# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001193125-25-154603
**Filing Date:** 2025-7
**Character Count:** 836857
**Document Hash:** d4a0c090f54ab206ffa55b1517ef078d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154603.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154603

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22781
- **FILM NUMBER:** 251099190

**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           |

?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: April 30, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-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 International Equity Fund, and Multi-Manager U.S. Small Cap Equity Fund is filed herewith.

![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Manager Global Equity Fund

#### GSEQX: Class R6

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Manager Global Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $23 | 0.46%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Information Technology | 17.1% |
| Financials | 16.3% |
| Industrials | 10.7% |
| Consumer Discretionary | 10.0% |
| Health Care | 9.3% |
| Domestic Equity | 8.7% |
| Communication Services | 6.5% |
| Consumer Staples | 4.8% |
| Materials | 3.1% |
| Other | 11.9% |

---

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1505572931 |
| # of Portfolio Holdings | 843 |
| Portfolio Turnover Rate | 37% |
| Total Net Advisory Fees Paid | $2470618 |

---

# 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 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-SAR-0425

# Class R6
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Manager Real Assets Strategy Fund

#### GRASX: Class R6

## Fund Overview
This semi-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 April 30, 2025. 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 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.

## 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 | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Real Estate | 56.9% |
| Utilities | 17.7% |
| Energy | 13.2% |
| Industrials | 6.3% |
| Communication Services | 1.9% |
| Information Technology | 0.5% |
| Health Care | 0.3% |
| Other | 2.2% |

---

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $817590944 |
| # of Portfolio Holdings | 191 |
| Portfolio Turnover Rate | 36% |
| Total Net Advisory Fees Paid | $2229602 |

---

# 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.

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-SAR-0425

# Class R6
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

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

#### MMSMX: Class P

## Fund Overview
This semi-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 April 30, 2025. 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 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.

## 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 | $35 | 0.73%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Industrials | 21.5% |
| Financials | 20.0% |
| Health Care | 14.8% |
| Information Technology | 13.6% |
| Consumer Discretionary | 8.9% |
| Consumer Staples | 4.0% |
| Energy | 3.7% |
| Materials | 3.3% |
| Real Estate | 1.9% |
| Other | 8.1% |

---

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $586884112 |
| # of Portfolio Holdings | 339 |
| Portfolio Turnover Rate | 47% |
| Total Net Advisory Fees Paid | $1625583 |

---

# 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.

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-SAR-0425

# Class P
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

#### GMAMX: Class A

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $52 | 1.01%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash | 32.4 | 19.4 | 13.0 | 6.5 |
| Commodities | 81.2 | 42.1 | 39.1 | 3.0 |
| Developed Markets Currency | 83.1 | 52.5 | 30.5 | 22.0 |
| Long-Term Fixed Income | 177.4 | 122.8 | 54.7 | 68.1 |
| Short-Term Investments | 91.7 | 91.7 |  | 91.7 |

---

\*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.

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $58099887 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $196547 |

---

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N103-SAR-0425

# Class A
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

#### GMCMX: Class C

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $90 | 1.76%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash | 32.4 | 19.4 | 13.0 | 6.5 |
| Commodities | 81.2 | 42.1 | 39.1 | 3.0 |
| Developed Markets Currency | 83.1 | 52.5 | 30.5 | 22.0 |
| Long-Term Fixed Income | 177.4 | 122.8 | 54.7 | 68.1 |
| Short-Term Investments | 91.7 | 91.7 |  | 91.7 |

---

\*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.

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $58099887 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $196547 |

---

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N202-SAR-0425

# Class C
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

#### GMMPX: Class P

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $36 | 0.70%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash | 32.4 | 19.4 | 13.0 | 6.5 |
| Commodities | 81.2 | 42.1 | 39.1 | 3.0 |
| Developed Markets Currency | 83.1 | 52.5 | 30.5 | 22.0 |
| Long-Term Fixed Income | 177.4 | 122.8 | 54.7 | 68.1 |
| Short-Term Investments | 91.7 | 91.7 |  | 91.7 |

---

\*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.

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $58099887 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $196547 |

---

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N210-SAR-0425

# Class P
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

#### GMMFX: Class R6

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $35 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash | 32.4 | 19.4 | 13.0 | 6.5 |
| Commodities | 81.2 | 42.1 | 39.1 | 3.0 |
| Developed Markets Currency | 83.1 | 52.5 | 30.5 | 22.0 |
| Long-Term Fixed Income | 177.4 | 122.8 | 54.7 | 68.1 |
| Short-Term Investments | 91.7 | 91.7 |  | 91.7 |

---

\*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.

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $58099887 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $196547 |

---

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N236-SAR-0425

# Class R6
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

#### GSMMX: Institutional Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $36 | 0.71%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash | 32.4 | 19.4 | 13.0 | 6.5 |
| Commodities | 81.2 | 42.1 | 39.1 | 3.0 |
| Developed Markets Currency | 83.1 | 52.5 | 30.5 | 22.0 |
| Long-Term Fixed Income | 177.4 | 122.8 | 54.7 | 68.1 |
| Short-Term Investments | 91.7 | 91.7 |  | 91.7 |

---

\*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.

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $58099887 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $196547 |

---

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N301-SAR-0425

# Institutional Class
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Goldman Sachs Multi-Strategy Alternatives Fund

#### GIMMX: Investor Class

## Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $39 | 0.76%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Header | Gross | Long | Short | Net |
| Cash | 32.4 | 19.4 | 13.0 | 6.5 |
| Commodities | 81.2 | 42.1 | 39.1 | 3.0 |
| Developed Markets Currency | 83.1 | 52.5 | 30.5 | 22.0 |
| Long-Term Fixed Income | 177.4 | 122.8 | 54.7 | 68.1 |
| Short-Term Investments | 91.7 | 91.7 |  | 91.7 |

---

\*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.

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $58099887 |
| # of Portfolio Holdings | 208 |
| Portfolio Turnover Rate | 0% |
| Total Net Advisory Fees Paid | $196547 |

---

# 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.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

# Goldman Sachs Multi-Strategy Alternatives Fund

# 38147N400-SAR-0425

# Investor Class
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

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

#### GNCFX: Class R6

## Fund Overview
This semi-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 April 30, 2025. 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 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.

## 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 | $27 | 0.53%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Sovereign Debt Obligations | 37.9% |
| Software | 4.5% |
| Insurance | 3.7% |
| Oil Field Services | 3.3% |
| Media | 2.9% |
| Commercial Services | 2.9% |
| Banks | 2.2% |
| Diversified Financial Services | 2.1% |
| Telecommunication Services | 1.9% |
| Other | 37.5% |

---

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1490248652 |
| # of Portfolio Holdings | 1281 |
| Portfolio Turnover Rate | 52% |
| Total Net Advisory Fees Paid | $3010969 |

---

# 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.© 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-SAR-0425

# Class R6
![Image](g92834i917d6b338af795756997.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# Multi-Manager International Equity Fund

#### MMITX: Class P

## Fund Overview
This semi-annual shareholder report contains important information about Multi-Manager International Equity Fund (the "Fund") for the period of November 1, 2024 to April 30, 2025. 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 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.

## 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 | $26 | 0.51%<sup>Footnote Reference\*</sup> |

---

---

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

---

### Sector Allocation (%)

---

| | |
|:---|:---|
| Financials | 19.9% |
| Industrials | 19.6% |
| Information Technology | 12.6% |
| Consumer Discretionary | 11.2% |
| Health Care | 10.4% |
| Consumer Staples | 7.6% |
| Communication Services | 5.6% |
| Materials | 5.5% |
| Energy | 2.0% |
| Other | 5.3% |

---

## Key Fund Statistics

#### (as of April 30, 2025)

---

| | |
|:---|:---|
| Total Net Assets | $1513684795 |
| # of Portfolio Holdings | 159 |
| Portfolio Turnover Rate | 24% |
| Total Net Advisory Fees Paid | $3325068 |

---

# 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 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-SAR-0425

# 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.

The information required by this Item is only required in an annual report on this Form N-CSR.

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](g92834dsp001.jpg)

Goldman Sachs Funds

Semi-Annual Financial Statements April 30, 2025

Active Equity Multi-Manager Funds

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

------

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

&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](#aemm92834_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager International Equity](#aemm92834_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager U.S. Small Cap Equity](#aemm92834_3) | 5 |
|  **[Financial Statements](#aemm92834_4)** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#aemm92834_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#aemm92834_6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#aemm92834_7) | 12 |
|  **[Financial Highlights](#aemm92834_8)** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager International Equity](#aemm92834_9) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Multi-Manager U.S. Small Cap Equity](#aemm92834_10) | 14 |
|  **[Notes to Financial Statements](#aemm92834_11)** | 15 |

---

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

------

MULTI-MANAGER INTERNATIONAL EQUITY

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

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

Schedule of Investments *April 30, 2025 (Unaudited)*

&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% |
| Belgium – 0.9% | Belgium – 0.9% | Belgium – 0.9% |
| 150979 | Anheuser-Busch InBev SA (Beverages) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9950868 |
| 12792 | KBC Group NV (Banks) | 1179535 |
| 40073 | Syensqo SA (Chemicals) | 2866533 |
|  |  | 13996936 |
| Bermuda – 0.6% | Bermuda – 0.6% | Bermuda – 0.6% |
| 107518 | Arch Capital Group Ltd. (Insurance) | 9749732 |
| Brazil\* – 0.5% | Brazil\* – 0.5% | Brazil\* – 0.5% |
| 578922 | NU Holdings Ltd. Class A (Banks) | 7196000 |
| Canada – 3.4% | Canada – 3.4% | Canada – 3.4% |
| 170100 | Barrick Gold Corp. (Metals & Mining) | 3243819 |
| 59962 | Canadian National Railway Co. (Ground Transportation) | 5805521 |
| 189486 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 5437448 |
| 325987 | Canadian Pacific Kansas City Ltd. (Ground Transportation) | 23654829 |
| 20915 | Intact Financial Corp. (Insurance) | 4644963 |
| 122336 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 4320717 |
| 74954 | Toronto-Dominion Bank (Banks) | 4789422 |
|  |  | 51896719 |
| China – 2.4% | China – 2.4% | China – 2.4% |
| 541600 | Meituan Class B\*<sup>(a)</sup> (Hotels, Restaurants & Leisure) | 8967508 |
| 265200 | NetEase, Inc. (Entertainment) | 5700832 |
| 341600 | Tencent Holdings Ltd. (Interactive Media & Services) | 20923322 |
|  |  | 35591662 |
| Denmark – 1.8% | Denmark – 1.8% | Denmark – 1.8% |
| 61792 | Carlsberg AS Class B (Beverages) | 8419385 |
| 286832 | Novo Nordisk AS Class B (Pharmaceuticals) | 19178021 |
|  |  | 27597406 |
| France – 14.4% | France – 14.4% | France – 14.4% |
| 88849 | Air Liquide SA (Chemicals) | 18256531 |
| 839463 | Alstom SA\* (Machinery) | 20272328 |
| 134434 | AXA SA (Insurance) | 6358176 |
| 230205 | BNP Paribas SA (Banks) | 19505149 |
| 107907 | Capgemini SE (IT Services) | 17227609 |
| 196693 | Cie de Saint-Gobain SA (Building Products) | 21384068 |
| 120370 | Cie Generale des Etablissements Michelin SCA (Automobile Components) | 4401418 |
| 99007 | Dassault Systemes SE (Software) | 3710400 |
| 143974 | Edenred SE (Financial Services) | 4490111 |
| 468954 | Engie SA (Multi-Utilities) | 9692497 |
| 26680 | EssilorLuxottica SA (Health Care Equipment & Supplies) | 7687922 |
| 96522 | Kering SA (Textiles, Apparel & Luxury Goods) | 19637656 |
| 49052 | Legrand SA (Electrical Equipment) | 5390806 |
| 15245 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 8444652 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<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) |
| 63627 | Pernod Ricard SA (Beverages) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6896878 |
| 45538 | Safran SA (Aerospace & Defense) |  | 12118557 |
| 82752 | Sanofi SA (Pharmaceuticals) |  | 9052393 |
| 69152 | Schneider Electric SE (Electrical Equipment) |  | 16157071 |
| 95405 | Societe Generale SA (Banks) |  | 4974318 |
| 403100 | Worldline SA\*<sup>(a)</sup> (Financial Services) |  | 2233389 |
|  |  |  | 217891929 |
| Germany – 9.6% | Germany – 9.6% | Germany – 9.6% | Germany – 9.6% |
| 73142 | Beiersdorf AG (Personal Products) |  | 10305560 |
| 218615 | Deutsche Bank AG (Capital Markets) |  | 5732160 |
| 57451 | Deutsche Boerse AG (Capital Markets) |  | 18504614 |
| 217672 | Deutsche Telekom AG (Diversified Telecommunication Services) |  | 7818241 |
| 235432 | E.ON SE (Multi-Utilities) |  | 4117609 |
| 14231 | Heidelberg Materials AG (Construction Materials) |  | 2844969 |
| 318266 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 10541939 |
| 232904 | Lanxess AG (Chemicals) |  | 6992707 |
| 68546 | Merck KGaA (Pharmaceuticals) |  | 9542980 |
| 12940 | MTU Aero Engines AG (Aerospace & Defense) |  | 4478605 |
| 2852 | Rheinmetall AG (Aerospace & Defense) |  | 4857105 |
| 142026 | SAP SE (Software) |  | 41555205 |
| 228387 | Siemens Energy AG\* (Electrical Equipment) |  | 17627745 |
|  |  |  | 144919439 |
| Hong Kong – 0.5% | Hong Kong – 0.5% | Hong Kong – 0.5% | Hong Kong – 0.5% |
| 1100800 | AIA Group Ltd. (Insurance) |  | 8248197 |
| India – 1.1% | India – 1.1% | India – 1.1% | India – 1.1% |
| 241576 | HDFC Bank Ltd. (Banks) |  | 5487144 |
| 279900 | ICICI Bank Ltd. ADR (Banks) |  | 9393444 |
| 42668 | Tata Consultancy Services Ltd. (IT Services) |  | 1741703 |
|  |  |  | 16622291 |
| Ireland – 3.5% | Ireland – 3.5% | Ireland – 3.5% | Ireland – 3.5% |
| 1134267 | AIB Group PLC (Banks) |  | 7623477 |
| 16640 | Aon PLC Class A (Insurance) |  | 5903706 |
| 325113 | Experian PLC (Professional Services) |  | 16174711 |
| 961 | ICON PLC\* (Life Sciences Tools & Services) |  | 145534 |
| 30034 | Linde PLC (Chemicals) |  | 13612310 |
| 185819 | Ryanair Holdings PLC ADR (Passenger Airlines) |  | 8893297 |
|  |  |  | 52353035 |
| Israel\* – 0.5% | Israel\* – 0.5% | Israel\* – 0.5% | Israel\* – 0.5% |
| 32632 | Check Point Software Technologies Ltd. (Software) |  | 7164682 |
| Italy – 3.2% | Italy – 3.2% | Italy – 3.2% | Italy – 3.2% |
| 989569 | Enel SpA (Electric Utilities) |  | 8569182 |

---

&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

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

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

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&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) |
| Italy (continued) | Italy (continued) | Italy (continued) | Italy (continued) |
| 411750 | Eni SpA (Oil, Gas & Consumable Fuels) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5896893 |
| 32079 | Ferrari NV (Automobiles) |  | 14685149 |
| 1517114 | Intesa Sanpaolo SpA (Banks) |  | 8098787 |
| 167423 | UniCredit SpA (Banks) |  | 9740814 |
| 59577 | Wizz Air Holdings PLC\*<sup>(a)</sup> (Passenger Airlines) |  | 1299652 |
|  |  |  | 48290477 |
| Japan – 12.7% | Japan – 12.7% | Japan – 12.7% | Japan – 12.7% |
| 61400 | Daikin Industries Ltd. (Building Products) |  | 6994886 |
| 508400 | Denso Corp. (Automobile Components) |  | 6564425 |
| 378700 | FANUC Corp. (Machinery) |  | 9611277 |
| 259700 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals) |  | 5319271 |
| 332700 | Fujitsu Ltd. (IT Services) |  | 7391081 |
| 655400 | Hitachi Ltd. (Industrial Conglomerates) |  | 16198547 |
| 12400 | Hoya Corp. (Health Care Equipment & Supplies) |  | 1459059 |
| 57000 | Kose Corp. (Personal Products) |  | 2458463 |
| 282300 | Kyocera Corp. (Electronic Equipment, Instruments & Components) |  | 3345743 |
| 554200 | LY Corp. (Interactive Media & Services) |  | 2095996 |
| 426500 | Mitsubishi Electric Corp. (Electrical Equipment) |  | 8250811 |
| 747900 | Mitsubishi Heavy Industries Ltd. (Machinery) |  | 14743234 |
| 391100 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) |  | 5571829 |
| 174600 | Nintendo Co. Ltd. (Entertainment) |  | 14495290 |
| 341700 | Olympus Corp. (Health Care Equipment & Supplies) |  | 4477292 |
| 1232600 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) |  | 14464879 |
| 485400 | Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail) |  | 7145389 |
| 283500 | Shin-Etsu Chemical Co. Ltd. (Chemicals) |  | 8627321 |
| 36300 | SMC Corp. (Machinery) |  | 11748165 |
| 314500 | Sompo Holdings, Inc. (Insurance) |  | 10306510 |
| 486700 | Sony Group Corp. (Household Durables) |  | 12840501 |
| 274200 | Sumitomo Mitsui Financial Group, Inc. (Banks) |  | 6541648 |
| 303900 | Terumo Corp. (Health Care Equipment & Supplies) |  | 5816865 |
| 491500 | ZOZO, Inc. (Specialty Retail) |  | 4991421 |
|  |  |  | 191459903 |
| Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% | Luxembourg – 0.3% |
| 170821 | ArcelorMittal SA (Metals & Mining) |  | 5051473 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Netherlands – 4.4% | Netherlands – 4.4% | Netherlands – 4.4% |
| 6127 | Adyen NV\*<sup>(a)</sup> (Financial Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9914790 |
| 198139 | Akzo Nobel NV (Chemicals) | 12509413 |
| 12359 | ASM International NV (Semiconductors & Semiconductor Equipment) | 6040918 |
| 12307 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 8222061 |
| 67845 | Heineken NV (Beverages) | 6073156 |
| 715205 | ING Groep NV (Banks) | 13888794 |
| 359322 | Koninklijke Philips NV\* (Health Care Equipment & Supplies) | 9119527 |
|  |  | 65768659 |
| Portugal – 0.3% | Portugal – 0.3% | Portugal – 0.3% |
| 269973 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) | 4182901 |
| Singapore – 1.9% | Singapore – 1.9% | Singapore – 1.9% |
| 203780 | DBS Group Holdings Ltd. (Banks) | 6620646 |
| 133126 | Sea Ltd. ADR\* (Entertainment) | 17845540 |
| 181900 | United Overseas Bank Ltd. (Banks) | 4831052 |
|  |  | 29297238 |
| South Korea – 2.2% | South Korea – 2.2% | South Korea – 2.2% |
| 390755 | Coupang, Inc.\* (Broadline Retail) | 9131944 |
| 22728 | Korea Electric Power Corp. (Electric Utilities) | 409901 |
| 29411 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 1147545 |
| 17916 | Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) | 17445501 |
| 6308 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | 1664225 |
| 93286 | Shinhan Financial Group Co. Ltd. (Banks) | 3371353 |
|  |  | 33170469 |
| Spain – 0.7% | Spain – 0.7% | Spain – 0.7% |
| 141896 | Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 11169060 |
| Sweden\* – 0.2% | Sweden\* – 0.2% | Sweden\* – 0.2% |
| 531917 | Electrolux AB Class B (Household Durables) | 3320724 |
| Switzerland – 4.0% | Switzerland – 4.0% | Switzerland – 4.0% |
| 75450 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) | 13332407 |
| 93361 | Julius Baer Group Ltd. (Capital Markets) | 6054278 |
| 109591 | Novartis AG (Pharmaceuticals) | 12499643 |
| 4909 | Sika AG (Chemicals) | 1226796 |
| 12242 | Sonova Holding AG (Health Care Equipment & Supplies) | 3763362 |
| 427664 | UBS Group AG (Capital Markets) | 12981897 |
| 14042 | Zurich Insurance Group AG (Insurance) | 9959577 |
|  |  | 59817960 |

---

&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

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

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

&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) |
| Taiwan – 1.6% | Taiwan – 1.6% | Taiwan – 1.6% |
| 547000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | $&nbsp;&nbsp;&nbsp;&nbsp;15498999 |
| 51442 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 8574867 |
|  |  | 24073866 |
| United Kingdom – 17.7% | United Kingdom – 17.7% | United Kingdom – 17.7% |
| 243951 | 3i Group PLC (Capital Markets) | 13829831 |
| 156109 | AstraZeneca PLC (Pharmaceuticals) | 22365237 |
| 4354369 | Barclays PLC (Banks) | 17346243 |
| 75190 | Berkeley Group Holdings PLC (Household Durables) | 4191338 |
| 2325653 | BP PLC (Oil, Gas & Consumable Fuels) | 10738449 |
| 124863 | British American Tobacco PLC (Tobacco) | 5438826 |
| 666902 | Compass Group PLC (Hotels, Restaurants & Leisure) | 22484482 |
| 531414 | Diageo PLC (Beverages) | 14922312 |
| 467846 | GSK PLC (Pharmaceuticals) | 9255255 |
| 1055459 | Kingfisher PLC (Specialty Retail) | 4056652 |
| 1213643 | Legal & General Group PLC (Insurance) | 3821860 |
| 61077 | London Stock Exchange Group PLC (Capital Markets) | 9510390 |
| 1344279 | NatWest Group PLC (Banks) | 8646790 |
| 1239282 | Prudential PLC (Insurance) | 13177006 |
| 255349 | Reckitt Benckiser Group PLC (Household Products) | 16481893 |
| 299350 | RELX PLC (Professional Services) | 16324291 |
| 67516 | Rio Tinto PLC (Metals & Mining) | 4023241 |
| 4608516 | Rolls-Royce Holdings PLC (Aerospace & Defense) | 46649570 |
| 479058 | Segro PLC REIT (Industrial REITs) | 4357826 |
| 362050 | Smith & Nephew PLC (Health Care Equipment & Supplies) | 5094978 |
| 26816 | Smiths Group PLC (Industrial Conglomerates) | 668244 |
| 310553 | Standard Chartered PLC (Banks) | 4472974 |
| 1206913 | Tesco PLC (Consumer Staples Distribution & Retail) | 5973014 |
| 335809 | WH Smith PLC (Specialty Retail) | 4063661 |
|  |  | 267894363 |
| United States – 7.2% | United States – 7.2% | United States – 7.2% |
| 28423 | Atlassian Corp. Class A\* (Software) | 6489255 |
| 394806 | Carnival Corp.\* (Hotels, Restaurants & Leisure) | 7240742 |
| 30972 | Monday.com Ltd.\* (Software) | 8702822 |
| 130604 | Nestle SA (Food Products) | 13901148 |
| 46472 | Philip Morris International, Inc. (Tobacco) | 7963442 |
| 95682 | Qiagen NV\* (Life Sciences Tools & Services) | 4106258 |
| 83325 | Roche Holding AG (Pharmaceuticals) | 27246138 |
| 86436 | Smurfit WestRock PLC (Containers & Packaging) | 3632041 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 26523 | Spotify Technology SA\* (Entertainment) | $&nbsp;&nbsp;&nbsp;&nbsp;16284592 |
| 30595 | STERIS PLC (Health Care Equipment & Supplies) | 6875920 |
| 33675 | Waste Connections, Inc. (Commercial Services & Supplies) | 6655190 |
|  |  | 109097548 |
| Uruguay\* – 0.6% | Uruguay\* – 0.6% | Uruguay\* – 0.6% |
| 4169 | MercadoLibre, Inc. (Broadline Retail) | 9717314 |
| TOTAL COMMON STOCKS<br>(Cost $1,066,879,831) | TOTAL COMMON STOCKS<br>(Cost $1,066,879,831) | $1455539983 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 3.5% | Investment Company<sup>(b)</sup> – 3.5% | Investment Company<sup>(b)</sup> – 3.5% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 52848149 | 4.248% | $&nbsp;&nbsp;&nbsp;&nbsp;52848149 |
| (Cost $52,848,149) | (Cost $52,848,149) |  |
| TOTAL INVESTMENTS – 99.7%<br>(Cost $1,119,727,980) | TOTAL INVESTMENTS – 99.7%<br>(Cost $1,119,727,980) | $1508388132 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.3%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 0.3%** | 5296663 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1513684795 |

---

---

| | |
|:---|:---|
| 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 APRIL 30, 2025

---

| | |
|:---|:---|
| **Sector** | **% of Total<br>Market Value** |
|  Financials | 19.9% |
|  Industrials | 19.6 |
|  Information Technology | 12.6 |
|  Consumer Discretionary | 11.2 |
|  Health Care | 10.5 |
|  Consumer Staples | 7.7 |
|  Communication Services | 5.7 |
|  Materials | 5.5 |
|  Investment Company | 3.5 |
|  Energy | 2.0 |
|  Utilities | 1.5 |
|  Real Estate | 0.3 |
|  | 100.0% |

---

&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

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

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

Schedule of Investments (continued) *April 30, 2025 (Unaudited)* &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 April 30, 2025, the Fund had the following forward foreign currency exchange contracts:

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 | SEK | 1469661 | USD | 152810 | 05/02/25 | $(740) |
|  | SEK | 609194 | USD | 63123 | 05/05/25 | (76) |
|  **TOTAL** |  |  |  |  |  | $(816) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| SEK | —Swedish Krona |
| USD | —U.S. Dollar |
| Investment Abbreviations: | 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

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

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

Schedule of Investments *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – 94.3% | Common Stocks – 94.3% | Common Stocks – 94.3% |
| Aerospace & Defense – 1.7% | Aerospace & Defense – 1.7% | Aerospace & Defense – 1.7% |
| 8020 | BWX Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875143 |
| 6442 | Curtiss-Wright Corp. | 2221781 |
| 33300 | Mercury Systems, Inc.\* | 1665000 |
| 79620 | Rocket Lab USA, Inc.\* | 1734920 |
| 87460 | Standardaero, Inc.\* | 2363169 |
| 4993 | Woodward, Inc. | 936537 |
|  |  | 9796550 |
| Air Freight & Logistics – 0.3% | Air Freight & Logistics – 0.3% | Air Freight & Logistics – 0.3% |
| 49600 | Hub Group, Inc. Class A | 1566864 |
| Automobile Components – 0.4% | Automobile Components – 0.4% | Automobile Components – 0.4% |
| 19580 | LCI Industries | 1509226 |
| 10700 | Visteon Corp.\* | 847333 |
|  |  | 2356559 |
| Banks – 7.8% | Banks – 7.8% | Banks – 7.8% |
| 12778 | Axos Financial, Inc.\* | 811147 |
| 25517 | BankUnited, Inc. | 834661 |
| 30700 | Banner Corp. | 1876998 |
| 36426 | Byline Bancorp, Inc. | 930320 |
| 24097 | Cadence Bank | 705078 |
| 45423 | Columbia Banking System, Inc. | 1018384 |
| 20660 | East West Bancorp, Inc. | 1767463 |
| 28234 | Hancock Whitney Corp. | 1470709 |
| 56235 | Heritage Commerce Corp. | 508364 |
| 37950 | Heritage Financial Corp. | 866019 |
| 26412 | Home BancShares, Inc. | 732933 |
| 18100 | Lakeland Financial Corp. | 1007627 |
| 56700 | National Bank Holdings Corp. Class A | 2050272 |
| 7119 | Nicolet Bankshares, Inc. | 831570 |
| 10917 | Northeast Bank | 904146 |
| 191484 | Old National Bancorp | 3942656 |
| 27281 | Peapack-Gladstone Financial Corp. | 755138 |
| 18943 | Preferred Bank | 1512788 |
| 44624 | Prosperity Bancshares, Inc. | 3029970 |
| 68900 | Renasant Corp. | 2209623 |
| 21100 | ServisFirst Bancshares, Inc. | 1502742 |
| 21400 | SouthState Corp. | 1857092 |
| 26900 | Stock Yards Bancorp, Inc. | 1958051 |
| 50600 | Towne Bank | 1667270 |
| 19000 | UMB Financial Corp. | 1796830 |
| 64700 | United Bankshares, Inc. | 2218563 |
| 47475 | Wintrust Financial Corp. | 5277796 |
| 16676 | WSFS Financial Corp. | 859648 |
| 20640 | Zions Bancorp NA | 928181 |
|  |  | 45832039 |
| Biotechnology\* – 7.0% | Biotechnology\* – 7.0% | Biotechnology\* – 7.0% |
| 194070 | 89bio, Inc. | 1556441 |
| 57790 | Ascendis Pharma AS ADR | 9849728 |
| 98560 | Bicycle Therapeutics PLC ADR | 843674 |
| 28037 | Biohaven Ltd. | 620178 |
| 12629 | Blueprint Medicines Corp. | 1130295 |
| 44439 | Catalyst Pharmaceuticals, Inc. | 1079423 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<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) |
| 54351 | Cytokinetics, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;2328397 |
| 15637 | Halozyme Therapeutics, Inc. |  | 960425 |
| 55361 | Insmed, Inc. |  | 3985992 |
| 27510 | Legend Biotech Corp. ADR |  | 961475 |
| 44200 | Merus NV |  | 2011542 |
| 69388 | MoonLake Immunotherapeutics |  | 2919847 |
| 16357 | Neurocrine Biosciences, Inc. |  | 1761485 |
| 39710 | Revolution Medicines, Inc. |  | 1603490 |
| 30880 | Rhythm Pharmaceuticals, Inc. |  | 2013067 |
| 121430 | Rocket Pharmaceuticals, Inc. |  | 926511 |
| 33280 | Soleno Therapeutics, Inc. |  | 2491341 |
| 71582 | Vaxcyte, Inc. |  | 2565499 |
| 39370 | Xenon Pharmaceuticals, Inc. |  | 1503934 |
|  |  |  | 41112744 |
| Broadline Retail\* – 0.2% | Broadline Retail\* – 0.2% | Broadline Retail\* – 0.2% | Broadline Retail\* – 0.2% |
| 22500 | Etsy, Inc. |  | 978300 |
| Building Products – 1.9% | Building Products – 1.9% | Building Products – 1.9% | Building Products – 1.9% |
| 15782 | AAON, Inc. |  | 1440423 |
| 23325 | Apogee Enterprises, Inc. |  | 925303 |
| 10503 | AZZ, Inc. |  | 911240 |
| 21900 | Gibraltar Industries, Inc.\* |  | 1159605 |
| 22432 | Griffon Corp. |  | 1527844 |
| 106000 | Hayward Holdings, Inc.\* |  | 1412980 |
| 133509 | Janus International Group, Inc.\* |  | 918542 |
| 40426 | Masterbrand, Inc.\* |  | 491176 |
| 3522 | Simpson Manufacturing Co., Inc. |  | 541296 |
| 8900 | UFP Industries, Inc. |  | 879765 |
| 34238 | Zurn Elkay Water Solutions Corp. |  | 1162722 |
|  |  |  | 11370896 |
| Capital Markets – 2.0% | Capital Markets – 2.0% | Capital Markets – 2.0% | Capital Markets – 2.0% |
| 182432 | BGC Group, Inc. Class A |  | 1652834 |
| 19700 | Cohen & Steers, Inc. |  | 1503504 |
| 68195 | DigitalBridge Group, Inc. |  | 572838 |
| 4166 | Evercore, Inc. Class A |  | 855238 |
| 20163 | Houlihan Lokey, Inc. |  | 3268019 |
| 35000 | Lazard, Inc. |  | 1361500 |
| 5900 | Stifel Financial Corp. |  | 505571 |
| 20616 | StoneX Group, Inc.\* |  | 1825856 |
|  |  |  | 11545360 |
| Chemicals – 2.0% | Chemicals – 2.0% | Chemicals – 2.0% | Chemicals – 2.0% |
| 45600 | AdvanSix, Inc. |  | 976752 |
| 71970 | Avient Corp. |  | 2397321 |
| 83430 | Axalta Coating Systems Ltd.\* |  | 2711475 |
| 50991 | HB Fuller Co. |  | 2755553 |
| 22200 | Innospec, Inc. |  | 1986456 |
| 8025 | Sensient Technologies Corp. |  | 753949 |
|  |  |  | 11581506 |
| Commercial Services & Supplies – 3.8% | Commercial Services & Supplies – 3.8% | Commercial Services & Supplies – 3.8% | Commercial Services & Supplies – 3.8% |
| 24727 | ABM Industries, Inc. |  | 1205194 |
| 13302 | Brady Corp. Class A |  | 934998 |
| 13177 | Brink's Co. |  | 1175915 |

---

&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

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

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

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

&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) |
| Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) | Commercial Services & Supplies – (continued) |
| 64521 | Casella Waste Systems, Inc. Class A\* | $| &nbsp;&nbsp;&nbsp;&nbsp;7577991 |
| 9238 | MSA Safety, Inc. |  | 1454246 |
| 47424 | OPENLANE, Inc.\* |  | 877818 |
| 45200 | Pursuit Attractions & Hospitality, Inc.\* |  | 1323908 |
| 59622 | Rentokil Initial PLC ADR |  | 1367729 |
| 8500 | UniFirst Corp. |  | 1516995 |
| 24519 | Waste Connections, Inc. |  | 4845690 |
|  |  |  | 22280484 |
| Communications Equipment\* – 0.3% | Communications Equipment\* – 0.3% | Communications Equipment\* – 0.3% | Communications Equipment\* – 0.3% |
| 70500 | Extreme Networks, Inc. |  | 927780 |
| 63100 | Viavi Solutions, Inc. |  | 667598 |
|  |  |  | 1595378 |
| Construction & Engineering – 3.7% | Construction & Engineering – 3.7% | Construction & Engineering – 3.7% | Construction & Engineering – 3.7% |
| 17890 | Comfort Systems USA, Inc. |  | 7112169 |
| 32525 | Everus Construction Group, Inc.\* |  | 1308806 |
| 96552 | Fluor Corp.\* |  | 3368699 |
| 22071 | Granite Construction, Inc. |  | 1794152 |
| 45896 | Primoris Services Corp. |  | 2752383 |
| 8002 | Sterling Infrastructure, Inc.\* |  | 1195739 |
| 8994 | Valmont Industries, Inc. |  | 2637221 |
| 65870 | WillScot Holdings Corp. |  | 1654654 |
|  |  |  | 21823823 |
| Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% | Construction Materials – 0.6% |
| 6775 | Eagle Materials, Inc. |  | 1533792 |
| 9871 | Knife River Corp.\* |  | 921754 |
| 60400 | Titan America SA\* |  | 799092 |
|  |  |  | 3254638 |
| Consumer Finance – 1.3% | Consumer Finance – 1.3% | Consumer Finance – 1.3% | Consumer Finance – 1.3% |
| 68148 | EZCORP, Inc. Class A\* |  | 1115583 |
| 22382 | FirstCash Holdings, Inc. |  | 2998292 |
| 111969 | SLM Corp. |  | 3237024 |
|  |  |  | 7350899 |
| Consumer Staples Distribution & Retail – 2.1% | Consumer Staples Distribution & Retail – 2.1% | Consumer Staples Distribution & Retail – 2.1% | Consumer Staples Distribution & Retail – 2.1% |
| 6906 | Casey's General Stores, Inc. |  | 3194647 |
| 13775 | Chefs' Warehouse, Inc.\* |  | 784762 |
| 59260 | Maplebear, Inc.\* |  | 2363881 |
| 17900 | Performance Food Group Co.\* |  | 1443814 |
| 19863 | PriceSmart, Inc. |  | 2015896 |
| 14610 | Sprouts Farmers Market, Inc.\* |  | 2498310 |
|  |  |  | 12301310 |
| Containers & Packaging – 0.3% | Containers & Packaging – 0.3% | Containers & Packaging – 0.3% | Containers & Packaging – 0.3% |
| 32300 | Silgan Holdings, Inc. |  | 1668295 |
| Diversified Consumer Services – 3.1% | Diversified Consumer Services – 3.1% | Diversified Consumer Services – 3.1% | Diversified Consumer Services – 3.1% |
| 16644 | Adtalem Global Education, Inc.\* |  | 1767593 |
| 32177 | Bright Horizons Family Solutions, Inc.\* |  | 4035639 |
| 53004 | Frontdoor, Inc.\* |  | 2178994 |
| 13434 | Grand Canyon Education, Inc.\* |  | 2396223 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) | Diversified Consumer Services – (continued) |
| 80070 | KinderCare Learning Cos., Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981658 |
| 87152 | Laureate Education, Inc.\* |  | 1749141 |
| 300914 | Mister Car Wash, Inc.\* |  | 2064270 |
| 56600 | OneSpaWorld Holdings Ltd. |  | 945220 |
| 66048 | Perdoceo Education Corp. |  | 1659126 |
| 4900 | Stride, Inc.\* |  | 697025 |
|  |  |  | 18474889 |
| Diversified Telecommunication Services – 0.3% | Diversified Telecommunication Services – 0.3% | Diversified Telecommunication Services – 0.3% | Diversified Telecommunication Services – 0.3% |
| 31265 | Cogent Communications Holdings, Inc. |  | 1699253 |
| Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% | Electric Utilities – 0.7% |
| 18775 | IDACORP, Inc. |  | 2217140 |
| 13475 | MGE Energy, Inc. |  | 1218409 |
| 17344 | OGE Energy Corp. |  | 787071 |
|  |  |  | 4222620 |
| Electrical Equipment – 1.3% | Electrical Equipment – 1.3% | Electrical Equipment – 1.3% | Electrical Equipment – 1.3% |
| 16600 | Atkore, Inc. |  | 1060242 |
| 14126 | EnerSys |  | 1223312 |
| 2485 | Generac Holdings, Inc.\* |  | 284234 |
| 60100 | NEXTracker, Inc. Class A\* |  | 2440661 |
| 18960 | Regal Rexnord Corp. |  | 2006726 |
| 40227 | Sensata Technologies Holding PLC |  | 860858 |
|  |  |  | 7876033 |
| Electronic Equipment, Instruments & Components – 3.4% | Electronic Equipment, Instruments & Components – 3.4% | Electronic Equipment, Instruments & Components – 3.4% | Electronic Equipment, Instruments & Components – 3.4% |
| 8306 | Arrow Electronics, Inc.\* |  | 924956 |
| 24119 | Avnet, Inc. |  | 1133352 |
| 14520 | Badger Meter, Inc. |  | 3206307 |
| 12116 | Belden, Inc. |  | 1249281 |
| 18138 | Benchmark Electronics, Inc. |  | 590029 |
| 20400 | Celestica, Inc.\* |  | 1741140 |
| 22500 | Crane NXT Co. |  | 1055700 |
| 8930 | Fabrinet\* |  | 1831186 |
| 72400 | Ingram Micro Holding Corp. |  | 1287272 |
| 12620 | Littelfuse, Inc. |  | 2300752 |
| 132636 | Mirion Technologies, Inc.\* |  | 2092996 |
| 5240 | Novanta, Inc.\* |  | 622826 |
| 4984 | OSI Systems, Inc.\* |  | 1020424 |
| 10100 | Rogers Corp.\* |  | 624281 |
|  |  |  | 19680502 |
| Energy Equipment & Services – 1.7% | Energy Equipment & Services – 1.7% | Energy Equipment & Services – 1.7% | Energy Equipment & Services – 1.7% |
| 45180 | Archrock, Inc. |  | 1063085 |
| 9435 | Cactus, Inc. Class A |  | 357964 |
| 148666 | ChampionX Corp. |  | 3587311 |
| 65300 | Helmerich & Payne, Inc. |  | 1233517 |
| 113599 | Oceaneering International, Inc.\* |  | 2016382 |
| 72700 | Select Water Solutions, Inc. |  | 619404 |
| 19900 | Weatherford International PLC |  | 823860 |
|  |  |  | 9701523 |
| Entertainment\* – 0.7% | Entertainment\* – 0.7% | Entertainment\* – 0.7% | Entertainment\* – 0.7% |
| 7800 | Madison Square Garden Sports Corp. |  | 1502046 |

---

&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

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

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

&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) |
| Entertainment\* – (continued) | Entertainment\* – (continued) | Entertainment\* – (continued) | Entertainment\* – (continued) |
| 10352 | Take-Two Interactive Software, Inc. | $| 2415329 |
|  |  |  | 3917375 |
| Financial Services – 2.9% | Financial Services – 2.9% | Financial Services – 2.9% | Financial Services – 2.9% |
| 35418 | Enact Holdings, Inc. |  | 1267610 |
| 38690 | Essent Group Ltd. |  | 2202622 |
| 34800 | EVERTEC, Inc. |  | 1181112 |
| 16684 | Federal Agricultural Mortgage Corp. Class C |  | 2925206 |
| 52400 | NCR Atleos Corp.\* |  | 1463008 |
| 18741 | PennyMac Financial Services, Inc. |  | 1826123 |
| 32294 | Shift4 Payments, Inc. Class A\* |  | 2641649 |
| 24933 | Voya Financial, Inc. |  | 1476033 |
| 24500 | Walker & Dunlop, Inc. |  | 1875230 |
|  |  |  | 16858593 |
| Food Products – 1.0% | Food Products – 1.0% | Food Products – 1.0% | Food Products – 1.0% |
| 40150 | Dole PLC |  | 609879 |
| 9481 | Ingredion, Inc. |  | 1259267 |
| 65774 | Nomad Foods Ltd. |  | 1314822 |
| 52928 | Simply Good Foods Co.\* |  | 1911230 |
| 75877 | Utz Brands, Inc. |  | 1008405 |
|  |  |  | 6103603 |
| Gas Utilities – 0.2% | Gas Utilities – 0.2% | Gas Utilities – 0.2% | Gas Utilities – 0.2% |
| 12100 | National Fuel Gas Co. |  | 929038 |
| Ground Transportation – 0.8% | Ground Transportation – 0.8% | Ground Transportation – 0.8% | Ground Transportation – 0.8% |
| 82900 | Marten Transport Ltd. |  | 1064436 |
| 7327 | Saia, Inc.\* |  | 1787788 |
| 73600 | Werner Enterprises, Inc. |  | 1814976 |
|  |  |  | 4667200 |
| Health Care Equipment & Supplies\* – 3.2% | Health Care Equipment & Supplies\* – 3.2% | Health Care Equipment & Supplies\* – 3.2% | Health Care Equipment & Supplies\* – 3.2% |
| 69650 | Envista Holdings Corp. |  | 1119972 |
| 48110 | Establishment Labs Holdings, Inc. |  | 1460139 |
| 26780 | Glaukos Corp. |  | 2524015 |
| 19912 | Haemonetics Corp. |  | 1254854 |
| 29923 | iRhythm Technologies, Inc. |  | 3198470 |
| 12889 | Kestra Medical Technologies Ltd. |  | 310109 |
| 45999 | Lantheus Holdings, Inc. |  | 4799536 |
| 30200 | Omnicell, Inc. |  | 944052 |
| 46374 | OrthoPediatrics Corp. |  | 965507 |
| 16590 | PROCEPT BioRobotics Corp. |  | 895528 |
| 60839 | SI-BONE, Inc. |  | 830452 |
| 33244 | Tandem Diabetes Care, Inc. |  | 560161 |
|  |  |  | 18862795 |
| Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% | Health Care Providers & Services – 2.7% |
| 10288 | Addus HomeCare Corp.\* |  | 1075610 |
| 25034 | Encompass Health Corp. |  | 2928728 |
| 21660 | GeneDx Holdings Corp.\* |  | 1447971 |
| 70148 | HealthEquity, Inc.\* |  | 6013087 |
| 122546 | LifeStance Health Group, Inc.\* |  | 805127 |
| 89806 | Option Care Health, Inc.\* |  | 2901632 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) | Health Care Providers & Services – (continued) |
| 68188 | Pediatrix Medical Group, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878261 |
|  |  | 16050416 |
| Health Care Technology\* – 0.3% | Health Care Technology\* – 0.3% | Health Care Technology\* – 0.3% |
| 75270 | Phreesia, Inc. | 1878739 |
| Hotel & Resort REITs – 0.5% | Hotel & Resort REITs – 0.5% | Hotel & Resort REITs – 0.5% |
| 136600 | Apple Hospitality REIT, Inc. | 1607782 |
| 14200 | Ryman Hospitality Properties, Inc. | 1248890 |
|  |  | 2856672 |
| Hotels, Restaurants & Leisure – 2.1% | Hotels, Restaurants & Leisure – 2.1% | Hotels, Restaurants & Leisure – 2.1% |
| 41517 | Boyd Gaming Corp. | 2870485 |
| 30730 | Brinker International, Inc.\* | 4127039 |
| 29000 | Cheesecake Factory, Inc. | 1460730 |
| 32759 | First Watch Restaurant Group, Inc.\* | 578524 |
| 13780 | Texas Roadhouse, Inc. | 2286929 |
| 10245 | Wyndham Hotels & Resorts, Inc. | 873899 |
|  |  | 12197606 |
| Household Durables – 0.8% | Household Durables – 0.8% | Household Durables – 0.8% |
| 44366 | Beazer Homes USA, Inc.\* | 867799 |
| 4191 | Installed Building Products, Inc. | 694994 |
| 29823 | Meritage Homes Corp. | 2032139 |
| 20386 | Taylor Morrison Home Corp.\* | 1169137 |
| 638 | TopBuild Corp.\* | 188695 |
|  |  | 4952764 |
| Household Products\* – 0.2% | Household Products\* – 0.2% | Household Products\* – 0.2% |
| 47300 | Central Garden & Pet Co. Class A | 1398661 |
| Industrial REITs – 0.3% | Industrial REITs – 0.3% | Industrial REITs – 0.3% |
| 7408 | EastGroup Properties, Inc. | 1210615 |
| 13879 | First Industrial Realty Trust, Inc. | 660363 |
|  |  | 1870978 |
| Insurance – 5.7% | Insurance – 5.7% | Insurance – 5.7% |
| 30512 | Assured Guaranty Ltd. | 2676818 |
| 49849 | Axis Capital Holdings Ltd. | 4801456 |
| 84444 | Baldwin Insurance Group, Inc.\* | 3514559 |
| 23275 | Bowhead Specialty Holdings, Inc.\* | 935422 |
| 18180 | Employers Holdings, Inc. | 883366 |
| 49027 | First American Financial Corp. | 2981332 |
| 12100 | Hanover Insurance Group, Inc. | 2009810 |
| 81809 | Kemper Corp. | 4836548 |
| 20990 | Palomar Holdings, Inc.\* | 3043970 |
| 11210 | Primerica, Inc. | 2937805 |
| 16000 | Safety Insurance Group, Inc. | 1224000 |
| 53500 | SiriusPoint Ltd.\* | 898800 |
| 11300 | Stewart Information Services Corp. | 739924 |
| 1060 | White Mountains Insurance Group Ltd. | 1873497 |
|  |  | 33357307 |
| Interactive Media & Services\* – 0.1% | Interactive Media & Services\* – 0.1% | Interactive Media & Services\* – 0.1% |
| 27107 | Cargurus, Inc. | 757912 |

---

&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

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

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

Schedule of Investments (continued) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| IT Services – 1.1% | IT Services – 1.1% | IT Services – 1.1% |
| 17700 | ASGN, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891726 |
| 23051 | Hackett Group, Inc. | 588723 |
| 67037 | Kyndryl Holdings, Inc.\* | 2173339 |
| 17660 | Wix.com Ltd.\* | 2994959 |
|  |  | 6648747 |
| Leisure Products – 0.1% | Leisure Products – 0.1% | Leisure Products – 0.1% |
| 11900 | Acushnet Holdings Corp. | 788018 |
| Life Sciences Tools & Services – 1.4% | Life Sciences Tools & Services – 1.4% | Life Sciences Tools & Services – 1.4% |
| 6150 | Bio-Rad Laboratories, Inc. Class A\* | 1501092 |
| 39389 | Bio-Techne Corp. | 1983236 |
| 57798 | Bruker Corp. | 2315388 |
| 46700 | Qiagen NV\* | 1996425 |
| 2050 | West Pharmaceutical Services, Inc. | 433145 |
|  |  | 8229286 |
| Machinery – 4.3% | Machinery – 4.3% | Machinery – 4.3% |
| 8500 | Alamo Group, Inc. | 1419330 |
| 16800 | Albany International Corp. Class A | 1104768 |
| 31500 | Astec Industries, Inc. | 1141245 |
| 24850 | Atmus Filtration Technologies, Inc. | 861549 |
| 10200 | Enpro, Inc. | 1523880 |
| 39650 | Hillenbrand, Inc. | 802120 |
| 2431 | IDEX Corp. | 422921 |
| 30900 | ITT, Inc. | 4233918 |
| 20175 | JBT Marel Corp. | 2123620 |
| 2802 | Kadant, Inc. | 826590 |
| 53300 | Kennametal, Inc. | 1038284 |
| 12700 | Mueller Industries, Inc. | 934212 |
| 160648 | Mueller Water Products, Inc. Class A | 4215404 |
| 13304 | SPX Technologies, Inc.\* | 1784732 |
| 19400 | Timken Co. | 1246450 |
| 6300 | Watts Water Technologies, Inc. Class A | 1308825 |
|  |  | 24987848 |
| Marine Transportation – 0.2% | Marine Transportation – 0.2% | Marine Transportation – 0.2% |
| 9774 | Matson, Inc. | 1066246 |
| Media – 0.7% | Media – 0.7% | Media – 0.7% |
| 174972 | Magnite, Inc.\* | 2080417 |
| 119143 | Stagwell, Inc.\* | 664818 |
| 91325 | TEGNA, Inc. | 1482205 |
|  |  | 4227440 |
| Metals & Mining – 0.4% | Metals & Mining – 0.4% | Metals & Mining – 0.4% |
| 42300 | Commercial Metals Co. | 1884042 |
| 15400 | Warrior Met Coal, Inc. | 736428 |
|  |  | 2620470 |
| Mortgage Real Estate Investment Trusts (REITs) – 0.4% | Mortgage Real Estate Investment Trusts (REITs) – 0.4% | Mortgage Real Estate Investment Trusts (REITs) – 0.4% |
| 59591 | PennyMac Mortgage Investment Trust | 765148 |
| 135680 | Redwood Trust, Inc. | 842573 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) | Mortgage Real Estate Investment Trusts (REITs) – (continued) |
| 35417 | Starwood Property Trust, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679652 |
|  |  |  | 2287373 |
| Office REITs – 0.2% | Office REITs – 0.2% | Office REITs – 0.2% | Office REITs – 0.2% |
| 40045 | Cousins Properties, Inc. |  | 1102839 |
| Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% | Oil, Gas & Consumable Fuels – 2.0% |
| 43100 | Civitas Resources, Inc. |  | 1174475 |
| 1925 | Delek U.S. Holdings, Inc. |  | 25063 |
| 71800 | Magnolia Oil & Gas Corp. Class A |  | 1474054 |
| 36400 | Matador Resources Co. |  | 1439256 |
| 80200 | Northern Oil & Gas, Inc. |  | 1948860 |
| 45827 | South Bow Corp. |  | 1131469 |
| 133110 | Uranium Energy Corp.\* |  | 698827 |
| 61708 | Viper Energy, Inc. |  | 2488684 |
| 56410 | World Kinect Corp. |  | 1415327 |
|  |  |  | 11796015 |
| Personal Products – 0.5% | Personal Products – 0.5% | Personal Products – 0.5% | Personal Products – 0.5% |
| 9160 | BellRing Brands, Inc.\* |  | 706602 |
| 9157 | elf Beauty, Inc.\* |  | 566544 |
| 13800 | Interparfums, Inc. |  | 1506960 |
|  |  |  | 2780106 |
| Pharmaceuticals\* – 0.1% | Pharmaceuticals\* – 0.1% | Pharmaceuticals\* – 0.1% | Pharmaceuticals\* – 0.1% |
| 9500 | Prestige Consumer Healthcare, Inc. |  | 771685 |
| Professional Services – 1.2% | Professional Services – 1.2% | Professional Services – 1.2% | Professional Services – 1.2% |
| 21354 | Concentrix Corp. |  | 1090335 |
| 86403 | First Advantage Corp.\* |  | 1218282 |
| 7483 | FTI Consulting, Inc.\* |  | 1244273 |
| 8165 | Huron Consulting Group, Inc.\* |  | 1100561 |
| 19731 | KBR, Inc. |  | 1041994 |
| 70361 | Kelly Services, Inc. Class A |  | 812670 |
| 11773 | Maximus, Inc. |  | 788320 |
|  |  |  | 7296435 |
| Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% | Real Estate Management & Development – 0.4% |
| 13900 | Colliers International Group, Inc. |  | 1659243 |
| 4943 | FirstService Corp. |  | 867645 |
|  |  |  | 2526888 |
| Semiconductors & Semiconductor Equipment – 3.7% | Semiconductors & Semiconductor Equipment – 3.7% | Semiconductors & Semiconductor Equipment – 3.7% | Semiconductors & Semiconductor Equipment – 3.7% |
| 12382 | Axcelis Technologies, Inc.\* |  | 606470 |
| 84000 | Cohu, Inc.\* |  | 1344000 |
| 29530 | Credo Technology Group Holding Ltd.\* |  | 1271267 |
| 25826 | Entegris, Inc. |  | 2043353 |
| 45500 | Kulicke & Soffa Industries, Inc. |  | 1466465 |
| 34278 | Lattice Semiconductor Corp.\* |  | 1677223 |
| 12330 | Onto Innovation, Inc.\* |  | 1503890 |
| 37690 | Photronics, Inc.\* |  | 688596 |
| 19304 | Power Integrations, Inc. |  | 948213 |
| 8467 | Qorvo, Inc.\* |  | 606830 |
| 43455 | Rambus, Inc.\* |  | 2120169 |
| 73696 | Semtech Corp.\* |  | 2303000 |

---

&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

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

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

&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) |
| 9015 | SiTime Corp.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;1323943 |
| 52450 | Tower Semiconductor Ltd.\* |  | 1876661 |
| 39643 | Ultra Clean Holdings, Inc.\* |  | 741522 |
| 10865 | Universal Display Corp. |  | 1364970 |
|  |  |  | 21886572 |
| Software – 5.0% | Software – 5.0% | Software – 5.0% | Software – 5.0% |
| 108894 | Adeia, Inc. |  | 1340485 |
| 5852 | Appfolio, Inc. Class A\* |  | 1208555 |
| 73507 | Braze, Inc. Class A\* |  | 2288273 |
| 448475 | CCC Intelligent Solutions Holdings, Inc.\* |  | 4152879 |
| 45187 | Clearwater Analytics Holdings, Inc. Class A\* |  | 1027552 |
| 150423 | Dynatrace, Inc.\* |  | 7065368 |
| 7234 | Guidewire Software, Inc.\* |  | 1481306 |
| 13796 | InterDigital, Inc. |  | 2772996 |
| 38890 | LiveRamp Holdings, Inc.\* |  | 1017362 |
| 38925 | Meridianlink, Inc.\* |  | 658222 |
| 2375 | NCR Voyix Corp.\* |  | 20354 |
| 56212 | Onestream, Inc.\* |  | 1202937 |
| 46510 | Procore Technologies, Inc.\* |  | 2980826 |
| 43504 | PROS Holdings, Inc.\* |  | 743048 |
| 79730 | Riot Platforms, Inc.\* |  | 577245 |
| 33495 | Verint Systems, Inc.\* |  | 590852 |
|  |  |  | 29128260 |
| Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% | Specialized REITs – 0.5% |
| 52900 | Four Corners Property Trust, Inc. |  | 1478555 |
| 60000 | Rayonier, Inc. |  | 1467600 |
|  |  |  | 2946155 |
| Specialty Retail – 1.5% | Specialty Retail – 1.5% | Specialty Retail – 1.5% | Specialty Retail – 1.5% |
| 33467 | Abercrombie & Fitch Co. Class A\* |  | 2323279 |
| 19109 | Academy Sports & Outdoors, Inc. |  | 720027 |
| 17343 | Bath & Body Works, Inc. |  | 529135 |
| 3881 | Group 1 Automotive, Inc. |  | 1566488 |
| 4100 | Murphy USA, Inc. |  | 2044137 |
| 11658 | Urban Outfitters, Inc.\* |  | 615309 |
| 31100 | Valvoline, Inc.\* |  | 1065486 |
|  |  |  | 8863861 |
| Technology Hardware, Storage & Peripherals\* – 0.1% | Technology Hardware, Storage & Peripherals\* – 0.1% | Technology Hardware, Storage & Peripherals\* – 0.1% | Technology Hardware, Storage & Peripherals\* – 0.1% |
| 31430 | IonQ, Inc. |  | 863068 |
| Textiles, Apparel & Luxury Goods\* – 0.7% | Textiles, Apparel & Luxury Goods\* – 0.7% | Textiles, Apparel & Luxury Goods\* – 0.7% | Textiles, Apparel & Luxury Goods\* – 0.7% |
| 63790 | Birkenstock Holding PLC |  | 3280720 |
| 94619 | Under Armour, Inc. Class A |  | 541220 |
|  |  |  | 3821940 |
| Tobacco – 0.2% | Tobacco – 0.2% | Tobacco – 0.2% | Tobacco – 0.2% |
| 19644 | Universal Corp. |  | 1144656 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **<br>Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Trading Companies & Distributors – 2.2% | Trading Companies & Distributors – 2.2% | Trading Companies & Distributors – 2.2% |
| 17620 | Applied Industrial Technologies, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;4286594 |
| 44860 | FTAI Aviation Ltd. | 4804954 |
| 14300 | McGrath RentCorp | 1525381 |
| 19600 | MSC Industrial Direct Co., Inc. Class A | 1499008 |
| 9264 | SiteOne Landscape Supply, Inc.\* | 1063600 |
|  |  | 13179537 |
| 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 $517,056,846) | TOTAL COMMON STOCKS<br>(Cost $517,056,846) | $553693569 |
| Exchange Traded Funds – 0.3% | Exchange Traded Funds – 0.3% | Exchange Traded Funds – 0.3% |
| 10000 | iShares Russell 2000 Value ETF | $&nbsp;&nbsp;&nbsp;&nbsp;1448000 |
| (Cost $1,376,223) | (Cost $1,376,223) | (Cost $1,376,223) |
| **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 5.2% | Investment Company<sup>(b)</sup> – 5.2% | Investment Company<sup>(b)</sup> – 5.2% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 30378396 | 4.248% | $30378396 |
| (Cost $30,378,396) | (Cost $30,378,396) | (Cost $30,378,396) |
| TOTAL INVESTMENTS – 99.8%<br>(Cost $548,811,465) | TOTAL INVESTMENTS – 99.8%<br>(Cost $548,811,465) | $585519965 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.2% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.2% | 1364147 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $586884112 |

---

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: | Investment Abbreviations: |
| ADR | —American Depositary Receipt |
| ETF | —Exchange Traded Fund |
| 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;

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

------

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 *April 30, 2025 (Unaudited)*

&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 $1,066,879,831 and $518,433,069, respectively) | $1455539983 | $555141569 |
|  Investments in affiliated issuers, at value (cost $52,848,149 and $30,378,396, respectively) | 52848149 | 30378396 |
|  Cash | 1075650 | 628812 |
|  Foreign currencies, at value (cost $183,355 and $0, respectively) | 183205 |  |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 5543990 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 5293951 | 225977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 4652742 | 1357256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 3492352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 1683000 | 1185000 |
|  Other assets | 16020 | 9286 |
|  **Total assets** | 1530329042 | 588926296 |
| Liabilities: |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 816 |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 11453028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 3024105 | 1555940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 1334150 | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 251351 | 133454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency fees | 12218 | 4740 |
|  Accrued expenses | 568579 | 318050 |
|  **Total liabilities** | 16644247 | 2042184 |
| Net Assets: |  |  |
|  Paid-in capital | 1111386201 | 549455243 |
|  Total distributable earnings | 402298594 | 37428869 |
|  **NET ASSETS** | $1513684795 | $586884112 |
|  Shares Outstanding $0.001 par value (unlimited shares authorized): | 99768921 | 49241778 |
|  Net asset value, offering and redemption price per share: | $15.17 | $11.92 |

---

&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.** |

---

------

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 Six Months Ended April 30, 2025 (Unaudited)*

&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 $1,534,997 and $7,017, respectively) | $17303799 | $2675524 |
|  Dividends — affiliated issuers | 1003946 | 569044 |
|  **Total investment income** | 18307745 | 3244568 |
| Expenses: |  |  |
|  Management fees | 4838887 | 2144491 |
|  Custody, accounting and administrative services | 402677 | 240359 |
|  Transfer Agency fees | 161296 | 57186 |
|  Professional fees | 118223 | 91173 |
|  Registration fees | 22227 | 18068 |
|  Trustee fees | 14996 | 13991 |
|  Printing and mailing costs | 9574 | 9850 |
|  Other | 22229 | 18781 |
|  **Total expenses** | 5590109 | 2593899 |
|  Less — expense reductions | (1513819) | (518908) |
|  **Net expenses** | 4076290 | 2074991 |
|  **NET INVESTMENT INCOME** | 14231455 | 1169577 |
| Realized and unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including commission recapture of $6,963 and $18,218, respectively) | 40022872 | 15768993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 22110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (46869) | 7 |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $112,231 and $0, respectively) | 61904005 | (64401601) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (380) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 425768 |  |
|  **Net realized and unrealized gain (loss)** | 102327506 | (48632601) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $116558961 | $(47463024) |

---

&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>

------

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 Six<br>Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the Six<br>Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal**<br> **Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $14231455 | $28185241 | $1169577 | $4211125 |
|  Net realized gain | 39998113 | 91540251 | 15769000 | 62247919 |
|  Net change in unrealized gain (loss) | 62329393 | 180120167 | (64401601) | 118731382 |
|  **Net increase (decrease) in net assets resulting from operations** | 116558961 | 299845659 | (47463024) | 185190426 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings | (119846062) | (22657088) | (58944862) | (5116836) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 216072845 | 255706702 | 144042503 | 121492031 |
|  Reinvestment of distributions | 119846062 | 22657088 | 58944862 | 5116836 |
|  Cost of shares redeemed | (404847239) | (190703467) | (59664484) | (478327989) |
|  **Net increase (decrease) in net assets resulting from share transactions** | (68928332) | 87660323 | 143322881 | (351719122) |
|  **TOTAL INCREASE (DECREASE)** | (72215433) | 364848894 | 36914995 | (171645532) |
| Net assets: |  |  |  |  |
|  Beginning of period | 1585900228 | 1221051334 | 549969117 | 721614649 |
|  End of period | $1513684795 | $1585900228 | $586884112 | $549969117 |

---

&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 INTERNATIONAL EQUITY

&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 Period*

&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** | **Multi-Manager International Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $15.24 | $12.45 | $10.94 | $15.42 | $11.16 | $11.70 |
|  Net investment income<sup>(a)</sup> | 0.13 | 0.28 <sup>(b)</sup> | 0.22 <sup>(c)</sup> | 0.19 | 0.22 | 0.16 |
|  Net realized and unrealized gain (loss) | 0.90 | 2.74 | 1.45 | (3.52) | 4.17 | (0.40) |
|  Total from investment operations | 1.03 | 3.02 | 1.67 | (3.33) | 4.39 | (0.24) |
|  Distributions to shareholders from net investment income | (0.27) | (0.23) | (0.16) | (0.23) | (0.13) | (0.28) |
|  Distributions to shareholders from net realized gains | (0.83) |  |  | (0.92) |  | (0.02) |
|  Total distributions | (1.10) | (0.23) | (0.16) | (1.15) | (0.13) | (0.30) |
|  Net asset value, end of period | $15.17 | $15.24 | $12.45 | $10.94 | $15.42 | $11.16 |
|  **Total return<sup>(d)</sup>** | 7.29% | 24.42% | 15.32% | (23.15)% | 39.46% | (2.28)% |
|  Net assets, end of period (in 000s) | $1513685 | $1585900 | $1221051 | $1159020 | $1373200 | $886359 |
|  Ratio of net expenses to average net assets | 0.51 %<sup>(e)</sup> | 0.52% | 0.54% | 0.56% | 0.56% | 0.57% |
|  Ratio of total expenses to average net assets | 0.69 %<sup>(e)</sup> | 0.71% | 0.71% | 0.73% | 0.72% | 0.74% |
|  Ratio of net investment income to average net assets | 1.76 %<sup>(e)</sup> | 1.89 %<sup>(c)</sup> | 1.70% | 1.50% | 1.50% | 1.39% |
|  Portfolio turnover rate<sup>(f)</sup> | 24% | 68% | 35% | 39% | 61% | 52% |

---

&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 period, reinvestment of all dividends and 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;

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

------

MULTI-MANAGER U.S. SMALL CAP EQUITY

&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 Period*

&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** | **Multi-Manager U.S. Small Cap Equity Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $14.49 | $11.56 | $12.23 | $17.45 | $12.14 | $13.31 |
|  Net investment income<sup>(a)</sup> | 0.03 | 0.07 | 0.07 | 0.05 | 0.03 <sup>(b)</sup> | 0.05 |
|  Net realized and unrealized gain (loss) | (1.07) | 2.94 | (0.68) | (2.47) | 5.31 | (0.79) |
|  Total from investment operations | (1.04) | 3.01 | (0.61) | (2.42) | 5.34 | (0.74) |
|  Distributions to shareholders from net investment income | (0.13) | (0.08) | (0.06) | (0.03) | (0.03) | (0.08) |
|  Distributions to shareholders from net realized gains | (1.40) |  |  | (2.77) |  | (0.35) |
|  Total distributions | (1.53) | (0.08) | (0.06) | (2.80) | (0.03) | (0.43) |
|  Net asset value, end of period | $11.92 | $14.49 | $11.56 | $12.23 | $17.45 | $12.14 |
|  **Total return<sup>(c)</sup>** | (8.67)% | 26.12% | (5.00)% | (15.77)% | 44.07% | (5.88)% |
|  Net assets, end of period (in 000s) | $586884 | $549969 | $721615 | $680833 | $647500 | $441314 |
|  Ratio of net expenses to average net assets | 0.73 %<sup>(d)</sup> | 0.71% | 0.71% | 0.73% | 0.75% | 0.77% |
|  Ratio of total expenses to average net assets | 0.91 %<sup>(d)</sup> | 0.89% | 0.89% | 0.90% | 0.92% | 0.95% |
|  Ratio of net investment income to average net assets | 0.41 %<sup>(d)</sup> | 0.51% | 0.58% | 0.35% | 0.17 %<sup>(b)</sup> | 0.44% |
|  Portfolio turnover rate<sup>(e)</sup> | 47% | 69% | 62% | 57% | 105% | 85% |

---

&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 period, reinvestment of all dividends and 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;(d) Annualized.

