b)</sup> |
| 2710000 | 6.500 | 06/01/32 | 2808075 |
| TeamSystem SpA <sup>(a)(b)</sup> | TeamSystem SpA <sup>(a)(b)</sup> | TeamSystem SpA <sup>(a)(b)</sup> | TeamSystem SpA <sup>(a)(b)</sup> |
| 1247000 | 5.000 | 07/01/31 | 1452289 |
| X.AI LLC/X.AI Co. Issuer Corp. <sup>(a)</sup> | X.AI LLC/X.AI Co. Issuer Corp. <sup>(a)</sup> | X.AI LLC/X.AI Co. Issuer Corp. <sup>(a)</sup> | X.AI LLC/X.AI Co. Issuer Corp. <sup>(a)</sup> |
| $2033000 | 12.500 | 06/30/30 | 2137049 |
|  |  |  | 27445178 |
| Sovereign<sup>(a)</sup> – 0.0% | Sovereign<sup>(a)</sup> – 0.0% | Sovereign<sup>(a)</sup> – 0.0% | Sovereign<sup>(a)</sup> – 0.0% |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| 995000 | 5.500 | 08/17/30 | 1010034 |
| Telecommunication Services – 2.9% | Telecommunication Services – 2.9% | Telecommunication Services – 2.9% | Telecommunication Services – 2.9% |
| Altice France SA <sup>(a)(b)</sup> | Altice France SA <sup>(a)(b)</sup> | Altice France SA <sup>(a)(b)</sup> | Altice France SA <sup>(a)(b)</sup> |
| 363487 | 7.250 | 11/01/29 | 418987 |
| $373498 | 9.500 | 11/01/29 | 380624 |
| 3004192 | 6.875 | 10/15/30 | 2939241 |
| 1584865 | 6.875 | 07/15/32 | 1522104 |
| C&W Senior Finance Ltd. <sup>(a)</sup> | C&W Senior Finance Ltd. <sup>(a)</sup> | C&W Senior Finance Ltd. <sup>(a)</sup> | C&W Senior Finance Ltd. <sup>(a)</sup> |
| 840000 | 9.000 <sup>(b)</sup> | 01/15/33 | 859110 |
| 950000 | 9.000 | 01/15/33 | 971612 |
| CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> | CommScope LLC <sup>(a)(b)</sup> |
| 740000 | 8.250 | 03/01/27 | 745550 |
| 902000 | 4.750 | 09/01/29 | 899754 |
| 500000 | 9.500 | 12/15/31 | 509270 |
| Connect Finco SARL/Connect U.S. Finco LLC <sup>(a)(b)</sup> | Connect Finco SARL/Connect U.S. Finco LLC <sup>(a)(b)</sup> | Connect Finco SARL/Connect U.S. Finco LLC <sup>(a)(b)</sup> | Connect Finco SARL/Connect U.S. Finco LLC <sup>(a)(b)</sup> |
| 1330000 | 9.000 | 09/15/29 | 1409148 |
| Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)</sup> | Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)</sup> | Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)</sup> | Digicel International Finance Ltd./Difl U.S. LLC <sup>(a)</sup> |
| 2373000 | 8.625 <sup>(b)</sup> | 08/01/32 | 2367067 |
| 1000000 | 8.625 | 08/01/32 | 997500 |
| EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> | EchoStar Corp. <sup>(a)</sup> |
| 2005000 | 10.750 | 11/30/29 | 2207726 |
| Iliad Holding SAS <sup>(a)(b)</sup> | Iliad Holding SAS <sup>(a)(b)</sup> | Iliad Holding SAS <sup>(a)(b)</sup> | Iliad Holding SAS <sup>(a)(b)</sup> |
| 500000 | 5.625 | 10/15/28 | 585039 |
| $1300000 | 7.000 | 10/15/28 | 1319435 |
| 1001000 | 5.375 | 04/15/30 | 1187517 |
| Kaixo Bondco Telecom SA <sup>(a)(b)</sup> | Kaixo Bondco Telecom SA <sup>(a)(b)</sup> | Kaixo Bondco Telecom SA <sup>(a)(b)</sup> | Kaixo Bondco Telecom SA <sup>(a)(b)</sup> |
| 200000 | 5.125 | 09/30/29 | 232589 |
| Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> | Level 3 Financing, Inc. <sup>(a)(b)</sup> |
| $2813000 | 4.875 | 06/15/29 | 2699720 |
| 985000 | 3.750 | 07/15/29 | 874719 |
| 1070000 | 4.500 | 04/01/30 | 993324 |
| 2494730 | 3.875 | 10/15/30 | 2244035 |
| 3500000 | 6.875 | 06/30/33 | 3587430 |
| 1925000 | 7.000 | 03/31/34 | 1978399 |
| Liberty Costa Rica Senior Secured Finance <sup>(a)</sup> | Liberty Costa Rica Senior Secured Finance <sup>(a)</sup> | Liberty Costa Rica Senior Secured Finance <sup>(a)</sup> | Liberty Costa Rica Senior Secured Finance <sup>(a)</sup> |
| 465000 | 10.875 | 01/15/31 | 491712 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) | Telecommunication Services – (continued) |
| Lorca Telecom Bondco SA <sup>(a)(b)</sup> | Lorca Telecom Bondco SA <sup>(a)(b)</sup> | Lorca Telecom Bondco SA <sup>(a)(b)</sup> |  |
| 450000 | 4.000% | 09/18/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518890 |
| Lumen Technologies, Inc. <sup>(a)(b)</sup> | Lumen Technologies, Inc. <sup>(a)(b)</sup> | Lumen Technologies, Inc. <sup>(a)(b)</sup> | Lumen Technologies, Inc. <sup>(a)(b)</sup> |
| $750000 | 4.125 | 04/15/29 | 742928 |
| Odido Group Holding BV <sup>(a)(b)</sup> | Odido Group Holding BV <sup>(a)(b)</sup> | Odido Group Holding BV <sup>(a)(b)</sup> | Odido Group Holding BV <sup>(a)(b)</sup> |
| 500000 | 5.500 | 01/15/30 | 579841 |
| Odido Holding BV <sup>(a)(b)</sup> | Odido Holding BV <sup>(a)(b)</sup> | Odido Holding BV <sup>(a)(b)</sup> | Odido Holding BV <sup>(a)(b)</sup> |
| 1865000 | 3.750 | 01/15/29 | 2140470 |
| SoftBank Group Corp. <sup>(a)</sup> | SoftBank Group Corp. <sup>(a)</sup> | SoftBank Group Corp. <sup>(a)</sup> | SoftBank Group Corp. <sup>(a)</sup> |
| 1379000 | 3.375 | 07/06/29 | 1553725 |
| $4200000 | 7.250 | 07/10/32 | 4365522 |
| 3500000 | 6.375 | 07/10/33 | 4292630 |
| Telecom Argentina SA <sup>(a)</sup> | Telecom Argentina SA <sup>(a)</sup> | Telecom Argentina SA <sup>(a)</sup> | Telecom Argentina SA <sup>(a)</sup> |
| $1020000 | 9.500 | 07/18/31 | 1055700 |
| Telesat Canada/Telesat LLC <sup>(a)(b)</sup> | Telesat Canada/Telesat LLC <sup>(a)(b)</sup> | Telesat Canada/Telesat LLC <sup>(a)(b)</sup> | Telesat Canada/Telesat LLC <sup>(a)(b)</sup> |
| 324000 | 5.625 | 12/06/26 | 248041 |
| Total Play Telecomunicaciones SA de CV <sup>(a)</sup> | Total Play Telecomunicaciones SA de CV <sup>(a)</sup> | Total Play Telecomunicaciones SA de CV <sup>(a)</sup> | Total Play Telecomunicaciones SA de CV <sup>(a)</sup> |
| 495000 | 11.125 | 12/31/32 | 475943 |
| Turk Telekomunikasyon AS | Turk Telekomunikasyon AS | Turk Telekomunikasyon AS | Turk Telekomunikasyon AS |
| 238000 | 7.375 <sup>(a)</sup> | 05/20/29 | 246851 |
| 560000 | 6.950 <sup>(b)</sup> | 10/07/32 | 565533 |
| Turkcell Iletisim Hizmetleri AS <sup>(a)</sup> | Turkcell Iletisim Hizmetleri AS <sup>(a)</sup> | Turkcell Iletisim Hizmetleri AS <sup>(a)</sup> | Turkcell Iletisim Hizmetleri AS <sup>(a)</sup> |
| 204000 | 7.650 | 01/24/32 | 213855 |
| Vmed O2 U.K. Financing I PLC <sup>(a)(b)</sup> | Vmed O2 U.K. Financing I PLC <sup>(a)(b)</sup> | Vmed O2 U.K. Financing I PLC <sup>(a)(b)</sup> | Vmed O2 U.K. Financing I PLC <sup>(a)(b)</sup> |
| 1215000 | 4.250 | 01/31/31 | 1109587 |
| 2965000 | 7.750 | 04/15/32 | 3074616 |
| Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> | Windstream Services LLC/Windstream Escrow Finance Corp. <sup>(a)(b)</sup> |
| 800000 | 8.250 | 10/01/31 | 817152 |
| WULF Compute LLC <sup>(a)(b)</sup> | WULF Compute LLC <sup>(a)(b)</sup> | WULF Compute LLC <sup>(a)(b)</sup> | WULF Compute LLC <sup>(a)(b)</sup> |
| 2324000 | 7.750 | 10/15/30 | 2411429 |
| Zayo Group Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 5.750%, Cash 3.500%) | Zayo Group Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 5.750%, Cash 3.500%) | Zayo Group Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 5.750%, Cash 3.500%) | Zayo Group Holdings, Inc. <sup>(a)(b)(e)</sup> (PIK 5.750%, Cash 3.500%) |
| 3253848 | 9.250 | 03/09/30 | 3094540 |
|  |  |  | 59928865 |
| Transportation<sup>(a)</sup> – 0.3% | Transportation<sup>(a)</sup> – 0.3% | Transportation<sup>(a)</sup> – 0.3% | Transportation<sup>(a)</sup> – 0.3% |
| First Student Bidco, Inc./First Transit Parent, Inc. <sup>(b)</sup> | First Student Bidco, Inc./First Transit Parent, Inc. <sup>(b)</sup> | First Student Bidco, Inc./First Transit Parent, Inc. <sup>(b)</sup> | First Student Bidco, Inc./First Transit Parent, Inc. <sup>(b)</sup> |
| 1012000 | 4.000 | 07/31/29 | 978442 |
| InPost SA <sup>(b)</sup> | InPost SA <sup>(b)</sup> | InPost SA <sup>(b)</sup> | InPost SA <sup>(b)</sup> |
| 287000 | 4.000 | 04/01/31 | 332213 |
| SGL Group ApS <sup>(c)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS <sup>(c)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS <sup>(c)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS <sup>(c)</sup> (3 mo. EUR EURIBOR + 4.750%) |
| 340000 | 6.765 | 04/22/30 | 385341 |
| Yinson Bergenia Production BV <sup>(b)</sup> | Yinson Bergenia Production BV <sup>(b)</sup> | Yinson Bergenia Production BV <sup>(b)</sup> | Yinson Bergenia Production BV <sup>(b)</sup> |
| $5138000 | 8.498 | 01/31/45 | 5414938 |
|  |  |  | 7110934 |
| Water<sup>(a)(b)</sup> – 0.2% | Water<sup>(a)(b)</sup> – 0.2% | Water<sup>(a)(b)</sup> – 0.2% | Water<sup>(a)(b)</sup> – 0.2% |
| Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL |
| 2579000 | 9.000 | 01/20/31 | 2728866 |
| 1000000 | 7.625 | 01/20/36 | 975600 |
|  |  |  | 3704466 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,085,567,066)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,085,567,066)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $1,085,567,066)** | $1087296554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – 29.1% | Bank Loans<sup>(j)</sup> – 29.1% | Bank Loans<sup>(j)</sup> – 29.1% | Bank Loans<sup>(j)</sup> – 29.1% |
| Aerospace & Defense – 0.8% | Aerospace & Defense – 0.8% | Aerospace & Defense – 0.8% | Aerospace & Defense – 0.8% |
| Air Comm Corp. LLC | Air Comm Corp. LLC | Air Comm Corp. LLC | Air Comm Corp. LLC |
| (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) |
| 1423740 | 6.715– |  |  |
|  | 6.740% | 12/11/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422857 |
| Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. | Barnes Group, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 3866252 | 6.715 | 01/27/32 | 3861419 |
| Cobham Ultra SeniorCo SARL | Cobham Ultra SeniorCo SARL | Cobham Ultra SeniorCo SARL | Cobham Ultra SeniorCo SARL |
| (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) |
| 1310313 | 8.370 | 08/03/29 | 1313353 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| (3 mo. USD Term SOFR + 2.500%)–(6 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%)–(6 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%)–(6 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%)–(6 mo. USD Term SOFR + 2.500%) |
| 1753986 | 6.544– |  |  |
|  | 6.699 | 02/26/32 | 1758371 |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 15885 | 6.427 | 02/26/32 | 15869 |
| Karman Holdings LLC | Karman Holdings LLC | Karman Holdings LLC | Karman Holdings LLC |
| 500000 | 0.000 <sup>(k)</sup> | 04/01/32 | 501565 |
| Propulsion BC Finco SARL | Propulsion BC Finco SARL | Propulsion BC Finco SARL | Propulsion BC Finco SARL |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 681514 | 6.735 | 09/14/29 | 683586 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 2000000 | 0.000 <sup>(k)</sup> | 08/19/32 | 2000440 |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1732126 | 6.252 | 03/22/30 | 1733460 |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1879242 | 6.502 | 02/28/31 | 1881309 |
| 1777293 | 6.502 | 01/19/32 | 1778270 |
|  |  |  | 16950499 |
| Airlines – 0.0% | Airlines – 0.0% | Airlines – 0.0% | Airlines – 0.0% |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 667600 | 6.134 | 04/20/28 | 668135 |
| Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. | Spirit Airlines, Inc. |
| 367830 | 0.000 <sup>(k)</sup> | 10/07/32 | 364151 |
|  |  |  | 1032286 |
| Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% | Auto Parts & Equipment – 0.1% |
| Autokiniton U.S. Holdings, Inc. | Autokiniton U.S. Holdings, Inc. | Autokiniton U.S. Holdings, Inc. | Autokiniton U.S. Holdings, Inc. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 257778 | 8.079 | 04/06/28 | 247209 |
| Clarios Global LP | Clarios Global LP | Clarios Global LP | Clarios Global LP |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 976244 | 6.465 | 05/06/30 | 975639 |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 581026 | 6.715 | 01/28/32 | 582298 |
|  |  |  | 1805146 |
| Banks – 0.3% | Banks – 0.3% | Banks – 0.3% | Banks – 0.3% |
| AqGen Island Holdings, Inc. | AqGen Island Holdings, Inc. | AqGen Island Holdings, Inc. | AqGen Island Holdings, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 4652257 | 6.965 | 08/02/28 | 4655188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Chrysaor Bidco SARL | Chrysaor Bidco SARL | Chrysaor Bidco SARL | Chrysaor Bidco SARL | Chrysaor Bidco SARL |
| $| 700000 | 0.000 %<sup>(k)</sup> | 10/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701050 |
|  |  |  |  | 5356238 |
| Beverages – 0.0% | Beverages – 0.0% | Beverages – 0.0% | Beverages – 0.0% | Beverages – 0.0% |
|  Pegasus BidCo BV | Pegasus BidCo BV | Pegasus BidCo BV | Pegasus BidCo BV | Pegasus BidCo BV |
|  (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
|  | 750000 | 6.763 | 07/12/29 | 753435 |
| Building & Construction – 0.1% | Building & Construction – 0.1% | Building & Construction – 0.1% | Building & Construction – 0.1% | Building & Construction – 0.1% |
|  AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. |
|  (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
|  | 2743090 | 6.715 | 07/30/31 | 2744462 |
| Building Materials – 0.7% | Building Materials – 0.7% | Building Materials – 0.7% | Building Materials – 0.7% | Building Materials – 0.7% |
|  Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. |
|  (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
|  | 4564222 | 6.965 | 09/08/32 | 4575632 |
|  CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
|  (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
|  | 760639 | 9.215 | 07/08/30 | 748659 |
|  Emrld Borrower LP | Emrld Borrower LP | Emrld Borrower LP | Emrld Borrower LP | Emrld Borrower LP |
|  | 2750000 | 0.000 <sup>(k)</sup> | 05/31/30 | 2741668 |
|  Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. |
|  (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
|  | 1383464 | 7.252 | 12/22/31 | 1386922 |
|  (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
|  | 1625000 | 10.502 | 12/22/32 | 1645816 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
|  | 1636775 | 6.215 | 02/10/32 | 1638232 |
|  Wilsonart LLC | Wilsonart LLC | Wilsonart LLC | Wilsonart LLC | Wilsonart LLC |
|  (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
|  | 715233 | 8.252 | 08/05/31 | 690586 |
|  |  |  |  | 13427515 |
| Chemicals – 0.5% | Chemicals – 0.5% | Chemicals – 0.5% | Chemicals – 0.5% | Chemicals – 0.5% |
|  Aruba Investments Holdings LLC | Aruba Investments Holdings LLC | Aruba Investments Holdings LLC | Aruba Investments Holdings LLC | Aruba Investments Holdings LLC |
|  (1 mo. USD Term SOFR + 7.750%) | (1 mo. USD Term SOFR + 7.750%) | (1 mo. USD Term SOFR + 7.750%) | (1 mo. USD Term SOFR + 7.750%) | (1 mo. USD Term SOFR + 7.750%) |
|  | 329676 | 11.815 | 11/24/28 | 296708 |
|  (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
|  | 2730167 | 8.065 | 11/24/27 | 2545881 |
|  (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) |
|  | 214545 | 8.715 | 11/24/27 | 196309 |
|  Flexsys Holdings, Inc. | Flexsys Holdings, Inc. | Flexsys Holdings, Inc. | Flexsys Holdings, Inc. | Flexsys Holdings, Inc. |
|  (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) |
|  | 1599086 | 10.449 | 08/01/29 | 1336835 |
|  (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) |
|  | 1717814 | 9.711 | 08/01/29 | 438042 |
|  Lonza Group AG | Lonza Group AG | Lonza Group AG | Lonza Group AG | Lonza Group AG |
|  (3 mo. USD Term SOFR + 3.925%) | (3 mo. USD Term SOFR + 3.925%) | (3 mo. USD Term SOFR + 3.925%) | (3 mo. USD Term SOFR + 3.925%) | (3 mo. USD Term SOFR + 3.925%) |
|  | 927102 | 8.027 | 07/03/28 | 821997 |
|  Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV | Nouryon Finance BV |
|  (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) |
|  | 1799239 | 7.036 | 04/03/28 | 1794741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
| (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) |
| 1531418 | 7.197% | 01/31/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536472 |
| Tronox Finance LLC | Tronox Finance LLC | Tronox Finance LLC | Tronox Finance LLC |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 507302 | 6.252 | 04/04/29 | 392845 |
| USALCO LLC | USALCO LLC | USALCO LLC | USALCO LLC |
| 67242 | 1.000 | 09/30/31 | 67151 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 1007444 | 7.465 | 09/30/31 | 1007132 |
| W.R. Grace & Co.-Conn. | W.R. Grace & Co.-Conn. | W.R. Grace & Co.-Conn. | W.R. Grace & Co.-Conn. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 385000 | 7.002 | 08/19/32 | 382474 |
|  |  |  | 10816587 |
| Commercial Services – 2.6% | Commercial Services – 2.6% | Commercial Services – 2.6% | Commercial Services – 2.6% |
| AlixPartners LLP | AlixPartners LLP | AlixPartners LLP | AlixPartners LLP |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 1771596 | 5.965 | 08/12/32 | 1763961 |
| Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 6625000 | 7.315 | 08/20/32 | 6648386 |
| Amspec Parent LLC | Amspec Parent LLC | Amspec Parent LLC | Amspec Parent LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 484120 | 7.502 | 12/22/31 | 486541 |
| 74592 | 7.405– |  |  |
|  | 7.502 | 12/22/31 | 74965 |
| Anticimex International AB | Anticimex International AB | Anticimex International AB | Anticimex International AB |
| (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) | (3 mo. USD Term SOFR + 3.400%) |
| 2578968 | 7.760 | 11/16/28 | 2587273 |
| Archkey Solutions LLC | Archkey Solutions LLC | Archkey Solutions LLC | Archkey Solutions LLC |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 888165 | 8.252 | 11/01/31 | 892828 |
| Armorica Lux SARL | Armorica Lux SARL | Armorica Lux SARL | Armorica Lux SARL |
| (3 mo. EUR EURIBOR + 4.925%) | (3 mo. EUR EURIBOR + 4.925%) | (3 mo. EUR EURIBOR + 4.925%) | (3 mo. EUR EURIBOR + 4.925%) |
| 600000 | 6.991 | 07/28/28 | 657011 |
| Belfor Holdings, Inc. | Belfor Holdings, Inc. | Belfor Holdings, Inc. | Belfor Holdings, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 950222 | 6.715 | 11/01/30 | 951410 |
| Belron Finance 2019 LLC | Belron Finance 2019 LLC | Belron Finance 2019 LLC | Belron Finance 2019 LLC |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 6285595 | 6.492 | 10/16/31 | 6311806 |
| Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC | Boost Newco Borrower LLC |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 1417926 | 6.002 | 01/31/31 | 1421032 |
| Conservice Midco LLC | Conservice Midco LLC | Conservice Midco LLC | Conservice Midco LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2004434 | 6.715 | 05/13/30 | 2003592 |
| Corporation Service Co. | Corporation Service Co. | Corporation Service Co. | Corporation Service Co. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 805415 | 5.965 | 11/02/29 | 800889 |
| Creative Artists Agency LLC | Creative Artists Agency LLC | Creative Artists Agency LLC | Creative Artists Agency LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1183330 | 6.465 | 10/01/31 | 1184478 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| Eagle Parent Corp. | Eagle Parent Corp. | Eagle Parent Corp. | Eagle Parent Corp. |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 1153580 | 8.252% | 04/02/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152323 |
| Ensemble RCM LLC | Ensemble RCM LLC | Ensemble RCM LLC | Ensemble RCM LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 1590579 | 6.840 | 08/01/29 | 1596289 |
| Fugue Finance BV | Fugue Finance BV | Fugue Finance BV | Fugue Finance BV |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 1264535 | 6.949 | 01/09/32 | 1266115 |
| Grant Thornton Advisors LLC | Grant Thornton Advisors LLC | Grant Thornton Advisors LLC | Grant Thornton Advisors LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 2630304 | 6.465 | 06/02/31 | 2620467 |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 681105 | 6.965 | 06/02/31 | 682324 |
| Learning Care Group (U.S.) No. 2, Inc. | Learning Care Group (U.S.) No. 2, Inc. | Learning Care Group (U.S.) No. 2, Inc. | Learning Care Group (U.S.) No. 2, Inc. |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 405603 | 7.859– |  |  |
|  | 8.228 | 08/11/28 | 397491 |
| Lernen Bidco Ltd. | Lernen Bidco Ltd. | Lernen Bidco Ltd. | Lernen Bidco Ltd. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 447753 | 7.870 | 10/27/31 | 447193 |
| Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. | Mavis Tire Express Services Corp. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 3465765 | 7.199 | 05/04/28 | 3471033 |
| Mister Car Wash Holdings, Inc. | Mister Car Wash Holdings, Inc. | Mister Car Wash Holdings, Inc. | Mister Car Wash Holdings, Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 727717 | 6.465 | 03/27/31 | 729667 |
| OMNIA Partners LLC | OMNIA Partners LLC | OMNIA Partners LLC | OMNIA Partners LLC |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1213633 | 6.359 | 07/25/30 | 1213633 |
| PG Investment Co. 59 SARL | PG Investment Co. 59 SARL | PG Investment Co. 59 SARL | PG Investment Co. 59 SARL |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 3217474 | 6.715 | 03/26/31 | 3227127 |
| Pre-Paid Legal Services, Inc. | Pre-Paid Legal Services, Inc. | Pre-Paid Legal Services, Inc. | Pre-Paid Legal Services, Inc. |
| 499874 | 0.000 <sup>(k)</sup> | 12/15/28 | 464573 |
| Spring Education Group, Inc. | Spring Education Group, Inc. | Spring Education Group, Inc. | Spring Education Group, Inc. |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 720032 | 7.252 | 10/04/30 | 721832 |
| United Talent Agency LLC | United Talent Agency LLC | United Talent Agency LLC | United Talent Agency LLC |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 1301976 | 7.532 | 06/10/32 | 1311740 |
| Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. | Wand NewCo 3, Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 6684935 | 6.465 | 01/30/31 | 6665214 |
| Wash Multifamily Parent, Inc. | Wash Multifamily Parent, Inc. | Wash Multifamily Parent, Inc. | Wash Multifamily Parent, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 851250 | 7.215 | 09/10/32 | 855242 |
| Xplor T1 LLC | Xplor T1 LLC | Xplor T1 LLC | Xplor T1 LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 352731 | 7.502 | 06/24/31 | 352290 |
|  |  |  | 52958725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Computers – 0.6% | Computers – 0.6% | Computers – 0.6% | Computers – 0.6% |
| Access CIG LLC | Access CIG LLC | Access CIG LLC | Access CIG LLC |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 2668287 | 7.965% | 08/19/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653692 |
| Idemia Group | Idemia Group | Idemia Group | Idemia Group |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 701713 | 8.252 | 09/30/28 | 702590 |
| Imprivata, Inc. | Imprivata, Inc. | Imprivata, Inc. | Imprivata, Inc. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 988515 | 7.002 | 12/01/27 | 992845 |
| Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. | Ivanti Software, Inc. |
| (3 mo. USD Term SOFR + 5.750%) | (3 mo. USD Term SOFR + 5.750%) | (3 mo. USD Term SOFR + 5.750%) | (3 mo. USD Term SOFR + 5.750%) |
| 850280 | 10.051 | 06/01/29 | 880040 |
| Magenta Security Holdings LLC | Magenta Security Holdings LLC | Magenta Security Holdings LLC | Magenta Security Holdings LLC |
| (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) |
| 790270 | 10.850 | 07/27/28 | 642339 |
| (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) |
| 228946 | 10.090 | 07/27/28 | 231693 |
| 200347 | 10.350 | 07/27/28 | 43648 |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |
| 619642 | 11.100 | 07/27/28 | 269371 |
| McAfee LLC | McAfee LLC | McAfee LLC | McAfee LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 551697 | 6.965 | 03/01/29 | 521812 |
| Tempo Acquisition LLC | Tempo Acquisition LLC | Tempo Acquisition LLC | Tempo Acquisition LLC |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |
| 863325 | 5.715 | 08/31/28 | 839341 |
| Verifone Systems, Inc. | Verifone Systems, Inc. | Verifone Systems, Inc. | Verifone Systems, Inc. |
| (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) |
| 3035840 | 9.352 | 08/18/28 | 2900502 |
| X Corp. | X Corp. | X Corp. | X Corp. |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 1557733 | 10.340 | 10/26/29 | 1517403 |
| (Fixed + 9.500%) | (Fixed + 9.500%) | (Fixed + 9.500%) | (Fixed + 9.500%) |
| 350000 | 9.500 | 10/26/29 | 350819 |
|  |  |  | 12546095 |
| Cosmetics & Personal Care – 0.2% | Cosmetics & Personal Care – 0.2% | Cosmetics & Personal Care – 0.2% | Cosmetics & Personal Care – 0.2% |
| ACP Tara Holdings, Inc. | ACP Tara Holdings, Inc. | ACP Tara Holdings, Inc. | ACP Tara Holdings, Inc. |
| 796666 | 0.000 <sup>(k)</sup> | 09/17/32 | 798658 |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 1230513 | 6.902 | 04/28/32 | 1235324 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 1125000 | 7.252 | 04/28/32 | 1129399 |
|  |  |  | 3163381 |
| Distribution & Wholesale – 0.5% | Distribution & Wholesale – 0.5% | Distribution & Wholesale – 0.5% | Distribution & Wholesale – 0.5% |
| BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 513708 | 7.215 | 12/11/30 | 512717 |
| Core & Main LP | Core & Main LP | Core & Main LP | Core & Main LP |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 304793 | 5.991 | 07/27/28 | 304665 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Distribution & Wholesale – (continued) | Distribution & Wholesale – (continued) | Distribution & Wholesale – (continued) | Distribution & Wholesale – (continued) |
| Fluid-Flow Products, Inc. | Fluid-Flow Products, Inc. | Fluid-Flow Products, Inc. | Fluid-Flow Products, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 4649915 | 7.215% | 03/31/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4658052 |
| MRC Global (U.S.), Inc. | MRC Global (U.S.), Inc. | MRC Global (U.S.), Inc. | MRC Global (U.S.), Inc. |
| (6 mo. USD Term SOFR + 3.500%) | (6 mo. USD Term SOFR + 3.500%) | (6 mo. USD Term SOFR + 3.500%) | (6 mo. USD Term SOFR + 3.500%) |