&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;

---

| | |
|:---|:---|
| **14** | **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;

Notes to Financial Statements *April 30, 2025 (Unaudited)*

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

&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 | Class P | Diversified |
| Multi-Manager U.S. Small Cap Equity | 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 April 30, 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;

**15**

------

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) *April 30, 2025 (Unaudited)*

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

&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;&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, 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

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

**16**

------

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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 shareholder report.

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

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

**17**

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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) *April 30, 2025 (Unaudited)*

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

&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)

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;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER INTERNATIONAL EQUITY** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $52110477 | $293517831 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 45346090 | 876908272 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 125490455 | 45253544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 16913314 |  |  |
|  Investment Company | 52848149 |  |  |
|  **Total** | $292708485 | $1215679647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Derivative Type** |  |  |  |
|  **Liabilities<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(816) | $— |

---

&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 period end.

&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;

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&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 U.S. SMALL CAP EQUITY** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $4871620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 22650106 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 526171843 |  |  |
|  Exchange Traded Funds | 1448000 |  |  |
|  Investment Company | 30378396 |  |  |
|  **Total** | $585519965 | $— | $— |

---

&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 gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of April 30, 2025. These instruments were used as part of the Multi-Manager International Equity Fund's investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below excludes 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 International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** |
| **Risk** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | $— | Payable for unrealized loss on forward foreign currency exchange contracts | $(816) |

---

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 six months ended April 30, 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 International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** | **Multi-Manager International Equity** |
| **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 unrealized loss on forward foreign currency exchange contracts | $22110 | $(380) |

---

&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) *April 30, 2025 (Unaudited)*

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

&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)

For the six months ended April 30, 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 | $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 six months ended April 30, 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 six months ended April 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual Management Rate** | **Effective Net<br>Management<br>Rate<sup>#</sup>\*** |
|  Multi-Manager International Equity | 0.60% | 0.41% |
|  Multi-Manager U.S. Small Cap Equity | 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 six months ended April 30, 2025, the management fees waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Multi-Manager International Equity | $36841 |
|  Multi-Manager U.S. Small Cap Equity | 20705 |

---

&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,

&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;

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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)

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 six months ended April 30, 2025, these expense reductions, including any fee waivers, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waiver** |
|  Multi-Manager International Equity | $1513819 |
|  Multi-Manager U.S. Small Cap Equity | 518908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Line of Credit Facility — As of April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, Goldman Sachs earned $5,172 and $4,768 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 six months ended April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning<br>Value as of<br>October 31,<br>2024** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>April 30,<br>2025** | **Shares as of<br>April 30,<br>2025** | **Dividend<br>Income** |
|  Multi-Manager International Equity | Goldman Sachs Financial Square Government Fund — Institutional Shares | $57892238 | $584528244 | $(589572333) | $52848149 | 52848149 | $1003946 |
|  Multi-Manager U.S. Small Cap Equity | Goldman Sachs Financial Square Government Fund — Institutional Shares | 24476895 | 270398201 | (264496700) | 30378396 | 30378396 | 569044 |

---

&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 six months ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Multi-Manager International Equity | $371959215 | $547442082 |
|  Multi-Manager U.S. Small Cap Equity | 335706682 | 256516401 |

---

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

**21**

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

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

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

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

&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

As of April 30, 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>International<br>Equity Fund** | **Multi-Manager<br>U.S. Small Cap<br>Equity Fund** |
|  Tax Cost | $1158080440 | $564338974 |
|  Gross unrealized gain | 427564732 | 95679645 |
|  Gross unrealized loss | (77257040) | (74498654) |
|  Net unrealized gain | $350307692 | $21180991 |

---

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

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

**22**

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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;

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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;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 Funds 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.

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

**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) *April 30, 2025 (Unaudited)*

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

&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 or governments 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 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**24**

------

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;10. OTHER MATTERS

The Funds adopted 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 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;11. 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;12. 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 Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **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 | 14966159 | $216072845 | 17335647 | $255706702 |
|  Reinvestment of distributions | 8392775 | 119846062 | 1650188 | 22657088 |
|  Shares redeemed | (27631083) | (404847239) | (12988352) | (190703467) |
| NET INCREASE (DECREASE) | (4272149) | $(68928332) | 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 Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **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 | 11465623 | $144042503 | 8746296 | $121492031 |
|  Reinvestment of distributions | 4229368 | 58944862 | 383571 | 5116836 |
|  Shares redeemed | (4413618) | (59664484) | (33568277) | (478327989) |
| NET INCREASE (DECREASE) | 11281373 | $143322881 | (24438410) | $(351719122) |

---

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

**25**

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![LOGO](g92834dsp028.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Principal Dwight L. Bush Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary 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© 2025 Goldman Sachs. All rights reserved.MMGRFDSSAR-25

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![LOGO](g96311dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements April 30, 2025 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;

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

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

## Goldman Sachs Multi-Strategy Alternatives Fund

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [**Consolidated Schedule of Investments**](#mma96311_1) | 1 |
|  [**Consolidated Financial Statements**](#mma96311_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#mma96311_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statement of Operations](#mma96311_4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#mma96311_5) | 7 |
|  [**Consolidated Financial Highlights**](#mma96311_6) | 8 |
|  [**Consolidated Notes to Financial Statements**](#mma96311_7) | 14 |

---

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

------

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 *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **Shares** | **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 $621,979)** | **TOTAL COMMON STOCKS**<br> **(Cost $621,979)** | $— |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 91.4% | Investment Company<sup>(b)</sup> – 91.4% | Investment Company<sup>(b)</sup> – 91.4% |
| Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 53097237 | 4.248% | $53097237 |
| (Cost $53,097,237) | (Cost $53,097,237) | (Cost $53,097,237) |
| **TOTAL INVESTMENTS – 91.4%**<br> **(Cost $53,719,216)** | **TOTAL INVESTMENTS – 91.4%**<br> **(Cost $53,719,216)** | $53097237 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 8.6%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 8.6%** | 5002650 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $58099887 |

---

---

| | |
|:---|:---|
| 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) | 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 April 30, 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** |
|  MS & Co. Int. PLC | AUD | 10800000 | USD | 6677705 | 06/18/25 | $243969 |
|  | CAD | 25620000 | USD | 18182292 | 06/18/25 | 448575 |
|  | CHF | 14730000 | USD | 17499622 | 06/18/25 | 456074 |
|  | EUR | 17220000 | USD | 18661218 | 06/18/25 | 906880 |
|  | GBP | 10610000 | USD | 13718557 | 06/18/25 | 424038 |
|  | JPY | 3640560000 | USD | 24574165 | 06/18/25 | 1028437 |
|  | NOK | 264440000 | USD | 24157980 | 06/18/25 | 1261024 |
|  | NZD | 26960000 | USD | 15498590 | 06/18/25 | 539757 |
|  | SEK | 166040000 | USD | 16500071 | 06/18/25 | 730972 |
|  | USD | 1254627 | CHF | 1020000 | 06/18/25 | 11258 |
|  | USD | 3915823 | EUR | 3400000 | 06/18/25 | 52203 |
|  | USD | 7956357 | JPY | 1130140000 | 06/18/25 | 8534 |
|  | USD | 3300110 | NOK | 34220000 | 06/18/25 | 10751 |
|  | USD | 2781537 | NZD | 4650000 | 06/18/25 | 15279 |
|  | USD | 3654428 | SEK | 35040000 | 06/18/25 | 18101 |
| TOTAL |  |  |  |  |  | $6155852 |

---

&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>

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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) *April 30, 2025 (Unaudited)*

&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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | 11420000 | USD | 7334698 | 06/18/25 | $(15669) |
|  | CHF | 700000 | USD | 854605 | 06/18/25 | (1314) |
|  | GBP | 3410000 | USD | 4564652 | 06/18/25 | (19293) |
|  | JPY | 144210000 | USD | 1020612 | 06/18/25 | (6441) |
|  | SEK | 3530000 | USD | 367879 | 06/18/25 | (1548) |
|  | USD | 17622734 | AUD | 27920000 | 06/18/25 | (271075) |
|  | USD | 18645003 | CAD | 26390000 | 06/18/25 | (545807) |
|  | USD | 28163725 | CHF | 24690000 | 06/18/25 | (1933090) |
|  | USD | 14311376 | EUR | 13170000 | 06/18/25 | (654470) |
|  | USD | 15527846 | GBP | 12070000 | 06/18/25 | (560857) |
|  | USD | 5170721 | JPY | 753990000 | 06/18/25 | (131788) |
|  | USD | 22514437 | NOK | 238790000 | 06/18/25 | (438988) |
|  | USD | 7001770 | NZD | 12120000 | 06/18/25 | (208345) |
|  | USD | 6206622 | SEK | 62390000 | 06/18/25 | (267992) |
| TOTAL |  |  |  |  |  | $(5056677) |

---

FUTURES CONTRACTS — At April 30, 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.K. Long Gilt | 14 | 06/26/25 | $1744878 | $11037 |
|  5 Year German Euro-Bund | 18 | 06/06/25 | 2687167 | 36241 |
|  Brent Crude | &nbsp;&nbsp;&nbsp;&nbsp;6 | 05/30/25 | 366360 | (16920) |
|  Canada 10 Year Government Bonds | 27 | 06/19/25 | 2421892 | (18186) |
|  Coffee | 10 | 12/18/25 | 1439813 | 323644 |
|  Copper | 20 | 12/29/25 | 2355500 | 41338 |
|  Corn | 93 | 12/12/25 | 2075063 | (23625) |
|  Cotton No.2 | 17 | 12/08/25 | 576215 | (16050) |
|  Euro BTP | 19 | 06/06/25 | 2589141 | 36541 |
|  French 10 Year Government Bonds | 19 | 06/06/25 | 2704295 | 37203 |
|  Gasoline RBOB | 10 | 09/30/25 | 743946 | (63466) |
|  Gold | &nbsp;&nbsp;&nbsp;&nbsp;1 | 06/26/25 | 331910 | 34350 |
|  Japan 10 Year Government Bond | 24 | 06/13/25 | 23608896 | 327395 |
|  KC HRW Wheat | 25 | 09/12/25 | 680313 | (57325) |
|  Korea 10 Year Government Bonds | 410 | 06/17/25 | 34994935 | 583714 |
|  Lean Hogs | 21 | 07/15/25 | 828240 | 2540 |
|  Live Cattle | 18 | 08/29/25 | 1469160 | 52310 |
|  LME Lead | 28 | 05/19/25 | 1370404 | (65601) |
|  LME Lead | 14 | 08/18/25 | 688293 | (35810) |
|  LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;7 | 09/15/25 | 345363 | (32974) |
|  LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;7 | 11/17/25 | 347813 | (15560) |
|  LME Lead | 10 | 06/16/25 | 489790 | 23913 |
|  LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;7 | 01/19/26 | 350268 | (7615) |
|  LME Nickel | 31 | 05/19/25 | 2840216 | (300929) |
|  LME Nickel | 12 | 08/18/25 | 1114254 | (87621) |
|  LME Nickel | 21 | 10/13/25 | 1965451 | (91163) |
|  LME Nickel | 10 | 11/17/25 | 940549 | (47846) |
|  LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;5 | 06/16/25 | 460105 | 23032 |
|  LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;1 | 07/14/25 | 92392 | (1360) |
|  LME Nickel | 19 | 01/19/26 | 1801977 | (1925) |

---

&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-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)

FUTURES CONTRACTS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;9 | 02/16/26 | $856646 | $(68008) |
|  LME Primary Aluminum | 100 | 05/19/25 | 5967975 | (395565) |
|  LME Primary Aluminum | 30 | 09/15/25 | 1805880 | (194637) |
|  LME Primary Aluminum | 30 | 10/13/25 | 1811505 | (131902) |
|  LME Primary Aluminum | 10 | 06/16/25 | 599918 | 1805 |
|  LME Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;1 | 07/14/25 | 59966 | 809 |
|  LME Primary Aluminum | 26 | 01/19/26 | 1584538 | 4653 |
|  LME Zinc | 29 | 06/16/25 | 1870580 | (110690) |
|  LME Zinc | 34 | 08/18/25 | 2206702 | (292843) |
|  LME Zinc | 16 | 09/15/25 | 1040536 | (193967) |
|  LME Zinc | 21 | 05/19/25 | 1349376 | (92583) |
|  LME Zinc | 26 | 10/13/25 | 1693471 | (282917) |
|  LME Zinc | 12 | 12/15/25 | 784602 | (83602) |
|  LME Zinc | 11 | 01/19/26 | 720456 | (76562) |
|  Low Sulphur Gas Oil | 10 | 06/12/25 | 598500 | (625) |
|  Natural Gas | 17 | 03/27/26 | 645660 | 24180 |
|  NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp;5 | 05/30/25 | 420378 | (8085) |
|  Soybean | 46 | 11/14/25 | 2341975 | (136) |
|  Soybean Meal | 44 | 12/12/25 | 1336720 | (17570) |
|  Soybean Oil | 52 | 12/12/25 | 1514136 | 57301 |
|  Sugar 11 | 52 | 02/27/26 | 1037837 | (55610) |
|  Wheat | 38 | 09/12/25 | 1035500 | (54489) |
|  WTI Crude | &nbsp;&nbsp;&nbsp;&nbsp;1 | 06/20/25 | 57620 | (1560) |
|  WTI Crude | &nbsp;&nbsp;&nbsp;&nbsp;5 | 05/20/25 | 291050 | (11410) |
| Total |  |  |  | $(1334731) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.S. Treasury Notes | (148) | 06/18/25 | (16608375) | (213594) |
|  Australian 10 Year Government Bonds | (203) | 06/16/25 | (14950001) | (280909) |
|  Cattle Feeder | &nbsp;&nbsp;&nbsp;&nbsp;(5) | 08/28/25 | (737563) | (36738) |
|  Cocoa | &nbsp;&nbsp;&nbsp;&nbsp;(2) | 07/16/25 | (177740) | (14480) |
|  Coffee | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 07/21/25 | (1352531) | (136969) |
|  Copper | (22) | 07/29/25 | (2534950) | (25938) |
|  Corn | (133) | 07/14/25 | (3162075) | 47837 |
|  Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 07/09/25 | (198060) | (470) |
|  Gasoline RBOB | &nbsp;&nbsp;&nbsp;&nbsp;(8) | 06/30/25 | (669547) | (836) |
|  KC HRW Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(7) | 07/14/25 | (185325) | 13650 |
|  Lean Hogs | (21) | 06/13/25 | (825510) | 9539 |
|  Live Cattle | (24) | 06/30/25 | (2000640) | (82290) |
|  LME Lead | (28) | 05/19/25 | (1370404) | 2174 |
|  LME Lead | (14) | 08/18/25 | (688293) | 49699 |
|  LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;(7) | 09/15/25 | (345363) | 13940 |
|  LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;(6) | 07/14/25 | (294005) | (6811) |
|  LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;(7) | 11/17/25 | (347813) | 8815 |
|  LME Nickel | (31) | 05/19/25 | (2840216) | 121729 |
|  LME Nickel | (12) | 08/18/25 | (1114254) | 55324 |
|  LME Nickel | (21) | 10/13/25 | (1965451) | 64966 |
|  LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;(1) | 06/16/25 | (92021) | (1902) |
|  LME Nickel | (10) | 11/17/25 | (940549) | 45148 |
|  LME Nickel | (11) | 07/14/25 | (1016314) | (7995) |
|  LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 01/19/26 | (853568) | 66945 |

---

&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) *April 30, 2025 (Unaudited)*

&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 Nickel | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 02/16/26 | $(856646) | $(8329) |
|  LME Primary Aluminum | (100) | 05/19/25 | (5967975) | 458970 |
|  LME Primary Aluminum | (30) | 09/15/25 | (1805880) | 135682 |
|  LME Primary Aluminum | (30) | 10/13/25 | (1811505) | 153168 |
|  LME Primary Aluminum | (10) | 06/16/25 | (599918) | (9344) |
|  LME Primary Aluminum | (26) | 07/14/25 | (1559116) | (15781) |
|  LME Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;(1) | 01/19/26 | (60944) | (481) |
|  LME Zinc | (22) | 06/16/25 | (1419061) | 166298 |
|  LME Zinc | (34) | 08/18/25 | (2206702) | 424889 |
|  LME Zinc | (21) | 05/19/25 | (1349376) | 102297 |
|  LME Zinc | (16) | 09/15/25 | (1040536) | 147324 |
|  LME Zinc | (26) | 10/13/25 | (1693471) | 123310 |
|  LME Zinc | (12) | 12/15/25 | (784602) | 82161 |
|  LME Zinc | (11) | 01/19/26 | (720456) | 94743 |
|  Low Sulphur Gas Oil | (15) | 07/10/25 | (890250) | (8069) |
|  Natural Gas | (13) | 06/26/25 | (472550) | 21860 |
|  NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp;(8) | 06/30/25 | (666960) | 15674 |
|  Silver | &nbsp;&nbsp;&nbsp;&nbsp;(1) | 07/29/25 | (164140) | 1925 |
|  Soybean | (55) | 07/14/25 | (2872375) | 13500 |
|  Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;(5) | 07/14/25 | (149000) | 750 |
|  Soybean Oil | (72) | 07/14/25 | (2115504) | (64476) |
|  Sugar 11 | (31) | 06/30/25 | (598920) | 13227 |
|  Wheat | &nbsp;&nbsp;&nbsp;&nbsp;(3) | 07/14/25 | (79613) | 3788 |
| Total |  |  |  | $1543920 |
| TOTAL FUTURES CONTRACTS |  |  |  | $209189 |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| AUD | —Australian Dollar |
| CAD | —Canadian Dollar |
| CHF | —Swiss Franc |
| EUR | —Euro |
| GBP | —British Pound |
| JPY | —Japanese Yen |
| NOK | —Norwegian Krone |
| NZD | —New Zealand Dollar |
| SEK | —Swedish Krona |
| USD | —U.S. Dollar |

---

---

| | |
|:---|:---|
| Abbreviation: | Abbreviation: |
| 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;

---

| | |
|:---|:---|
| **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;

Consolidated Statement of Assets and Liabilities<sup>(a)</sup> *April 30, 2025 (Unaudited)*

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

---

| | |
|:---|:---|
| Assets: |  |
|  Investments in affiliated issuers, at value (cost $53,097,237) | $53097237 |
|  Investments in unaffiliated issuers, at value (cost $621,979) |  |
|  Cash | 1923947 |
|  Foreign currencies, at value (cost $13,319) | 4340 |
|  Unrealized gain on forward foreign currency exchange contracts | 6155852 |
|  Variation margin on futures contracts | 85198 |
|  Unrealized gain on futures contracts | 2371790 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(b)</sup>  | 3111015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 879388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 286501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 24940 |
|  Other assets | 30555 |
|  **Total assets** | 67970763 |
| Liabilities: |  |
|  Unrealized loss on forward foreign currency exchange contracts | 5056677 |
|  Unrealized loss on futures contracts | 2662321 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 1080000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 177738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 19167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 16269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service fees and Transfer Agency fees | 1752 |
|  Accrued expenses | 856952 |
|  **Total liabilities** | 9870876 |
| Net Assets: |  |
|  Paid-in capital | 97413041 |
|  Total distributable loss | (39313154) |
|  **NET ASSETS** | $58099887 |
|  Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $5426748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 91091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 14273769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 3657249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 11833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 34639197 |
|  Total Net Assets | $58099887 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 505785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 8708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 1306908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 336835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 1081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 3171769 |
|  Net asset value, offering and redemption price per share:<sup>(c)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | $10.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 10.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | 10.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor | 10.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R6 | 10.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class P | 10.92 |

---

&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 $3,111,015 relating to initial margin requirements and/or collateral on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Maximum public offering price per share for Class A Shares is $11.35. 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;

**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 Statement of Operations<sup>(a)</sup> *For the Six Months Ended April 30, 2025 (Unaudited)*

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

---

| | |
|:---|:---|
| Investment Income: |  |
|  Dividends — affiliated issuers | $1165607 |
|  Interest | 9806 |
|  **Total investment income** | 1175413 |
| Expenses: |  |
|  Management fees | 239012 |
|  Professional fees | 171964 |
|  Custody, accounting and administrative services | 86245 |
|  Registration fees | 58892 |
|  Printing and mailing costs | 28235 |
|  Transfer Agency fees<sup>(b)</sup>  | 14143 |
|  Trustee fees | 13374 |
|  Distribution and Service (12b-1) fees<sup>(b)</sup>  | 7250 |
|  Service fees — Class C | 146 |
|  Other | 14646 |
|  **Total expenses** | 633907 |
|  Less — expense reductions | (421948) |
|  **Net expenses** | 211959 |
|  **NET INVESTMENT INCOME** | 963454 |
| Realized and unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 52117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 749767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 813850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (4418) |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1176968) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 1902838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 48233 |
|  **Net realized and unrealized gain** | 2385419 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $3348873 |

---

&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** |
| $6814 | $436 | $4088 | $87 | $2766 | $1810 | $2 | $5390 |

---

&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;

Consolidated Statements of Changes in Net Assets<sup>(a)</sup>

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

---

| | | |
|:---|:---|:---|
|  | **Multi-Strategy Alternatives Fund<sup>(a)</sup>** | **Multi-Strategy Alternatives Fund<sup>(a)</sup>** |
|  | **For the**<br> **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **For the Fiscal**<br> **Year Ended**<br> **October 31, 2024** |
| From operations: |  |  |
|  Net investment income | $963454 | $3395167 |
|  Net realized gain (loss) | 1611316 | (7270428) |
|  Net change in unrealized gain | 774103 | 2652375 |
|  **Net increase (decrease) in net assets resulting from operations** | 3348873 | (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 | 4578095 | 2516194 |
|  Reinvestment of distributions | 2884404 | 3304758 |
|  Cost of shares redeemed | (14459235) | (37132808) |
|  **Net decrease in net assets resulting from share transactions** | (6996736) | (31311856) |
|  **TOTAL DECREASE** | (6570654) | (35901282) |
| Net assets: |  |  |
|  Beginning of period | 64670541 | 100571823 |
|  End of period | $58099887 | $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;

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

&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** | **Multi-Strategy Alternatives Fund** |
|  | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** | **Class A Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.60 | $11.06 | $11.22 | $11.86 | $10.66 | $10.48 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.16 | 0.41 | 0.11 | (0.14) | (0.07) | (0.01) |
|  Net realized and unrealized gain (loss) | 0.46 | (0.51) | (0.25) | (0.50) | 1.27 | 0.25 |
|  Total from investment operations | 0.62 | (0.10) | (0.14) | (0.64) | 1.20 | 0.24 |
|  Distributions to shareholders from net investment income | (0.49) | (0.36) | (0.02) |  |  | (0.06) |
|  Net asset value, end of period | $10.73 | $10.60 | $11.06 | $11.22 | $11.86 | $10.66 |
|  **Total return<sup>(b)</sup>**  | 6.04% | (1.02)% | (1.30)% | (5.31)% | 11.26% | 2.33% |
|  Net assets, end of period (in 000s) | $5427 | $6183 | $7876 | $8666 | $7943 | $8015 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.01 %<sup>(c)</sup> | 1.07% | 2.02% | 2.18% | 2.15% | 2.13% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.01 %<sup>(c)</sup> | 1.07% | 1.95% | 2.08% | 2.08% | 2.07% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 2.44 %<sup>(c)</sup> | 2.85% | 3.53% | 3.38% | 3.36% | 4.32% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 2.44 %<sup>(c)</sup> | 2.85% | 3.46% | 3.29% | 3.30% | 4.27% |
|  Ratio of net investment income (loss) to average net assets | 3.06 %<sup>(c)</sup> | 3.83% | 1.00% | (1.21)% | (0.63)% | (0.17)% |
|  Portfolio turnover rate<sup>(d)</sup>  | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 242% | 236% | 269% | 222% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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;(e) There were no long-term transactions for the period ended April 30, 2025, and the year ended October 31, 2024, respectively.

&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;

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

&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** | **Multi-Strategy Alternatives Fund** |
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.22 | $10.44 | $10.64 | $11.34 | $10.26 | $10.11 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.12 | 0.33 | 0.00 | (0.24) | (0.15) | (0.09) |
|  Net realized and unrealized gain (loss) | 0.44 | (0.52) | (0.20) | (0.46) | 1.23 | 0.24 |
|  Total from investment operations | 0.56 | (0.19) | (0.20) | (0.70) | 1.08 | 0.15 |
|  Distributions to shareholders from net investment income | (0.32) | (0.03) |  |  |  |  |
|  Net asset value, end of period | $10.46 | $10.22 | $10.44 | $10.64 | $11.34 | $10.26 |
|  **Total return<sup>(b)</sup>**  | 5.69% | (1.81)% | (1.97)% | (6.08)% | 10.53% | 1.48% |
|  Net assets, end of period (in 000s) | $91 | $146 | $542 | $1810 | $3544 | $5045 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 1.76 %<sup>(c)</sup> | 1.79% | 2.85% | 2.93% | 2.89% | 2.88% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 1.76 %<sup>(c)</sup> | 1.79% | 2.76% | 2.83% | 2.84% | 2.82% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 3.22 %<sup>(c)</sup> | 3.36% | 4.36% | 4.11% | 4.15% | 5.09% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 3.22 %<sup>(c)</sup> | 3.36% | 4.27% | 4.01% | 4.09% | 5.03% |
|  Ratio of net investment income (loss) to average net assets | 2.33 %<sup>(c)</sup> | 3.13% | 0.03% | (2.16)% | (1.39)% | (0.92)% |
|  Portfolio turnover rate<sup>(d)</sup>  | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 242% | 236% | 269% | 222% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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;(e) There were no long-term transactions for the period ended April 30, 2025, and the year ended October 31, 2024, respectively.

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

&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** | **Multi-Strategy Alternatives Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.81 | $11.27 | $11.42 | $12.04 | $10.78 | $10.62 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.18 | 0.45 | 0.14 | (0.11) | (0.03) | 0.01 |
|  Net realized and unrealized gain (loss) | 0.46 | (0.52) | (0.23) | (0.51) | 1.29 | 0.26 |
|  Total from investment operations | 0.64 | (0.07) | (0.09) | (0.62) | 1.26 | 0.27 |
|  Distributions to shareholders from net investment income | (0.53) | (0.39) | (0.06) |  |  | (0.11) |
|  Net asset value, end of period | $10.92 | $10.81 | $11.27 | $11.42 | $12.04 | $10.78 |
|  **Total return<sup>(b)</sup>**  | 6.21% | (0.77)% | (0.92)% | (5.07)% | 11.58% | 2.66% |
|  Net assets, end of period (in 000s) | $14274 | $16033 | $26614 | $35165 | $54438 | $67354 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.71 %<sup>(c)</sup> | 0.76% | 1.73% | 1.86% | 1.82% | 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 %<sup>(c)</sup> | 0.76% | 1.66% | 1.76% | 1.76% | 1.75% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 2.08 %<sup>(c)</sup> | 2.42% | 3.18% | 3.00% | 3.00% | 3.94% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 2.08 %<sup>(c)</sup> | 2.42% | 3.10% | 2.90% | 2.94% | 3.88% |
|  Ratio of net investment income (loss) to average net assets | 3.37 %<sup>(c)</sup> | 4.14% | 1.26% | (0.98)% | (0.28)% | 0.14% |
|  Portfolio turnover rate<sup>(d)</sup>  | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 242% | 236% | 269% | 222% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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;(e) There were no long-term transactions for the period ended April 30, 2025, and the year ended October 31, 2024, respectively.

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

&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** | **Multi-Strategy Alternatives Fund** |
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.74 | $11.20 | $11.35 | $11.97 | $10.73 | $10.56 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.17 | 0.44 | 0.14 | (0.12) | (0.04) | 0.01 |
|  Net realized and unrealized gain (loss) | 0.47 | (0.52) | (0.24) | (0.50) | 1.28 | 0.26 |
|  Total from investment operations | 0.64 | (0.08) | (0.10) | (0.62) | 1.24 | 0.27 |
|  Distributions to shareholders from net investment income | (0.52) | (0.38) | (0.05) |  |  | (0.10) |
|  Net asset value, end of period | $10.86 | $10.74 | $11.20 | $11.35 | $11.97 | $10.73 |
|  **Total return<sup>(b)</sup>**  | 6.27% | (0.84)% | (1.00)% | (5.10)% | 11.56% | 2.59% |
|  Net assets, end of period (in 000s) | $3657 | $2915 | $4537 | $5853 | $7478 | $10061 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.76 %<sup>(c)</sup> | 0.82% | 1.79% | 1.93% | 1.89% | 1.88% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 0.76 %<sup>(c)</sup> | 0.82% | 1.72% | 1.83% | 1.83% | 1.82% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 2.20 %<sup>(c)</sup> | 2.58% | 3.30% | 3.12% | 3.10% | 4.07% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 2.20 %<sup>(c)</sup> | 2.58% | 3.22% | 3.02% | 3.04% | 4.02% |
|  Ratio of net investment income (loss) to average net assets | 3.32 %<sup>(c)</sup> | 4.08% | 1.22% | (1.07)% | (0.38)% | 0.07% |
|  Portfolio turnover rate<sup>(d)</sup>  | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 242% | 236% | 269% | 222% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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;(e) There were no long-term transactions for the period ended April 30, 2025, and the year ended October 31, 2024, respectively.

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

&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** | **Multi-Strategy Alternatives Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.83 | $11.29 | $11.44 | $12.05 | $10.79 | $10.63 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.18 | 0.45 | 0.13 | (0.10) | (0.04) | 0.02 |
|  Net realized and unrealized gain (loss) | 0.47 | (0.52) | (0.22) | (0.51) | 1.30 | 0.25 |
|  Total from investment operations | 0.65 | (0.07) | (0.09) | (0.61) | 1.26 | 0.27 |
|  Distributions to shareholders from net investment income | (0.53) | (0.39) | (0.06) |  |  | (0.11) |
|  Net asset value, end of period | $10.95 | $10.83 | $11.29 | $11.44 | $12.05 | $10.79 |
|  **Total return<sup>(b)</sup>**  | 6.31% | (0.80)% | (0.81)% | (5.06)% | 11.68% | 2.60% |
|  Net assets, end of period (in 000s) | $12 | $11 | $11 | $37 | $12 | $11 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.68 %<sup>(c)</sup> | 0.77% | 1.80% | 1.87% | 1.83% | 1.81% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 0.68 %<sup>(c)</sup> | 0.77% | 1.70% | 1.77% | 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) | 2.05 %<sup>(c)</sup> | 2.49% | 3.24% | 3.01% | 2.96% | 3.93% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 2.05 %<sup>(c)</sup> | 2.49% | 3.14% | 2.91% | 2.89% | 3.88% |
|  Ratio of net investment income (loss) to average net assets | 3.40 %<sup>(c)</sup> | 4.12% | 1.12% | (0.91)% | (0.30)% | 0.12% |
|  Portfolio turnover rate<sup>(d)</sup>  | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 242% | 236% | 269% | 222% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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;(e) There were no long-term transactions for the period ended April 30, 2025, and the year ended October 31, 2024, respectively.

&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 (continued) *Selected Share Data for a Share Outstanding Throughout Each Period*

&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** | **Multi-Strategy Alternatives Fund** |
|  | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** | **Class P Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.81 | $11.27 | $11.42 | $12.04 | $10.78 | $10.62 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.18 | 0.45 | 0.14 | (0.11) | (0.03) | 0.02 |
|  Net realized and unrealized gain (loss) | 0.46 | (0.52) | (0.23) | (0.51) | 1.29 | 0.25 |
|  Total from investment operations | 0.64 | (0.07) | (0.09) | (0.62) | 1.26 | 0.27 |
|  Distributions to shareholders from net investment income | (0.53) | (0.39) | (0.06) |  |  | (0.11) |
|  Net asset value, end of period | $10.92 | $10.81 | $11.27 | $11.42 | $12.04 | $10.78 |
|  **Total return<sup>(b)</sup>**  | 6.23% | (0.76)% | (0.91)% | (5.07)% | 11.69% | 2.60% |
|  Net assets, end of period (in 000s) | $34639 | $39382 | $60963 | $99431 | $103080 | $59182 |
|  Ratio of net expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 0.70 %<sup>(c)</sup> | 0.75% | 1.75% | 1.85% | 1.81% | 1.80% |
|  Ratio of net expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 0.70 %<sup>(c)</sup> | 0.75% | 1.66% | 1.75% | 1.76% | 1.74% |
|  Ratio of total expenses to average net assets (including dividend and interest payments and other expenses relating to securities sold short) | 2.07 %<sup>(c)</sup> | 2.43% | 3.19% | 2.99% | 2.91% | 3.93% |
|  Ratio of total expenses to average net assets (excluding dividend and interest payments and other expenses relating to securities sold short) | 2.07 %<sup>(c)</sup> | 2.43% | 3.11% | 2.89% | 2.85% | 3.88% |
|  Ratio of net investment income (loss) to average net assets | 3.37 %<sup>(c)</sup> | 4.14% | 1.24% | (0.93)% | (0.29)% | 0.15% |
|  Portfolio turnover rate<sup>(d)</sup>  | — %<sup>(e)</sup> | — %<sup>(e)</sup> | 242% | 236% | 269% | 222% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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;(e) There were no long-term transactions for the period ended April 30, 2025, and the year ended October 31, 2024, respectively.

&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 Notes to Financial Statements *April 30, 2025 (Unaudited)*

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

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

&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 April 30, 2025, the Fund's net assets were $58,099,887 of which, $10,648,657 or 18.3%, 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;

**14**

------

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;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;&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, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**15**

------

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) *April 30, 2025 (Unaudited)*

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

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

&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;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 shareholder report.

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;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, a 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.

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

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

**16**

------

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)

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 April 30, 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 | $— | $— | $— |
|  Investment Company | 53097237 |  |  |
|  **Total** | $53097237 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $6155852 | $— |
|  Futures Contracts | 4081338 |  |  |
|  **Total** | $4081338 | $6155852 | $— |
|  **Liabilities<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(5056677) | $— |
|  Futures Contracts | (3872149) |  |  |
|  **Total** | $(3872149) | $(5056677) | $— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Consolidated 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 April 30, 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.

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

**17**

------

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) *April 30, 2025 (Unaudited)*

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

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

&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-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 | $3049207 <sup>(a)</sup> | Variation margin on futures contracts | $(3359460)<sup>(a)</sup> |
| Currency | Receivable for unrealized gain on forward foreign currency contracts | 6155852 | Payable for unrealized loss on forward foreign currency contracts | (5056677) |
| Interest rate | Variation margin on futures contracts | 1032131 <sup>(a)</sup> | Variation margin on futures contracts | (512689)<sup>(a)</sup> |
|  **Total** |  | $10237190 |  | $(8928826) |

---

&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 six months ended April 30, 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 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 | $(318581) | $(326330) |
| Currency | Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts | 813850 | 1902838 |
| Interest rate | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 1068348 | (850638) |
|  **Total** |  | $1563617 | $725870 |

---

For the six months ended April 30, 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>** |
| **Futures**<br> **Contracts** | **Forward**<br> **Contracts** |
| 3046 | $323672477 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for Futures and Notional amounts for forwards contracts, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the period ended April 30, 2025.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or

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

**18**

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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;

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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;4. INVESTMENTS IN DERIVATIVES (continued)

termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Additionally, the Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws.

The following table sets forth the Fund's net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** | **Multi-Strategy Alternatives Fund** |
|  | **Derivative Assets<sup>(1)</sup>**<br>| **Derivative Liabilities<sup>(1)</sup>**  |  |  |  |
| **Counterparty** | **Forward**<br> **Currency<br>Contracts** | **Forward**<br> **Currency**<br> **Contracts** | **Net Derivative<br>Asset<br>(Liabilities)** | **Collateral<br>(Received)<br>Pledged<sup>(1)</sup>** | **Net<br>Amount<sup>(2)</sup>** |
|  MS & Co. Int. PLC | $6155852 | $(5056677) | $1099175 | $(1080000) | $19175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross amounts available for offset but not netted in the Consolidated Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

&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 six months ended April 30, 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^<sup>(a)</sup>** |
|  |  |  |  | **Effective Rate** | **Effective Net<br>Management<br>Rate^<sup>(a)</sup>** |
| **First**<br> **$2 billion** | **Next<br>$3 billion** | **Next<br>$3 billion** | **Over<br>$8 billion** | **Effective Rate** | **Effective Net<br>Management<br>Rate^<sup>(a)</sup>** |
|  0.75% | 0.68% | 0.64% | 0.63% | 0.75% | 0.63% |

---

^ 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 Agreements as defined below after waivers.

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

**19**

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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) *April 30, 2025 (Unaudited)*

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

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

&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, 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. For the six months ended April 30, 2025, GSAM waived $42,466 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 six months ended April 30, 2025, GSAM waived $22,429 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 six months ended April 30, 2025, Goldman Sachs retained the following amounts:

---

| | |
|:---|:---|
|  | **Front End<br>Sales Charge**  |
| **Fund** | **Class A** |
|  Multi-Strategy Alternatives Fund | $2 |

---

During the six months ended April 30, 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;

**20**

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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;

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&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.

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 six months ended April 30, 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 | $64895 | $2394 | $354659 | $421948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;G. Line of Credit Facility — As of April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Fund.

As of April 30, 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 transaction in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the six months ended April 30, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Beginning<br>Value as of<br>October 31,<br>2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending<br>Value as of<br>April 30,<br>2025** | **Shares as of<br>April 30,<br>2025** | **Dividend<br>Income** |
|  Multi-Strategy Alternatives Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | $59498130 | $18067412 | $(24468305) | $53097237 | 53097237 | $1165607 |

---

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

For the six months ended April 30, 2025, there were no purchases and proceeds from sales and maturities of long-term securities for the Fund.

&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) *April 30, 2025 (Unaudited)*

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

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

&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

As of the Fund's most recent fiscal year end, October 31, 2024, the Fund's capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | |
|:---|:---|
|  Capital loss carryforwards: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(41032619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (1000057) |
|  Total capital loss carryforwards | (42032676) |
|  Timing differences (Straddles, Misc. Tax Adjustment) | $(968372) |

---

As of April 30, 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 | $53285794 |
|  Gross unrealized gain | 433422 |
|  Gross unrealized loss | (621979) |
|  Net unrealized loss | $(188557) |

---

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 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.

&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

&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;8. OTHER RISKS (continued)

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 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

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

**23**

------

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) *April 30, 2025 (Unaudited)*

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

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

&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)

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 or governments 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.

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 Act. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**24**

------

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;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. OTHER M ATTERS

The Fund adopted 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 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;11. 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;&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) *April 30, 2025 (Unaudited)*

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Multi-Strategy Alternatives Fund | Multi-Strategy Alternatives Fund | Multi-Strategy Alternatives Fund | Multi-Strategy Alternatives Fund |
|  | **For the Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **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 | 28140 | $292338 | 43380 | $473137 |
|  Reinvestment of distributions | 25419 | 255460 | 20637 | 230923 |
|  Shares redeemed | (130952) | (1353920) | (193122) | (2098306) |
|  | (77393) | (806122) | (129105) | (1394246) |
|  **Class C Shares** |  |  |  |  |
|  Reinvestment of distributions | 468 | 4599 | 108 | 1171 |
|  Shares redeemed | (6083) | (60944) | (37726) | (397977) |
|  | (5615) | (56345) | (37618) | (396806) |
|  **Institutional Shares** |  |  |  |  |
|  Shares sold | 174071 | 1885101 | 110702 | 1208825 |
|  Reinvestment of distributions | 65348 | 667858 | 72629 | 826520 |
|  Shares redeemed | (416306) | (4411785) | (1061924) | (11535306) |
|  | (176887) | (1858826) | (878593) | (9499961) |
|  **Investor Shares** |  |  |  |  |
|  Shares sold | 153179 | 1667656 | 20220 | 219737 |
|  Reinvestment of distributions | 12774 | 129783 | 13417 | 151751 |
|  Shares redeemed | (100561) | (1050363) | (167437) | (1794483) |
|  | 65392 | 747076 | (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 | 71078 | 733000 | 55447 | 606934 |
|  Reinvestment of distributions | 178685 | 1826161 | 184092 | 2093131 |
|  Shares redeemed | (722526) | (7582223) | (2006392) | (21271751) |
|  | (472763) | (5023062) | (1766853) | (18571686) |
|  **NET DECREASE** | (667213) | $(6996736) | (2948560) | $(31311856) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;

**26**

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![LOGO](g96311dsp032.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. StranghoenerGOLDMAN SACHS & CO. LLCDistributor and Transfer AgentGOLDMAN SACHS ASSET MANAGEMENT, L.P.Investment Adviser200 West Street, New York, New York 10282OFFICERSJames A. McNamara, PresidentJoseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and TreasurerRobert Griffith, Secretary(C) 2025 Goldman Sachs. All rights reserved.MMALTSAR 25

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![LOGO](g61053dsp001.jpg)

Goldman Sachs Funds Semi-Annual Financial Statements April 30, 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](#smac61053_1)** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Global Equity Fund](#smac61053_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Non-Core Fixed Income Fund](#smac61053_3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Real Assets Strategy Fund](#smac61053_4) | 52 |
|  **[Financial Statements](#smac61053_5)** | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#smac61053_6) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#smac61053_7) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#smac61053_8) | 59 |
|  **[Financial Highlights](#smac61053_9)** | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Global Equity Fund](#smac61053_10) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Non-Core Fixed Income Fund](#smac61053_11) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Multi-Manager Real Assets Strategy Fund](#smac61053_12) | 63 |
|  **[Notes to Financial Statements](#smac61053_13)** | 64 |
|  **[Statement Regarding Basis for Approval of Sub-Advisory Agreement](#smac61053_14)** | 83 |

---

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

------

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 *April 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 82.5% | Common Stocks – 82.5% | Common Stocks – 82.5% |
| Argentina\* – 0.0% | Argentina\* – 0.0% | Argentina\* – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356 | Grupo Financiero Galicia SA ADR |  |
|  | (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383902 |
| Australia – 0.2% | Australia – 0.2% | Australia – 0.2% |
| 16760 | AUB Group Ltd. (Insurance) | 342230 |
| 460048 | Bellevue Gold Ltd.\* (Metals & Mining) | 267825 |
| 42292 | Flight Centre Travel Group Ltd. (Hotels, Restaurants & Leisure) | 347015 |
| 340088 | Mirvac Group (Diversified REITs) | 496070 |
| 32095 | Northern Star Resources Ltd. (Metals & Mining) | 394245 |
| 44097 | Paladin Energy Ltd.\* (Oil, Gas & Consumable Fuels) | 165461 |
| 10380 | SGH Ltd. (Trading Companies & Distributors) | 339474 |
| 106666 | Stockland (Diversified REITs) | 374850 |
|  |  | 2727170 |
| Austria – 0.1% | Austria – 0.1% | Austria – 0.1% |
| 4344 | BAWAG Group AG<sup>(a)</sup> (Banks) | 476137 |
| 8586 | Erste Group Bank AG (Banks) | 581458 |
| 10806 | Wienerberger AG (Construction Materials) | 379419 |
|  |  | 1437014 |
| Belgium – 0.2% | Belgium – 0.2% | Belgium – 0.2% |
| 35696 | Anheuser-Busch InBev SA (Beverages) | 2352686 |
| 3222 | KBC Group NV (Banks) | 297096 |
| 9178 | Syensqo SA (Chemicals) | 656528 |
|  |  | 3306310 |
| Bermuda – 0.2% | Bermuda – 0.2% | Bermuda – 0.2% |
| 24708 | Arch Capital Group Ltd. (Insurance) | 2240522 |
| 6217 | Assured Guaranty Ltd. (Insurance) | 545417 |
| 6438 | Axis Capital Holdings Ltd. (Insurance) | 620108 |
|  |  | 3406047 |
| Brazil – 0.4% | Brazil – 0.4% | Brazil – 0.4% |
| 240000 | Banco do Brasil SA (Banks) | 1223439 |
| 62150 | BRF SA (Food Products) | 248593 |
| 74700 | Caixa Seguridade Participacoes SA (Insurance) | 215341 |
| 14050 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 281958 |
| 147100 | Embraer SA\* (Aerospace & Defense) | 1682728 |
| 6150 | Embraer SA ADR\* (Aerospace & Defense) | 282531 |
| 93390 | Lojas Renner SA (Specialty Retail) | 240421 |
| 18200 | Marfrig Global Foods SA (Food Products) | 68886 |
| 145886 | NU Holdings Ltd. Class A\* (Banks) | 1813363 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Brazil (continued) | Brazil (continued) | Brazil (continued) | Brazil (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76100 | WEG SA (Electrical Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598593 |
|  |  |  | 6655853 |
| Canada – 1.4% | Canada – 1.4% | Canada – 1.4% | Canada – 1.4% |
| 20700 | Alamos Gold, Inc. Class A (Metals & Mining) |  | 591750 |
| 14900 | ARC Resources Ltd. (Oil, Gas & Consumable Fuels) |  | 275714 |
| 13750 | ATS Corp.\* (Machinery) |  | 346493 |
| 39287 | Barrick Gold Corp. (Metals & Mining) |  | 749206 |
| 2510 | Boyd Group Services, Inc. (Commercial Services & Supplies) |  | 360496 |
| 11400 | Canadian Apartment Properties REIT (Residential REITs) |  | 348136 |
| 12868 | Canadian National Railway Co. (Ground Transportation) |  | 1245880 |
| 43544 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) |  | 1249529 |
| 73903 | Canadian Pacific Kansas City Ltd. (Ground Transportation) |  | 5362608 |
| 10480 | Capital Power Corp. (Independent Power and Renewable Electricity Producers) |  | 397884 |
| 52700 | Capstone Copper Corp.\* (Metals & Mining) |  | 253829 |
| 4610 | Celestica, Inc.\* (Electronic Equipment, Instruments & Components) |  | 393351 |
| 13189 | Descartes Systems Group, Inc.\* (Software) |  | 1389608 |
| 8710 | Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods) |  | 401383 |
| 4715 | Intact Financial Corp. (Insurance) |  | 1047143 |
| 35800 | NGEx Minerals Ltd.\* (Metals & Mining) |  | 313958 |
| 21000 | Osisko Gold Royalties Ltd. (Metals & Mining) |  | 503293 |
| 14300 | Quebecor, Inc. Class B (Diversified Telecommunication Services) |  | 392301 |
| 31345 | Shopify, Inc. Class A\* (IT Services) |  | 2977775 |
| 9695 | South Bow Corp. (Oil, Gas & Consumable Fuels) |  | 239370 |
| 4070 | Stantec, Inc. (Construction & Engineering) |  | 357225 |
| 26289 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) |  | 928486 |
| 16984 | Toronto-Dominion Bank (Banks) |  | 1085246 |
| 70000 | Veren, Inc. (Oil, Gas & Consumable Fuels) |  | 414333 |
|  |  |  | 21624997 |
| Chile – 0.0% | Chile – 0.0% | Chile – 0.0% | Chile – 0.0% |
| 698900 | Banco de Chile (Banks) |  | 102596 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| China – 3.2% | China – 3.2% | China – 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24300 | AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116323 |
| 283500 | Alibaba Group Holding Ltd. (Broadline Retail) | 4232663 |
| 2630 | Alibaba Group Holding Ltd. ADR (Broadline Retail) | 314101 |
| 5334 | Atour Lifestyle Holdings Ltd. ADR (Hotels, Restaurants & Leisure) | 130363 |
| 4272 | Autohome, Inc. ADR (Interactive Media & Services) | 116540 |
| 91950 | Baidu, Inc. Class A\* (Interactive Media & Services) | 1013934 |
| 2255300 | Bank of China Ltd. Class H (Banks) | 1259300 |
| 33700 | BeiGene Ltd.\* (Biotechnology) | 681060 |
| 1665 | Beijing Kingsoft Office Software, Inc. Class A (Software) | 67580 |
| 28600 | Beijing Yanjing Brewery Co. Ltd. Class A (Beverages) | 51111 |
| 1103800 | BOE Technology Group Co. Ltd. Class A (Electronic Equipment, Instruments & Components) | 583272 |
| 20200 | BYD Co. Ltd. Class H (Automobiles) | 959423 |
| 15000 | BYD Co. Ltd. Class A (Automobiles) | 729411 |
| 954650 | China CITIC Bank Corp. Ltd. Class H (Banks) | 755058 |
| 1727450 | China Construction Bank Corp. Class H (Banks) | 1418976 |
| 184550 | China Everbright Bank Co. Ltd. Class H (Banks) | 80135 |
| 493200 | China Feihe Ltd.<sup>(a)</sup> (Food Products) | 372709 |
| 26850 | China Pacific Insurance Group Co. Ltd. Class H (Insurance) | 73053 |
| 436250 | China Railway Group Ltd. Class H (Construction & Engineering) | 187703 |
| 390500 | China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> (Pharmaceuticals) | 246490 |
| 115900 | China Taiping Insurance Holdings Co. Ltd. (Insurance) | 160494 |
| 219650 | CITIC Ltd. (Industrial Conglomerates) | 267022 |
| 64550 | CMOC Group Ltd. Class H (Metals & Mining) | 50677 |
| 6200 | Contemporary Amperex Technology Co. Ltd. Class A (Electrical Equipment) | 198069 |
| 14600 | Dong-E-E-Jiao Co. Ltd. Class A (Pharmaceuticals) | 109158 |
| 14900 | Eastroc Beverage Group Co. Ltd. Class A (Beverages) | 586164 |
| 15675 | Full Truck Alliance Co. Ltd. ADR (Ground Transportation) | 178068 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| China (continued) | China (continued) | China (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59300 | Fuyao Glass Industry Group Co. Ltd. Class A (Automobile Components) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474035 |
| 38300 | Fuyao Glass Industry Group Co. Ltd. Class H<sup>(a)</sup> (Automobile Components) | 270858 |
| 40400 | Gambol Pet Group Co. Ltd. Class A (Food Products) | 603274 |
| 332100 | Geely Automobile Holdings Ltd. (Automobiles) | 697178 |
| 107600 | Giant Biogene Holding Co. Ltd.<sup>(a)</sup> (Personal Products) | 1111702 |
| 104900 | Hangzhou First Applied Material Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 177190 |
| 197900 | Henan Pinggao Electric Co. Ltd. Class A (Electrical Equipment) | 441976 |
| 61300 | Huatai Securities Co. Ltd. Class A (Capital Markets) | 135496 |
| 301150 | JD Logistics, Inc.\*<sup>(a)</sup> (Air Freight & Logistics) | 472327 |
| 50800 | JD.com, Inc. Class A (Broadline Retail) | 827096 |
| 15660 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 317898 |
| 74550 | Kingsoft Corp. Ltd. (Entertainment) | 371438 |
| 6000 | Laopu Gold Co. Ltd. Class H\* (Textiles, Apparel & Luxury Goods) | 556141 |
| 484700 | Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 560593 |
| 207050 | Meituan Class B\*<sup>(a)</sup> (Hotels, Restaurants & Leisure) | 3428217 |
| 70800 | Midea Group Co. Ltd. Class A (Household Durables) | 717205 |
| 61100 | NetEase, Inc. (Entertainment) | 1313427 |
| 1915 | PDD Holdings, Inc. ADR\* (Broadline Retail) | 202167 |
| 440850 | People's Insurance Co. Group of China Ltd. Class H (Insurance) | 260902 |
| 267800 | Ping An Bank Co. Ltd. Class A (Banks) | 402270 |
| 80700 | Pop Mart International Group Ltd.<sup>(a)</sup> (Specialty Retail) | 2012758 |
| 4643 | Qifu Technology, Inc. ADR (Consumer Finance) | 190502 |
| 2400 | Rockchip Electronics Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 56460 |
| 44500 | Sanan Optoelectronics Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 75244 |
| 77800 | Sany Heavy Industry Co. Ltd. Class A (Machinery) | 202518 |

---

&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** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| China (continued) | China (continued) | China (continued) | China (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;214850 | Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health Care Equipment & Supplies) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158143 |
| 13800 | Shenzhen Envicool Technology Co. Ltd. Class A (Machinery) |  | 60429 |
| 109250 | Sinopharm Group Co. Ltd. Class H (Health Care Providers & Services) |  | 257475 |
| 191116 | Tencent Holdings Ltd. (Interactive Media & Services) |  | 11706035 |
| 45795 | Trina Solar Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) |  | 82589 |
| 6210 | Trip.com Group Ltd. ADR (Hotels, Restaurants & Leisure) |  | 366328 |
| 8650 | Trip.com Group Ltd. (Hotels, Restaurants & Leisure) |  | 521083 |
| 17167 | Vipshop Holdings Ltd. ADR (Broadline Retail) |  | 233815 |
| 21364 | Weibo Corp. ADR (Interactive Media & Services) |  | 173048 |
| 52100 | Wuliangye Yibin Co. Ltd. Class A (Beverages) |  | 922590 |
| 443550 | Xiaomi Corp. Class B\*<sup>(a)</sup> (Technology Hardware, Storage & Peripherals) |  | 2839696 |
| 6000 | Yealink Network Technology Corp. Ltd. Class A (Communications Equipment) |  | 27419 |
| 66500 | Zhejiang Huahai Pharmaceutical Co. Ltd. Class A (Pharmaceuticals) |  | 131350 |
| 340500 | Zhejiang Zheneng Electric Power Co. Ltd. Class A (Independent Power and Renewable Electricity Producers) |  | 246032 |
|  |  |  | 48543761 |
| Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% | Colombia – 0.0% |
| 6547 | Bancolombia SA ADR (Banks) |  | 263975 |
| Denmark – 0.5% | Denmark – 0.5% | Denmark – 0.5% | Denmark – 0.5% |
| 11977 | Bavarian Nordic AS\* (Biotechnology) |  | 284769 |
| 13914 | Carlsberg AS Class B (Beverages) |  | 1895833 |
| 5250 | NKT AS\* (Electrical Equipment) |  | 427465 |
| 64425 | Novo Nordisk AS Class B (Pharmaceuticals) |  | 4307553 |
| 5181 | Royal Unibrew AS (Beverages) |  | 411633 |
| 2623 | Zealand Pharma AS\* (Biotechnology) |  | 185515 |
|  |  |  | 7512768 |
| France – 3.4% | France – 3.4% | France – 3.4% | France – 3.4% |
| 19904 | Air Liquide SA (Chemicals) |  | 4089838 |
| 188415 | Alstom SA\* (Machinery) |  | 4550064 |
| 29739 | AXA SA (Insurance) |  | 1406533 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| France (continued) | France (continued) | France (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51833 | BNP Paribas SA (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391783 |
| 23669 | Capgemini SE (IT Services) | 3778812 |
| 43777 | Cie de Saint-Gobain SA (Building Products) | 4759347 |
| 28131 | Cie Generale des Etablissements Michelin SCA (Automobile Components) | 1028631 |
| 22306 | Dassault Systemes SE (Software) | 835943 |
| 33216 | Edenred SE (Financial Services) | 1035906 |
| 22590 | Elis SA (Commercial Services & Supplies) | 579864 |
| 105582 | Engie SA (Multi-Utilities) | 2182204 |
| 6061 | EssilorLuxottica SA (Health Care Equipment & Supplies) | 1746495 |
| 4019 | Gecina SA (Office REITs) | 412585 |
| 21428 | Kering SA (Textiles, Apparel & Luxury Goods) | 4359583 |
| 11014 | Legrand SA (Electrical Equipment) | 1210437 |
| 3428 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 1898870 |
| 14272 | Pernod Ricard SA (Beverages) | 1547020 |
| 14586 | Rexel SA (Trading Companies & Distributors) | 405252 |
| 10332 | Safran SA (Aerospace & Defense) | 2749548 |
| 18707 | Sanofi SA (Pharmaceuticals) | 2046393 |
| 15679 | Schneider Electric SE (Electrical Equipment) | 3663332 |
| 21982 | Societe Generale SA (Banks) | 1146119 |
| 2097 | Sodexo SA (Hotels, Restaurants & Leisure) | 133111 |
| 2122 | Sopra Steria Group (IT Services) | 435092 |
| 11669 | Technip Energies NV (Energy Equipment & Services) | 398194 |
| 19220 | Vallourec SACA\* (Energy Equipment & Services) | 355238 |
| 96900 | Worldline SA\*<sup>(a)</sup> (Financial Services) | 536878 |
|  |  | 51683072 |
| Germany – 2.4% | Germany – 2.4% |  |
| 16383 | Beiersdorf AG (Personal Products) | 2308332 |
| 48834 | Deutsche Bank AG (Capital Markets) | 1280444 |
| 13094 | Deutsche Boerse AG (Capital Markets) | 4217497 |
| 50917 | Deutsche Telekom AG (Diversified Telecommunication Services) | 1828813 |
| 55399 | E.ON SE (Multi-Utilities) | 968906 |
| 5925 | Fraport AG Frankfurt Airport Services Worldwide\* |  |
|  | (Transportation Infrastructure) | 392659 |
| 4785 | Gerresheimer AG (Life Sciences Tools & Services) | 324651 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **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;3314 | Heidelberg Materials AG (Construction Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662513 |
| 72391 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) |  | 2397810 |
| 10594 | KION Group AG (Machinery) |  | 450838 |
| 51994 | Lanxess AG (Chemicals) |  | 1561067 |
| 15228 | Merck KGaA (Pharmaceuticals) |  | 2120043 |
| 2726 | MTU Aero Engines AG (Aerospace & Defense) |  | 943484 |
| 646 | Rheinmetall AG (Aerospace & Defense) |  | 1100172 |
| 32811 | SAP SE (Software) |  | 9600128 |
| 3229 | Scout24 SE<sup>(a)</sup> (Interactive Media & Services) |  | 384822 |
| 52483 | Siemens Energy AG\* (Electrical Equipment) |  | 4050830 |
| 5018 | Stroeer SE & Co. KGaA (Media) |  | 299632 |
| 25168 | TAG Immobilien AG\* (Real Estate Management & Development) |  | 409759 |
| 44569 | thyssenkrupp AG (Metals & Mining) |  | 511129 |
|  |  |  | 35813529 |
| Greece – 0.1% | Greece – 0.1% | Greece – 0.1% | Greece – 0.1% |
| 75250 | Alpha Services & Holdings SA (Banks) |  | 183477 |
| 112850 | Eurobank Ergasias Services & Holdings SA (Banks) |  | 320271 |
| 83705 | National Bank of Greece SA (Banks) |  | 888400 |
| 92396 | Piraeus Financial Holdings SA (Banks) |  | 518899 |
|  |  |  | 1911047 |
| Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% |
| 242700 | AIA Group Ltd. (Insurance) |  | 1818530 |
| 310550 | Kunlun Energy Co. Ltd. (Gas Utilities) |  | 296009 |
| 754400 | Sino Biopharmaceutical Ltd. (Pharmaceuticals) |  | 378859 |
| 180500 | Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods) |  | 259143 |
|  |  |  | 2752541 |
| Hungary – 0.1% | Hungary – 0.1% | Hungary – 0.1% | Hungary – 0.1% |
| 18766 | OTP Bank Nyrt (Banks) |  | 1386207 |
| India – 1.9% | India – 1.9% | India – 1.9% | India – 1.9% |
| 9867 | Bajaj Auto Ltd. (Automobiles) |  | 937434 |
| 12087 | Bajaj Finance Ltd. (Consumer Finance) |  | 1233315 |
| 3450 | Bajaj Holdings & Investment Ltd. (Financial Services) |  | 490486 |
| 94150 | Bank of Baroda (Banks) |  | 278596 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| India (continued) | India (continued) | India (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;368708 | Bharat Electronics Ltd. (Aerospace & Defense) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371419 |
| 115800 | Bharat Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels) | 424380 |
| 42718 | Bharti Airtel Ltd. (Wireless Telecommunication Services) | 942284 |
| 315050 | Canara Bank (Banks) | 363179 |
| 14049 | Chambal Fertilisers & Chemicals Ltd. (Chemicals) | 115187 |
| 18300 | Cipla Ltd. (Pharmaceuticals) | 335818 |
| 150000 | Coal India Ltd. (Oil, Gas & Consumable Fuels) | 683442 |
| 850 | Coforge Ltd. (IT Services) | 73898 |
| 2950 | Colgate-Palmolive India Ltd. (Personal Products) | 90400 |
| 7300 | Coromandel International Ltd. (Chemicals) | 191613 |
| 4500 | Cummins India Ltd. (Machinery) | 154506 |
| 4927 | Divi's Laboratories Ltd. (Life Sciences Tools & Services) | 355649 |
| 3911 | Dixon Technologies India Ltd. (Household Durables) | 762431 |
| 56165 | DLF Ltd. (Real Estate Management & Development) | 447994 |
| 3850 | Eicher Motors Ltd. (Automobiles) | 253528 |
| 73250 | Federal Bank Ltd. (Banks) | 170528 |
| 26150 | Fortis Healthcare Ltd. (Health Care Providers & Services) | 212057 |
| 13702 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (Chemicals) | 78852 |
| 97653 | HDFC Bank Ltd. (Banks) | 2218085 |
| 57600 | Hindalco Industries Ltd. (Metals & Mining) | 425719 |
| 39900 | Hindustan Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels) | 178568 |
| 64321 | ICICI Bank Ltd. ADR (Banks) | 2158613 |
| 83267 | ICICI Bank Ltd. (Banks) | 1399658 |
| 15250 | ICICI Prudential Life Insurance Co. Ltd.<sup>(a)</sup> (Insurance) | 110764 |
| 24750 | Indian Bank (Banks) | 165419 |
| 64987 | Indian Hotels Co. Ltd. (Hotels, Restaurants & Leisure) | 604676 |
| 421850 | Indian Oil Corp. Ltd. (Oil, Gas & Consumable Fuels) | 687772 |
| 20238 | InterGlobe Aviation Ltd.\*<sup>(a)</sup> (Passenger Airlines) | 1261056 |
| 26400 | Lupin Ltd. (Pharmaceuticals) | 656491 |
| 21305 | Mahindra & Mahindra Ltd. (Automobiles) | 738159 |
| 7165 | MakeMyTrip Ltd.\* (Hotels, Restaurants & Leisure) | 751035 |
| 19000 | Marico Ltd. (Food Products) | 159740 |
| 41834 | Max Healthcare Institute Ltd. (Health Care Providers & Services) | 543798 |
| 1650 | Mphasis Ltd. (IT Services) | 48189 |

---

&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;

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **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;&nbsp;&nbsp;&nbsp;&nbsp;9050 | Narayana Hrudayalaya Ltd. (Health Care Providers & Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188264 |
| 105450 | Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels) |  | 305128 |
| 17500 | One 97 Communications Ltd.\* (Financial Services) |  | 177928 |
| 1850 | Oracle Financial Services Software Ltd. (Software) |  | 191167 |
| 53900 | Paradeep Phosphates Ltd.<sup>(a)</sup> (Chemicals) |  | 92085 |
| 15342 | PB Fintech Ltd.\* (Insurance) |  | 294787 |
| 4750 | PI Industries Ltd. (Chemicals) |  | 204612 |
| 90756 | Power Finance Corp. Ltd. (Financial Services) |  | 439020 |
| 372300 | Punjab National Bank (Banks) |  | 441440 |
| 41000 | Shriram Finance Ltd. (Consumer Finance) |  | 297115 |
| 1350 | Solar Industries India Ltd. (Chemicals) |  | 210264 |
| 24231 | Tata Consultancy Services Ltd. (IT Services) |  | 989106 |
| 9100 | Tata Motors Ltd. (Automobiles) |  | 69348 |
| 8639 | Trent Ltd. (Specialty Retail) |  | 528052 |
| 11402 | TVS Motor Co. Ltd. (Automobiles) |  | 360322 |
| 1755 | UltraTech Cement Ltd. (Construction Materials) |  | 241843 |
| 139650 | Union Bank of India Ltd. (Banks) |  | 207966 |
| 4700 | United Spirits Ltd. (Beverages) |  | 86912 |
| 87432 | Varun Beverages Ltd. (Beverages) |  | 539795 |
| 116350 | Vedanta Ltd. (Metals & Mining) |  | 577739 |
| 75600 | Zydus Lifesciences Ltd. (Pharmaceuticals) |  | 795935 |
|  |  |  | 29313566 |
| Indonesia – 0.0% | Indonesia – 0.0% | Indonesia – 0.0% | Indonesia – 0.0% |
| 1170900 | Alamtri Resources Indonesia Tbk. |  |  |
|  | PT (Oil, Gas & Consumable Fuels) |  | 134127 |
| 525100 | Bank Central Asia Tbk. PT (Banks) |  | 279157 |
| 423250 | Sumber Alfaria Trijaya Tbk. PT (Consumer Staples Distribution & |  |  |
|  | Retail) |  | 54792 |
| 156000 | United Tractors Tbk. PT (Oil, Gas |  |  |
|  | & Consumable Fuels) |  | 213192 |
|  |  |  | 681268 |
| Ireland – 1.7% | Ireland – 1.7% | Ireland – 1.7% | Ireland – 1.7% |
| 10351 | Accenture PLC Class A |  |  |
|  | (IT Services) |  | 3096502 |
| 214541 | AIB Group PLC (Banks) |  | 1441943 |
| 25130 | Aon PLC Class A (Insurance) |  | 8915873 |
| 78178 | Experian PLC (Professional Services) |  | 3889437 |
| 216 | ICON PLC\* (Life Sciences Tools & Services) |  | 32711 |
| 6862 | Linde PLC (Chemicals) |  | 3110064 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Ireland (continued) | Ireland (continued) | Ireland (continued) | Ireland (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43031 | Medtronic PLC (Health Care Equipment & Supplies) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647307 |
| 43924 | Ryanair Holdings PLC ADR (Passenger Airlines) |  | 2102203 |
|  |  |  | 26236040 |
| Israel\* – 0.2% | Israel\* – 0.2% | Israel\* – 0.2% | Israel\* – 0.2% |
| 26748 | Cellebrite DI Ltd. (Software) |  | 529343 |
| 6868 | Check Point Software Technologies Ltd. (Software) |  | 1507938 |
| 1765 | Nova Ltd. (Semiconductors & Semiconductor Equipment) |  | 346311 |
|  |  |  | 2383592 |
| Italy – 0.9% | Italy – 0.9% | Italy – 0.9% | Italy – 0.9% |
| 27564 | Banca Mediolanum SpA (Financial Services) |  | 412078 |
| 3572 | Brunello Cucinelli SpA (Textiles, Apparel & Luxury Goods) |  | 403277 |
| 7438 | Buzzi SpA (Construction Materials) |  | 389773 |
| 234399 | Enel SpA (Electric Utilities) |  | 2029780 |
| 92035 | Eni SpA (Oil, Gas & Consumable Fuels) |  | 1318083 |
| 7372 | Ferrari NV (Automobiles) |  | 3374760 |
| 100240 | Hera SpA (Multi-Utilities) |  | 474559 |
| 371063 | Intesa Sanpaolo SpA (Banks) |  | 1980840 |
| 40849 | UniCredit SpA (Banks) |  | 2376630 |
| 13291 | Wizz Air Holdings PLC\*<sup>(a)</sup> (Passenger Airlines) |  | 289939 |
|  |  |  | 13049719 |
| Japan – 4.0% | Japan – 4.0% | Japan – 4.0% | Japan – 4.0% |
| 15800 | ADEKA Corp. (Chemicals) |  | 284825 |
| 23100 | Air Water, Inc. (Chemicals) |  | 315001 |
| 17131 | Allegro MicroSystems, Inc.\* (Semiconductors & Semiconductor Equipment) |  | 326688 |
| 13400 | Amano Corp. (Electronic Equipment, Instruments & Components) |  | 390156 |
| 17300 | Asics Corp. (Textiles, Apparel & Luxury Goods) |  | 371847 |
| 10600 | Canon Marketing Japan, Inc. (Electronic Equipment, Instruments & Components) |  | 375239 |
| 37000 | Chiba Bank Ltd. (Banks) |  | 328985 |
| 48200 | Concordia Financial Group Ltd. (Banks) |  | 311755 |
| 15500 | Credit Saison Co. Ltd. (Consumer Finance) |  | 361970 |
| 13600 | Daikin Industries Ltd. (Building Products) |  | 1549356 |
| 108600 | Denso Corp. (Automobile Components) |  | 1402235 |
| 87200 | FANUC Corp. (Machinery) |  | 2213106 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **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;14200 | Food & Life Cos. Ltd. (Hotels, Restaurants & Leisure) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525474 |
| 59000 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals) | 1208460 |
| 79900 | Fujitsu Ltd. (IT Services) | 1775015 |
| 13400 | Fuso Chemical Co. Ltd. (Chemicals) | 325154 |
| 5400 | GMO Payment Gateway, Inc. (Financial Services) | 338220 |
| 149400 | Hitachi Ltd. (Industrial Conglomerates) | 3692498 |
| 5700 | Hoya Corp. (Health Care Equipment & Supplies) | 670697 |
| 782 | Invincible Investment Corp. (Hotel & Resort REITs) | 323207 |
| 10100 | Japan Steel Works Ltd. (Machinery) | 416172 |
| 7000 | JINS Holdings, Inc. (Specialty Retail) | 438993 |
| 18400 | JMDC, Inc. (Health Care Technology) | 415136 |
| 60800 | JVCKenwood Corp. (Household Durables) | 453755 |
| 16300 | Kajima Corp. (Construction & Engineering) | 389206 |
| 15900 | Kamigumi Co. Ltd. (Transportation Infrastructure) | 389225 |
| 21100 | Kandenko Co. Ltd. (Construction & Engineering) | 418256 |
| 403 | KDX Realty Investment Corp. (Diversified REITs) | 419671 |
| 16900 | Kinden Corp. (Construction & Engineering) | 437444 |
| 12900 | Kose Corp. (Personal Products) | 556389 |
| 25800 | Kotobuki Spirits Co. Ltd. (Food Products) | 384017 |
| 65200 | Kyocera Corp. (Electronic Equipment, Instruments & Components) | 772733 |
| 15100 | Kyushu Railway Co. (Ground Transportation) | 390808 |
| 117500 | LY Corp. (Interactive Media & Services) | 444387 |
| 83600 | Mebuki Financial Group, Inc. (Banks) | 408480 |
| 36600 | Menicon Co. Ltd. (Health Care Equipment & Supplies) | 362135 |
| 99100 | Mitsubishi Electric Corp. (Electrical Equipment) | 1917129 |
| 171900 | Mitsubishi Heavy Industries Ltd. (Machinery) | 3388637 |
| 536 | Mitsui Fudosan Logistics Park, Inc. (Industrial REITs) | 382574 |
| 17100 | Monogatari Corp. (Hotels, Restaurants & Leisure) | 445857 |

---

---

| | | |
|:---|:---|:---|
| **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;89500 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275067 |
| 17100 | Nifco, Inc. (Automobile Components) | 424009 |
| 40100 | Nintendo Co. Ltd. (Entertainment) | 3329102 |
| 28100 | NOF Corp. (Chemicals) | 422985 |
| 80800 | Olympus Corp. (Health Care Equipment & Supplies) | 1058722 |
| 8000 | Organo Corp. (Machinery) | 382951 |
| 284200 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 3335160 |
| 8900 | Sankyu, Inc. (Air Freight & Logistics) | 389517 |
| 5200 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 345784 |
| 111400 | Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail) | 1639877 |
| 60200 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 1831974 |
| 8700 | SMC Corp. (Machinery) | 2815676 |
| 17800 | Sojitz Corp. (Trading Companies & Distributors) | 421109 |
| 66400 | Sompo Holdings, Inc. (Insurance) | 2176001 |
| 110000 | Sony Group Corp. (Household Durables) | 2902106 |
| 63700 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 1519704 |
| 14700 | Sumitomo Osaka Cement Co. Ltd. (Construction Materials) | 401436 |
| 7100 | SWCC Corp. (Electrical Equipment) | 322642 |
| 18100 | TechnoPro Holdings, Inc. (Professional Services) | 403623 |
| 64600 | Terumo Corp. (Health Care Equipment & Supplies) | 1236491 |
| 12300 | TIS, Inc. (IT Services) | 355017 |
| 56100 | Tohoku Electric Power Co., Inc. (Electric Utilities) | 403166 |
| 21400 | Tokyo Tatemono Co. Ltd. (Real Estate Management & Development) | 383666 |
| 6300 | Toyo Suisan Kaisha Ltd. (Food Products) | 407268 |
| 29400 | U-Next Holdings Co. Ltd. (Diversified Telecommunication Services) | 420724 |
| 16600 | Yamazaki Baking Co. Ltd. (Food Products) | 397380 |
| 111900 | ZOZO, Inc. (Specialty Retail) | 1136399 |
|  |  | 60458448 |

---

&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;

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Jordan – 0.0% | Jordan – 0.0% | Jordan – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13111 | Hikma Pharmaceuticals PLC (Pharmaceuticals) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347436 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| 47086 | ArcelorMittal SA (Metals & Mining) | 1392414 |
| Macau – 0.0% | Macau – 0.0% | Macau – 0.0% |
| 298000 | MGM China Holdings Ltd. (Hotels, Restaurants & Leisure) | 386183 |
| Malaysia – 0.1% | Malaysia – 0.1% | Malaysia – 0.1% |
| 125800 | AMMB Holdings Bhd. (Banks) | 150509 |
| 35550 | MISC Bhd. (Marine Transportation) | 61817 |
| 475993 | RHB Bank Bhd. (Banks) | 734201 |
| 73150 | Telekom Malaysia Bhd. (Diversified Telecommunication Services) | 115283 |
| 85250 | Tenaga Nasional Bhd. (Electric Utilities) | 274176 |
|  |  | 1335986 |
| Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% |
| 3276 | Coca-Cola Femsa SAB de CV ADR (Beverages) | 308370 |
| 14050 | Gruma SAB de CV Class B (Food Products) | 268498 |
| 6050 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) | 191648 |
| 2405 | Southern Copper Corp. (Metals & Mining) | 215296 |
| 7080 | Vista Energy SAB de CV ADR\*<br> (Oil, Gas & Consumable Fuels) | 319803 |
|  |  | 1303615 |
| Netherlands – 1.3% | Netherlands – 1.3% | Netherlands – 1.3% |
| 1408 | Adyen NV\*<sup>(a)</sup> (Financial Services) | 2278444 |
| 45466 | Akzo Nobel NV (Chemicals) | 2870475 |
| 3442 | Argenx SE ADR\* (Biotechnology) | 2220572 |
| 2840 | ASM International NV (Semiconductors & Semiconductor Equipment) | 1388155 |
| 4132 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 2760507 |
| 6896 | ASR Nederland NV (Insurance) | 435129 |
| 17695 | Heineken NV (Beverages) | 1583971 |
| 158818 | ING Groep NV (Banks) | 3084137 |
| 81387 | Koninklijke Philips NV\* (Health Care Equipment & Supplies) | 2065587 |
| 16165 | SBM Offshore NV (Energy Equipment & Services) | 339854 |
|  |  | 19026831 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Norway – 0.0% | Norway – 0.0% | Norway – 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86612 | Var Energi ASA (Oil, Gas & Consumable Fuels) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238158 |
| Philippines – 0.0% | Philippines – 0.0% | Philippines – 0.0% |
| 21950 | International Container Terminal Services, Inc. (Transportation Infrastructure) | 134250 |
| Poland – 0.1% | Poland – 0.1% | Poland – 0.1% |
| 4400 | Bank Polska Kasa Opieki SA\* (Banks) | 220535 |
| 800 | CD Projekt SA (Entertainment) | 49536 |
| 40600 | PGE Polska Grupa Energetyczna SA\* (Electric Utilities) | 88675 |
| 32000 | Powszechna Kasa Oszczednosci Bank Polski SA (Banks) | 615230 |
| 3150 | Powszechny Zaklad Ubezpieczen SA (Insurance) | 49143 |
| 1150 | Santander Bank Polska SA (Banks) | 176879 |
|  |  | 1199998 |
| Portugal – 0.1% | Portugal – 0.1% | Portugal – 0.1% |
| 683602 | Banco Comercial Portugues SA Class R (Banks) | 437231 |
| 62543 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) | 969027 |
|  |  | 1406258 |
| Romania – 0.0% | Romania – 0.0% | Romania – 0.0% |
| 9650 | NEPI Rockcastle NV (Real Estate Management & Development) | 73984 |
| 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) |  |
| 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% |
| 46850 | DBS Group Holdings Ltd. (Banks) | 1522118 |
| 40300 | Grab Holdings Ltd. Class A\* (Ground Transportation) | 196664 |
| 237100 | Keppel DC REIT (Specialized REITs) | 392269 |
| 36116 | Sea Ltd. ADR\* (Entertainment) | 4841350 |
| 73300 | Sembcorp Industries Ltd. (Multi-Utilities) | 370764 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **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;40800 | United Overseas Bank Ltd. (Banks) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083600 |
|  |  |  | 8406765 |
| South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% |
| 7065 | Capitec Bank Holdings Ltd. (Banks) |  | 1311308 |
| 47954 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) |  | 1019882 |
| 3585 | Gold Fields Ltd. ADR (Metals & Mining) |  | 80806 |
| 17585 | Harmony Gold Mining Co. Ltd. ADR (Metals & Mining) |  | 279777 |
| 35515 | Investec Ltd. (Capital Markets) |  | 221652 |
| 94600 | MTN Group Ltd. (Wireless Telecommunication Services) |  | 626093 |
|  |  |  | 3539518 |
| South Korea – 1.7% | South Korea – 1.7% | South Korea – 1.7% | South Korea – 1.7% |
| 1574 | Chong Kun Dang Pharmaceutical Corp. (Pharmaceuticals) |  | 90112 |
| 2000 | CJ CheilJedang Corp. (Food Products) |  | 336371 |
| 200743 | Coupang, Inc.\* (Broadline Retail) |  | 4691364 |
| 2650 | DB Insurance Co. Ltd. (Insurance) |  | 170727 |
| 2400 | GS Holdings Corp. (Industrial Conglomerates) |  | 65259 |
| 3800 | Hana Financial Group, Inc. (Banks) |  | 172330 |
| 6150 | Hankook Tire & Technology Co. Ltd. (Automobile Components) |  | 178632 |
| 2415 | Hanwha Aerospace Co. Ltd. (Aerospace & Defense) |  | 1357239 |
| 34550 | Hanwha Life Insurance Co. Ltd.\* (Insurance) |  | 64449 |
| 2450 | HD Hyundai Co. Ltd. (Oil, Gas & Consumable Fuels) |  | 135497 |
| 1809 | HD Hyundai Electric Co. Ltd. (Electrical Equipment) |  | 393683 |
| 3928 | HD Hyundai Heavy Industries Co. Ltd. (Machinery) |  | 1110953 |
| 4004 | HD Hyundai Marine Solution Co. Ltd. (Machinery) |  | 432460 |
| 550 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Machinery) |  | 105213 |
| 5500 | Hyundai Motor Co. (Automobiles) |  | 736997 |
| 3000 | Hyundai Rotem Co. Ltd. (Machinery) |  | 236457 |
| 15662 | KB Financial Group, Inc. (Banks) |  | 989818 |
| 950 | KCC Corp. (Chemicals) |  | 166826 |
| 14871 | Kia Corp. (Automobiles) |  | 945101 |
| 5100 | Korea Electric Power Corp. (Electric Utilities) |  | 91979 |
| 9500 | Korea Gas Corp. (Gas Utilities) |  | 258799 |
| 4400 | Korea Investment Holdings Co. Ltd. (Capital Markets) |  | 256894 |
| 800 | Krafton, Inc.\* (Entertainment) |  | 209442 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866 | KT Corp. ADR (Diversified Telecommunication Services) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133612 |
| 8350 | KT Corp. (Diversified Telecommunication Services) |  | 305132 |
| 1256 | Samsung Biologics Co. Ltd.\*<sup>(a)</sup> (Life Sciences Tools & Services) |  | 929526 |
| 14050 | Samsung E&A Co. Ltd. (Construction & Engineering) |  | 189975 |
| 67116 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) |  | 2618701 |
| 4194 | Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) |  | 4083860 |
| 1442 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) |  | 380439 |
| 100 | Samyang Foods Co. Ltd. (Food Products) |  | 68254 |
| 30185 | Shinhan Financial Group Co. Ltd. (Banks) |  | 1090885 |
| 13357 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) |  | 1666594 |
| 1 | SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels) |  | 66 |
| 950 | SK Telecom Co. Ltd. (Wireless Telecommunication Services) |  | 36296 |
| 41505 | Woori Financial Group, Inc. (Banks) |  | 516843 |
|  |  |  | 25216785 |
| Spain – 0.2% | Spain – 0.2% | Spain – 0.2% | Spain – 0.2% |
| 28079 | Amadeus IT Group SA (Hotels, Restaurants & Leisure) |  | 2210182 |
| 4578 | Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals) |  | 268385 |
|  |  |  | 2478567 |
| Sweden – 0.1% | Sweden – 0.1% | Sweden – 0.1% | Sweden – 0.1% |
| 120517 | Electrolux AB Class B\* (Household Durables) |  | 752380 |
| 17499 | Mildef Group AB (Aerospace & Defense) |  | 471988 |
| 26553 | Securitas AB Class B (Commercial Services & Supplies) |  | 420779 |
| 10471 | Trelleborg AB Class B (Machinery) |  | 361057 |
|  |  |  | 2006204 |
| Switzerland – 1.0% | Switzerland – 1.0% | Switzerland – 1.0% | Switzerland – 1.0% |
| 159408 | Aryzta AG\* (Food Products) |  | 399821 |
| 16895 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) |  | 2985434 |
| 18515 | Julius Baer Group Ltd. (Capital Markets) |  | 1200662 |
| 24255 | Novartis AG (Pharmaceuticals) |  | 2766458 |

---

&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;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Switzerland (continued) | Switzerland (continued) | Switzerland (continued) | Switzerland (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3094 | PSP Swiss Property AG (Real Estate Management & Development) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550950 |
| 1073 | Sika AG (Chemicals) |  | 268151 |
| 2508 | Sonova Holding AG (Health Care Equipment & Supplies) |  | 770994 |
| 103646 | UBS Group AG (Capital Markets) |  | 3146212 |
| 3139 | Zurich Insurance Group AG (Insurance) |  | 2226400 |
|  |  |  | 14315082 |
| Taiwan – 2.4% | Taiwan – 2.4% | Taiwan – 2.4% | Taiwan – 2.4% |
| 33600 | Accton Technology Corp. (Communications Equipment) |  | 625844 |
| 1650 | Advanced Energy Solution Holding Co. Ltd. (Electrical Equipment) |  | 44048 |
| 119150 | AUO Corp. (Electronic Equipment, Instruments & Components) |  | 45843 |
| 621750 | Cathay Financial Holding Co. Ltd. (Insurance) |  | 1145580 |
| 531400 | Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals) |  | 457893 |
| 107150 | CTBC Financial Holding Co. Ltd. (Banks) |  | 132035 |
| 33600 | E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) |  | 234716 |
| 448700 | Fubon Financial Holding Co. Ltd. (Insurance) |  | 1189248 |
| 22219 | Himax Technologies, Inc. ADR (Semiconductors & Semiconductor Equipment) |  | 157199 |
| 90000 | Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components) |  | 400977 |
| 868500 | Innolux Corp. (Electronic Equipment, Instruments & Components) |  | 371943 |
| 5500 | International Games System Co. Ltd. (Entertainment) |  | 142592 |
| 70050 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) |  | 2976639 |
| 170050 | Pegatron Corp. (Technology Hardware, Storage & Peripherals) |  | 432058 |
| 6400 | PharmaEssentia Corp.\* (Biotechnology) |  | 105222 |
| 200750 | Pou Chen Corp. (Textiles, Apparel & Luxury Goods) |  | 206726 |
| 4600 | Raydium Semiconductor Corp. (Semiconductors & Semiconductor Equipment) |  | 46778 |
| 34800 | Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) |  | 572080 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Taiwan (continued) | Taiwan (continued) | Taiwan (continued) | Taiwan (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | Silicon Motion Technology Corp. ADR (Semiconductors & Semiconductor Equipment) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177309 |
| 112800 | TA Chen Stainless Pipe (Metals & Mining) |  | 148259 |
| 399410 | Taiwan Business Bank (Banks) |  | 176894 |
| 521705 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) |  | 14782277 |
| 64841 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) |  | 10808346 |
|  |  |  | 35380506 |
| Thailand – 0.2% | Thailand – 0.2% | Thailand – 0.2% | Thailand – 0.2% |
| 45600 | Advanced Info Service PCL NVDR (Wireless Telecommunication Services) |  | 402223 |
| 189350 | Bangkok Bank PCL (Banks) |  | 793057 |
| 638850 | Charoen Pokphand Foods PCL (Food Products) |  | 506022 |
| 788800 | Krung Thai Bank PCL (Banks) |  | 514737 |
| 187300 | Thai Oil PCL (Oil, Gas & Consumable Fuels) |  | 149832 |
| 7974650 | TMBThanachart Bank PCL (Banks) |  | 436841 |
|  |  |  | 2802712 |
| Turkey – 0.1% | Turkey – 0.1% | Turkey – 0.1% | Turkey – 0.1% |
| 103487 | Aselsan Elektronik Sanayi Ve Ticaret AS (Aerospace & Defense) |  | 364572 |
| 319350 | Oyak Cimento Fabrikalari AS\* (Construction Materials) |  | 195483 |
| 75200 | Pegasus Hava Tasimaciligi AS\* (Passenger Airlines) |  | 437344 |
| 24800 | Turkiye Petrol Rafinerileri AS (Oil, Gas & Consumable Fuels) |  | 80608 |
|  |  |  | 1078007 |
| United Arab Emirates – 0.3% | United Arab Emirates – 0.3% | United Arab Emirates – 0.3% | United Arab Emirates – 0.3% |
| 122322 | Abu Dhabi Commercial Bank PJSC (Banks) |  | 387620 |
| 208300 | ADNOC Drilling Co. PJSC (Energy Equipment & Services) |  | 277909 |
| 296430 | Aldar Properties PJSC (Real Estate Management & Development) |  | 667547 |
| 688870 | Emaar Properties PJSC (Real Estate Management & Development) |  | 2461506 |
| 64250 | Emirates NBD Bank PJSC (Banks) |  | 359574 |
|  |  |  | 4154156 |
| United Kingdom – 4.7% | United Kingdom – 4.7% | United Kingdom – 4.7% | United Kingdom – 4.7% |
| 56060 | 3i Group PLC (Capital Markets) |  | 3178099 |
| 6202 | 4imprint Group PLC (Media) |  | 284075 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United Kingdom (continued) | United Kingdom (continued) | United Kingdom (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13150 | Anglogold Ashanti PLC (Metals & Mining) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547461 |
| 35313 | AstraZeneca PLC (Pharmaceuticals) | 5059181 |
| 88792 | B&M European Value Retail SA (Broadline Retail) | 399331 |
| 71371 | Balfour Beatty PLC (Construction & Engineering) | 436532 |
| 1003317 | Barclays PLC (Banks) | 3996855 |
| 46040 | Beazley PLC (Insurance) | 545513 |
| 12028 | Bellway PLC (Household Durables) | 431826 |
| 17482 | Berkeley Group Holdings PLC (Household Durables) | 974504 |
| 534821 | BP PLC (Oil, Gas & Consumable Fuels) | 2469478 |
| 72130 | Breedon Group PLC (Construction Materials) | 413926 |
| 28321 | British American Tobacco PLC (Tobacco) | 1233616 |
| 105435 | British Land Co. PLC (Diversified REITs) | 554679 |
| 150376 | Compass Group PLC (Hotels, Restaurants & Leisure) | 5069900 |
| 12918 | Computacenter PLC (IT Services) | 417814 |
| 131905 | ConvaTec Group PLC<sup>(a)</sup> (Health Care Equipment & Supplies) | 458589 |
| 6465 | Cranswick PLC (Food Products) | 447448 |
| 122845 | Diageo PLC (Beverages) | 3449535 |
| 13885 | Endava PLC ADR\* (IT Services) | 252846 |
| 4 | Flutter Entertainment PLC\* (Hotels, Restaurants & Leisure) | 964 |
| 19653 | Gamma Communications PLC (Diversified Telecommunication Services) | 349396 |
| 109677 | GSK PLC (Pharmaceuticals) | 2169707 |
| 35584 | IG Group Holdings PLC (Capital Markets) | 507178 |
| 19568 | IMI PLC (Machinery) | 464404 |
| 18266 | Intermediate Capital Group PLC (Capital Markets) | 459463 |
| 22903 | JET2 PLC (Passenger Airlines) | 484661 |
| 244151 | Kingfisher PLC (Specialty Retail) | 938393 |
| 284144 | Legal & General Group PLC (Insurance) | 894793 |
| 13748 | London Stock Exchange Group PLC (Capital Markets) | 2140721 |
| 166752 | Man Group PLC (Capital Markets) | 363963 |
| 306077 | NatWest Group PLC (Banks) | 1968775 |
| 13832 | Nomad Foods Ltd. (Food Products) | 276502 |
| 291084 | Prudential PLC (Insurance) | 3095030 |
| 62836 | Reckitt Benckiser Group PLC (Household Products) | 4055846 |
| 73659 | RELX PLC (Professional Services) | 4016783 |
| 15291 | Rio Tinto PLC (Metals & Mining) | 911182 |
| 1053916 | Rolls-Royce Holdings PLC (Aerospace & Defense) | 10668234 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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;109559 | Segro PLC REIT (Industrial REITs) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996620 |
| 83663 | Smith & Nephew PLC (Health Care Equipment & Supplies) |  | 1177354 |
| 6749 | Smiths Group PLC (Industrial Conglomerates) |  | 168182 |
| 71784 | Standard Chartered PLC (Banks) |  | 1033923 |
| 274487 | Tesco PLC (Consumer Staples Distribution & Retail) |  | 1358437 |
| 193742 | Tritax Big Box REIT PLC (Industrial REITs) |  | 370606 |
| 15589 | Weir Group PLC (Machinery) |  | 469907 |
| 77523 | WH Smith PLC (Specialty Retail) |  | 938114 |
| 9018 | Whitbread PLC (Hotels, Restaurants & Leisure) |  | 313204 |
|  |  |  | 71213550 |
| United States – 47.8% | United States – 47.8% | United States – 47.8% | United States – 47.8% |
| 82623 | Abbott Laboratories (Health Care Equipment & Supplies) |  | 10802957 |
| 2131 | Abercrombie & Fitch Co. Class A\* (Specialty Retail) |  | 147934 |
| 5149 | ABM Industries, Inc. (Commercial Services & Supplies) |  | 250962 |
| 4010 | Academy Sports & Outdoors, Inc. (Specialty Retail) |  | 151097 |
| 2140 | Addus HomeCare Corp.\* (Health Care Providers & Services) |  | 223737 |
| 22589 | Adeia, Inc. (Software) |  | 278071 |
| 11594 | Adobe, Inc.\* (Software) |  | 4347518 |
| 3474 | Adtalem Global Education, Inc.\* (Diversified Consumer Services) |  | 368939 |
| 5019 | Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components) |  | 488901 |
| 19697 | Affirm Holdings, Inc.\* (Financial Services) |  | 980123 |
| 13176 | Agios Pharmaceuticals, Inc.\* (Biotechnology) |  | 391195 |
| 399295 | AGNC Investment Corp. (Mortgage Real Estate Investment Trusts (REITs)) |  | 3525775 |
| 8126 | Agree Realty Corp. (Retail REITs) |  | 630659 |
| 20040 | Alkami Technology, Inc.\* (Software) |  | 534868 |
| 127884 | Alphabet, Inc. Class A (Interactive Media & Services) |  | 20307979 |
| 145891 | Amazon.com, Inc.\* (Broadline Retail) |  | 26905218 |
| 140355 | American International Group, Inc. (Insurance) |  | 11441740 |
| 13712 | Ameris Bancorp (Banks) |  | 803523 |
| 73923 | Amphenol Corp. Class A (Electronic Equipment, Instruments & Components) |  | 5688375 |
| 3213 | Appfolio, Inc. Class A\* (Software) |  | 663549 |

---

&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;

---

| | | |
|:---|:---|:---|
| **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;71180 | Apple, Inc. (Technology Hardware, Storage & Peripherals) | $&nbsp;&nbsp;&nbsp;&nbsp;15125750 |
| 9441 | AppLovin Corp. Class A\* (Software) | 2542556 |
| 9443 | Archrock, Inc. (Energy Equipment & Services) | 222194 |
| 25749 | Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 383918 |
| 9673 | ARES Management Corp. Class A (Capital Markets) | 1475423 |
| 1722 | Arrow Electronics, Inc.\* (Electronic Equipment, Instruments & Components) | 191762 |
| 18662 | Artivion, Inc.\* (Health Care Equipment & Supplies) | 442103 |
| 2454 | Asbury Automotive Group, Inc.\* (Specialty Retail) | 535316 |
| 6532 | Atlassian Corp. Class A\* (Software) | 1491321 |
| 5198 | Atmus Filtration Technologies, Inc. (Machinery) | 180215 |
| 18549 | AtriCure, Inc.\* (Health Care Equipment & Supplies) | 554801 |
| 51000 | Aurora Innovation, Inc.\* (Software) | 369240 |
| 18720 | Avient Corp. (Chemicals) | 623563 |
| 5135 | Avnet, Inc. (Electronic Equipment, Instruments & Components) | 241294 |
| 2556 | Axcelis Technologies, Inc.\* (Semiconductors & Semiconductor Equipment) | 125193 |
| 2708 | Axos Financial, Inc.\* (Banks) | 171904 |
| 7401 | Azenta, Inc.\* (Life Sciences Tools & Services) | 194942 |
| 2181 | AZZ, Inc. (Building Products) | 189224 |
| 4562 | Balchem Corp. (Chemicals) | 714181 |
| 19366 | Baldwin Insurance Group, Inc.\* (Insurance) | 806013 |
| 159674 | Bank of America Corp. (Banks) | 6367799 |
| 5310 | BankUnited, Inc. (Banks) | 173690 |
| 3621 | Bath & Body Works, Inc. (Specialty Retail) | 110477 |
| 9139 | Beazer Homes USA, Inc.\* (Household Durables) | 178759 |
| 38716 | Becton Dickinson & Co. (Health Care Equipment & Supplies) | 8017696 |
| 2522 | Belden, Inc. (Electronic Equipment, Instruments & Components) | 260043 |
| 1908 | BellRing Brands, Inc.\* (Personal Products) | 147183 |
| 3816 | Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 124134 |
| 37625 | Berkshire Hathaway, Inc. Class B\* (Financial Services) | 20063531 |
| 37633 | BGC Group, Inc. Class A (Capital Markets) | 340955 |

---

---

| | | |
|:---|:---|:---|
| **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;48150 | BioCryst Pharmaceuticals, Inc.\* (Biotechnology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426127 |
| 77493 | Block, Inc.\* (Financial Services) | 4531016 |
| 14272 | Boeing Co.\* (Aerospace & Defense) | 2615201 |
| 942 | Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 4803522 |
| 4563 | Boot Barn Holdings, Inc.\* (Specialty Retail) | 476103 |
| 4337 | Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 299860 |
| 2764 | Brady Corp. Class A (Commercial Services & Supplies) | 194282 |
| 2984 | Brink's Co. (Commercial Services & Supplies) | 266292 |
| 36196 | Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 6966644 |
| 29720 | Builders FirstSource, Inc.\* (Building Products) | 3555404 |
| 7532 | Byline Bancorp, Inc. (Banks) | 192367 |
| 5004 | Cadence Bank (Banks) | 146417 |
| 13759 | Cadre Holdings, Inc. (Aerospace & Defense) | 401075 |
| 40237 | Capital One Financial Corp. (Consumer Finance) | 7253122 |
| 5634 | Cargurus, Inc.\* (Interactive Media & Services) | 157527 |
| 93287 | CarMax, Inc.\* (Specialty Retail) | 6032870 |
| 88207 | Carnival Corp.\* (Hotels, Restaurants & Leisure) | 1617716 |
| 9230 | Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 224197 |
| 12130 | Caterpillar, Inc. (Machinery) | 3751445 |
| 13202 | Cathay General Bancorp (Banks) | 550391 |
| 12531 | CBIZ, Inc.\* (Professional Services) | 853361 |
| 24128 | Central Garden & Pet Co. Class A\* (Household Products) | 713465 |
| 9921 | Champion Homes, Inc.\* (Household Durables) | 858166 |
| 13724 | Charles Schwab Corp. (Capital Markets) | 1117134 |
| 3528 | Chart Industries, Inc.\* (Machinery) | 476209 |
| 54693 | Chipotle Mexican Grill, Inc.\* (Hotels, Restaurants & Leisure) | 2763090 |
| 4991 | Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 450338 |
| 10709 | Cigna Group (Health Care Providers & Services) | 3641488 |
| 1404 | Coca-Cola Consolidated, Inc. (Beverages) | 1903557 |
| 6613 | Cohen & Steers, Inc. (Capital Markets) | 504704 |
| 77893 | Colgate-Palmolive Co. (Household Products) | 7180956 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **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;9442 | Columbia Banking System, Inc. (Banks) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211690 |
| 4441 | Concentrix Corp. (Professional Services) | 226757 |
| 85717 | ConocoPhillips (Oil, Gas & Consumable Fuels) | 7639099 |
| 8315 | Cousins Properties, Inc. (Office REITs) | 228995 |
| 12142 | Crinetics Pharmaceuticals, Inc.\* (Biotechnology) | 405421 |
| 8582 | Danaher Corp. (Life Sciences Tools & Services) | 1710650 |
| 10808 | Dayforce, Inc.\* (Professional Services) | 625459 |
| 6974 | Deere & Co. (Machinery) | 3232867 |
| 40711 | Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 5374259 |
| 3780 | DoorDash, Inc. Class A\* (Hotels, Restaurants & Leisure) | 729124 |
| 7005 | Ducommun, Inc.\* (Aerospace & Defense) | 401527 |
| 22155 | Dynatrace, Inc.\* (Software) | 1040620 |
| 1915 | elf Beauty, Inc.\* (Personal Products) | 118481 |
| 8194 | Eli Lilly & Co. (Pharmaceuticals) | 7365996 |
| 3764 | Employers Holdings, Inc. (Insurance) | 182893 |
| 7277 | Enact Holdings, Inc. (Financial Services) | 260444 |
| 13050 | Enerpac Tool Group Corp. (Machinery) | 526828 |
| 2963 | EnerSys (Electrical Equipment) | 256596 |
| 42663 | Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 3375497 |
| 10068 | Equifax, Inc. (Professional Services) | 2618989 |
| 8034 | Essent Group Ltd. (Financial Services) | 457376 |
| 869 | Evercore, Inc. Class A (Capital Markets) | 178397 |
| 57196 | Expand Energy Corp. (Oil, Gas & Consumable Fuels) | 5942664 |
| 25648 | Extra Space Storage, Inc. (Specialized REITs) | 3757945 |
| 36200 | Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 3823806 |
| 14048 | EZCORP, Inc. Class A\* (Consumer Finance) | 229966 |
| 1104 | Fair Isaac Corp.\* (Software) | 2196607 |
| 3561 | Federal Agricultural Mortgage Corp. Class C (Financial Services) | 624350 |
| 30938 | Ferguson Enterprises, Inc. (Trading Companies & Distributors) | 5248941 |
| 17772 | First Advantage Corp.\* (Professional Services) | 250585 |

---

---

| | | |
|:---|:---|:---|
| **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;4683 | First American Financial Corp. (Insurance) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284773 |
| 2906 | First Industrial Realty Trust, Inc. (Industrial REITs) | 138267 |
| 34338 | First Watch Restaurant Group, Inc.\* (Hotels, Restaurants & Leisure) | 606409 |
| 4704 | FirstCash Holdings, Inc. (Consumer Finance) | 630148 |
| 28946 | Fiserv, Inc.\* (Financial Services) | 5342563 |
| 11032 | Frontdoor, Inc.\* (Diversified Consumer Services) | 453526 |
| 1553 | FTI Consulting, Inc.\* (Professional Services) | 258233 |
| 22115 | Gates Industrial Corp. PLC\* (Machinery) | 418416 |
| 77133 | General Mills, Inc. (Food Products) | 4376526 |
| 103609 | General Motors Co. (Automobiles) | 4687271 |
| 7777 | Glacier Bancorp, Inc. (Banks) | 316991 |
| 11818 | Globus Medical, Inc. Class A\* (Health Care Equipment & Supplies) | 848178 |
| 7277 | Grand Canyon Education, Inc.\* (Diversified Consumer Services) | 1297998 |
| 4581 | Granite Construction, Inc. (Construction & Engineering) | 372389 |
| 4656 | Griffon Corp. (Building Products) | 317120 |
| 792 | Group 1 Automotive, Inc. (Specialty Retail) | 319675 |
| 4791 | Hackett Group, Inc. (IT Services) | 122362 |
| 4136 | Haemonetics Corp.\* (Health Care Equipment & Supplies) | 260651 |
| 13003 | Halozyme Therapeutics, Inc.\* (Biotechnology) | 798644 |
| 5864 | Hancock Whitney Corp. (Banks) | 305456 |
| 22164 | Hartford Insurance Group, Inc. (Insurance) | 2718858 |
| 14965 | HCA Healthcare, Inc. (Health Care Providers & Services) | 5164122 |
| 8514 | HealthEquity, Inc.\* (Health Care Providers & Services) | 729820 |
| 11674 | Heritage Commerce Corp. (Banks) | 105533 |
| 58986 | Hillman Solutions Corp.\* (Machinery) | 412312 |
| 5634 | Home BancShares, Inc. (Banks) | 156344 |
| 18350 | Horace Mann Educators Corp. (Insurance) | 762259 |
| 5342 | Houlihan Lokey, Inc. (Capital Markets) | 865831 |
| 25181 | Howmet Aerospace, Inc. (Aerospace & Defense) | 3489583 |
| 9645 | HubSpot, Inc.\* (Software) | 5897917 |
| 1704 | Huron Consulting Group, Inc.\* (Professional Services) | 229682 |
| 1687 | ICU Medical, Inc.\* (Health Care Equipment & Supplies) | 230427 |

---

&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;

---

| | | |
|:---|:---|:---|
| **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;5208 | IDACORP, Inc. (Electric Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615013 |
| 27755 | Independence Realty Trust, Inc. (Residential REITs) | 539280 |
| 7430 | Independent Bank Corp. (Banks) | 439039 |
| 27088 | Ingersoll Rand, Inc. (Machinery) | 2043248 |
| 1963 | Ingredion, Inc. (Food Products) | 260726 |
| 9797 | Insmed, Inc.\* (Biotechnology) | 705384 |
| 872 | Installed Building Products, Inc. (Household Durables) | 144604 |
| 18589 | Intapp, Inc.\* (Software) | 1008639 |
| 54190 | Intercontinental Exchange, Inc. (Capital Markets) | 9102294 |
| 2860 | InterDigital, Inc. (Software) | 574860 |
| 79121 | International Paper Co. (Containers & Packaging) | 3614247 |
| 14127 | Intuit, Inc. (Software) | 8864269 |
| 12239 | Intuitive Surgical, Inc.\* (Health Care Equipment & Supplies) | 6312876 |
| 4640 | ITT, Inc. (Machinery) | 635773 |
| 27771 | Janus International Group, Inc.\* (Building Products) | 191064 |
| 81250 | JBS SA (Food Products) | 631085 |
| 28455 | JPMorgan Chase & Co. (Banks) | 6960662 |
| 4125 | KBR, Inc. (Professional Services) | 217841 |
| 14434 | Kelly Services, Inc. Class A (Professional Services) | 166713 |
| 5153 | Kemper Corp. (Insurance) | 304645 |
| 246650 | KeyCorp (Banks) | 3660286 |
| 2056 | Knife River Corp.\* (Construction Materials) | 191989 |
| 15982 | L3Harris Technologies, Inc. (Aerospace & Defense) | 3516360 |
| 23877 | Labcorp Holdings, Inc. (Health Care Providers & Services) | 5754596 |
| 3349 | Lantheus Holdings, Inc.\* (Health Care Equipment & Supplies) | 349435 |
| 18097 | Lattice Semiconductor Corp.\* (Semiconductors & Semiconductor Equipment) | 885486 |
| 17871 | Laureate Education, Inc.\* (Diversified Consumer Services) | 358671 |
| 9271 | La-Z-Boy, Inc. (Household Durables) | 366205 |
| 1666 | LCI Industries (Automobile Components) | 128415 |
| 5495 | Legend Biotech Corp. ADR\* (Biotechnology) | 192050 |
| 8025 | LiveRamp Holdings, Inc.\* (Software) | 209934 |
| 19434 | Lululemon Athletica, Inc.\* (Textiles, Apparel & Luxury Goods) | 5262144 |
| 9623 | MACOM Technology Solutions Holdings, Inc.\* (Semiconductors & Semiconductor Equipment) | 998386 |

---

---

| | | |
|:---|:---|:---|
| **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;36823 | Magnite, Inc.\* (Media) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437825 |
| 33913 | Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels) | 696234 |
| 9088 | Martin Marietta Materials, Inc. (Construction Materials) | 4761930 |
| 8469 | Masterbrand, Inc.\* (Building Products) | 102898 |
| 18412 | Mastercard, Inc. Class A (Financial Services) | 10090881 |
| 14965 | Matador Resources Co. (Oil, Gas & Consumable Fuels) | 591716 |
| 2032 | Matson, Inc. (Marine Transportation) | 221671 |
| 2488 | Maximus, Inc. (Professional Services) | 166596 |
| 2113 | Medpace Holdings, Inc.\* (Life Sciences Tools & Services) | 651628 |
| 3347 | Meritage Homes Corp. (Household Durables) | 228065 |
| 35560 | Meta Platforms, Inc. Class A (Interactive Media & Services) | 19522440 |
| 62104 | MetLife, Inc. (Insurance) | 4680778 |
| 88663 | Microsoft Corp. (Software) | 35044938 |
| 9757 | Minerals Technologies, Inc. (Chemicals) | 503364 |
| 7117 | Monday.com Ltd.\* (Software) | 1999806 |
| 116200 | Mondelez International, Inc. Class A (Food Products) | 7916706 |
| 8400 | Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 4982040 |
| 13150 | Motorola Solutions, Inc. (Communications Equipment) | 5791128 |
| 38920 | Nasdaq, Inc. (Capital Markets) | 2966093 |
| 11565 | Natera, Inc.\* (Biotechnology) | 1745505 |
| 6873 | National Health Investors, Inc. (Health Care REITs) | 520080 |
| 29249 | Nestle SA (Food Products) | 3113187 |
| 5972 | Netflix, Inc.\* (Entertainment) | 6758632 |
| 1455 | Nicolet Bankshares, Inc. (Banks) | 169959 |
| 2308 | Northeast Bank (Banks) | 191149 |
| 13644 | Northwestern Energy Group, Inc. (Multi-Utilities) | 794490 |
| 5657 | Novanta, Inc.\* (Electronic Equipment, Instruments & Components) | 672391 |
| 26106 | Nucor Corp. (Metals & Mining) | 3116273 |
| 237919 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 25914137 |
| 514 | NVR, Inc.\* (Household Durables) | 3662635 |
| 28225 | OceanFirst Financial Corp. (Banks) | 467406 |
| 3578 | OGE Energy Corp. (Electric Utilities) | 162370 |
| 14277 | Old National Bancorp (Banks) | 293963 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **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;5624 | Option Care Health, Inc.\* (Health Care Providers & Services) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181711 |
| 4628 | O'Reilly Automotive, Inc.\* (Specialty Retail) | 6549546 |
| 1020 | OSI Systems, Inc.\* (Electronic Equipment, Instruments & Components) | 208835 |
| 6163 | Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 299522 |
| 22126 | Pacific Premier Bancorp, Inc. (Banks) | 450043 |
| 6716 | PAR Technology Corp.\* (Electronic Equipment, Instruments & Components) | 392214 |
| 7923 | Patrick Industries, Inc. (Automobile Components) | 609913 |
| 5663 | Peapack-Gladstone Financial Corp. (Banks) | 156752 |
| 14165 | Pediatrix Medical Group, Inc.\* (Health Care Providers & Services) | 182445 |
| 3897 | PennyMac Financial Services, Inc. (Financial Services) | 379724 |
| 12566 | PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts (REITs)) | 161347 |
| 13611 | Perdoceo Education Corp. (Diversified Consumer Services) | 341908 |
| 19745 | Perella Weinberg Partners (Capital Markets) | 339022 |
| 252138 | Pfizer, Inc. (Pharmaceuticals) | 6154689 |
| 10368 | Philip Morris International, Inc. (Tobacco) | 1776660 |
| 7841 | Photronics, Inc.\* (Semiconductors & Semiconductor Equipment) | 143255 |
| 23409 | Phreesia, Inc.\* (Health Care Technology) | 584289 |
| 3979 | Preferred Bank (Banks) | 317763 |
| 3005 | PriceSmart, Inc. (Consumer Staples Distribution & Retail) | 304977 |
| 17218 | Primoris Services Corp. (Construction & Engineering) | 1032563 |
| 20581 | Qiagen NV\* (Life Sciences Tools & Services) | 883248 |
| 1794 | Qorvo, Inc.\* (Semiconductors & Semiconductor Equipment) | 128576 |
| 3590 | RBC Bearings, Inc.\* (Machinery) | 1179566 |
| 28214 | Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs)) | 175209 |
| 32453 | Regal Rexnord Corp. (Electrical Equipment) | 3434826 |
| 10125 | Revolve Group, Inc.\* (Specialty Retail) | 201285 |
| 19014 | Roche Holding AG (Pharmaceuticals) | 6217319 |

---

---

| | | |
|:---|:---|:---|
| **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;6226 | Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547577 |
| 840 | Saia, Inc.\* (Ground Transportation) | 204960 |
| 18737 | Salesforce, Inc. (Software) | 5034819 |
| 20205 | SBA Communications Corp. (Specialized REITs) | 4917897 |
| 39774 | Schlumberger NV (Energy Equipment & Services) | 1322485 |
| 11445 | Schneider National, Inc. Class B (Ground Transportation) | 245953 |
| 21531 | Seacoast Banking Corp. of Florida (Banks) | 510500 |
| 8125 | Sensata Technologies Holding PLC (Electrical Equipment) | 173875 |
| 15150 | ServiceNow, Inc.\* (Software) | 14468401 |
| 10300 | Sherwin-Williams Co. (Chemicals) | 3635076 |
| 1420 | Shift4 Payments, Inc. Class A\* (Financial Services) | 116156 |
| 16651 | Silgan Holdings, Inc. (Containers & Packaging) | 860024 |
| 585 | Silicon Laboratories, Inc.\* (Semiconductors & Semiconductor Equipment) | 59530 |
| 6832 | Simply Good Foods Co.\* (Food Products) | 246704 |
| 23098 | SLM Corp. (Consumer Finance) | 667763 |
| 19236 | Smurfit WestRock PLC (Containers & Packaging) | 808297 |
| 10000 | Solaris Energy Infrastructure, Inc. (Energy Equipment & Services) | 211400 |
| 17805 | Spotify Technology SA\* (Entertainment) | 10931914 |
| 11572 | SpringWorks Therapeutics, Inc.\* (Biotechnology) | 535784 |
| 7202 | SPX Technologies, Inc.\* (Machinery) | 966148 |
| 60100 | SS&C Technologies Holdings, Inc. (Professional Services) | 4543560 |
| 24893 | STAG Industrial, Inc. (Industrial REITs) | 822216 |
| 25025 | Stagwell, Inc.\* (Media) | 139640 |
| 39660 | Starbucks Corp. (Hotels, Restaurants & Leisure) | 3174783 |
| 7367 | Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs)) | 141373 |
| 6978 | STERIS PLC (Health Care Equipment & Supplies) | 1568236 |
| 7371 | Sterling Infrastructure, Inc.\* (Construction & Engineering) | 1101449 |
| 8357 | Stifel Financial Corp. (Capital Markets) | 716111 |
| 4280 | StoneX Group, Inc.\* (Capital Markets) | 379058 |

---

&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;

---

| | | |
|:---|:---|:---|
| **&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;9854 | Stryker Corp. (Health Care Equipment & Supplies) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684608 |
| 22211 | Supernus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 721413 |
| 98833 | Sysco Corp. (Consumer Staples Distribution & Retail) | 7056676 |
| 24406 | Tandem Diabetes Care, Inc.\* (Health Care Equipment & Supplies) | 411241 |
| 35979 | Target Corp. (Consumer Staples Distribution & Retail) | 3479169 |
| 4222 | Taylor Morrison Home Corp.\* (Household Durables) | 242132 |
| 18966 | TEGNA, Inc. (Media) | 307818 |
| 5557 | Texas Capital Bancshares, Inc.\* (Banks) | 378710 |
| 51527 | Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 8246896 |
| 4858 | Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 806234 |
| 12918 | Thermon Group Holdings, Inc.\* (Electrical Equipment) | 338839 |
| 15695 | TopBuild Corp.\* (Household Durables) | 4641953 |
| 10795 | Tradeweb Markets, Inc. Class A (Capital Markets) | 1492948 |
| 17624 | Tri Pointe Homes, Inc.\* (Household Durables) | 541938 |
| 5883 | U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 418340 |
| 7588 | UFP Industries, Inc. (Building Products) | 750074 |
| 8137 | Ultra Clean Holdings, Inc.\* (Semiconductors & Semiconductor Equipment) | 152203 |
| 6564 | UMB Financial Corp. (Banks) | 620757 |
| 19731 | Under Armour, Inc. Class A\* (Textiles, Apparel & Luxury Goods) | 112861 |
| 27930 | Union Pacific Corp. (Ground Transportation) | 6023384 |
| 13395 | United Therapeutics Corp.\* (Biotechnology) | 4059891 |
| 12541 | UnitedHealth Group, Inc. (Health Care Providers & Services) | 5159869 |
| 4095 | Universal Corp. (Tobacco) | 238616 |
| 2424 | Urban Outfitters, Inc.\* (Specialty Retail) | 127939 |
| 49026 | Utz Brands, Inc. (Food Products) | 651556 |
| 17903 | Veracyte, Inc.\* (Biotechnology) | 546041 |
| 7072 | Verint Systems, Inc.\* (Software) | 124750 |
| 57760 | Viavi Solutions, Inc.\* (Communications Equipment) | 611101 |

---

---

| | | |
|:---|:---|:---|
| **&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;12801 | Viper Energy, Inc. (Oil, Gas & Consumable Fuels) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516264 |
| 30912 | Visa, Inc. Class A (Financial Services) | 10680096 |
| 16476 | Vita Coco Co., Inc.\* (Beverages) | 544532 |
| 5179 | Voya Financial, Inc. (Financial Services) | 306597 |
| 103443 | Walt Disney Co. (Entertainment) | 9408141 |
| 7739 | Waste Connections, Inc. (Commercial Services & Supplies) | 1529459 |
| 24785 | Waste Management, Inc. (Commercial Services & Supplies) | 5783828 |
| 224 | White Mountains Insurance Group Ltd. (Insurance) | 395909 |
| 2673 | Wintrust Financial Corp. (Banks) | 297157 |
| 11715 | World Kinect Corp. (Oil, Gas & Consumable Fuels) | 293929 |
| 3554 | WSFS Financial Corp. (Banks) | 183209 |
| 2144 | Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 182883 |
| 38560 | Xylem, Inc. (Machinery) | 4649179 |
| 4268 | Zions Bancorp NA (Banks) | 191932 |
| 49040 | Zoetis, Inc. (Pharmaceuticals) | 7669856 |
|  |  | 718948416 |
| Uruguay\* – 0.3% | Uruguay\* – 0.3% |  |
| 2054 | MercadoLibre, Inc. (Broadline Retail) | 4787566 |
| TOTAL COMMON STOCKS<br>(Cost $1,043,970,995) | TOTAL COMMON STOCKS<br>(Cost $1,043,970,995) | $1242806369 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 0.1% | Preferred Stocks – 0.1% | Preferred Stocks – 0.1% |
| Brazil – 0.1% | Brazil – 0.1% | Brazil – 0.1% |
|  Cia Energetica de Minas Gerais (Electric Utilities) | Cia Energetica de Minas Gerais (Electric Utilities) | Cia Energetica de Minas Gerais (Electric Utilities) |
| 17550 | 10.929% | $33862 |
|  Itausa SA (Banks) | Itausa SA (Banks) | Itausa SA (Banks) |
| 499089 | 8.470 | 940991 |
| TOTAL PREFERRED STOCKS<br>(Cost $967,215) | TOTAL PREFERRED STOCKS<br>(Cost $967,215) | $974853 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 8.9% | Exchange Traded Funds – 8.9% | Exchange Traded Funds – 8.9% |
| 16200 | iShares Core MSCI Emerging Markets ETF | $877554 |
| 52855 | iShares MSCI Saudi Arabia ETF | 2136927 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Exchange Traded Funds | Exchange Traded Funds | Exchange Traded Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;256082 | Vanguard S&P 500 ETF | $130535239 |
| TOTAL EXCHANGE TRADED FUNDS<br>(Cost $143,340,638) | TOTAL EXCHANGE TRADED FUNDS<br>(Cost $143,340,638) | $133549720 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Companies<sup>(c)</sup> – 6.9% | Investment Companies<sup>(c)</sup> – 6.9% | Investment Companies<sup>(c)</sup> – 6.9% |
|  Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 |
| 42822201 | 4.248% | $42822201 |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 61565359 | 4.248 | 61565359 |
| TOTAL INVESTMENT COMPANIES – 6.9%<br>(Cost $104,387,560) | TOTAL INVESTMENT COMPANIES – 6.9%<br>(Cost $104,387,560) | $104387560 |
| TOTAL INVESTMENTS – 98.4%<br>(Cost $1,292,666,408) | TOTAL INVESTMENTS – 98.4%<br>(Cost $1,292,666,408) | $1481718502 |
|  **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.6%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.6%** | 23854429 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1505572931 |

---

&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.<br>

\* 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.