| 497500 | 7.198 | 10/29/31 | 497500 |
| Openlane, Inc. | Openlane, Inc. | Openlane, Inc. | Openlane, Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1770000 | 6.588 | 10/08/32 | 1770000 |
| Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 525000 | 6.038 | 08/13/32 | 523688 |
| Windsor Holdings III LLC | Windsor Holdings III LLC | Windsor Holdings III LLC | Windsor Holdings III LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1861745 | 6.727 | 08/01/30 | 1857090 |
|  |  |  | 10123712 |
| Diversified Financial Services – 1.0% | Diversified Financial Services – 1.0% | Diversified Financial Services – 1.0% | Diversified Financial Services – 1.0% |
| Apex Group Treasury LLC | Apex Group Treasury LLC | Apex Group Treasury LLC | Apex Group Treasury LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 4291575 | 7.755 | 02/27/32 | 4007258 |
| Avolon TLB Borrower 1 (U.S.) LLC | Avolon TLB Borrower 1 (U.S.) LLC | Avolon TLB Borrower 1 (U.S.) LLC | Avolon TLB Borrower 1 (U.S.) LLC |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |
| 488597 | 5.781 | 06/24/30 | 489233 |
| CFC Bidco 2022 Ltd. | CFC Bidco 2022 Ltd. | CFC Bidco 2022 Ltd. | CFC Bidco 2022 Ltd. |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 3080000 | 7.735 | 07/01/32 | 3006850 |
| Chicago U.S. Midco III LP | Chicago U.S. Midco III LP | Chicago U.S. Midco III LP | Chicago U.S. Midco III LP |
| 840000 | 0.000 <sup>(f)(k)</sup> | 10/30/32 | 838950 |
| Corpay Technologies Operating Co. LLC | Corpay Technologies Operating Co. LLC | Corpay Technologies Operating Co. LLC | Corpay Technologies Operating Co. LLC |
| 680000 | 0.000 <sup>(k)</sup> | 10/01/32 | 678728 |
| Ditech Holding Corp. | Ditech Holding Corp. | Ditech Holding Corp. | Ditech Holding Corp. |
| 183349 | 0.000 <sup>(d)(f)</sup> | 06/30/27 |  |
| Edelman Financial Center LLC | Edelman Financial Center LLC | Edelman Financial Center LLC | Edelman Financial Center LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 530508 | 6.965 | 04/07/28 | 532195 |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 705226 | 9.215 | 10/06/28 | 705226 |
| Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC | Focus Financial Partners LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 993996 | 6.715 | 09/15/31 | 996173 |
| GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC | GEN II Fund Services LLC |
| (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) | (6 mo. USD Term SOFR + 2.750%) |
| 756321 | 6.752 | 11/26/31 | 755693 |
| HighTower Holdings LLC | HighTower Holdings LLC | HighTower Holdings LLC | HighTower Holdings LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 1345784 | 7.071 | 02/03/32 | 1344102 |
| Mariner Wealth Advisors LLC | Mariner Wealth Advisors LLC | Mariner Wealth Advisors LLC | Mariner Wealth Advisors LLC |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 820427 | 6.502 | 12/31/30 | 823914 |
| OID-OL Intermediate I LLC | OID-OL Intermediate I LLC | OID-OL Intermediate I LLC | OID-OL Intermediate I LLC |
| (3 mo. USD Term SOFR + 6.000%) | (3 mo. USD Term SOFR + 6.000%) | (3 mo. USD Term SOFR + 6.000%) | (3 mo. USD Term SOFR + 6.000%) |
| 1321128 | 9.840 | 02/01/29 | 1360207 |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 3423498 | 8.240 | 02/01/29 | 2895286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) | Diversified Financial Services – (continued) |
| Orion U.S. Finco, Inc. | Orion U.S. Finco, Inc. | Orion U.S. Finco, Inc. | Orion U.S. Finco, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 780000 | 7.427% | 10/08/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783416 |
| Speed Midco 3 SARL | Speed Midco 3 SARL | Speed Midco 3 SARL | Speed Midco 3 SARL |
| 455000 | 0.000 <sup>(k)</sup> | 10/07/32 | 453863 |
| Summit Acquisition, Inc. | Summit Acquisition, Inc. | Summit Acquisition, Inc. | Summit Acquisition, Inc. |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 1498750 | 7.465 | 10/16/31 | 1497506 |
|  |  |  | 21168600 |
| Electric – 0.4% | Electric – 0.4% | Electric – 0.4% | Electric – 0.4% |
| Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC | Alpha Generation LLC |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 409118 | 5.965 | 09/30/31 | 409352 |
| Astoria Energy LLC | Astoria Energy LLC | Astoria Energy LLC | Astoria Energy LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 607059 | 6.590– |  |  |
|  | 6.752 | 06/23/32 | 608577 |
| Cogentrix Finance Holdco I LLC | Cogentrix Finance Holdco I LLC | Cogentrix Finance Holdco I LLC | Cogentrix Finance Holdco I LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 808579 | 6.215 | 02/26/32 | 812622 |
| CPV Fairview LLC | CPV Fairview LLC | CPV Fairview LLC | CPV Fairview LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 882443 | 6.465 | 08/14/31 | 883545 |
| EFS Cogen Holdings I LLC | EFS Cogen Holdings I LLC | EFS Cogen Holdings I LLC | EFS Cogen Holdings I LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 698092 | 7.002 | 10/03/31 | 701583 |
| Hamilton Projects Acquiror LLC | Hamilton Projects Acquiror LLC | Hamilton Projects Acquiror LLC | Hamilton Projects Acquiror LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 567246 | 6.465 | 05/30/31 | 568982 |
| Lackawanna Energy Center LLC | Lackawanna Energy Center LLC | Lackawanna Energy Center LLC | Lackawanna Energy Center LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 1116165 | 7.106 | 08/05/32 | 1117560 |
| Potomac Energy Center LLC | Potomac Energy Center LLC | Potomac Energy Center LLC | Potomac Energy Center LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 511221 | 6.840 | 08/05/32 | 513138 |
| South Field LLC | South Field LLC | South Field LLC | South Field LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 979910 | 7.002 | 08/29/31 | 984809 |
| Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
| 900000 | 0.000 <sup>(k)</sup> | 10/11/32 | 899253 |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 126389 | 6.733 | 05/17/30 | 126406 |
|  |  |  | 7625827 |
| Electronics – 0.2% | Electronics – 0.2% | Electronics – 0.2% | Electronics – 0.2% |
| LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC | LSF12 Crown U.S. Commercial Bidco LLC |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 433913 | 7.663 | 12/02/31 | 436217 |
| Pinnacle Buyer LLC | Pinnacle Buyer LLC | Pinnacle Buyer LLC | Pinnacle Buyer LLC |
| 13978 | 0.000 | 10/01/32 | 14102 |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1800430 | 6.485 | 10/01/32 | 1807182 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Electronics – (continued) | Electronics – (continued) | Electronics – (continued) | Electronics – (continued) | Electronics – (continued) |
|  Project Aurora U.S. Finco, Inc. | Project Aurora U.S. Finco, Inc. | Project Aurora U.S. Finco, Inc. | Project Aurora U.S. Finco, Inc. | Project Aurora U.S. Finco, Inc. |
| $| 2250000 | 0.000 %<sup>(k)</sup> | 09/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2252812 |
|  |  |  |  | 4510313 |
| Energy-Alternate Sources – 0.1% | Energy-Alternate Sources – 0.1% | Energy-Alternate Sources – 0.1% | Energy-Alternate Sources – 0.1% | Energy-Alternate Sources – 0.1% |
|  Bayonne Energy Center LLC | Bayonne Energy Center LLC | Bayonne Energy Center LLC | Bayonne Energy Center LLC | Bayonne Energy Center LLC |
|  | 650000 | 0.000 <sup>(k)</sup> | 10/01/32 | 650812 |
|  Enviva Partners LP/Enviva Partners Finance Corp. | Enviva Partners LP/Enviva Partners Finance Corp. | Enviva Partners LP/Enviva Partners Finance Corp. | Enviva Partners LP/Enviva Partners Finance Corp. | Enviva Partners LP/Enviva Partners Finance Corp. |
|  (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) | (3 mo. USD Term SOFR + 8.500%) |
|  | 1622704 | 12.631 | 12/06/29 | 1648391 |
|  Esdec Solar Group BV | Esdec Solar Group BV | Esdec Solar Group BV | Esdec Solar Group BV | Esdec Solar Group BV |
|  (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
|  | 141102 | 9.263 | 08/30/28 | 67024 |
|  |  |  |  | 2366227 |
| Engineering & Construction – 0.7% | Engineering & Construction – 0.7% | Engineering & Construction – 0.7% | Engineering & Construction – 0.7% | Engineering & Construction – 0.7% |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
|  (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) |
|  | 457658 | 8.502 | 02/15/31 | 387971 |
|  Blackfin Pipeline LLC | Blackfin Pipeline LLC | Blackfin Pipeline LLC | Blackfin Pipeline LLC | Blackfin Pipeline LLC |
|  (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
|  | 1560000 | 7.000 | 09/29/32 | 1558050 |
|  Brown Group Holding LLC | Brown Group Holding LLC | Brown Group Holding LLC | Brown Group Holding LLC | Brown Group Holding LLC |
|  (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
|  | 2535000 | 6.465 | 07/01/31 | 2541185 |
|  (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) |
|  | 1493715 | 6.590– |  |  |
|  |  | 6.715 | 07/01/31 | 1499317 |
|  DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. | DG Investment Intermediate Holdings 2, Inc. |
|  | 250000 | 0.000 <sup>(k)</sup> | 07/09/32 | 250157 |
|  Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. | Green Infrastructure Partners, Inc. |
|  (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
|  | 2000000 | 6.753 | 09/24/32 | 2001260 |
|  Holding Socotec | Holding Socotec | Holding Socotec | Holding Socotec | Holding Socotec |
|  (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
|  | 539550 | 7.370 | 06/02/31 | 540899 |
|  KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC |
|  (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
|  | 4436241 | 6.465 | 09/23/31 | 4446533 |
|  Service Logic Acquisition, Inc. | Service Logic Acquisition, Inc. | Service Logic Acquisition, Inc. | Service Logic Acquisition, Inc. | Service Logic Acquisition, Inc. |
|  (1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) |
|  | 1472380 | 6.840– |  |  |
|  |  | 6.964 | 10/29/27 | 1477901 |
|  |  |  |  | 14703273 |
| Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% | Entertainment – 0.4% |
|  CE Intermediate I LLC | CE Intermediate I LLC | CE Intermediate I LLC | CE Intermediate I LLC | CE Intermediate I LLC |
|  (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
|  | 664975 | 7.376 | 03/25/32 | 664563 |
|  Delta 2 SARL | Delta 2 SARL | Delta 2 SARL | Delta 2 SARL | Delta 2 SARL |
|  | 645000 | 0.000 <sup>(k)</sup> | 09/30/31 | 645200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| East Valley Tourist Development Authority | East Valley Tourist Development Authority | East Valley Tourist Development Authority | East Valley Tourist Development Authority |
| (1 mo. USD Term SOFR + 7.500%) | (1 mo. USD Term SOFR + 7.500%) | (1 mo. USD Term SOFR + 7.500%) | (1 mo. USD Term SOFR + 7.500%) |
| 969707 | 11.579 %<sup>(f)</sup> | 11/23/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961949 |
| EOC Borrower LLC | EOC Borrower LLC | EOC Borrower LLC | EOC Borrower LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 436691 | 6.965 | 03/24/32 | 438328 |
| Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
| 650000 | 0.000 <sup>(k)</sup> | 10/21/32 | 649188 |
| Motion Finco SARL | Motion Finco SARL | Motion Finco SARL | Motion Finco SARL |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 598626 | 7.502 | 11/12/29 | 516848 |
| Ontario Gaming GTA LP | Ontario Gaming GTA LP | Ontario Gaming GTA LP | Ontario Gaming GTA LP |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 762468 | 8.240 | 08/01/30 | 713228 |
| OVG Business Services LLC | OVG Business Services LLC | OVG Business Services LLC | OVG Business Services LLC |
| 1145000 | 0.000 <sup>(k)</sup> | 06/25/31 | 1142859 |
| Route 66 Development Authority | Route 66 Development Authority | Route 66 Development Authority | Route 66 Development Authority |
| (1 mo. USD Term SOFR + 9.000%) | (1 mo. USD Term SOFR + 9.000%) | (1 mo. USD Term SOFR + 9.000%) | (1 mo. USD Term SOFR + 9.000%) |
| 1000000 | 12.965 | 10/10/30 | 990000 |
| TKO Worldwide Holdings LLC | TKO Worldwide Holdings LLC | TKO Worldwide Holdings LLC | TKO Worldwide Holdings LLC |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 710719 | 6.038 | 11/21/31 | 712154 |
|  |  |  | 7434317 |
| Environmental – 0.5% | Environmental – 0.5% | Environmental – 0.5% | Environmental – 0.5% |
| Filtration Group Corp. | Filtration Group Corp. | Filtration Group Corp. | Filtration Group Corp. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 6816417 | 6.715 | 10/21/28 | 6840548 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 260000 | 0.000 <sup>(k)</sup> | 05/06/32 | 260780 |
| (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) |
| 1449171 | 6.702 | 06/21/28 | 1450982 |
| WIN Waste Innovations Holdings, Inc. | WIN Waste Innovations Holdings, Inc. | WIN Waste Innovations Holdings, Inc. | WIN Waste Innovations Holdings, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 915510 | 6.829 | 03/24/28 | 915455 |
|  |  |  | 9467765 |
| Food – 0.4% | Food – 0.4% | Food – 0.4% | Food – 0.4% |
| Chobani LLC | Chobani LLC | Chobani LLC | Chobani LLC |
| 1575000 | 0.000 <sup>(k)</sup> | 10/22/32 | 1577961 |
| Froneri Lux Finco SARL | Froneri Lux Finco SARL | Froneri Lux Finco SARL | Froneri Lux Finco SARL |
| 2390000 | 0.000 <sup>(k)</sup> | 08/02/32 | 2388231 |
| (6 mo. USD Term SOFR + 2.000%) | (6 mo. USD Term SOFR + 2.000%) | (6 mo. USD Term SOFR + 2.000%) | (6 mo. USD Term SOFR + 2.000%) |
| 1004308 | 6.197 | 09/30/31 | 995972 |
| Labeyrie Fine Foods SAS | Labeyrie Fine Foods SAS | Labeyrie Fine Foods SAS | Labeyrie Fine Foods SAS |
| (3 mo. EUR EURIBOR + 5.000%) | (3 mo. EUR EURIBOR + 5.000%) | (3 mo. EUR EURIBOR + 5.000%) | (3 mo. EUR EURIBOR + 5.000%) |
| 500278 | 8.000 | 07/30/29 | 518502 |
| Nomad Foods U.S. LLC | Nomad Foods U.S. LLC | Nomad Foods U.S. LLC | Nomad Foods U.S. LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 630579 | 6.579 | 11/12/29 | 629791 |
| Quirch Foods Holdings LLC | Quirch Foods Holdings LLC | Quirch Foods Holdings LLC | Quirch Foods Holdings LLC |
| (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) |
| 437025 | 8.865 | 10/27/27 | 423438 |
| Snacking Investments U.S. LLC | Snacking Investments U.S. LLC | Snacking Investments U.S. LLC | Snacking Investments U.S. LLC |
| 750000 | 0.000 <sup>(k)</sup> | 10/08/32 | 752498 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Food – (continued) | Food – (continued) | Food – (continued) | Food – (continued) |
| Upfield BV | Upfield BV | Upfield BV | Upfield BV |
| (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) |
| 224 | 8.300% | 12/31/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 |
|  |  |  | 7286602 |
| Food Service – 0.1% | Food Service – 0.1% | Food Service – 0.1% | Food Service – 0.1% |
| Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. | Aramark Services, Inc. |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 692128 | 6.199 | 06/22/30 | 692668 |
| Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC | Golden State Foods LLC |
| (1 mo. USD Term SOFR + 4.000%)–(3 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%)–(3 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%)–(3 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%)–(3 mo. USD Term SOFR + 4.000%) |
| 764973 | 7.985– |  |  |
|  | 8.163 | 12/04/31 | 766832 |
|  |  |  | 1459500 |
| Hand/Machine Tools – 0.1% | Hand/Machine Tools – 0.1% | Hand/Machine Tools – 0.1% | Hand/Machine Tools – 0.1% |
| Alliance Laundry Systems LLC | Alliance Laundry Systems LLC | Alliance Laundry Systems LLC | Alliance Laundry Systems LLC |
| (1 mo. USD Term SOFR + 2.250%)–(3 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%)–(3 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%)–(3 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%)–(3 mo. USD Term SOFR + 2.250%) |
| 1100040 | 6.107– |  |  |
|  | 6.252 | 08/19/31 | 1101129 |
| Dynamo U.S. Bidco, Inc. | Dynamo U.S. Bidco, Inc. | Dynamo U.S. Bidco, Inc. | Dynamo U.S. Bidco, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 643375 | 7.363 | 09/30/31 | 645788 |
| Madison Safety & Flow LLC | Madison Safety & Flow LLC | Madison Safety & Flow LLC | Madison Safety & Flow LLC |
| 775000 | 0.000 <sup>(k)</sup> | 09/26/31 | 777906 |
|  |  |  | 2524823 |
| Health Care Products – 0.8% | Health Care Products – 0.8% | Health Care Products – 0.8% | Health Care Products – 0.8% |
| Agiliti Health, Inc. | Agiliti Health, Inc. | Agiliti Health, Inc. | Agiliti Health, Inc. |
| (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) |
| 1206503 | 6.861 | 05/01/30 | 1146178 |
| Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 2217968 | 7.965 | 09/29/28 | 2222138 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 2005331 | 8.215 | 01/15/31 | 2015859 |
| Carestream Health, Inc. | Carestream Health, Inc. | Carestream Health, Inc. | Carestream Health, Inc. |
| (3 mo. USD Term SOFR + 7.500%) | (3 mo. USD Term SOFR + 7.500%) | (3 mo. USD Term SOFR + 7.500%) | (3 mo. USD Term SOFR + 7.500%) |
| 1189689 | 11.602 | 09/30/27 | 589645 |
| Confluent Medical Technologies, Inc. | Confluent Medical Technologies, Inc. | Confluent Medical Technologies, Inc. | Confluent Medical Technologies, Inc. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 859497 | 7.002 | 02/16/29 | 858423 |
| ICU Medical, Inc. | ICU Medical, Inc. | ICU Medical, Inc. | ICU Medical, Inc. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 475241 | 6.402 | 01/08/29 | 475835 |
| Lifescan Global Corp. | Lifescan Global Corp. | Lifescan Global Corp. | Lifescan Global Corp. |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 2276935 | 10.804 | 12/31/26 | 2221902 |
| Maravai Intermediate Holdings LLC | Maravai Intermediate Holdings LLC | Maravai Intermediate Holdings LLC | Maravai Intermediate Holdings LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 2273210 | 6.870 | 10/19/27 | 2210696 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Health Care Products – (continued) | Health Care Products – (continued) | Health Care Products – (continued) | Health Care Products – (continued) |
| Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 2749510 | 5.965% | 10/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750280 |
| QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. | QuidelOrtho Corp. |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 535000 | 8.002 | 08/20/32 | 531153 |
| Resonetics LLC | Resonetics LLC | Resonetics LLC | Resonetics LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 1183922 | 6.593 | 06/18/31 | 1183922 |
|  |  |  | 16206031 |
| Health Care Services – 0.8% | Health Care Services – 0.8% | Health Care Services – 0.8% | Health Care Services – 0.8% |
| Aveanna Healthcare LLC | Aveanna Healthcare LLC | Aveanna Healthcare LLC | Aveanna Healthcare LLC |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 1250000 | 7.715 | 09/17/32 | 1252412 |
| Charlotte Buyer, Inc. | Charlotte Buyer, Inc. | Charlotte Buyer, Inc. | Charlotte Buyer, Inc. |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 328477 | 8.298 | 02/11/28 | 327370 |
| Electron BidCo, Inc. | Electron BidCo, Inc. | Electron BidCo, Inc. | Electron BidCo, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1578459 | 6.715 | 11/01/28 | 1584551 |
| Envision Healthcare Operating, Inc. | Envision Healthcare Operating, Inc. | Envision Healthcare Operating, Inc. | Envision Healthcare Operating, Inc. |
| (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) |
| 1398305 | 10.465 | 06/25/30 | 1398305 |
| Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 1684323 | 7.384 | 10/01/32 | 1690808 |
| HomeVi SAS | HomeVi SAS | HomeVi SAS | HomeVi SAS |
| (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) |
| 500000 | 6.816 | 10/31/29 | 576625 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 91807 | 7.660 | 05/19/31 | 91692 |
| MDVIP, Inc. | MDVIP, Inc. | MDVIP, Inc. | MDVIP, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1298265 | 6.752 | 10/14/31 | 1301109 |
| Parexel International Corp. | Parexel International Corp. | Parexel International Corp. | Parexel International Corp. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 740123 | 6.465 | 11/15/28 | 741936 |
| Pluto Acquisition I, Inc. | Pluto Acquisition I, Inc. | Pluto Acquisition I, Inc. | Pluto Acquisition I, Inc. |
| (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) | (3 mo. USD Term SOFR + 5.500%) |
| 368343 | 9.503 | 06/20/28 | 372027 |
| Precision Medicine Group LLC | Precision Medicine Group LLC | Precision Medicine Group LLC | Precision Medicine Group LLC |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 930000 | 7.465 | 08/20/32 | 928837 |
| Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. | Radiology Partners, Inc. |
| (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) |
| 430000 | 8.502 | 06/30/32 | 429196 |
| Radnet Management, Inc. | Radnet Management, Inc. | Radnet Management, Inc. | Radnet Management, Inc. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1073266 | 6.448 | 04/18/31 | 1073942 |
| Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. | Surgery Center Holdings, Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1551242 | 6.465 | 12/19/30 | 1554593 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Health Care Services – (continued) | Health Care Services – (continued) | Health Care Services – (continued) | Health Care Services – (continued) |
| Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. |
| (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) |
| 1316700 | 8.340% | 06/30/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317793 |
| WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. | WCG Intermediate Corp. |
| 800000 | 0.000 <sup>(k)</sup> | 02/25/32 | 797568 |
|  |  |  | 15438764 |
| Home Furnishings – 0.4% | Home Furnishings – 0.4% | Home Furnishings – 0.4% | Home Furnishings – 0.4% |
| AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. | AI Aqua Merger Sub, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 3293364 | 7.129 | 07/31/28 | 3299390 |
| Weber-Stephen Products LLC | Weber-Stephen Products LLC | Weber-Stephen Products LLC | Weber-Stephen Products LLC |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 3925000 | 7.735 | 10/01/32 | 3911930 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 249354 | 8.315 | 10/30/27 | 248419 |
|  |  |  | 7459739 |
| Household Products & Wares<sup>(k)</sup> – 0.1% | Household Products & Wares<sup>(k)</sup> – 0.1% | Household Products & Wares<sup>(k)</sup> – 0.1% | Household Products & Wares<sup>(k)</sup> – 0.1% |
| Lavender Dutch BorrowerCo BV | Lavender Dutch BorrowerCo BV | Lavender Dutch BorrowerCo BV | Lavender Dutch BorrowerCo BV |
| 1395000 | 0.000 | 09/27/32 | 1395000 |
| Insurance – 2.7% | Insurance – 2.7% | Insurance – 2.7% | Insurance – 2.7% |
| Acrisure LLC | Acrisure LLC | Acrisure LLC | Acrisure LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 4121323 | 6.965 | 11/06/30 | 4114111 |
| Alera Group, Inc. | Alera Group, Inc. | Alera Group, Inc. | Alera Group, Inc. |
| (1 mo. USD Term SOFR + 5.500%) | (1 mo. USD Term SOFR + 5.500%) | (1 mo. USD Term SOFR + 5.500%) | (1 mo. USD Term SOFR + 5.500%) |
| 6775000 | 9.465 | 05/30/33 | 6951421 |
| Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1114094 | 6.465 | 09/19/31 | 1112635 |
| AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 512941 | 6.252 | 01/30/32 | 513475 |
| Amynta Agency Borrower, Inc. | Amynta Agency Borrower, Inc. | Amynta Agency Borrower, Inc. | Amynta Agency Borrower, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 241579 | 6.715 | 12/29/31 | 241767 |
| Ardonagh Midco 3 PLC | Ardonagh Midco 3 PLC | Ardonagh Midco 3 PLC | Ardonagh Midco 3 PLC |
| (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) |
| 2368445 | 6.752– |  |  |
|  | 6.950 | 02/15/31 | 2359564 |
| Asurion LLC | Asurion LLC | Asurion LLC | Asurion LLC |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 1589027 | 9.329 | 01/20/29 | 1512658 |
| 1000000 | 0.000 <sup>(k)</sup> | 08/19/28 | 1000710 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 235244 | 7.329 | 07/31/27 | 235288 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 162846 | 8.215 | 09/19/30 | 162100 |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 5720059 | 6.715 | 06/13/31 | 5732472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Cross Financial Corp. | Cross Financial Corp. | Cross Financial Corp. | Cross Financial Corp. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 639110 | 6.715% | 10/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641507 |
| Goosehead Insurance Holdings LLC | Goosehead Insurance Holdings LLC | Goosehead Insurance Holdings LLC | Goosehead Insurance Holdings LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 2245625 | 7.048 | 01/08/32 | 2245625 |
| Howden Group Holdings Ltd. | Howden Group Holdings Ltd. | Howden Group Holdings Ltd. | Howden Group Holdings Ltd. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2524179 | 6.715 | 02/15/31 | 2527586 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 1716305 | 7.465 | 04/18/30 | 1723102 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1228435 | 6.120 | 06/20/30 | 1232231 |
| IMA Financial Group, Inc. | IMA Financial Group, Inc. | IMA Financial Group, Inc. | IMA Financial Group, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 5324365 | 6.965 | 11/01/28 | 5334801 |
| OneDigital Borrower LLC | OneDigital Borrower LLC | OneDigital Borrower LLC | OneDigital Borrower LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 570666 | 6.965 | 07/02/31 | 570426 |
| Ryan Specialty Group LLC | Ryan Specialty Group LLC | Ryan Specialty Group LLC | Ryan Specialty Group LLC |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 691758 | 5.965 | 09/15/31 | 692048 |
| Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. | Sedgwick Claims Management Services, Inc. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1293333 | 6.465 | 07/31/31 | 1292764 |
| Trucordia Insurance Holdings LLC | Trucordia Insurance Holdings LLC | Trucordia Insurance Holdings LLC | Trucordia Insurance Holdings LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 6000000 | 7.215 | 06/17/32 | 6015000 |
| Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC | Truist Insurance Holdings LLC |
| (3 mo. USD Term SOFR + 4.750%) | (3 mo. USD Term SOFR + 4.750%) | (3 mo. USD Term SOFR + 4.750%) | (3 mo. USD Term SOFR + 4.750%) |
| 6750000 | 8.752 | 05/06/32 | 6832687 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1216304 | 6.252 | 11/21/29 | 1217521 |
| 1260418 | 6.252 | 09/29/30 | 1260947 |
|  |  |  | 55522446 |
| Internet – 1.0% | Internet – 1.0% | Internet – 1.0% | Internet – 1.0% |
| Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 2898953 | 7.315 | 12/06/27 | 2902171 |
| BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC | BEP Intermediate Holdco LLC |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 705106 | 6.715 | 04/25/31 | 709513 |
| CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1685217 | 6.090 | 11/08/32 | 1687425 |
| MH Sub I LLC | MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 1382914 | 8.252 | 05/03/28 | 1254482 |
| Polaris Purchaser, Inc. | Polaris Purchaser, Inc. | Polaris Purchaser, Inc. | Polaris Purchaser, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 1093650 | 7.502 | 03/03/31 | 1092282 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Internet – (continued) | Internet – (continued) | Internet – (continued) | Internet – (continued) |
| Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. | Proofpoint, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 8838160 | 6.965% | 08/31/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870066 |
| PUG LLC | PUG LLC | PUG LLC | PUG LLC |
| (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) |
| 2150933 | 8.715 | 03/15/30 | 2148245 |
| Speedster Bidco GmbH | Speedster Bidco GmbH | Speedster Bidco GmbH | Speedster Bidco GmbH |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 1029831 | 7.240 | 12/10/31 | 1031119 |
| team.blue Finco SARL | team.blue Finco SARL | team.blue Finco SARL | team.blue Finco SARL |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 1001581 | 7.252 | 07/12/32 | 1001270 |
|  |  |  | 20696573 |
| Investment Companies – 0.0% | Investment Companies – 0.0% | Investment Companies – 0.0% | Investment Companies – 0.0% |
| Nvent Electric PLC | Nvent Electric PLC | Nvent Electric PLC | Nvent Electric PLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 997500 | 7.155 | 01/30/32 | 1000303 |
| Leisure Time – 0.4% | Leisure Time – 0.4% | Leisure Time – 0.4% | Leisure Time – 0.4% |
| Alterra Mountain Co. | Alterra Mountain Co. | Alterra Mountain Co. | Alterra Mountain Co. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 3589517 | 6.465 | 08/17/28 | 3598491 |
| 1914482 | 6.465 | 05/31/30 | 1918081 |
| Bulldog Purchaser, Inc. | Bulldog Purchaser, Inc. | Bulldog Purchaser, Inc. | Bulldog Purchaser, Inc. |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 1335408 | 7.686 | 06/27/31 | 1340415 |
| Life Time Fitness, Inc. | Life Time Fitness, Inc. | Life Time Fitness, Inc. | Life Time Fitness, Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 962887 | 6.106 | 11/05/31 | 962733 |
| Recess Holdings, Inc. | Recess Holdings, Inc. | Recess Holdings, Inc. | Recess Holdings, Inc. |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 1090053 | 7.615 | 02/20/30 | 1093802 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) | (1 mo. USD Term SOFR + 5.000%) |
| 94072 | 9.065 | 06/30/28 | 86547 |
|  |  |  | 9000069 |
| Lodging – 0.3% | Lodging – 0.3% | Lodging – 0.3% | Lodging – 0.3% |
| Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 475634 | 7.215 | 01/27/29 | 475058 |
| Four Seasons Hotels Ltd. | Four Seasons Hotels Ltd. | Four Seasons Hotels Ltd. | Four Seasons Hotels Ltd. |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |
| 713421 | 5.715 | 09/22/32 | 713421 |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 505319 | 5.965 | 03/14/31 | 505405 |
| TRQ Sales LLC | TRQ Sales LLC | TRQ Sales LLC | TRQ Sales LLC |
| 4375000 | 0.000 <sup>(k)</sup> | 07/31/32 | 4309375 |
|  |  |  | 6003259 |
| Machinery - Construction & Mining – 0.1% | Machinery - Construction & Mining – 0.1% | Machinery - Construction & Mining – 0.1% | Machinery - Construction & Mining – 0.1% |
| WEC U.S. Holdings Ltd. | WEC U.S. Holdings Ltd. | WEC U.S. Holdings Ltd. | WEC U.S. Holdings Ltd. |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 1123696 | 6.384 | 01/27/31 | 1126055 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Machinery-Diversified – 1.6% | Machinery-Diversified – 1.6% | Machinery-Diversified – 1.6% | Machinery-Diversified – 1.6% |
| Arcline FM Holdings LLC | Arcline FM Holdings LLC | Arcline FM Holdings LLC | Arcline FM Holdings LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 1149646 | 6.684% | 06/23/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152808 |
| Bettcher Industries, Inc. | Bettcher Industries, Inc. | Bettcher Industries, Inc. | Bettcher Industries, Inc. |
| 1036727 | 0.000 <sup>(k)</sup> | 12/14/28 | 1038459 |
| CD&R Hydra Buyer, Inc. | CD&R Hydra Buyer, Inc. | CD&R Hydra Buyer, Inc. | CD&R Hydra Buyer, Inc. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 764935 | 8.065 | 03/25/31 | 763214 |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 6509464 | 6.476 | 03/15/30 | 6527755 |
| Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. | Columbus McKinnon Corp. |
| 2000000 | 0.000 <sup>(k)</sup> | 05/14/28 | 1997500 |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 546642 | 7.763 | 05/19/28 | 549102 |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 1325000 | 10.763 | 05/21/29 | 1325000 |
| INNIO Group Holding GmbH | INNIO Group Holding GmbH | INNIO Group Holding GmbH | INNIO Group Holding GmbH |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1300000 | 6.134 | 11/02/28 | 1300000 |
| Pro Mach Group, Inc. | Pro Mach Group, Inc. | Pro Mach Group, Inc. | Pro Mach Group, Inc. |
| 2250000 | 0.000 <sup>(k)</sup> | 10/16/32 | 2254725 |
| Project Castle, Inc. | Project Castle, Inc. | Project Castle, Inc. | Project Castle, Inc. |
| (6 mo. USD Term SOFR + 5.500%) | (6 mo. USD Term SOFR + 5.500%) | (6 mo. USD Term SOFR + 5.500%) | (6 mo. USD Term SOFR + 5.500%) |
| 1411698 | 9.361 | 06/01/29 | 1094066 |
| Roper Industrial Products Investment Co. LLC | Roper Industrial Products Investment Co. LLC | Roper Industrial Products Investment Co. LLC | Roper Industrial Products Investment Co. LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 3434346 | 6.752 | 11/22/29 | 3442279 |
| SPX Flow, Inc. | SPX Flow, Inc. | SPX Flow, Inc. | SPX Flow, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 4037561 | 6.715 | 04/05/29 | 4057951 |
| Titan Acquisition Ltd. | Titan Acquisition Ltd. | Titan Acquisition Ltd. | Titan Acquisition Ltd. |
| (3 mo. USD Term SOFR + 3.750%)–(6 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%)–(6 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%)–(6 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%)–(6 mo. USD Term SOFR + 3.750%) |
| 2180813 | 7.589– |  |  |
|  | 7.590 | 02/15/29 | 2185917 |
| TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH | TK Elevator Midco GmbH |
| (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) |
| 3942591 | 7.197 | 04/30/30 | 3964787 |
| Victory Buyer LLC | Victory Buyer LLC | Victory Buyer LLC | Victory Buyer LLC |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 1459263 | 7.829 | 11/19/28 | 1460299 |
|  |  |  | 33113862 |
| Media – 0.4% | Media – 0.4% | Media – 0.4% | Media – 0.4% |
| Century De Buyer LLC | Century De Buyer LLC | Century De Buyer LLC | Century De Buyer LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 1372347 | 6.840 | 10/30/30 | 1376807 |
| E.W. Scripps Co. | E.W. Scripps Co. | E.W. Scripps Co. | E.W. Scripps Co. |
| (1 mo. USD Term SOFR + 5.750%) | (1 mo. USD Term SOFR + 5.750%) | (1 mo. USD Term SOFR + 5.750%) | (1 mo. USD Term SOFR + 5.750%) |
| 646900 | 9.897 | 06/30/28 | 654042 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 214494 | 7.249 | 12/01/28 | 214618 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 5300 | 9.384% | 06/04/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5297 |
| NEP Group, Inc. | NEP Group, Inc. | NEP Group, Inc. | NEP Group, Inc. |
| (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) |
| 1787485 | 8.465 | 10/17/31 | 1713751 |
| Telenet Financing USD LLC | Telenet Financing USD LLC | Telenet Financing USD LLC | Telenet Financing USD LLC |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 2109231 | 6.147 | 04/30/28 | 2098305 |
| Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. | Townsquare Media, Inc. |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 399906 | 9.195 | 02/19/30 | 350418 |
| Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC | Virgin Media Bristol LLC |
| (6 mo. USD Term SOFR + 3.175%) | (6 mo. USD Term SOFR + 3.175%) | (6 mo. USD Term SOFR + 3.175%) | (6 mo. USD Term SOFR + 3.175%) |
| 775000 | 7.052 | 03/31/31 | 757632 |
| WideOpenWest Finance LLC | WideOpenWest Finance LLC | WideOpenWest Finance LLC | WideOpenWest Finance LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 283920 | 7.173 | 12/11/28 | 259966 |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |
| 398108 | 11.173 | 12/11/28 | 404180 |
|  |  |  | 7835016 |
| Metal Fabricate & Hardware – 0.4% | Metal Fabricate & Hardware – 0.4% | Metal Fabricate & Hardware – 0.4% | Metal Fabricate & Hardware – 0.4% |
| Crosby U.S. Acquisition Corp. | Crosby U.S. Acquisition Corp. | Crosby U.S. Acquisition Corp. | Crosby U.S. Acquisition Corp. |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 7425460 | 7.465 | 08/16/29 | 7469196 |
| Mining<sup>(f)</sup> – 0.0% | Mining<sup>(f)</sup> – 0.0% | Mining<sup>(f)</sup> – 0.0% | Mining<sup>(f)</sup> – 0.0% |
| Dominion Diamond | Dominion Diamond | Dominion Diamond | Dominion Diamond |
| (Fixed + 10.000%) | (Fixed + 10.000%) | (Fixed + 10.000%) | (Fixed + 10.000%) |
| 479091 | 10.000 | 06/30/26 | 363630 |
| Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% | Miscellaneous Manufacturing – 0.3% |
| CoorsTek, Inc. | CoorsTek, Inc. | CoorsTek, Inc. | CoorsTek, Inc. |
| 1155000 | 0.000 <sup>(f)(k)</sup> | 10/11/32 | 1149225 |
| LTI Holdings, Inc. | LTI Holdings, Inc. | LTI Holdings, Inc. | LTI Holdings, Inc. |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 3466449 | 7.715 | 07/29/29 | 3483781 |
| Touchdown Acquirer, Inc. | Touchdown Acquirer, Inc. | Touchdown Acquirer, Inc. | Touchdown Acquirer, Inc. |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 851361 | 6.949 | 02/21/31 | 852161 |
|  |  |  | 5485167 |
| Oil & Gas – 0.2% | Oil & Gas – 0.2% | Oil & Gas – 0.2% | Oil & Gas – 0.2% |
| Par Petroleum LLC | Par Petroleum LLC | Par Petroleum LLC | Par Petroleum LLC |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 648341 | 7.687 | 02/28/30 | 648990 |
| Pasadena Performance Products LLC | Pasadena Performance Products LLC | Pasadena Performance Products LLC | Pasadena Performance Products LLC |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 2874510 | 7.252 | 02/27/32 | 2878103 |
|  |  |  | 3527093 |
| Packaging – 0.5% | Packaging – 0.5% | Packaging – 0.5% | Packaging – 0.5% |
| Brook & Whittle Holding Corp. | Brook & Whittle Holding Corp. | Brook & Whittle Holding Corp. | Brook & Whittle Holding Corp. |
| (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) |
| 1248461 | 8.876 | 12/14/30 | 921776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Packaging – (continued) | Packaging – (continued) | Packaging – (continued) | Packaging – (continued) |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 218787 | 10.726% | 12/14/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224804 |
| Charter NEX U.S., Inc. | Charter NEX U.S., Inc. | Charter NEX U.S., Inc. | Charter NEX U.S., Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 919829 | 6.798 | 11/29/30 | 922938 |
| LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 4242150 | 8.940 | 10/30/28 | 3184624 |
| Owens-Illinois, Inc. | Owens-Illinois, Inc. | Owens-Illinois, Inc. | Owens-Illinois, Inc. |
| 500000 | 0.000 <sup>(k)</sup> | 09/30/32 | 498540 |
| Pregis TopCo Corp. | Pregis TopCo Corp. | Pregis TopCo Corp. | Pregis TopCo Corp. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 1523339 | 7.965 | 02/01/29 | 1531915 |
| Pretium Packaging LLC | Pretium Packaging LLC | Pretium Packaging LLC | Pretium Packaging LLC |
| (3 mo. USD Term SOFR + 4.600%) | (3 mo. USD Term SOFR + 4.600%) | (3 mo. USD Term SOFR + 4.600%) | (3 mo. USD Term SOFR + 4.600%) |
| 1788765 | 8.220 | 10/02/28 | 696813 |
| Proampac PG Borrower LLC | Proampac PG Borrower LLC | Proampac PG Borrower LLC | Proampac PG Borrower LLC |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 973202 | 7.905– |  |  |
|  | 8.195 | 09/15/28 | 971431 |
| Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 1962394 | 7.752 | 09/15/28 | 1913649 |
|  |  |  | 10866490 |
| Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% | Pharmaceuticals – 0.9% |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) |
| 613462 | 10.215 | 10/08/30 | 608635 |
| Covetrus, Inc. | Covetrus, Inc. | Covetrus, Inc. | Covetrus, Inc. |
| (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) | (3 mo. USD Term SOFR + 5.000%) |
| 1072130 | 9.002 | 10/13/29 | 938114 |
| Curium BidCo SARL | Curium BidCo SARL | Curium BidCo SARL | Curium BidCo SARL |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 2836322 | 7.002 | 08/04/31 | 2847837 |
| Gainwell Acquisition Corp. | Gainwell Acquisition Corp. | Gainwell Acquisition Corp. | Gainwell Acquisition Corp. |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 6802599 | 8.102 | 10/01/27 | 6734573 |
| Grifols Worldwide Operations USA, Inc. | Grifols Worldwide Operations USA, Inc. | Grifols Worldwide Operations USA, Inc. | Grifols Worldwide Operations USA, Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 562931 | 6.065 | 11/15/27 | 562863 |
| Lannett Co., Inc. | Lannett Co., Inc. | Lannett Co., Inc. | Lannett Co., Inc. |
| 301287 | 0.000 <sup>(f)</sup> | 06/16/30 | 301287 |
| Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. | Option Care Health, Inc. |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |
| 730565 | 5.715 | 09/22/32 | 731785 |
| Sharp Services LLC | Sharp Services LLC | Sharp Services LLC | Sharp Services LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 1657513 | 6.990 | 09/29/32 | 1661657 |
| Southern Veterinary Partners LLC | Southern Veterinary Partners LLC | Southern Veterinary Partners LLC | Southern Veterinary Partners LLC |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 5021250 | 6.365 | 12/04/31 | 5015425 |
|  |  |  | 19402176 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Pipelines – 0.8% | Pipelines – 0.8% | Pipelines – 0.8% | Pipelines – 0.8% |
| BCP Renaissance Parent LLC | BCP Renaissance Parent LLC | BCP Renaissance Parent LLC | BCP Renaissance Parent LLC |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1293618 | 6.502% | 10/31/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297822 |
| CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC | CPPIB OVM Member U.S. LLC |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1247637 | 6.502 | 08/20/31 | 1249646 |
| CQP Holdco LP | CQP Holdco LP | CQP Holdco LP | CQP Holdco LP |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 760831 | 6.002 | 12/31/30 | 761858 |
| Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 3938822 | 7.146 | 11/16/26 | 3953592 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 145712 | 7.120 | 12/21/28 | 145864 |
| GIP Pilot Acquisition Partners LP | GIP Pilot Acquisition Partners LP | GIP Pilot Acquisition Partners LP | GIP Pilot Acquisition Partners LP |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 985310 | 5.936 | 10/04/30 | 984384 |
| M6 ETX Holdings II Midco LLC | M6 ETX Holdings II Midco LLC | M6 ETX Holdings II Midco LLC | M6 ETX Holdings II Midco LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 801786 | 6.465 | 04/01/32 | 802539 |
| Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC | Oryx Midstream Services Permian Basin LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 1310596 | 6.227 | 10/05/28 | 1313060 |
| Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP | Prairie ECI Acquiror LP |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 1382714 | 7.715 | 08/01/29 | 1389628 |
| TransMontaigne Operating Co. LP | TransMontaigne Operating Co. LP | TransMontaigne Operating Co. LP | TransMontaigne Operating Co. LP |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 789508 | 6.465 | 11/17/28 | 790005 |
| Traverse Midstream Partners LLC | Traverse Midstream Partners LLC | Traverse Midstream Partners LLC | Traverse Midstream Partners LLC |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1496573 | 6.340 | 02/16/28 | 1498444 |
| Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
| (1 mo. USD Term SOFR + 2.225%) | (1 mo. USD Term SOFR + 2.225%) | (1 mo. USD Term SOFR + 2.225%) | (1 mo. USD Term SOFR + 2.225%) |
| 810000 | 6.190 <sup>(f)</sup> | 05/25/29 | 805278 |
| Whitewater Matterhorn Holdings LLC | Whitewater Matterhorn Holdings LLC | Whitewater Matterhorn Holdings LLC | Whitewater Matterhorn Holdings LLC |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 960000 | 6.313 | 06/16/32 | 960154 |
|  |  |  | 15952274 |
| Real Estate – 0.2% | Real Estate – 0.2% | Real Estate – 0.2% | Real Estate – 0.2% |
| Forest City Enterprises LP | Forest City Enterprises LP | Forest City Enterprises LP | Forest City Enterprises LP |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 2465960 | 7.579 | 12/08/25 | 2453975 |
| Hill Top Energy Center LLC | Hill Top Energy Center LLC | Hill Top Energy Center LLC | Hill Top Energy Center LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 764493 | 7.215 | 06/26/32 | 765212 |
|  |  |  | 3219187 |
| Real Estate Investment Trust – 0.1% | Real Estate Investment Trust – 0.1% | Real Estate Investment Trust – 0.1% | Real Estate Investment Trust – 0.1% |
| CHPPR Midco, Inc. | CHPPR Midco, Inc. | CHPPR Midco, Inc. | CHPPR Midco, Inc. |
| (3 mo. USD Term SOFR + 8.750%) | (3 mo. USD Term SOFR + 8.750%) | (3 mo. USD Term SOFR + 8.750%) | (3 mo. USD Term SOFR + 8.750%) |
| 847616 | 12.750 | 12/31/29 | 853973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) | Real Estate Investment Trust – (continued) |
| RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP | RLJ Lodging Trust LP |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |
| 596230 | 5.929 %<sup>(f)</sup> | 05/10/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572381 |
|  |  |  | 1426354 |
| Retail – 1.0% | Retail – 1.0% | Retail – 1.0% | Retail – 1.0% |
| 1011778 BC Unlimited Liability Co. | 1011778 BC Unlimited Liability Co. | 1011778 BC Unlimited Liability Co. | 1011778 BC Unlimited Liability Co. |
| (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) | (1 mo. USD Term SOFR + 1.750%) |
| 154497 | 5.715 | 09/20/30 | 153946 |
| Great Outdoors Group LLC | Great Outdoors Group LLC | Great Outdoors Group LLC | Great Outdoors Group LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 1241123 | 7.215 | 01/23/32 | 1239832 |
| IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1053681 | 6.465 | 12/15/27 | 1054955 |
| Johnstone Supply LLC | Johnstone Supply LLC | Johnstone Supply LLC | Johnstone Supply LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 494831 | 6.502 | 06/09/31 | 495370 |
| K-Mac Holdings Corp. | K-Mac Holdings Corp. | K-Mac Holdings Corp. | K-Mac Holdings Corp. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 2244375 | 7.215 | 07/21/28 | 2257572 |
| Kodiak Building Partners, Inc. | Kodiak Building Partners, Inc. | Kodiak Building Partners, Inc. | Kodiak Building Partners, Inc. |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 584731 | 7.752 | 12/04/31 | 580346 |
| LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 1043226 | 7.881 | 06/06/31 | 1005629 |
| Les Schwab Tire Centers | Les Schwab Tire Centers | Les Schwab Tire Centers | Les Schwab Tire Centers |
| (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) |
| 757647 | 6.465– |  |  |
|  | 6.699 | 04/23/31 | 752912 |
| Pacific Bells LLC | Pacific Bells LLC | Pacific Bells LLC | Pacific Bells LLC |
| 500000 | 0.000 <sup>(k)</sup> | 11/13/28 | 500415 |
| Peer Holding III BV | Peer Holding III BV | Peer Holding III BV | Peer Holding III BV |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 577677 | 6.502 | 10/28/30 | 579664 |
| PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. | PetSmart, Inc. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 2586775 | 8.031 | 08/18/32 | 2547973 |
| Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC | Raising Cane's Restaurants LLC |
| 845000 | 0.000 <sup>(k)</sup> | 10/24/32 | 843766 |
| Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC | Specialty Building Products Holdings LLC |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 1903133 | 7.815 | 10/15/28 | 1820727 |
| Tacala LLC | Tacala LLC | Tacala LLC | Tacala LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 1989950 | 6.965 | 01/31/31 | 1995641 |
| Whatabrands LLC | Whatabrands LLC | Whatabrands LLC | Whatabrands LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 2712274 | 6.465 | 08/03/28 | 2717157 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Retail – (continued) | Retail – (continued) | Retail – (continued) | Retail – (continued) |
| White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC | White Cap Buyer LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 997481 | 7.215% | 10/19/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999356 |
|  |  |  | 19545261 |
| Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% |
| Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 460000 | 6.753 | 11/13/31 | 459628 |
| (6 mo. USD Term SOFR + 5.000%) | (6 mo. USD Term SOFR + 5.000%) | (6 mo. USD Term SOFR + 5.000%) | (6 mo. USD Term SOFR + 5.000%) |
| 665832 | 9.205 | 11/12/32 | 665832 |
|  |  |  | 1125460 |
| Software – 4.6% | Software – 4.6% | Software – 4.6% | Software – 4.6% |
| Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 1263792 | 6.252 | 02/24/31 | 1265536 |
| (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) |
| 3323000 | 8.502 | 02/23/32 | 3386702 |
| Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. | Athenahealth Group, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2369839 | 6.715 | 02/15/29 | 2357610 |
| Avalara, Inc. | Avalara, Inc. | Avalara, Inc. | Avalara, Inc. |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 883750 | 6.735 | 03/26/32 | 885191 |
| Avaya, Inc. | Avaya, Inc. | Avaya, Inc. | Avaya, Inc. |
| (1 mo. USD Term SOFR + 7.500%) | (1 mo. USD Term SOFR + 7.500%) | (1 mo. USD Term SOFR + 7.500%) | (1 mo. USD Term SOFR + 7.500%) |
| 4057614 | 11.465 | 08/01/28 | 3540268 |
| BCPE Pequod Buyer, Inc. | BCPE Pequod Buyer, Inc. | BCPE Pequod Buyer, Inc. | BCPE Pequod Buyer, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 2625000 | 6.965 | 11/25/31 | 2631562 |
| Bending Spoons U.S., Inc. | Bending Spoons U.S., Inc. | Bending Spoons U.S., Inc. | Bending Spoons U.S., Inc. |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 905947 | 9.352 | 03/07/31 | 896135 |
| Calabrio, Inc. | Calabrio, Inc. | Calabrio, Inc. | Calabrio, Inc. |
| 545000 | 0.000 <sup>(f)(k)</sup> | 10/14/32 | 517750 |
| Cast & Crew Payroll LLC | Cast & Crew Payroll LLC | Cast & Crew Payroll LLC | Cast & Crew Payroll LLC |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 1222068 | 7.715 | 12/29/28 | 996596 |
| CCC Intelligent Solutions, Inc. | CCC Intelligent Solutions, Inc. | CCC Intelligent Solutions, Inc. | CCC Intelligent Solutions, Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 934109 | 5.965 | 01/23/32 | 934548 |
| Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. | Central Parent, Inc. |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 2692960 | 7.252 | 07/06/29 | 2210301 |
| Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC | Clearwater Analytics LLC |
| (6 mo. USD Term SOFR + 2.250%) | (6 mo. USD Term SOFR + 2.250%) | (6 mo. USD Term SOFR + 2.250%) | (6 mo. USD Term SOFR + 2.250%) |
| 712500 | 6.461 | 04/21/32 | 712949 |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 269050 | 7.252 | 03/21/31 | 268967 |
| 1084407 | 7.252 | 08/13/32 | 1084071 |
| ConnectWise LLC | ConnectWise LLC | ConnectWise LLC | ConnectWise LLC |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 1345991 | 7.763 | 09/29/28 | 1347068 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
| (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) |
| $3475000 | 10.579% | 06/04/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470656 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 3436524 | 7.579 | 06/02/28 | 3433088 |
| Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. | Cotiviti Corp. |
| 625000 | 0.000 <sup>(k)</sup> | 05/01/31 | 604252 |
| Darktrace PLC | Darktrace PLC | Darktrace PLC | Darktrace PLC |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 463024 | 7.185 | 10/09/31 | 463821 |