 <br> SECTOR ALLOCATION AS OF APRIL 30, 2025

---

| | |
|:---|:---|
| **Sector** | **% of Total** <br> **Market Value** |
| Information Technology | 17.4% |
| Financials | 16.6 |
| Industrials | 10.9 |
| Consumer Discretionary | 10.2 |
| Health Care | 9.4 |
| Exchange Traded Funds | 9.0 |
| Investment Companies | 7.0 |
| Communication Services | 6.6 |
| Consumer Staples | 4.9 |
| Materials | 3.1 |
| Energy | 2.7 |
| Real Estate | 1.5 |
| Utilities | 0.7 |
|  | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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 | AUD | 14370000 | USD | 9167865 | 05/02/25 | $36985 |
|  | CHF | 10940000 | USD | 13191271 | 05/02/25 | 66874 |
|  | GBP | 14585000 | USD | 19408639 | 05/02/25 | 28764 |
|  | HKD | 16750000 | USD | 2159444 | 05/02/25 | 326 |
|  | JPY | 4260000000 | USD | 29717350 | 05/02/25 | 83699 |
|  | NOK | 8300000 | USD | 796037 | 05/02/25 | 1779 |
|  | SEK | 43500000 | USD | 4490799 | 05/02/25 | 10289 |
|  | SGD | 2200000 | USD | 1673717 | 05/02/25 | 10899 |
|  | USD | 3647591 | DKK | 23940000 | 06/03/25 | 5914 |
|  | USD | 44906239 | EUR | 39490000 | 06/03/25 | 77093 |
|  | USD | 564059 | ILS | 2040000 | 06/03/25 | 3002 |
|  | USD | 256393 | NZD | 430000 | 06/03/25 | 715 |
|  JPMorgan Securities, Inc. | AUD | 3930000 | USD | 2507287 | 05/02/25 | 10115 |
|  | CHF | 2990000 | USD | 3605293 | 05/02/25 | 18277 |
|  | GBP | 4095000 | USD | 5449323 | 05/02/25 | 8076 |

---

&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;

## &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) | HKD | 4870000 | USD | 627850 | 05/02/25 | $95 |
|  | JPY | 1278000000 | USD | 8915205 | 05/02/25 | 25110 |
|  | NOK | 2300000 | USD | 220589 | 05/02/25 | 493 |
|  | SEK | 11850000 | USD | 1223356 | 05/02/25 | 2803 |
|  | SGD | 560000 | USD | 426037 | 05/02/25 | 2774 |
|  | USD | 1380417 | DKK | 9060000 | 06/03/25 | 2238 |
|  | USD | 12611046 | EUR | 11090000 | 06/03/25 | 21650 |
|  | USD | 143780 | ILS | 520000 | 06/03/25 | 765 |
|  | USD | 65589 | NZD | 110000 | 06/03/25 | 183 |
|  State Street Bank and Trust | HKD | 40245 | USD | 5189 | 05/06/25 | 1 |
|  | SEK | 166727 | USD | 17250 | 05/05/25 | 4 |
|  | USD | 24020 | SEK | 231578 | 05/02/25 | 58 |
|  | USD | 84315 | SEK | 813611 | 05/05/25 | 113 |
| TOTAL |  |  |  |  |  | $419094 |

---

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 | DKK | 23940000 | USD | 3639722 | 05/02/25 | $(5937) |
|  | EUR | 39490000 | USD | 44819859 | 05/02/25 | (78178) |
|  | ILS | 2040000 | USD | 563524 | 05/02/25 | (2919) |
|  | NZD | 430000 | USD | 256167 | 05/02/25 | (733) |
|  | USD | 9081136 | AUD | 14370000 | 05/02/25 | (123714) |
|  | USD | 9170655 | AUD | 14370000 | 06/03/25 | (37357) |
|  | USD | 12425944 | CHF | 10940000 | 05/02/25 | (832201) |
|  | USD | 13242008 | CHF | 10940000 | 06/03/25 | (67730) |
|  | USD | 3468411 | DKK | 23940000 | 05/02/25 | (165374) |
|  | USD | 42676112 | EUR | 39490000 | 05/02/25 | (2065567) |
|  | USD | 18810639 | GBP | 14585000 | 05/02/25 | (626764) |
|  | USD | 19410506 | GBP | 14585000 | 06/03/25 | (29290) |
|  | USD | 2155840 | HKD | 16750000 | 05/02/25 | (3929) |
|  | USD | 2160421 | HKD | 16750000 | 06/03/25 | (353) |
|  | USD | 556380 | ILS | 2040000 | 05/02/25 | (4224) |
|  | USD | 28437272 | JPY | 4260000000 | 05/02/25 | (1363777) |
|  | USD | 29824727 | JPY | 4260000000 | 06/03/25 | (83813) |
|  | USD | 788147 | NOK | 8300000 | 05/02/25 | (9669) |
|  | USD | 796046 | NOK | 8300000 | 06/03/25 | (1783) |
|  | USD | 247558 | NZD | 430000 | 05/02/25 | (7876) |
|  | USD | 4333979 | SEK | 43500000 | 05/02/25 | (167109) |
|  | USD | 4499639 | SEK | 43500000 | 06/03/25 | (10258) |
|  | USD | 1646389 | SGD | 2200000 | 05/02/25 | (38227) |
|  | USD | 1676769 | SGD | 2200000 | 06/03/25 | (10873) |
|  JPMorgan Securities, Inc. | DKK | 9060000 | USD | 1377439 | 05/02/25 | (2247) |
|  | EUR | 11090000 | USD | 12586787 | 05/02/25 | (21955) |
|  | ILS | 520000 | USD | 143643 | 05/02/25 | (744) |
|  | NZD | 110000 | USD | 65531 | 05/02/25 | (187) |
|  | USD | 2483567 | AUD | 3930000 | 05/02/25 | (33834) |
|  | USD | 2508050 | AUD | 3930000 | 06/03/25 | (10217) |

---

&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) *April 30, 2025 (Unaudited)*

&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 | 3396122 | CHF | 2990000 | 05/02/25 | $(227448) |
|  | USD | 3619159 | CHF | 2990000 | 06/03/25 | (18511) |
|  | USD | 1312607 | DKK | 9060000 | 05/02/25 | (62585) |
|  | USD | 11984758 | EUR | 11090000 | 05/02/25 | (580075) |
|  | USD | 5281424 | GBP | 4095000 | 05/02/25 | (175975) |
|  | USD | 5449847 | GBP | 4095000 | 06/03/25 | (8224) |
|  | USD | 626802 | HKD | 4870000 | 05/02/25 | (1142) |
|  | USD | 628134 | HKD | 4870000 | 06/03/25 | (103) |
|  | USD | 141822 | ILS | 520000 | 05/02/25 | (1077) |
|  | USD | 8531182 | JPY | 1278000000 | 05/02/25 | (409133) |
|  | USD | 8947418 | JPY | 1278000000 | 06/03/25 | (25144) |
|  | USD | 218402 | NOK | 2300000 | 05/02/25 | (2679) |
|  | USD | 220591 | NOK | 2300000 | 06/03/25 | (494) |
|  | USD | 63329 | NZD | 110000 | 05/02/25 | (2015) |
|  | USD | 1180636 | SEK | 11850000 | 05/02/25 | (45523) |
|  | USD | 1225764 | SEK | 11850000 | 06/03/25 | (2794) |
|  | USD | 419081 | SGD | 560000 | 05/02/25 | (9731) |
|  | USD | 426814 | SGD | 560000 | 06/03/25 | (2768) |
|  State Street Bank and Trust | CHF | 10719 | USD | 13028 | 05/05/25 | (34) |
|  | EUR | 115560 | USD | 131136 | 05/05/25 | (186) |
|  | NOK | 34437 | USD | 3315 | 05/05/25 | (5) |
|  | SEK | 434240 | USD | 45151 | 05/02/25 | (219) |
|  | SEK | 180008 | USD | 18652 | 05/05/25 | (22) |
|  | USD | 9763 | SEK | 94359 | 05/05/25 | (2) |
| TOTAL |  |  |  |  |  | $(7382728) |

---

FUTURES CONTRACTS — At April 30, 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 | 282 | 06/20/25 | $78776700 | $(1481827) |
|  S&P Toronto Stock Exchange 60 Index | 198 | 06/19/25 | 42943566 | 555886 |
| TOTAL FUTURES CONTRACTS |  |  |  | $(925941) |

---

&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)

---

| | |
|:---|:---|
| 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 |

---

&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 *April 30, 2025 (Unaudited)*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 37.9% | Sovereign Debt Obligations – 37.9% | Sovereign Debt Obligations – 37.9% | Sovereign Debt Obligations – 37.9% | Sovereign Debt Obligations – 37.9% |
| Brazil Real – 1.9% | Brazil Real – 1.9% | Brazil Real – 1.9% | Brazil Real – 1.9% | Brazil Real – 1.9% |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |  |
| BRL | 112783000 | 10.000% | 01/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;17940604 |
|  | 39541000 | 10.000 | 01/01/31 | 5961332 |
|  | 12032000 | 10.000 | 01/01/33 | 1752717 |
|  | 16123649 | 6.000 | 05/15/35 | 2565999 |
|  |  |  |  | 28220652 |
| Chilean Peso – 0.5% | Chilean Peso – 0.5% | Chilean Peso – 0.5% | Chilean Peso – 0.5% | Chilean Peso – 0.5% |
|  Bonos de la Tesoreria de la Republica | Bonos de la Tesoreria de la Republica | Bonos de la Tesoreria de la Republica | Bonos de la Tesoreria de la Republica |  |
| CLP | 78150820 | 2.000 | 03/01/35 | 79222 |
|  Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos | Bonos de la Tesoreria de la Republica en pesos |  |
|  | 165000000 | 4.500 | 03/01/26 | 174328 |
|  | 550000000 | 5.000 | 10/01/28 | 575840 |
|  | 3130000000 | 4.700 | 09/01/30 | 3192248 |
|  | 520000000 | 6.000 | 04/01/33 | 560094 |
|  | 2520000000 | 5.000 | 03/01/35 | 2529075 |
|  | 480000000 | 5.100 | 07/15/50 | 471039 |
|  |  |  |  | 7581846 |
| Chinese Yuan Renminbi – 1.1% | Chinese Yuan Renminbi – 1.1% | Chinese Yuan Renminbi – 1.1% | Chinese Yuan Renminbi – 1.1% | Chinese Yuan Renminbi – 1.1% |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |  |
| CNY | 9340000 | 2.270 | 05/25/34 | 1348824 |
|  | 47840000 | 2.110 | 08/25/34 | 6820396 |
|  | 1140000 | 3.530 | 10/18/51 | 208627 |
|  | 2630000 | 3.120 | 10/25/52 | 453437 |
|  | 8940000 | 3.000 | 10/15/53 | 1535129 |
|  | 1120000 | 3.000 | 10/15/53 | 192320 |
|  | 32280000 | 2.570 | 05/20/54 | 5082376 |
|  |  |  |  | 15641109 |
| Colombia Peso – 1.1% | Colombia Peso – 1.1% | Colombia Peso – 1.1% | Colombia Peso – 1.1% | Colombia Peso – 1.1% |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES |  |
| COP | 10700800000 | 6.000 | 04/28/28 | 2271239 |
|  | 9567100000 | 7.750 | 09/18/30 | 1964104 |
|  | 8031800000 | 7.000 | 06/30/32 | 1471902 |
|  | 18518400000 | 13.250 | 02/09/33 | 4663991 |
|  | 14258100000 | 7.250 | 10/18/34 | 2466361 |
|  | 14366700000 | 6.250 | 07/09/36 | 2166402 |
|  | 6311400000 | 9.250 | 05/28/42 | 1136085 |
|  |  |  |  | 16140084 |
| Czech Republic Koruna – 0.7% | Czech Republic Koruna – 0.7% | Czech Republic Koruna – 0.7% | Czech Republic Koruna – 0.7% | Czech Republic Koruna – 0.7% |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |  |
| CZK | 8530000 | 5.750 | 03/29/29 | 419881 |
|  | 43140000 | 0.950 | 05/15/30 | 1724084 |
|  | 5510000 | 5.000 | 09/30/30 | 266598 |
|  | 78610000 | 1.200 | 03/13/31 | 3107397 |
|  | 55720000 | 1.750 | 06/23/32 | 2202331 |
|  | 82500000 | 1.500 | 04/24/40 | 2564247 |
|  |  |  |  | 10284538 |
| Dominican Peso – 0.3% | Dominican Peso – 0.3% | Dominican Peso – 0.3% | Dominican Peso – 0.3% | Dominican Peso – 0.3% |
|  Dominican Republic International Bonds <sup>(a)</sup> | Dominican Republic International Bonds <sup>(a)</sup> | Dominican Republic International Bonds <sup>(a)</sup> | Dominican Republic International Bonds <sup>(a)</sup> |  |
| DOP | 21450000 | 13.625 | 02/03/33 | 420720 |
|  | 176650000 | 10.750 <sup>(b)</sup> | 06/01/36 | 3022484 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Dominican Peso – (continued) | Dominican Peso – (continued) | Dominican Peso – (continued) | Dominican Peso – (continued) | Dominican Peso – (continued) | Dominican Peso – (continued) |
| DOP | 36400000 | 10.500 %<sup>(b)</sup> | 03/15/37 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612366 |
|  |  |  |  |  | 4055570 |
| Egyptian Pound<sup>(c)</sup> – 0.1% | Egyptian Pound<sup>(c)</sup> – 0.1% | Egyptian Pound<sup>(c)</sup> – 0.1% | Egyptian Pound<sup>(c)</sup> – 0.1% | Egyptian Pound<sup>(c)</sup> – 0.1% | Egyptian Pound<sup>(c)</sup> – 0.1% |
|  Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills | Egypt Treasury Bills |  |  |
| EGP | 107800000 | 0.000 | 07/08/25 |  | 2023820 |
| Hungarian Forint – 0.6% | Hungarian Forint – 0.6% | Hungarian Forint – 0.6% | Hungarian Forint – 0.6% | Hungarian Forint – 0.6% | Hungarian Forint – 0.6% |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |  |  |
| HUF | 918510000 | 5.500 | 06/24/25 |  | 2568602 |
|  | 111430000 | 2.750 | 12/22/26 |  | 295894 |
|  | 398780000 | 3.000 | 10/27/27 |  | 1036991 |
|  | 622420000 | 3.000 | 08/21/30 |  | 1484611 |
|  | 111610000 | 4.750 | 11/24/32 |  | 277942 |
|  | 1093690000 | 2.250 | 04/20/33 |  | 2247500 |
|  | 432720000 | 7.000 | 10/24/35 |  | 1225126 |
|  |  |  |  |  | 9136666 |
| Indian Rupee – 2.5% | Indian Rupee – 2.5% | Indian Rupee – 2.5% | Indian Rupee – 2.5% | Indian Rupee – 2.5% | Indian Rupee – 2.5% |
|  India Government Bonds | India Government Bonds | India Government Bonds | India Government Bonds |  |  |
| INR | 515320000 | 6.750 | 12/23/29 |  | 6259216 |
|  | 150630000 | 7.320 | 11/13/30 |  | 1880429 |
|  | 208000000 | 7.020 | 06/18/31 |  | 2566524 |
|  | 663960000 | 7.180 | 08/14/33 |  | 8273688 |
|  | 1274030000 | 7.100 | 04/08/34 |  | 15823631 |
|  | 159600000 | 6.790 | 10/07/34 |  | 1945606 |
|  |  |  |  |  | 36749094 |
| Indonesia Rupiah – 3.2% | Indonesia Rupiah – 3.2% | Indonesia Rupiah – 3.2% | Indonesia Rupiah – 3.2% | Indonesia Rupiah – 3.2% | Indonesia Rupiah – 3.2% |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |  |  |
| IDR | 16306000000 | 6.375 | 08/15/28 |  | 979833 |
|  | 21730000000 | 9.000 | 03/15/29 |  | 1416312 |
|  | 350585000000 | 6.875 | 04/15/29 |  | 21342200 |
|  | 63396000000 | 6.500 | 07/15/30 |  | 3795083 |
|  | 53855000000 | 7.000 | 09/15/30 |  | 3299696 |
|  | 42213000000 | 6.625 | 02/15/34 |  | 2513750 |
|  | 204941000000 | 6.750 | 07/15/35 |  | 12231255 |
|  | 4000000000 | 7.125 | 06/15/38 |  | 243730 |
|  | 10801000000 | 7.125 | 08/15/45 |  | 656176 |
|  | 16298000000 | 6.875 | 08/15/51 |  | 952353 |
|  |  |  |  |  | 47430388 |
| Malaysia Ringgit – 2.6% | Malaysia Ringgit – 2.6% | Malaysia Ringgit – 2.6% | Malaysia Ringgit – 2.6% | Malaysia Ringgit – 2.6% | Malaysia Ringgit – 2.6% |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |  |  |
| MYR | 5000000 | 3.955 | 09/15/25 |  | 1162109 |
|  | 5160000 | 3.519 | 04/20/28 |  | 1204259 |
|  | 11024000 | 3.733 | 06/15/28 |  | 2587434 |
|  | 15094000 | 3.885 | 08/15/29 |  | 3571314 |
|  | 20169000 | 2.632 | 04/15/31 |  | 4451997 |
|  | 22622000 | 3.582 | 07/15/32 |  | 5246574 |
|  | 5863000 | 4.642 | 11/07/33 |  | 1454907 |
|  | 1900000 | 4.254 | 05/31/35 |  | 460711 |
|  | 23919000 | 4.762 | 04/07/37 |  | 6053309 |
|  | 25509000 | 4.893 | 06/08/38 |  | 6553537 |
|  | 10087000 | 4.054 | 04/18/39 |  | 2393225 |
|  | 4585000 | 3.757 | 05/22/40 |  | 1051469 |

---

&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.** |

---

------

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;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Malaysia Ringgit – (continued) | Malaysia Ringgit – (continued) | Malaysia Ringgit – (continued) | Malaysia Ringgit – (continued) | Malaysia Ringgit – (continued) | Malaysia Ringgit – (continued) |
| MYR | 7455000 | 4.065% | 06/15/50 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734734 |
|  | 5988000 | 4.457 | 03/31/53 |  | 1475477 |
|  |  |  |  |  | 39401056 |
| Mexican Peso – 2.9% | Mexican Peso – 2.9% | Mexican Peso – 2.9% | Mexican Peso – 2.9% | Mexican Peso – 2.9% | Mexican Peso – 2.9% |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |  |  |
| MXN | 6602900 | 8.500 | 03/01/29 |  | 334680 |
|  | 19500000 | 8.500 | 05/31/29 |  | 986853 |
|  | 153386200 | 7.750 | 05/29/31 |  | 7369702 |
|  | 246616800 | 7.500 | 05/26/33 |  | 11332325 |
|  | 173771500 | 7.750 | 11/23/34 |  | 7961850 |
|  | 19674700 | 10.000 | 11/20/36 |  | 1045394 |
|  | 61657300 | 8.500 | 11/18/38 |  | 2849817 |
|  | 140161900 | 7.750 | 11/13/42 |  | 5837119 |
|  | 143500000 | 8.000 | 11/07/47 |  | 6009668 |
|  |  |  |  |  | 43727408 |
| Nigerian Naira – 1.1% | Nigerian Naira – 1.1% | Nigerian Naira – 1.1% | Nigerian Naira – 1.1% | Nigerian Naira – 1.1% | Nigerian Naira – 1.1% |
|  Nigeria OMO Bills <sup>(c)</sup> | Nigeria OMO Bills <sup>(c)</sup> | Nigeria OMO Bills <sup>(c)</sup> | Nigeria OMO Bills <sup>(c)</sup> |  |  |
| NGN | 301196000 | 0.000 | 05/06/25 |  | 187182 |
|  | 5362405000 | 0.000 | 05/20/25 |  | 3299746 |
|  | 932041000 | 0.000 | 05/27/25 |  | 571029 |
|  | 14200000000 | 0.000 | 12/02/25 |  | 7719285 |
|  | 8700000000 | 0.000 | 12/09/25 |  | 4678231 |
|  |  |  |  |  | 16455473 |
| Peru Nuevo Sol – 0.8% | Peru Nuevo Sol – 0.8% | Peru Nuevo Sol – 0.8% | Peru Nuevo Sol – 0.8% | Peru Nuevo Sol – 0.8% | Peru Nuevo Sol – 0.8% |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |  |  |
| PEN | 2926000 | 6.150 | 08/12/32 |  | 811213 |
|  | 3932000 | 7.300 | 08/12/33 |  | 1144298 |
|  | 3091000 | 5.400 | 08/12/34 |  | 774953 |
|  | 5767000 | 7.600 | 08/12/39 |  | 1630228 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |  |  |
|  | 3366000 | 6.950 | 08/12/31 |  | 993778 |
|  | 5390000 | 7.300 | 08/12/33 |  | 1568608 |
|  | 4460000 | 6.900 | 08/12/37 |  | 1200072 |
|  | 11388000 | 6.900 | 08/12/37 |  | 3064221 |
|  | 3980000 | 7.600 | 08/12/39 |  | 1127373 |
|  |  |  |  |  | 12314744 |
| Philippine Peso – 0.3% | Philippine Peso – 0.3% | Philippine Peso – 0.3% | Philippine Peso – 0.3% | Philippine Peso – 0.3% | Philippine Peso – 0.3% |
|  Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds |  |  |
| PHP | 18170000 | 6.750 | 09/15/32 |  | 336299 |
|  | 252130000 | 6.250 | 01/25/34 |  | 4495054 |
|  |  |  |  |  | 4831353 |
| Polish Zloty – 2.5% | Polish Zloty – 2.5% | Polish Zloty – 2.5% | Polish Zloty – 2.5% | Polish Zloty – 2.5% | Polish Zloty – 2.5% |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |  |  |
| PLN | 9065000 | 2.500 | 07/25/27 |  | 2303483 |
|  | 5130000 | 7.500 | 07/25/28 |  | 1478829 |
|  | 27514000 | 4.750 | 07/25/29 |  | 7304966 |
|  | 9490000 | 2.750 | 10/25/29 |  | 2328908 |
|  | 37650000 | 5.000 | 01/25/30 |  | 10111568 |
|  | 17637000 | 1.250 | 10/25/30 |  | 3904977 |
|  | 22411000 | 1.750 | 04/25/32 |  | 4837292 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Polish Zloty – (continued) | Polish Zloty – (continued) | Polish Zloty – (continued) | Polish Zloty – (continued) | Polish Zloty – (continued) | Polish Zloty – (continued) |
| PLN | 3598000 | 6.000% | 10/25/33 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008279 |
|  | 15069000 | 5.000 | 10/25/34 |  | 3924554 |
|  |  |  |  |  | 37202856 |
| Romania New Leu – 1.2% | Romania New Leu – 1.2% | Romania New Leu – 1.2% | Romania New Leu – 1.2% | Romania New Leu – 1.2% | Romania New Leu – 1.2% |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |  |  |
| RON | 6480000 | 5.800 | 07/26/27 |  | 1432596 |
|  | 12795000 | 4.150 | 01/26/28 |  | 2694774 |
|  | 17145000 | 6.300 | 04/26/28 |  | 3785815 |
|  | 11495000 | 6.300 | 04/25/29 |  | 2512888 |
|  | 6300000 | 7.650 | 07/27/31 |  | 1438639 |
|  | 16420000 | 6.700 | 02/25/32 |  | 3588762 |
|  | 4010000 | 7.200 | 10/30/33 |  | 896896 |
|  | 5115000 | 4.750 | 10/11/34 |  | 953878 |
|  |  |  |  |  | 17304248 |
| South African Rand – 2.6% | South African Rand – 2.6% | South African Rand – 2.6% | South African Rand – 2.6% | South African Rand – 2.6% | South African Rand – 2.6% |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |  |  |
| ZAR | 45500000 | 10.500 | 12/21/26 |  | 2537262 |
|  | 61450000 | 8.000 | 01/31/30 |  | 3201668 |
|  | 36345235 | 7.000 | 02/28/31 |  | 1755046 |
|  | 59325161 | 8.250 | 03/31/32 |  | 2958971 |
|  | 44600000 | 10.000 | 03/31/33 |  | 2422079 |
|  | 72701585 | 8.875 | 02/28/35 |  | 3503561 |
|  | 66460509 | 6.250 | 03/31/36 |  | 2527581 |
|  | 123096779 | 8.500 | 01/31/37 |  | 5483295 |
|  | 35900000 | 10.875 | 03/31/38 |  | 1887190 |
|  | 205567617 | 9.000 | 01/31/40 |  | 9045859 |
|  | 76456045 | 8.750 | 01/31/44 |  | 3180635 |
|  |  |  |  |  | 38503147 |
| Thailand Baht – 1.8% | Thailand Baht – 1.8% | Thailand Baht – 1.8% | Thailand Baht – 1.8% | Thailand Baht – 1.8% | Thailand Baht – 1.8% |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |  |  |
| THB | 155671000 | 0.950 | 06/17/25 |  | 4644266 |
|  | 16491000 | 2.650 | 06/17/28 |  | 508972 |
|  | 111504000 | 1.600 | 12/17/29 |  | 3332603 |
|  | 41626000 | 2.000 | 12/17/31 |  | 1265415 |
|  | 161393000 | 3.350 | 06/17/33 |  | 5363340 |
|  | 129291000 | 2.800 | 06/17/34 |  | 4157593 |
|  | 56081000 | 3.300 | 06/17/38 |  | 1909323 |
|  | 123675000 | 3.450 | 06/17/43 |  | 4233199 |
|  | 7250000 | 2.980 | 06/17/45 |  | 233550 |
|  | 10225000 | 2.750 | 06/17/52 |  | 318519 |
|  | 18885000 | 4.000 | 06/17/55 |  | 729168 |
|  |  |  |  |  | 26695948 |
| Turkish Lira – 0.4% | Turkish Lira – 0.4% | Turkish Lira – 0.4% | Turkish Lira – 0.4% | Turkish Lira – 0.4% | Turkish Lira – 0.4% |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |  |  |
| TRY | 9000000 | 17.300 | 07/19/28 |  | 154877 |
|  | 99502756 | 31.080 | 11/08/28 |  | 2294691 |
|  | 102700933 | 30.000 | 09/12/29 |  | 2294245 |
|  | 32119781 | 26.200 | 10/05/33 |  | 700578 |
|  |  |  |  |  | 5444391 |

---

&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) *April 30, 2025 (Unaudited)*

&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 – 9.7% | United States Dollar – 9.7% | United States Dollar – 9.7% | United States Dollar – 9.7% |
| Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
| $1493000 | 1.700% | 03/02/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297477 |
| 2361000 | 3.125 | 09/30/49 | 1594265 |
| Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| 1103000 | 8.000 | 11/26/29 | 879301 |
| 549000 | 8.750 | 04/14/32 | 422900 |
| 609000 | 9.125 | 11/26/49 | 413816 |
| Argentina Republic Government International Bonds <sup>(a)(d)</sup> | Argentina Republic Government International Bonds <sup>(a)(d)</sup> | Argentina Republic Government International Bonds <sup>(a)(d)</sup> | Argentina Republic Government International Bonds <sup>(a)(d)</sup> |
| 1083043 | 0.750 | 07/09/30 | 830423 |
| 5520553 | 4.125 | 07/09/35 | 3660817 |
| 708581 | 3.500 | 07/09/41 | 437283 |
| Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
| 699000 | 4.250 | 01/25/28 | 664571 |
| 979000 | 6.750 | 09/20/29 | 990014 |
| 700000 | 5.450 | 09/16/32 | 645750 |
| Baiterek National Managing Holding JSC <sup>(b)</sup> | Baiterek National Managing Holding JSC <sup>(b)</sup> | Baiterek National Managing Holding JSC <sup>(b)</sup> | Baiterek National Managing Holding JSC <sup>(b)</sup> |
| 269000 | 5.450 | 05/08/28 | 268597 |
| Benin Government International Bonds <sup>(b)</sup> | Benin Government International Bonds <sup>(b)</sup> | Benin Government International Bonds <sup>(b)</sup> | Benin Government International Bonds <sup>(b)</sup> |
| 275000 | 8.375 | 01/23/41 | 249219 |
| Bolivia Government International Bonds | Bolivia Government International Bonds | Bolivia Government International Bonds | Bolivia Government International Bonds |
| 409000 | 4.500 | 03/20/28 | 265134 |
| Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| 4851000 | 6.625 | 03/15/35 | 4834021 |
| 924000 | 4.750 <sup>(a)</sup> | 01/14/50 | 652344 |
| CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL |
| 3036000 | 3.950 | 09/16/27 | 2898788 |
| Chile Government International Bonds <sup>(a)</sup> | Chile Government International Bonds <sup>(a)</sup> | Chile Government International Bonds <sup>(a)</sup> | Chile Government International Bonds <sup>(a)</sup> |
| 2696140 | 4.950 | 01/05/36 | 2632781 |
| China Government International Bonds | China Government International Bonds | China Government International Bonds | China Government International Bonds |
| 2908000 | 0.550 | 10/21/25 | 2859436 |
| 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> |
| 1868000 | 8.500 | 04/25/35 | 1897888 |
| 2901000 | 8.750 | 11/14/53 | 2779158 |
| 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> |
| 1516000 | 6.550 | 04/03/34 | 1546888 |
| 313000 | 7.300 <sup>(b)</sup> | 11/13/54 | 317460 |
| Dominican Republic International Bonds <sup>(a)</sup> | Dominican Republic International Bonds <sup>(a)</sup> | Dominican Republic International Bonds <sup>(a)</sup> | Dominican Republic International Bonds <sup>(a)</sup> |
| 4083000 | 7.050 | 02/03/31 | 4211614 |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 651852 | 0.000 <sup>(c)</sup> | 07/31/30 | 398282 |
| 775317 | 6.900 <sup>(d)</sup> | 07/31/30 | 579937 |
| 2506389 | 5.500 <sup>(d)</sup> | 07/31/35 | 1498194 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 1346000 | 8.625 <sup>(b)</sup> | 02/04/30 | 1279440 |
| 4444000 | 8.500 | 01/31/47 | 3219678 |
| El Salvador Government International Bonds <sup>(a)</sup> | El Salvador Government International Bonds <sup>(a)</sup> | El Salvador Government International Bonds <sup>(a)</sup> | El Salvador Government International Bonds <sup>(a)</sup> |
| 1538000 | 9.650 | 11/21/54 | 1525696 |
| Ethiopia International Bonds | Ethiopia International Bonds | Ethiopia International Bonds | Ethiopia International Bonds |
| 200000 | 6.625 | 12/11/24 | 168000 |
| Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India |
| 1723000 | 2.250 | 01/13/31 | 1489154 |
| Gabon Government International Bonds <sup>(a)</sup> | Gabon Government International Bonds <sup>(a)</sup> | Gabon Government International Bonds <sup>(a)</sup> | Gabon Government International Bonds <sup>(a)</sup> |
| 200000 | 7.000 <sup>(b)</sup> | 11/24/31 | 140688 |
| 400000 | 7.000 | 11/24/31 | 281376 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Ghana Government International Bonds <sup>(d)</sup> | Ghana Government International Bonds <sup>(d)</sup> | Ghana Government International Bonds <sup>(d)</sup> | Ghana Government International Bonds <sup>(d)</sup> |
| $556442 | 5.000 %<sup>(b)</sup> | 07/03/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470889 |
| 1256823 | 5.000 | 07/03/29 | 1063586 |
| Guatemala Government Bonds <sup>(a)</sup> | Guatemala Government Bonds <sup>(a)</sup> | Guatemala Government Bonds <sup>(a)</sup> | Guatemala Government Bonds <sup>(a)</sup> |
| 1646000 | 6.600 | 06/13/36 | 1644354 |
| 494000 | 6.600 <sup>(b)</sup> | 06/13/36 | 493506 |
| Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
| 1001000 | 8.509 | 01/14/29 | 1058933 |
| 1428000 | 8.509 <sup>(b)</sup> | 01/14/29 | 1510645 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 200000 | 6.125 <sup>(b)</sup> | 05/22/28 | 205526 |
| 2624000 | 6.125 | 05/22/28 | 2696501 |
| 750000 | 5.500 <sup>(b)</sup> | 03/26/36 | 709500 |
| 658000 | 5.500 | 03/26/36 | 622468 |
| 747000 | 3.125 | 09/21/51 | 434952 |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 971000 | 4.550 <sup>(a)</sup> | 01/11/28 | 972942 |
| 1752000 | 4.400 <sup>(a)</sup> | 03/10/29 | 1746744 |
| 1248000 | 2.850 | 02/14/30 | 1151904 |
| 1705000 | 3.550 <sup>(a)</sup> | 03/31/32 | 1564337 |
| 2600000 | 5.650 <sup>(a)</sup> | 01/11/53 | 2535000 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 1198000 | 8.075 <sup>(b)</sup> | 04/01/36 | 1097667 |
| 741000 | 8.250 <sup>(b)</sup> | 01/30/37 | 679867 |
| 471000 | 8.250 | 01/30/37 | 432143 |
| Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |
| 811000 | 7.500 <sup>(b)</sup> | 01/13/29 | 807707 |
| 654000 | 7.500 | 01/13/29 | 651345 |
| Lebanon Government International Bonds <sup>(e)</sup> | Lebanon Government International Bonds <sup>(e)</sup> | Lebanon Government International Bonds <sup>(e)</sup> | Lebanon Government International Bonds <sup>(e)</sup> |
| 1084000 | 6.600 | 11/27/26 | 182654 |
| 1564000 | 7.000 | 03/20/28 | 263534 |
| 1259000 | 6.650 | 11/03/28 | 212142 |
| Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds | Mexico Government International Bonds |
| 461000 | 4.600 | 01/23/46 | 333303 |
| 2651000 | 7.375 <sup>(a)</sup> | 05/13/55 | 2622170 |
| Mongolia Government International Bonds <sup>(b)</sup> | Mongolia Government International Bonds <sup>(b)</sup> | Mongolia Government International Bonds <sup>(b)</sup> | Mongolia Government International Bonds <sup>(b)</sup> |
| 400000 | 6.625 | 02/25/30 | 384000 |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
| 1792000 | 9.625 | 06/09/31 | 1682688 |
| 1578000 | 7.375 | 09/28/33 | 1271284 |
| 206000 | 10.375 | 12/09/34 | 194619 |
| Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| 2810000 | 6.750 | 10/28/27 | 2910373 |
| 730000 | 7.000 | 01/25/51 | 759660 |
| Oriental Republic of Uruguay <sup>(a)</sup> | Oriental Republic of Uruguay <sup>(a)</sup> | Oriental Republic of Uruguay <sup>(a)</sup> | Oriental Republic of Uruguay <sup>(a)</sup> |
| 256551 | 5.250 | 09/10/60 | 231145 |
| Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
| 1550000 | 6.875 | 12/05/27 | 1360900 |
| Panama Government International Bonds <sup>(a)</sup> | Panama Government International Bonds <sup>(a)</sup> | Panama Government International Bonds <sup>(a)</sup> | Panama Government International Bonds <sup>(a)</sup> |
| 739000 | 2.252 | 09/29/32 | 541317 |
| 1626000 | 8.000 | 03/01/38 | 1689414 |
| 3704000 | 4.500 | 04/16/50 | 2374264 |
| 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> |
| 783000 | 4.950 | 04/28/31 | 769885 |
| 715000 | 6.650 <sup>(b)</sup> | 03/04/55 | 707046 |

---

&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.** |

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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;

&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) |
| 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> |
| $1103000 | 2.783% | 01/23/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978361 |
| 1046000 | 5.375 | 02/08/35 | 1032402 |
| 1322000 | 5.875 | 08/08/54 | 1258544 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 2564000 | 5.170 | 10/13/27 | 2602460 |
| 3210000 | 1.950 | 01/06/32 | 2699610 |
| 847000 | 2.650 | 12/10/45 | 539962 |
| Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds | Qatar Government International Bonds |
| 457000 | 4.500 <sup>(b)</sup> | 02/27/28 | 460999 |
| 4785000 | 4.500 | 04/23/28 | 4838831 |
| 200000 | 4.750 | 05/29/34 | 203028 |
| Republic of Azerbaijan International Bonds | Republic of Azerbaijan International Bonds | Republic of Azerbaijan International Bonds | Republic of Azerbaijan International Bonds |
| 33000 | 5.125 | 09/01/29 | 32115 |
| 382000 | 5.125 | 09/01/29 | 371755 |
| 628000 | 3.500 | 09/01/32 | 547773 |
| Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
| 217000 | 9.500 | 07/31/31 | 190843 |
| Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
| 882000 | 9.750 <sup>(b)</sup> | 02/16/31 | 837900 |
| 220000 | 9.750 | 02/16/31 | 209000 |
| 485000 | 9.500 <sup>(b)</sup> | 03/05/36 | 421708 |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 1200000 | 4.875 | 02/12/30 | 1220400 |
| 1500000 | 5.375 <sup>(a)</sup> | 02/12/35 | 1518000 |
| 3000000 | 5.500 <sup>(a)</sup> | 03/18/54 | 2799000 |
| 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 |
| 2034000 | 4.300 | 10/12/28 | 1926056 |
| 488000 | 7.100 | 11/19/36 | 463480 |
| 1867000 | 5.750 | 09/30/49 | 1324805 |
| 827000 | 7.950 <sup>(b)</sup> | 11/19/54 | 746988 |
| Republic of Turkiye | Republic of Turkiye | Republic of Turkiye | Republic of Turkiye |
| 2398000 | 6.500 | 01/03/35 | 2194170 |
| Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
| 832000 | 3.900 | 10/19/31 | 704288 |
| 527000 | 6.947 <sup>(b)</sup> | 05/25/32 | 525155 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 2268000 | 3.000 | 02/14/31 | 1878199 |
| 346000 | 7.500 | 02/10/37 | 344270 |
| 3936000 | 4.000 | 02/14/51 | 2327160 |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 4686000 | 4.750 <sup>(b)</sup> | 01/16/30 | 4709430 |
| 4036000 | 5.750 | 01/16/54 | 3793840 |
| Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
| 879000 | 6.250 | 05/23/33 | 609586 |
| Serbia International Bonds <sup>(b)</sup> | Serbia International Bonds <sup>(b)</sup> | Serbia International Bonds <sup>(b)</sup> | Serbia International Bonds <sup>(b)</sup> |
| 1006000 | 6.000 | 06/12/34 | 993425 |
| Sri Lanka Government International Bonds <sup>(b)(d)</sup> | Sri Lanka Government International Bonds <sup>(b)(d)</sup> | Sri Lanka Government International Bonds <sup>(b)(d)</sup> | Sri Lanka Government International Bonds <sup>(b)(d)</sup> |
| 1139661 | 3.600 | 06/15/35 | 731662 |
| 296609 | 3.600 | 05/15/36 | 203919 |
| 1148469 | 3.600 | 02/15/38 | 795315 |
| Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
| 256000 | 7.125 | 02/12/32 | 249856 |
| 1100000 | 7.125 | 07/17/32 | 1071400 |
| 525000 | 5.750 | 05/11/47 | 377475 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Ukraine Government International Bonds <sup>(d)</sup> | Ukraine Government International Bonds <sup>(d)</sup> | Ukraine Government International Bonds <sup>(d)</sup> | Ukraine Government International Bonds <sup>(d)</sup> |
| $1107019 | 0.000% | 02/01/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550742 |
| 528556 | 0.000 <sup>(b)</sup> | 02/01/35 | 262957 |
| 3162118 | 1.750 <sup>(b)</sup> | 02/01/35 | 1539951 |
| Uruguay Government International Bonds <sup>(a)</sup> | Uruguay Government International Bonds <sup>(a)</sup> | Uruguay Government International Bonds <sup>(a)</sup> | Uruguay Government International Bonds <sup>(a)</sup> |
| 2522678 | 5.750 | 10/28/34 | 2636199 |
| 1200378 | 5.442 | 02/14/37 | 1221385 |
| Venezuela Government International Bonds <sup>(e)</sup> | Venezuela Government International Bonds <sup>(e)</sup> | Venezuela Government International Bonds <sup>(e)</sup> | Venezuela Government International Bonds <sup>(e)</sup> |
| 1618200 | 7.750 | 10/13/19 | 226548 |
| 985800 | 12.750 | 08/23/22 | 162657 |
| 230100 | 8.250 | 10/13/24 | 32214 |
| 1487200 | 9.250 | 05/07/28 | 234234 |
| 845900 | 11.950 | 08/05/31 | 139574 |
| Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds | Zambia Government International Bonds |
| 252084 | 5.750 <sup>(b)(d)</sup> | 06/30/33 | 217816 |
| 199662 | 0.500 | 12/31/53 | 113184 |
| 405779 | 0.500 <sup>(b)</sup> | 12/31/53 | 230028 |
|  |  |  | 145171963 |
| Uruguayan Peso<sup>(a)</sup> – 0.0% | Uruguayan Peso<sup>(a)</sup> – 0.0% | Uruguayan Peso<sup>(a)</sup> – 0.0% | Uruguayan Peso<sup>(a)</sup> – 0.0% |
| Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
| 10463571 | 9.750 | 07/20/33 | 249827 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $555,623,028)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $555,623,028)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $555,623,028)** | $564566181 |
| Corporate Obligations – 29.6% | Corporate Obligations – 29.6% | Corporate Obligations – 29.6% | Corporate Obligations – 29.6% |
| 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. |
| $830308 | 8.875% | 06/18/29 | $729442 |
| Summer BC Holdco A SARL | Summer BC Holdco A SARL | Summer BC Holdco A SARL | Summer BC Holdco A SARL |
| 282931 | 9.250 | 10/31/27 | 319829 |
|  |  |  | 1049271 |
| Aerospace & Defense<sup>(a)(b)</sup> – 0.2% | Aerospace & Defense<sup>(a)(b)</sup> – 0.2% | Aerospace & Defense<sup>(a)(b)</sup> – 0.2% | Aerospace & Defense<sup>(a)(b)</sup> – 0.2% |
| Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
| $390000 | 7.875 | 04/15/27 | 390710 |
| 325000 | 7.250 | 07/01/31 | 333261 |
| Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
| 450000 | 5.750 | 10/15/27 | 612291 |
| Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| $820000 | 9.750 | 11/15/30 | 908798 |
|  |  |  | 2245060 |
| Agriculture<sup>(a)(f)</sup> – 0.1% | Agriculture<sup>(a)(f)</sup> – 0.1% | Agriculture<sup>(a)(f)</sup> – 0.1% | Agriculture<sup>(a)(f)</sup> – 0.1% |
| 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 | 904785 |
| Airlines<sup>(b)</sup> – 0.2% | Airlines<sup>(b)</sup> – 0.2% | Airlines<sup>(b)</sup> – 0.2% | Airlines<sup>(b)</sup> – 0.2% |
| Allegiant Travel Co. <sup>(a)</sup> | Allegiant Travel Co. <sup>(a)</sup> | Allegiant Travel Co. <sup>(a)</sup> | Allegiant Travel Co. <sup>(a)</sup> |
| $226000 | 7.250 | 08/15/27 | 208908 |
| 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. |
| 233333 | 5.500 | 04/20/26 | 231887 |
| Avianca Midco 2 PLC <sup>(a)</sup> | Avianca Midco 2 PLC <sup>(a)</sup> | Avianca Midco 2 PLC <sup>(a)</sup> | Avianca Midco 2 PLC <sup>(a)</sup> |
| 684000 | 9.625 | 02/14/30 | 599157 |

---

&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** |

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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) *April 30, 2025 (Unaudited)*

&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) |
| Airlines<sup>(b)</sup> – (continued) | Airlines<sup>(b)</sup> – (continued) | Airlines<sup>(b)</sup> – (continued) | Airlines<sup>(b)</sup> – (continued) |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(g)</sup> (PIK 4.000%, Cash 8.000%) | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(g)</sup> (PIK 4.000%, Cash 8.000%) | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(g)</sup> (PIK 4.000%, Cash 8.000%) | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. <sup>(a)(g)</sup> (PIK 4.000%, Cash 8.000%) |
| $812630 | 11.000% | 03/06/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643383 |
| United Airlines, Inc. <sup>(a)</sup> | United Airlines, Inc. <sup>(a)</sup> | United Airlines, Inc. <sup>(a)</sup> | United Airlines, Inc. <sup>(a)</sup> |
| 730000 | 4.625 | 04/15/29 | 685784 |
| 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> |
| 156000 | 9.500 | 06/01/28 | 152418 |
| 1285000 | 6.375 | 02/01/30 | 1108505 |
|  |  |  | 3630042 |
| Apparel<sup>(a)(b)</sup> – 0.0% | Apparel<sup>(a)(b)</sup> – 0.0% | Apparel<sup>(a)(b)</sup> – 0.0% | Apparel<sup>(a)(b)</sup> – 0.0% |
| Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. |
| 580000 | 9.000 | 02/15/31 | 601327 |
| 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 | 139508 |
| Automotive – 0.4% | Automotive – 0.4% | Automotive – 0.4% | Automotive – 0.4% |
| 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> |
| $378000 | 8.500 | 05/15/27 | 379659 |
| 330000 | 6.750 | 02/15/30 | 335884 |
| Dana Financing Luxembourg SARL <sup>(a)</sup> | Dana Financing Luxembourg SARL <sup>(a)</sup> | Dana Financing Luxembourg SARL <sup>(a)</sup> | Dana Financing Luxembourg SARL <sup>(a)</sup> |
| 454000 | 8.500 | 07/15/31 | 553392 |
| 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> |
| $556000 | 8.000 | 02/01/28 | 540754 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 490000 | 7.350 <sup>(a)</sup> | 11/04/27 | 503612 |
| (Secured Overnight Financing Rate + 2.030%) | (Secured Overnight Financing Rate + 2.030%) | (Secured Overnight Financing Rate + 2.030%) | (Secured Overnight Financing Rate + 2.030%) |
| 470000 | 6.402 <sup>(f)</sup> | 03/20/28 | 461512 |
| 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> |
| 2173000 | 1.850 | 09/16/26 | 2058157 |
| Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> | Tenneco, Inc. <sup>(a)(b)</sup> |
| 1372000 | 8.000 | 11/17/28 | 1308326 |
|  |  |  | 6141296 |
| Banks – 2.0% | Banks – 2.0% | Banks – 2.0% | Banks – 2.0% |
| Banca Monte dei Paschi di Siena SpA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) |
| 1680000 | 7.708 | 01/18/28 | 2070384 |
| Banco Bilbao Vizcaya Argentaria SA <sup>(a)(f)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)(f)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)(f)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA <sup>(a)(f)</sup> (5 yr. CMT + 3.249%) |
| $800000 | 7.750 | 01/14/32 | 784792 |
| Banco de Sabadell SA <sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA <sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA <sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA <sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) |
| 1000000 | 9.375 | 07/18/28 | 1261678 |
| Banco Mercantil del Norte SA <sup>(a)(f)</sup> (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA <sup>(a)(f)</sup> (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA <sup>(a)(f)</sup> (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA <sup>(a)(f)</sup> (5 yr. CMT + 4.072%) |
| $590000 | 8.375 | 05/20/31 | 579970 |
| Barclays PLC <sup>(a)(f)</sup> | Barclays PLC <sup>(a)(f)</sup> | Barclays PLC <sup>(a)(f)</sup> | Barclays PLC <sup>(a)(f)</sup> |
| (5 yr. GBP Swap + 4.881%) | (5 yr. GBP Swap + 4.881%) | (5 yr. GBP Swap + 4.881%) | (5 yr. GBP Swap + 4.881%) |
| 1072000 | 8.500 | 06/15/30 | 1453157 |
| (5 yr. GBP Swap + 5.639%) | (5 yr. GBP Swap + 5.639%) | (5 yr. GBP Swap + 5.639%) | (5 yr. GBP Swap + 5.639%) |
| 1628000 | 9.250 | 09/15/28 | 2283543 |
| (5 yr. USD SOFR ICE Swap + 3.686%) | (5 yr. USD SOFR ICE Swap + 3.686%) | (5 yr. USD SOFR ICE Swap + 3.686%) | (5 yr. USD SOFR ICE Swap + 3.686%) |
| $385000 | 7.625 | 03/15/35 | 370147 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico <sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) |
| 484000 | 8.125 | 01/08/39 | 491502 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| CaixaBank SA <sup>(a)(f)</sup> | CaixaBank SA <sup>(a)(f)</sup> | CaixaBank SA <sup>(a)(f)</sup> | CaixaBank SA <sup>(a)(f)</sup> |
| (-1X 5 yr. EUR Swap + 3.857%) | (-1X 5 yr. EUR Swap + 3.857%) | (-1X 5 yr. EUR Swap + 3.857%) | (-1X 5 yr. EUR Swap + 3.857%) |
| 800000 | 3.625% | 09/14/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822449 |
| (5 yr. EURIBOR ICE Swap + 5.295%) | (5 yr. EURIBOR ICE Swap + 5.295%) | (5 yr. EURIBOR ICE Swap + 5.295%) | (5 yr. EURIBOR ICE Swap + 5.295%) |
| 600000 | 7.500 | 01/16/30 | 732388 |
| Commerzbank AG <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) |
| 600000 | 7.875 | 10/09/31 | 730940 |
| Deutsche Bank AG <sup>(a)(f)</sup> | Deutsche Bank AG <sup>(a)(f)</sup> | Deutsche Bank AG <sup>(a)(f)</sup> | Deutsche Bank AG <sup>(a)(f)</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%) |
| 600000 | 6.750 | 10/30/28 | 674612 |
| (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%) |
| 1000000 | 10.000 | 12/01/27 | 1237922 |
| Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC | Development Bank of Kazakhstan JSC |
| $204000 | 5.250 <sup>(b)</sup> | 10/23/29 | 201530 |
| 214000 | 5.250 | 10/23/29 | 211408 |
| 797000 | 5.625 <sup>(b)</sup> | 04/07/30 | 790226 |
| 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> |
| 1050000 | 6.625 | 01/15/27 | 1042608 |
| 1392000 | 12.000 | 10/01/28 | 1490275 |
| Intesa Sanpaolo SpA <sup>(a)(f)</sup> | Intesa Sanpaolo SpA <sup>(a)(f)</sup> | Intesa Sanpaolo SpA <sup>(a)(f)</sup> | Intesa Sanpaolo SpA <sup>(a)(f)</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 | 1367608 |
| (-1X 5 yr. EUR Swap + 5.848%) | (-1X 5 yr. EUR Swap + 5.848%) | (-1X 5 yr. EUR Swap + 5.848%) | (-1X 5 yr. EUR Swap + 5.848%) |
| 621000 | 5.500 | 03/01/28 | 707046 |
| (-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 | 1153508 |
| Lloyds Banking Group PLC <sup>(a)(f)</sup> (5 yr. U.K. Government Bond + 5.143%) | Lloyds Banking Group PLC <sup>(a)(f)</sup> (5 yr. U.K. Government Bond + 5.143%) | Lloyds Banking Group PLC <sup>(a)(f)</sup> (5 yr. U.K. Government Bond + 5.143%) | Lloyds Banking Group PLC <sup>(a)(f)</sup> (5 yr. U.K. Government Bond + 5.143%) |
| 650000 | 8.500 | 03/27/28 | 887531 |
| Metro Bank Holdings PLC <sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC <sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC <sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC <sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) |
| 1020000 | 12.000 | 04/30/29 | 1497846 |
| Societe Generale SA <sup>(a)(f)</sup> | Societe Generale SA <sup>(a)(f)</sup> | Societe Generale SA <sup>(a)(f)</sup> | Societe Generale SA <sup>(a)(f)</sup> |
| (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) |
| $810000 | 5.375 | 11/18/30 | 709293 |
| (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) |
| 602000 | 9.375 | 11/22/27 | 630475 |
| (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) |
| 800000 | 7.875 | 01/18/29 | 957277 |
| TC Ziraat Bankasi AS <sup>(b)</sup> | TC Ziraat Bankasi AS <sup>(b)</sup> | TC Ziraat Bankasi AS <sup>(b)</sup> | TC Ziraat Bankasi AS <sup>(b)</sup> |
| $1126000 | 7.250 | 02/04/30 | 1109819 |
| UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) |
| 1200000 | 7.125 | 08/10/34 | 1153872 |
| UniCredit SpA <sup>(a)(f)</sup> | UniCredit SpA <sup>(a)(f)</sup> | UniCredit SpA <sup>(a)(f)</sup> | UniCredit SpA <sup>(a)(f)</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%) |
| 300000 | 4.450 | 12/03/27 | 333483 |
| (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%) |
| $1525000 | 5.861 <sup>(b)</sup> | 06/19/32 | 1529575 |
|  |  |  | 29266864 |
| Biotechnology<sup>(a)(b)</sup> – 0.0% | Biotechnology<sup>(a)(b)</sup> – 0.0% | Biotechnology<sup>(a)(b)</sup> – 0.0% | Biotechnology<sup>(a)(b)</sup> – 0.0% |
| Biocon Biologics Global PLC | Biocon Biologics Global PLC | Biocon Biologics Global PLC | Biocon Biologics Global PLC |
| 738000 | 6.670 | 10/09/29 | 658665 |

---

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

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| | |
|:---|:---|
| **24** | **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;

&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) |
| Building Materials<sup>(a)</sup> – 0.5% | Building Materials<sup>(a)</sup> – 0.5% | Building Materials<sup>(a)</sup> – 0.5% | Building Materials<sup>(a)</sup> – 0.5% |
| 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> |
| $1370000 | 10.250% | 10/15/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411744 |
| Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> | Builders FirstSource, Inc. <sup>(b)</sup> |
| 787000 | 6.375 | 03/01/34 | 782168 |
| 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> |
| 1335000 | 7.000 | 12/01/28 | 1102870 |
| 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> |
| 542000 | 6.625 | 12/15/30 | 550190 |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. |
| 480000 | 4.250 | 12/15/47 | 381062 |
| Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> | Quikrete Holdings, Inc. <sup>(b)</sup> |
| 565000 | 6.375 | 03/01/32 | 568791 |
| 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> |
| 875000 | 8.875 | 11/15/31 | 897855 |
| Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> | Standard Industries, Inc. <sup>(b)</sup> |
| 1150000 | 4.375 | 07/15/30 | 1071432 |
| Wilsonart LLC <sup>(b)</sup> | Wilsonart LLC <sup>(b)</sup> | Wilsonart LLC <sup>(b)</sup> | Wilsonart LLC <sup>(b)</sup> |
| 643000 | 11.000 | 08/15/32 | 585149 |
|  |  |  | 7351261 |
| Chemicals<sup>(a)</sup> – 1.2% | Chemicals<sup>(a)</sup> – 1.2% | Chemicals<sup>(a)</sup> – 1.2% | Chemicals<sup>(a)</sup> – 1.2% |
| ASP Unifrax Holdings, Inc. <sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc. <sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc. <sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc. <sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) |
| 1076008 | 7.100 | 09/30/29 | 431135 |
| Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> | Avient Corp. <sup>(b)</sup> |
| 329000 | 6.250 | 11/01/31 | 325203 |
| 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> |
| 1345000 | 7.250 | 02/15/31 | 1393528 |
| 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 | 4637 |
| 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> |
| 533000 | 4.750 | 06/15/27 | 526508 |
| Braskem Netherlands Finance BV <sup>(b)</sup> | Braskem Netherlands Finance BV <sup>(b)</sup> | Braskem Netherlands Finance BV <sup>(b)</sup> | Braskem Netherlands Finance BV <sup>(b)</sup> |
| 1056000 | 8.000 | 10/15/34 | 936408 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 94000 | 6.750 | 04/15/33 | 88154 |
| Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> | Cerdia Finanz GmbH <sup>(b)</sup> |
| 1100000 | 9.375 | 10/03/31 | 1104323 |
| Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> | Chemours Co. <sup>(b)</sup> |
| 822000 | 5.750 | 11/15/28 | 744420 |
| 540000 | 4.625 | 11/15/29 | 452142 |
| Cornerstone Chemical Co. LLC <sup>(b)(h)</sup> | Cornerstone Chemical Co. LLC <sup>(b)(h)</sup> | Cornerstone Chemical Co. LLC <sup>(b)(h)</sup> | Cornerstone Chemical Co. LLC <sup>(b)(h)</sup> |
| 1000000 | 10.250 | 09/01/27 | 1000000 |
| (PIK 10.000%, Cash 5.000%) | (PIK 10.000%, Cash 5.000%) | (PIK 10.000%, Cash 5.000%) | (PIK 10.000%, Cash 5.000%) |
| 1350261 | 15.000 <sup>(g)</sup> | 12/06/28 | 1350261 |
| Herens Midco SARL <sup>(b)</sup> | Herens Midco SARL <sup>(b)</sup> | Herens Midco SARL <sup>(b)</sup> | Herens Midco SARL <sup>(b)</sup> |
| 400000 | 5.250 | 05/15/29 | 333525 |
| Innophos Holdings, Inc. <sup>(b)</sup> | Innophos Holdings, Inc. <sup>(b)</sup> | Innophos Holdings, Inc. <sup>(b)</sup> | Innophos Holdings, Inc. <sup>(b)</sup> |
| $1396500 | 11.500 | 06/15/29 | 1412308 |
| Ma'aden Sukuk Ltd. <sup>(b)</sup> | Ma'aden Sukuk Ltd. <sup>(b)</sup> | Ma'aden Sukuk Ltd. <sup>(b)</sup> | Ma'aden Sukuk Ltd. <sup>(b)</sup> |
| 626000 | 5.250 | 02/13/30 | 634607 |
| OCI NV <sup>(b)</sup> | OCI NV <sup>(b)</sup> | OCI NV <sup>(b)</sup> | OCI NV <sup>(b)</sup> |
| 1346000 | 6.700 | 03/16/33 | 1469469 |
| OCP SA <sup>(b)</sup> | OCP SA <sup>(b)</sup> | OCP SA <sup>(b)</sup> | OCP SA <sup>(b)</sup> |
| 1342000 | 7.500 | 05/02/54 | 1314153 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| Orbia Advance Corp. SAB de CV <sup>(b)</sup> | Orbia Advance Corp. SAB de CV <sup>(b)</sup> | Orbia Advance Corp. SAB de CV <sup>(b)</sup> | Orbia Advance Corp. SAB de CV <sup>(b)</sup> |
| $419000 | 6.800% | 05/13/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418719 |
| Rain Carbon, Inc. <sup>(b)</sup> | Rain Carbon, Inc. <sup>(b)</sup> | Rain Carbon, Inc. <sup>(b)</sup> | Rain Carbon, Inc. <sup>(b)</sup> |
| 855000 | 12.250 | 09/01/29 | 868954 |
| 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> |
| 1197000 | 4.875 | 05/01/28 | 1147899 |
| 223000 | 6.625 | 05/01/29 | 216823 |
| Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> | Tronox, Inc. <sup>(b)</sup> |
| 1737000 | 4.625 | 03/15/29 | 1411156 |
| 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> |
| 425000 | 4.875 | 06/15/27 | 412199 |
| 586000 | 5.625 | 08/15/29 | 519483 |
|  |  |  | 18516014 |
| Commercial Services – 0.9% | Commercial Services – 0.9% | Commercial Services – 0.9% | Commercial Services – 0.9% |
| Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(a)(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(a)(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(a)(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc. <sup>(a)(b)</sup> |
| 575000 | 5.250 | 10/15/26 | 652646 |
| Amber Finco PLC <sup>(a)(b)</sup> | Amber Finco PLC <sup>(a)(b)</sup> | Amber Finco PLC <sup>(a)(b)</sup> | Amber Finco PLC <sup>(a)(b)</sup> |
| 400000 | 6.625 | 07/15/29 | 471964 |
| Avis Budget Finance PLC <sup>(a)</sup> | Avis Budget Finance PLC <sup>(a)</sup> | Avis Budget Finance PLC <sup>(a)</sup> | Avis Budget Finance PLC <sup>(a)</sup> |
| 500000 | 7.250 | 07/31/30 | 557646 |
| BCP V Modular Services Finance II PLC <sup>(a)(b)</sup> | BCP V Modular Services Finance II PLC <sup>(a)(b)</sup> | BCP V Modular Services Finance II PLC <sup>(a)(b)</sup> | BCP V Modular Services Finance II PLC <sup>(a)(b)</sup> |
| 415000 | 4.750 | 11/30/28 | 453989 |
| BCP V Modular Services Finance PLC <sup>(a)(b)</sup> | BCP V Modular Services Finance PLC <sup>(a)(b)</sup> | BCP V Modular Services Finance PLC <sup>(a)(b)</sup> | BCP V Modular Services Finance PLC <sup>(a)(b)</sup> |
| 280000 | 6.750 | 11/30/29 | 285031 |
| Boels Topholding BV <sup>(a)(b)</sup> | Boels Topholding BV <sup>(a)(b)</sup> | Boels Topholding BV <sup>(a)(b)</sup> | Boels Topholding BV <sup>(a)(b)</sup> |
| 475000 | 5.750 | 05/15/30 | 554484 |
| Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV <sup>(a)</sup> | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV <sup>(a)</sup> | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV <sup>(a)</sup> | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV <sup>(a)</sup> |
| 364000 | 8.500 | 01/15/31 | 520632 |
| DP World Crescent Ltd. <sup>(b)</sup> | DP World Crescent Ltd. <sup>(b)</sup> | DP World Crescent Ltd. <sup>(b)</sup> | DP World Crescent Ltd. <sup>(b)</sup> |
| $696000 | 5.500 | 05/08/35 | 688100 |
| Garda World Security Corp. <sup>(a)(b)</sup> | Garda World Security Corp. <sup>(a)(b)</sup> | Garda World Security Corp. <sup>(a)(b)</sup> | Garda World Security Corp. <sup>(a)(b)</sup> |
| 542000 | 8.375 | 11/15/32 | 534656 |
| Kapla Holding SAS <sup>(a)(b)</sup> | Kapla Holding SAS <sup>(a)(b)</sup> | Kapla Holding SAS <sup>(a)(b)</sup> | Kapla Holding SAS <sup>(a)(b)</sup> |
| 450000 | 5.000 | 04/30/31 | 508508 |
| Korn Ferry <sup>(a)(b)</sup> | Korn Ferry <sup>(a)(b)</sup> | Korn Ferry <sup>(a)(b)</sup> | Korn Ferry <sup>(a)(b)</sup> |
| $265000 | 4.625 | 12/15/27 | 256419 |
| Loxam SAS <sup>(a)(b)</sup> | Loxam SAS <sup>(a)(b)</sup> | Loxam SAS <sup>(a)(b)</sup> | Loxam SAS <sup>(a)(b)</sup> |
| 700000 | 4.500 | 04/15/27 | 788039 |
| Neptune Bidco U.S., Inc. <sup>(a)(b)</sup> | Neptune Bidco U.S., Inc. <sup>(a)(b)</sup> | Neptune Bidco U.S., Inc. <sup>(a)(b)</sup> | Neptune Bidco U.S., Inc. <sup>(a)(b)</sup> |
| $598000 | 9.290 | 04/15/29 | 531969 |
| OT Midco Ltd. <sup>(a)(b)</sup> | OT Midco Ltd. <sup>(a)(b)</sup> | OT Midco Ltd. <sup>(a)(b)</sup> | OT Midco Ltd. <sup>(a)(b)</sup> |
| 912000 | 10.000 | 02/15/30 | 744566 |
| Q-Park Holding I BV <sup>(a)(b)</sup> | Q-Park Holding I BV <sup>(a)(b)</sup> | Q-Park Holding I BV <sup>(a)(b)</sup> | Q-Park Holding I BV <sup>(a)(b)</sup> |
| 600000 | 5.125 | 03/01/29 | 696696 |
| Service Corp. International <sup>(a)</sup> | Service Corp. International <sup>(a)</sup> | Service Corp. International <sup>(a)</sup> | Service Corp. International <sup>(a)</sup> |
| $680000 | 5.750 | 10/15/32 | 673275 |
| StoneMor, Inc. <sup>(a)(b)</sup> | StoneMor, Inc. <sup>(a)(b)</sup> | StoneMor, Inc. <sup>(a)(b)</sup> | StoneMor, Inc. <sup>(a)(b)</sup> |
| 975000 | 8.500 | 05/15/29 | 879431 |
| Techem Verwaltungsgesellschaft 675 GmbH <sup>(a)(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH <sup>(a)(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH <sup>(a)(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH <sup>(a)(b)</sup> |
| 500000 | 5.375 | 07/15/29 | 580716 |
| United Rentals North America, Inc. <sup>(a)</sup> | United Rentals North America, Inc. <sup>(a)</sup> | United Rentals North America, Inc. <sup>(a)</sup> | United Rentals North America, Inc. <sup>(a)</sup> |
| $595000 | 4.000 | 07/15/30 | 554266 |
| Verisure Holding AB <sup>(a)(b)</sup> | Verisure Holding AB <sup>(a)(b)</sup> | Verisure Holding AB <sup>(a)(b)</sup> | Verisure Holding AB <sup>(a)(b)</sup> |
| 100000 | 3.250 | 02/15/27 | 111853 |