| (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) |
| 355000 | 9.185 | 10/09/32 | 353491 |
| Databricks, Inc. | Databricks, Inc. | Databricks, Inc. | Databricks, Inc. |
| (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%) |
| 491572 | 8.588 <sup>(f)</sup> | 01/03/31 | 489811 |
| Dawn Bidco LLC | Dawn Bidco LLC | Dawn Bidco LLC | Dawn Bidco LLC |
| 3300000 | 0.000 <sup>(k)</sup> | 10/07/32 | 3287625 |
| Dayforce, Inc. | Dayforce, Inc. | Dayforce, Inc. | Dayforce, Inc. |
| (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) | (3 mo. USD Term SOFR + 2.000%) |
| 6242462 | 5.840 | 03/01/31 | 6242462 |
| Disco Parent, Inc. | Disco Parent, Inc. | Disco Parent, Inc. | Disco Parent, Inc. |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 1290000 | 7.484 | 08/06/32 | 1294838 |
| DTI Holdco, Inc. | DTI Holdco, Inc. | DTI Holdco, Inc. | DTI Holdco, Inc. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 836049 | 7.965 | 04/26/29 | 731543 |
| Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2410740 | 6.715 | 10/09/29 | 2413006 |
| (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) |
| 5750294 | 8.715 | 11/22/32 | 5806014 |
| Entrata, Inc. | Entrata, Inc. | Entrata, Inc. | Entrata, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 803385 | 6.991 | 09/30/32 | 805393 |
| Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. | Epicor Software Corp. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 6079970 | 6.465 | 05/30/31 | 6091401 |
| EverCommerce, Inc. | EverCommerce, Inc. | EverCommerce, Inc. | EverCommerce, Inc. |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 392849 | 6.215 | 07/07/31 | 391541 |
| Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. | Finastra USA, Inc. |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 650000 | 8.038 | 09/15/32 | 641758 |
| Flash Charm, Inc. | Flash Charm, Inc. | Flash Charm, Inc. | Flash Charm, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 449249 | 7.796 | 03/02/28 | 399621 |
| Informatica LLC | Informatica LLC | Informatica LLC | Informatica LLC |
| (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) | (1 mo. USD Term SOFR + 2.250%) |
| 776584 | 6.215 | 10/27/28 | 778766 |
| Inmar, Inc. | Inmar, Inc. | Inmar, Inc. | Inmar, Inc. |
| (1 mo. USD Term SOFR + 4.500%)–(3 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%)–(3 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%)–(3 mo. USD Term SOFR + 4.500%) | (1 mo. USD Term SOFR + 4.500%)–(3 mo. USD Term SOFR + 4.500%) |
| 904652 | 8.340–<br>8.501 | 10/30/31 | 897867 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Marcel LUX IV SARL | Marcel LUX IV SARL | Marcel LUX IV SARL | Marcel LUX IV SARL |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| $1449693 | 7.130% | 11/12/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451506 |
| Mermaid Bidco, Inc. | Mermaid Bidco, Inc. | Mermaid Bidco, Inc. | Mermaid Bidco, Inc. |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 1174709 | 7.571 | 07/03/31 | 1176177 |
| Metropolis Technologies, Inc. | Metropolis Technologies, Inc. | Metropolis Technologies, Inc. | Metropolis Technologies, Inc. |
| 500000 | 0.000 <sup>(k)</sup> | 11/03/32 | 495000 |
| Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC | Modena Buyer LLC |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 632705 | 8.090 | 07/01/31 | 617520 |
| Motus LLC | Motus LLC | Motus LLC | Motus LLC |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 1107908 | 7.752 | 12/11/28 | 1102833 |
| Particle Investments SARL | Particle Investments SARL | Particle Investments SARL | Particle Investments SARL |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 284444 | 7.715 | 03/28/31 | 284089 |
| Planview Parent, Inc. | Planview Parent, Inc. | Planview Parent, Inc. | Planview Parent, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 116741 | 7.502 | 12/17/27 | 113712 |
| PointClickCare Technologies, Inc. | PointClickCare Technologies, Inc. | PointClickCare Technologies, Inc. | PointClickCare Technologies, Inc. |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 1342711 | 6.752 | 11/03/31 | 1344390 |
| Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC | Polaris Newco LLC |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 5568259 | 8.102 | 06/02/28 | 5317687 |
| Project Boost Purchaser LLC | Project Boost Purchaser LLC | Project Boost Purchaser LLC | Project Boost Purchaser LLC |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 915774 | 6.608 | 07/16/31 | 913246 |
| Project Ruby Ultimate Parent Corp. | Project Ruby Ultimate Parent Corp. | Project Ruby Ultimate Parent Corp. | Project Ruby Ultimate Parent Corp. |
| 540000 | 0.000 <sup>(f)(k)</sup> | 03/12/29 | 540000 |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 2251746 | 6.829 | 03/10/28 | 2257150 |
| PushPay USA, Inc. | PushPay USA, Inc. | PushPay USA, Inc. | PushPay USA, Inc. |
| (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) | (6 mo. USD Term SOFR + 3.750%) |
| 741267 | 7.622 | 08/15/31 | 738487 |
| Quickbase, Inc. | Quickbase, Inc. | Quickbase, Inc. | Quickbase, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 537520 | 7.215 | 10/02/28 | 534499 |
| RealPage, Inc. | RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 4360453 | 7.263 | 04/24/28 | 4349988 |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 2590123 | 7.752 | 04/24/28 | 2596935 |
| Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 431569 | 7.715 | 11/28/28 | 429528 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 1064401 | 5.965 | 05/09/31 | 1066487 |
| UKG, Inc. | UKG, Inc. | UKG, Inc. | UKG, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 5791214 | 6.338 | 02/10/31 | 5787160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| VS Buyer LLC | VS Buyer LLC | VS Buyer LLC | VS Buyer LLC |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| $555807 | 6.090% | 04/12/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550249 |
| Waystar Technologies, Inc. | Waystar Technologies, Inc. | Waystar Technologies, Inc. | Waystar Technologies, Inc. |
| (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) | (1 mo. USD Term SOFR + 2.000%) |
| 963039 | 5.965 | 10/22/29 | 962240 |
| Zuora, Inc. | Zuora, Inc. | Zuora, Inc. | Zuora, Inc. |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352032 | 7.465 | 02/14/32 | 345579 |
|  |  |  | 94606670 |
| Telecommunications – 1.0% | Telecommunications – 1.0% | Telecommunications – 1.0% | Telecommunications – 1.0% |
| CommScope, Inc. | CommScope, Inc. | CommScope, Inc. | CommScope, Inc. |
| (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) |
| 8000000 | 8.715 | 12/17/29 | 8063040 |
| Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. |
| (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%)–(3 mo. USD Term SOFR + 2.750%) |
| 623386 | 6.740– 6.876 | 11/30/29 | 615749 |
| (1 mo. USD Term SOFR + 5.250%)–(3 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%)–(3 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%)–(3 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%)–(3 mo. USD Term SOFR + 5.250%) |
| 331000 | 9.240– 9.377 | 11/29/30 | 328726 |
| Ensono LP | Ensono LP | Ensono LP | Ensono LP |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 1663851 | 8.079 | 05/26/28 | 1662920 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) |
| 448900 | 9.965 | 06/01/28 | 454512 |
| (1 mo. USD Term SOFR + 2.350%) | (1 mo. USD Term SOFR + 2.350%) | (1 mo. USD Term SOFR + 2.350%) | (1 mo. USD Term SOFR + 2.350%) |
| 434192 | 6.429 | 04/16/29 | 431391 |
| 825429 | 6.429 | 04/15/30 | 820278 |
| Nuuday AS | Nuuday AS | Nuuday AS | Nuuday AS |
| (3 mo. EUR EURIBOR + 6.500%) | (3 mo. EUR EURIBOR + 6.500%) | (3 mo. EUR EURIBOR + 6.500%) | (3 mo. EUR EURIBOR + 6.500%) |
| 400000 | 8.529 | 02/03/28 | 462130 |
| Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |
| $989796 | 11.002 | 05/13/27 | 948501 |
| Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. | Zayo Group Holdings, Inc. |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 7539334 | 7.579 | 03/11/30 | 7197727 |
|  |  |  | 20984974 |
| Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% |
| First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 1557253 | 6.711 | 08/15/30 | 1558358 |
| Kenan Advantage Group, Inc. | Kenan Advantage Group, Inc. | Kenan Advantage Group, Inc. | Kenan Advantage Group, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 399354 | 7.215 | 01/25/29 | 391866 |
| Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. |
| 28333 | 0.000 <sup>(k)</sup> | 06/24/32 | 28537 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) | Bank Loans<sup>(j)</sup> – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
| (1 mo. USD Term SOFR + 3.250%)–(3 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%)–(3 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%)–(3 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%)–(3 mo. USD Term SOFR + 3.250%) |
| $564428 | 7.236–<br>7.288% | 06/24/32 | $568487 |
|  |  |  | 2547248 |
| TOTAL BANK LOANS<br>(Cost $597,161,366) | TOTAL BANK LOANS<br>(Cost $597,161,366) | TOTAL BANK LOANS<br>(Cost $597,161,366) | $&nbsp;&nbsp;&nbsp;&nbsp;591543625 |
| Sovereign Debt Obligations – 2.1% | Sovereign Debt Obligations – 2.1% | Sovereign Debt Obligations – 2.1% | Sovereign Debt Obligations – 2.1% |
| Egyptian Pound<sup>(h)</sup> – 0.0% | Egyptian Pound<sup>(h)</sup> – 0.0% | Egyptian Pound<sup>(h)</sup> – 0.0% | Egyptian Pound<sup>(h)</sup> – 0.0% |
| Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |
| 52900000 | 27.011% | 01/20/26 | $1057429 |
| Euro – 0.2% | Euro – 0.2% | Euro – 0.2% | Euro – 0.2% |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 1240000 | 5.875 | 10/17/31 | 1435361 |
| Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
| 805000 | 5.100 | 02/25/29 | 964897 |
| Romania Government International Bonds <sup>(b)</sup> | Romania Government International Bonds <sup>(b)</sup> | Romania Government International Bonds <sup>(b)</sup> | Romania Government International Bonds <sup>(b)</sup> |
| 445000 | 5.625 | 05/30/37 | 496772 |
| 660000 | 2.875 | 04/13/42 | 505426 |
| Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
| 1440000 | 4.750 | 03/13/28 | 1396320 |
|  |  |  | 4798776 |
| Nigerian Naira<sup>(h)</sup> – 0.1% | Nigerian Naira<sup>(h)</sup> – 0.1% | Nigerian Naira<sup>(h)</sup> – 0.1% | Nigerian Naira<sup>(h)</sup> – 0.1% |
| Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills | Nigeria OMO Bills |
| 1600000000 | 20.199 | 01/20/26 | 1069290 |
| United States Dollar – 1.8% | United States Dollar – 1.8% | United States Dollar – 1.8% | United States Dollar – 1.8% |
| Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| $1105000 | 8.250 | 05/09/28 | 1088370 |
| 1010000 | 9.375 | 05/08/48 | 868287 |
| Argentina Republic Government International Bonds <sup>(a)(l)</sup> | Argentina Republic Government International Bonds <sup>(a)(l)</sup> | Argentina Republic Government International Bonds <sup>(a)(l)</sup> | Argentina Republic Government International Bonds <sup>(a)(l)</sup> |
| 1274317 | 0.750 | 07/09/30 | 1043028 |
| 1711022 | 4.125 | 07/09/35 | 1199426 |
| 920000 | 3.500 | 07/09/41 | 598920 |
| Bahamas Government International Bonds | Bahamas Government International Bonds | Bahamas Government International Bonds | Bahamas Government International Bonds |
| 700000 | 8.250 | 06/24/36 | 757575 |
| Bank Gospodarstwa Krajowego <sup>(b)(g)</sup> | Bank Gospodarstwa Krajowego <sup>(b)(g)</sup> | Bank Gospodarstwa Krajowego <sup>(b)(g)</sup> | Bank Gospodarstwa Krajowego <sup>(b)(g)</sup> |
| 960000 | 5.375 | 05/22/33 | 999926 |
| 940000 | 5.750 | 07/09/34 | 993918 |
| Bermuda Government International Bonds <sup>(a)</sup> | Bermuda Government International Bonds <sup>(a)</sup> | Bermuda Government International Bonds <sup>(a)</sup> | Bermuda Government International Bonds <sup>(a)</sup> |
| 980000 | 5.000 | 07/15/32 | 994700 |
| Colombia Government International Bonds <sup>(a)</sup> | Colombia Government International Bonds <sup>(a)</sup> | Colombia Government International Bonds <sup>(a)</sup> | Colombia Government International Bonds <sup>(a)</sup> |
| 1330000 | 8.750 | 11/14/53 | 1529500 |
| 1380000 | 8.375 | 11/07/54 | 1524900 |
| Costa Rica Government International Bonds <sup>(a)</sup> | Costa Rica Government International Bonds <sup>(a)</sup> | Costa Rica Government International Bonds <sup>(a)</sup> | Costa Rica Government International Bonds <sup>(a)</sup> |
| 920000 | 6.550 | 04/03/34 | 989920 |
| Ecuador Government International Bonds <sup>(l)</sup> | Ecuador Government International Bonds <sup>(l)</sup> | Ecuador Government International Bonds <sup>(l)</sup> | Ecuador Government International Bonds <sup>(l)</sup> |
| 965000 | 6.900 | 07/31/35 | 738047 |
| 1095000 | 5.000 | 07/31/40 | 744398 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) | United States Dollar – (continued) |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| $1520000 | 7.625% | 05/29/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544320 |
| 1740000 | 8.500 | 01/31/47 | 1604611 |
| Guatemala Government Bonds <sup>(a)</sup> | Guatemala Government Bonds <sup>(a)</sup> | Guatemala Government Bonds <sup>(a)</sup> | Guatemala Government Bonds <sup>(a)</sup> |
| 735000 | 5.375 | 04/24/32 | 744187 |
| 700000 | 6.600 | 06/13/36 | 754600 |
| 710000 | 6.550 | 02/06/37 | 763250 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 258000 | 5.500 | 06/16/34 | 262863 |
| 705000 | 6.750 <sup>(b)</sup> | 09/25/52 | 775786 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 1440000 | 8.250 | 01/30/37 | 1528474 |
| Jamaica Government International Bonds | Jamaica Government International Bonds | Jamaica Government International Bonds | Jamaica Government International Bonds |
| 167000 | 8.000 | 03/15/39 | 201653 |
| Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> | Mexico Government International Bonds <sup>(a)</sup> |
| 1015000 | 6.400 | 05/07/54 | 1013985 |
| Paraguay Government International Bonds <sup>(a)</sup> | Paraguay Government International Bonds <sup>(a)</sup> | Paraguay Government International Bonds <sup>(a)</sup> | Paraguay Government International Bonds <sup>(a)</sup> |
| 1435000 | 5.850 | 08/21/33 | 1515719 |
| Peru Government International Bonds <sup>(a)</sup> | Peru Government International Bonds <sup>(a)</sup> | Peru Government International Bonds <sup>(a)</sup> | Peru Government International Bonds <sup>(a)</sup> |
| 985000 | 5.375 | 02/08/35 | 1010610 |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| 1025000 | 7.300 | 04/20/52 | 1029566 |
| 990000 | 7.950 <sup>(b)</sup> | 11/19/54 | 1055370 |
| Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
| 455000 | 7.850 | 10/12/28 | 489604 |
| 500000 | 5.375 | 02/20/29 | 502563 |
| 540000 | 3.700 | 11/25/30 | 502805 |
| Romania Government International Bonds <sup>(b)</sup> | Romania Government International Bonds <sup>(b)</sup> | Romania Government International Bonds <sup>(b)</sup> | Romania Government International Bonds <sup>(b)</sup> |
| 494000 | 6.375 | 01/30/34 | 505698 |
| 524000 | 5.750 | 03/24/35 | 512210 |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 475000 | 5.375 | 01/13/31 | 498603 |
| 470000 | 5.625 | 01/13/35 | 503341 |
| 1150000 | 4.500 | 10/26/46 | 1013725 |
| Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
| 1005000 | 6.250 | 05/23/33 | 713550 |
| 500000 | 6.750 | 03/13/48 | 315625 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 975000 | 7.125 | 02/12/32 | 1013025 |
| 955000 | 7.250 | 05/29/32 | 999388 |
| Ukraine Government International Bonds <sup>(l)</sup> | Ukraine Government International Bonds <sup>(l)</sup> | Ukraine Government International Bonds <sup>(l)</sup> | Ukraine Government International Bonds <sup>(l)</sup> |
| 1100000 | 4.500 | 02/01/29 | 754600 |
| 1235000 | 3.000 | 02/01/34 | 514377 |
| 225000 | 4.500 | 02/01/35 | 124875 |
| 230000 | 4.500 | 02/01/36 | 126155 |
|  |  |  | 36966053 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $43,211,908)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $43,211,908)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $43,211,908)** | $43891548 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks – 0.3% | Common Stocks – 0.3% | Common Stocks – 0.3% |
| Chemicals<sup>(d)(f)</sup> – 0.1% | Chemicals<sup>(d)(f)</sup> – 0.1% | Chemicals<sup>(d)(f)</sup> – 0.1% |
| 80232 | Cornerstone Chemical Reorg Equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561315 |
| Commercial Services & Supplies<sup>(d)</sup> – 0.0% | Commercial Services & Supplies<sup>(d)</sup> – 0.0% | Commercial Services & Supplies<sup>(d)</sup> – 0.0% |
| 1565 | Monitronics International, Inc. | 18259 |
| Diversified Consumer Services<sup>(d)</sup> – 0.0% | Diversified Consumer Services<sup>(d)</sup> – 0.0% | Diversified Consumer Services<sup>(d)</sup> – 0.0% |
| 7679 | Premier Brands Group Holding | 11042 |
| Energy Equipment & Services<sup>(d)</sup> – 0.1% | Energy Equipment & Services<sup>(d)</sup> – 0.1% | Energy Equipment & Services<sup>(d)</sup> – 0.1% |
| 73839 | Enviva, Inc. | 1144504 |
| 5402 | Nabors Industries Ltd. | 262086 |
|  |  | 1406590 |
| Financial Services<sup>(d)(f)</sup> – 0.0% | Financial Services<sup>(d)(f)</sup> – 0.0% | Financial Services<sup>(d)(f)</sup> – 0.0% |
| 240 | Voyager Aviation Holdings LLC |  |
| Health Care Equipment & Supplies<sup>(d)</sup> – 0.1% | Health Care Equipment & Supplies<sup>(d)</sup> – 0.1% | Health Care Equipment & Supplies<sup>(d)</sup> – 0.1% |
| 47389 | Envision Parent, Inc. | 710835 |
| Health Care Providers & Services<sup>(d)</sup> – 0.0% | Health Care Providers & Services<sup>(d)</sup> – 0.0% | Health Care Providers & Services<sup>(d)</sup> – 0.0% |
| 3315 | Air Methods Corp.<sup>(f)</sup> | 331500 |
| 802 | Air Methods Corp. |  |
|  |  | 331500 |
| Media<sup>(d)</sup> – 0.0% | Media<sup>(d)</sup> – 0.0% | Media<sup>(d)</sup> – 0.0% |
| 2505 | Audacy Capital LLC Class A | 16596 |
| 1128 | Beasley Broadcast Group, Inc. Class A<sup>(i)</sup> | 5730 |
|  |  | 22326 |
| Metals & Mining<sup>(d)(f)</sup> – 0.0% | Metals & Mining<sup>(d)(f)</sup> – 0.0% | Metals & Mining<sup>(d)(f)</sup> – 0.0% |
| 627 | Arctic Canadian Diamond Co. Ltd. | 35621 |
| 1239530 | Burgundy Diamond Mines Ltd. | 13788 |
| 7732 | Tacora Restructure | 7732 |
|  |  | 57141 |
| Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% |
| 85 | Expand Energy Corp. | 8781 |
| Passenger Airlines<sup>(d)</sup> – 0.0% | Passenger Airlines<sup>(d)</sup> – 0.0% | Passenger Airlines<sup>(d)</sup> – 0.0% |
| 32972 | Spirit Aviation Holdings, Inc. | 11870 |
| Pharmaceuticals<sup>(d)(f)</sup> – 0.0% | Pharmaceuticals<sup>(d)(f)</sup> – 0.0% | Pharmaceuticals<sup>(d)(f)</sup> – 0.0% |
| 65267 | Lannett Co., Inc. | 692483 |
| Professional Services<sup>(d)</sup> – 0.0% | Professional Services<sup>(d)</sup> – 0.0% | Professional Services<sup>(d)</sup> – 0.0% |
| 61506 | Avaya Holdings Corp.<sup>(i)</sup> | 653501 |
| 865 | Skillsoft Corp. | 11358 |
|  |  | 664859 |
| Real Estate Investment Trusts<sup>(d)</sup> – 0.0% | Real Estate Investment Trusts<sup>(d)</sup> – 0.0% | Real Estate Investment Trusts<sup>(d)</sup> – 0.0% |
| 21767 | Luxco Co. Ltd. | 360389 |
| Semiconductors & Semiconductor Equipment<sup>(d)</sup> – 0.0% | Semiconductors & Semiconductor Equipment<sup>(d)</sup> – 0.0% | Semiconductors & Semiconductor Equipment<sup>(d)</sup> – 0.0% |
| 18377 | Bright Bidco BV | 6432 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Software<sup>(d)(f)</sup> – 0.0% | Software<sup>(d)(f)</sup> – 0.0% | Software<sup>(d)(f)</sup> – 0.0% |
| 42 | Mavenir PLC | $— |
| Specialty Retail<sup>(d)(f)</sup> – 0.0% | Specialty Retail<sup>(d)(f)</sup> – 0.0% | Specialty Retail<sup>(d)(f)</sup> – 0.0% |
| 7504 | GTRC Reorg Equity | 618254 |
| 343 | Rite Aid Corp. |  |
|  |  | 618254 |
| Wireless Telecommunication Services<sup>(d)</sup> – 0.0% | Wireless Telecommunication Services<sup>(d)</sup> – 0.0% | Wireless Telecommunication Services<sup>(d)</sup> – 0.0% |
| 5606 | IQOR US, Inc. | 8409 |
| 14518 | Windstream Corp. | 290360 |
|  |  | 298769 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $7,688,892)** | **TOTAL COMMON STOCKS**<br> **(Cost $7,688,892)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780845 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Asset-Backed Securities<sup>(a)(b)(c)</sup> – 0.2% | Asset-Backed Securities<sup>(a)(b)(c)</sup> – 0.2% | Asset-Backed Securities<sup>(a)(b)(c)</sup> – 0.2% | Asset-Backed Securities<sup>(a)(b)(c)</sup> – 0.2% |
| Collateralized Loan Obligations – 0.2% | Collateralized Loan Obligations – 0.2% | Collateralized Loan Obligations – 0.2% | Collateralized Loan Obligations – 0.2% |
| AIMCO CLO 14 Ltd. Series 2021-14A, Class E1R (3 mo. USD Term SOFR + 4.800%) | AIMCO CLO 14 Ltd. Series 2021-14A, Class E1R (3 mo. USD Term SOFR + 4.800%) | AIMCO CLO 14 Ltd. Series 2021-14A, Class E1R (3 mo. USD Term SOFR + 4.800%) | AIMCO CLO 14 Ltd. Series 2021-14A, Class E1R (3 mo. USD Term SOFR + 4.800%) |
| $250000 | 8.718% | 10/20/38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250477 |
| AIMCO CLO 28 Ltd. Series 2025-28A, Class E (-1X 3 mo. USD Term SOFR + 4.600%) | AIMCO CLO 28 Ltd. Series 2025-28A, Class E (-1X 3 mo. USD Term SOFR + 4.600%) | AIMCO CLO 28 Ltd. Series 2025-28A, Class E (-1X 3 mo. USD Term SOFR + 4.600%) | AIMCO CLO 28 Ltd. Series 2025-28A, Class E (-1X 3 mo. USD Term SOFR + 4.600%) |
| 250000 | 0.000 | 01/16/39 | 250000 |
| Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) |
| 250000 | 10.838 | 01/25/36 | 252976 |
| Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) | Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) | Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) | Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) |
| 250000 | 10.746 | 04/20/34 | 251109 |
| Carlyle U.S. CLO Ltd. Series 2025-5A, Class E (-1X 3 mo. USD Term SOFR + 4.950%) | Carlyle U.S. CLO Ltd. Series 2025-5A, Class E (-1X 3 mo. USD Term SOFR + 4.950%) | Carlyle U.S. CLO Ltd. Series 2025-5A, Class E (-1X 3 mo. USD Term SOFR + 4.950%) | Carlyle U.S. CLO Ltd. Series 2025-5A, Class E (-1X 3 mo. USD Term SOFR + 4.950%) |
| 250000 | 0.000 | 01/15/39 | 250000 |
| CIFC Funding Ltd. Series 2021-3A, Class ER (3 mo. USD Term SOFR + 4.850%) | CIFC Funding Ltd. Series 2021-3A, Class ER (3 mo. USD Term SOFR + 4.850%) | CIFC Funding Ltd. Series 2021-3A, Class ER (3 mo. USD Term SOFR + 4.850%) | CIFC Funding Ltd. Series 2021-3A, Class ER (3 mo. USD Term SOFR + 4.850%) |
| 250000 | 8.755 | 10/15/38 | 250236 |
| CIFC Funding Ltd. Series 2023-1A, Class ER (3 mo. USD Term SOFR + 4.700%) | CIFC Funding Ltd. Series 2023-1A, Class ER (3 mo. USD Term SOFR + 4.700%) | CIFC Funding Ltd. Series 2023-1A, Class ER (3 mo. USD Term SOFR + 4.700%) | CIFC Funding Ltd. Series 2023-1A, Class ER (3 mo. USD Term SOFR + 4.700%) |
| 250000 | 8.605 | 10/15/38 | 249120 |
| Lighthouse Park CLO Ltd. Series 2025-1A, Class E (-1X 3 mo. USD Term SOFR + 4.650%) | Lighthouse Park CLO Ltd. Series 2025-1A, Class E (-1X 3 mo. USD Term SOFR + 4.650%) | Lighthouse Park CLO Ltd. Series 2025-1A, Class E (-1X 3 mo. USD Term SOFR + 4.650%) | Lighthouse Park CLO Ltd. Series 2025-1A, Class E (-1X 3 mo. USD Term SOFR + 4.650%) |
| 250000 | 0.000 | 10/24/37 | 250000 |
| Magnetite XXVII Ltd. Series 2020-27A, Class ERR (3 mo. USD Term SOFR + 4.750%) | Magnetite XXVII Ltd. Series 2020-27A, Class ERR (3 mo. USD Term SOFR + 4.750%) | Magnetite XXVII Ltd. Series 2020-27A, Class ERR (3 mo. USD Term SOFR + 4.750%) | Magnetite XXVII Ltd. Series 2020-27A, Class ERR (3 mo. USD Term SOFR + 4.750%) |
| 250000 | 8.684 | 10/20/38 | 250268 |
| Magnetite XXXVII Ltd. Series 2023-37A, Class ER (-1X 3 mo. USD Term SOFR + 4.700%) | Magnetite XXXVII Ltd. Series 2023-37A, Class ER (-1X 3 mo. USD Term SOFR + 4.700%) | Magnetite XXXVII Ltd. Series 2023-37A, Class ER (-1X 3 mo. USD Term SOFR + 4.700%) | Magnetite XXXVII Ltd. Series 2023-37A, Class ER (-1X 3 mo. USD Term SOFR + 4.700%) |
| 250000 | 0.000 | 10/25/38 | 250000 |
| OHA Credit Funding 16-R Ltd. Series 2023-16RA, Class E (3 mo. USD Term SOFR + 4.600%) | OHA Credit Funding 16-R Ltd. Series 2023-16RA, Class E (3 mo. USD Term SOFR + 4.600%) | OHA Credit Funding 16-R Ltd. Series 2023-16RA, Class E (3 mo. USD Term SOFR + 4.600%) | OHA Credit Funding 16-R Ltd. Series 2023-16RA, Class E (3 mo. USD Term SOFR + 4.600%) |
| 250000 | 8.484 | 10/20/38 | 250499 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) | Asset-Backed Securities<sup>(a)(b)(c)</sup> – (continued) |
| Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) | Collateralized Loan Obligations – (continued) |
| OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) |
| $250000 | 7.184% | 04/20/37 | $251040 |
| RR 18 Ltd. Series 2021-18A, Class DR (3 mo. USD Term SOFR + 4.900%) | RR 18 Ltd. Series 2021-18A, Class DR (3 mo. USD Term SOFR + 4.900%) | RR 18 Ltd. Series 2021-18A, Class DR (3 mo. USD Term SOFR + 4.900%) | RR 18 Ltd. Series 2021-18A, Class DR (3 mo. USD Term SOFR + 4.900%) |
| 250000 | 8.805 | 07/15/40 | 248478 |
| Voya CLO Ltd. Series 2022-3A, Class ER2 (3 mo. USD Term SOFR + 4.750%) | Voya CLO Ltd. Series 2022-3A, Class ER2 (3 mo. USD Term SOFR + 4.750%) | Voya CLO Ltd. Series 2022-3A, Class ER2 (3 mo. USD Term SOFR + 4.750%) | Voya CLO Ltd. Series 2022-3A, Class ER2 (3 mo. USD Term SOFR + 4.750%) |
| 271000 | 8.634 | 10/20/36 | 271303 |
|  |  |  | 3525506 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,509,858)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,509,858)** | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $3,509,858)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525506 |