---

&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) *April 30, 2025 (Unaudited)*

&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) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| 100000 | 5.500% | 05/15/30 | 116840 |
| Wand NewCo 3, Inc. <sup>(a)(b)</sup> | Wand NewCo 3, Inc. <sup>(a)(b)</sup> | Wand NewCo 3, Inc. <sup>(a)(b)</sup> | Wand NewCo 3, Inc. <sup>(a)(b)</sup> |
| $1392550 | 7.625 | 01/30/32 | 1436485 |
| WEX, Inc. <sup>(a)(b)</sup> | WEX, Inc. <sup>(a)(b)</sup> | WEX, Inc. <sup>(a)(b)</sup> | WEX, Inc. <sup>(a)(b)</sup> |
| 185000 | 6.500 | 03/15/33 | 179975 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;12778186 |
| Computers<sup>(b)</sup> – 0.2% | Computers<sup>(b)</sup> – 0.2% | Computers<sup>(b)</sup> – 0.2% | Computers<sup>(b)</sup> – 0.2% |
| Ahead DB Holdings LLC <sup>(a)</sup> | Ahead DB Holdings LLC <sup>(a)</sup> | Ahead DB Holdings LLC <sup>(a)</sup> | Ahead DB Holdings LLC <sup>(a)</sup> |
| 529000 | 6.625 | 05/01/28 | 514749 |
| CA Magnum Holdings <sup>(a)</sup> | CA Magnum Holdings <sup>(a)</sup> | CA Magnum Holdings <sup>(a)</sup> | CA Magnum Holdings <sup>(a)</sup> |
| 915000 | 5.375 | 10/31/26 | 890981 |
| Entorian Technologies, Inc. <sup>(e)(h)(i)</sup> | Entorian Technologies, Inc. <sup>(e)(h)(i)</sup> | Entorian Technologies, Inc. <sup>(e)(h)(i)</sup> | Entorian Technologies, Inc. <sup>(e)(h)(i)</sup> |
| 835000 | 8.750 | 10/15/26 |  |
| Lutech SpA <sup>(a)</sup> | Lutech SpA <sup>(a)</sup> | Lutech SpA <sup>(a)</sup> | Lutech SpA <sup>(a)</sup> |
| 500000 | 5.000 | 05/15/27 | 563865 |
| McAfee Corp. <sup>(a)</sup> | McAfee Corp. <sup>(a)</sup> | McAfee Corp. <sup>(a)</sup> | McAfee Corp. <sup>(a)</sup> |
| $988000 | 7.375 | 02/15/30 | 853760 |
|  |  |  | 2823355 |
| Distribution & Wholesale<sup>(a)(b)</sup> – 0.0% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.0% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.0% | Distribution & Wholesale<sup>(a)(b)</sup> – 0.0% |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
| 375000 | 4.000 | 01/15/28 | 362355 |
| Green Bidco SA | Green Bidco SA | Green Bidco SA | Green Bidco SA |
| 295000 | 10.250 | 07/15/28 | 199609 |
|  |  |  | 561964 |
| Diversified Financial Services – 1.2% | Diversified Financial Services – 1.2% | Diversified Financial Services – 1.2% | Diversified Financial Services – 1.2% |
| 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> |
| $626000 | 9.750 | 03/15/29 | 659247 |
| (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) |
| 567000 | 8.375 <sup>(f)</sup> | 06/15/35 | 529833 |
| 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> |
| 1780000 | 7.500 | 05/30/29 | 1857644 |
| Credicorp Capital Sociedad Titulizadora SA <sup>(a)</sup> | Credicorp Capital Sociedad Titulizadora SA <sup>(a)</sup> | Credicorp Capital Sociedad Titulizadora SA <sup>(a)</sup> | Credicorp Capital Sociedad Titulizadora SA <sup>(a)</sup> |
| 3260000 | 10.100 | 12/15/43 | 947157 |
| 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 | 7.875 | 11/30/27 | 943920 |
| 775000 | 10.000 | 11/30/29 | 858946 |
| 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> |
| 900000 | 6.750 | 09/15/31 | 904923 |
| 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> |
| 494000 | 9.250 | 02/01/29 | 503870 |
| 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> |
| 774000 | 5.000 | 08/15/28 | 719843 |
| 795000 | 6.625 | 10/15/31 | 778408 |
| 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> |
| 300000 | 5.000 | 02/15/27 | 338917 |
| 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> |
| $2273000 | 6.500 | 05/01/28 | 2170215 |
| 775000 | 5.625 | 01/15/30 | 684387 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 900000 | 5.625 | 08/01/33 | 771066 |
| OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> | OneMain Finance Corp. <sup>(a)</sup> |
| 377000 | 3.500 | 01/15/27 | 360913 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| $775000 | 3.875% | 09/15/28 | 717146 |
| 91000 | 9.000 | 01/15/29 | 95140 |
| 1565000 | 5.375 | 11/15/29 | 1495655 |
| 700000 | 4.000 | 09/15/30 | 620081 |
| 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 | 518598 |
| 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> |
| 630000 | 10.500 | 12/15/29 | 621041 |
| 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> |
| 867000 | 8.875 | 01/31/30 | 893522 |
| United Wholesale Mortgage LLC <sup>(a)(b)</sup> | United Wholesale Mortgage LLC <sup>(a)(b)</sup> | United Wholesale Mortgage LLC <sup>(a)(b)</sup> | United Wholesale Mortgage LLC <sup>(a)(b)</sup> |
| 345000 | 5.500 | 11/15/25 | 343389 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;18333861 |
| Electrical – 1.4% | Electrical – 1.4% | Electrical – 1.4% | Electrical – 1.4% |
| AES Andes SA <sup>(a)(b)(f)</sup> (5 yr. CMT + 3.835%) | AES Andes SA <sup>(a)(b)(f)</sup> (5 yr. CMT + 3.835%) | AES Andes SA <sup>(a)(b)(f)</sup> (5 yr. CMT + 3.835%) | AES Andes SA <sup>(a)(b)(f)</sup> (5 yr. CMT + 3.835%) |
| 600000 | 8.150 | 06/10/55 | 613200 |
| AES Corp. <sup>(a)(f)</sup> (5 yr. CMT + 3.201%) | AES Corp. <sup>(a)(f)</sup> (5 yr. CMT + 3.201%) | AES Corp. <sup>(a)(f)</sup> (5 yr. CMT + 3.201%) | AES Corp. <sup>(a)(f)</sup> (5 yr. CMT + 3.201%) |
| 967000 | 7.600 | 01/15/55 | 957823 |
| Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/ Buffalo Energy <sup>(a)(b)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/ Buffalo Energy <sup>(a)(b)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/ Buffalo Energy <sup>(a)(b)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/ Buffalo Energy <sup>(a)(b)</sup> |
| 692000 | 7.875 | 02/15/39 | 701300 |
| Calpine Corp. <sup>(a)(b)</sup> | Calpine Corp. <sup>(a)(b)</sup> | Calpine Corp. <sup>(a)(b)</sup> | Calpine Corp. <sup>(a)(b)</sup> |
| 443000 | 4.500 | 02/15/28 | 433192 |
| 1000000 | 5.125 | 03/15/28 | 989630 |
| 755000 | 4.625 | 02/01/29 | 729451 |
| Edison International <sup>(a)(f)</sup> | Edison International <sup>(a)(f)</sup> | Edison International <sup>(a)(f)</sup> | Edison International <sup>(a)(f)</sup> |
| (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) |
| 893000 | 5.000 | 12/15/26 | 789305 |
| (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) |
| 2035000 | 5.375 | 03/09/26 | 1903458 |
| Electricite de France SA <sup>(a)(f)</sup> | Electricite de France SA <sup>(a)(f)</sup> | Electricite de France SA <sup>(a)(f)</sup> | Electricite de France SA <sup>(a)(f)</sup> |
| (-1X 5 yr. EUR Swap + 3.198%) | (-1X 5 yr. EUR Swap + 3.198%) | (-1X 5 yr. EUR Swap + 3.198%) | (-1X 5 yr. EUR Swap + 3.198%) |
| 600000 | 3.000 | 09/03/27 | 667836 |
| (-1X 5 yr. EUR Swap + 3.970%) | (-1X 5 yr. EUR Swap + 3.970%) | (-1X 5 yr. EUR Swap + 3.970%) | (-1X 5 yr. EUR Swap + 3.970%) |
| 400000 | 3.375 | 06/15/30 | 421574 |
| Eskom Holdings SOC Ltd. <sup>(j)</sup> | Eskom Holdings SOC Ltd. <sup>(j)</sup> | Eskom Holdings SOC Ltd. <sup>(j)</sup> | Eskom Holdings SOC Ltd. <sup>(j)</sup> |
| 17000000 | 7.500 | 09/15/33 | 710565 |
| Mazoon Assets Co. SAOC <sup>(b)</sup> | Mazoon Assets Co. SAOC <sup>(b)</sup> | Mazoon Assets Co. SAOC <sup>(b)</sup> | Mazoon Assets Co. SAOC <sup>(b)</sup> |
| $716000 | 5.250 | 10/09/31 | 705367 |
| NRG Energy, Inc. <sup>(a)</sup> | NRG Energy, Inc. <sup>(a)</sup> | NRG Energy, Inc. <sup>(a)</sup> | NRG Energy, Inc. <sup>(a)</sup> |
| 500000 | 5.750 | 01/15/28 | 501510 |
| 3665000 | 3.625 <sup>(b)</sup> | 02/15/31 | 3291536 |
| 200000 | 6.250 <sup>(b)</sup> | 11/01/34 | 199590 |
| PG&E Corp. <sup>(a)</sup> | PG&E Corp. <sup>(a)</sup> | PG&E Corp. <sup>(a)</sup> | PG&E Corp. <sup>(a)</sup> |
| 1000000 | 5.250 | 07/01/30 | 963590 |
| (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) |
| 819000 | 7.375 <sup>(f)</sup> | 03/15/55 | 798132 |
| Saavi Energia SARL <sup>(a)(b)</sup> | Saavi Energia SARL <sup>(a)(b)</sup> | Saavi Energia SARL <sup>(a)(b)</sup> | Saavi Energia SARL <sup>(a)(b)</sup> |
| 637000 | 8.875 | 02/10/35 | 637796 |
| Termocandelaria Power SA <sup>(a)(b)</sup> | Termocandelaria Power SA <sup>(a)(b)</sup> | Termocandelaria Power SA <sup>(a)(b)</sup> | Termocandelaria Power SA <sup>(a)(b)</sup> |
| 600000 | 7.750 | 09/17/31 | 594600 |
| Vistra Corp. <sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) | Vistra Corp. <sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) | Vistra Corp. <sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) | Vistra Corp. <sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) |
| 1395000 | 7.000 | 12/15/26 | 1409661 |

---

&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.** |

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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;

&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) |
| 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> |
| $1000000 | 5.000% | 07/31/27 | 991510 |
| 400000 | 4.375 | 05/01/29 | 384812 |
| 29000 | 4.300 | 07/15/29 | 28390 |
| 550000 | 7.750 | 10/15/31 | 581708 |
| 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> |
| 592000 | 8.375 | 01/15/31 | 594321 |
| 570000 | 8.625 | 03/15/33 | 569721 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;21169578 |
| Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% | Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0% |
| Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV |
| 300000 | 3.500 | 06/30/29 | 317605 |
| 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. |
| $455000 | 5.000 | 12/15/29 | 436372 |
| Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
| 1365000 | 4.000 | 04/15/29 | 1255828 |
|  |  |  | 1692200 |
| Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2% | Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2% |
| Cullinan Holdco SCSp | Cullinan Holdco SCSp | Cullinan Holdco SCSp | Cullinan Holdco SCSp |
| 700000 | 4.625 | 10/15/26 | 680794 |
| FS Luxembourg SARL | FS Luxembourg SARL | FS Luxembourg SARL | FS Luxembourg SARL |
| $780000 | 8.875 | 02/12/31 | 780975 |
| TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
| 1102000 | 5.000 | 01/31/28 | 1073668 |
| 250000 | 4.750 | 01/15/30 | 235253 |
|  |  |  | 2770690 |
| Engineering & Construction<sup>(a)(b)</sup> – 0.1% | Engineering & Construction<sup>(a)(b)</sup> – 0.1% | Engineering & Construction<sup>(a)(b)</sup> – 0.1% | Engineering & Construction<sup>(a)(b)</sup> – 0.1% |
| Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
| 275000 | 8.500 | 02/15/31 | 260747 |
| Assemblin Caverion Group AB | Assemblin Caverion Group AB | Assemblin Caverion Group AB | Assemblin Caverion Group AB |
| 225000 | 6.250 | 07/01/30 | 263792 |
| (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 | 5.849 <sup>(f)</sup> | 07/01/31 | 275906 |
| Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. |
| $722000 | 6.750 | 12/15/36 | 710989 |
|  |  |  | 1511434 |
| Entertainment<sup>(a)(b)</sup> – 0.6% | Entertainment<sup>(a)(b)</sup> – 0.6% | Entertainment<sup>(a)(b)</sup> – 0.6% | Entertainment<sup>(a)(b)</sup> – 0.6% |
| 888 Acquisitions Ltd. | 888 Acquisitions Ltd. | 888 Acquisitions Ltd. | 888 Acquisitions Ltd. |
| 1296000 | 7.558 | 07/15/27 | 1462360 |
| Banijay Entertainment SAS | Banijay Entertainment SAS | Banijay Entertainment SAS | Banijay Entertainment SAS |
| 475000 | 7.000 | 05/01/29 | 559752 |
| Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. | Boyne USA, Inc. |
| $601000 | 4.750 | 05/15/29 | 572170 |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
| 600000 | 7.000 | 02/15/30 | 614796 |
| Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
| 1082000 | 4.750 | 01/15/28 | 1048577 |
| Cirsa Finance International SARL | Cirsa Finance International SARL | Cirsa Finance International SARL | Cirsa Finance International SARL |
| 400000 | 6.500 | 03/15/29 | 471891 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)(b)</sup> – (continued) | Entertainment<sup>(a)(b)</sup> – (continued) | Entertainment<sup>(a)(b)</sup> – (continued) | Entertainment<sup>(a)(b)</sup> – (continued) |
| Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC | Flutter Treasury DAC |
| 509000 | 5.000% | 04/29/29 | 596313 |
| Jacobs Entertainment, Inc. | Jacobs Entertainment, Inc. | Jacobs Entertainment, Inc. | Jacobs Entertainment, Inc. |
| $970000 | 6.750 | 02/15/29 | 882263 |
| 150000 | 6.750 | 02/15/29 | 136316 |
| LHMC Finco 2 SARL <sup>(g)</sup> (PIK 8.000%, Cash 7.250%) | LHMC Finco 2 SARL <sup>(g)</sup> (PIK 8.000%, Cash 7.250%) | LHMC Finco 2 SARL <sup>(g)</sup> (PIK 8.000%, Cash 7.250%) | LHMC Finco 2 SARL <sup>(g)</sup> (PIK 8.000%, Cash 7.250%) |
| 157259 | 7.250 | 10/02/25 | 178037 |
| Loarre Investments SARL | Loarre Investments SARL | Loarre Investments SARL | Loarre Investments SARL |
| 800000 | 6.500 | 05/15/29 | 919476 |
| Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. | Penn Entertainment, Inc. |
| $626000 | 5.625 | 01/15/27 | 616961 |
| Pinewood Finco PLC | Pinewood Finco PLC | Pinewood Finco PLC | Pinewood Finco PLC |
| 400000 | 6.000 | 03/27/30 | 528922 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
| $500000 | 6.250 | 03/15/33 | 483780 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9071614 |
| Environmental<sup>(a)(b)</sup> – 0.2% | Environmental<sup>(a)(b)</sup> – 0.2% | Environmental<sup>(a)(b)</sup> – 0.2% | Environmental<sup>(a)(b)</sup> – 0.2% |
| Ambipar Lux SARL | Ambipar Lux SARL | Ambipar Lux SARL | Ambipar Lux SARL |
| 814000 | 10.875 | 02/05/33 | 795197 |
| Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
| 398000 | 4.875 | 07/15/27 | 392014 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 450000 | 3.500 | 09/01/28 | 426591 |
| 700000 | 4.375 | 08/15/29 | 666323 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| 553000 | 4.125 | 06/30/28 | 528192 |
| Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 320000 | 7.000 | 02/01/33 | 327299 |
|  |  |  | 3135616 |
| Food & Drug Retailing – 0.6% | Food & Drug Retailing – 0.6% | Food & Drug Retailing – 0.6% | Food & Drug Retailing – 0.6% |
| 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> |
| 1190000 | 8.125 | 05/14/30 | 1478928 |
| Iceland Bondco PLC <sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) | Iceland Bondco PLC <sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) | Iceland Bondco PLC <sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) | Iceland Bondco PLC <sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) |
| 200000 | 8.056 | 12/15/27 | 227474 |
| Minerva Luxembourg SA <sup>(a)(b)</sup> | Minerva Luxembourg SA <sup>(a)(b)</sup> | Minerva Luxembourg SA <sup>(a)(b)</sup> | Minerva Luxembourg SA <sup>(a)(b)</sup> |
| $564000 | 8.875 | 09/13/33 | 599856 |
| New Albertsons LP | New Albertsons LP | New Albertsons LP | New Albertsons LP |
| 1050000 | 8.700 | 05/01/30 | 1138767 |
| 387000 | 8.000 | 05/01/31 | 412058 |
| 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> |
| 807000 | 2.500 | 06/24/28 | 879050 |
| 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> |
| $415000 | 4.250 | 08/01/29 | 392760 |
| 720000 | 6.125 | 09/15/32 | 722664 |
| 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> |
| 550000 | 6.375 | 07/01/29 | 649418 |
| 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> |
| $201000 | 6.250 | 10/15/34 | 199651 |
| Sigma Holdco BV <sup>(a)(b)</sup> | Sigma Holdco BV <sup>(a)(b)</sup> | Sigma Holdco BV <sup>(a)(b)</sup> | Sigma Holdco BV <sup>(a)(b)</sup> |
| 150282 | 5.750 | 05/15/26 | 168441 |
| 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> |
| $884000 | 4.625 | 03/01/29 | 821333 |

---

&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** |

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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) *April 30, 2025 (Unaudited)*

&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) |
| Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) | Food & Drug Retailing – (continued) |
| Tyson Foods, Inc. <sup>(a)</sup>  | Tyson Foods, Inc. <sup>(a)</sup>  | Tyson Foods, Inc. <sup>(a)</sup>  | Tyson Foods, Inc. <sup>(a)</sup>  |
| $579000 | 5.100% | 09/28/48 | 511564 |
|  |  |  | 8201964 |
| 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 |
| 350000 | 3.625 | 02/04/28 | 381835 |
| Celulosa Arauco y Constitucion SA | Celulosa Arauco y Constitucion SA | Celulosa Arauco y Constitucion SA | Celulosa Arauco y Constitucion SA |
| $354000 | 6.180 | 05/05/32 | 354000 |
| Domtar Corp. | Domtar Corp. | Domtar Corp. | Domtar Corp. |
| 3186000 | 6.750 | 10/01/28 | 2668339 |
| WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH |
| 566000 | 5.625 | 01/15/31 | 662462 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4066636 |
| Gaming<sup>(a)(b)</sup> – 0.0% | Gaming<sup>(a)(b)</sup> – 0.0% | Gaming<sup>(a)(b)</sup> – 0.0% | Gaming<sup>(a)(b)</sup> – 0.0% |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| $250000 | 4.500 | 02/15/28 | 241512 |
| 335000 | 6.625 | 03/15/32 | 333127 |
| Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
| 85000 | 5.625 | 08/26/28 | 81172 |
|  |  |  | 655811 |
| Gas<sup>(a)</sup> – 0.2% | Gas<sup>(a)</sup> – 0.2% | Gas<sup>(a)</sup> – 0.2% | Gas<sup>(a)</sup> – 0.2% |
| AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) |
| 1010000 | 7.200 | 10/15/54 | 984568 |
| Northwest Natural Holding Co. <sup>(f)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co. <sup>(f)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co. <sup>(f)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co. <sup>(f)</sup> (5 yr. CMT + 2.701%) |
| 817000 | 7.000 | 09/15/55 | 794075 |
| 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>  |
| 1000000 | 7.500 | 05/01/33 | 1026470 |
| 632000 | 7.750 | 05/01/35 | 648988 |
|  |  |  | 3454101 |
| Hand/Machine Tools<sup>(a)(b)</sup> – 0.0% | Hand/Machine Tools<sup>(a)(b)</sup> – 0.0% | Hand/Machine Tools<sup>(a)(b)</sup> – 0.0% | Hand/Machine Tools<sup>(a)(b)</sup> – 0.0% |
| Dynamo Newco II GmbH | Dynamo Newco II GmbH | Dynamo Newco II GmbH | Dynamo Newco II GmbH |
| 350000 | 6.250 | 10/15/31 | 398766 |
| Health Care Providers & Services<sup>(a)(b)</sup> – 0.1% | Health Care Providers & Services<sup>(a)(b)</sup> – 0.1% | Health Care Providers & Services<sup>(a)(b)</sup> – 0.1% | Health Care Providers & Services<sup>(a)(b)</sup> – 0.1% |
| Kedrion SpA | Kedrion SpA | Kedrion SpA | Kedrion SpA |
| $1250000 | 6.500 | 09/01/29 | 1197888 |
| Healthcare Providers & Services<sup>(a)</sup> – 1.6% | Healthcare Providers & Services<sup>(a)</sup> – 1.6% | Healthcare Providers & Services<sup>(a)</sup> – 1.6% | Healthcare Providers & Services<sup>(a)</sup> – 1.6% |
| 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 | 12906 |
| (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></sup> <sup>(g)</sup> | 08/01/27 | 1391647 |
| Avantor Funding, Inc. <sup>(b)</sup>  | Avantor Funding, Inc. <sup>(b)</sup>  | Avantor Funding, Inc. <sup>(b)</sup>  | Avantor Funding, Inc. <sup>(b)</sup>  |
| 195000 | 3.875 | 07/15/28 | 217634 |
| CAB SELAS <sup>(b)</sup>  | CAB SELAS <sup>(b)</sup>  | CAB SELAS <sup>(b)</sup>  | CAB SELAS <sup>(b)</sup>  |
| 835000 | 3.375 | 02/01/28 | 894434 |
| Cerba Healthcare SACA | Cerba Healthcare SACA | Cerba Healthcare SACA | Cerba Healthcare SACA |
| 971000 | 3.500 | 05/31/28 | 819058 |
| 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 | 747031 |
| Chrome Holdco SAS | Chrome Holdco SAS | Chrome Holdco SAS | Chrome Holdco SAS |
| 577000 | 5.000 | 05/31/29 | 218602 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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>  | CHS/Community Health Systems, Inc. <sup>(b)</sup>  |
| $2430000 | 5.625% | 03/15/27 | 2369347 |
| 903000 | 10.875 | 01/15/32 | 932655 |
| DaVita, Inc. <sup>(b)</sup>  | DaVita, Inc. <sup>(b)</sup>  | DaVita, Inc. <sup>(b)</sup>  | DaVita, Inc. <sup>(b)</sup>  |
| 1100000 | 3.750 | 02/15/31 | 966636 |
| 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 | 810027 |
| Ephios Subco 3 SARL <sup>(b)</sup>  | Ephios Subco 3 SARL <sup>(b)</sup>  | Ephios Subco 3 SARL <sup>(b)</sup>  | Ephios Subco 3 SARL <sup>(b)</sup>  |
| 300000 | 7.875 | 01/31/31 | 358724 |
| Fortrea Holdings, Inc. <sup>(b)</sup>  | Fortrea Holdings, Inc. <sup>(b)</sup>  | Fortrea Holdings, Inc. <sup>(b)</sup>  | Fortrea Holdings, Inc. <sup>(b)</sup>  |
| $876000 | 7.500 | 07/01/30 | 761244 |
| Global Medical Response, Inc. <sup>(b)(g)</sup>  | Global Medical Response, Inc. <sup>(b)(g)</sup>  | Global Medical Response, Inc. <sup>(b)(g)</sup>  | Global Medical Response, Inc. <sup>(b)(g)</sup>  |
| 1728726 | 10.000 | 10/31/28 | 1731561 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 390000 | 5.250 | 06/15/49 | 338220 |
| IQVIA, Inc. <sup>(b)</sup>  | IQVIA, Inc. <sup>(b)</sup>  | IQVIA, Inc. <sup>(b)</sup>  | IQVIA, Inc. <sup>(b)</sup>  |
| 600000 | 2.250 | 03/15/29 | 640980 |
| LifePoint Health, Inc. <sup>(b)</sup>  | LifePoint Health, Inc. <sup>(b)</sup>  | LifePoint Health, Inc. <sup>(b)</sup>  | LifePoint Health, Inc. <sup>(b)</sup>  |
| $1745000 | 9.875 | 08/15/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854656 |
| 349000 | 8.375 | 02/15/32 | 355903 |
| 372000 | 10.000 | 06/01/32 | 360847 |
| Medline Borrower LP <sup>(b)</sup>  | Medline Borrower LP <sup>(b)</sup>  | Medline Borrower LP <sup>(b)</sup>  | Medline Borrower LP <sup>(b)</sup>  |
| 1911000 | 3.875 | 04/01/29 | 1782619 |
| Molina Healthcare, Inc. <sup>(b)</sup>  | Molina Healthcare, Inc. <sup>(b)</sup>  | Molina Healthcare, Inc. <sup>(b)</sup>  | Molina Healthcare, Inc. <sup>(b)</sup>  |
| 893000 | 4.375 | 06/15/28 | 858539 |
| 650000 | 3.875 | 11/15/30 | 585754 |
| Radiology Partners, Inc. <sup>(b)(g)</sup>  | Radiology Partners, Inc. <sup>(b)(g)</sup>  | Radiology Partners, Inc. <sup>(b)(g)</sup>  | Radiology Partners, Inc. <sup>(b)(g)</sup>  |
| 709743 | 9.781 | 02/15/30 | 662162 |
| (PIK 3.500%, Cash 4.275%) | (PIK 3.500%, Cash 4.275%) | (PIK 3.500%, Cash 4.275%) | (PIK 3.500%, Cash 4.275%) |
| 2146113 | 7.775 | 01/31/29 | 2100723 |
| RAY Financing LLC <sup>(b)</sup>  | RAY Financing LLC <sup>(b)</sup>  | RAY Financing LLC <sup>(b)</sup>  | RAY Financing LLC <sup>(b)</sup>  |
| 500000 | 6.500 | 07/15/31 | 585089 |
| Team Health Holdings, Inc. <sup>(b)(g)</sup> (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc. <sup>(b)(g)</sup> (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc. <sup>(b)(g)</sup> (PIK 4.500%, Cash 9.000%) | Team Health Holdings, Inc. <sup>(b)(g)</sup> (PIK 4.500%, Cash 9.000%) |
| $1100000 | 13.500 | 06/30/28 | 1186185 |
|  |  |  | 23543183 |
| Home Furnishings<sup>(a)(b)</sup> – 0.0% | Home Furnishings<sup>(a)(b)</sup> – 0.0% | Home Furnishings<sup>(a)(b)</sup> – 0.0% | Home Furnishings<sup>(a)(b)</sup> – 0.0% |
| Flos B&b Italia SpA | Flos B&b Italia SpA | Flos B&b Italia SpA | Flos B&b Italia SpA |
| 240000 | 10.000 | 11/15/28 | 284516 |
| Insurance – 1.0% | Insurance – 1.0% | Insurance – 1.0% | Insurance – 1.0% |
| 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>  |
| $479000 | 8.250 | 02/01/29 | 490491 |
| 200000 | 7.500 | 11/06/30 | 204222 |
| 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>  |
| 159000 | 4.250 | 10/15/27 | 153526 |
| 3000000 | 6.750 | 10/15/27 | 2987550 |
| 1323000 | 7.000 | 01/15/31 | 1342064 |
| 1250000 | 7.375 | 10/01/32 | 1261025 |
| 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>  |
| 868000 | 7.875 | 11/01/29 | 848288 |
| 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>  |
| 775000 | 7.750 | 02/15/31 | 792437 |

---

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

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| | |
|:---|:---|
| **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;

&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) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| 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>  |
| $521000 | 8.875% | 02/15/32 | 531253 |
| 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>  |
| 1057000 | 5.550 | 02/15/55 | 993062 |
| Athora Holding Ltd. <sup>(a)</sup>  | Athora Holding Ltd. <sup>(a)</sup>  | Athora Holding Ltd. <sup>(a)</sup>  | Athora Holding Ltd. <sup>(a)</sup>  |
| 640000 | 5.875 | 09/10/34 | 755504 |
| Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. |
| $940000 | 6.500 | 06/15/34 | 882933 |
| 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>  |
| 2025000 | 7.250 | 02/15/31 | 2080687 |
| 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> |
| 320000 | 5.875 | 08/01/32 | 316634 |
| 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>  |
| 550000 | 5.125 | 11/13/26 | 545067 |
| 630000 | 7.200 | 10/30/34 | 588042 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;14772785 |
| Internet – 0.5% | Internet – 0.5% | Internet – 0.5% | Internet – 0.5% |
| ANGI Group LLC <sup>(a)(b)</sup>  | ANGI Group LLC <sup>(a)(b)</sup>  | ANGI Group LLC <sup>(a)(b)</sup>  | ANGI Group LLC <sup>(a)(b)</sup>  |
| 767000 | 3.875 | 08/15/28 | 701076 |
| 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>  |
| 750000 | 5.625 | 09/15/28 | 694740 |
| Cerved Group SpA <sup>(a)</sup>  | Cerved Group SpA <sup>(a)</sup>  | Cerved Group SpA <sup>(a)</sup>  | Cerved Group SpA <sup>(a)</sup>  |
| 300000 | 6.000 | 02/15/29 | 307783 |
| 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>  |
| $637000 | 6.250 | 04/01/33 | 635490 |
| 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>  |
| 698000 | 3.500 | 03/01/29 | 651031 |
| GrubHub Holdings, Inc. <sup>(a)(b)</sup>  | GrubHub Holdings, Inc. <sup>(a)(b)</sup>  | GrubHub Holdings, Inc. <sup>(a)(b)</sup>  | GrubHub Holdings, Inc. <sup>(a)(b)</sup>  |
| 735000 | 5.500 | 07/01/27 | 663198 |
| Rakuten Group, Inc. <sup>(b)</sup>  | Rakuten Group, Inc. <sup>(b)</sup>  | Rakuten Group, Inc. <sup>(b)</sup>  | Rakuten Group, Inc. <sup>(b)</sup>  |
| 937000 | 9.750 | 04/15/29 | 990512 |
| Snap, Inc. <sup>(a)(b)</sup>  | Snap, Inc. <sup>(a)(b)</sup>  | Snap, Inc. <sup>(a)(b)</sup>  | Snap, Inc. <sup>(a)(b)</sup>  |
| 900000 | 6.875 | 03/01/33 | 898551 |
| 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 | 552939 |
| 757000 | 5.250<sup></sup> <sup>(b)</sup> | 02/01/30 | 846604 |
| (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) |
| 610000 | 6.806 <sup>(f)</sup> | 02/15/31 | 687584 |
|  |  |  | 7629508 |
| Investment Companies – 0.2% | Investment Companies – 0.2% | Investment Companies – 0.2% | Investment Companies – 0.2% |
| Abu Dhabi Developmental Holding Co. PJSC <sup>(a)(b)</sup>  | Abu Dhabi Developmental Holding Co. PJSC <sup>(a)(b)</sup>  | Abu Dhabi Developmental Holding Co. PJSC <sup>(a)(b)</sup>  | Abu Dhabi Developmental Holding Co. PJSC <sup>(a)(b)</sup>  |
| $1169000 | 4.500 | 05/06/30 | 1160233 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. <sup>(a)</sup>  | Icahn Enterprises LP/Icahn Enterprises Finance Corp. <sup>(a)</sup>  | Icahn Enterprises LP/Icahn Enterprises Finance Corp. <sup>(a)</sup>  | Icahn Enterprises LP/Icahn Enterprises Finance Corp. <sup>(a)</sup>  |
| 675000 | 5.250 | 05/15/27 | 639407 |
| 700000 | 9.000 | 06/15/30 | 657090 |
| Khazanah Global Sukuk Bhd. | Khazanah Global Sukuk Bhd. | Khazanah Global Sukuk Bhd. | Khazanah Global Sukuk Bhd. |
| 267000 | 4.687 | 06/01/28 | 268869 |
|  |  |  | 2725599 |
| Iron/Steel – 0.4% | Iron/Steel – 0.4% | Iron/Steel – 0.4% | Iron/Steel – 0.4% |
| 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>  |
| 860000 | 8.750 | 07/15/26 | 755605 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Iron/Steel – (continued) | Iron/Steel – (continued) | Iron/Steel – (continued) | Iron/Steel – (continued) |
| 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 | 706267 |
| CSN Resources SA <sup>(a)</sup>  | CSN Resources SA <sup>(a)</sup>  | CSN Resources SA <sup>(a)</sup>  | CSN Resources SA <sup>(a)</sup>  |
| 535000 | 8.875 | 12/05/30 | 512482 |
| 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> |
| 365000 | 8.125 | 05/01/27 | 351959 |
| 500000 | 8.000 | 11/01/27 | 473755 |
| 492000 | 9.250 | 10/01/28 | 464753 |
| 511000 | 8.500 | 05/01/30 | 464964 |
| Samarco Mineracao SA <sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA <sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) |
| 1714180 | 9.500 | 06/30/31 | 1607815 |
| Tacora Resources, Inc. <sup>(h)</sup>  | Tacora Resources, Inc. <sup>(h)</sup>  | Tacora Resources, Inc. <sup>(h)</sup>  | Tacora Resources, Inc. <sup>(h)</sup>  |
| 27984 | 13.000 | 09/18/31 | 27984 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365584 |
| Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% | Leisure Time<sup>(a)(b)</sup> – 0.2% |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 350000 | 4.000 | 08/01/28 | 334148 |
| Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC |
| 250000 | 5.500 | 06/15/27 | 328294 |
| (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 | 7.251 <sup>(f)</sup> | 06/15/27 | 227587 |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| $200000 | 8.125 | 01/15/29 | 209096 |
| Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
| 350000 | 10.000 | 10/11/28 | 494675 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| $1670000 | 5.875 | 09/15/27 | 1662619 |
| Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. |
| 370000 | 5.625 | 02/15/29 | 365597 |
|  |  |  | 3622016 |
| Lodging<sup>(a)</sup> – 0.7% | Lodging<sup>(a)</sup> – 0.7% | Lodging<sup>(a)</sup> – 0.7% | Lodging<sup>(a)</sup> – 0.7% |
| 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>  |
| 1200000 | 7.250 | 10/01/29 | 1188216 |
| 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 | 1113997 |
| Melco Resorts Finance Ltd. <sup>(b)</sup>  | Melco Resorts Finance Ltd. <sup>(b)</sup>  | Melco Resorts Finance Ltd. <sup>(b)</sup>  | Melco Resorts Finance Ltd. <sup>(b)</sup>  |
| 950000 | 5.375 | 12/04/29 | 854905 |
| 1367000 | 7.625 | 04/17/32 | 1312320 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 530000 | 6.500 | 04/15/32 | 522347 |
| Station Casinos LLC <sup>(b)</sup>  | Station Casinos LLC <sup>(b)</sup>  | Station Casinos LLC <sup>(b)</sup>  | Station Casinos LLC <sup>(b)</sup>  |
| 403000 | 4.625 | 12/01/31 | 365847 |
| Studio City Co. Ltd. | Studio City Co. Ltd. | Studio City Co. Ltd. | Studio City Co. Ltd. |
| 1240000 | 7.000 | 02/15/27 | 1235660 |
| 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>  |
| 1550000 | 5.000 | 01/15/29 | 1359474 |
| 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>  |
| 1030000 | 5.250 | 05/15/27 | 1019958 |
| Wynn Macau Ltd. <sup>(b)</sup>  | Wynn Macau Ltd. <sup>(b)</sup>  | Wynn Macau Ltd. <sup>(b)</sup>  | Wynn Macau Ltd. <sup>(b)</sup>  |
| 1090000 | 5.125 | 12/15/29 | 1000075 |
|  |  |  | 9972799 |

---

&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** |

---

------

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) *April 30, 2025 (Unaudited)*

&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 - 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 | $1285496 |
| Machinery-Diversified<sup>(a)(b)</sup> – 0.2% | Machinery-Diversified<sup>(a)(b)</sup> – 0.2% | Machinery-Diversified<sup>(a)(b)</sup> – 0.2% | Machinery-Diversified<sup>(a)(b)</sup> – 0.2% |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 250000 | 7.500 | 01/01/30 | 259828 |
| 565000 | 9.500 | 01/01/31 | 602375 |
| Mangrove Luxco III SARL <sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL <sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL <sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL <sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) |
| 1368000 | 7.279 | 07/15/29 | 1546733 |
| TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH | TK Elevator Holdco GmbH |
| 450000 | 6.625 | 07/15/28 | 509925 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918861 |
| Media<sup>(a)</sup> – 2.4% | Media<sup>(a)</sup> – 2.4% | Media<sup>(a)</sup> – 2.4% | Media<sup>(a)</sup> – 2.4% |
| Altice Financing SA <sup>(b)</sup> | Altice Financing SA <sup>(b)</sup> | Altice Financing SA <sup>(b)</sup> | Altice Financing SA <sup>(b)</sup> |
| $625000 | 9.625 | 07/15/27 | 539075 |
| 2380000 | 5.000 | 01/15/28 | 1825555 |
| 767000 | 5.750 | 08/15/29 | 563990 |
| AMC Networks, Inc. <sup>(b)</sup> | AMC Networks, Inc. <sup>(b)</sup> | AMC Networks, Inc. <sup>(b)</sup> | AMC Networks, Inc. <sup>(b)</sup> |
| 611000 | 10.250 | 01/15/29 | 631750 |
| Beasley Mezzanine Holdings LLC <sup>(b)</sup> | Beasley Mezzanine Holdings LLC <sup>(b)</sup> | Beasley Mezzanine Holdings LLC <sup>(b)</sup> | Beasley Mezzanine Holdings LLC <sup>(b)</sup> |
| 1112000 | 9.200 | 08/01/28 | 478160 |
| CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp. <sup>(b)</sup> |
| 560000 | 5.125 | 05/01/27 | 552115 |
| 410000 | 5.000 | 02/01/28 | 399959 |
| 1025000 | 5.375 | 06/01/29 | 1003649 |
| 2109000 | 6.375 | 09/01/29 | 2128044 |
| 2590000 | 4.500 | 08/15/30 | 2405955 |
| 650000 | 4.250 | 02/01/31 | 587632 |
| 1328000 | 7.375 | 03/01/31 | 1366074 |
| 820000 | 4.250 | 01/15/34 | 689981 |
| CSC Holdings LLC <sup>(b)</sup> | CSC Holdings LLC <sup>(b)</sup> | CSC Holdings LLC <sup>(b)</sup> | CSC Holdings LLC <sup>(b)</sup> |
| 721000 | 5.500 | 04/15/27 | 670191 |
| 425000 | 7.500 | 04/01/28 | 311708 |
| 1080000 | 11.750 | 01/31/29 | 1019682 |
| 1701000 | 6.500 | 02/01/29 | 1390602 |
| 2293000 | 5.750 | 01/15/30 | 1149756 |
| 94000 | 4.125 | 12/01/30 | 64395 |
| Directv Financing LLC <sup>(b)</sup> | Directv Financing LLC <sup>(b)</sup> | Directv Financing LLC <sup>(b)</sup> | Directv Financing LLC <sup>(b)</sup> |
| 648000 | 8.875 | 02/01/30 | 618101 |
| DISH DBS Corp. <sup>(b)</sup> | DISH DBS Corp. <sup>(b)</sup> | DISH DBS Corp. <sup>(b)</sup> | DISH DBS Corp. <sup>(b)</sup> |
| 2843000 | 5.250 | 12/01/26 | 2587812 |
| 1190000 | 5.750 | 12/01/28 | 1000040 |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 350000 | 5.476 | 01/25/39 | 334537 |
| 350000 | 5.576 | 01/25/49 | 319032 |
| Gray Media, Inc. <sup>(b)</sup> | Gray Media, Inc. <sup>(b)</sup> | Gray Media, Inc. <sup>(b)</sup> | Gray Media, Inc. <sup>(b)</sup> |
| 1171000 | 10.500 | 07/15/29 | 1202137 |
| 2455000 | 4.750 | 10/15/30 | 1472116 |
| 665000 | 5.375 | 11/15/31 | 396619 |
| McGraw-Hill Education, Inc. <sup>(b)</sup> | McGraw-Hill Education, Inc. <sup>(b)</sup> | McGraw-Hill Education, Inc. <sup>(b)</sup> | McGraw-Hill Education, Inc. <sup>(b)</sup> |
| 450000 | 5.750 | 08/01/28 | 441797 |
| Nexstar Media, Inc. <sup>(b)</sup> | Nexstar Media, Inc. <sup>(b)</sup> | Nexstar Media, Inc. <sup>(b)</sup> | Nexstar Media, Inc. <sup>(b)</sup> |
| 246000 | 4.750 | 11/01/28 | 231550 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media<sup>(a)</sup> – (continued) | Media<sup>(a)</sup> – (continued) | Media<sup>(a)</sup> – (continued) | Media<sup>(a)</sup> – (continued) |
| Paramount Global <sup>(f)</sup> (5 yr. CMT + 3.999%) | Paramount Global <sup>(f)</sup> (5 yr. CMT + 3.999%) | Paramount Global <sup>(f)</sup> (5 yr. CMT + 3.999%) | Paramount Global <sup>(f)</sup> (5 yr. CMT + 3.999%) |
| $1347000 | 6.375% | 03/30/62 | $1294912 |
| Scripps Escrow II, Inc. <sup>(b)</sup> | Scripps Escrow II, Inc. <sup>(b)</sup> | Scripps Escrow II, Inc. <sup>(b)</sup> | Scripps Escrow II, Inc. <sup>(b)</sup> |
| 1771000 | 3.875 | 01/15/29 | 1361474 |
| Sinclair Television Group, Inc. <sup>(b)</sup> | Sinclair Television Group, Inc. <sup>(b)</sup> | Sinclair Television Group, Inc. <sup>(b)</sup> | Sinclair Television Group, Inc. <sup>(b)</sup> |
| 805000 | 5.500 | 03/01/30 | 575197 |
| 499000 | 8.125 | 02/15/33 | 494454 |
| Sirius XM Radio LLC <sup>(b)</sup> | Sirius XM Radio LLC <sup>(b)</sup> | Sirius XM Radio LLC <sup>(b)</sup> | Sirius XM Radio LLC <sup>(b)</sup> |
| 427000 | 3.125 | 09/01/26 | 415731 |
| Spanish Broadcasting System, Inc. <sup>(b)</sup> | Spanish Broadcasting System, Inc. <sup>(b)</sup> | Spanish Broadcasting System, Inc. <sup>(b)</sup> | Spanish Broadcasting System, Inc. <sup>(b)</sup> |
| 1225000 | 9.750 | 03/01/26 | 772240 |
| TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
| 993000 | 4.625 | 03/15/28 | 949050 |
| Telenet Finance Luxembourg Notes SARL <sup>(b)</sup> | Telenet Finance Luxembourg Notes SARL <sup>(b)</sup> | Telenet Finance Luxembourg Notes SARL <sup>(b)</sup> | Telenet Finance Luxembourg Notes SARL <sup>(b)</sup> |
| 1000000 | 5.500 | 03/01/28 | 974670 |
| Urban One, Inc. <sup>(b)</sup> | Urban One, Inc. <sup>(b)</sup> | Urban One, Inc. <sup>(b)</sup> | Urban One, Inc. <sup>(b)</sup> |
| 1215000 | 7.375 | 02/01/28 | 582653 |
| Virgin Media Secured Finance PLC <sup>(b)</sup> | Virgin Media Secured Finance PLC <sup>(b)</sup> | Virgin Media Secured Finance PLC <sup>(b)</sup> | Virgin Media Secured Finance PLC <sup>(b)</sup> |
| 222000 | 4.500 | 08/15/30 | 198968 |
| Virgin Media Vendor Financing Notes III DAC <sup>(b)</sup> | Virgin Media Vendor Financing Notes III DAC <sup>(b)</sup> | Virgin Media Vendor Financing Notes III DAC <sup>(b)</sup> | Virgin Media Vendor Financing Notes III DAC <sup>(b)</sup> |
| 635000 | 4.875 | 07/15/28 | 793568 |
| Ziggo BV <sup>(b)</sup> | Ziggo BV <sup>(b)</sup> | Ziggo BV <sup>(b)</sup> | Ziggo BV <sup>(b)</sup> |
| 600000 | 2.875 | 01/15/30 | 620236 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;35415167 |
| Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1% | Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1% |
| Vallourec SACA | Vallourec SACA | Vallourec SACA | Vallourec SACA |
| $995000 | 7.500 | 04/15/32 | 1030830 |
| Mining<sup>(a)</sup> – 1.1% | Mining<sup>(a)</sup> – 1.1% | Mining<sup>(a)</sup> – 1.1% | Mining<sup>(a)</sup> – 1.1% |
| Aris Mining Corp. <sup>(b)</sup> | Aris Mining Corp. <sup>(b)</sup> | Aris Mining Corp. <sup>(b)</sup> | Aris Mining Corp. <sup>(b)</sup> |
| 875000 | 8.000 | 10/31/29 | 883750 |
| 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> |
| 342000 | 6.750 | 12/01/27 | 338607 |
| Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| 1793000 | 5.950 | 01/08/34 | 1816309 |
| 801000 | 6.780<sup></sup> <sup>(b)</sup> | 01/13/55 | 816119 |
| 400000 | 6.780 | 01/13/55 | 407550 |
| Eldorado Gold Corp. <sup>(b)</sup> | Eldorado Gold Corp. <sup>(b)</sup> | Eldorado Gold Corp. <sup>(b)</sup> | Eldorado Gold Corp. <sup>(b)</sup> |
| 1450000 | 6.250 | 09/01/29 | 1432991 |
| 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> |
| 1450000 | 9.375 | 03/01/29 | 1524312 |
| 1150000 | 8.625 | 06/01/31 | 1166891 |
| FMG Resources August 2006 Pty. Ltd. <sup>(b)</sup> | FMG Resources August 2006 Pty. Ltd. <sup>(b)</sup> | FMG Resources August 2006 Pty. Ltd. <sup>(b)</sup> | FMG Resources August 2006 Pty. Ltd. <sup>(b)</sup> |
| 179000 | 4.500 | 09/15/27 | 173693 |
| 737000 | 4.375 | 04/01/31 | 666897 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 795000 | 5.400 | 11/14/34 | 793911 |
| Mountain Province Diamonds, Inc. <sup>(b)(h)</sup> | Mountain Province Diamonds, Inc. <sup>(b)(h)</sup> | Mountain Province Diamonds, Inc. <sup>(b)(h)</sup> | Mountain Province Diamonds, Inc. <sup>(b)(h)</sup> |
| 2861000 | 9.000 | 12/15/27 | 2586344 |
| Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(e)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(e)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(e)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc. <sup>(b)(e)</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> |
| 1000000 | 3.250 | 11/15/26 | 970610 |
| 400000 | 4.750 | 01/30/30 | 371484 |

---

&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;

&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) |
| Vedanta Resources Finance II PLC <sup>(b)</sup>  | Vedanta Resources Finance II PLC <sup>(b)</sup>  | Vedanta Resources Finance II PLC <sup>(b)</sup>  | Vedanta Resources Finance II PLC <sup>(b)</sup>  |
| 569000 | 11.250% | 12/03/31 | 550507 |
| 747000 | 9.850 | 04/24/33 | 672300 |
| WE Soda Investments Holding PLC | WE Soda Investments Holding PLC | WE Soda Investments Holding PLC | WE Soda Investments Holding PLC |
| 880000 | 9.375 | 02/14/31 | 889926 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;16062214 |
| Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1% | Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1% |
| Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
| 357000 | 4.625 | 05/15/30 | 337197 |
| 401000 | 6.375 | 03/15/33 | 403534 |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 112000 | 6.250 | 03/15/33 | 114291 |
| LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. |
| 360000 | 6.250 | 10/15/28 | 337687 |
|  |  |  | 1192709 |
| Oil Field Services – 3.2% | Oil Field Services – 3.2% | Oil Field Services – 3.2% | Oil Field Services – 3.2% |
| Adnoc Murban Rsc Ltd. <sup>(a)</sup> | Adnoc Murban Rsc Ltd. <sup>(a)</sup> | Adnoc Murban Rsc Ltd. <sup>(a)</sup> | Adnoc Murban Rsc Ltd. <sup>(a)</sup> |
| 3164000 | 4.500 <sup>(b)</sup> | 09/11/34 | 3047327 |
| 214000 | 4.500 | 09/11/34 | 206109 |
| 1246000 | 5.125 <sup>(b)</sup> | 09/11/54 | 1119064 |
| 200000 | 5.125 | 09/11/54 | 179625 |
| 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>  |
| 444000 | 6.250 | 04/01/28 | 442686 |
| 457000 | 6.625 | 09/01/32 | 454167 |
| 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>  |
| 500000 | 8.250 | 12/31/28 | 505055 |
| 178000 | 6.625 | 10/15/32 | 175743 |
| 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 | 431140 |
| Chesapeake Energy Corp. <sup>(i)</sup>  | Chesapeake Energy Corp. <sup>(i)</sup>  | Chesapeake Energy Corp. <sup>(i)</sup>  | Chesapeake Energy Corp. <sup>(i)</sup>  |
| 195000 | 7.000 | 10/01/24 | 585 |
| 935000 | 7.500 | 10/01/26 | 2805 |
| 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>  |
| 1559000 | 8.375 | 01/15/29 | 1562944 |
| 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>  |
| 460000 | 8.625 | 11/01/30 | 444351 |
| 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 | 1137905 |
| 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> |
| 1329000 | 6.750 | 03/01/29 | 1261194 |
| 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> |
| 570000 | 8.500 | 10/01/30 | 544886 |
| EDO Sukuk Ltd. | EDO Sukuk Ltd. | EDO Sukuk Ltd. | EDO Sukuk Ltd. |
| 923000 | 5.662 <sup>(b)</sup> | 07/03/31 | 927615 |
| 250000 | 5.662 | 07/03/31 | 251250 |
| 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> |
| 2213000 | 12.000 | 10/01/28 | 2328297 |
| Kosmos Energy Ltd. <sup>(a)(b)</sup> | Kosmos Energy Ltd. <sup>(a)(b)</sup> | Kosmos Energy Ltd. <sup>(a)(b)</sup> | Kosmos Energy Ltd. <sup>(a)(b)</sup> |
| 1565000 | 7.750 | 05/01/27 | 1408500 |
| 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> |
| 522000 | 7.625 | 08/15/29 | 467942 |
| 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> |
| 1725000 | 8.750 | 02/15/32 | 1645443 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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> |
| $1022000 | 8.250% | 09/01/31 | 938993 |
| 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> |
| 487000 | 9.125 | 01/31/30 | 441914 |
| 586000 | 8.875 | 08/15/31 | 397232 |
| 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> |
| 273000 | 8.125 | 03/01/28 | 269009 |
| 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 | 508515 |
| 323000 | 9.875 | 07/15/31 | 349470 |
| Petroleos de Venezuela SA <sup>(e)</sup> | Petroleos de Venezuela SA <sup>(e)</sup> | Petroleos de Venezuela SA <sup>(e)</sup> | Petroleos de Venezuela SA <sup>(e)</sup> |
| 229684 | 6.000 | 11/15/26 | 26184 |
| 2236900 | 5.375 | 04/12/27 | 259480 |
| 1031200 | 5.500 | 04/12/37 | 114979 |
| Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
| 2126000 | 5.625 | 06/19/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294734 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 800000 | 6.875 | 08/04/26 | 790000 |
| 10356000 | 6.750 | 09/21/47 | 6922986 |
| Petronas Capital Ltd. <sup>(a)</sup> | Petronas Capital Ltd. <sup>(a)</sup> | Petronas Capital Ltd. <sup>(a)</sup> | Petronas Capital Ltd. <sup>(a)</sup> |
| 738000 | 2.480 | 01/28/32 | 631728 |
| 1570000 | 5.848 <sup>(b)</sup> | 04/03/55 | 1564960 |
| 2417000 | 3.404 | 04/28/61 | 1544463 |
| Saudi Arabian Oil Co. <sup>(a)(b)</sup> | Saudi Arabian Oil Co. <sup>(a)(b)</sup> | Saudi Arabian Oil Co. <sup>(a)(b)</sup> | Saudi Arabian Oil Co. <sup>(a)(b)</sup> |
| 534000 | 5.875 | 07/17/64 | 489945 |
| SEPLAT Energy PLC <sup>(a)(b)</sup> | SEPLAT Energy PLC <sup>(a)(b)</sup> | SEPLAT Energy PLC <sup>(a)(b)</sup> | SEPLAT Energy PLC <sup>(a)(b)</sup> |
| 487000 | 9.125 | 03/21/30 | 460673 |
| Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> | Sunoco LP <sup>(a)(b)</sup> |
| 345000 | 7.250 | 05/01/32 | 357420 |
| 83000 | 6.250 | 07/01/33 | 82916 |
| 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> |
| 1217000 | 5.500 | 10/15/29 | 1116817 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 449000 | 8.250 <sup>(a)(b)</sup> | 05/15/29 | 362581 |
| 600000 | 8.750 <sup>(a)(b)</sup> | 02/15/30 | 585516 |
| 1474000 | 8.500 <sup>(a)(b)</sup> | 05/15/31 | 1146536 |
| 1475000 | 6.800 | 03/15/38 | 908010 |
| Valaris Ltd. <sup>(a)(b)</sup> | Valaris Ltd. <sup>(a)(b)</sup> | Valaris Ltd. <sup>(a)(b)</sup> | Valaris Ltd. <sup>(a)(b)</sup> |
| 2090000 | 8.375 | 04/30/30 | 1956386 |
| Var Energi ASA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA <sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) |
| 1160000 | 7.862 | 11/15/83 | 1426108 |
| 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> |
| $860000 | 7.625 | 12/10/35 | 820698 |
| 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> |
| 1363000 | 7.875 | 04/15/32 | 1052658 |
| Wintershall Dea Finance 2 BV <sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV <sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV <sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV <sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) |
| 1100000 | 3.000 | 07/20/28 | 1136451 |
| YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> | YPF SA <sup>(a)(b)</sup> |
| $1355000 | 9.500 | 01/17/31 | 1401747 |
|  |  |  | 47903742 |
| Packaging<sup>(a)</sup> – 0.6% | Packaging<sup>(a)</sup> – 0.6% | Packaging<sup>(a)</sup> – 0.6% | Packaging<sup>(a)</sup> – 0.6% |
| ARD Finance SA <sup>(b)(g)</sup> | ARD Finance SA <sup>(b)(g)</sup> | ARD Finance SA <sup>(b)(g)</sup> | ARD Finance SA <sup>(b)(g)</sup> |
| (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) |
| 278791 | 5.000 | 06/30/27 | 11035 |

---

&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) *April 30, 2025 (Unaudited)*

&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<sup>(a)</sup> – (continued) | Packaging<sup>(a)</sup> – (continued) | Packaging<sup>(a)</sup> – (continued) | Packaging<sup>(a)</sup> – (continued) |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| $139893 | 6.500% | 06/30/27 | $3364 |
| 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>  |
| 400000 | 2.000 | 09/01/28 | 416132 |
| 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> |
| $953000 | 4.125 | 08/15/26 | 841413 |
| 453000 | 5.250 | 08/15/27 | 208317 |
| 328000 | 5.250 | 08/15/27 | 150877 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 1065000 | 1.500 | 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172752 |
| $1074000 | 2.875 | 08/15/30 | 950565 |
| 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> |
| 532000 | 2.375 | 11/01/27 | 587447 |
| Fedrigoni SpA <sup>(b)</sup> | Fedrigoni SpA <sup>(b)</sup> | Fedrigoni SpA <sup>(b)</sup> | Fedrigoni SpA <sup>(b)</sup> |
| 250000 | 6.125 | 06/15/31 | 273300 |
| (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) |
| 250000 | 6.355 <sup>(f)</sup> | 01/15/30 | 278877 |
| 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> |
| $375000 | 3.750 | 02/01/30 | 345488 |
| Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <sup>(b)</sup>  | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <sup>(b)</sup>  | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <sup>(b)</sup>  | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC <sup>(b)</sup>  |
| 847000 | 6.000 | 09/15/28 | 844916 |
| LABL, Inc. <sup>(b)</sup> | LABL, Inc. <sup>(b)</sup> | LABL, Inc. <sup>(b)</sup> | LABL, Inc. <sup>(b)</sup> |
| 164000 | 8.625 | 10/01/31 | 134037 |
| OI European Group BV <sup>(b)</sup> | OI European Group BV <sup>(b)</sup> | OI European Group BV <sup>(b)</sup> | OI European Group BV <sup>(b)</sup> |
| 185000 | 4.750 | 02/15/30 | 171255 |
| Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> | Sealed Air Corp. <sup>(b)</sup> |
| 600000 | 4.000 | 12/01/27 | 579330 |
| 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> |
| 324000 | 6.125 | 02/01/28 | 326100 |
| 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> |
| 1061000 | 12.750 | 12/31/28 | 1111429 |
|  |  |  | 8406634 |
| Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% | Pharmaceuticals – 0.5% |
| 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> |
| 1350000 | 10.000 | 04/15/32 | 1322838 |
| 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> |
| 850000 | 11.000 | 09/30/28 | 799246 |
| 500000 | 5.250 <sup>(a)</sup> | 02/15/31 | 269990 |
| Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) |
| 700000 | 6.625 | 09/25/83 | 833605 |
| 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 | 363927 |
| Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> |
| 590000 | 4.750 | 10/15/28 | 549302 |
| 500000 | 7.125 | 05/01/30 | 584239 |
| 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 | 125780 |
| 182000 | 5.375 | 10/23/30 | 205744 |
| (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) |
| 440000 | 5.904 <sup>(f)</sup> | 10/23/30 | 498021 |
| 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> |
| $700000 | 4.375 | 10/31/29 | 660604 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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> |
| $685000 | 5.125% | 04/30/31 | 574660 |
| Par Pharmaceutical, Inc. <sup>(b)(h)(i)</sup> | Par Pharmaceutical, Inc. <sup>(b)(h)(i)</sup> | Par Pharmaceutical, Inc. <sup>(b)(h)(i)</sup> | Par Pharmaceutical, Inc. <sup>(b)(h)(i)</sup> |
| 344000 | 7.500 | 04/01/27 |  |
| Rossini SARL <sup>(a)</sup> | Rossini SARL <sup>(a)</sup> | Rossini SARL <sup>(a)</sup> | Rossini SARL <sup>(a)</sup> |
| 594000 | 6.750 | 12/31/29 | 699991 |
|  |  |  | 7487947 |
| Pipelines<sup>(a)</sup> – 0.8% | Pipelines<sup>(a)</sup> – 0.8% | Pipelines<sup>(a)</sup> – 0.8% | Pipelines<sup>(a)</sup> – 0.8% |
| 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> |
| $500000 | 4.750 | 04/15/30 | 460715 |
| 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 | 663468 |
| 175000 | 7.875 | 05/15/32 | 170578 |
| 500000 | 8.000 | 05/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486390 |
| ITT Holdings LLC <sup>(b)</sup> | ITT Holdings LLC <sup>(b)</sup> | ITT Holdings LLC <sup>(b)</sup> | ITT Holdings LLC <sup>(b)</sup> |
| 1033000 | 6.500 | 08/01/29 | 944358 |
| 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 | 550752 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 71000 | 5.600 | 04/01/44 | 63514 |
| 549000 | 5.450 | 06/01/47 | 473622 |
| 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> |
| 700000 | 8.625 | 10/31/29 | 688688 |
| 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> |
| 522000 | 7.375 | 02/15/29 | 520163 |
| 2122000 | 6.000 | 12/31/30 | 1976728 |
| TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> | TransMontaigne Partners LLC <sup>(b)</sup> |
| 981000 | 8.500 | 06/15/30 | 987210 |
| 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> |
| 1980000 | 3.875 | 11/01/33 | 1669774 |
| 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> |
| 493000 | 9.500 | 02/01/29 | 510832 |
| 237000 | 8.375 | 06/01/31 | 228463 |
| (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) |
| 1031000 | 9.000 <sup>(f)</sup> | 09/30/29 | 883649 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 1305000 | 5.250 | 02/01/50 | 1049690 |
|  |  |  | 12328594 |
| Real Estate<sup>(a)</sup> – 0.2% | Real Estate<sup>(a)</sup> – 0.2% | Real Estate<sup>(a)</sup> – 0.2% | Real Estate<sup>(a)</sup> – 0.2% |
| Adler Financing SARL <sup>(g)</sup> | Adler Financing SARL <sup>(g)</sup> | Adler Financing SARL <sup>(g)</sup> | Adler Financing SARL <sup>(g)</sup> |
| 658334 | 8.250 | 12/31/28 | 762127 |
| Howard Hughes Corp. <sup>(b)</sup> | Howard Hughes Corp. <sup>(b)</sup> | Howard Hughes Corp. <sup>(b)</sup> | Howard Hughes Corp. <sup>(b)</sup> |
| $1300000 | 4.375 | 02/01/31 | 1152957 |
| Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
| 535000 | 4.750 | 03/01/29 | 481762 |
| Neinor Homes SA <sup>(b)</sup> | Neinor Homes SA <sup>(b)</sup> | Neinor Homes SA <sup>(b)</sup> | Neinor Homes SA <sup>(b)</sup> |
| 143000 | 5.875 | 02/15/30 | 166253 |
| Port of Spain Waterfront Development <sup>(b)</sup> | Port of Spain Waterfront Development <sup>(b)</sup> | Port of Spain Waterfront Development <sup>(b)</sup> | Port of Spain Waterfront Development <sup>(b)</sup> |
| $886000 | 7.875 | 02/19/40 | 832840 |
|  |  |  | 3395939 |

---

&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;

&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> – 1.2% | Real Estate Investment Trust<sup>(a)</sup> – 1.2% | Real Estate Investment Trust<sup>(a)</sup> – 1.2% | Real Estate Investment Trust<sup>(a)</sup> – 1.2% |
| 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> |
| $2350000 | 4.625% | 06/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2169261 |
| 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> |
| 210000 | 7.750 | 12/01/29 | 218306 |
| Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
| 997000 | 8.300 | 03/15/28 | 1030350 |
| 546000 | 8.875 | 04/12/29 | 573546 |
| 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>  |
| 1771000 | 4.500 | 04/01/27 | 1716170 |
| Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
| 700000 | 4.750 | 02/15/28 | 626325 |
| 2505000 | 4.375 | 03/01/31 | 1941124 |
| 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 | 527504 |
| Iron Mountain, Inc. <sup>(b)</sup> | Iron Mountain, Inc. <sup>(b)</sup> | Iron Mountain, Inc. <sup>(b)</sup> | Iron Mountain, Inc. <sup>(b)</sup> |
| $2000000 | 5.000 | 07/15/28 | 1952840 |
| 935000 | 4.875 | 09/15/29 | 901349 |
| 175000 | 4.500 | 02/15/31 | 162171 |
| 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 | 194990 |
| 650000 | 4.750 | 06/15/29 | 622394 |
| 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. |
| 325000 | 5.000 | 10/15/27 | 289289 |
| 325000 | 8.500 <sup>(b)</sup> | 02/15/32 | 330980 |
| 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> |
| 653000 | 3.750 | 07/01/26 | 640737 |
| 249000 | 4.000 | 09/15/29 | 224887 |
| Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
| 1480000 | 5.500 | 12/15/27 | 1414214 |
| 350000 | 3.950 | 01/15/28 | 308742 |
| 485000 | 4.375 | 02/15/30 | 361859 |
| 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 | 683424 |
| 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> |
| 510000 | 6.000 | 01/15/30 | 455134 |
| 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> |
| 930000 | 6.500 | 02/15/29 | 850308 |
|  |  |  | 18195904 |
| Retailing – 0.9% | Retailing – 0.9% | Retailing – 0.9% | Retailing – 0.9% |
| 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> |
| 750000 | 3.875 | 01/15/28 | 721050 |
| 450000 | 4.375 | 01/15/28 | 435825 |
| 231000 | 5.625 | 09/15/29 | 230520 |
| 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> |
| 782000 | 4.500 | 03/01/28 | 757993 |
| 138000 | 4.625 <sup>(b)</sup> | 11/15/29 | 129927 |
| Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
| 145000 | 5.250 | 02/01/28 | 143634 |
| 795000 | 6.875 | 11/01/35 | 799158 |
| 250000 | 6.750 | 07/01/36 | 246168 |
| BCPE Ulysses Intermediate, Inc. <sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) | BCPE Ulysses Intermediate, Inc. <sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) | BCPE Ulysses Intermediate, Inc. <sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) | BCPE Ulysses Intermediate, Inc. <sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) |
| 644667 | 7.750 | 04/01/27 | 625482 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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) |
| 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> |
| $700000 | 5.125% | 04/15/29 | 605052 |
| Carvana Co. <sup>(a)(b)(g)</sup> | Carvana Co. <sup>(a)(b)(g)</sup> | Carvana Co. <sup>(a)(b)(g)</sup> | Carvana Co. <sup>(a)(b)(g)</sup> |
| (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) |
| 446897 | 9.000 | 12/01/28 | 459352 |
| (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) |
| 461000 | 9.000 | 06/01/30 | 488425 |
| 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> |
| 100000 | 8.625 | 04/30/29 | 136109 |
| 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> |
| $361000 | 8.000 | 05/15/32 | 374765 |
| 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> |
| 650000 | 11.000 | 11/30/28 | 816092 |
| 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> |
| $573000 | 5.875 | 04/01/29 | 497192 |
| 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> |
| 1070000 | 4.625 | 01/15/29 | 992478 |
| 180000 | 6.750 | 01/15/30 | 157232 |
| 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> |
| 812000 | 8.375 | 01/15/29 | 716533 |
| 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> |
| 711000 | 6.250 | 01/15/29 | 622992 |
| 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> |
| 1154000 | 4.875 | 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091038 |
| Neiman Marcus Group Ltd. LLC <sup>(h)(i)</sup> | Neiman Marcus Group Ltd. LLC <sup>(h)(i)</sup> | Neiman Marcus Group Ltd. LLC <sup>(h)(i)</sup> | Neiman Marcus Group Ltd. LLC <sup>(h)(i)</sup> |
| 605000 | 8.000 | 10/15/21 |  |
| 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> | Papa John's International, Inc. <sup>(a)(b)</sup> |
| 404000 | 3.875 | 09/15/29 | 375094 |
| PetSmart, Inc./PetSmart Finance Corp. <sup>(a)(b)</sup> | PetSmart, Inc./PetSmart Finance Corp. <sup>(a)(b)</sup> | PetSmart, Inc./PetSmart Finance Corp. <sup>(a)(b)</sup> | PetSmart, Inc./PetSmart Finance Corp. <sup>(a)(b)</sup> |
| 500000 | 4.750 | 02/15/28 | 477305 |
| QVC, Inc. <sup>(a)(b)</sup> | QVC, Inc. <sup>(a)(b)</sup> | QVC, Inc. <sup>(a)(b)</sup> | QVC, Inc. <sup>(a)(b)</sup> |
| 498000 | 6.875 | 04/15/29 | 331558 |
| Rite Aid Corp. | Rite Aid Corp. | Rite Aid Corp. | Rite Aid Corp. |
| 348000 | 7.500 <sup>(b)(e)(h)(i)</sup> | 07/01/25 |  |
| 97124 | 8.000 <sup>(b)(h)(i</sup><sup>)</sup> | 10/18/25 |  |
| 104492 | 15.000 <sup>(g)</sup> | 08/30/31 | 31410 |
| 49571 | 15.000 <sup>(g)</sup> | 08/30/31 | 6000 |
| 34147 | 0.000 <sup>(c)(h)</sup> | 08/30/34 |  |
| (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%) |
| 36240 | 11.317 <sup>(b)(g)</sup> | 08/30/31 | 26002 |
| 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> |
| 405000 | 7.750 | 10/15/29 | 380870 |
| 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> |
| 970000 | 4.625 | 07/15/29 | 844366 |
|  |  |  | 13519622 |
| Semiconductors<sup>(a)(b)</sup> – 0.2% | Semiconductors<sup>(a)(b)</sup> – 0.2% | Semiconductors<sup>(a)(b)</sup> – 0.2% | Semiconductors<sup>(a)(b)</sup> – 0.2% |
| BE Semiconductor Industries NV | BE Semiconductor Industries NV | BE Semiconductor Industries NV | BE Semiconductor Industries NV |
| 400000 | 4.500 | 07/15/31 | 457676 |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| $653000 | 4.750 | 04/15/29 | 636212 |
| 145000 | 3.625 | 05/01/29 | 133436 |
| ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
| 751000 | 3.875 | 09/01/28 | 710619 |

---

&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) *April 30, 2025 (Unaudited)*

&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) |
| Semiconductors<sup>(a)(b)</sup> – (continued) | Semiconductors<sup>(a)(b)</sup> – (continued) | Semiconductors<sup>(a)(b)</sup> – (continued) | Semiconductors<sup>(a)(b)</sup> – (continued) |
| Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. |
| $866000 | 4.000% | 06/15/29 | 801656 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739599 |
| Software<sup>(a)(b)</sup> – 0.6% | Software<sup>(a)(b)</sup> – 0.6% | Software<sup>(a)(b)</sup> – 0.6% | Software<sup>(a)(b)</sup> – 0.6% |
| Asmodee Group AB | Asmodee Group AB | Asmodee Group AB | Asmodee Group AB |
| 177600 | 5.750 | 12/15/29 | 208769 |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| $1978000 | 6.500 | 03/31/29 | 1979305 |
| 1838000 | 9.000 | 09/30/29 | 1853237 |
| 620000 | 8.250 | 06/30/32 | 647113 |
| Elastic NV | Elastic NV | Elastic NV | Elastic NV |
| 819000 | 4.125 | 07/15/29 | 771007 |
| PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. |
| 971000 | 4.000 | 02/15/28 | 939093 |
| Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. |
| 1891000 | 9.000 | 11/28/28 | 1949848 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| 1000000 | 6.500 | 06/01/32 | 1015230 |
|  |  |  | 9363602 |
| Telecommunication Services<sup>(a)</sup> – 1.9% | Telecommunication Services<sup>(a)</sup> – 1.9% | Telecommunication Services<sup>(a)</sup> – 1.9% | Telecommunication Services<sup>(a)</sup> – 1.9% |
| Altice Financing SA | Altice Financing SA | Altice Financing SA | Altice Financing SA |
| 589000 | 3.000 | 01/15/28 | 502779 |
| Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| 472000 | 5.875 | 02/01/27 | 474326 |
| $485000 | 8.125 <sup>(b)</sup> | 02/01/27 | 443838 |
| 1290000 | 5.500 <sup>(b)</sup> | 01/15/28 | 1067269 |
| 2058000 | 5.500 <sup>(b)</sup> | 10/15/29 | 1682147 |
| 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>  |
| 840000 | 9.000 | 01/15/33 | 838320 |
| CommScope LLC <sup>(b)</sup>  | CommScope LLC <sup>(b)</sup>  | CommScope LLC <sup>(b)</sup>  | CommScope LLC <sup>(b)</sup>  |
| 740000 | 8.250 | 03/01/27 | 673185 |
| 1052000 | 4.750 | 09/01/29 | 930505 |
| Connect Finco SARL/Connect U.S. Finco LLC <sup>(b)</sup>  | Connect Finco SARL/Connect U.S. Finco LLC <sup>(b)</sup>  | Connect Finco SARL/Connect U.S. Finco LLC <sup>(b)</sup>  | Connect Finco SARL/Connect U.S. Finco LLC <sup>(b)</sup>  |
| 475000 | 9.000 | 09/15/29 | 444201 |
| Iliad Holding SASU <sup>(b)</sup>  | Iliad Holding SASU <sup>(b)</sup>  | Iliad Holding SASU <sup>(b)</sup>  | Iliad Holding SASU <sup>(b)</sup>  |
| 500000 | 5.625 | 10/15/28 | 575749 |
| $1717000 | 7.000 | 10/15/28 | 1737552 |
| 100000 | 5.375 | 04/15/30 | 115655 |
| Intelsat Jackson Holdings SA <sup>(b)</sup>  | Intelsat Jackson Holdings SA <sup>(b)</sup>  | Intelsat Jackson Holdings SA <sup>(b)</sup>  | Intelsat Jackson Holdings SA <sup>(b)</sup>  |
| $940000 | 6.500 | 03/15/30 | 927385 |
| Kaixo Bondco Telecom SA <sup>(b)</sup>  | Kaixo Bondco Telecom SA <sup>(b)</sup>  | Kaixo Bondco Telecom SA <sup>(b)</sup>  | Kaixo Bondco Telecom SA <sup>(b)</sup>  |
| 200000 | 5.125 | 09/30/29 | 228650 |
| 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 | 10.500 | 04/15/29 | 415841 |
| 1538000 | 4.875 | 06/15/29 | 1345058 |
| 585000 | 3.750 | 07/15/29 | 444904 |
| 1358628 | 11.000 | 11/15/29 | 1519870 |
| 270000 | 4.500 | 04/01/30 | 224832 |
| 1027000 | 10.500 | 05/15/30 | 1112724 |
| 1231730 | 3.875 | 10/15/30 | 972734 |
| 300000 | 10.750 | 12/15/30 | 332844 |
| Lorca Telecom Bondco SA <sup>(b)</sup>  | Lorca Telecom Bondco SA <sup>(b)</sup>  | Lorca Telecom Bondco SA <sup>(b)</sup>  | Lorca Telecom Bondco SA <sup>(b)</sup>  |
| 450000 | 4.000 | 09/18/27 | 509895 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) | Telecommunication Services<sup>(a)</sup> – (continued) |
| Lumen Technologies, Inc. <sup>(b)</sup>  | Lumen Technologies, Inc. <sup>(b)</sup>  | Lumen Technologies, Inc. <sup>(b)</sup>  | Lumen Technologies, Inc. <sup>(b)</sup>  |
| $750000 | 4.125% | 04/15/29 | $710490 |
| Odido Group Holding BV <sup>(b)</sup>  | Odido Group Holding BV <sup>(b)</sup>  | Odido Group Holding BV <sup>(b)</sup>  | Odido Group Holding BV <sup>(b)</sup>  |
| 500000 | 5.500 | 01/15/30 | 561622 |
| Odido Holding BV <sup>(b)</sup>  | Odido Holding BV <sup>(b)</sup>  | Odido Holding BV <sup>(b)</sup>  | Odido Holding BV <sup>(b)</sup>  |
| 170000 | 3.750 | 01/15/29 | 188754 |
| SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. |
| 1379000 | 3.375 | 07/06/29 | 1457065 |
| 542000 | 3.875 | 07/06/32 | 552727 |
| TDC Net AS | TDC Net AS | TDC Net AS | TDC Net AS |
| 480000 | 5.056 | 05/31/28 | 562447 |
| 921000 | 6.500 | 06/01/31 | 1141055 |
| Telesat Canada/Telesat LLC <sup>(b)</sup>  | Telesat Canada/Telesat LLC <sup>(b)</sup>  | Telesat Canada/Telesat LLC <sup>(b)</sup>  | Telesat Canada/Telesat LLC <sup>(b)</sup>  |
| $552000 | 5.625 | 12/06/26 | 312620 |
| Viasat, Inc. <sup>(b)</sup>  | Viasat, Inc. <sup>(b)</sup>  | Viasat, Inc. <sup>(b)</sup>  | Viasat, Inc. <sup>(b)</sup>  |
| 1207000 | 7.500 | 05/30/31 | 920289 |
| 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>  |
| 1730000 | 4.250 | 01/31/31 | 1508785 |
| 1409000 | 7.750 | 04/15/32 | 1421033 |
| Zayo Group Holdings, Inc. <sup>(b)</sup>  | Zayo Group Holdings, Inc. <sup>(b)</sup>  | Zayo Group Holdings, Inc. <sup>(b)</sup>  | Zayo Group Holdings, Inc. <sup>(b)</sup>  |
| 1565000 | 4.000 | 03/01/27 | 1439659 |
|  |  |  | 28296809 |
| Transportation – 0.0% | Transportation – 0.0% | Transportation – 0.0% | Transportation – 0.0% |
| SGL Group ApS <sup>(a)(f)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS <sup>(a)(f)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS <sup>(a)(f)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS <sup>(a)(f)</sup> (3 mo. EUR EURIBOR + 4.750%) |
| 340000 | 7.013 | 04/22/30 | 376530 |
| Transnet SOC Ltd. <sup>(b)</sup>  | Transnet SOC Ltd. <sup>(b)</sup>  | Transnet SOC Ltd. <sup>(b)</sup>  | Transnet SOC Ltd. <sup>(b)</sup>  |
| $327000 | 8.250 | 02/06/28 | 328839 |
|  |  |  | 705369 |
| Water Utilities<sup>(a)(b)</sup> – 0.1% | Water Utilities<sup>(a)(b)</sup> – 0.1% | Water Utilities<sup>(a)(b)</sup> – 0.1% | Water Utilities<sup>(a)(b)</sup> – 0.1% |
| Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL |
| 921000 | 9.000 | 01/20/31 | 956882 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $443,887,285)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $443,887,285)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $443,887,285)** | $&nbsp;&nbsp;&nbsp;&nbsp;441767272 |
| Bank Loans<sup>(k)</sup> – 25.0% | Bank Loans<sup>(k)</sup> – 25.0% | Bank Loans<sup>(k)</sup> – 25.0% | Bank Loans<sup>(k)</sup> – 25.0% |
| Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% |
| Air Comm Corp. LLC(1 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC(1 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC(1 mo. USD Term SOFR + 3.000%) | Air Comm Corp. LLC(1 mo. USD Term SOFR + 3.000%) |
| $1846154 | 7.321% | 11/21/31 | $1820769 |
| Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 2000000 | 7.320 | 01/27/32 | 1965840 |
| Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) | Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) | Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) | Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) |
| 922693 | 8.177 | 08/03/29 | 905393 |
| Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) |
| 995000 | 6.322 | 10/31/31 | $988841 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| (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%) |
| 442520 | 7.068 | 02/26/32 | 435489 |
| (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%) |
| 2034483 | 7.025–7.068 | 02/26/32 | 2002198 |

---

&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;

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) |
| Propulsion BC Finco SARL(3 mo. USD Term SOFR + 3.250%) | Propulsion BC Finco SARL(3 mo. USD Term SOFR + 3.250%) | Propulsion BC Finco SARL(3 mo. USD Term SOFR + 3.250%) | Propulsion BC Finco SARL(3 mo. USD Term SOFR + 3.250%) |
| $478912 | 7.549% | 09/14/29 | $478687 |
| Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) |
| 980396 | 8.780 | 01/15/27 | 979582 |
| TransDigm, Inc. <sup>(l)</sup> | TransDigm, Inc. <sup>(l)</sup> | TransDigm, Inc. <sup>(l)</sup> | TransDigm, Inc. <sup>(l)</sup> |
| 498741 | 0.000 | 08/24/28 | 497703 |
| (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%) |
| 2234981 | 6.799 | 02/28/31 | 2211044 |
| 243750 | 6.799 | 01/19/32 | 241032 |
| (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%) |
| 1384984 | 7.049 | 03/22/30 | 1380899 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13907477 |
| Airlines – 0.0% | Airlines – 0.0% | Airlines – 0.0% | Airlines – 0.0% |
| American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) | American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) | American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) | American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) |
| 469950 | 6.520 | 04/20/28 | 459376 |
| 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.(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc.(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc.(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc.(1 mo. USD Term SOFR + 4.000%) |
| 259090 | 8.436 | 04/06/28 | 254475 |
| 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%) |
| 685421 | 6.822 | 05/06/30 | 670903 |
| (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%) |
| 556026 | 7.072 | 01/28/32 | $543749 |
| RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) | RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) | RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) | RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) |
| 124685 | 9.436 | 01/31/28 | 118374 |
|  |  |  | 1587501 |
| Banks – 0.2% | Banks – 0.2% | Banks – 0.2% | Banks – 0.2% |
| AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 2793918 | 7.322 | 08/02/28 | 2775758 |
| Building Materials – 0.7% | Building Materials – 0.7% | Building Materials – 0.7% | Building Materials – 0.7% |
| Chamberlain Group, Inc.(1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc.(1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc.(1 mo. USD Term SOFR + 3.250%) | Chamberlain Group, Inc.(1 mo. USD Term SOFR + 3.250%) |
| 4196649 | 7.672 | 11/03/28 | 4139491 |
| CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 3.750%) | CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 3.750%) | CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 3.750%) | CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 3.750%) |
| 886820 | 8.172 | 11/23/27 | 827624 |
| Emrld Borrower LP<sup>(l)</sup>  | Emrld Borrower LP<sup>(l)</sup>  | Emrld Borrower LP<sup>(l)</sup>  | Emrld Borrower LP<sup>(l)</sup>  |
| 419133 | 0.000 | 08/04/31 | 413634 |
| Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, 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%) |
| 1356308 | 8.061 | 12/22/28 | 1348794 |
| (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%) |
| 1500000 | 11.311 | 12/21/29 | 1482195 |
| Quikrete Holdings, Inc. (1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc. (1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc. (1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc. (1 mo. USD Term SOFR + 2.250%) |
| 1645000 | 6.572 | 02/10/32 | $1610603 |
| Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) | Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) | Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) | Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) |
| 452507 | 8.549 | 08/05/31 | 436670 |
|  |  |  | 10259011 |
| Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% | Chemicals – 0.3% |
| A-AP Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) | A-AP Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) | A-AP Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) | A-AP Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 434038 | 7.072 | 09/09/31 | 432410 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) | Chemicals – (continued) |
| Aruba Investments Holdings LLC | Aruba Investments Holdings LLC | Aruba Investments Holdings LLC | Aruba Investments Holdings 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%) |
| $875151 | 8.422% | 11/24/27 | $852730 |
| (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 | 12.172 | 11/24/28 | 306104 |
| Chemours Co.(1 mo. USD Term SOFR + 3.000%) | Chemours Co.(1 mo. USD Term SOFR + 3.000%) | Chemours Co.(1 mo. USD Term SOFR + 3.000%) | Chemours Co.(1 mo. USD Term SOFR + 3.000%) |
| 261541 | 7.322 | 08/18/28 | 254349 |
| Eastman Chemical Co.(3 mo. USD Term SOFR + 5.250%) | Eastman Chemical Co.(3 mo. USD Term SOFR + 5.250%) | Eastman Chemical Co.(3 mo. USD Term SOFR + 5.250%) | Eastman Chemical Co.(3 mo. USD Term SOFR + 5.250%) |
| 1839780 | 9.811 | 11/01/28 | 988882 |
| Lonza Group AG(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG(3 mo. USD Term SOFR + 3.925%) |
| 700601 | 8.324 | 07/03/28 | 636594 |
| Polar U.S. Borrower LLC(3 mo. USD Term SOFR + 5.500%) | Polar U.S. Borrower LLC(3 mo. USD Term SOFR + 5.500%) | Polar U.S. Borrower LLC(3 mo. USD Term SOFR + 5.500%) | Polar U.S. Borrower LLC(3 mo. USD Term SOFR + 5.500%) |
| 2718 | 9.883 | 10/16/28 | 1277 |
| SCIH Salt Holdings, Inc.(3 mo. USD Term SOFR + 3.000%) | SCIH Salt Holdings, Inc.(3 mo. USD Term SOFR + 3.000%) | SCIH Salt Holdings, Inc.(3 mo. USD Term SOFR + 3.000%) | SCIH Salt Holdings, Inc.(3 mo. USD Term SOFR + 3.000%) |
| 757549 | 7.280 | 01/31/29 | 749799 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4222145 |
| Commercial Services – 2.1% | Commercial Services – 2.1% | Commercial Services – 2.1% | Commercial Services – 2.1% |
| AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) | AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) | AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) | AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) |
| 1266144 | 6.936 | 02/04/28 | 1264384 |
| Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) | Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) | Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) | Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) |
| 3818415 | 8.172 | 05/12/28 | 3812611 |
| American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) | American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) | American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) | American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) |
| 423317 | 8.799 | 12/30/27 | 423317 |
| 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%) |
| 118775 | 7.740 | 11/16/28 | 118218 |
| (3 mo. USD Term SOFR + 3.150%) | (3 mo. USD Term SOFR + 3.150%) | (3 mo. USD Term SOFR + 3.150%) | (3 mo. USD Term SOFR + 3.150%) |
| 2473574 | 7.490 | 11/16/28 | 2450694 |
| Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) | Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) | Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) | Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) |
| 645517 | 9.033 | 11/01/31 | 642290 |
| Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) | Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) | Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) | Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) |
| 600000 | 7.111 | 07/28/28 | 655071 |
| Belfor Holdings, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) | Belfor Holdings, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) | Belfor Holdings, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) | Belfor Holdings, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) |
| $692762 | 7.322 | 11/01/30 | 689298 |
| Belron Finance 2019 LLC<sup>(l)</sup>  | Belron Finance 2019 LLC<sup>(l)</sup>  | Belron Finance 2019 LLC<sup>(l)</sup>  | Belron Finance 2019 LLC<sup>(l)</sup>  |
| 299595 | 0.000 | 10/16/31 | 298387 |
| Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) | Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) | Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) | Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) |
| 1164400 | 6.299 | 01/31/31 | 1161489 |
| Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) | Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) | Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) | Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) |
| 469697 | 7.298 | 04/01/32 | 464413 |
| Conservice Midco LLC(1 mo. USD Term SOFR + 3.000%) | Conservice Midco LLC(1 mo. USD Term SOFR + 3.000%) | Conservice Midco LLC(1 mo. USD Term SOFR + 3.000%) | Conservice Midco LLC(1 mo. USD Term SOFR + 3.000%) |
| 1405958 | 7.322 | 05/13/30 | 1396580 |
| Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) | Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) | Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) | Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) |
| 24845 | 6.322 | 11/02/29 | 24576 |
| Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.750%) | Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.750%) | Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.750%) | Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.750%) |
| 961966 | 7.072 | 10/01/31 | 956127 |
| Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) | Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) | Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) | Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) |
| 548614 | 8.549 | 04/02/29 | 523240 |
| Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) | Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) | Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) | Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) |
| 1117438 | 7.280 | 08/01/29 | 1115695 |
| Envision Healthcare Corp.(1 mo. USD Term SOFR + 8.250%) | Envision Healthcare Corp.(1 mo. USD Term SOFR + 8.250%) | Envision Healthcare Corp.(1 mo. USD Term SOFR + 8.250%) | Envision Healthcare Corp.(1 mo. USD Term SOFR + 8.250%) |
| 1900000 | 12.579 | 12/30/27 | 1876250 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) | Commercial Services – (continued) |
| Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) | Fugue Finance BV(6 mo. USD Term SOFR + 3.250%) |
| $638348 | 7.496% | 01/09/32 | $636752 |
| Grant Thornton Advisors LLC(1 mo. USD Term SOFR + 2.750%) | Grant Thornton Advisors LLC(1 mo. USD Term SOFR + 2.750%) | Grant Thornton Advisors LLC(1 mo. USD Term SOFR + 2.750%) | Grant Thornton Advisors LLC(1 mo. USD Term SOFR + 2.750%) |
| 1510802 | 7.072 | 06/02/31 | 1497341 |
| Holding Socotec(3 mo. USD Term SOFR + 3.750%) | Holding Socotec(3 mo. USD Term SOFR + 3.750%) | Holding Socotec(3 mo. USD Term SOFR + 3.750%) | Holding Socotec(3 mo. USD Term SOFR + 3.750%) |
| 545000 | 8.060 | 06/30/28 | 542727 |
| Lernen Bidco Limited<sup>(l)</sup>  | Lernen Bidco Limited<sup>(l)</sup>  | Lernen Bidco Limited<sup>(l)</sup>  | Lernen Bidco Limited<sup>(l)</sup>  |
| 450000 | 0.000 | 10/27/31 | 447188 |
| Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) |
| 1481935 | 7.313 | 05/04/28 | 1461751 |
| Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) |
| 528759 | 6.822 | 03/27/31 | 524217 |
| OMNIA Partners LLC(3 mo. USD Term SOFR + 2.433%) | OMNIA Partners LLC(3 mo. USD Term SOFR + 2.433%) | OMNIA Partners LLC(3 mo. USD Term SOFR + 2.433%) | OMNIA Partners LLC(3 mo. USD Term SOFR + 2.433%) |
| 572125 | 7.033 | 07/25/30 | 569024 |
| PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 3.000%) | PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 3.000%) | PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 3.000%) | PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 3.000%) |
| 2123116 | 7.299 | 03/26/31 | 2113562 |
| Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) | Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) | Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) | Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) |
| 593366 | 8.299 | 10/04/30 | 590399 |
| Teneo Holdings LLC(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC(1 mo. USD Term SOFR + 4.750%) | Teneo Holdings LLC(1 mo. USD Term SOFR + 4.750%) |
| 552818 | 9.072 | 03/13/31 | 553509 |
| Wand NewCo 3, Inc. (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc. (1 mo. USD Term SOFR + 2.500%) |
| 3103591 | 6.822 | 01/30/31 | $3057379 |
| WEX Inc. <sup>(l)</sup>  | WEX Inc. <sup>(l)</sup>  | WEX Inc. <sup>(l)</sup>  | WEX Inc. <sup>(l)</sup>  |
| 210688 | 0.000 | 03/31/28 | 208187 |
| 200000 | 0.000 | 03/05/32 | 196416 |
| Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) | Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) | Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) | Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) |
| 354512 | 7.799 | 06/24/31 | 353626 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;30624718 |
| Computers – 0.4% | Computers – 0.4% | Computers – 0.4% | Computers – 0.4% |
| Access CIG LLC(6 mo. USD Term SOFR + 4.250%) | Access CIG LLC(6 mo. USD Term SOFR + 4.250%) | Access CIG LLC(6 mo. USD Term SOFR + 4.250%) | Access CIG LLC(6 mo. USD Term SOFR + 4.250%) |
| 1690438 | 8.381 | 08/18/28 | 1681462 |
| Idemia Group(3 mo. USD Term SOFR + 4.250%) | Idemia Group(3 mo. USD Term SOFR + 4.250%) | Idemia Group(3 mo. USD Term SOFR + 4.250%) | Idemia Group(3 mo. USD Term SOFR + 4.250%) |
| 494208 | 8.549 | 09/30/28 | 491737 |
| Imprivata, Inc.(3 mo. USD Term SOFR + 3.500%) | Imprivata, Inc.(3 mo. USD Term SOFR + 3.500%) | Imprivata, Inc.(3 mo. USD Term SOFR + 3.500%) | Imprivata, Inc.(3 mo. USD Term SOFR + 3.500%) |
| 395992 | 7.780 | 12/01/27 | 396290 |
| Magenta Security Holdings LLC | Magenta Security Holdings LLC | Magenta Security Holdings LLC | Magenta Security Holdings LLC |
| (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%) |
| 790270 | 11.290 | 07/27/28 | 717170 |
| (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 | 10.530 | 07/27/28 | 229662 |
| (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%) |
| 619642 | 11.540 | 07/27/28 | 314029 |
| (3 mo. USD Term SOFR + 1.500%) | (3 mo. USD Term SOFR + 1.500%) | (3 mo. USD Term SOFR + 1.500%) | (3 mo. USD Term SOFR + 1.500%) |
| 197269 | 6.040 | 07/27/28 | 57044 |
| McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) |
| 319200 | 7.319 | 03/01/29 | 298851 |
| Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) | Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) | Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) | Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) |
| 229727 | 6.072 | 08/31/28 | 227646 |
| Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) |
| 1847274 | 10.211 | 08/18/28 | 1634061 |
|  |  |  | 6047952 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Cosmetics & Personal Care<sup>(l)</sup> – 0.0% | Cosmetics & Personal Care<sup>(l)</sup> – 0.0% | Cosmetics & Personal Care<sup>(l)</sup> – 0.0% | Cosmetics & Personal Care<sup>(l)</sup> – 0.0% |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
| $70513 | 0.000% | 03/31/32 | $69852 |
| Distribution & Wholesale – 0.6% | Distribution & Wholesale – 0.6% | Distribution & Wholesale – 0.6% | Distribution & Wholesale – 0.6% |
| BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) |
| 2569500 | 7.572 | 12/11/30 | 2539000 |
| Core & Main LP(6 mo. USD Term SOFR + 2.000%) | Core & Main LP(6 mo. USD Term SOFR + 2.000%) | Core & Main LP(6 mo. USD Term SOFR + 2.000%) | Core & Main LP(6 mo. USD Term SOFR + 2.000%) |
| 307489 | 6.270 | 07/27/28 | 306720 |
| Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) |
| 2206310 | 7.549 | 03/31/28 | 2191418 |
| Gates Global LLC<sup>(l)</sup> | Gates Global LLC<sup>(l)</sup> | Gates Global LLC<sup>(l)</sup> | Gates Global LLC<sup>(l)</sup> |
| 350000 | 0.000 | 11/16/29 | 346899 |
| Gloves Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) | Gloves Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) | Gloves Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) | Gloves Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) |
| 496123 | 8.436 | 12/29/27 | 471317 |
| OptiGroup(1 mo. EUR EURIBOR + 5.250%) | OptiGroup(1 mo. EUR EURIBOR + 5.250%) | OptiGroup(1 mo. EUR EURIBOR + 5.250%) | OptiGroup(1 mo. EUR EURIBOR + 5.250%) |
| 570000 | 7.397 | 03/16/29 | 606581 |
| Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) |
| $2720744 | 7.073 | 08/01/30 | 2679252 |
|  |  |  | 9141187 |
| Diversified Financial Services – 0.9% | Diversified Financial Services – 0.9% | Diversified Financial Services – 0.9% | Diversified Financial Services – 0.9% |
| Apex Group Treasury LLC(3 mo. USD Term SOFR + 3.500%) | Apex Group Treasury LLC(3 mo. USD Term SOFR + 3.500%) | Apex Group Treasury LLC(3 mo. USD Term SOFR + 3.500%) | Apex Group Treasury LLC(3 mo. USD Term SOFR + 3.500%) |
| 3434688 | 7.819 | 02/27/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418957 |
| Avolon TLB Borrower 1 U.S. LLC(1 mo. USD Term SOFR + 1.750%) | Avolon TLB Borrower 1 U.S. LLC(1 mo. USD Term SOFR + 1.750%) | Avolon TLB Borrower 1 U.S. LLC(1 mo. USD Term SOFR + 1.750%) | Avolon TLB Borrower 1 U.S. LLC(1 mo. USD Term SOFR + 1.750%) |
| 410858 | 6.070 | 06/24/30 | 408890 |
| Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding 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%) |
| 561758 | 8.049 | 04/09/27 | 530923 |
| (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%) |
| 3797000 | 11.311 | 04/07/28 | 3457662 |
| Ditech Holding Corp.<sup>(e)(h)</sup> | Ditech Holding Corp.<sup>(e)(h)</sup> | Ditech Holding Corp.<sup>(e)(h)</sup> | Ditech Holding Corp.<sup>(e)(h)</sup> |
| 183349 | 0.000 | 06/30/25 |  |
| 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%) |
| 372779 | 7.322 | 04/07/28 | 371083 |
| (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%) |
| 495226 | 9.572 | 10/06/28 | 480988 |
| FNZ Group Services Ltd.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) |
| 1250000 | 9.291 | 11/05/31 | 1031250 |
| Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) | Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) | Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) | Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) |
| 698250 | 7.072 | 09/15/31 | 689047 |
| Gen II Fund Services LLC<sup>(l)</sup> | Gen II Fund Services LLC<sup>(l)</sup> | Gen II Fund Services LLC<sup>(l)</sup> | Gen II Fund Services LLC<sup>(l)</sup> |
| 800000 | 0.000 | 11/26/31 | 796000 |
| HighTower Holdings LLC(3 mo. USD Term SOFR + 3.000%) | HighTower Holdings LLC(3 mo. USD Term SOFR + 3.000%) | HighTower Holdings LLC(3 mo. USD Term SOFR + 3.000%) | HighTower Holdings LLC(3 mo. USD Term SOFR + 3.000%) |
| 769157 | 7.291 | 02/03/32 | 755697 |
| Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) | Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) | Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) | Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) |
| 369815 | 6.799 | 08/18/28 | 368583 |
| Summit Acquisition, Inc.(1 mo. USD Term SOFR + 3.750%) | Summit Acquisition, Inc.(1 mo. USD Term SOFR + 3.750%) | Summit Acquisition, Inc.(1 mo. USD Term SOFR + 3.750%) | Summit Acquisition, Inc.(1 mo. USD Term SOFR + 3.750%) |
| 500000 | 8.072 | 10/16/31 | 498125 |
|  |  |  | 12807205 |

---

&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.** |

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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;

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Electrical – 0.2% | Electrical – 0.2% | Electrical – 0.2% | Electrical – 0.2% |
| Lackawanna Energy Center LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 4.250%) | Lackawanna Energy Center LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 4.250%) | Lackawanna Energy Center LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 4.250%) | Lackawanna Energy Center LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 4.250%) |
| $681071 | 8.572% | 08/06/29 | $684476 |
| Lightstone Holdco LLC (3 mo. USD Term SOFR + 5.750%) | Lightstone Holdco LLC (3 mo. USD Term SOFR + 5.750%) | Lightstone Holdco LLC (3 mo. USD Term SOFR + 5.750%) | Lightstone Holdco LLC (3 mo. USD Term SOFR + 5.750%) |
| 1114998 | 10.030 | 01/29/27 | $1110260 |
| Potomac Energy Center, LLC<sup>(l)(h)</sup> | Potomac Energy Center, LLC<sup>(l)(h)</sup> | Potomac Energy Center, LLC<sup>(l)(h)</sup> | Potomac Energy Center, LLC<sup>(l)(h)</sup> |
| 356221 | 0.000 | 03/14/32 | $353550 |
| South Field LLC (3 mo. USD Term SOFR + 3.250%) | South Field LLC (3 mo. USD Term SOFR + 3.250%) | South Field LLC (3 mo. USD Term SOFR + 3.250%) | South Field LLC (3 mo. USD Term SOFR + 3.250%) |
| 423194 | 7.549 | 08/29/31 | $420815 |
| Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) | Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) | Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) | Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) |
| 127036 | 6.818 | 05/17/30 | 126436 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695537 |
| Electronics – 0.2% | Electronics – 0.2% | Electronics – 0.2% | Electronics – 0.2% |
| Roper Industrial Products Investment Co. LLC(3 mo. USD Term SOFR + 2.750%) | Roper Industrial Products Investment Co. LLC(3 mo. USD Term SOFR + 2.750%) | Roper Industrial Products Investment Co. LLC(3 mo. USD Term SOFR + 2.750%) | Roper Industrial Products Investment Co. LLC(3 mo. USD Term SOFR + 2.750%) |
| 3602652 | 7.049 | 11/22/29 | 3567202 |
| Energy-Alternate Sources – 0.1% | Energy-Alternate Sources – 0.1% | Energy-Alternate Sources – 0.1% | Energy-Alternate Sources – 0.1% |
| CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) | CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) | CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) | CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) |
| 303927 | 7.322 | 08/14/31 | 303675 |
| Enviva Partners LP/Fin C(3 mo. USD Term SOFR + 8.500%) | Enviva Partners LP/Fin C(3 mo. USD Term SOFR + 8.500%) | Enviva Partners LP/Fin C(3 mo. USD Term SOFR + 8.500%) | Enviva Partners LP/Fin C(3 mo. USD Term SOFR + 8.500%) |
| 376750 | 12.800 | 08/30/29 | 372353 |
| Esdec Solar Group BV(3 mo. USD Term SOFR + 5.000%) | Esdec Solar Group BV(3 mo. USD Term SOFR + 5.000%) | Esdec Solar Group BV(3 mo. USD Term SOFR + 5.000%) | Esdec Solar Group BV(3 mo. USD Term SOFR + 5.000%) |
| 145405 | 9.561 | 08/30/28 | 106146 |
| TerraForm Power Operating LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.000%) | TerraForm Power Operating LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.000%) | TerraForm Power Operating LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.000%) | TerraForm Power Operating LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.000%) |
| 674000 | 6.299 | 05/21/29 | 658835 |
|  |  |  | 1441009 |
| Engineering & Construction – 0.5% | Engineering & Construction – 0.5% | Engineering & Construction – 0.5% | Engineering & Construction – 0.5% |
| Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) |
| 2866250 | 6.822 | 09/23/31 | 2827871 |
| Artera Services LLC(3 mo. USD Term SOFR + 4.500%) | Artera Services LLC(3 mo. USD Term SOFR + 4.500%) | Artera Services LLC(3 mo. USD Term SOFR + 4.500%) | Artera Services LLC(3 mo. USD Term SOFR + 4.500%) |
| 374766 | 8.799 | 02/15/31 | 356088 |
| Brown Group Holding LLC(1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC(1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC(1 mo. USD Term SOFR + 2.500%) | Brown Group Holding LLC(1 mo. USD Term SOFR + 2.500%) |
| 1693774 | 6.822 | 07/01/31 | 1674939 |
| Cube Industrials Buyer, Inc.(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc.(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc.(3 mo. USD Term SOFR + 3.500%) | Cube Industrials Buyer, Inc.(3 mo. USD Term SOFR + 3.500%) |
| 325000 | 7.772 | 10/17/31 | 321750 |
| Newly Weds Foods, Inc.(1 mo. USD Term SOFR + 2.250%) | Newly Weds Foods, Inc.(1 mo. USD Term SOFR + 2.250%) | Newly Weds Foods, Inc.(1 mo. USD Term SOFR + 2.250%) | Newly Weds Foods, Inc.(1 mo. USD Term SOFR + 2.250%) |
| 380000 | 6.579 | 03/15/32 | 377625 |
| Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) |
| 1218487 | 7.280–7.322 | 10/29/27 | 1213162 |
| Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) | Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) | Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) | Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) |
| 1054474 | 8.561 | 10/30/28 | 1031623 |
|  |  |  | 7803058 |
| Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% | Entertainment – 0.3% |
| Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, 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%) |
| 501919 | 6.563 | 02/06/30 | 494139 |
| 97595 | 6.563 | 02/06/31 | 95908 |
| CE Intermediate I, LLC<sup>(l)</sup> | CE Intermediate I, LLC<sup>(l)</sup> | CE Intermediate I, LLC<sup>(l)</sup> | CE Intermediate I, LLC<sup>(l)</sup> |
| 670000 | 0.000 | 03/25/32 | 662744 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) | Entertainment – (continued) |
| East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) |
| $993619 | 11.936% | 11/23/26 | $982689 |
| EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) |
| 693085 | 7.322 | 03/24/32 | 683264 |
| Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) | Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) | Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) | Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) |
| 441526 | 8.549 | 08/01/30 | 426293 |
| Route 66 Development Authority(1 mo. USD Term SOFR + 9.000%) | Route 66 Development Authority(1 mo. USD Term SOFR + 9.000%) | Route 66 Development Authority(1 mo. USD Term SOFR + 9.000%) | Route 66 Development Authority(1 mo. USD Term SOFR + 9.000%) |
| 1000000 | 13.322 | 10/10/30 | 985000 |
| UFC Holdings LLC<sup>(l)</sup> | UFC Holdings LLC<sup>(l)</sup> | UFC Holdings LLC<sup>(l)</sup> | UFC Holdings LLC<sup>(l)</sup> |
| 500000 | 0.000 | 11/21/31 | 499270 |
|  |  |  | 4829307 |
| Environmental – 0.5% | Environmental – 0.5% | Environmental – 0.5% | Environmental – 0.5% |
| Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) | Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) | Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) | Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) |
| 3794394 | 7.322 | 10/21/28 | 3786957 |
| GFL Environmental Inc.<sup>(l)</sup> | GFL Environmental Inc.<sup>(l)</sup> | GFL Environmental Inc.<sup>(l)</sup> | GFL Environmental Inc.<sup>(l)</sup> |
| 107143 | 0.000 | 02/04/32 | 105536 |
| Madison IAQ LLC <sup>(l)</sup> | Madison IAQ LLC <sup>(l)</sup> | Madison IAQ LLC <sup>(l)</sup> | Madison IAQ LLC <sup>(l)</sup> |
| 1500000 | 0.000 | 03/28/32 | 1484070 |
| (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%) |
| 1125000 | 6.762 | 06/21/28 | 1113334 |
| WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 397955 | 7.186 | 03/24/28 | 392201 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6882098 |
| Food & Drug Retailing – 0.5% | Food & Drug Retailing – 0.5% | Food & Drug Retailing – 0.5% | Food & Drug Retailing – 0.5% |
| 8th Avenue Food & Provisions, Inc. | 8th Avenue Food & Provisions, Inc. | 8th Avenue Food & Provisions, Inc. | 8th Avenue Food & Provisions, Inc. |
| (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%) |
| 280000 | 12.186 | 10/01/26 | 252700 |
| (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%) |
| 4627564 | 8.186 | 10/01/25 | 4349910 |
| (1 mo. USD Term SOFR + 4.750%)<sup>(h)</sup> | (1 mo. USD Term SOFR + 4.750%)<sup>(h)</sup> | (1 mo. USD Term SOFR + 4.750%)<sup>(h)</sup> | (1 mo. USD Term SOFR + 4.750%)<sup>(h)</sup> |
| 617026 | 9.186 | 10/01/25 | 573834 |
| Chobani LLC(1 mo. USD Term SOFR + 2.500%) | Chobani LLC(1 mo. USD Term SOFR + 2.500%) | Chobani LLC(1 mo. USD Term SOFR + 2.500%) | Chobani LLC(1 mo. USD Term SOFR + 2.500%) |
| 1049842 | 6.822 | 10/25/27 | 1048309 |
| Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) | Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) | Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) | Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) |
| 500000 | 6.605 | 07/30/26 | 502957 |
| Nomad Foods U.S. LLC<sup>(h)</sup> (6 mo. USD Term SOFR + 2.500%) | Nomad Foods U.S. LLC<sup>(h)</sup> (6 mo. USD Term SOFR + 2.500%) | Nomad Foods U.S. LLC<sup>(h)</sup> (6 mo. USD Term SOFR + 2.500%) | Nomad Foods U.S. LLC<sup>(h)</sup> (6 mo. USD Term SOFR + 2.500%) |
| $637013 | 6.535 | 11/12/29 | 635421 |
| Quirch Foods Holdings LLC(3 mo. USD Term SOFR + 5.000%) | Quirch Foods Holdings LLC(3 mo. USD Term SOFR + 5.000%) | Quirch Foods Holdings LLC(3 mo. USD Term SOFR + 5.000%) | Quirch Foods Holdings LLC(3 mo. USD Term SOFR + 5.000%) |
| 439319 | 9.561 | 10/27/27 | 412850 |
|  |  |  | 7775981 |
| Food Service – 0.1% | Food Service – 0.1% | Food Service – 0.1% | Food Service – 0.1% |
| Aramark Services, Inc.(1 mo. USD Term SOFR + 2.000%) | Aramark Services, Inc.(1 mo. USD Term SOFR + 2.000%) | Aramark Services, Inc.(1 mo. USD Term SOFR + 2.000%) | Aramark Services, Inc.(1 mo. USD Term SOFR + 2.000%) |
| 710527 | 6.322 | 06/22/30 | 709341 |
| Golden State Foods LLC(1 mo. USD Term SOFR + 4.250%) | Golden State Foods LLC(1 mo. USD Term SOFR + 4.250%) | Golden State Foods LLC(1 mo. USD Term SOFR + 4.250%) | Golden State Foods LLC(1 mo. USD Term SOFR + 4.250%) |
| 538257 | 8.571 | 12/04/31 | 538547 |
|  |  |  | 1247888 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Hand/Machine Tools – 0.1% | Hand/Machine Tools – 0.1% | Hand/Machine Tools – 0.1% | Hand/Machine Tools – 0.1% |
| Alliance Laundry Systems LLC(3 mo. USD Term SOFR + 2.750%) | Alliance Laundry Systems LLC(3 mo. USD Term SOFR + 2.750%) | Alliance Laundry Systems LLC(3 mo. USD Term SOFR + 2.750%) | Alliance Laundry Systems LLC(3 mo. USD Term SOFR + 2.750%) |
| $637903 | 7.072% | 08/19/31 | $632245 |
| Health Care - Services – 0.3% | Health Care - Services – 0.3% | Health Care - Services – 0.3% | Health Care - Services – 0.3% |
| Charlotte Buyer, Inc.(1 mo. USD Term SOFR + 4.250%) | Charlotte Buyer, Inc.(1 mo. USD Term SOFR + 4.250%) | Charlotte Buyer, Inc.(1 mo. USD Term SOFR + 4.250%) | Charlotte Buyer, Inc.(1 mo. USD Term SOFR + 4.250%) |
| 330132 | 8.571 | 02/11/28 | 328303 |
| MDVIP, Inc.(1 mo. USD Term SOFR + 3.000%) | MDVIP, Inc.(1 mo. USD Term SOFR + 3.000%) | MDVIP, Inc.(1 mo. USD Term SOFR + 3.000%) | MDVIP, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 913815 | 7.322 | 10/16/28 | 903535 |
| Parexel International Corp.(1 mo. USD Term SOFR + 2.500%) | Parexel International Corp.(1 mo. USD Term SOFR + 2.500%) | Parexel International Corp.(1 mo. USD Term SOFR + 2.500%) | Parexel International Corp.(1 mo. USD Term SOFR + 2.500%) |
| 614895 | 6.822 | 11/15/28 | 610824 |
| Radnet Management, Inc.(3 mo. USD Term SOFR + 2.250%) | Radnet Management, Inc.(3 mo. USD Term SOFR + 2.250%) | Radnet Management, Inc.(3 mo. USD Term SOFR + 2.250%) | Radnet Management, Inc.(3 mo. USD Term SOFR + 2.250%) |
| 1008700 | 6.568 | 04/18/31 | 1004706 |
| Team Health Holdings, Inc.(3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc.(3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc.(3 mo. USD Term SOFR + 5.250%) | Team Health Holdings, Inc.(3 mo. USD Term SOFR + 5.250%) |
| 2308147 | 9.530 | 03/02/27 | 2240934 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088302 |
| Health Care Products – 1.1% | Health Care Products – 1.1% | Health Care Products – 1.1% | Health Care Products – 1.1% |
| Agiliti Health, Inc.(3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) | Agiliti Health, Inc.(3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) | Agiliti Health, Inc.(3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) | Agiliti Health, Inc.(3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) |
| 332799 | 7.216–7.298 | 05/01/30 | 320319 |
| Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb 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%) |
| 3197856 | 7.670 | 05/10/27 | 3156604 |
| (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%) |
| 2844895 | 8.322 | 09/29/28 | 2814085 |
| Carestream Health, Inc.(3 mo. USD Term SOFR + 7.500%) | Carestream Health, Inc.(3 mo. USD Term SOFR + 7.500%) | Carestream Health, Inc.(3 mo. USD Term SOFR + 7.500%) | Carestream Health, Inc.(3 mo. USD Term SOFR + 7.500%) |
| 1209586 | 11.899 | 09/30/27 | 665272 |
| Confluent Medical Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) | Confluent Medical Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) | Confluent Medical Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) | Confluent Medical Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) |
| 863822 | 7.549 | 02/16/29 | 855183 |
| ICU Medical, Inc.(3 mo. USD Term SOFR + 2.500%) | ICU Medical, Inc.(3 mo. USD Term SOFR + 2.500%) | ICU Medical, Inc.(3 mo. USD Term SOFR + 2.500%) | ICU Medical, Inc.(3 mo. USD Term SOFR + 2.500%) |
| 653094 | 6.199 | 01/08/29 | 645982 |
| Lifescan Global Corp.(3 mo. USD Term SOFR + 6.500%) | Lifescan Global Corp.(3 mo. USD Term SOFR + 6.500%) | Lifescan Global Corp.(3 mo. USD Term SOFR + 6.500%) | Lifescan Global Corp.(3 mo. USD Term SOFR + 6.500%) |
| 2540830 | 10.922 | 12/31/26 | 1648998 |
| Maravai Intermediate Holdings LLC(3 mo. USD Term SOFR + 3.000%) | Maravai Intermediate Holdings LLC(3 mo. USD Term SOFR + 3.000%) | Maravai Intermediate Holdings LLC(3 mo. USD Term SOFR + 3.000%) | Maravai Intermediate Holdings LLC(3 mo. USD Term SOFR + 3.000%) |
| 646987 | 7.270 | 10/19/27 | 621916 |
| Medline Borrower LP(1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP(1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP(1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP(1 mo. USD Term SOFR + 2.250%) |
| 5170702 | 6.572 | 10/23/28 | 5132439 |
| Resonetics LLC(3 mo. USD Term SOFR + 3.250%) | Resonetics LLC(3 mo. USD Term SOFR + 3.250%) | Resonetics LLC(3 mo. USD Term SOFR + 3.250%) | Resonetics LLC(3 mo. USD Term SOFR + 3.250%) |
| 833984 | 7.545 | 06/18/31 | 825411 |
| Vyaire Medical, Inc.(3 mo. U.S. (Fed) Prime Rate + 4.750%) | Vyaire Medical, Inc.(3 mo. U.S. (Fed) Prime Rate + 4.750%) | Vyaire Medical, Inc.(3 mo. U.S. (Fed) Prime Rate + 4.750%) | Vyaire Medical, Inc.(3 mo. U.S. (Fed) Prime Rate + 4.750%) |
| 363906 | 12.250 | 04/16/26 | 1092 |
|  |  |  | 16687301 |
| Health Care Services – 0.4% | Health Care Services – 0.4% | Health Care Services – 0.4% | Health Care Services – 0.4% |
| Electron BidCo, Inc.(1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc.(1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc.(1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 1110200 | 7.072 | 11/01/28 | 1104960 |
| Global Medical Response, Inc.(1 mo. USD Term SOFR + 4.750%) | Global Medical Response, Inc.(1 mo. USD Term SOFR + 4.750%) | Global Medical Response, Inc.(1 mo. USD Term SOFR + 4.750%) | Global Medical Response, Inc.(1 mo. USD Term SOFR + 4.750%) |
| 1211022 | 9.822 | 10/31/28 | 1207655 |
| HomeVI SAS(3 mo. EUR EURIBOR + 5.000%) | HomeVI SAS(3 mo. EUR EURIBOR + 5.000%) | HomeVI SAS(3 mo. EUR EURIBOR + 5.000%) | HomeVI SAS(3 mo. EUR EURIBOR + 5.000%) |
| 500000 | 7.186 | 10/31/29 | 562676 |
| LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.500%) | LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.500%) | LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.500%) | LifePoint Health, Inc.(3 mo. USD Term SOFR + 3.500%) |
| $92269 | 7.817 | 05/19/31 | 89905 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Health Care Services – (continued) | Health Care Services – (continued) | Health Care Services – (continued) | Health Care Services – (continued) |
| Pluto Acquisition I, Inc. | Pluto Acquisition I, Inc. | Pluto Acquisition I, Inc. | Pluto Acquisition I, 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%) |
| $789375 | 8.302% | 09/20/28 | $681823 |
| (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%) |
| 238343 | 9.803 | 06/20/28 | 237550 |
| Precision Medicine Group LLC(3 mo. USD Term SOFR + 3.000%) | Precision Medicine Group LLC(3 mo. USD Term SOFR + 3.000%) | Precision Medicine Group LLC(3 mo. USD Term SOFR + 3.000%) | Precision Medicine Group LLC(3 mo. USD Term SOFR + 3.000%) |
| 790471 | 7.399 | 11/18/27 | 782811 |
| Select Medical Corp.(1 mo. USD Term SOFR + 2.000%) | Select Medical Corp.(1 mo. USD Term SOFR + 2.000%) | Select Medical Corp.(1 mo. USD Term SOFR + 2.000%) | Select Medical Corp.(1 mo. USD Term SOFR + 2.000%) |
| 119326 | 6.322 | 12/03/31 | 118953 |
| Surgery Center Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | Surgery Center Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | Surgery Center Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | Surgery Center Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 1099935 | 7.070 | 12/19/30 | 1095469 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881802 |
| Home Furnishings – 0.4% | Home Furnishings – 0.4% | Home Furnishings – 0.4% | Home Furnishings – 0.4% |
| AI Aqua Merger Sub, Inc.(1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc.(1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc.(1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 2060332 | 7.319 | 07/31/28 | 2033980 |
| Weber-Stephen Products LLC | Weber-Stephen Products LLC | Weber-Stephen Products LLC | Weber-Stephen Products 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%) |
| 2579128 | 7.686 | 10/30/27 | $2414709 |
| (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%) |
| 2116021 | 8.672 | 10/30/27 | 1966143 |
|  |  |  | 6414832 |
| Insurance – 2.8% | Insurance – 2.8% | Insurance – 2.8% | Insurance – 2.8% |
| Acrisure LLC | Acrisure LLC | Acrisure LLC | Acrisure 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%) |
| 627842 | 7.072 | 02/15/27 | 624967 |
| (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%) |
| 4261131 | 7.322 | 11/06/30 | 4205225 |
| Alliant Holdings Intermediate LLC(1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC(1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC(1 mo. USD Term SOFR + 2.750%) | Alliant Holdings Intermediate LLC(1 mo. USD Term SOFR + 2.750%) |
| 1128923 | 7.073 | 09/19/31 | 1120219 |
| AmWINS Group, Inc.(1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc.(1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc.(1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc.(1 mo. USD Term SOFR + 2.250%) |
| 619388 | 6.572 | 01/30/32 | 615808 |
| Amynta Agency Borrower, Inc.(1 mo. USD Term SOFR + 3.000%) | Amynta Agency Borrower, Inc.(1 mo. USD Term SOFR + 3.000%) | Amynta Agency Borrower, Inc.(1 mo. USD Term SOFR + 3.000%) | Amynta Agency Borrower, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 1493756 | 7.322 | 12/29/31 | 1478505 |
| Ardonagh Midco 3 PLC<sup>(l)</sup> | Ardonagh Midco 3 PLC<sup>(l)</sup> | Ardonagh Midco 3 PLC<sup>(l)</sup> | Ardonagh Midco 3 PLC<sup>(l)</sup> |
| 1250000 | 0.000 | 02/15/31 | 1222662 |
| AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) |
| 5569780 | 7.822 | 02/14/31 | $5568332 |
| 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%) |
| 276000 | 9.686 | 01/20/29 | 252626 |
| (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%) |
| 143696 | 7.686 | 12/23/26 | 142416 |
| 369672 | 7.686 | 07/31/27 | 361048 |
| Broadstreet Partners, Inc.(1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc.(1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc.(1 mo. USD Term SOFR + 3.000%) | Broadstreet Partners, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 4810519 | 7.322 | 06/13/31 | 4783868 |
| Cross Financial Corp.(1 mo. USD Term SOFR + 3.250%) | Cross Financial Corp.(1 mo. USD Term SOFR + 3.250%) | Cross Financial Corp.(1 mo. USD Term SOFR + 3.250%) | Cross Financial Corp.(1 mo. USD Term SOFR + 3.250%) |
| 640716 | 7.572 | 10/31/31 | 638313 |
| Goosehead Insurance Holdings LLC(1 mo. USD Term SOFR + 3.500%) | Goosehead Insurance Holdings LLC(1 mo. USD Term SOFR + 3.500%) | Goosehead Insurance Holdings LLC(1 mo. USD Term SOFR + 3.500%) | Goosehead Insurance Holdings LLC(1 mo. USD Term SOFR + 3.500%) |
| 1750000 | 7.792 | 01/08/32 | 1741250 |

---

&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;