---

---

| | | |
|:---|:---|:---|
| Units | **Expiration**<br> **Date** | Value |
| Warrants<sup>(d)</sup> – 0.0% | Warrants<sup>(d)</sup> – 0.0% | Warrants<sup>(d)</sup> – 0.0% |
|  Audacy, Inc.<sup>(f)</sup> | Audacy, Inc.<sup>(f)</sup> | Audacy, Inc.<sup>(f)</sup> |
| 3036 | 12/31/99 | $304 |
|  Avation PLC | Avation PLC | Avation PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20510 | 10/31/26 | 10777 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
| 162 | 02/09/26 | 14084 |
|  Guitar Center, Inc.<sup>(f)</sup> | Guitar Center, Inc.<sup>(f)</sup> | Guitar Center, Inc.<sup>(f)</sup> |
| 3972 | 12/31/99 | 83773 |
|  Spirit Aviation Holdings, Inc. | Spirit Aviation Holdings, Inc. | Spirit Aviation Holdings, Inc. |
| 3972 | 12/31/99 | 397 |
|  **TOTAL WARRANTS**<br> **(Cost $207,713)** | **TOTAL WARRANTS**<br> **(Cost $207,713)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109335 |

---

---

| | | |
|:---|:---|:---|
| Shares | **Dividend**<br> **Rate** | Value |
| Preferred Stocks<sup>(d)(f)</sup> – 0.0% | Preferred Stocks<sup>(d)(f)</sup> – 0.0% | Preferred Stocks<sup>(d)(f)</sup> – 0.0% |
| Financial Services – 0.0% | Financial Services – 0.0% | Financial Services – 0.0% |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
| 1441 | 0.000% | $— |
| Specialty Retail – 0.0% | Specialty Retail – 0.0% | Specialty Retail – 0.0% |
|  Guitar Center, Inc. | Guitar Center, Inc. | Guitar Center, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 0.000 | 9750 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $84,145)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $84,145)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| U.S. Treasury Obligations<sup>(h)</sup> – 0.2% | U.S. Treasury Obligations<sup>(h)</sup> – 0.2% | U.S. Treasury Obligations<sup>(h)</sup> – 0.2% | U.S. Treasury Obligations<sup>(h)</sup> – 0.2% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $428900 | 4.032% | 11/20/25 | $428115 |
| 376800 | 3.919 | 12/09/25 | 375349 |
| 1240100 | 3.982 | 12/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235324 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations<sup>(h)</sup> – (continued) | U.S. Treasury Obligations<sup>(h)</sup> – (continued) | U.S. Treasury Obligations<sup>(h)</sup> – (continued) | U.S. Treasury Obligations<sup>(h)</sup> – (continued) |
| $1625500 | 4.015% | 12/09/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619240 |
| 204400 | 4.016 | 12/09/25 | 203613 |
| **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $3,860,556)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $3,860,556)** | **TOTAL U.S. TREASURY OBLIGATIONS**<br> **(Cost $3,860,556)** | $3861641 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | Description | Value |
| Exchange Traded Funds – 5.1% | Exchange Traded Funds – 5.1% | Exchange Traded Funds – 5.1% |
| 1284898 | iShares iBoxx $ High Yield Corporate Bond ETF | $103819759 |
|  **(Cost $104,191,939)** | **(Cost $104,191,939)** |  |
| Shares | **Dividend**<br> **Rate** | Value |
| Investment Company<sup>(m)</sup> – 11.3% | Investment Company<sup>(m)</sup> – 11.3% | Investment Company<sup>(m)</sup> – 11.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 229107242 | 3.956% | $229107242 |
|  **(Cost $229,107,242)** | **(Cost $229,107,242)** |  |
|  **TOTAL INVESTMENTS – 101.8%**<br> **(Cost $2,074,590,685)** | **TOTAL INVESTMENTS – 101.8%**<br> **(Cost $2,074,590,685)** | $2069945805 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%** | (36264533) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2033681272 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on October 31, 2025. |
| (d) | Security is currently in default and/or non-income producing. |
| (e) | Pay-in-kind securities. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(g) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $2,488,053, which represents approximately 0.1% of the Fund's net assets as of October 31, 2025.

(h) Issued with a zero coupon. Income is recognized through the accretion of discount.

(i) Restricted securities are not registered under the Securities Act of 1933, as amended, and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of Restricted securities amounts to $662,847, which represents approximately 0.0% of the Fund's net assets as of October 31, 2025. See additional details below:

---

| | | |
|:---|:---|:---|
| Restricted Security | Acquisition<br>Date | Cost |
|  Avaya Holdings Corp. | 05/01/23 | $132475 |
|  Avaya Holdings Corp. | 05/01/23 | 668883 |
|  Beasley Broadcast Group, Inc. | 10/08/24 | 11880 |
|  Chesapeake Energy Corp. | 12/06/19 | 42991 |
|  Chesapeake Energy Corp. | 06/21/19 | 316924 |
|  Neiman Marcus Group Ltd. LLC | 04/23/18 | 605000 |
|  Par Pharmaceutical, Inc. | 04/23/24 |  |
|  Rite Aid Corp. | 09/04/24 |  |
|  Rite Aid Corp. | 09/04/24 |  |

---

(j) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on October 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(k) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(l) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on October 31, 2025.

(m) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At October 31, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
| Borrower | Principal<br>Amount | Current<br>Value | Unrealized<br>Gain (Loss) |
|  Air Comm Corp. LLC due 12/11/31 | $69231 | $69188 | $(43) |
|  Archkey Solutions LLC due 11/01/31 | 102995 | 103536 | 947 |
|  Databricks, Inc. due 01/03/31 | 108428 | 108039 | (594) |
|  Kaman Corp. due 02/26/32 | 149960 | 150391 | 375 |
|  Pinnacle Buyer LLC due 10/01/32 | 332258 | 333433 | 1246 |
|  USALCO LLC due 09/30/31 | 37447 | 37506 | (12) |
| TOTAL | $800319 | $802093 | $1919 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | Settlement<br>Date | Unrealized<br>Gain |
|  Barclays Bank PLC | EUR | 23000 | USD | 26621 | 01/15/26 | $4 |
|  | TRY | 35653337 | USD | 795469 | 12/17/25 | 19629 |
|  | USD | 30725 | AUD | 46000 | 12/18/25 | 611 |
|  | USD | 18583414 | CNH | 131839285 | 12/17/25 | 14320 |
|  | USD | 11913405 | CZK | 246336926 | 12/17/25 | 230834 |
|  | USD | 656999 | EUR | 556752 | 12/17/25 | 13504 |
|  | USD | 20076229 | EUR | 17052000 | 01/15/26 | 336744 |
|  | USD | 4057015 | GBP | 3024000 | 01/15/26 | 84298 |
|  | USD | 8859913 | KRW | 12393600000 | 12/17/25 | 169730 |
|  | USD | 28230472 | PLN | 102552355 | 12/17/25 | 473434 |
|  | USD | 8222985 | RON | 35700000 | 12/17/25 | 150360 |
|  | USD | 15601 | SGD | 20000 | 12/17/25 | 179 |
|  Citibank NA | BRL | 38276238 | USD | 6917793 | 12/02/25 | 139244 |
|  | CLP | 7911012807 | USD | 8179463 | 12/17/25 | 214915 |
|  | COP | 7029301828 | USD | 1770855 | 12/17/25 | 40782 |
|  | EGP | 138668396 | USD | 2798685 | 12/17/25 | 83355 |
|  | IDR | 338865060209 | USD | 20279663 | 12/17/25 | 78013 |
|  | KZT | 1290010000 | USD | 2269945 | 02/27/26 | 72546 |
|  | NGN | 1180000000 | USD | 670455 | 01/28/26 | 136119 |
|  | NGN | 2127935117 | USD | 1265875 | 09/16/26 | 87835 |
|  | PEN | 29448513 | USD | 8422423 | 12/17/25 | 312290 |
|  | USD | 74312843 | EUR | 62948308 | 01/22/26 | 1417593 |
|  | USD | 16135904 | GBP | 11998284 | 01/22/26 | 373524 |
|  | USD | 86852 | HUF | 28860361 | 12/17/25 | 1331 |
|  | USD | 17348683 | IDR | 286348682889 | 12/17/25 | 145983 |
|  | USD | 7540572 | TWD | 228293073 | 12/17/25 | 114495 |
|  HSBC Bank PLC | COP | 29600000000 | USD | 7413901 | 12/17/25 | 214802 |
|  | TRY | 6243834 | USD | 140253 | 12/17/25 | 2492 |
|  | USD | 7081989 | BRL | 38276238 | 12/02/25 | 24952 |
|  | USD | 3345019 | HUF | 1126697067 | 12/17/25 | 6298 |
|  | USD | 9585269 | MXN | 178246210 | 12/17/25 | 39305 |
|  | USD | 19280955 | PHP | 1105650320 | 12/17/25 | 458384 |
|  | USD | 1581254 | RON | 6871430 | 12/17/25 | 27458 |
|  MS & Co. Int. PLC | USD | 97607471 | EUR | 82821271 | 12/15/25 | 1894151 |
|  | USD | 8642599 | GBP | 6425767 | 12/15/25 | 200631 |
|  Standard Chartered Bank | MYR | 38851725 | USD | 9239876 | 12/17/25 | 48723 |
|  | NGN | 1006025000 | USD | 596163 | 03/18/26 | 81239 |
|  | NGN | 1006025000 | USD | 572826 | 06/17/26 | 85352 |
|  | NGN | 2104374368 | USD | 1248887 | 09/16/26 | 89835 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | Settlement<br>Date | Unrealized<br>Gain |
|  Standard Chartered Bank (continued) | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32747766 | USD | 9427887 | 12/17/25 | $285415 |
|  | USD | 5068877 | EUR | 4301479 | 12/17/25 | 97216 |
|  | USD | 3179050 | IDR | 52516377320 | 12/17/25 | 24073 |
|  | USD | 2550750 | THB | 80199916 | 12/17/25 | 60855 |
| TOTAL |  |  |  |  |  | $8352853 |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | Settlement<br>Date | Unrealized<br>Loss |
|  Barclays Bank PLC | AUD | 46000 | USD | 30455 | 12/18/25 | $(341) |
|  | CNH | 131839285 | USD | 18633722 | 12/17/25 | (64628) |
|  | GBP | 21000 | USD | 28204 | 01/15/26 | (615) |
|  | HUF | 1155557428 | USD | 3469320 | 12/17/25 | (45078) |
|  | MXN | 239554250 | USD | 12962025 | 12/17/25 | (132714) |
|  | RON | 35700000 | USD | 8210957 | 12/17/25 | (138331) |
|  | THB | 80199916 | USD | 2497506 | 12/17/25 | (7611) |
|  | USD | 1227337 | COP | 4840655136 | 12/17/25 | (20228) |
|  | USD | 11897398 | THB | 384700000 | 12/17/25 | (46039) |
|  | ZAR | 164557317 | USD | 9486438 | 12/17/25 | (26392) |
|  Citibank NA | EUR | 556752 | USD | 657661 | 12/17/25 | (14166) |
|  | TWD | 228293073 | USD | 7630116 | 12/17/25 | (204039) |
|  | USD | 5238365 | COP | 20745024856 | 12/17/25 | (108177) |
|  | USD | 2236999 | KZT | 1290010000 | 02/27/26 | (105493) |
|  | USD | 3922838 | MXN | 73845246 | 12/17/25 | (31939) |
|  | USD | 772342 | NGN | 1180000000 | 01/28/26 | (34231) |
|  | USD | 1304705 | NGN | 2127935117 | 09/16/26 | (49005) |
|  | USD | 17767234 | PEN | 62196280 | 12/17/25 | (680780) |
|  | USD | 508757 | ZAR | 8879774 | 12/17/25 | (1722) |
|  HSBC Bank PLC | CZK | 246336926 | USD | 11913768 | 12/17/25 | (231197) |
|  | EUR | 72838 | USD | 85140 | 12/17/25 | (954) |
|  | PLN | 102552355 | USD | 28220893 | 12/17/25 | (463856) |
|  | RON | 6871430 | USD | 1581155 | 12/17/25 | (27359) |
|  | THB | 384700000 | USD | 11998852 | 12/17/25 | (55415) |
|  | USD | 8228313 | CLP | 7911012807 | 12/17/25 | (166065) |
|  | USD | 2787013 | COP | 11043621836 | 12/17/25 | (59220) |
|  | USD | 2770598 | EGP | 138668396 | 12/17/25 | (111442) |
|  | USD | 13127808 | INR | 1171416610 | 12/17/25 | (32920) |
|  | USD | 4321636 | MXN | 81334265 | 12/17/25 | (34216) |
|  MS & Co. Int. PLC | EUR | 8282427 | USD | 9683205 | 12/15/25 | (111527) |
|  | GBP | 1291588 | USD | 1741144 | 12/15/25 | (44297) |
|  Standard Chartered Bank | INR | 1171416610 | USD | 13221897 | 12/17/25 | (61169) |
|  | KRW | 12393600000 | USD | 8974951 | 12/17/25 | (284768) |
|  | MXN | 93871470 | USD | 5064640 | 12/17/25 | (37360) |
|  | PHP | 1105650319 | USD | 18992533 | 12/17/25 | (169963) |
|  | SGD | 20000 | USD | 15714 | 12/17/25 | (292) |
|  | USD | 9251791 | MYR | 38851725 | 12/17/25 | (36807) |
|  | USD | 652416 | NGN | 1006025000 | 03/18/26 | (24987) |
|  | USD | 633517 | NGN | 1006025000 | 06/17/26 | (24661) |
|  | USD | 1283938 | NGN | 2104374368 | 09/16/26 | (54784) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | Settlement<br>Date | Unrealized<br>Loss |
|  Standard Chartered Bank (continued) | USD | 8851227 | ZAR | 155677543 | 12/17/25 | $(98339) |
| TOTAL |  |  |  |  |  | $(3843127) |

---

SWAP CONTRACTS — At October 31, 2025, the Fund had the following swap contracts:

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Obligation/Index | Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup> | Credit<br>Spread at<br>October 31,<br>2025<sup>(b)</sup> | Counterparty | Termination<br>Date | Notional<br>Amount<br>(000s) | Value | Upfront<br>Premiums<br>(Received)<br>Paid | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  American Airlines Group, Inc., 3.750%, 03/01/25 | 5.000% | 3.529% | Citibank NA | 06/20/28 | $630 | $25887 | $(26166) | $52053 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Referenced Obligation/Index | Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup> | Credit<br>Spread at<br>October 31,<br>2025<sup>(b)</sup> | Termination<br>Date | Notional<br>Amount<br>(000s) | Value | Upfront<br>Premiums<br>(Received)<br>Paid | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 45 | 5.000% | 3.285% | 12/20/30 | $26540 | $2078450 | $2016622 | $61828 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| EGP | —Egypt Pound |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| IDR | —Indonesia Rupiah |
| INR | —Indian Rupee |
| KRW | —South Korean Won |
| KZT | —Kazakhstan Tenge |
| MXN | —Mexican Peso |
| MYR | —Malaysia Ringgit |
| NGN | —Nigeria Naira |
| PEN | —Peru Nuevo Sol |
| PHP | —Philippines Peso |
| PLN | —Polish Zloty |
| RON | —Romania New Leu |
| SGD | —Singapore Dollar |
| THB | —Thailand Baht |
| TRY | —Turkish Lira |
| TWD | —Taiwan Dollar |
| USD | —U.S. Dollar |
| ZAR | —South African Rand |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| ETF | —Exchange Traded Fund |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| LIBOR | —London Interbank Offered Rate |
| LLC | —Limited Liability Company |
| LP | —Limited Partnership |
| PIK | —Payment in kind |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SONIA | —Sterling Overnight Index Average |
| SpA | —Stand-by Purchase Agreement |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| CDX.NA.HY Ind 45 | —CDX North America High Yield Index 45 |
| MS & Co. Int. PLC | —Morgan Stanley & Co. International PLC |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 97.0% | Common Stocks – 97.0% | Common Stocks – 97.0% |
| Australia – 4.9% | Australia – 4.9% | Australia – 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;1269255 | Cleanaway Waste Management Ltd. (Commercial Services & Supplies) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115896 |
| 245610 | Dexus (Office REITs) | 1171012 |
| 191720 | DigiCo Infrastructure REIT (Specialized REITs) | 325845 |
| 98700 | Gemlife Communities Group\* (Real Estate Management & Development) | 327418 |
| 880095 | Goodman Group (Industrial REITs) | 18982043 |
| 238956 | GPT Group (Diversified REITs) | 839333 |
| 3034842 | Mirvac Group (Diversified REITs) | 4568733 |
| 3394619 | National Storage REIT (Specialized REITs) | 5108139 |
| 604780 | NEXTDC Ltd.\* (IT Services) | 6217704 |
| 704262 | Qube Holdings Ltd. (Transportation Infrastructure) | 2018370 |
| 510076 | Region Group (Retail REITs) | 814705 |
| 2296768 | Scentre Group (Retail REITs) | 6118208 |
| 2184053 | Stockland (Diversified REITs) | 9029704 |
| 703172 | Transurban Group (Transportation Infrastructure) | 6653196 |
|  |  | 64290306 |
| Belgium – 0.6% | Belgium – 0.6% | Belgium – 0.6% |
| 14740 | Aedifica SA (Health Care REITs) | 1076439 |
| 4820 | Cofinimmo SA (Health Care REITs) | 411608 |
| 24199 | Elia Group SA (Electric Utilities) | 2916664 |
| 122198 | Warehouses De Pauw CVA (Industrial REITs) | 3103179 |
|  |  | 7507890 |
| Brazil – 0.7% | Brazil – 0.7% | Brazil – 0.7% |
| 193684 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR (Water Utilities) | 4753005 |
| 1310588 | Cia Paranaense de Energia - Copel (Electric Utilities) | 3193675 |
| 174446 | Equatorial Energia SA (Electric Utilities) | 1188384 |
|  |  | 9135064 |
| Canada – 6.9% | Canada – 6.9% | Canada – 6.9% |
| 15640 | Allied Properties Real Estate Investment Trust (Office REITs) | 164813 |
| 51695 | Canadian Apartment Properties REIT (Residential REITs) | 1421608 |
| 487402 | Chartwell Retirement Residences (Health Care Providers & Services) | 7183059 |
| 588980 | Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 27463757 |
| 48050 | First Capital Real Estate Investment Trust (Retail REITs) | 644412 |
| 41438 | GFL Environmental, Inc. (Commercial Services & Supplies) | 1810426 |
| 39110 | H&R Real Estate Investment Trust (Diversified REITs) | 312032 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Canada (continued) | Canada (continued) | Canada (continued) | Canada (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239815 | Keyera Corp. (Oil, Gas & Consumable Fuels) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6990135 |
| 58970 | Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) |  | 2230900 |
| 122960 | RioCan Real Estate Investment Trust (Retail REITs) |  | 1645545 |
| 83201 | Rockpoint Gas Storage, Inc.\* (Oil, Gas & Consumable Fuels) |  | 1537606 |
| 77611 | South Bow Corp. (Oil, Gas & Consumable Fuels) |  | 2013111 |
| 746072 | TC Energy Corp. (Oil, Gas & Consumable Fuels) |  | 37437915 |
|  |  |  | 90855319 |
| China – 0.7% | China – 0.7% | China – 0.7% | China – 0.7% |
| 378000 | China Merchants Port Holdings Co. Ltd. (Transportation Infrastructure) |  | 731624 |
| 1562100 | China Tower Corp. Ltd. Class H<sup>(a)</sup> (Diversified Telecommunication Services) |  | 2256682 |
| 590400 | ENN Energy Holdings Ltd. (Gas Utilities) |  | 5144314 |
| 1190000 | Zhejiang Expressway Co. Ltd. Class H (Transportation Infrastructure) |  | 1161686 |
|  |  |  | 9294306 |
| Denmark\*<sup>(a)</sup> – 0.1% | Denmark\*<sup>(a)</sup> – 0.1% | Denmark\*<sup>(a)</sup> – 0.1% | Denmark\*<sup>(a)</sup> – 0.1% |
| 80139 | Orsted AS (Independent Power and Renewable Electricity Producers) |  | 1435229 |
| France – 4.3% | France – 4.3% | France – 4.3% | France – 4.3% |
| 42830 | Aeroports de Paris SA (Transportation Infrastructure) |  | 5875461 |
| 21752 | Gecina SA (Office REITs) |  | 2021441 |
| 128367 | Klepierre SA (Retail REITs) |  | 4905744 |
| 123364 | Unibail-Rodamco-Westfield\* (Retail REITs) |  | 12756234 |
| 232671 | Vinci SA (Construction & Engineering) |  | 31111893 |
|  |  |  | 56670773 |
| Germany – 1.2% | Germany – 1.2% | Germany – 1.2% | Germany – 1.2% |
| 30841 | Fraport AG Frankfurt Airport Services Worldwide\* (Transportation Infrastructure) |  | 2643527 |
| 54234 | LEG Immobilien SE (Real Estate Management & Development) |  | 4133403 |
| 347624 | TAG Immobilien AG (Real Estate Management & Development) |  | 5770876 |
| 120089 | Vonovia SE (Real Estate Management & Development) |  | 3609365 |
|  |  |  | 16157171 |
| Hong Kong – 2.0% | Hong Kong – 2.0% | Hong Kong – 2.0% | Hong Kong – 2.0% |
| 3291200 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) |  | 3062961 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Hong Kong (continued) | Hong Kong (continued) | Hong Kong (continued) | Hong Kong (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;1352000 | Kunlun Energy Co. Ltd. (Gas Utilities) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242739 |
| 666173 | Link REIT (Retail REITs) |  | 3469173 |
| 216985 | Power Assets Holdings Ltd. (Electric Utilities) |  | 1378450 |
| 875214 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) |  | 10650290 |
| 1758799 | Swire Properties Ltd. (Real Estate Management & Development) |  | 4791451 |
| 628000 | Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development) |  | 1787425 |
|  |  |  | 26382489 |
| Italy – 0.6% | Italy – 0.6% | Italy – 0.6% | Italy – 0.6% |
| 421056 | Italgas SpA (Gas Utilities) |  | 4418110 |
| 349356 | Terna - Rete Elettrica Nazionale (Electric Utilities) |  | 3582322 |
|  |  |  | 8000432 |
| Japan – 5.3% | Japan – 5.3% | Japan – 5.3% | Japan – 5.3% |
| 852 | Activia Properties, Inc. (Diversified REITs) |  | 779553 |
| 847 | Advance Residence Investment Corp. (Residential REITs) |  | 916745 |
| 72800 | Central Japan Railway Co. (Ground Transportation) |  | 1782269 |
| 580 | Comforia Residential REIT, Inc. (Residential REITs) |  | 1223152 |
| 1432 | Daiwa House REIT Investment Corp. (Diversified REITs) |  | 1234024 |
| 321 | Daiwa Office Investment Corp. (Office REITs) |  | 785264 |
| 4985 | GLP J-Reit (Industrial REITs) |  | 4518879 |
| 4088 | Invincible Investment Corp. (Hotel & Resort REITs) |  | 1826492 |
| 667 | Japan Excellent, Inc. (Office REITs) |  | 636660 |
| 1918 | Japan Real Estate Investment Corp. (Office REITs) |  | 1581914 |
| 1264 | KDX Realty Investment Corp. (Diversified REITs) |  | 1399445 |
| 581858 | Mitsubishi Estate Co. Ltd. (Real Estate Management & Development) |  | 12330663 |
| 4019 | Mitsui Fudosan Accommodations Fund, Inc. (Residential REITs) |  | 3386941 |
| 1458862 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) |  | 15190255 |
| 9148 | Nippon Building Fund, Inc. (Office REITs) |  | 8441020 |
| 3437 | Nippon Prologis REIT, Inc. (Industrial REITs) |  | 1999055 |
| 1341 | Nomura Real Estate Master Fund, Inc. (Diversified REITs) |  | 1430838 |
| 340 | Orix JREIT, Inc. (Office REITs) |  | 230139 |
| 57000 | Osaka Gas Co. Ltd. (Gas Utilities) |  | 1793496 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Japan (continued) | Japan (continued) | Japan (continued) | Japan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | Sekisui House Reit, Inc. (Diversified REITs) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225427 |
| 56200 | Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development) |  | 2399571 |
| 118700 | Tokyo Gas Co. Ltd. (Gas Utilities) |  | 4165679 |
|  |  |  | 69277481 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| 150164 | SES SA (Media) |  | 1150612 |
| Malaysia – 0.2% | Malaysia – 0.2% | Malaysia – 0.2% | Malaysia – 0.2% |
| 764200 | Tenaga Nasional Bhd. (Electric Utilities) |  | 2421177 |
| Mexico – 0.7% | Mexico – 0.7% | Mexico – 0.7% | Mexico – 0.7% |
| 29130 | Corp. Inmobiliaria Vesta SAB de CV ADR (Real Estate Management & Development) |  | 884678 |
| 14574 | Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation Infrastructure) |  | 3036055 |
| 106725 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) |  | 3228376 |
| 3220 | Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation Infrastructure) |  | 973535 |
| 127374 | Prologis Property Mexico SA de CV (Industrial REITs) |  | 508646 |
|  |  |  | 8631290 |
| Netherlands – 0.3% | Netherlands – 0.3% | Netherlands – 0.3% | Netherlands – 0.3% |
| 41725 | CTP NV<sup>(a)</sup> (Real Estate Management & Development) |  | 870097 |
| 66334 | Koninklijke Vopak NV (Oil, Gas & Consumable Fuels) |  | 3006056 |
|  |  |  | 3876153 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 572283 | Auckland International Airport Ltd. (Transportation Infrastructure) |  | 2659210 |
| Philippines – 0.2% | Philippines – 0.2% | Philippines – 0.2% | Philippines – 0.2% |
| 309730 | International Container Terminal Services, Inc. (Transportation Infrastructure) |  | 2793574 |
| Singapore – 1.5% | Singapore – 1.5% | Singapore – 1.5% | Singapore – 1.5% |
| 4631222 | CapitaLand Integrated Commercial Trust (Diversified REITs) |  | 8419512 |
| 342000 | CapitaLand Investment Ltd. (Real Estate Management & Development) |  | 692906 |
| 743700 | Centurion Accommodation REIT\* (Residential REITs) |  | 605656 |
| 624541 | City Developments Ltd. (Real Estate Management & Development) |  | 3468986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Singapore (continued) | Singapore (continued) | Singapore (continued) | Singapore (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345000 | Frasers Centrepoint Trust (Retail REITs) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620201 |
| 1238000 | Frasers Logistics & Commercial Trust (Industrial REITs) |  | 907861 |
| 1039604 | Keppel DC REIT (Specialized REITs) |  | 1907605 |
| 137900 | Keppel Ltd. (Industrial Conglomerates) |  | 1078426 |
| 787000 | Keppel REIT (Office REITs) |  | 635030 |
| 731700 | Mapletree Logistics Trust (Industrial REITs) |  | 752963 |
| 625000 | NTT DC REIT\* (Specialized REITs) |  | 630509 |
| 226080 | Suntec Real Estate Investment Trust (Diversified REITs) |  | 232746 |
|  |  |  | 19952401 |
| Spain – 3.5% | Spain – 3.5% | Spain – 3.5% | Spain – 3.5% |
| 341695 | Aena SME SA<sup>(a)</sup> (Transportation Infrastructure) |  | 9280835 |
| 473391 | Cellnex Telecom SA\*<sup>(a)</sup> (Diversified Telecommunication Services) |  | 14737483 |
| 621839 | Merlin Properties Socimi SA (Diversified REITs) |  | 9687174 |
| 45501 | Naturgy Energy Group SA (Gas Utilities) |  | 1378300 |
| 485294 | Redeia Corp. SA (Electric Utilities) |  | 8736197 |
| 524856 | Sacyr SA (Construction & Engineering) |  | 2308844 |
|  |  |  | 46128833 |
| Sweden – 0.7% | Sweden – 0.7% | Sweden – 0.7% | Sweden – 0.7% |
| 105990 | Castellum AB (Real Estate Management & Development) |  | 1205342 |
| 991432 | Fastighets AB Balder Class B\* (Real Estate Management & Development) |  | 7272022 |
|  |  |  | 8477364 |
| Switzerland – 0.3% | Switzerland – 0.3% | Switzerland – 0.3% | Switzerland – 0.3% |
| 25159 | PSP Swiss Property AG (Real Estate Management & Development) |  | 4351593 |
| United Kingdom – 5.1% | United Kingdom – 5.1% | United Kingdom – 5.1% | United Kingdom – 5.1% |
| 325563 | British Land Co. PLC (Diversified REITs) |  | 1626010 |
| 26280 | Derwent London PLC (Office REITs) |  | 608525 |
| 365554 | Grainger PLC (Real Estate Management & Development) |  | 900674 |
| 2198896 | LondonMetric Property PLC (Diversified REITs) |  | 5501208 |
| 2244143 | National Grid PLC (Multi-Utilities) |  | 33648908 |
| 1146643 | Pennon Group PLC (Water Utilities) |  | 7814512 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565950 | Primary Health Properties PLC (Health Care REITs) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696793 |
| 180537 | Safestore Holdings PLC (Specialized REITs) |  | 1695775 |
| 116100 | Segro PLC REIT (Industrial REITs) |  | 1065376 |
| 124265 | Severn Trent PLC (Water Utilities) |  | 4542506 |
| 2586864 | Tritax Big Box REIT PLC (Industrial REITs) |  | 5106614 |
| 279125 | UNITE Group PLC (Residential REITs) |  | 2082054 |
| 83721 | United Utilities Group PLC (Water Utilities) |  | 1320823 |
|  |  |  | 66609778 |
| United States – 56.9% | United States – 56.9% | United States – 56.9% | United States – 56.9% |
| 161082 | Agree Realty Corp. (Retail REITs) |  | 11760597 |
| 57946 | Alliant Energy Corp. (Electric Utilities) |  | 3871952 |
| 278225 | American Healthcare REIT, Inc. (Health Care REITs) |  | 12609157 |
| 222110 | American Homes 4 Rent Class A (Residential REITs) |  | 7018676 |
| 192092 | American Tower Corp. (Specialized REITs) |  | 34380626 |
| 46344 | American Water Works Co., Inc. (Water Utilities) |  | 5951960 |
| 100473 | Americold Realty Trust, Inc. (Industrial REITs) |  | 1295097 |
| 79318 | Atmos Energy Corp. (Gas Utilities) |  | 13620487 |
| 39657 | AvalonBay Communities, Inc. (Residential REITs) |  | 6897145 |
| 40272 | Black Hills Corp. (Multi-Utilities) |  | 2554453 |
| 146520 | Brixmor Property Group, Inc. (Retail REITs) |  | 3832963 |
| 57570 | Broadstone Net Lease, Inc. (Diversified REITs) |  | 1031654 |
| 23970 | BXP, Inc. (Office REITs) |  | 1706424 |
| 43380 | Camden Property Trust (Residential REITs) |  | 4315442 |
| 392751 | CenterPoint Energy, Inc. (Multi-Utilities) |  | 15018798 |
| 21653 | Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) |  | 4590436 |
| 34933 | COPT Defense Properties (Office REITs) |  | 984063 |
| 176741 | Cousins Properties, Inc. (Office REITs) |  | 4582894 |
| 181090 | Crown Castle, Inc. (Specialized REITs) |  | 16337940 |
| 246691 | CSX Corp. (Ground Transportation) |  | 8885810 |
| 109471 | CubeSmart (Specialized REITs) |  | 4123773 |
| 224173 | Curbline Properties Corp. (Retail REITs) |  | 5169429 |
| 155760 | DiamondRock Hospitality Co. (Hotel & Resort REITs) |  | 1218043 |
| 136619 | Digital Realty Trust, Inc. (Specialized REITs) |  | 23281244 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53770 | Douglas Emmett, Inc. (Office REITs) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695784 |
| 137143 | DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 15015787 |
| 29098 | EastGroup Properties, Inc. (Industrial REITs) | 5078474 |
| 142233 | Empire State Realty Trust, Inc. Class A (Office REITs) | 1051102 |
| 28360 | Entergy Corp. (Electric Utilities) | 2725112 |
| 40058 | Equinix, Inc. (Specialized REITs) | 33889469 |
| 74003 | Equity LifeStyle Properties, Inc. (Residential REITs) | 4517883 |
| 21730 | Equity Residential (Residential REITs) | 1291631 |
| 242347 | Essential Properties Realty Trust, Inc. (Diversified REITs) | 7241328 |
| 22110 | Essex Property Trust, Inc. (Residential REITs) | 5566635 |
| 55844 | Evergy, Inc. (Electric Utilities) | 4289378 |
| 151105 | Eversource Energy (Electric Utilities) | 11153060 |
| 303433 | Exelon Corp. (Electric Utilities) | 13994330 |
| 105960 | Extra Space Storage, Inc. (Specialized REITs) | 14149898 |
| 18540 | Federal Realty Investment Trust (Retail REITs) | 1783363 |
| 184181 | First Industrial Realty Trust, Inc. (Industrial REITs) | 10181526 |
| 54610 | Gaming & Leisure Properties, Inc. (Specialized REITs) | 2438883 |
| 86221 | Healthcare Realty Trust, Inc. (Health Care REITs) | 1527836 |
| 407018 | Healthpeak Properties, Inc. (Health Care REITs) | 7305973 |
| 141940 | Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 2273879 |
| 806982 | Hudson Pacific Properties, Inc.\* (Office REITs) | 1969036 |
| 9451 | Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure) | 1298662 |
| 300754 | Independence Realty Trust, Inc. (Residential REITs) | 4791011 |
| 232752 | Invitation Homes, Inc. (Residential REITs) | 6551969 |
| 194732 | Iron Mountain, Inc. (Specialized REITs) | 20047659 |
| 43824 | Kilroy Realty Corp. (Office REITs) | 1851564 |
| 557194 | Kimco Realty Corp. (Retail REITs) | 11511628 |
| 332347 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 8704168 |
| 58647 | Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels) | 2258496 |
| 133120 | Kite Realty Group Trust (Retail REITs) | 2947277 |
| 10820 | Lineage, Inc. (Industrial REITs) | 426308 |
| 152093 | LXP Industrial Trust (Industrial REITs) | 1443363 |
| 30990 | Macerich Co. (Retail REITs) | 531478 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | Description | Value |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55475 | National Health Investors, Inc. (Health Care REITs) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133442 |
| 176812 | National Storage Affiliates Trust (Specialized REITs) | 5143461 |
| 303090 | NETSTREIT Corp. (Retail REITs) | 5643536 |
| 41134 | NextEra Energy, Inc. (Electric Utilities) | 3348308 |
| 301478 | NiSource, Inc. (Multi-Utilities) | 12695239 |
| 22220 | NNN REIT, Inc. (Retail REITs) | 899021 |
| 5245 | Norfolk Southern Corp. (Ground Transportation) | 1486328 |
| 54940 | Omega Healthcare Investors, Inc. (Health Care REITs) | 2309128 |
| 26579 | ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 1780793 |
| 1199929 | PG&E Corp. (Electric Utilities) | 19150867 |
| 37533 | Pinnacle West Capital Corp. (Electric Utilities) | 3322421 |
| 268677 | Prologis, Inc. (Industrial REITs) | 33340129 |
| 15710 | Public Storage (Specialized REITs) | 4376178 |
| 53130 | Realty Income Corp. (Retail REITs) | 3080477 |
| 66208 | Regency Centers Corp. (Retail REITs) | 4565042 |
| 89855 | Rexford Industrial Realty, Inc. (Industrial REITs) | 3712809 |
| 22393 | Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | 1946176 |
| 199525 | Sabra Health Care REIT, Inc. (Health Care REITs) | 3555535 |
| 22850 | SBA Communications Corp. (Specialized REITs) | 4375318 |
| 317981 | Sempra (Multi-Utilities) | 29235173 |
| 85042 | Simon Property Group, Inc. (Retail REITs) | 14946982 |
| 127188 | SL Green Realty Corp. (Office REITs) | 6531104 |
| 191380 | Smartstop Self Storage REIT, Inc. (Specialized REITs) | 6573903 |
| 80415 | Spire, Inc. (Gas Utilities) | 6947856 |
| 258777 | Sunstone Hotel Investors, Inc. (Hotel & Resort REITs) | 2290176 |
| 79627 | Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 12265743 |
| 387928 | UDR, Inc. (Residential REITs) | 13069294 |
| 214834 | Ventas, Inc. (Health Care REITs) | 15852601 |
| 164607 | Venture Global, Inc. Class A (Oil, Gas & Consumable Fuels) | 1410682 |
| 313647 | Veris Residential, Inc. (Residential REITs) | 4503971 |
| 237599 | VICI Properties, Inc. (Specialized REITs) | 7125594 |
| 95126 | Vornado Realty Trust (Office REITs) | 3609080 |
| 8971 | Waste Connections, Inc. (Commercial Services & Supplies) | 1504516 |
| 281980 | Welltower, Inc. (Health Care REITs) | 51049659 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671771 | Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | $38875388 |
| 74760 | Xcel Energy, Inc. (Electric Utilities) | 6068269 |
|  |  | 746267212 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |
| (Cost $1,134,496,786) | (Cost $1,134,496,786) | $1272325657 |