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Howden Group Holdings Ltd. | Howden Group Holdings Ltd. | Howden Group Holdings Ltd. | Howden Group Holdings Ltd. |
| (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%) |
| $371036 | 7.322% | 02/15/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368532 |
| (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%) |
| 3274286 | 7.822 | 04/18/30 | 3273468 |
| HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) |
| 2003976 | 6.770 | 06/20/30 | $1989747 |
| IMA Financial Group, Inc.(1 mo. USD Term SOFR + 3.000%) | IMA Financial Group, Inc.(1 mo. USD Term SOFR + 3.000%) | IMA Financial Group, Inc.(1 mo. USD Term SOFR + 3.000%) | IMA Financial Group, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 4094310 | 7.322 | 11/01/28 | 4071300 |
| OneDigital Borrower LLC(1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC(1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC(1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC(1 mo. USD Term SOFR + 3.000%) |
| 573555 | 7.322 | 07/02/31 | 563518 |
| Ryan Specialty Group LLC(1 mo. USD Term SOFR + 2.250%) | Ryan Specialty Group LLC(1 mo. USD Term SOFR + 2.250%) | Ryan Specialty Group LLC(1 mo. USD Term SOFR + 2.250%) | Ryan Specialty Group LLC(1 mo. USD Term SOFR + 2.250%) |
| 770485 | 6.572 | 09/15/31 | 766633 |
| Sedgwick Claims Management Services, Inc.(3 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc.(3 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc.(3 mo. USD Term SOFR + 3.000%) | Sedgwick Claims Management Services, Inc.(3 mo. USD Term SOFR + 3.000%) |
| 1039186 | 7.313 | 07/31/31 | 1033345 |
| Truist Insurance Holdings LLC(3 mo. USD Term SOFR + 4.750%) | Truist Insurance Holdings LLC(3 mo. USD Term SOFR + 4.750%) | Truist Insurance Holdings LLC(3 mo. USD Term SOFR + 4.750%) | Truist Insurance Holdings LLC(3 mo. USD Term SOFR + 4.750%) |
| 4125000 | 9.049 | 05/06/32 | 4108500 |
| 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%) |
| 740085 | 6.549 | 11/21/29 | 734933 |
| 1397003 | 6.549 | 09/29/30 | 1386525 |
|  |  |  | 41051740 |
| Internet – 0.4% | Internet – 0.4% | Internet – 0.4% | Internet – 0.4% |
| BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) | BEP Intermediate Holdco LLC(1 mo. USD Term SOFR + 3.250%) |
| 708654 | 7.572 | 04/25/31 | 706882 |
| CNT Holdings I Corp.(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp.(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp.(3 mo. USD Term SOFR + 2.500%) | CNT Holdings I Corp.(3 mo. USD Term SOFR + 2.500%) |
| 1799644 | 6.780 | 11/08/32 | 1788900 |
| Diamond Sports Group LLC(Fixed + 15.000%) | Diamond Sports Group LLC(Fixed + 15.000%) | Diamond Sports Group LLC(Fixed + 15.000%) | Diamond Sports Group LLC(Fixed + 15.000%) |
| 1840 | 15.000 | 01/02/28 | 1631 |
| MH Sub I LLC | MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
| (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%) |
| 362482 | 8.572 | 05/03/28 | 342546 |
| 199043 | 8.572 | 12/31/31 | 173985 |
| Polaris Purchaser, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 3.500%) | Polaris Purchaser, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 3.500%) | Polaris Purchaser, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 3.500%) | Polaris Purchaser, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 3.500%) |
| 781136 | 7.799 | 03/03/31 | 742079 |
| Proofpoint, Inc.(1 mo. USD Term SOFR + 3.000%) | Proofpoint, Inc.(1 mo. USD Term SOFR + 3.000%) | Proofpoint, Inc.(1 mo. USD Term SOFR + 3.000%) | Proofpoint, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 1249941 | 7.322 | 08/31/28 | 1241816 |
| PUG LLC(1 mo. USD Term SOFR + 4.750%) | PUG LLC(1 mo. USD Term SOFR + 4.750%) | PUG LLC(1 mo. USD Term SOFR + 4.750%) | PUG LLC(1 mo. USD Term SOFR + 4.750%) |
| 450899 | 9.072 | 03/15/30 | 443292 |
| Speedster Bidco GmbH<sup>(l)</sup> | Speedster Bidco GmbH<sup>(l)</sup> | Speedster Bidco GmbH<sup>(l)</sup> | Speedster Bidco GmbH<sup>(l)</sup> |
| 1035000 | 0.000 | 12/10/31 | 1025944 |
|  |  |  | 6467075 |
| Leisure Time – 0.9% | Leisure Time – 0.9% | Leisure Time – 0.9% | Leisure Time – 0.9% |
| Alterra Mountain Co. | Alterra Mountain Co. | Alterra Mountain Co. | Alterra Mountain Co. |
| (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%) |
| 3848183 | 7.072 | 08/17/28 | $3843374 |
| (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%) |
| 1072169 | 7.322 | 05/31/30 | $1072169 |
| Bulldog Purchaser, Inc.(3 mo. USD Term SOFR + 3.750%) | Bulldog Purchaser, Inc.(3 mo. USD Term SOFR + 3.750%) | Bulldog Purchaser, Inc.(3 mo. USD Term SOFR + 3.750%) | Bulldog Purchaser, Inc.(3 mo. USD Term SOFR + 3.750%) |
| 451145 | 8.035 | 06/27/31 | 448325 |
| ClubCorp Holdings, Inc. (3 mo. USD Term SOFR + 5.000%) | ClubCorp Holdings, Inc. (3 mo. USD Term SOFR + 5.000%) | ClubCorp Holdings, Inc. (3 mo. USD Term SOFR + 5.000%) | ClubCorp Holdings, Inc. (3 mo. USD Term SOFR + 5.000%) |
| 5518246 | 9.561 | 09/18/26 | $5516866 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Leisure Time – (continued) | Leisure Time – (continued) | Leisure Time – (continued) | Leisure Time – (continued) |
| Horizon U.S. Finco LP(3 mo. USD Term SOFR + 4.750%) | Horizon U.S. Finco LP(3 mo. USD Term SOFR + 4.750%) | Horizon U.S. Finco LP(3 mo. USD Term SOFR + 4.750%) | Horizon U.S. Finco LP(3 mo. USD Term SOFR + 4.750%) |
| $397442 | 9.030% | 10/31/31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354387 |
| Life Time Fitness, Inc.(3 mo. USD Term SOFR + 2.500%) | Life Time Fitness, Inc.(3 mo. USD Term SOFR + 2.500%) | Life Time Fitness, Inc.(3 mo. USD Term SOFR + 2.500%) | Life Time Fitness, Inc.(3 mo. USD Term SOFR + 2.500%) |
| 349125 | 6.785 | 11/05/31 | 346594 |
| Recess Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) | Recess Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) | Recess Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) | Recess Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) |
| 912494 | 8.025 | 02/20/30 | 903086 |
| Sabre GLBL, Inc.(1 mo. USD Term SOFR + 5.000%) | Sabre GLBL, Inc.(1 mo. USD Term SOFR + 5.000%) | Sabre GLBL, Inc.(1 mo. USD Term SOFR + 5.000%) | Sabre GLBL, Inc.(1 mo. USD Term SOFR + 5.000%) |
| 165000 | 9.422 | 06/30/28 | 155204 |
|  |  |  | 12640005 |
| Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% |
| Fertitta Entertainment LLC(1 mo. USD Term SOFR + 3.500%) | Fertitta Entertainment LLC(1 mo. USD Term SOFR + 3.500%) | Fertitta Entertainment LLC(1 mo. USD Term SOFR + 3.500%) | Fertitta Entertainment LLC(1 mo. USD Term SOFR + 3.500%) |
| 304722 | 7.822 | 01/27/29 | 296534 |
| Four Seasons Hotels Ltd.(1 mo. USD Term SOFR + 1.750%) | Four Seasons Hotels Ltd.(1 mo. USD Term SOFR + 1.750%) | Four Seasons Hotels Ltd.(1 mo. USD Term SOFR + 1.750%) | Four Seasons Hotels Ltd.(1 mo. USD Term SOFR + 1.750%) |
| 717042 | 6.072 | 11/30/29 | 717136 |
| Station Casinos LLC(1 mo. USD Term SOFR + 2.000%) | Station Casinos LLC(1 mo. USD Term SOFR + 2.000%) | Station Casinos LLC(1 mo. USD Term SOFR + 2.000%) | Station Casinos LLC(1 mo. USD Term SOFR + 2.000%) |
| 690796 | 6.322 | 03/14/31 | 684827 |
|  |  |  | 1698497 |
| 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.(1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd.(1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd.(1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd.(1 mo. USD Term SOFR + 2.250%) |
| 1645469 | 6.574 | 01/27/31 | 1628603 |
| Machinery-Diversified – 1.1% | Machinery-Diversified – 1.1% | Machinery-Diversified – 1.1% | Machinery-Diversified – 1.1% |
| CD&R Hydra Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc.(1 mo. USD Term SOFR + 4.000%) |
| 669514 | 8.422 | 03/25/31 | 643155 |
| Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc.(3 mo. USD Term SOFR + 2.500%) |
| 745969 | 6.788 | 03/15/30 | 740844 |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery 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%) |
| 750000 | 8.311 | 05/19/28 | 747188 |
| (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 | 11.061 | 05/21/29 | 1298500 |
| Pro Mach Group, Inc.(1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc.(1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc.(1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 1457668 | 7.072 | 08/31/28 | 1447552 |
| Project Castle, Inc.(6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc.(6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc.(6 mo. USD Term SOFR + 5.500%) | Project Castle, Inc.(6 mo. USD Term SOFR + 5.500%) |
| 887612 | 9.716 | 06/01/29 | 739674 |
| SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 2112562 | 7.322 | 04/05/29 | $2100689 |
| Star U.S. Bidco LLC (1 mo. USD Term SOFR + 2.750%) | Star U.S. Bidco LLC (1 mo. USD Term SOFR + 2.750%) | Star U.S. Bidco LLC (1 mo. USD Term SOFR + 2.750%) | Star U.S. Bidco LLC (1 mo. USD Term SOFR + 2.750%) |
| 1801960 | 8.072 | 03/17/27 | $1798950 |
| Titan Acquisition Ltd.(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd.(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd.(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd.(6 mo. USD Term SOFR + 4.500%) |
| 1112872 | 8.724 | 02/15/29 | 1087042 |
| TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH(3 mo. USD Term SOFR + 3.000%) |
| 3962378 | 7.237 | 04/30/30 | 3942566 |
| Victory Buyer LLC(1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC(1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC(1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC(1 mo. USD Term SOFR + 3.750%) |
| 1024544 | 8.186 | 11/19/28 | 989331 |
|  |  |  | 15535491 |
| Media – 0.6% | Media – 0.6% | Media – 0.6% | Media – 0.6% |
| Century De Buyer LLC(3 mo. USD Term SOFR + 3.500%) | Century De Buyer LLC(3 mo. USD Term SOFR + 3.500%) | Century De Buyer LLC(3 mo. USD Term SOFR + 3.500%) | Century De Buyer LLC(3 mo. USD Term SOFR + 3.500%) |
| 1115142 | 7.780 | 10/30/30 | 1108875 |
| EW Scripps Co.(1 mo. USD Term SOFR + 5.750%) | EW Scripps Co.(1 mo. USD Term SOFR + 5.750%) | EW Scripps Co.(1 mo. USD Term SOFR + 5.750%) | EW Scripps Co.(1 mo. USD Term SOFR + 5.750%) |
| 251507 | 10.156 | 06/30/28 | 227851 |

---

&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) *April 30, 2025 (Unaudited)*

&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>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Media – (continued) | Media – (continued) | Media – (continued) | Media – (continued) |
| 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%) |
| $279241 | 7.438% | 12/01/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257223 |
| (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%) |
| 263013 | 9.574 | 06/04/29 | 253512 |
| NEP Group, Inc. | NEP Group, Inc. | NEP Group, Inc. | NEP Group, 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%) |
| 579896 | 8.575 | 08/19/26 | 517557 |
| (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%) |
| 1720331 | 7.825 | 08/19/26 | 1539421 |
| Sunrise Financing Partnership(3 mo. USD Term SOFR + 2.500%) | Sunrise Financing Partnership(3 mo. USD Term SOFR + 2.500%) | Sunrise Financing Partnership(3 mo. USD Term SOFR + 2.500%) | Sunrise Financing Partnership(3 mo. USD Term SOFR + 2.500%) |
| 420398 | 6.793 | 02/15/32 | 417544 |
| Telenet Financing USD LLC<sup>(l)</sup> | Telenet Financing USD LLC<sup>(l)</sup> | Telenet Financing USD LLC<sup>(l)</sup> | Telenet Financing USD LLC<sup>(l)</sup> |
| 425000 | 0.000 | 04/30/28 | 414728 |
| Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) |
| 405000 | 9.323 | 02/19/30 | 367537 |
| United Talent Agency LLC(1 mo. USD Term SOFR + 3.750%) | United Talent Agency LLC(1 mo. USD Term SOFR + 3.750%) | United Talent Agency LLC(1 mo. USD Term SOFR + 3.750%) | United Talent Agency LLC(1 mo. USD Term SOFR + 3.750%) |
| 1046976 | 8.079 | 07/07/28 | 1044358 |
| Virgin Media Bristol LLC(6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC(6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC(6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC(6 mo. USD Term SOFR + 3.175%) |
| 775000 | 7.373 | 03/31/31 | 751835 |
| 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%) |
| 993877 | 7.503 | 12/11/28 | 850471 |
| (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%) |
| 400178 | 11.503 | 12/11/28 | 404848 |
|  |  |  | 8155760 |
| Metal Fabricate & Hardware – 0.3% | Metal Fabricate & Hardware – 0.3% | Metal Fabricate & Hardware – 0.3% | Metal Fabricate & Hardware – 0.3% |
| Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp.(1 mo. USD Term SOFR + 3.500%) |
| 3952944 | 7.822 | 08/16/29 | 3946896 |
| Mining<sup>(h)</sup> – 0.0% | Mining<sup>(h)</sup> – 0.0% | Mining<sup>(h)</sup> – 0.0% | Mining<sup>(h)</sup> – 0.0% |
| Dominion Diamond(Fixed + 10.000%) | Dominion Diamond(Fixed + 10.000%) | Dominion Diamond(Fixed + 10.000%) | Dominion Diamond(Fixed + 10.000%) |
| 467153 | 10.000 | 06/30/26 | 467153 |
| Miscellaneous Manufacturing – 0.1% | Miscellaneous Manufacturing – 0.1% | Miscellaneous Manufacturing – 0.1% | Miscellaneous Manufacturing – 0.1% |
| LTI Holdings, Inc.(1 mo. USD Term SOFR + 4.250%) | LTI Holdings, Inc.(1 mo. USD Term SOFR + 4.250%) | LTI Holdings, Inc.(1 mo. USD Term SOFR + 4.250%) | LTI Holdings, Inc.(1 mo. USD Term SOFR + 4.250%) |
| 474500 | 8.572 | 07/19/29 | 450381 |
| Touchdown Acquirer, Inc.(3 mo. USD Term SOFR + 2.750%) | Touchdown Acquirer, Inc.(3 mo. USD Term SOFR + 2.750%) | Touchdown Acquirer, Inc.(3 mo. USD Term SOFR + 2.750%) | Touchdown Acquirer, Inc.(3 mo. USD Term SOFR + 2.750%) |
| 600000 | 7.080 | 02/21/31 | 588252 |
|  |  |  | 1038633 |
| Oil & Gas – 0.1% | Oil & Gas – 0.1% | Oil & Gas – 0.1% | Oil & Gas – 0.1% |
| Par Petroleum, LLC<sup>(l)</sup> | Par Petroleum, LLC<sup>(l)</sup> | Par Petroleum, LLC<sup>(l)</sup> | Par Petroleum, LLC<sup>(l)</sup> |
| 126000 | 0.000 | 02/28/30 | 121065 |
| Pasadena Performance Products LLC(3 mo. USD Term SOFR + 3.500%) | Pasadena Performance Products LLC(3 mo. USD Term SOFR + 3.500%) | Pasadena Performance Products LLC(3 mo. USD Term SOFR + 3.500%) | Pasadena Performance Products LLC(3 mo. USD Term SOFR + 3.500%) |
| 1055000 | 7.813 | 02/27/32 | 1048406 |
|  |  |  | 1169471 |
| Oil & Gas Services – 0.0% | Oil & Gas Services – 0.0% | Oil & Gas Services – 0.0% | Oil & Gas Services – 0.0% |
| MRC Global U.S., Inc.(1 mo. USD Term SOFR + 3.500%) | MRC Global U.S., Inc.(1 mo. USD Term SOFR + 3.500%) | MRC Global U.S., Inc.(1 mo. USD Term SOFR + 3.500%) | MRC Global U.S., Inc.(1 mo. USD Term SOFR + 3.500%) |
| 500000 | 7.822 | 10/29/31 | 496250 |
| Oil Field Services – 0.0% | Oil Field Services – 0.0% | Oil Field Services – 0.0% | Oil Field Services – 0.0% |
| BANGL LLC(3 mo. USD Term SOFR + 4.500%) | BANGL LLC(3 mo. USD Term SOFR + 4.500%) | BANGL LLC(3 mo. USD Term SOFR + 4.500%) | BANGL LLC(3 mo. USD Term SOFR + 4.500%) |
| 397213 | 8.788 | 02/01/29 | 396967 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Packaging – 0.8% | Packaging – 0.8% | Packaging – 0.8% | Packaging – 0.8% |
| Brook & Whittle Holding Corp.(3 mo. USD Term SOFR + 4.000%) | Brook & Whittle Holding Corp.(3 mo. USD Term SOFR + 4.000%) | Brook & Whittle Holding Corp.(3 mo. USD Term SOFR + 4.000%) | Brook & Whittle Holding Corp.(3 mo. USD Term SOFR + 4.000%) |
| $875721 | 8.463% | 12/14/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663631 |
| Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) |
| 2881305 | 4.321 | 11/29/30 | $2869780 |
| LABL, Inc.(1 mo. USD Term SOFR + 5.000%) | LABL, Inc.(1 mo. USD Term SOFR + 5.000%) | LABL, Inc.(1 mo. USD Term SOFR + 5.000%) | LABL, Inc.(1 mo. USD Term SOFR + 5.000%) |
| 1763114 | 9.422 | 10/30/28 | 1515255 |
| 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%) |
| 2463019 | 8.322 | 07/31/26 | 2454669 |
| 246803 | 8.436 | 07/31/26 | 245784 |
| Pretium Packaging LLC | Pretium Packaging LLC | Pretium Packaging LLC | Pretium Packaging 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%) |
| 578710 | 9.291 | 10/02/28 | 574369 |
| (3 mo. USD Term SOFR + 3.899%) | (3 mo. USD Term SOFR + 3.899%) | (3 mo. USD Term SOFR + 3.899%) | (3 mo. USD Term SOFR + 3.899%) |
| 1689901 | 8.189 | 10/02/28 | 949167 |
| Proampac PG Borrower LLC(3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC(3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC(3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC(3 mo. USD Term SOFR + 4.000%) |
| 853459 | 8.256–8.323 | 09/15/28 | 838097 |
| Trident TPI Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc.(3 mo. USD Term SOFR + 3.750%) |
| 2239397 | 8.049 | 09/15/28 | 2162541 |
|  |  |  | 12273293 |
| Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% | Pharmaceuticals – 0.6% |
| Curium Bidco SARL(3 mo. USD Term SOFR + 3.500%) | Curium Bidco SARL(3 mo. USD Term SOFR + 3.500%) | Curium Bidco SARL(3 mo. USD Term SOFR + 3.500%) | Curium Bidco SARL(3 mo. USD Term SOFR + 3.500%) |
| 1733794 | 7.799 | 07/31/29 | 1707787 |
| Gainwell Acquisition Corp.(3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp.(3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp.(3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp.(3 mo. USD Term SOFR + 4.000%) |
| 1549697 | 8.399 | 10/01/27 | 1438073 |
| Grifols Worldwide Operations USA, Inc.(3 mo. USD Term SOFR + 2.000%) | Grifols Worldwide Operations USA, Inc.(3 mo. USD Term SOFR + 2.000%) | Grifols Worldwide Operations USA, Inc.(3 mo. USD Term SOFR + 2.000%) | Grifols Worldwide Operations USA, Inc.(3 mo. USD Term SOFR + 2.000%) |
| 562931 | 6.463 | 11/15/27 | 554408 |
| Lannett Co., Inc.<sup>(h)</sup> (Fixed + 2.000%) | Lannett Co., Inc.<sup>(h)</sup> (Fixed + 2.000%) | Lannett Co., Inc.<sup>(h)</sup> (Fixed + 2.000%) | Lannett Co., Inc.<sup>(h)</sup> (Fixed + 2.000%) |
| 405741 | 0.000 | 06/16/30 | 405740 |
| Option Care Health, Inc.(1 mo. USD Term SOFR + 2.250%) | Option Care Health, Inc.(1 mo. USD Term SOFR + 2.250%) | Option Care Health, Inc.(1 mo. USD Term SOFR + 2.250%) | Option Care Health, Inc.(1 mo. USD Term SOFR + 2.250%) |
| 602121 | 6.572 | 10/27/28 | 601368 |
| Sharp Services LLC(3 mo. USD Term SOFR + 3.250%) | Sharp Services LLC(3 mo. USD Term SOFR + 3.250%) | Sharp Services LLC(3 mo. USD Term SOFR + 3.250%) | Sharp Services LLC(3 mo. USD Term SOFR + 3.250%) |
| 1085424 | 7.549 | 12/31/28 | 1078641 |
| Southern Veterinary Partners LLC(3 mo. USD Term SOFR + 3.250%) | Southern Veterinary Partners LLC(3 mo. USD Term SOFR + 3.250%) | Southern Veterinary Partners LLC(3 mo. USD Term SOFR + 3.250%) | Southern Veterinary Partners LLC(3 mo. USD Term SOFR + 3.250%) |
| 2627819 | 7.527 | 12/04/31 | 2617650 |
|  |  |  | 8403667 |
| Pipelines – 0.6% | Pipelines – 0.6% | Pipelines – 0.6% | Pipelines – 0.6% |
| BCP Renaissance Parent LLC<sup>(l)</sup> | BCP Renaissance Parent LLC<sup>(l)</sup> | BCP Renaissance Parent LLC<sup>(l)</sup> | BCP Renaissance Parent LLC<sup>(l)</sup> |
| 737500 | 0.000 | 10/31/28 | 735103 |
| CPPIB Capital, Inc.(3 mo. USD Term SOFR + 2.750%) | CPPIB Capital, Inc.(3 mo. USD Term SOFR + 2.750%) | CPPIB Capital, Inc.(3 mo. USD Term SOFR + 2.750%) | CPPIB Capital, Inc.(3 mo. USD Term SOFR + 2.750%) |
| 552425 | 7.049 | 08/20/31 | 548050 |
| CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP(3 mo. USD Term SOFR + 2.000%) |
| 634328 | 6.299 | 12/31/30 | 630579 |
| 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%) |
| 1523125 | 7.531 | 11/16/26 | 1508854 |
| (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%) |
| 101389 | 7.522 | 12/21/28 | 99666 |
| GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) | GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) | GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) | GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) |
| 992873 | 6.277 | 10/04/30 | $984185 |

---

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

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| | |
|:---|:---|
| **40** | **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;

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

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) | Pipelines – (continued) |
| M6 ETX Holdings II Midco LLC<sup>(l)</sup> | M6 ETX Holdings II Midco LLC<sup>(l)</sup> | M6 ETX Holdings II Midco LLC<sup>(l)</sup> | M6 ETX Holdings II Midco LLC<sup>(l)</sup> |
| 539000 | 0.000% | 04/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535125 |
| Oryx Midstream Services Permian Basin LLC(1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC(1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC(1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC(1 mo. USD Term SOFR + 2.250%) |
| 805664 | 6.573 | 10/05/28 | 796729 |
| Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) | Prairie ECI Acquiror LP(1 mo. USD Term SOFR + 4.250%) |
| 972583 | 8.572 | 08/01/29 | 956292 |
| TransMontaigne Operating Co. LP(1 mo. USD Term SOFR + 3.250%) | TransMontaigne Operating Co. LP(1 mo. USD Term SOFR + 3.250%) | TransMontaigne Operating Co. LP(1 mo. USD Term SOFR + 3.250%) | TransMontaigne Operating Co. LP(1 mo. USD Term SOFR + 3.250%) |
| 643350 | 7.572 | 11/17/28 | 641742 |
| Traverse Midstream Partners LLC(3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC(3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC(3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC(3 mo. USD Term SOFR + 3.000%) |
| 1234907 | 7.280 | 02/16/28 | 1228732 |
|  |  |  | 8665057 |
| Real Estate – 0.3% | Real Estate – 0.3% | Real Estate – 0.3% | Real Estate – 0.3% |
| CoreLogic, Inc.(1 mo. USD Term SOFR + 3.500%) | CoreLogic, Inc.(1 mo. USD Term SOFR + 3.500%) | CoreLogic, Inc.(1 mo. USD Term SOFR + 3.500%) | CoreLogic, Inc.(1 mo. USD Term SOFR + 3.500%) |
| 4088767 | 7.936 | 06/02/28 | 4027435 |
| Forest City Enterprises LP(1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP(1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP(1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP(1 mo. USD Term SOFR + 3.500%) |
| 1035960 | 7.936 | 12/08/25 | 993942 |
|  |  |  | 5021377 |
| 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.(3 mo. USD Term SOFR + 8.750%) | CHPPR Midco, Inc.(3 mo. USD Term SOFR + 8.750%) | CHPPR Midco, Inc.(3 mo. USD Term SOFR + 8.750%) | CHPPR Midco, Inc.(3 mo. USD Term SOFR + 8.750%) |
| 847616 | 13.046 | 12/31/29 | 855032 |
| RLJ Lodging Trust, L.P.<sup>(l)(h)</sup> | RLJ Lodging Trust, L.P.<sup>(l)(h)</sup> | RLJ Lodging Trust, L.P.<sup>(l)(h)</sup> | RLJ Lodging Trust, L.P.<sup>(l)(h)</sup> |
| 596230 | 0.000 | 05/10/26 | 572381 |
|  |  |  | 1427413 |
| Retailing – 0.8% | Retailing – 0.8% | Retailing – 0.8% | Retailing – 0.8% |
| 1011778 BC Unlimited Liability Co.<sup>(l)</sup> | 1011778 BC Unlimited Liability Co.<sup>(l)</sup> | 1011778 BC Unlimited Liability Co.<sup>(l)</sup> | 1011778 BC Unlimited Liability Co.<sup>(l)</sup> |
| 155279 | 0.000 | 09/20/30 | 153533 |
| Great Outdoors Group LLC(1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC(1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC(1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC(1 mo. USD Term SOFR + 3.250%) |
| 1372500 | 7.572 | 01/23/32 | 1339217 |
| IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp.(1 mo. USD Term SOFR + 2.500%) |
| 1058989 | 6.822 | 12/15/27 | 1050135 |
| Johnstone Supply LLC(1 mo. USD Term SOFR + 2.500%) | Johnstone Supply LLC(1 mo. USD Term SOFR + 2.500%) | Johnstone Supply LLC(1 mo. USD Term SOFR + 2.500%) | Johnstone Supply LLC(1 mo. USD Term SOFR + 2.500%) |
| 105360 | 6.820 | 06/09/31 | 104339 |
| Kodiak Building Partners, Inc.(3 mo. USD Term SOFR + 3.750%) | Kodiak Building Partners, Inc.(3 mo. USD Term SOFR + 3.750%) | Kodiak Building Partners, Inc.(3 mo. USD Term SOFR + 3.750%) | Kodiak Building Partners, Inc.(3 mo. USD Term SOFR + 3.750%) |
| 452481 | 8.035–8.039 | 12/04/31 | 434137 |
| LBM Acquisition LLC<sup>(l)</sup> | LBM Acquisition LLC<sup>(l)</sup> | LBM Acquisition LLC<sup>(l)</sup> | LBM Acquisition LLC<sup>(l)</sup> |
| 152037 | 0.000 | 12/17/27 | 149525 |
| (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%) |
| 732713 | 8.179 | 06/06/31 | 691960 |
| Les Schwab Tire Centers(1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | Les Schwab Tire Centers(1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | Les Schwab Tire Centers(1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | Les Schwab Tire Centers(1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) |
| 1061836 | 6.813–6.821 | 04/23/31 | 1053214 |
| PetSmart, Inc.(1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc.(1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc.(1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc.(1 mo. USD Term SOFR + 3.750%) |
| 1219653 | 8.172 | 02/11/28 | 1199834 |
| Specialty Building Products Holdings LLC(1 mo. USD Term SOFR + 3.750%) | Specialty Building Products Holdings LLC(1 mo. USD Term SOFR + 3.750%) | Specialty Building Products Holdings LLC(1 mo. USD Term SOFR + 3.750%) | Specialty Building Products Holdings LLC(1 mo. USD Term SOFR + 3.750%) |
| 774360 | 8.172 | 10/15/28 | 721556 |
| Tacala LLC(1 mo. USD Term SOFR + 3.500%) | Tacala LLC(1 mo. USD Term SOFR + 3.500%) | Tacala LLC(1 mo. USD Term SOFR + 3.500%) | Tacala LLC(1 mo. USD Term SOFR + 3.500%) |
| 2000000 | 7.822 | 01/31/31 | 1993060 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Retailing – (continued) | Retailing – (continued) | Retailing – (continued) | Retailing – (continued) |
| Whatabrands LLC (1 mo. USD Term SOFR + 1.500%) | Whatabrands LLC (1 mo. USD Term SOFR + 1.500%) | Whatabrands LLC (1 mo. USD Term SOFR + 1.500%) | Whatabrands LLC (1 mo. USD Term SOFR + 1.500%) |
| $3347509 | 6.822% | 08/03/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325181 |
|  |  |  | 12215691 |
| Semiconductors – 0.0% | Semiconductors – 0.0% | Semiconductors – 0.0% | Semiconductors – 0.0% |
| Instructure Holdings, Inc.(3 mo. USD Term SOFR + 5.000%) | Instructure Holdings, Inc.(3 mo. USD Term SOFR + 5.000%) | Instructure Holdings, Inc.(3 mo. USD Term SOFR + 5.000%) | Instructure Holdings, Inc.(3 mo. USD Term SOFR + 5.000%) |
| 290832 | 9.315 | 11/12/32 | $286016 |
| Software – 3.8% | Software – 3.8% | Software – 3.8% | Software – 3.8% |
| Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, 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%) |
| 758862 | 7.049 | 02/24/31 | 756752 |
| (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%) |
| 4323000 | 8.799 | 02/23/32 | $4413524 |
| Athenahealth Group, Inc. (1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc. (1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc. (1 mo. USD Term SOFR + 3.000%) | Athenahealth Group, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 2673085 | 7.322 | 02/15/29 | $2646782 |
| Avalara, Inc.(3 mo. USD Term SOFR + 3.250%) | Avalara, Inc.(3 mo. USD Term SOFR + 3.250%) | Avalara, Inc.(3 mo. USD Term SOFR + 3.250%) | Avalara, Inc.(3 mo. USD Term SOFR + 3.250%) |
| 1750000 | 7.553 | 03/26/32 | 1738520 |
| Avaya, Inc.(1 mo. USD Term SOFR + 7.500%) | Avaya, Inc.(1 mo. USD Term SOFR + 7.500%) | Avaya, Inc.(1 mo. USD Term SOFR + 7.500%) | Avaya, Inc.(1 mo. USD Term SOFR + 7.500%) |
| 2526411 | 11.822 | 08/01/28 | 1957969 |
| Bending Spoons U.S., Inc.(3 mo. USD Term SOFR + 5.250%) | Bending Spoons U.S., Inc.(3 mo. USD Term SOFR + 5.250%) | Bending Spoons U.S., Inc.(3 mo. USD Term SOFR + 5.250%) | Bending Spoons U.S., Inc.(3 mo. USD Term SOFR + 5.250%) |
| 770000 | 9.536 | 03/07/31 | 767112 |
| Bracket Intermediate Holding Corp.(3 mo. USD Term SOFR + 4.250%) | Bracket Intermediate Holding Corp.(3 mo. USD Term SOFR + 4.250%) | Bracket Intermediate Holding Corp.(3 mo. USD Term SOFR + 4.250%) | Bracket Intermediate Holding Corp.(3 mo. USD Term SOFR + 4.250%) |
| 1100945 | 8.549 | 05/08/28 | 1098467 |
| CCC Intelligent Solutions, Inc.(1 mo. USD Term SOFR + 2.000%) | CCC Intelligent Solutions, Inc.(1 mo. USD Term SOFR + 2.000%) | CCC Intelligent Solutions, Inc.(1 mo. USD Term SOFR + 2.000%) | CCC Intelligent Solutions, Inc.(1 mo. USD Term SOFR + 2.000%) |
| 938815 | 6.322 | 01/23/32 | 936468 |
| Central Parent, Inc.(3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc.(3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc.(3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc.(3 mo. USD Term SOFR + 3.250%) |
| 1346890 | 7.549 | 07/06/29 | 1119239 |
| Clearwater Analytics LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC<sup>(h)</sup> (3 mo. USD Term SOFR + 2.250%) |
| 497500 | 6.520 | 04/21/32 | 495012 |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, 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%) |
| 578113 | 7.799 | 03/29/29 | 570754 |
| (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%) |
| 189525 | 8.049 | 03/21/31 | 187186 |
| ConnectWise LLC(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC(3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC(3 mo. USD Term SOFR + 3.500%) |
| 966986 | 8.061 | 09/29/28 | 963766 |
| 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%) |
| 325000 | 7.458 | 10/09/31 | 322653 |
| (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%) |
| 250000 | 9.458 | 10/09/32 | 237500 |
| Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) | Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) | Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) | Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) |
| 364754 | 8.819 | 01/03/31 | 365666 |
| Dun & Bradstreet Corp.(1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp.(1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp.(1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp.(1 mo. USD Term SOFR + 2.250%) |
| 1028552 | 6.570 | 01/18/29 | 1024212 |
| E2open, LLC<sup>(l)</sup> | E2open, LLC<sup>(l)</sup> | E2open, LLC<sup>(l)</sup> | E2open, LLC<sup>(l)</sup> |
| 651694 | 0.000 | 02/04/28 | 647621 |
| Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian 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%) |
| 1595512 | 7.322 | 10/09/29 | 1587248 |
| (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%) |
| 3770294 | 9.072 | 11/22/32 | 3765581 |

---

&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) *April 30, 2025 (Unaudited)*

&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>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) |
| $5185337 | 7.072% | 05/30/31 | $5155883 |
| EverCommerce Inc<sup>(l)</sup> | EverCommerce Inc<sup>(l)</sup> | EverCommerce Inc<sup>(l)</sup> | EverCommerce Inc<sup>(l)</sup> |
| 395217 | 0.000 | 07/06/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393241 |
| Flash Charm, Inc.(3 mo. USD Term SOFR + 3.500%) | Flash Charm, Inc.(3 mo. USD Term SOFR + 3.500%) | Flash Charm, Inc.(3 mo. USD Term SOFR + 3.500%) | Flash Charm, Inc.(3 mo. USD Term SOFR + 3.500%) |
| 452044 | 7.791 | 03/02/28 | 409385 |
| Genesys Cloud Services Holdings II LLC(1 mo. USD Term SOFR + 2.500%) | Genesys Cloud Services Holdings II LLC(1 mo. USD Term SOFR + 2.500%) | Genesys Cloud Services Holdings II LLC(1 mo. USD Term SOFR + 2.500%) | Genesys Cloud Services Holdings II LLC(1 mo. USD Term SOFR + 2.500%) |
| 497500 | 6.822 | 01/30/32 | 490142 |
| Informatica LLC(1 mo. USD Term SOFR + 2.250%) | Informatica LLC(1 mo. USD Term SOFR + 2.250%) | Informatica LLC(1 mo. USD Term SOFR + 2.250%) | Informatica LLC(1 mo. USD Term SOFR + 2.250%) |
| 545000 | 6.572 | 10/27/28 | 543637 |
| iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) | iSolved, Inc.(1 mo. USD Term SOFR + 3.250%) |
| 1007 | 7.572 | 10/15/30 | 1006 |
| Marcel Lux IV SARL(1 mo. USD Term SOFR + 3.500%) | Marcel Lux IV SARL(1 mo. USD Term SOFR + 3.500%) | Marcel Lux IV SARL(1 mo. USD Term SOFR + 3.500%) | Marcel Lux IV SARL(1 mo. USD Term SOFR + 3.500%) |
| 1018327 | 7.830 | 11/12/30 | 1015781 |
| Mavenir Systems, Inc.(3 mo. USD Term SOFR + 4.750%) | Mavenir Systems, Inc.(3 mo. USD Term SOFR + 4.750%) | Mavenir Systems, Inc.(3 mo. USD Term SOFR + 4.750%) | Mavenir Systems, Inc.(3 mo. USD Term SOFR + 4.750%) |
| 732917 | 10.073 | 08/18/28 | 498384 |
| Mitnick Corporate Purchaser, Inc.(3 mo. USD Term SOFR + 4.500%) | Mitnick Corporate Purchaser, Inc.(3 mo. USD Term SOFR + 4.500%) | Mitnick Corporate Purchaser, Inc.(3 mo. USD Term SOFR + 4.500%) | Mitnick Corporate Purchaser, Inc.(3 mo. USD Term SOFR + 4.500%) |
| 354092 | 8.880 | 05/02/29 | 247156 |
| Modena Buyer LLC(3 mo. USD Term SOFR + 4.500%) | Modena Buyer LLC(3 mo. USD Term SOFR + 4.500%) | Modena Buyer LLC(3 mo. USD Term SOFR + 4.500%) | Modena Buyer LLC(3 mo. USD Term SOFR + 4.500%) |
| 665925 | 8.780 | 07/01/31 | 629892 |
| Motus LLC(3 mo. USD Term SOFR + 4.000%) | Motus LLC(3 mo. USD Term SOFR + 4.000%) | Motus LLC(3 mo. USD Term SOFR + 4.000%) | Motus LLC(3 mo. USD Term SOFR + 4.000%) |
| 899584 | 8.049 | 12/11/28 | 888339 |
| Particle Investments SARL(1 mo. USD Term SOFR + 3.750%) | Particle Investments SARL(1 mo. USD Term SOFR + 3.750%) | Particle Investments SARL(1 mo. USD Term SOFR + 3.750%) | Particle Investments SARL(1 mo. USD Term SOFR + 3.750%) |
| 285888 | 8.072 | 03/28/31 | 285531 |
| Planview Parent, Inc.(3 mo. USD Term SOFR + 3.500%) | Planview Parent, Inc.(3 mo. USD Term SOFR + 3.500%) | Planview Parent, Inc.(3 mo. USD Term SOFR + 3.500%) | Planview Parent, Inc.(3 mo. USD Term SOFR + 3.500%) |
| 588521 | 7.799 | 12/17/27 | 575280 |
| PointClickCare Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) | PointClickCare Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) | PointClickCare Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) | PointClickCare Technologies, Inc.(3 mo. USD Term SOFR + 3.250%) |
| 1085432 | 7.549 | 11/03/31 | 1082718 |
| Polaris Newco LLC(3 mo. USD Term SOFR + 3.750%) | Polaris Newco LLC(3 mo. USD Term SOFR + 3.750%) | Polaris Newco LLC(3 mo. USD Term SOFR + 3.750%) | Polaris Newco LLC(3 mo. USD Term SOFR + 3.750%) |
| 2752725 | 8.291 | 06/02/28 | 2650351 |
| Project Alpha Intermediate Holding, Inc.(3 mo. USD Term SOFR + 3.250%) | Project Alpha Intermediate Holding, Inc.(3 mo. USD Term SOFR + 3.250%) | Project Alpha Intermediate Holding, Inc.(3 mo. USD Term SOFR + 3.250%) | Project Alpha Intermediate Holding, Inc.(3 mo. USD Term SOFR + 3.250%) |
| 149429 | 7.549 | 10/28/30 | 148703 |
| Project Boost Purchaser LLC | Project Boost Purchaser LLC | Project Boost Purchaser LLC | Project Boost Purchaser 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%) |
| 790049 | 7.299 | 07/16/31 | 782038 |
| (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%) |
| 1500000 | 9.549 | 07/16/32 | 1470000 |
| Project Ruby Ultimate Parent Corp.(1 mo. USD Term SOFR + 3.000%) | Project Ruby Ultimate Parent Corp.(1 mo. USD Term SOFR + 3.000%) | Project Ruby Ultimate Parent Corp.(1 mo. USD Term SOFR + 3.000%) | Project Ruby Ultimate Parent Corp.(1 mo. USD Term SOFR + 3.000%) |
| 1130205 | 7.436 | 03/10/28 | 1124961 |
| PushPay USA, Inc.(3 mo. USD Term SOFR + 4.000%) | PushPay USA, Inc.(3 mo. USD Term SOFR + 4.000%) | PushPay USA, Inc.(3 mo. USD Term SOFR + 4.000%) | PushPay USA, Inc.(3 mo. USD Term SOFR + 4.000%) |
| 339150 | 8.299 | 08/15/31 | 336182 |
| Quest Software U.S. Holdings, Inc.(3 mo. USD Term SOFR + 4.250%) | Quest Software U.S. Holdings, Inc.(3 mo. USD Term SOFR + 4.250%) | Quest Software U.S. Holdings, Inc.(3 mo. USD Term SOFR + 4.250%) | Quest Software U.S. Holdings, Inc.(3 mo. USD Term SOFR + 4.250%) |
| 2117651 | 8.680 | 02/01/29 | 1113270 |
| Quickbase, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.500%) | Quickbase, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.500%) | Quickbase, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.500%) | Quickbase, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 3.500%) |
| 379961 | 7.822 | 10/02/28 | 374261 |
| 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%) |
| 2691998 | 7.561 | 04/24/28 | $2663867 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) | Bank Loans<sup>(k)</sup> – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| (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%) |
| $1850000 | 8.049% | 04/24/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844598 |
| Rocket Software, Inc.(1 mo. USD Term SOFR + 4.250%) | Rocket Software, Inc.(1 mo. USD Term SOFR + 4.250%) | Rocket Software, Inc.(1 mo. USD Term SOFR + 4.250%) | Rocket Software, Inc.(1 mo. USD Term SOFR + 4.250%) |
| 356375 | 8.572 | 11/28/28 | 353602 |
| SS&C Technologies, Inc.(1 mo. USD Term SOFR + 2.000%) | SS&C Technologies, Inc.(1 mo. USD Term SOFR + 2.000%) | SS&C Technologies, Inc.(1 mo. USD Term SOFR + 2.000%) | SS&C Technologies, Inc.(1 mo. USD Term SOFR + 2.000%) |
| 607471 | 6.322 | 05/09/31 | 606396 |
| UKG, Inc.(1 mo. USD Term SOFR + 3.000%) | UKG, Inc.(1 mo. USD Term SOFR + 3.000%) | UKG, Inc.(1 mo. USD Term SOFR + 3.000%) | UKG, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 3301418 | 7.320 | 02/10/31 | 3288378 |
| VS Buyer LLC(3 mo. USD Term SOFR + 2.750%) | VS Buyer LLC(3 mo. USD Term SOFR + 2.750%) | VS Buyer LLC(3 mo. USD Term SOFR + 2.750%) | VS Buyer LLC(3 mo. USD Term SOFR + 2.750%) |
| 557204 | 7.020 | 04/12/31 | 554072 |
| Waystar Technologies, Inc.(1 mo. USD Term SOFR + 2.250%) | Waystar Technologies, Inc.(1 mo. USD Term SOFR + 2.250%) | Waystar Technologies, Inc.(1 mo. USD Term SOFR + 2.250%) | Waystar Technologies, Inc.(1 mo. USD Term SOFR + 2.250%) |
| 837593 | 6.572 | 10/22/29 | 833405 |
| Zelis Payments Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) | Zelis Payments Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) | Zelis Payments Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) | Zelis Payments Buyer, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 792990 | 7.072 | 09/28/29 | 773165 |
| Zuora, Inc.(1 mo. USD Term SOFR + 3.500%) | Zuora, Inc.(1 mo. USD Term SOFR + 3.500%) | Zuora, Inc.(1 mo. USD Term SOFR + 3.500%) | Zuora, Inc.(1 mo. USD Term SOFR + 3.500%) |
| 352914 | 7.822 | 02/14/32 | 348062 |
|  |  |  | 57083718 |
| Telecommunications – 0.4% | Telecommunications – 0.4% | Telecommunications – 0.4% | Telecommunications – 0.4% |
| Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, 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%) |
| 228039 | 7.069 | 11/30/29 | 226171 |
| (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%) |
| 231000 | 9.569 | 11/29/30 | 227438 |
| Ensono LP(1 mo. USD Term SOFR + 4.000%) | Ensono LP(1 mo. USD Term SOFR + 4.000%) | Ensono LP(1 mo. USD Term SOFR + 4.000%) | Ensono LP(1 mo. USD Term SOFR + 4.000%) |
| 1169913 | 8.436 | 05/26/28 | 1151265 |
| Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
| (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%) |
| 55442 | 6.786 | 04/16/29 | 52913 |
| 56686 | 6.786 | 04/15/30 | 53922 |
| Nuuday AS(3 mo. EUR EURIBOR + 6.500%) | Nuuday AS(3 mo. EUR EURIBOR + 6.500%) | Nuuday AS(3 mo. EUR EURIBOR + 6.500%) | Nuuday AS(3 mo. EUR EURIBOR + 6.500%) |
| 400000 | 9.035 | 02/03/28 | 454699 |
| Syniverse Holdings, Inc.(3 mo. USD Term SOFR + 7.000%) | Syniverse Holdings, Inc.(3 mo. USD Term SOFR + 7.000%) | Syniverse Holdings, Inc.(3 mo. USD Term SOFR + 7.000%) | Syniverse Holdings, Inc.(3 mo. USD Term SOFR + 7.000%) |
| $994898 | 11.299 | 05/13/27 | 946188 |
| Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 3161161 | 7.436 | 03/09/27 | $2933115 |
|  |  |  | 6045711 |
| Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% |
| First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) | First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) | First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) | First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) |
| 892529 | 6.799 | 07/21/28 | $887637 |
| Genesee & Wyoming, Inc.(3 mo. USD Term SOFR + 1.750%) | Genesee & Wyoming, Inc.(3 mo. USD Term SOFR + 1.750%) | Genesee & Wyoming, Inc.(3 mo. USD Term SOFR + 1.750%) | Genesee & Wyoming, Inc.(3 mo. USD Term SOFR + 1.750%) |
| 370000 | 6.049 | 04/10/31 | 364846 |
| Kenan Advantage Group, Inc.(1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc.(1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc.(1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc.(1 mo. USD Term SOFR + 3.250%) |
| 1228459 | 7.572 | 01/25/29 | 1202870 |
| LaserShip, Inc.(3 mo. USD Term SOFR + 4.500%) | LaserShip, Inc.(3 mo. USD Term SOFR + 4.500%) | LaserShip, Inc.(3 mo. USD Term SOFR + 4.500%) | LaserShip, Inc.(3 mo. USD Term SOFR + 4.500%) |
| 1595 | 6.061 | 08/10/29 | 199 |
| Third Coast Infrastructure LLC(1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC(1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC(1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC(1 mo. USD Term SOFR + 4.250%) |
| 481969 | 8.572 | 09/25/30 | 469919 |
|  |  |  | 2925471 |
| **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** | **TOTAL BANK LOANS** |
| **(Cost $380,314,813)** | **(Cost $380,314,813)** | **(Cost $380,314,813)** | $371888699 |

---

&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;

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 0.4% | Common Stocks – 0.4% | Common Stocks – 0.4% |
| Air Freight & Logistics<sup>(e)</sup> – 0.0% | Air Freight & Logistics<sup>(e)</sup> – 0.0% | Air Freight & Logistics<sup>(e)</sup> – 0.0% |
| 32972 | Spirit Aviation Holdings, Inc. | $390158 |
| Chemicals<sup>(e)(h)</sup> – 0.1% | Chemicals<sup>(e)(h)</sup> – 0.1% | Chemicals<sup>(e)(h)</sup> – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80232 | Cornerstone Chemical Reorg Equity | 1586187 |
| Commercial Services & Supplies<sup>(e)</sup> – 0.0% | Commercial Services & Supplies<sup>(e)</sup> – 0.0% | Commercial Services & Supplies<sup>(e)</sup> – 0.0% |
| 1565 | Monitronics | 19824 |
| Diversified Consumer Services<sup>(e)</sup> – 0.0% | Diversified Consumer Services<sup>(e)</sup> – 0.0% | Diversified Consumer Services<sup>(e)</sup> – 0.0% |
| 7679 | Premier Brands Group Holding | 12801 |
| Energy Equipment & Services<sup>(e)</sup> – 0.1% | Energy Equipment & Services<sup>(e)</sup> – 0.1% | Energy Equipment & Services<sup>(e)</sup> – 0.1% |
| 73839 | Enviva Equity<sup>(h)</sup> | 1033746 |
| 5402 | Nabors Industries Ltd. | 144979 |
| 17933 | Parker Drilling Co.<sup>(h)(i)</sup> |  |
|  |  | 1178725 |
| Financial Services<sup>(e)(h)</sup> – 0.0% | Financial Services<sup>(e)(h)</sup> – 0.0% | Financial Services<sup>(e)(h)</sup> – 0.0% |
| 240 | Voyager Aviation Holdings LLC |  |
| Health Care Equipment & Supplies<sup>(e)</sup> – 0.1% | Health Care Equipment & Supplies<sup>(e)</sup> – 0.1% | Health Care Equipment & Supplies<sup>(e)</sup> – 0.1% |
| 47389 | Envision Parent, Inc. | 561560 |
| Health Care Providers & Services<sup>(e)</sup> – 0.0% | Health Care Providers & Services<sup>(e)</sup> – 0.0% | Health Care Providers & Services<sup>(e)</sup> – 0.0% |
| 4117 | Air Methods Corp. | 154147 |
| Media<sup>(e)</sup> – 0.0% | Media<sup>(e)</sup> – 0.0% | Media<sup>(e)</sup> – 0.0% |
| 2505 | Audacy Class A | 30894 |
| 1128 | Beasley Broadcast Group, Inc. Class A<sup>(i)</sup> | 6103 |
|  |  | 36997 |
| Metals & Mining<sup>(e)</sup> – 0.0% | Metals & Mining<sup>(e)</sup> – 0.0% | Metals & Mining<sup>(e)</sup> – 0.0% |
| 627 | Arctic Canadian Diamond Co. Ltd.<sup>(h)</sup> | 59316 |
| 1239530 | Burgundy Diamond Mines Ltd. | 28583 |
| 7732 | Tacora Restructure<sup>(h)</sup> | 7732 |
|  |  | 95631 |
| Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% | Oil, Gas & Consumable Fuels – 0.0% |
| 85 | Expand Energy Corp. | 8831 |
| Pharmaceuticals<sup>(e)(h)</sup> – 0.0% | Pharmaceuticals<sup>(e)(h)</sup> – 0.0% | Pharmaceuticals<sup>(e)(h)</sup> – 0.0% |
| 65267 | Lannett Co., Inc. | 141629 |
| Professional Services<sup>(e)</sup> – 0.0% | Professional Services<sup>(e)</sup> – 0.0% | Professional Services<sup>(e)</sup> – 0.0% |
| 61506 | Avaya Holdings Corp.<sup>(i)</sup> | 338283 |
| 865 | Skillsoft Corp. | 16547 |
|  |  | 354830 |
| Semiconductors & Semiconductor Equipment<sup>(e)</sup> – 0.0% | Semiconductors & Semiconductor Equipment<sup>(e)</sup> – 0.0% | Semiconductors & Semiconductor Equipment<sup>(e)</sup> – 0.0% |
| 18377 | Bright Bidco BV | 5568 |
| Specialty Retail<sup>(e)(h)</sup> – 0.1% | Specialty Retail<sup>(e)(h)</sup> – 0.1% | Specialty Retail<sup>(e)(h)</sup> – 0.1% |
| 7504 | GTRC Reorg Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656225 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Specialty Retail<sup>(e)(h)</sup> – (continued) | Specialty Retail<sup>(e)(h)</sup> – (continued) | Specialty Retail<sup>(e)(h)</sup> – (continued) |
| 343 | Rite Aid Corp. | $— |
|  |  | 656225 |
| Wireless Telecommunication Services<sup>(e)</sup> – 0.0% | Wireless Telecommunication Services<sup>(e)</sup> – 0.0% | Wireless Telecommunication Services<sup>(e)</sup> – 0.0% |
| 5606 | IQOR US, Inc. | 8409 |
| 14518 | Windstream Corp. | 261324 |
|  |  | 269733 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |
| (Cost $7,308,671) | (Cost $7,308,671) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5472846 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1% | Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1% | Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1% | Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1% |
| Collateralized Loan Obligations – 0.1% | Collateralized Loan Obligations – 0.1% | Collateralized Loan Obligations – 0.1% | Collateralized Loan Obligations – 0.1% |
| 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 | 11.262% | 01/25/36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249320 |
| 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 | 11.131 | 04/20/34 | 249172 |
| 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 | 7.570 | 04/20/37 | 250723 |
|  |  |  | 749215 |
| **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** | **TOTAL ASSET-BACKED SECURITIES** |  |
| **(Cost $738,788)** | **(Cost $738,788)** | **(Cost $738,788)** | $749215 |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration**<br> **Date** | **Value** |
| Warrants<sup>(e)</sup> – 0.0% | Warrants<sup>(e)</sup> – 0.0% | Warrants<sup>(e)</sup> – 0.0% |
|  Audacy, Inc.<sup>(h)</sup> | Audacy, Inc.<sup>(h)</sup> | Audacy, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | 12/31/99 | $304 |
|  Avation PLC | Avation PLC | Avation PLC |
| 20510 | 10/31/26 | 8610 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
| 162 | 02/09/26 | 14008 |
|  Guitar Center, Inc.<sup>(h)</sup> | Guitar Center, Inc.<sup>(h)</sup> | Guitar Center, Inc.<sup>(h)</sup> |
| 3972 | 12/31/99 | 106565 |
|  Intelsat SA<sup>(h)</sup> | Intelsat SA<sup>(h)</sup> | Intelsat SA<sup>(h)</sup> |
| 1 | 02/17/27 | 3 |
|  Spirit Aviation Holdings, Inc. | Spirit Aviation Holdings, Inc. | Spirit Aviation Holdings, Inc. |
| 3972 | 12/31/99 | 50313 |
|  **TOTAL WARRANTS**<br> **(Cost $410,083)** | **TOTAL WARRANTS**<br> **(Cost $410,083)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179803 |

---

&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) *April 30, 2025 (Unaudited)*

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

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks<sup>(e)(h)</sup> – 0.0% | Preferred Stocks<sup>(e)(h)</sup> – 0.0% | Preferred Stocks<sup>(e)(h)</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 0.000 | 9496 |
|  **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;9496 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Obligations – 0.6% | U.S. Treasury Obligations – 0.6% | U.S. Treasury Obligations – 0.6% | U.S. Treasury Obligations – 0.6% |
| U.S. Treasury Bills<sup>(c)</sup>  | U.S. Treasury Bills<sup>(c)</sup>  | U.S. Treasury Bills<sup>(c)</sup>  | U.S. Treasury Bills<sup>(c)</sup>  |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | 0.000% | 05/15/25 | $2995091 |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 1600000 | 2.875 | 07/31/25 | 1593813 |
| 4997000 | 3.875 | 03/31/27 | 5021009 |
| **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** |  |
| **(Cost $9,594,507)** | **(Cost $9,594,507)** | **(Cost $9,594,507)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9609913 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(m)</sup> – 5.3% | Investment Company<sup>(m)</sup> – 5.3% | Investment Company<sup>(m)</sup> – 5.3% |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78898558 | 4.248% | $78898558 |
|  **(Cost $78,898,558)** | **(Cost $78,898,558)** |  |
|  **TOTAL INVESTMENTS – 98.9%** | **TOTAL INVESTMENTS – 98.9%** |  |
|  **(Cost $1,476,859,878)** | **(Cost $1,476,859,878)** | $1473141983 |
|  **OTHER ASSETS IN EXCESS OF** | **OTHER ASSETS IN EXCESS OF** |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.1%** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.1%** | 17106669 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1490248652 |

---

---

| | |
|:---|:---|
| 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) | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

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

(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on April 30, 2025.

(e) Security is currently in default and/or non-income producing.

(f) 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 April 30, 2025.

(g) Pay-in-kind securities.

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

(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 $347,776, which represents approximately 0.0% of the Fund's net assets as of April 30, 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 |
|  Entorian Technologies, Inc. | 04/23/24 |  |
|  Neiman Marcus Group Ltd. LLC | 04/23/18 | 605000 |
|  Par Pharmaceutical, Inc. | 04/23/24 |  |
|  Parker Drilling Co. | 04/16/20 |  |
|  Rite Aid Corp. | 09/04/24 |  |
|  Rite Aid Corp. | 09/04/24 |  |

---

(j) Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $710,565, which represents approximately 0.1% of the Fund's net assets as of April 30, 2025.

(k) 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 April 30, 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.

(l) 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.