---

---

| | | |
|:---|:---|:---|
| Shares | **Dividend**<br> **Rate** | Value |
| Investment Company<sup>(b)</sup> – 3.8% | Investment Company<sup>(b)</sup> – 3.8% | Investment Company<sup>(b)</sup> – 3.8% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 49665718 | 3.956% | $49665718 |
|  **(Cost $49,665,718)** | **(Cost $49,665,718)** |  |
|  **TOTAL INVESTMENTS – 100.8%** | **TOTAL INVESTMENTS – 100.8%** |  |
|  **(Cost $1,184,162,504)** | **(Cost $1,184,162,504)** | $1321991375 |
|  **LIABILITIES IN EXCESS OF OTHER** | **LIABILITIES IN EXCESS OF OTHER** |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (0.8)%** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSETS – (0.8)%** | (10516064) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1311475311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 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 ALLOCATION AS OF OCTOBER 31, 2025

---

| | |
|:---|:---|
| Sector | % of Total<br> **Market Value** |
|  Real Estate | 55.1% |
|  Utilities | 19.1 |
|  Energy | 12.5 |
|  Industrials | 7.0 |
|  Investment Company | 3.8 |
|  Communication Services | 1.4 |
|  Health Care | 0.5 |
|  Information Technology | 0.5 |
|  Consumer Discretionary | 0.1 |
|  | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At October 31, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | Settlement<br>Date | Unrealized<br>Gain |
|  State Street Bank and Trust | JPY | 92684231 | USD | 601377 | 11/04/25 | $283 |
|  | JPY | 61624702 | USD | 399927 | 11/05/25 | 151 |
| TOTAL |  |  |  |  |  | $434 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| Counterparty | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | Settlement<br>Date | Unrealized<br>Loss |
|  State Street Bank and Trust | JPY | 20825881 | USD | 135428 | 11/04/25 | $(237) |
|  | JPY | 63981479 | USD | 415467 | 11/05/25 | &nbsp;&nbsp;&nbsp;&nbsp;(89) |
| TOTAL |  |  |  |  |  | $(326) |

---

FUTURES CONTRACTS — At October 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  Dow Jones U.S. Real Estate Index | 717 | 12/19/25 | $25826340 | $(794378) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| JPY | —Japanese Yen |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Manager**<br> **Global Equity<br>Fund** | **Multi-Manager**<br> **Non-Core Fixed<br>Income Fund** | **Multi-Manager**<br> **Real Assets**<br> **Strategy Fund** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $1,432,188,597, $1,845,483,443 and $1,134,496,786, respectively) | $1787726799 | $1840838563 | $1272325657 |
|  Investments in affiliated issuers, at value (cost $142,545,099, $229,107,242 and $49,665,718, respectively) | 142545099 | 229107242 | 49665718 |
|  Cash | 2720185 | 8299429 | 1121649 |
|  Foreign currencies, at value (cost $895,390, $3,617,069 and $1,874,947, respectively) | 904309 | 3695079 | 1873423 |
|  Unrealized gain on swap contracts |  | 52053 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 5868597 | 8352853 | 434 |
|  Unrealized gain on unfunded loan commitment |  | 1919 |  |
|  Variation margin on futures contracts | 415886 |  | 64989 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup> | 11709707 | 9548989 | 2017930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 2292965 | 50471082 | 1754408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 1724033 | 22945891 | 1270199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 795334 | 83668 | 134803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 109105 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 65151 | 341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | 37264000 | 29920000 |
|  Other assets | 28329 | 11379 | 12288 |
|  **Total assets** | 1956905499 | 2210672488 | 1360161498 |
| Liabilities: |  |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 2374836 | 3843127 | 326 |
|  Variation margin on swaps contracts |  | 883 |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2600814 | 159520479 | 43796942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1100000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 800552 | 834836 | 363507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains taxes | 568185 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 219102 | 4061358 | 4103973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 170555 | 280228 | 234503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 16209 | 17102 | 10778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions |  | 3106 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts |  | 26166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 8112600 |  |
|  Accrued expenses | 279094 | 291331 | 176158 |
|  **Total liabilities** | 8129347 | 176991216 | 48686187 |
| Net Assets: |  |  |  |
|  Paid-in capital | 1469845203 | 2192375040 | 1159562994 |
|  Total distributable earnings (loss) | 478930949 | (158693768) | 151912317 |
|  **NET ASSETS** | $1948776152 | $2033681272 | $1311475311 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): | 142956347 | 261140320 | 124429138 |
|  Net asset value, offering and redemption price per share: | $13.63 | $7.79 | $10.54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Futures | Swaps | Forwards |
|  Multi-Manager Global Equity Fund | $10059707 | $1650000 | $— |
|  Multi-Manager Non-Core Fixed Income Fund |  | 2575631 | 6973358 |
|  Multi-Manager Real Assets Strategy Fund | 2017930 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Manager<br>Global Equity<br>Fund** | **Multi-Manager<br>Non-Core Fixed<br>Income Fund** | **Multi-Manager**<br> **Real Assets<br>Strategy Fund** |
| Investment Income: |  |  |  |
|  Dividends — unaffiliated issuers (net of tax withholding of $1,444,970, $19,827 and $1,524,026, respectively) | $22663081 | $539143 | $29253694 |
|  Dividends — affiliated issuers | 4934602 | 4468383 | 1179670 |
|  Interest (net of foreign withholding taxes of $8, $808,187 and $0, respectively) | 250109 | 116221216 | 54553 |
|  **Total investment income** | 27847792 | 121228742 | 30487917 |
| Expenses: |  |  |  |
|  Management fees | 15579005 | 13635612 | 9504391 |
|  Custody, accounting and administrative services | 1926380 | 1854604 | 866793 |
|  Professional fees | 314201 | 258157 | 254991 |
|  Transfer Agency fees | 313527 | 320838 | 191008 |
|  Registration fees | 105620 | 97700 | 81057 |
|  Printing and mailing costs | 35480 | 46995 | 36859 |
|  Trustee fees | 30622 | 30526 | 29355 |
|  Prime broker fees | 11630 | 658 |  |
|  Other | 112130 | 101182 | 53732 |
|  **Total expenses** | 18428595 | 16346272 | 11018186 |
|  Less — expense reductions | (11754631) | (7528288) | (4815334) |
|  **Net expenses** | 6673964 | 8817984 | 6202852 |
|  **NET INVESTMENT INCOME** | 21173828 | 112410758 | 24285065 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (Including the effects of foreign tax gains of $(438443), $(366051), and $0, respectively, and commission recapture of $46,924, $0 and $18,554, respectively) | 107667599 | 28745185 | 30695011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | (424316) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 18084761 |  | (1258085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options |  | 82242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 1407309 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (339959) | 2494613 | 7100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (564458) | (260306) | (34025) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $232,380, $124,773 and $0, respectively) | 134771056 | 2368948 | (4795443) |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment |  | 1696 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | 185895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3353370 |  | 85252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (112782) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (1512128) | 5466659 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 156511 | 494912 | 9113 |
|  **Net realized and unrealized gain** | 261616752 | 40450055 | 24709338 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $282790580 | $152860813 | $48994403 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** |
|  | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Fiscal<br>Year Ended<br>October 31, 2025** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $21173828 | $13909201 | $112410758 | $109010199 |
|  Net realized gain (loss) | 124847943 | 24784553 | 32044727 | (15450069) |
|  Net change in unrealized gain | 136768809 | 201082395 | 8405328 | 68828630 |
| **Net increase in net assets resulting from operations** | 282790580 | 239776149 | 152860813 | 162388760 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings | (45411573) | (10768945) | (115117926) | (111334449) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 676310000 | 603550395 | 577800893 | 809497000 |
|  Reinvestment of distributions | 45411573 | 10768945 | 115153819 | 111049666 |
|  Cost of shares redeemed | (324922977) | (290198440) | (322270062) | (417022512) |
|  **Net increase in net assets resulting from share transactions** | 396798596 | 324120900 | 370684650 | 503524154 |
|  **TOTAL INCREASE** | 634177603 | 553128104 | 408427537 | 554578465 |
| Net assets: |  |  |  |  |
|  Beginning of year | 1314598549 | 761470445 | 1625253735 | 1070675270 |
|  End of year | $1948776152 | $1314598549 | $2033681272 | $1625253735 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** |
|  | **For the Fiscal**<br> **Year Ended**<br> **October 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **October 31, 2024** |
| From operations: |  |  |
|  Net investment income | $24285065 | $22715122 |
|  Net realized gain | 29410001 | 7097423 |
|  Net change in unrealized gain (loss) | (4700663) | 167200284 |
| **Net increase in net assets resulting from operations** | 48994403 | 197012829 |
| Distributions to shareholders: |  |  |
|  From distributable earnings | (27001459) | (15471294) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 584592000 | 357847599 |
|  Reinvestment of distributions | 27001459 | 15471294 |
|  Cost of shares redeemed | (236607467) | (212893728) |
| **Net increase in net assets resulting from share transactions** | 374985992 | 160425165 |
|  **TOTAL INCREASE** | 396978936 | 341966700 |
| Net assets: |  |  |
|  Beginning of year | 914496375 | 572529675 |
|  End of year | $1311475311 | $914496375 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $11.80 | $9.22 | $9.09 | $14.91 | $10.64 |
|  Net investment income<sup>(a)</sup> | 0.17 | 0.14 | 0.14 | 0.13 | 0.14 |
|  Net realized and unrealized gain (loss) | 2.04 | 2.57 | 0.74 | (2.39) | 4.37 |
|  Total from investment operations | 2.21 | 2.71 | 0.88 | (2.26) | 4.51 |
|  Distributions to shareholders from net investment income | (0.13) | (0.13) | (0.31) | (0.18) | (0.09) |
|  Distributions to shareholders from net realized gains | (0.25) |  | (0.44) | (3.38) | (0.15) |
|  Total distributions | (0.38) | (0.13) | (0.75) | (3.56) | (0.24) |
|  Net asset value, end of year | $13.63 | $11.80 | $9.22 | $9.09 | $14.91 |
|  **Total return<sup>(b)</sup>** | 19.19% | 29.62% | 10.10% | (19.61)% | 42.93% |
|  Net assets, end of year (in 000s) | $1948776 | $1314599 | $761470 | $372330 | $526397 |
|  Ratio of net expenses to average net assets | 0.43% | 0.50% | 0.53% | 0.52% | 0.51% |
|  Ratio of total expenses to average net assets | 1.18% | 1.25% | 1.40% | 1.48% | 1.31% |
|  Ratio of net investment income to average net assets | 1.35% | 1.30% | 1.43% | 1.19% | 1.07% |
|  Portfolio turnover rate<sup>(c)</sup> | 86% | 66% | 60% | 90% | 83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

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GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $7.60 | $7.26 | $7.13 | $8.91 | $8.70 |
|  Net investment income<sup>(a)</sup> | 0.53 | 0.56 | 0.56 | 0.43 | 0.43 |
|  Net realized and unrealized gain (loss) | 0.21 | 0.36 | 0.14 | (1.77) | 0.22 |
|  Total from investment operations | 0.74 | 0.92 | 0.70 | (1.34) | 0.65 |
|  Distributions to shareholders from net investment income | (0.55) | (0.58) | (0.55) | (0.24) | (0.41) |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.20) | (0.03) |
|  Total distributions | (0.55) | (0.58) | (0.57) | (0.44) | (0.44) |
|  Net asset value, end of year | $7.79 | $7.60 | $7.26 | $7.13 | $8.91 |
|  **Total return<sup>(b)</sup>** | 10.11% | 12.94% | 9.89% | (15.42)% | 7.47% |
|  Net assets, end of year (in 000s) | $2033681 | $1625254 | $1070675 | $985616 | $1425079 |
|  Ratio of net expenses to average net assets | 0.55% | 0.53% | 0.57% | 0.56% | 0.55% |
|  Ratio of total expenses to average net assets | 1.02% | 1.00% | 1.02% | 1.02% | 0.98% |
|  Ratio of net investment income to average net assets | 7.01% | 7.42% | 7.47% | 5.32% | 4.69% |
|  Portfolio turnover rate<sup>(c)</sup> | 146% | 123% | 101% | 78% | 96% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Share Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Data |  |  |  |  |  |
|  Net asset value, beginning of year | $10.34 | $8.21 | $8.95 | $11.76 | $8.93 |
|  Net investment income<sup>(a)</sup> | 0.26 | 0.27 | 0.23 | 0.20 | 0.22 |
|  Net realized and unrealized gain (loss) | 0.27 | 2.08 | (0.44) | (2.40) | 2.76 |
|  Total from investment operations | 0.53 | 2.35 | (0.21) | (2.20) | 2.98 |
|  Distributions to shareholders from net investment income | (0.33) | (0.22) | (0.11) | (0.35) | (0.15) |
|  Distributions to shareholders from net realized gains |  |  | (0.42) | (0.26) |  |
|  Total distributions | (0.33) | (0.22) | (0.53) | (0.61) | (0.15) |
|  Net asset value, end of year | $10.54 | $10.34 | $8.21 | $8.95 | $11.76 |
|  **Total return<sup>(b)</sup>** | 5.57% | 28.99% | (2.88)% | (19.78)% | 33.70% |
|  Net assets, end of year (in 000s) | $1311475 | $914496 | $572530 | $415219 | $733307 |
|  Ratio of net expenses to average net assets | 0.65% | 0.69% | 0.76% | 0.74% | 0.69% |
|  Ratio of total expenses to average net assets | 1.15% | 1.15% | 1.22% | 1.21% | 1.16% |
|  Ratio of net investment income to average net assets | 2.54% | 2.82% | 2.56% | 1.87% | 2.08% |
|  Portfolio turnover rate<sup>(c)</sup> | 91% | 85% | 73% | 104% | 96% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs Trust II (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund"), along with their corresponding share classes and respective diversification status under the Act:

---

| | | |
|:---|:---|:---|
| Fund | Share Classes Offered | **Diversified/**<br> **Non-diversified** |
| Goldman Sachs Multi-Manager Global Equity Fund | Class R6 | Diversified |
| Goldman Sachs Multi-Manager Non-Core Fixed Income Fund | Class R6 | Diversified |
| Goldman Sachs Multi-Manager Real Assets Strategy Fund | Class R6 | Diversified |

---

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement") with the Trust. As of October 31, 2025, GSAM had sub-advisory agreements (the "Sub-Advisory Agreements") for the Multi-Manager Global Equity Fund with Axiom Investors LLC, Boston Partners Global Investors, Inc., Causeway Capital Management LLC, Diamond Hill Capital Management Inc., GW&K Investment Management, LLC, Massachusetts Financial Services Company, doing business as MFS Investment Management, Principal Global Investors, LLC, T. Rowe Price Associates, Inc., Vaughan Nelson Investment Management, L.P., LLC, WCM Investment Management, LLC and Wellington Management Company LLP; for the Multi-Manager Non-Core Fixed Income Fund with Ares Capital Management II LLC, Aristotle Pacific Capital, LLC, Brigade Capital Management, LP, Marathon Asset Management, L.P., Ninety One North America, Inc., RBC Global Asset Management (UK) Limited, doing business as RBC BlueBay Asset Management (formerly BlueBay Asset Management LLP), RBC Global Asset Management (U.S.) Inc., doing business as RBC Global Asset Management and TCW Investment Management Company LLC; and for the Multi-Manager Real Assets Strategy Fund with CenterSquare Investment Management LLC, Cohen & Steers Capital Management, Inc., Principal Real Estate Investors, LLC, PGIM Real Estate, a business unit of PGIM, Inc., and RREEF America L.L.C. (the "Underlying Managers"). Pursuant to the terms of the Sub-Advisory Agreements, the Underlying Managers are responsible for making investment decisions and managing the investments of the Fund. GSAM compensates the Underlying Managers directly in accordance with the terms of the Sub-Advisory Agreements. The Funds are not charged any separate or additional investment advisory fees by the Underlying Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value ("NAV") calculations.

Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**66**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/ or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract's term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

---

| | | |
|:---|:---|:---|
| Fund | Income Distributions Declared/Paid | Capital Gains Distributions Declared/Paid |
| Multi-Manager Global Equity Fund, Multi-Manager Real Assets Strategy Fund | Annually | Annually |
| Multi-Manager Non-Core Fixed Income Fund | Daily/Monthly | Annually |

---

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;G. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the portfolio management team within the Funds' Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**67**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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 ("Valuation Procedures"), 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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Act (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.

&nbsp;&nbsp;&nbsp;&nbsp;A. 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.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**68**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Bank Loans — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**69**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**70**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

&nbsp;&nbsp;&nbsp;&nbsp;B. 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. 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 investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| MULTI-MANAGER GLOBAL EQUITY FUND |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1893560 | $3834528 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 34541973 | 254904736 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 4645554 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 24388826 | 266827141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 523202357 | 16017838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 12021064 |  |  |
|  Preferred Stocks |  | 3451336 | 5670 |
|  Exchange Traded Funds | 641992216 |  |  |
|  Investment Companies | 142545099 |  |  |
|  **Total** | $1380585095 | $549681133 | $5670 |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $5868597 | $— |
|  Futures Contracts | 4570127 |  |  |
|  **Total** | $4570127 | $5868597 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**71**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| MULTI-MANAGER GLOBAL EQUITY FUND (continued) |  |  |  |
| Derivative Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Liabilities<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(2374836) | $— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at fiscal year end.

---

| | | | |
|:---|:---|:---|:---|
| MULTI-MANAGER NON-CORE FIXED INCOME FUND |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $1081627579 | $5668975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 585719264 | 5824361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 43891548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 3861641 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 3525506 |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  |  | 13788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 360389 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 299825 | 2859938 | 3246905 |
|  Warrants |  | 25258 | 84077 |
|  Preferred Stocks |  |  | 9750 |
|  Exchange Traded Funds | 103819759 |  |  |
|  Investment Company | 229107242 |  |  |
|  **Total** | $337088467 | $1718009482 | $14847856 |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments<sup>(b)</sup> | $— | $2513 | $(594) |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $8352853 | $— |
|  Credit Default Swap Contracts |  | 113881 |  |
|  **Total** | $— | $8466734 | $— |
|  **Liabilities<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(3843127) | $— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at fiscal year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**72**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| MULTI-MANAGER REAL ASSETS STRATEGY FUND |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $17859000 | $112262428 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 2986628 | 63962888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3074075 | 217291753 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 845753821 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 9135064 |  |  |
|  Investment Company | 49665718 |  |  |
|  **Total** | $928474306 | $393517069 | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $434 | $— |
|  **Liabilities<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(326) | $— |
|  Futures Contracts | (794378) |  |  |
|  **Total** | $(794378) | $(326) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at fiscal year end.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of October 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Manager Global Equity Fund | Multi-Manager Global Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $5868597 | Payable for unrealized loss on forward foreign currency exchange contracts | $(2374836) |
| Equity | Variation margin on futures contracts | 4570127 <sup>(a)</sup> |  |  |
|  **Total** |  | $10438724 |  | $(2374836) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**73**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Multi-Manager Non-Core Fixed Income Fund | Multi-Manager Non-Core Fixed Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities |
| Credit | Variation margin on swap contracts | $113881 <sup>(a)</sup> |  | $— |
| Currency | Receivable for unrealized gain on forward foreign currency contracts | 8352853 | Payable for unrealized loss on forward foreign currency contracts | (3843127) |
|  **Total** |  | $8466734 |  | $(3843127) |
| Multi-Manager Real Assets Strategy Fund | Multi-Manager Real Assets Strategy Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Statements of Assets and Liabilities | Assets | Statements of Assets and Liabilities | Liabilities |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $434 | Payable for unrealized loss on forward foreign currency exchange contracts | $(326) |
| Equity |  |  | Variation margin on futures contracts | (794378)<sup>(a)</sup> |
|  **Total** |  | $434 |  | $(794704) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended October 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| Multi-Manager Global Equity Fund | Multi-Manager Global Equity Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Statements of Operations | Net Realized Gain (Loss) | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $(339959) | $(1512128) |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 18084761 | 3353370 |
|  **Total** |  | $17744802 | $1841242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**74**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| Multi-Manager Non-Core Fixed Income Fund | Multi-Manager Non-Core Fixed Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Statements of Operations | Net Realized Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | $1740951 | $(137371) |
| Currency | Net realized gain (loss) from purchased options and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on purchased options and forward foreign currency exchange contracts | 2152539 | 5652554 |
| Interest rate | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | (333642) | 24589 |
|  **Total** |  | $3559848 | $5539772 |

---

---

| | | | |
|:---|:---|:---|:---|
| Multi-Manager Real Assets Strategy Fund | Multi-Manager Real Assets Strategy Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risk | Statements of Operations | Net Realized Gain (Loss) | **Net Change in**<br> **Unrealized**<br> **Gain (Loss)** |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | $7100 | $415 |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (1258085) | 85252 |
|  **Total** |  | $(1250985) | $85667 |

---

For the fiscal year ended October 31, 2025, the relevant values for each derivative type were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> | Average Number of Contracts, Notional Amounts, or Shares/Units<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Futures<br>Contracts | Forward<br>Contracts | Swap<br>Agreements | Purchased<br>Options | Written<br>Options |
|  Multi-Manager Global Equity Fund | 469 | $502590071 | $— |  |  |
|  Multi-Manager Non-Core Fixed Income Fund |  | 640178545 | 116753197 | 15085358 | 5120000 |
|  Multi-Manager Real Assets Strategy Fund | 529 | 764541 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the fiscal year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**75**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended October 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  | Contractual Management Rate  |  |  |
| Fund | **First**<br> **$1 billion**  | **Next**<br> **$1 billion**  | **Next**<br> **$3 billion**  | **Next**<br> **$3 billion**  | **Over**<br> **$8 billion**  | Effective Rate | **Effective Net**<br> **Management**<br> **Rate<sup>^\*</sup>**  |
|  Multi-Manager Global Equity Fund | 1.03% | 0.93% | 0.89% | 0.87% | 0.84% | 1.03% | 0.30% |
|  Multi-Manager Non-Core Fixed Income Fund | 0.85 | 0.85 | 0.77 | 0.73 | 0.71 | 0.85 | 0.38 |
|  Multi-Manager Real Assets Strategy Fund | 1.00 | 0.90 | 0.86 | 0.84 | 0.82 | 1.00 | 0.49 |

---

\* GSAM has agreed to waive a portion of its management fee for each Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to the Fund's Underlying Managers. These arrangements will remain in effect through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Board of Trustees. 

^ Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

The Funds invest in Institutional Shares and/or Class R6 Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended October 31, 2025, GSAM waived $186,436, $168,614 and $44,396 of the Multi-Manager Global Equity, Multi-Manager Non-Core Fixed Income and Multi-Manager Real Assets Strategy Funds' management fees, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates of 0.02% of the average daily net assets of Class R6 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit each Fund's "Total Annual Operating Expenses" (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Total Annual Operating Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Total Annual Operating Expense limitations as an annual percentage rate of average daily net assets for the Multi-Manager Global Equity Fund, Multi-Manager Non-Core Fixed Income Fund and Multi-Manager Real Assets Strategy Fund are 0.75%, 0.70%, and 0.90%, respectively. In addition, GSAM has agreed to reduce or limit certain "Other Expenses" of the Multi-Manager Global Equity Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.10% of its average daily net assets. The Total Annual Operating Expenses and Other Expense limitations will remain in place through at least February 28, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds' expenses and are received irrespective of the application of the "Other Expense" limitations described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**76**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended October 31, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Fund**<br>| **Management<br>Fee Waiver** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Multi-Manager Global Equity Fund | $10797832 | $956799 | $11754631 |
|  Multi-Manager Non-Core Fixed Income Fund | 7528288 |  | 7528288 |
|  Multi-Manager Real Assets Strategy Fund | 4815334 |  | 4815334 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Line of Credit Facility — As of October 31, 2025, the Funds participated in a $1,300,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended October 31, 2025, the Funds did not have any borrowings under the facility. Prior to April 14, 2025, the facility was $1,150,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;E. Other Transactions with Affiliates — For the fiscal year ended October 31, 2025, Goldman Sachs earned $1,390, $0, and $5,663 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Multi-Manager Global Equity Fund, Multi-Manager Non-Core Fixed Income Fund and Multi-Manager Real Assets Strategy Fund, respectively.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the fiscal year ended October 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | Underlying Fund | **Beginning Value as of<br>October 31,**<br> **2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending Value as of<br>October 31,**<br> **2025** | Shares as of<br>October 31,<br>2025 | Dividend<br>Income |
|  Multi-Manager Global Equity Fund | Goldman Sachs Financial Square Government Fund — Class R6 | $50789613 | $166904190 | $(145208719) | $72485084 | 72485084 | $2320051 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 64685562 | 688532156 | (683157703) | 70060015 | 70060015 | 2614551 |
|  Multi-Manager Non-Core Fixed Income Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 91077387 | 1888814385 | (1750784530) | 229107242 | 229107242 | 4468383 |
|  Multi-Manager Real Assets Strategy Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 22153421 | 450212499 | (422700202) | 49665718 | 49665718 | 1179670 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**77**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Fund | Purchases of<br>Government<br>Securities | Purchases<br>Excluding<br>Government<br>Securities | Sales of<br>Government<br>Securities | Sales Excluding<br>Government<br>Securities |
|  Multi-Manager Global Equity Fund | $— | $1582226574 | $— | $1240799990 |
|  Multi-Manager Non-Core Fixed Income Fund | 9094895 | 2462407694 | 9095779 | 2146054066 |
|  Multi-Manager Real Assets Strategy Fund |  | 1221749068 |  | 861408303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Manager**<br> **Global Equity** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Manager** <br> **Non-Core**<br> **Fixed Income** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Manager** <br> **Real Assets**<br> **Strategy** |
|  Distributions paid from: |  |  |  |
|  Ordinary income | $20336377 | $115117926 | $27001459 |
|  Net long-term capital gains | 25075196 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $45411573 | $115117926 | $27001459 |

---

The tax character of distributions paid during the fiscal year ended October 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Manager**<br> **Global Equity** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Manager <br>Non-Core**<br> **Fixed Income** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Manager <br>Real Assets**<br> **Strategy** |
|  Distributions paid from: |  |  |  |
|  Ordinary income | $10768945 | $111334449 | $15471294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $10768945 | $111334449 | $15471294 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**78**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

As of October 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Multi-Manager<br>Global Equity | **Multi-Manager<br>Non-Core**<br> **Fixed Income** | Multi-Manager<br>Real Assets<br>Strategy |
|  Undistributed ordinary income — net | $55092488 | $11026316 | $31266916 |
|  Undistributed long-term capital gains | 98935592 |  | 15275581 |
|  Total Undistributed Earnings | $154028080 | $11026316 | $46542497 |
|  Capital loss carryforwards<sup>(1)</sup>: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term |  | (60241877) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (101318191) |  |
|  Total capital loss carryforwards |  | (161560068) |  |
|  Timing differences (Dividends Payable/Straddles) | $(39483) | $(2123715) | $— |
|  Unrealized gains (loss) — net | 324942352 | (6036301) | 105369820 |
|  Total accumulated earnings (loss) net | $478930949 | $(158693768) | $151912317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Multi-Manager Non-Core Fixed Income and Multi-Manager Real Assets Strategy Funds utilized $11,598,093 and $3,630,944, respectively, of capital losses in the current fiscal year.

As of October 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Multi-Manager<br>Global Equity | **Multi-Manager**<br> **Non-Core**<br> **Fixed Income** | **Multi-Manager**<br> **Real Assets**<br> **Strategy** |
|  Tax Cost | $1612851295 | $2080496945 | $1215792930 |
|  Gross unrealized gain | 344983734 | 22252160 | 125626502 |
|  Gross unrealized loss | (20041382) | (28288461) | (20256682) |
|  Net unrealized gain (loss) on securities | $324942352 | $(6036301) | $105369820 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts, net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, material modification of debt securities, market discount accretion and premium amortization, partnership investments, and passive foreign investment company investments.

The Multi-Manager Non-Core Fixed Income Fund reclassed $10,557 from distributable earnings to paid-in capital for the year ending October 31, 2025. In order to present certain components of the Fund's capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund's accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from differences in the tax treatment of underlying fund investments.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and have concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**79**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

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

Asset Allocation Risk — The Funds' allocations to the various asset classes and to the Underlying Managers may cause the Funds to underperform other funds with a similar investment objective.

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.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semi-annually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate ("SOFR"), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets ("Term SOFR"), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

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 a 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**80**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

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.

Index/Tracking Error Risk — To the extent that an index-tracking strategy or implementation of a sub-strategy by a transition manager is used with respect to a portion of a Fund's assets, including through investment in an ETF that seeks to track an index or implementation of an index-tracking strategy, the Fund will be negatively affected by general declines in the securities and asset classes represented in the relevant index. There is no guarantee that the Fund, or relevant portion of the Fund, will achieve a high degree of correlation to the relevant index. Market disruptions and regulatory restrictions could have an adverse effect on the Fund's ability, or the ability of an ETF in which it invests, to adjust its exposure to the required levels in order for the relevant portion of the Fund to track the relevant index. In addition, because that portion of the Fund is not "actively" managed, unless a specific security is removed from the relevant index, the Fund or an ETF in which it invests generally would not sell a security because the security's issuer was in financial trouble. At times when an index-tracking strategy is used with respect to a portion of the Fund's assets, the Fund's performance could be lower than funds that may actively shift all of their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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 a 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.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**81**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

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, declining prices of the securities sold, 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 a 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.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund's redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

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, governments or countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact 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 a Fund has unsettled or open transactions defaults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**82**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

MAS Transactions Risk — MAS, a business unit within GSAM, currently provides investment advisory services to certain client accounts in respect of which it has discretionary authority to effect investment decisions, as well as client accounts in respect of which it provides investment advice but does not have the discretion to effect investment decisions without the specific instruction of the clients. It is currently expected that certain MAS client accounts will invest in the Fund. Investments by MAS client accounts in the Fund may be made at any time and from time to time, could be substantial and could represent a substantial proportion of a Fund's capital. As a result of GSAM's position as Investment Adviser to a Fund and the investment advisory services provided to client accounts through MAS, GSAM may possess information relating to the Fund and MAS client accounts that it would not otherwise possess. Discretionary client accounts advised by MAS may, to the extent permitted by applicable law, purchase and redeem shares from a Fund on the basis of such knowledge, and other shareholders of a Fund, including non-discretionary client accounts advised by MAS, will not be informed of such purchases or redemptions. Redemptions by discretionary client accounts advised by MAS could have an adverse effect on a Fund and its other shareholders, including non-discretionary client accounts advised by MAS. In addition, MAS may effect subscriptions to and full or partial redemptions from a Fund for discretionary client accounts in advance of receiving directions from non-discretionary client accounts regarding such clients' investments in a Fund, and non-discretionary client accounts may be adversely affected. See also "Large Shareholder Transactions Risk".

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**83**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *October 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Multi-Manager Global Equity Fund | Multi-Manager Global Equity Fund | Multi-Manager Global Equity Fund | Multi-Manager Global Equity Fund |
|  | For the Fiscal Year Ended<br>October 31, 2025 | For the Fiscal Year Ended<br>October 31, 2025 | **For the Fiscal Year Ended**<br> **October 31, 2024** | **For the Fiscal Year Ended**<br> **October 31, 2024** |
|  | Shares | Dollars | Shares | Dollars |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 54084353 | $676310000 | 53921020 | $603550395 |
|  Reinvestment of distributions | 3819433 | 45411573 | 1057853 | 10768945 |
|  Shares redeemed | (26353415) | (324922977) | (26192671) | (290198440) |
|  **NET INCREASE** | 31550371 | $396798596 | 28786202 | $324120900 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** |
|  | For the Fiscal Year Ended<br>October 31, 2025 | For the Fiscal Year Ended<br>October 31, 2025 | For the Fiscal Year Ended<br>October 31, 2024 | For the Fiscal Year Ended<br>October 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 74585685 | $577800893 | 106820086 | $809497000 |
|  Reinvestment of distributions | 15089498 | 115153819 | 14615540 | 111049666 |
|  Shares redeemed | (42481236) | (322270062) | (54874570) | (417022512) |
|  **NET INCREASE** | 47193947 | $370684650 | 66561056 | $503524154 |
|  | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** |
|  | For the Fiscal Year Ended<br>October 31, 2025 | For the Fiscal Year Ended<br>October 31, 2025 | For the Fiscal Year Ended<br>October 31, 2024 | For the Fiscal Year Ended<br>October 31, 2024 |
|  | Shares | Dollars | Shares | Dollars |
|  **Class R6 Shares** |  |  |  |  |
|  Shares sold | 56283339 | $584592000 | 38407902 | $357847599 |
|  Reinvestment of distributions | 2875555 | 27001459 | 1692702 | 15471294 |
|  Shares redeemed | (23172538) | (236607467) | (21353668) | (212893728) |
|  **NET INCREASE** | 35986356 | $374985992 | 18746936 | $160425165 |

---

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**84**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs Trust II and Shareholders of Goldman Sachs Multi-Manager Global Equity Fund, Goldman Sachs Multi-Manager Non-Core Fixed Income Fund and Goldman Sachs Multi-Manager Real Assets Strategy Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Multi-Manager Global Equity Fund, Goldman Sachs Multi-Manager Non-Core Fixed Income Fund and Goldman Sachs Multi-Manager Real Assets Strategy Fund (three of the funds constituting Goldman Sachs Trust II, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

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**85**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited)</u> 

#### Background
The Goldman Sachs Multi-Manager Global Equity Fund, Goldman Sachs Multi-Manager Non-Core Fixed Income Fund, and Goldman Sachs Multi-Manager Real Assets Strategy Fund (the "Funds") are investment portfolios of Goldman Sachs Trust II (the "Trust"). The Board of Trustees (the "Board") oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. Each Fund employs a "manager of managers" structure, whereby Goldman Sachs Asset Management, L.P. (the "Investment Adviser") is responsible for selecting sub-advisers (subject to Board approval), allocating the Fund's assets among them, and overseeing their day-to-day management of Fund assets. The Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with the Investment Adviser on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act)) of any party thereto (the "Independent Trustees") at a meeting held on June 17-18, 2025 (the "Annual Meeting"). At the Annual Meeting, the Board of Trustees also considered the sub-advisory agreements (each a "Designated Sub-Advisory Agreement" and, together with the Management Agreement, the "Agreements") between the Investment Adviser and (i) each of Axiom Investors LLC, Boston Partners Global Investors, Inc., Causeway Capital Management LLC, Diamond Hill Capital Management, Inc., GW&K Investment Management, LLC, Massachusetts Financial Services Company (d/b/a MFS Investment Management), Principal Global Investors, LLC, T. Rowe Price Associates, Inc., Vaughan Nelson Investment Management, L.P., WCM Investment Management, LLC, and Wellington Management Company LLP (on behalf of Goldman Sachs Multi-Manager Global Equity Fund); (ii) each of Ares Capital Management II LLC, Aristotle Pacific Capital, LLC, Brigade Capital Management, LP, Marathon Asset Management, L.P., Ninety One North America, Inc, Nuveen Asset Management, LLC, RBC Global Asset Management (U.K.) Limited (d/b/a RBC BlueBay Asset Management), RBC Global Asset Management (U.S.) Inc. (d/b/a RBC Global Asset Management) and TCW Investment Management Company LLC (on behalf of Goldman Sachs Multi-Manager Non-Core Fixed Income Fund); and (iii) each of CenterSquare Investment Management LLC, Cohen & Steers Capital Management, Inc., Principal Real Estate Investors, LLC, PGIM Real Estate, a business unit of PGIM, Inc., and RREEF America L.L.C. (on behalf of Goldman Sachs Multi-Manager Real Assets Strategy Fund) (each, a "Designated Sub-Adviser" and collectively, the "Designated Sub-Advisers").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement and the Designated Sub-Advisory Agreements were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, and the Designated Sub-Advisers, including, as applicable, information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and the Designated Sub-Advisers and the Designated Sub-Advisers' portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its mutual fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the "Outside Data Provider"), a benchmark performance index, and information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) information provided by the Investment Adviser indicating the Investment Adviser's views on whether the Fund's peer group and/or benchmark index had high, medium, or low relevance given the Fund's particular investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**86**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of the Agreements and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's expense trends over time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the undertakings of the Investment Adviser and its affiliates to implement fee waivers and expense limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) information relating to the profitability of the Management Agreement and the transfer agency arrangements of the Fund to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser's affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) with respect to the Investment Adviser, portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; information on the Designated Sub-Advisers' compensation arrangements; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the nature and quality of the services provided to the Fund by its unaffiliated service providers (as well as the Designated Sub-Advisers), and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Investment Adviser's and Designated Sub-Advisers' processes and policies addressing various types of potential conflicts of interest; their approaches to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds' distribution arrangements. They received information regarding the Funds' assets and share purchase and redemption activity. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates and Designated Sub-Advisers, their respective services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. In addition, the Trustees periodically received written materials and oral presentations from the Funds' various sub-advisers, including the Designated Sub-Advisers. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. The Trustees reviewed a written response prepared by each Designated Sub-Adviser to a similar request for information submitted to the Designated Sub-Adviser by the Investment Adviser. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

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**87**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u> 

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information regarding the Investment Adviser's and the Funds' various sub-advisers' efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates. In addition, the Trustees reviewed the sub-adviser oversight process that the Investment Adviser had employed, which included areas such as investment analytics, risk management, and compliance.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2024, and information prepared by the Investment Adviser comparing each Fund's investment performance to its benchmark index as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees considered the Investment Adviser's representations that each Fund had significant differences from its Outside Data Provider peer group that caused it to be an imperfect basis for comparison.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and the Designated Sub-Advisers' portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Goldman Sachs Multi-Manager Global Equity Fund had placed in the top half of the its performance peer group for the one-, three-, five-, and ten-year periods ended December 31, 2024, and had outperformed the Fund's benchmark index for the five-year period and underperformed for the one- and three-year periods ended March 31, 2025. They observed that Goldman Sachs Multi-Manager Non-Core Fixed Income Fund had placed in the top half of the its performance peer group for the three- and five-year periods and in the fourth quartile for the one-year period ended December 31, 2024, and had underperformed its composite benchmark index for the one-, three-, and five-year periods ended March 31, 2025. The Trustees noted that the Goldman Sachs Multi-Manager Real Assets Strategy Fund had placed in the top half of the its performance peer group for the one- and five-year periods and in the fourth quartile for the three-year period ended December 31, 2024, and had outperformed its composite benchmark index for the one-, three-, and five-year periods ended March 31, 2025.

#### Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds, as well as additional information provided by the Investment Adviser throughout the year. The analyses provided a comparison of each Fund's management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The analyses also compared each Fund's other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees considered that services provided to the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**88**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u> 

Funds differed in various significant respects from the services provided to these collective investment vehicles, which generally operated under less stringent regulatory and financial reporting requirements and required fewer services from the Investment Adviser. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers and expense limitations. With respect to the Multi-Manager Real Assets Strategy Fund, the Investment Adviser had agreed to waive a portion of its management fee in an amount equal to the entire management fee paid to the Investment Adviser as the investment adviser to the Fund's wholly-owned subsidiary. The Trustees also noted that shareholders that are invested in the Funds consist of institutional clients that have entered into a separate management agreement with the Investment Adviser and pay a single management fee for the Investment Adviser's management of their accounts, and that the Investment Adviser waives a portion of the management fee with respect to each Fund in order to achieve an effective net management fee rate that is equal to the actual cost of fees paid to each Fund's sub-advisers. In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered that the Funds are offered to the Investment Adviser's institutional clients as part of an investment program whereby the Funds and other funds act as core "building blocks" for the client's portfolio. The Trustees considered the Investment Adviser's representations that its clients benefit from this investment model with increased liquidity, increased investment oversight, access to new investment strategies, economies of scale, and reduced complexity in managing client portfolios. The Trustees noted that, pursuant to the model, clients pay a management fee for the Investment Adviser's management of their accounts, and that the fund-level management fees in excess of the weighted average sub-advisory fees are waived in order to avoid charging two layers of management fees. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

---

| | | | |
|:---|:---|:---|:---|
| Average Daily Net Assets | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs** <br> **Multi-Manager**<br> **Global Equity**<br> **Fund** | **&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;Goldman Sachs** <br> **Multi-Manager**<br> **Non-Core Fixed**<br> **Income Fund** | **Goldman Sachs**<br> **Multi-Manager**<br> **Real Assets**<br> **Strategy Fund** |
|  First $1 billion | 1.03% | 0.85% | 1.00% |
|  Next $1 billion | 0.93 | 0.85 | 0.90 |
|  Next $3 billion | 0.89 | 0.77 | 0.86 |
|  Next $3 billion | 0.87 | 0.73 | 0.84 |
|  Over $8 billion | 0.84 | 0.71 | 0.82 |

---

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds' recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits (if any); information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser's

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u> 

undertakings to waive a portion of its management fee and to limit certain expenses of the Funds that exceed specified levels. The Trustees also considered the relationship between the advisory and sub-advisory fee rate schedules. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC ("Goldman Sachs"); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities transactions (in its capacity as clearing broker) and futures transactions on behalf of the Funds; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs' retention of fees earned by the Investment Adviser and certain affiliates directly from certain clients who invest in the Funds in connection with a broader advisory arrangement; (f) the Investment Adviser's ability to negotiate better pricing with the Funds' custodian on behalf of its other clients, as a result of the relationship with the Funds; (g) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers, including the Funds' sub-advisers, may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (b) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (c) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (d) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (e) the Funds' ability to aggregate assets managed by certain sub-advisers with those of other clients of the Investment Adviser for purposes of applying breakpoints in a sub-advisory agreement; and (f) the Funds' access to certain affiliated distribution channels.

#### Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders, and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

#### Designated Sub-Advisory Agreements

#### Nature, Extent, and Quality of the Services Provided Under the Designated Sub-Advisory Agreements and Performance
In evaluating the Designated Sub-Advisory Agreements, the Trustees relied upon materials furnished and presentations made by the Investment Adviser and the Designated Sub-Advisers. In evaluating the nature, extent, and quality of services provided by each Designated Sub-Adviser, the Trustees considered information on the services provided to the Funds by their respective Designated Sub-Advisers, including information about each Designated Sub-Adviser's (a) personnel and compensation structure; (b) track record in managing the Fund and, if applicable, other funds and/or accounts with investment strategies similar to those employed on behalf of the Funds; (c) policies and procedures in place to address potential conflicts of interest; and (d) compliance program and code of ethics. In this regard, they also considered assessments provided by the Investment Adviser of each Designated Sub-Adviser, the Designated Sub-Adviser's investment strategies and personnel, and its compliance program. The Trustees also considered information regarding each Designated Sub-Adviser's efforts relating to business continuity planning. The

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**90**

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement and Sub-Advisory Agreements (Unaudited) (continued)</u> 

Trustees also reviewed the operations and investment performance of each Designated Sub-Adviser's respective sleeve of the applicable Fund since its inception, including a comparison of each Designated Sub-Adviser to relevant benchmark indices based on various metrics.

#### Costs of Services Provided
The Trustees reviewed the terms of each Designated Sub-Advisory Agreement, including the schedule of fees payable to the Designated Sub-Advisers. They considered any breakpoints in the sub-advisory fee rate payable under each Designated Sub-Advisory Agreement. The Trustees noted that the compensation paid to each Designated Sub-Adviser is paid by the Investment Adviser, not by the Funds. The Trustees considered that certain Designated Sub-Advisers had agreed to reduce their sub-advisory fee rate, which benefited shareholders of the applicable Funds in light of the existing management fee waiver arrangement. The Trustees reviewed the blended average of all sub-advisory fees paid by the Investment Adviser with respect to each Fund in light of the overall management fee paid by each Fund. They also considered the Investment Adviser's undertaking to waive a portion of its management fee which is in excess of the weighted average of each Fund's sub-advisory fees.

#### Conclusion
In connection with their consideration of the Designated Sub-Advisory Agreements, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees, including the Independent Trustees, unanimously concluded, in the exercise of their business judgment, that the sub-advisory fees paid by the Investment Adviser to each Designated Sub-Adviser were reasonable in light of the factors considered, and that each Designated Sub-Advisory Agreement should be approved and continued until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

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&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; <br> **Goldman Sachs Trust II –Strategic Multi-Asset Class Funds - Tax Information (Unaudited)**<br>For the year ended October 31, 2025, 27.72% and 16.58% of the dividends paid from net investment company taxable income by the Multi-Manager Global Equity Fund and Multi-Manager Real Assets Strategy Fund, respectively, qualify for the dividends received deduction available to corporations.<br>For the year ended October 31, 2025, 2.60% and 34.76% of the dividend paid from net investment company taxable income by the Multi-Manager Global Equity Fund and Multi-Manager Real Assets Strategy Fund, respectively, qualify as section 199A dividends.<br>For the year ended October 31, 2025, 73.27%, and 51.33% of the dividends paid from net investment company taxable income by the Multi-Manager Global Equity Fund and Multi-Manager Real Assets Strategy Fund, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.<br>For the year ended October 31, 2025, the Multi-Manager Non-Core Fixed Income designates 98.98% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.<br>Pursuant to Section 852 of the Internal Revenue Code, the Multi-Manager Global Equity Fund designates $25,075,196 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended October 31, 2025.<br>During the fiscal year ended October 31, 2025, the Multi-Manager Global Equity Fund designates $5,092,083 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**92**

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![LOGO](g72330dsp096.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. SMACAR-25

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Funds' statement regarding the basis for approval of their investment advisory contracts is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| (a)(1) | [Goldman Sachs Trust II's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on November 3, 2022.](http://www.sec.gov/Archives/edgar/data/1557156/000119312522277005/d287741dex99codeeth.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d92279dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d92279dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs Trust II |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust II |
| Date: | January 5, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs Trust II |
| Date: | January 5, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust II |
| Date: | January 5, 2026 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: January 5, 2026

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs Trust II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: January 5, 2026

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs Trust II (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended October 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs Trust II | Goldman Sachs Trust II |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: January 5, 2026 | Date: January 5, 2026 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.