(m) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At April 30, 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;

---

| | |
|:---|:---|
| **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;

&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 | $153846 | $151731 | $(2849) |
|  Archkey Solutions LLC due 11/01/31 | 74483 | 74110 | 339 |
|  Citrin Cooperman Advisors LLC due 04/01/32 | 30303 | 29962 | (191) |
|  Databricks, Inc. due 01/03/31 | 80246 | 80447 | 594 |
|  Kaman Corp. due 02/26/32 | 41747 | 41084 | (847) |
|  Kaman Corp. due 02/26/32 | 215517 | 212049 | (3424) |
| TOTAL | $596142 | $589383 | $(6378) |

---

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 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 | COP | 1293860000 | USD | 293675 | 06/18/25 | $10352 |
|  | CZK | 9110000 | USD | 396109 | 06/18/25 | 17965 |
|  | CZK | 145543604 | USD | 6351589 | 07/08/25 | 267339 |
|  | MXN | 22633486 | USD | 1085000 | 05/07/25 | 68017 |
|  | MYR | 9442318 | USD | 2137093 | 06/17/25 | 55487 |
|  | MYR | 11730582 | USD | 2659091 | 06/24/25 | 65757 |
|  | THB | 343232200 | USD | 10293363 | 06/12/25 | 14591 |
|  | THB | 8532000 | USD | 255295 | 06/18/25 | 1055 |
|  | TRY | 213000000 | USD | 4946628 | 06/18/25 | 277941 |
|  | TWD | 102000000 | USD | 3203015 | 06/18/25 | 7238 |
|  | USD | 2040307 | COP | 8655595000 | 06/18/25 | 6448 |
|  | USD | 1310900 | COP | 5502607622 | 06/24/25 | 18999 |
|  | USD | 393189 | HUF | 140000000 | 06/18/25 | 2025 |
|  | USD | 81279 | TRY | 3300000 | 06/18/25 | 335 |
|  | USD | 699314 | ZAR | 13000000 | 06/18/25 | 3173 |
|  BNP Paribas SA | EUR | 6043046 | USD | 6626200 | 06/16/25 | 239936 |
|  | PLN | 20538303 | USD | 5285111 | 06/10/25 | 142281 |
|  | TRY | 453604294 | USD | 11453804 | 05/02/25 | 301704 |
|  | USD | 2326744 | BRL | 13171232 | 05/05/25 | 8670 |
|  | USD | 2239619 | BRL | 13171200 | 10/27/25 | 20210 |
|  | USD | 26597704 | TRY | 1023413158 | 05/02/25 | 75156 |
|  BofA Securities LLC | CLP | 2501040900 | USD | 2571500 | 05/06/25 | 69582 |
|  | EGP | 109881054 | USD | 2077539 | 05/13/25 | 68736 |
|  | EUR | 3905486 | USD | 4342900 | 07/07/25 | 100649 |
|  | USD | 1201585 | COP | 5027826366 | 06/26/25 | 21481 |
|  Citibank NA | BRL | 118621757 | USD | 20392628 | 06/03/25 | 330878 |
|  | CAD | 1464705 | USD | 1028461 | 07/09/25 | 37797 |
|  | CZK | 72780000 | USD | 3181791 | 06/18/25 | 126256 |
|  | EUR | 2101061 | USD | 2279642 | 07/09/25 | 111175 |
|  | GBP | 90207 | USD | 116664 | 07/09/25 | 3588 |
|  | HUF | 4106665483 | USD | 11124465 | 06/18/25 | 349673 |
|  | IDR | 11500000000 | USD | 686043 | 06/18/25 | 7436 |
|  | KRW | 3721255000 | USD | 2611848 | 06/18/25 | 8698 |
|  | MXN | 84625000 | USD | 4098463 | 06/18/25 | 187948 |
|  | PLN | 43800000 | USD | 11336924 | 06/18/25 | 235328 |
|  | THB | 27000000 | USD | 782389 | 06/18/25 | 28844 |
|  | TRY | 93510000 | USD | 2277096 | 06/18/25 | 16563 |
|  | TWD | 306020000 | USD | 9441683 | 06/18/25 | 189704 |
|  | USD | 987918 | COP | 4139176128 | 06/18/25 | 15309 |

---

&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) *April 30, 2025 (Unaudited)*

&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** |
|  Citibank NA (continued) | USD | 2768000 | EUR | 2423109 | 07/09/25 | $10720 |
|  | USD | 216000 | GBP | 160988 | 07/09/25 | 1393 |
|  | USD | 523007 | IDR | 8640605289 | 06/18/25 | 1957 |
|  | USD | 999596 | ZAR | 18320000 | 06/18/25 | 18573 |
|  | ZAR | 84790000 | USD | 4413035 | 06/18/25 | 127410 |
|  HSBC Bank PLC | BRL | 69043876 | USD | 11709913 | 06/03/25 | 352218 |
|  | CNH | 3000000 | USD | 414094 | 06/18/25 | 195 |
|  | CZK | 86850000 | USD | 3790751 | 06/18/25 | 156815 |
|  | EUR | 9880000 | USD | 10861733 | 06/18/25 | 365493 |
|  | HUF | 384830000 | USD | 1043941 | 06/18/25 | 31285 |
|  | INR | 94310000 | USD | 1090087 | 06/18/25 | 20461 |
|  | KRW | 14148580000 | USD | 9790185 | 06/18/25 | 173393 |
|  | MXN | 93027500 | USD | 4475808 | 06/18/25 | 236207 |
|  | PLN | 3240000 | USD | 833275 | 06/18/25 | 22754 |
|  | THB | 153230000 | USD | 4582754 | 06/18/25 | 21139 |
|  | TRY | 80250000 | USD | 1785400 | 06/18/25 | 183011 |
|  | USD | 549583 | CNH | 3960000 | 06/18/25 | 2721 |
|  | USD | 3244759 | EUR | 2850000 | 06/18/25 | 6136 |
|  | USD | 10504354 | ZAR | 192820000 | 06/18/25 | 178978 |
|  JPMorgan Securities, Inc. | BRL | 48546283 | USD | 8143300 | 10/27/25 | 36977 |
|  | EGP | 408414245 | USD | 7729263 | 05/27/25 | 187199 |
|  | MXN | 107528680 | USD | 5207200 | 05/07/25 | 270629 |
|  | TRY | 569808865 | USD | 14399500 | 05/02/25 | 367540 |
|  | USD | 1300500 | COP | 5508918000 | 06/25/25 | 7297 |
|  MS & Co. Int. PLC | EGP | 84840372 | USD | 1617548 | 05/12/25 | 40527 |
|  | EUR | 1496380 | USD | 1694126 | 05/15/25 | 2620 |
|  | GBP | 210634 | USD | 275466 | 05/15/25 | 5255 |
|  | USD | 2724445 | CLP | 2501040900 | 05/06/25 | 83363 |
|  | USD | 2055000 | EUR | 1784629 | 05/15/25 | 31408 |
|  | USD | 225000 | GBP | 168275 | 05/15/25 | 733 |
|  Standard Chartered Bank | CNH | 39440243 | USD | 5393574 | 06/18/25 | 52980 |
|  | CZK | 94670000 | USD | 4167415 | 06/18/25 | 135591 |
|  | HUF | 102810000 | USD | 275412 | 06/18/25 | 11842 |
|  | INR | 991880000 | USD | 11295129 | 06/18/25 | 384767 |
|  | MXN | 20757500 | USD | 1006510 | 06/18/25 | 44896 |
|  | MYR | 24910000 | USD | 5645806 | 06/18/25 | 138769 |
|  | PLN | 3600000 | USD | 948950 | 06/18/25 | 2194 |
|  | SGD | 2480000 | USD | 1892302 | 06/18/25 | 11801 |
|  | THB | 220900000 | USD | 6564870 | 06/18/25 | 72212 |
|  | TRY | 8700000 | USD | 191796 | 09/17/25 | 750 |
|  | USD | 2043824 | COP | &nbsp;&nbsp;&nbsp;&nbsp;8655595000 | 06/18/25 | 9965 |
|  | USD | 2134572 | EUR | 1865000 | 06/18/25 | 15263 |
|  | USD | 4567834 | PEN | 16731975 | 06/18/25 | 11245 |
|  | USD | 16238 | ZAR | 300000 | 06/18/25 | 174 |
|  | ZAR | 42150000 | USD | 2217841 | 06/18/25 | 39262 |
| TOTAL |  |  |  |  |  | $7390442 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 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** |
|  Barclays Bank PLC | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23636000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27020217 | 07/17/25 | $(111446) |

---

&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;

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued) | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued) | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued) | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued) | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued) | FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (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** |
|  Barclays Bank PLC (continued) | MXN | 18080000 | USD | 918425 | 06/18/25 | $(2640) |
|  | PLN | 800000 | USD | 213014 | 06/18/25 | (1649) |
|  | RON | 2500000 | USD | 568333 | 06/18/25 | (725) |
|  | TRY | 471990534 | USD | 11355500 | 07/16/25 | (155249) |
|  | TRY | 9700000 | USD | 227881 | 09/17/25 | (13204) |
|  | USD | 53023 | AUD | 84000 | 06/12/25 | (808) |
|  | USD | 2201413 | BRL | 13171232 | 05/05/25 | (116661) |
|  | USD | 7157250 | BRL | 41457757 | 06/03/25 | (85519) |
|  | USD | 350253 | CZK | 8060000 | 06/18/25 | (16096) |
|  | USD | 1842641 | IDR | 31216026040 | 06/18/25 | (39764) |
|  | USD | 3572542 | MXN | 72300000 | 06/18/25 | (89586) |
|  | USD | 2167408 | PLN | 8250000 | 06/18/25 | (12297) |
|  | USD | 2865778 | TRY | 123820000 | 06/18/25 | (171339) |
|  | USD | 211214 | TRY | 9700000 | 09/17/25 | (3464) |
|  | ZAR | 4730000 | USD | 257243 | 06/18/25 | (3955) |
|  BNP Paribas SA | BRL | 13171232 | USD | 2337397 | 05/05/25 | (19323) |
|  | CZK | 29587408 | USD | 1350209 | 07/08/25 | (4654) |
|  | TRY | 131067697 | USD | 3328112 | 05/27/25 | (33924) |
|  | TRY | 854000000 | USD | 21415585 | 06/02/25 | (79532) |
|  | TRY | 139608439 | USD | 3390900 | 07/16/25 | (78017) |
|  | USD | 6626200 | HUF | 2443566303 | 06/16/25 | (201909) |
|  | USD | 1047900 | PLN | 4069393 | 06/10/25 | (27466) |
|  | USD | 6767872 | TRY | 293082676 | 07/16/25 | (186928) |
|  BofA Securities LLC | PEN | 9535122 | USD | 2630378 | 05/06/25 | (29864) |
|  | USD | 11956099 | CNH | 86757038 | 07/23/25 | (56304) |
|  | USD | 4342900 | HUF | 1587384671 | 07/07/25 | (87754) |
|  | USD | 1000000 | THB | 34070000 | 06/12/25 | (23191) |
|  Citibank NA | CNH | 44240060 | USD | 6149522 | 06/18/25 | (40130) |
|  | EUR | 7430000 | USD | 8507133 | 06/18/25 | (63987) |
|  | EUR | 2500000 | USD | 2854495 | 07/09/25 | (9720) |
|  | GBP | 400000 | USD | 533326 | 07/09/25 | (100) |
|  | KRW | 3721255000 | USD | 2629370 | 06/18/25 | (8823) |
|  | MXN | 9810000 | USD | 499011 | 06/18/25 | (2117) |
|  | NGN | 2012050000 | USD | 1252054 | 08/12/25 | (65003) |
|  | NGN | 1180000000 | USD | 670455 | 01/28/26 | (31417) |
|  | USD | 756041 | BRL | 4370000 | 06/03/25 | (7409) |
|  | USD | 1045493 | CAD | 1486198 | 07/09/25 | (36412) |
|  | USD | 416199 | CLP | 394890000 | 06/18/25 | (696) |
|  | USD | 9210282 | CZK | 211230000 | 06/18/25 | (390688) |
|  | USD | 400225 | EUR | 367951 | 07/09/25 | (18470) |
|  | USD | 809879 | GBP | 625624 | 07/09/25 | (24117) |
|  | USD | 8630522 | HUF | 3128640000 | 06/18/25 | (110985) |
|  | USD | 6184380 | IDR | 104600971777 | 06/18/25 | (123324) |
|  | USD | 544306 | INR | 47330000 | 06/18/25 | (13029) |
|  | USD | 756349 | MXN | 15340000 | 06/18/25 | (20651) |
|  | USD | 488873 | PEN | 1830000 | 06/18/25 | (9487) |
|  | USD | 351617 | PHP | 20103000 | 06/18/25 | (8380) |
|  | USD | 657361 | PLN | 2520000 | 06/18/25 | (8440) |
|  | USD | 597802 | RON | 2740000 | 06/18/25 | (24296) |
|  | USD | 2373786 | THB | 80370000 | 06/18/25 | (40982) |
|  HSBC Bank PLC | CNH | 2638613 | USD | 365739 | 06/18/25 | (1356) |
|  | COP | 3153268793 | USD | 744394 | 06/18/25 | (3451) |
|  | PEN | 2633108 | USD | 717451 | 06/18/25 | (382) |
|  | TRY | 12440000 | USD | 308951 | 06/18/25 | (3816) |

---

&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) *April 30, 2025 (Unaudited)*

&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** |
|  HSBC Bank PLC (continued) | USD | 10968833 | BRL | 64718198 | 06/03/25 | $(337591) |
|  | USD | 6890973 | CNH | 50567658 | 06/18/25 | (92237) |
|  | USD | 1706864 | HUF | 636190000 | 06/18/25 | (70668) |
|  | USD | 1583208 | INR | 136730000 | 06/18/25 | (26858) |
|  | USD | 9741441 | KRW | 14148580000 | 06/18/25 | (222137) |
|  | USD | 3997203 | MXN | 81930000 | 06/18/25 | (152702) |
|  | USD | 14027935 | PLN | 54210000 | 06/18/25 | (294708) |
|  | USD | 1861951 | SGD | 2480000 | 06/18/25 | (42152) |
|  | USD | 489016 | THB | 16403000 | 06/18/25 | (3823) |
|  | USD | 1719575 | TRY | 75470000 | 06/18/25 | (131590) |
|  JPMorgan Securities, Inc. | USD | 2571500 | PEN | 9535122 | 05/06/25 | (29015) |
|  | USD | 7375196 | TRY | 318516297 | 07/16/25 | (183138) |
|  | USD | 2437193 | TRY | 111087234 | 09/08/25 | (45358) |
|  MS & Co. Int. PLC | EGP | 36000000 | USD | 679887 | 07/28/25 | (727) |
|  | EUR | 3776583 | USD | 4315925 | 05/15/25 | (33655) |
|  | GBP | 500000 | USD | 667000 | 05/15/25 | (628) |
|  | TRY | 111087234 | USD | 2620600 | 09/08/25 | (138050) |
|  Standard Chartered Bank | CLP | 895978000 | USD | 959538 | 06/18/25 | (13631) |
|  | RON | 1080000 | USD | 246050 | 06/18/25 | (843) |
|  | USD | 4244809 | CLP | 4144070000 | 06/18/25 | (130193) |
|  | USD | 376560 | CNH | 2727946 | 06/18/25 | (159) |
|  | USD | 3572640 | EUR | 3192361 | 06/18/25 | (55027) |
|  | USD | 1545429 | IDR | 26143739166 | 06/18/25 | (31105) |
|  | USD | 8827839 | MXN | 183600000 | 06/18/25 | (471839) |
|  | USD | 2492349 | MYR | 11018000 | 06/18/25 | (66240) |
|  | USD | 794020 | PEN | 2918025 | 06/18/25 | (640) |
|  | USD | 4483143 | PHP | 257440000 | 06/18/25 | (126991) |
|  | USD | 4231895 | PLN | 16230000 | 06/18/25 | (56179) |
|  | USD | 9892592 | THB | 333220000 | 06/18/25 | (119216) |
|  | USD | 2938587 | ZAR | 55570000 | 06/18/25 | (37148) |
| TOTAL |  |  |  |  |  | $(5635184) |

---

&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;

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

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At April 30, 2025, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Payments Made by the Fund** | **Counterparty** | **Termination<br>Date** | **Notional**<br> **Amount**<br> (000s) | **Notional**<br> **Amount**<br> (000s) | **Value** | **Upfront<br>Payments<br>(Received)<br>Paid** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  12M CNRR<sup>(a)</sup> <br> 1.670%<sup>(a)</sup> | Barclays Bank PLC | 06/18/30 | CNY | 125500 <sup>(b)</sup> | $223952 | $— | $223952 |
| 9.255<sup>(a)</sup> <br> 3M PIBR<sup>(a)</sup> | Barclays Bank PLC | 06/18/35 | COP | 10487690 <sup>(b)</sup> | (54604) |  | (54604) |
|  1M BID Average<sup>(c)</sup> <br> 13.780<sup>(c)</sup> | Citibank NA | 01/04/27 | BRL | 28600 | (5603) |  | (5603) |
|  3M KWCDC<sup>(a)</sup> <br> 2.546<sup>(a)</sup> | Citibank NA | 06/18/28 | KRW | 48202400 <sup>(b)</sup> | 356012 | 16241 | 339771 |
|  1M BID Average<sup>(c)</sup> <br> 14.885<sup>(c)</sup> | Citibank NA | 01/02/29 | BRL | 1750 | 9485 |  | 9485 |
| 8.750<sup>(a)</sup> <br> 3M PIBR<sup>(a)</sup> | Citibank NA | 06/18/30 | COP | 16061500 <sup>(b)</sup> | (65997) |  | (65997) |
|  6M BUBOR<sup>(d)</sup> <br> 6.390<sup>(e)</sup> | Citibank NA | 06/18/30 | HUF | 657000 <sup>(b)</sup> | 39643 |  | 39643 |
|  6M BUBOR<sup>(d)</sup> <br> 6.345<sup>(e)</sup> | Citibank NA | 06/18/30 |  | 340000 <sup>(b)</sup> | 18618 |  | 18618 |
| 2.652<sup>(a)</sup> <br> 3M KWCDC<sup>(a)</sup> | Citibank NA | 06/18/35 | KRW | 15620670 <sup>(b)</sup> | (277741) | (4164) | (273577) |
| 2.544<sup>(a)</sup> <br> 3M KWCDC<sup>(a)</sup> | Citibank NA | 06/18/35 |  | 900000 <sup>(b)</sup> | (9779) |  | (9779) |
|  6M BUBOR<sup>(d)</sup> <br> 5.830<sup>(d)</sup> | HSBC Bank PLC | 06/18/27 | INR | 1600000 <sup>(b)</sup> | 128932 |  | 128932 |
|  3M KWCDC<sup>(a)</sup> <br> 2.360<sup>(a)</sup> | HSBC Bank PLC | 06/18/28 | KRW | 4000000 <sup>(b)</sup> | 14336 |  | 14336 |
|  6M BUBOR<sup>(d)</sup> <br> 5.930<sup>(d)</sup> | HSBC Bank PLC | 06/18/30 | INR | 850000 <sup>(b)</sup> | 140696 |  | 140696 |
|  3M THOR<sup>(a)</sup> <br> 1.627<sup>(a)</sup> | HSBC Bank PLC | 06/18/30 | THB | 67500 <sup>(b)</sup> | 21630 |  | 21630 |
|  6M BUBOR<sup>(d)</sup> <br> 6.270<sup>(e)</sup> | HSBC Bank PLC | 06/18/30 | HUF | 1314000 <sup>(b)</sup> | 60759 |  | 60759 |
|  6M BUBOR<sup>(d)</sup> <br> 6.290<sup>(e)</sup> | HSBC Bank PLC | 06/18/30 |  | 657000 <sup>(b)</sup> | 31924 |  | 31924 |
|  12M CNRR<sup>(a)</sup> <br> 1.380<sup>(a)</sup> | HSBC Bank PLC | 06/18/30 | CNY | 61500 <sup>(b)</sup> | (7046) |  | (7046) |
| TOTAL |  |  |  |  | $625217 | $12077 | $613140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payments made at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Payments made semi-annually.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payments made annually.

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<br>at April 30,**<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% | 6.783% | Citibank NA | 06/20/28 | $630 | $(25514) | $(31171) | $5657 |

---

&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) *April 30, 2025 (Unaudited)*

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

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

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by the Fund<sup>(a)</sup>** | **Credit<br>Spread<br>at April 30,**<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)** |
| CCO Holdings LLC, 5.000%, 02/01/28 | 5.000% | 1.809% | Citibank NA | 12/20/29 | $1098 | $151337 | $135557 | $15780 |
| TOTAL |  |  |  |  |  | $125823 | $104386 | $21437 |

---

&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>April 30,**<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 43 | 5.000% | 4.123% | 06/20/30 | $20960 | $879169 | $787240 | $91929 |

---

&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: |
| AUD | —Australian Dollar |
| BRL | —Brazil Real |
| CAD | —Canadian Dollar |
| CLP | —Chilean Peso |
| CNH | —Chinese Yuan Renminbi Offshore |
| CNY | —Chinese Yuan Renminbi |
| COP | —Colombia Peso |
| CZK | —Czech Republic Koruna |
| DOP | —Dominican Republic Peso |
| EGP | —Egypt Pound |
| EUR | —Euro |
| GBP | —British Pound |
| HUF | —Hungarian Forint |
| IDR | —Indonesia Rupiah |
| INR | —Indian Rupee |
| KRW | —South Korean Won |
| 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 |
| UYU | —Uruguay Peso |
| ZAR | —South African Rand |

---

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

&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;

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

ADDITIONAL INVESTMENT INFORMATION (continued)

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Indexes |
| EURIBOR | —Euro Interbank Offered Rate |
| ICE | —Inter-Continental Exchange |
| 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 |

---

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| 1M BID Avg | —1 Month Brazilian Interbank Deposit Average |
| BofA Securities LLC | —Bank of America Securities LLC |
| BUBOR | —Budapest Interbank Offered Rate |
| CDX.NA.HY Ind 43 | —CDX North America High Yield Index 43 |
| CNRR | —China Fixing Repo Rate |
| KWCDC | —South Korean Won Certificate of Deposit |
| 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;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

---

------

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 *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 96.8% | Common Stocks – 96.8% | Common Stocks – 96.8% |
| Australia – 4.3% | Australia – 4.3% | Australia – 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;231037 | Aurizon Holdings Ltd. (Ground Transportation) | $452304 |
| 800111 | Cleanaway Waste Management Ltd. (Commercial Services & Supplies) | 1331550 |
| 544001 | Goodman Group (Industrial REITs) | 10414266 |
| 1657342 | Mirvac Group (Diversified REITs) | 2417485 |
| 1777511 | National Storage REIT (Specialized REITs) | 2613678 |
| 524625 | NEXTDC Ltd.\* (IT Services) | 3983128 |
| 1809963 | Scentre Group (Retail REITs) | 4193220 |
| 2083649 | Stockland (Diversified REITs) | 7322433 |
| 283034 | Transurban Group (Transportation Infrastructure) | 2550525 |
|  |  | 35278589 |
| Belgium – 0.4% | Belgium – 0.4% | Belgium – 0.4% |
| 9533 | Elia Group SA (Electric Utilities) | 1033563 |
| 48256 | Shurgard Self Storage Ltd. (Specialized REITs) | 2002194 |
| 330 | VGP NV (Real Estate Management & Development) | 30534 |
| 1098 | Warehouses De Pauw CVA\* (Industrial REITs) | 28045 |
|  |  | 3094336 |
| Brazil – 0.6% | Brazil – 0.6% | Brazil – 0.6% |
| 144286 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR\* (Water Utilities) | 2933334 |
| 455997 | Cia Paranaense de Energia - Copel (Electric Utilities) | 838852 |
| 600449 | Santos Brasil Participacoes SA (Transportation Infrastructure) | 1432575 |
|  |  | 5204761 |
| Canada – 8.2% | Canada – 8.2% | Canada – 8.2% |
| 100625 | Allied Properties Real Estate Investment Trust (Office REITs) | 1119678 |
| 58129 | Canadian Apartment Properties REIT (Residential REITs) | 1775157 |
| 193837 | Chartwell Retirement Residences (Health Care Providers & Services) | 2433859 |
| 368552 | Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 17235273 |
| 27573 | Fortis, Inc. (Electric Utilities) | 1365450 |
| 26936 | GFL Environmental, Inc. (Commercial Services & Supplies) | 1344106 |
| 44040 | Hydro One Ltd.<sup>(a)</sup> (Electric Utilities) | 1694387 |
| 324855 | InterRent Real Estate Investment Trust (Residential REITs) | 2660389 |
| 105840 | Keyera Corp. (Oil, Gas & Consumable Fuels) | 3285140 |
| 315429 | Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) | 12057963 |
| 24099 | RioCan Real Estate Investment Trust (Retail REITs) | 301019 |
| 74352 | South Bow Corp. (Oil, Gas & Consumable Fuels) | 1836418 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<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) |
| 396551 | TC Energy Corp. (Oil, Gas & Consumable Fuels) | $| 20034656 |
|  |  |  | 67143495 |
| China – 0.6% | China – 0.6% | China – 0.6% | China – 0.6% |
| 965600 | China Tower Corp. Ltd. Class H<sup>(a)</sup> (Diversified Telecommunication Services) |  | 1398649 |
| 440800 | ENN Energy Holdings Ltd. (Gas Utilities) |  | 3479841 |
|  |  |  | 4878490 |
| France – 5.2% | France – 5.2% | France – 5.2% | France – 5.2% |
| 10956 | Aeroports de Paris SA (Transportation Infrastructure) |  | 1370012 |
| 29810 | Eiffage SA (Construction & Engineering) |  | 4056328 |
| 15337 | Gecina SA (Office REITs) |  | 1574475 |
| 226505 | Klepierre SA (Retail REITs) |  | 8290799 |
| 54483 | Unibail-Rodamco-Westfield\* (Retail REITs) |  | 4612261 |
| 161087 | Vinci SA (Construction & Engineering) |  | 22627459 |
|  |  |  | 42531334 |
| Germany – 1.5% | Germany – 1.5% | Germany – 1.5% | Germany – 1.5% |
| 34128 | Fraport AG Frankfurt Airport Services Worldwide\* (Transportation Infrastructure) |  | 2261716 |
| 36213 | RWE AG (Independent Power and Renewable Electricity Producers) |  | 1406301 |
| 270918 | Vonovia SE (Real Estate Management & Development) |  | 8986376 |
|  |  |  | 12654393 |
| Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% | Hong Kong – 1.6% |
| 190400 | China Resources Gas Group Ltd. (Gas Utilities) |  | 531863 |
| 1370200 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) |  | 1232870 |
| 34264 | Hongkong Land Holdings Ltd. (Real Estate Management & Development) |  | 167688 |
| 662000 | Kunlun Energy Co. Ltd. (Gas Utilities) |  | 631002 |
| 717640 | Link REIT (Retail REITs) |  | 3359887 |
| 147500 | Power Assets Holdings Ltd. (Electric Utilities) |  | 975446 |
| 435055 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) |  | 4127111 |
| 569400 | Swire Properties Ltd. (Real Estate Management & Development) |  | 1258358 |
| 326000 | Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development) |  | 779645 |
|  |  |  | 13063870 |
| Italy – 0.7% | Italy – 0.7% | Italy – 0.7% | Italy – 0.7% |
| 278430 | Enel SpA (Electric Utilities) |  | 2411067 |

---

&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;

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

&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) |
| Italy (continued) | Italy (continued) | Italy (continued) | Italy (continued) |
| 54208 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> (Diversified Telecommunication Services) | $| 647360 |
| 105405 | Italgas SpA (Gas Utilities) |  | 866009 |
| 186600 | Terna - Rete Elettrica Nazionale (Electric Utilities) |  | 1855515 |
|  |  |  | 5779951 |
| Japan – 5.8% | Japan – 5.8% | Japan – 5.8% | Japan – 5.8% |
| 945 | Advance Residence Investment Corp. (Residential REITs) |  | 973734 |
| 84300 | Chubu Electric Power Co., Inc. (Electric Utilities) |  | 1094663 |
| 825 | Daiwa House REIT Investment Corp. (Diversified REITs) |  | 1381853 |
| 42400 | East Japan Railway Co. (Ground Transportation) |  | 919099 |
| 3897 | GLP J-Reit (Industrial REITs) |  | 3361344 |
| 6873 | Invincible Investment Corp. (Hotel & Resort REITs) |  | 2840665 |
| 1567 | Japan Hotel REIT Investment Corp. (Hotel & Resort REITs) |  | 774897 |
| 772 | Japan Metropolitan Fund Invest (Retail REITs) |  | 514368 |
| 1032 | Japan Real Estate Investment Corp. (Office REITs) |  | 819008 |
| 191300 | Mitsubishi Estate Co. Ltd. (Real Estate Management & Development) |  | 3360371 |
| 1113233 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) |  | 11032859 |
| 2657 | Nippon Accommodations Fund, Inc. (Residential REITs) |  | 2167504 |
| 4400 | Nippon Building Fund, Inc. (Office REITs) |  | 4084121 |
| 936 | Nippon Prologis REIT, Inc. (Industrial REITs) |  | 1547980 |
| 1716 | Orix JREIT, Inc. (Office REITs) |  | 2161259 |
| 75800 | Osaka Gas Co. Ltd. (Gas Utilities) |  | 1922141 |
| 2646 | Sekisui House Reit, Inc. (Diversified REITs) |  | 1427462 |
| 94109 | Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development) |  | 3505209 |
| 97200 | Tokyo Gas Co. Ltd. (Gas Utilities) |  | 3229256 |
|  |  |  | 47117793 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| 146185 | SES SA (Media) |  | 775072 |
| Malaysia – 0.1% | Malaysia – 0.1% | Malaysia – 0.1% | Malaysia – 0.1% |
| 357000 | Tenaga Nasional Bhd. (Electric Utilities) |  | 1148162 |
| Mexico – 0.7% | Mexico – 0.7% | Mexico – 0.7% | Mexico – 0.7% |
| 6510 | Grupo Aeroportuario del Centro Norte SAB de CV ADR (Transportation Infrastructure) |  | 579195 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Mexico (continued) | Mexico (continued) | Mexico (continued) | Mexico (continued) |
| 13380 | Grupo Aeroportuario del Pacifico SAB de CV ADR\* (Transportation Infrastructure) | $| 2749724 |
| 66162 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) |  | 2095841 |
| 138674 | Prologis Property Mexico SA de CV (Industrial REITs) |  | 493938 |
|  |  |  | 5918698 |
| Netherlands – 0.2% | Netherlands – 0.2% | Netherlands – 0.2% | Netherlands – 0.2% |
| 41794 | Koninklijke Vopak NV (Oil, Gas & Consumable Fuels) |  | 1728210 |
| New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% | New Zealand – 0.2% |
| 359731 | Auckland International Airport Ltd. (Transportation Infrastructure) |  | 1606875 |
| Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% | Philippines – 0.1% |
| 196230 | International Container Terminal Services, Inc. (Transportation Infrastructure) |  | 1200178 |
| Singapore – 1.4% | Singapore – 1.4% | Singapore – 1.4% | Singapore – 1.4% |
| 979253 | CapitaLand Ascendas REIT (Industrial REITs) |  | 1995383 |
| 1491704 | CapitaLand Integrated Commercial Trust (Retail REITs) |  | 2454897 |
| 284734 | CapitaLand Investment Ltd. (Real Estate Management & Development) |  | 600103 |
| 342621 | Frasers Logistics & Commercial Trust (Industrial REITs) |  | 235016 |
| 1961989 | Keppel DC REIT (Specialized REITs) |  | 3246002 |
| 899100 | Mapletree Industrial Trust (Industrial REITs) |  | 1390799 |
| 1477639 | Mapletree Logistics Trust (Industrial REITs) |  | 1271555 |
|  |  |  | 11193755 |
| Spain – 2.9% | Spain – 2.9% | Spain – 2.9% | Spain – 2.9% |
| 14057 | Aena SME SA<sup>(a)</sup> (Transportation Infrastructure) |  | 3531342 |
| 322808 | Cellnex Telecom SA\*<sup>(a)</sup> (Diversified Telecommunication Services) |  | 13063830 |
| 218435 | Merlin Properties Socimi SA (Diversified REITs) |  | 2477112 |
| 32041 | Naturgy Energy Group SA (Gas Utilities) |  | 954567 |
| 167825 | Redeia Corp. SA (Electric Utilities) |  | 3519338 |
|  |  |  | 23546189 |
| Sweden – 1.0% | Sweden – 1.0% | Sweden – 1.0% | Sweden – 1.0% |
| 45260 | Catena AB (Real Estate Management & Development) |  | 2130674 |
| 506140 | Fastighets AB Balder Class B\* (Real Estate Management & Development) |  | 3638356 |
| 214750 | Wihlborgs Fastigheter AB (Real Estate Management & Development) |  | 2227466 |
|  |  |  | 7996496 |

---

&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) *April 30, 2025 (Unaudited)*

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

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| Switzerland – 0.3% | Switzerland – 0.3% | Switzerland – 0.3% |
| 9434 | PSP Swiss Property AG (Real Estate Management & Development) | $&nbsp;&nbsp;&nbsp;&nbsp;1679918 |
| 5368 | Swiss Prime Site AG (Real Estate Management & Development) | 756920 |
|  |  | 2436838 |
| United Kingdom – 5.3% | United Kingdom – 5.3% | United Kingdom – 5.3% |
| 649847 | Grainger PLC (Real Estate Management & Development) | 1864377 |
| 991817 | LondonMetric Property PLC (Diversified REITs) | 2544715 |
| 1430301 | National Grid PLC (Multi-Utilities) | 20645109 |
| 288419 | Pennon Group PLC (Water Utilities) | 1930774 |
| 156413 | Safestore Holdings PLC (Specialized REITs) | 1316462 |
| 387539 | Segro PLC REIT (Industrial REITs) | 3525309 |
| 76013 | Severn Trent PLC (Water Utilities) | 2827475 |
| 858743 | Tritax Big Box REIT PLC (Industrial REITs) | 1642678 |
| 449172 | UNITE Group PLC (Residential REITs) | 5160548 |
| 105050 | United Utilities Group PLC (Water Utilities) | 1579359 |
|  |  | 43036806 |
| United States – 55.6% | United States – 55.6% | United States – 55.6% |
| 82765 | Agree Realty Corp. (Retail REITs) | 6423392 |
| 655 | Alexandria Real Estate Equities, Inc. (Health Care REITs) | 47592 |
| 29539 | Ameren Corp. (Multi-Utilities) | 2931450 |
| 234299 | American Healthcare REIT, Inc. (Health Care REITs) | 7563172 |
| 189095 | American Homes 4 Rent Class A (Residential REITs) | 7070262 |
| 126961 | American Tower Corp. (Specialized REITs) | 28618279 |
| 21220 | American Water Works Co., Inc. (Water Utilities) | 3119552 |
| &nbsp;&nbsp;&nbsp;&nbsp;272211 | Americold Realty Trust, Inc. (Industrial REITs) | 5264561 |
| 25644 | Atmos Energy Corp. (Gas Utilities) | 4119196 |
| 37943 | AvalonBay Communities, Inc. (Residential REITs) | 7967271 |
| 85384 | Brixmor Property Group, Inc. (Retail REITs) | 2126915 |
| 121221 | Broadstone Net Lease, Inc. (Diversified REITs) | 1961356 |
| 280047 | CenterPoint Energy, Inc. (Multi-Utilities) | 10860223 |
| 22665 | Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 5238108 |
| 56998 | Consolidated Edison, Inc. (Multi-Utilities) | 6426525 |
| 39054 | COPT Defense Properties (Office REITs) | 1019700 |
| 80595 | Cousins Properties, Inc. (Office REITs) | 2219586 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 101837 | Crown Castle, Inc. (Specialized REITs) | $10770281 |
| 71064 | Curbline Properties Corp. (Retail REITs) | 1626655 |
| 56853 | Digital Realty Trust, Inc. (Specialized REITs) | 9127181 |
| 42833 | DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 4163368 |
| 14161 | EastGroup Properties, Inc. (Industrial REITs) | 2314191 |
| 22245 | Entergy Corp. (Electric Utilities) | 1850117 |
| 67327 | EPR Properties (Specialized REITs) | 3332013 |
| 31722 | Equinix, Inc. (Specialized REITs) | 27304711 |
| 51098 | Equity LifeStyle Properties, Inc. (Residential REITs) | 3310128 |
| &nbsp;&nbsp;&nbsp;&nbsp;108998 | Equity Residential (Residential REITs) | 7658199 |
| 114895 | Essential Properties Realty Trust, Inc. (Diversified REITs) | 3696172 |
| 37637 | Essex Property Trust, Inc. (Residential REITs) | 10506369 |
| 34068 | Evergy, Inc. (Electric Utilities) | 2354099 |
| 329681 | Exelon Corp. (Electric Utilities) | 15462039 |
| 89575 | Extra Space Storage, Inc. (Specialized REITs) | 13124529 |
| 65000 | First Industrial Realty Trust, Inc. (Industrial REITs) | 3092700 |
| 59113 | Gaming & Leisure Properties, Inc. (Specialized REITs) | 2829148 |
| 59174 | Global Medical REIT, Inc. (Health Care REITs) | 458007 |
| 146866 | Healthcare Realty Trust, Inc. (Health Care REITs) | 2280829 |
| 195924 | Healthpeak Properties, Inc. (Health Care REITs) | 3495284 |
| 175227 | Invitation Homes, Inc. (Residential REITs) | 5991011 |
| 86535 | Iron Mountain, Inc. (Specialized REITs) | 7759593 |
| 98735 | Kilroy Realty Corp. (Office REITs) | 3111140 |
| 223738 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 5884309 |
| 28284 | Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels) | 1169261 |
| 2808 | Lineage, Inc. (Industrial REITs) | 135430 |
| 16629 | LXP Industrial Trust (Industrial REITs) | 131203 |
| 18261 | Mid-America Apartment Communities, Inc. (Residential REITs) | 2915369 |
| 18860 | National Health Investors, Inc. (Health Care REITs) | 1427136 |
| 67071 | National Storage Affiliates Trust (Specialized REITs) | 2495041 |
| 229019 | NiSource, Inc. (Multi-Utilities) | 8956933 |
| 3077 | Omega Healthcare Investors, Inc. (Health Care REITs) | 120157 |
| 14757 | ONE Gas, Inc. (Gas Utilities) | 1158572 |

---

&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;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 55348 | ONEOK, Inc. (Oil, Gas & Consumable Fuels) | $4547392 |
| 740382 | PG&E Corp. (Electric Utilities) | 12231111 |
| 185834 | Piedmont Office Realty Trust, Inc. Class A (Office REITs) | 1098279 |
| 33501 | Pinnacle West Capital Corp. (Electric Utilities) | 3188625 |
| 64887 | PPL Corp. (Electric Utilities) | 2368376 |
| 166598 | Prologis, Inc. (Industrial REITs) | 17026316 |
| 13332 | Public Storage (Specialized REITs) | 4005333 |
| &nbsp;&nbsp;&nbsp;&nbsp;21260 | Realty Income Corp. (Retail REITs) | 1230104 |
| 116563 | Regency Centers Corp. (Retail REITs) | 8413517 |
| 91887 | Rexford Industrial Realty, Inc. (Industrial REITs) | 3041460 |
| 46091 | Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | 4053703 |
| 173622 | Sabra Health Care REIT, Inc. (Health Care REITs) | 3099153 |
| 12833 | SBA Communications Corp. (Specialized REITs) | 3123552 |
| 80175 | Sempra (Multi-Utilities) | 5954597 |
| 70575 | Simon Property Group, Inc. (Retail REITs) | 11107093 |
| 40420 | SL Green Realty Corp. (Office REITs) | 2126496 |
| 44908 | Smartstop Self Storage REIT, Inc. (Specialized REITs) | 1578067 |
| 60699 | STAG Industrial, Inc. (Industrial REITs) | 2004888 |
| 114761 | Sunstone Hotel Investors, Inc. (Hotel & Resort REITs) | 957107 |
| 41495 | Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 7091496 |
| 31615 | TXNM Energy, Inc. (Electric Utilities) | 1681918 |
| 26847 | UDR, Inc. (Residential REITs) | 1124352 |
| 73078 | Urban Edge Properties (Retail REITs) | 1320519 |
| 142229 | Ventas, Inc. (Health Care REITs) | 9967408 |
| 163890 | Venture Global, Inc. Class A (Oil, Gas & Consumable Fuels) | 1375037 |
| 223909 | Veris Residential, Inc. (Residential REITs) | 3475068 |
| 277162 | VICI Properties, Inc. (Specialized REITs) | 8874727 |
| 47332 | Vornado Realty Trust (Office REITs) | 1669873 |
| 6805 | Waste Connections, Inc. (Commercial Services & Supplies) | 1343970 |
| 14719 | WEC Energy Group, Inc. (Multi-Utilities) | 1612025 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks (continued) | Common Stocks (continued) | Common Stocks (continued) |
| United States (continued) | United States (continued) | United States (continued) |
| 185734 | Welltower, Inc. (Health Care REITs) | $28341151 |
| 378832 | Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 22188190 |
|  |  | 454209218 |
|  **TOTAL COMMON STOCKS**<br> **(Cost $648,906,522)** | **TOTAL COMMON STOCKS**<br> **(Cost $648,906,522)** | $791543509 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company<sup>(b)</sup> – 2.2% | Investment Company<sup>(b)</sup> – 2.2% |  |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| 18236035 | 4.248% | $18236035 |
| (Cost $18,236,035) | (Cost $18,236,035) |  |
| TOTAL INVESTMENTS – 99.0% | TOTAL INVESTMENTS – 99.0% |  |
| (Cost $667,142,557) | (Cost $667,142,557) | $809779544 |
| **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.0%** | **OTHER ASSETS IN EXCESS OF**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIABILITIES – 1.0%** | 7811400 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $817590944 |

---

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) Exempt from registration under Rule 144A of the Securities Act of 1933.

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

---

| | |
|:---|:---|
| SECTOR ALLOCATION AS OF APRIL 30, 2025 | SECTOR ALLOCATION AS OF APRIL 30, 2025 |
| **Sector** | **% of Total** <br> **Market Value** |
|  Real Estate | 57.5% |
|  Utilities | 17.8 |
|  Energy | 13.3 |
|  Industrials | 6.3 |
|  Investment Company | 2.3 |
|  Communication Services | 2.0 |
|  Information Technology | 0.5 |
|  Health Care | 0.3 |
|  | 100.0% |

---

&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) *April 30, 2025 (Unaudited)*

&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 April 30, 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 | USD | 961316 | EUR | 847257 | 05/05/25 | $1210 |
|  | USD | 304267 | JPY | 43459386 | 05/01/25 | 279 |
| TOTAL |  |  |  |  |  | $1489 |

---

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 | USD | 142837 | HKD | 1107944 | 05/06/25 | $(28) |
|  | USD | 37452 | JPY | 5367995 | 05/01/25 | (96) |
|  | USD | 133829 | SEK | 1294786 | 05/05/25 | (171) |
|  | USD | 148765 | SGD | 194258 | 05/05/25 | (13) |
| TOTAL |  |  |  |  |  | $(308) |

---

FUTURES CONTRACTS — At April 30, 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 | 439 | 06/20/25 | $15764490 | $(194016) |

---

---

| | |
|:---|:---|
| Currency Abbreviations: | Currency Abbreviations: |
| EUR | —Euro |
| HKD | —Hong Kong Dollar |
| JPY | —Japanese Yen |
| SEK | —Swedish Krona |
| SGD | —Singapore Dollar |
| 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;

---

| | |
|:---|:---|
| **56** | **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;

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

Statements of Assets and Liabilities *April 30, 2025 (Unaudited)*

&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 $1,188,278,848, $1,397,961,320 and $648,906,522, respectively) | $1377330942 | $1394243425 | $791543509 |
|  Investments in affiliated issuers, at value (cost $104,387,560, $78,898,558 and $18,236,035, respectively) | 104387560 | 78898558 | 18236035 |
|  Cash | 1638791 | 65819 | 481876 |
|  Foreign currencies, at value (cost $347,012, $7,254,969 and $864,652, respectively) | 405456 | 7318954 | 864335 |
|  Unrealized gain on swap contracts |  | 1051183 |  |
|  Unrealized gain on forward foreign currency exchange contracts | 419094 | 7390442 | 1489 |
|  Variation margin on futures contracts | 617634 |  | 75136 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts<sup>(a)</sup>  | 20793406 | 4807070 | 1234918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 14130226 | 62729043 | 21678803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 2450000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends | 2373464 | 20587118 | 1449344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis | 1194736 | 7302210 | 3271060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 745476 | 261125 | 129420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 26461 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker - upfront payment |  | 24626 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront payments made on swap contracts |  | 151798 |  |
|  Other assets | 9762 | 17805 | 8701 |
|  **Total assets** | 1526523008 | 1584849176 | 838974626 |
| Liabilities: |  |  |  |
|  Unrealized loss on forward foreign currency exchange contracts | 7382728 | 5635184 | 308 |
|  Unrealized loss on swap contracts |  | 416606 |  |
|  Variation margin on swaps contracts |  | 71241 |  |
|  Unrealized loss on unfunded loan commitment |  | 6378 |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 7386155 | 43867468 | 573145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 2650000 | 36674000 | 18969000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 2178158 | 3844690 | 1321972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains taxes | 389343 | 240274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 201324 | 244613 | 187758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agency fees | 11980 | 12702 | 7034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income distributions |  | 45819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Upfront payments received on swap contracts |  | 35335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 2720013 |  |
|  Accrued expenses | 750389 | 786201 | 324465 |
|  **Total liabilities** | 20950077 | 94600524 | 21383682 |
| Net Assets: |  |  |  |
|  Paid-in capital | 1324417074 | 1700583456 | 695190674 |
|  Total distributable earnings (loss) | 181155857 | (210334804) | 122400270 |
|  **NET ASSETS** | $1505572931 | $1490248652 | $817590944 |
|  Shares Outstanding $0.001 par value (unlimited number of shares authorized): | 132152903 | 197902000 | 80109168 |
|  Net asset value, offering and redemption price per share: | $11.39 | $7.53 | $10.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Segregated for initial margin and/or collateral as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Futures** | **Swaps** | **Forwards** | **TBA** |
|  Multi-Manager Global Equity Fund | $9623406 | $11170000 | $— | $— |
|  Multi-Manager Non-Core Fixed Income Fund |  | 4657070 | 130000 | 20000 |
|  Multi-Manager Real Assets Strategy Fund | 1234918 |  |  |  |

---

&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 STRATEGIC MULTI-ASSET CLASS FUNDS

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

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

Statements of Operations *For the Six Months Ended April 30, 2025 (Unaudited)* 

&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 $655,954, $18,169 and $745,399, respectively) | $10790779 | $121 | $13253094 |
|  Dividends — affiliated issuers | 2391869 | 1844227 | 530451 |
|  Interest (net of foreign withholding taxes of $6, $580,289 and $0, respectively) | 62708 | 58619676 | 24083 |
|  **Total investment income** | 13245356 | 60464024 | 13807628 |
| Expenses: |  |  |  |
|  Management fees | 7193581 | 6554871 | 4200327 |
|  Custody, accounting and administrative services | 711091 | 704856 | 315658 |
|  Professional fees | 170960 | 134909 | 94861 |
|  Transfer Agency fees | 144036 | 154232 | 84007 |
|  Trustee fees | 14677 | 14987 | 14243 |
|  Registration fees | 13993 | 18738 | 13279 |
|  Printing and mailing costs | 13538 | 19962 | 12804 |
|  Prime broker fees | 5996 | 373 |  |
|  Other | 40154 | 33685 | 17951 |
|  **Total expenses** | 8308026 | 7636613 | 4753130 |
|  Less — expense reductions | (4967194) | (3544268) | (1970725) |
|  **Net expenses** | 3340832 | 4092345 | 2782405 |
|  **NET INVESTMENT INCOME** | 9904524 | 56371679 | 11025223 |
| Realized and unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including commission recapture of $24,645, $0 and $7,645, respectively) | 15700853 | (18447957) | 9415026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | (285267) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1439925) |  | (1661490) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | (250656) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 6465822 | (668678) | 5289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (217865) | (859108) | (63014) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of foreign capital gains tax of $411,222, $(115501) and $0, respectively) | (31536210) | 3055659 | 12673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded loan commitment |  | (6601) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased options |  | 185895 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2142698) |  | 685614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap contracts |  | 499843 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (11969523) | 2712191 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 250510 | 523684 | 61547 |
|  **Net realized and unrealized gain (loss)** | (24889036) | (13540995) | 8457133 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(14984512) | $42830684 | $19482356 |

---

&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;

&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<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** | **For the<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $9904524 | $13909201 | $56371679 | $109010199 |
|  Net realized gain (loss) | 20508885 | 24784553 | (20511666) | (15450069) |
|  Net change in unrealized gain (loss) | (45397921) | 201082395 | 6970671 | 68828630 |
| **Net increase (decrease) in net assets resulting from operations** | (14984512) | 239776149 | 42830684 | 162388760 |
| Distributions to shareholders: |  |  |  |  |
|  From distributable earnings | (45411573) | (10768945) | (56739390) | (111334449) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 322445000 | 603550395 | 50067000 | 809497000 |
|  Reinvestment of distributions | 45411573 | 10768945 | 56732571 | 111049666 |
|  Cost of shares redeemed | (116486106) | (290198440) | (227895948) | (417022512) |
|  **Net increase (decrease) in net assets resulting from share transactions** | 251370467 | 324120900 | (121096377) | 503524154 |
|  **TOTAL INCREASE (DECREASE)** | 190974382 | 553128104 | (135005083) | 554578465 |
| Net assets: |  |  |  |  |
|  Beginning of period | 1314598549 | 761470445 | 1625253735 | 1070675270 |
|  End of period | $1505572931 | $1314598549 | $1490248652 | $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.** | **59** |

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

&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<br>Six Months Ended<br>April 30, 2025<br>(Unaudited)** | **For the Fiscal<br>Year Ended<br>October 31, 2024** |
| From operations: |  |  |
|  Net investment income | $11025223 | $22715122 |
|  Net realized gain | 7695811 | 7097423 |
|  Net change in unrealized gain | 761322 | 167200284 |
| **Net increase in net assets resulting from operations** | 19482356 | 197012829 |
| Distributions to shareholders: |  |  |
|  From distributable earnings | (27001459) | (15471294) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 71567000 | 357847599 |
|  Reinvestment of distributions | 27001459 | 15471294 |
|  Cost of shares redeemed | (187954787) | (212893728) |
| **Net increase (decrease) in net assets resulting from share transactions** | (89386328) | 160425165 |
|  **TOTAL INCREASE (DECREASE)** | (96905431) | 341966700 |
| Net assets: |  |  |
|  Beginning of period | 914496375 | 572529675 |
|  End of period | $817590944 | $914496375 |

---

&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 MULTI-MANAGER GLOBAL 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 Period*

&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** | **Multi-Manager Global Equity Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | <br> **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.80 | $9.22 | $9.09 | $14.91 | $10.64 | $10.97 |
|  Net investment income<sup>(a)</sup>  | 0.08 | 0.14 | 0.14 | 0.13 | 0.14 | 0.14 |
|  Net realized and unrealized gain (loss) | (0.11) | 2.57 | 0.74 | (2.39) | 4.37 | 0.15 |
|  Total from investment operations | (0.03) | 2.71 | 0.88 | (2.26) | 4.51 | 0.29 |
|  Distributions to shareholders from net investment income | (0.13) | (0.13) | (0.31) | (0.18) | (0.09) | (0.33) |
|  Distributions to shareholders from net realized gains | (0.25) |  | (0.44) | (3.38) | (0.15) | (0.29) |
|  Total distributions | (0.38) | (0.13) | (0.75) | (3.56) | (0.24) | (0.62) |
|  Net asset value, end of period | $11.39 | $11.80 | $9.22 | $9.09 | $14.91 | $10.64 |
|  **Total return<sup>(b)</sup>**  | (0.40)% | 29.62% | 10.10% | (19.61)% | 42.93% | 2.60% |
|  Net assets, end of period (in 000s) | $1505573 | $1314599 | $761470 | $372330 | $526397 | $527449 |
|  Ratio of net expenses to average net assets | 0.46 %<sup>(c)</sup> | 0.50% | 0.53% | 0.52% | 0.51% | 0.46% |
|  Ratio of total expenses to average net assets | 1.15 %<sup>(c)</sup> | 1.25% | 1.40% | 1.48% | 1.31% | 1.53% |
|  Ratio of net investment income to average net assets | 1.38 %<sup>(c)</sup> | 1.30% | 1.43% | 1.19% | 1.07% | 1.34% |
|  Portfolio turnover rate<sup>(d)</sup>  | 37% | 66% | 60% | 90% | 83% | 79% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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.** | **61** |

---

------

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;

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

&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** | **Multi-Manager Non-Core Fixed Income Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | <br> **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $7.60 | $7.26 | $7.13 | $8.91 | $8.70 | $9.06 |
|  Net investment income<sup>(a)</sup>  | 0.27 | 0.56 | 0.56 | 0.43 | 0.43 | 0.45 |
|  Net realized and unrealized gain (loss) | (0.07) | 0.36 | 0.14 | (1.77) | 0.22 | (0.35) |
|  Total from investment operations | 0.20 | 0.92 | 0.70 | (1.34) | 0.65 | 0.10 |
|  Distributions to shareholders from net investment income | (0.27) | (0.58) | (0.55) | (0.24) | (0.41) | (0.40) |
|  Distributions to shareholders from return of capital |  |  | (0.02) | (0.20) | (0.03) | (0.06) |
|  Total distributions | (0.27) | (0.58) | (0.57) | (0.44) | (0.44) | (0.46) |
|  Net asset value, end of period | $7.53 | $7.60 | $7.26 | $7.13 | $8.91 | $8.70 |
|  **Total return<sup>(b)</sup>**  | 2.75% | 12.94% | 9.89% | (15.42)% | 7.47% | 1.21% |
|  Net assets, end of period (in 000s) | $1490249 | $1625254 | $1070675 | $985616 | $1425079 | $940024 |
|  Ratio of net expenses to average net assets | 0.53 %<sup>(c)</sup> | 0.53% | 0.57% | 0.56% | 0.55% | 0.60% |
|  Ratio of total expenses to average net assets | 0.99 %<sup>(c)</sup> | 1.00% | 1.02% | 1.02% | 0.98% | 1.04% |
|  Ratio of net investment income to average net assets | 7.31 %<sup>(c)</sup> | 7.42% | 7.47% | 5.32% | 4.69% | 5.20% |
|  Portfolio turnover rate<sup>(d)</sup>  | 52% | 123% | 101% | 78% | 96% | 102% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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;

---

| | |
|:---|:---|
| **62** | **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;

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

&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** | **Multi-Manager Real Assets Strategy Fund** |
|  | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** | **Class R6 Shares** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** | <br> **Year Ended October 31,** |
|  | **Six Months Ended**<br> **April 30, 2025**<br> (Unaudited) | <br> **2024** | **2023** | **2022** | **2021** | **2020** |
| Per Share Data |  |  |  |  |  |  |
|  Net asset value, beginning of period | $10.34 | $8.21 | $8.95 | $11.76 | $8.93 | $10.78 |
|  Net investment income<sup>(a)</sup>  | 0.13 | 0.27 | 0.23 | 0.20 | 0.22 | 0.19 |
|  Net realized and unrealized gain (loss) | 0.07 | 2.08 | (0.44) | (2.40) | 2.76 | (1.51) |
|  Total from investment operations | 0.20 | 2.35 | (0.21) | (2.20) | 2.98 | (1.32) |
|  Distributions to shareholders from net investment income | (0.33) | (0.22) | (0.11) | (0.35) | (0.15) | (0.35) |
|  Distributions to shareholders from net realized gains |  |  | (0.42) | (0.26) |  | (0.18) |
|  Total distributions | (0.33) | (0.22) | (0.53) | (0.61) | (0.15) | (0.53) |
|  Net asset value, end of period | $10.21 | $10.34 | $8.21 | $8.95 | $11.76 | $8.93 |
|  **Total return<sup>(b)</sup>**  | 2.26% | 28.99% | (2.88)% | (19.78)% | 33.70% | (12.86)% |
|  Net assets, end of period (in 000s) | $817591 | $914496 | $572530 | $415219 | $733307 | $459950 |
|  Ratio of net expenses to average net assets | 0.66 %<sup>(c)</sup> | 0.69% | 0.76% | 0.74% | 0.69% | 0.77% |
|  Ratio of total expenses to average net assets | 1.13 %<sup>(c)</sup> | 1.15% | 1.22% | 1.21% | 1.16% | 1.21% |
|  Ratio of net investment income to average net assets | 2.62 %<sup>(c)</sup> | 2.82% | 2.56% | 1.87% | 2.08% | 2.02% |
|  Portfolio turnover rate<sup>(d)</sup>  | 36% | 85% | 73% | 104% | 96% | 92% |

---

&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 period, reinvestment of all dividends and 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;(c) Annualized.

&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.** | **63** |

---

------

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 *April 30, 2025 (Unaudited)*

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

&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:

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|:---|:---|:---|
| **Fund** | **Share Classes Offered** | **Diversified/ 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 |

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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 April 30, 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

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**64**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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&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:

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|:---|:---|:---|
| **Fund** | **Income Distributions**<br> **Declared/Paid** | **Capital Gains Distributions**<br> **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 |

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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;&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

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**65**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

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

liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated 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

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

generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's shareholder report.

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.

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.

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

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&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, a 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 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

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

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 April 30, 2025:

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| **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 | $1380465 | $2159053 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 29671557 | 192626398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 2727170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 29694770 | 227069989 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 735069321 | 10213754 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 12193892 |  |  |
|  Preferred Stocks |  | 974853 |  |
|  Exchange Traded Funds | 133549720 |  |  |
|  Investment Companies | 104387560 |  |  |
|  **Total** | $1045947285 | $435771217 | $— |
|  **Derivative Type** |  |  |  |
|  **Assets<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $419094 | $— |
|  Futures Contracts | 555886 |  |  |
|  **Total** | $555886 | $419094 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

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

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| **MULTI-MANAGER GLOBAL EQUITY FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(7382728) | $— |
|  Futures Contracts | (1481827) |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1481827) | $(7382728) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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&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 period end.

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| **MULTI-MANAGER NON-CORE FIXED INCOME FUND** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $564566181 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 436802683 | 4964589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 362489517 | 9399182 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 9609913 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 749215 |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 28583 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 176460 | 1782968 | 3484835 |
|  Warrants |  | 72931 | 106872 |
|  Preferred Stocks |  |  | 9496 |
|  Investment Company | 78898558 |  |  |
|  **Total** | $88713514 | $1366463495 | $17964974 |
|  **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments<sup>(b)</sup>  | $— | $(6972) | $594 |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $7390442 | $— |
|  Interest Rate Swap Contracts |  | 1029746 |  |
|  Credit Default Swap Contracts |  | 113366 |  |
|  **Total** | $— | $8533554 | $— |

---

&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)

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER NON-CORE FIXED INCOME FUND (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;(5635184) | $— |
|  Interest Rate Swap Contracts |  | (416606) |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(6051790) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bank Loans** | **Common Stock** | **Warrants** | **Preferred Stock** | **Corporate Obligations** |
|  Beginning Balance as of November 1, 2024 | $4884546 | $3430912 | $137235 | $9743 | $5077505 |
|  Realized gain (loss) | (29771) | (1449744) |  |  | 28299 |
|  Net change in unrealized gain (loss) | (183681) | 1808385 | (30667) | (247) | (147307) |
|  Purchases | 5072142 | 487802 |  |  | 64298 |
|  Sales | (564639) | (792520) |  |  | (52990) |
|  Accretion | 8943 |  |  |  | (5216) |
|  Transfers into Level 3 | 2311956 |  | 304 |  |  |
|  Transfers out of Level 3 | (2100314) |  |  |  |  |
|  **Ending Balance as of April 30, 2025** | $9399182 | $3484835 | $106872 | $9496 | $4964589 |

---

Transfers of the above instruments into or out of Level 3 can be attributable to changes in the availability of valid pricing sources or in the observability of significant inputs used to measure the fair value of those instruments.

---

| | | | |
|:---|:---|:---|:---|
| **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 | $— | $78602248 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 1606875 | 35278589 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2411067 | 141168558 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 527271411 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 5204761 |  |  |
|  Investment Company | 18236035 |  |  |
|  **Total** | $554730149 | $255049395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $1489 | $— |

---

&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) *April 30, 2025 (Unaudited)*

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

&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 (continued)** |  |  |  |
| Derivative Type | **Level 1** | **Level 2** | **Level 3** |
|  **Liabilities<sup>(b)</sup>**  |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(308) | $— |
|  Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194016) |  |  |
|  **Total** | $(194016) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) | $&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 period 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 April 30, 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** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $419094 | Payable for unrealized loss on forward foreign currency exchange contracts | $(7382728) |
| Equity | Variation margin on futures contracts | 555886 <sup>(a)</sup> | Variation margin on futures contracts | (1481827)<sup>(a)</sup> |
|  **Total** |  | $974980 |  | $(8864555) |
| **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Credit | Receivable for unrealized gain on swap contracts; Variation margin on Swap contracts | $113366 |  | $— |
| Currency | Receivable for unrealized gain on forward foreign currency contracts | 7390442 | Payable for unrealized loss on forward foreign currency contracts | (5635184) |
| Interest rate | Receivable for unrealized gain on swap contracts | 1029746 | Payable for unrealized loss on swap contracts | (416606) |
|  **Total** |  | $8533554 |  | $(6051790) |

---

&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;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Multi-Manager Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** |  |  |  |
| **Risk** | **Statements of Assets and Liabilities** | **Assets** | **Statements of Assets and Liabilities** | **Liabilities** |
| Currency | Receivable for unrealized gain on forward foreign currency exchange contracts | $1489 | Payable for unrealized loss on forward foreign currency exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308) |
| Equity |  |  | Variation margin on futures contracts | (194016)<sup>(a)</sup> |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194324) |

---

&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 six months ended April 30, 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** |  |  |
| **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 unrealized gain(loss) on forward foreign currency exchange contracts | $6465822 | $(11969523) |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (1439925) | (2142698) |
|  **Total** |  | $5025897 | $(14112221) |
| **Multi-Manager Non-Core Fixed Income Fund** | **Multi-Manager Non-Core Fixed Income Fund** |  |  |
| **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 | $444298 | $(137886) |
| 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 | (953945) | 2898086 |
| Interest rate | Net realized gain (loss) from swap contracts/ Net change in unrealized gain (loss) on swap contracts | (694954) | 637729 |
|  **Total** |  | $(1204601) | $3397929 |

---

&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) *April 30, 2025 (Unaudited)*

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

&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 Real Assets Strategy Fund** | **Multi-Manager Real Assets Strategy Fund** |  |  |
| **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 | $5289 | $1488 |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (1661490) | 685614 |
|  **Total** |  | $(1656201) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687102 |

---

For the six months ended April 30, 2025, the relevant values for each derivative type were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Average Number of Contracts<sup>(a)</sup>** | **Average Number of Contracts<sup>(a)</sup>** | **Average Number of Contracts<sup>(a)</sup>** | **Average Number of Contracts<sup>(a)</sup>** |
| **Fund** | **Futures<br>Contracts** | **Forward<br>Contracts** | **Swap<br>Agreements** | **Purchased<br>Options** |
|  Multi-Manager Global Equity Fund | 462 | $451646561 | $— |  |
|  Multi-Manager Non-Core Fixed Income Fund |  | 564908662 | 120891631 | 7746877 |
|  Multi-Manager Real Assets Strategy Fund | 446 | 790786 |  |  |

---

&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, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six month period ended April 30, 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 six months ended April 30, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **First**<br> **$1 billion**  | **Next**<br> **$1 billion**  | **Next**<br> **$3 billion**  | **Next**<br> **$3 billion**  | **Over**<br> **$8 billion**  | **Effective** <br> **Rate** | **Effective Net**<br> **Management**<br> **Rate<sup>^\*</sup>**  |
|  Multi-Manager Global Equity Fund | 1.03% | 0.93% | 0.89% | 0.87% | 0.84% | 1.00% | 0.34% |
|  Multi-Manager Non-Core Fixed Income Fund | 0.85 | 0.85 | 0.77 | 0.73 | 0.71 | 0.85 | 0.39 |
|  Multi-Manager Real Assets Strategy Fund | 1.00 | 0.90 | 0.86 | 0.84 | 0.82 | 1.00 | 0.53 |

---

\* 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.

&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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 six months ended April 30, 2025, GSAM waived $88,101, $69,073 and $19,477 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.

For the six months ended April 30, 2025, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management<br>Fee Waiver** | **Other**<br> **Expense<br>Reimbursements** | **Total<br>Expense<br>Reductions** |
|  Multi-Manager Global Equity Fund | $4722963 | $244231 | $4967194 |
|  Multi-Manager Non-Core Fixed Income Fund | 3544268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3544268 |
|  Multi-Manager Real Assets Strategy Fund | 1970725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1970725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;D. Line of Credit Facility — As of April 30, 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 six months ended April 30, 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 six months ended April 30, 2025, Goldman Sachs earned $735, $0, and $2,658 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.

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

**75**

------

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) *April 30, 2025 (Unaudited)*

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

&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 following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended April 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Underlying Fund** | **Market Value as of<br>October 31,**<br> **2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Market**<br> **Value as of**<br> **April 30,**<br> **2025** | **Shares as of**<br> **April 30,**<br> **2025** | **Dividend<br>Income** |
|  Multi-Manager Global<br>Equity Fund | Goldman Sachs Financial Square Government Fund — Class R6 | $50789613 | $83423731 | $(91391143) | $42822201 | 42822201 | $1086466 |
|  | Goldman Sachs Financial Square Government Fund — Institutional Shares | 64685562 | 330516215 | (333636418) | 61565359 | 61565359 | 1305403 |
|  Multi-Manager Non-Core Fixed Income Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 91077387 | 603211490 | (615390319) | 78898558 | 78898558 | 1844227 |
|  Multi-Manager Real Assets Strategy Fund | Goldman Sachs Financial Square Government Fund — Institutional Shares | 22153421 | 162400812 | (166318198) | 18236035 | 18236035 | 530451 |

---

&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 six months ended April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $— | $676534097 | $— | $487768850 |
|  Multi-Manager Non-Core Fixed Income Fund | 9094895 | 721796030 | 4096637 | 822893842 |
|  Multi-Manager Real Assets Strategy Fund |  | 296288515 |  | 402168677 |

---

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

As of the Funds' most recent fiscal year end, October 31, 2024, the Funds' capital loss carryforwards and timing differences were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Multi-Manager<br>Global Equity** | **Multi-Manager<br>Non-Core<br>Fixed Income** | **Multi-Manager<br>Real Assets<br>Strategy** |
|  Capital loss carryforwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $— | $(71643724) | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (101515213) | (3764291) |
|  Total capital loss carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (173158937) | (3764291) |
|  Timing differences (Dividends Payable/Defaulted Bonds/Straddles) | $(35012) | $(6367800) | $— |

---

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

**76**

------

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 April 30, 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 | $1320197085 | $1485348612 | $695188796 |
|  Gross unrealized gain | 237332923 | 41469810 | 154719813 |
|  Gross unrealized loss | (75811506) | (53676439) | (40129065) |
|  Net unrealized gain (loss) on securities | $161521417 | $(12206629) | $114590748 |

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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 regulated futures contracts, net mark to market gains (losses) on foreign currency contracts, partnership investments, and differences in the tax treatment of swap transactions, material modification of debt securities, market discount accretion and premium amortization 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 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;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

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**77**

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

Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

&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;8. OTHER RISKS (continued)

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.

Some floating or variable rate obligations or investments of a Fund may have previously referenced the London Interbank Offered Rate ("LIBOR"). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Public and private sector actors have worked to establish alternative reference rates, like SOFR or Term SOFR, to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity or return on certain of a Fund's floating and variable rate obligations and investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of a Fund's obligations or investments may have transitioned from LIBOR. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its obligations or investments. Any pricing adjustments to a Fund's obligations or investments resulting from use of an alternative reference rate may also adversely affect the Fund's performance and/or NAV. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its obligations and investments.

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.

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.

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

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.

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.

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.

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

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**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) *April 30, 2025 (Unaudited)*

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

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

&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)

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 or governments 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.

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.

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**80**

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

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

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. OTHER MATTERS

The Funds adopted 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 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;11. 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;12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** | **Multi-Manager Global Equity Fund** |
|  | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **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 | 26597971 | $322445000 | 53921020 | $603550395 |
|  Reinvestment of distributions | 3819433 | 45411573 | 1057853 | 10768945 |
|  Shares redeemed | (9670477) | (116486106) | (26192671) | (290198440) |
|  **NET INCREASE** | 20746927 | $251370467 | 28786202 | $324120900 |

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Notes to Financial Statements (continued) *April 30, 2025 (Unaudited)*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUMMARY OF SHARE TRANSACTIONS (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **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 | 6645834 | $50067000 | 106820086 | $809497000 |
|  Reinvestment of distributions | 7542963 | 56732571 | 14615540 | 111049666 |
|  Shares redeemed | (30233170) | (227895948) | (54874570) | (417022512) |
|  **NET INCREASE (DECREASE)** | (16044373) | $(121096377) | 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 Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **For the Six Months Ended<br>April 30, 2025**<br> (Unaudited) | **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 | 7300166 | $71567000 | 38407902 | $357847599 |
|  Reinvestment of distributions | 2875555 | 27001459 | 1692702 | 15471294 |
|  Shares redeemed | (18509335) | (187954787) | (21353668) | (212893728) |
|  **NET INCREASE (DECREASE)** | (8333614) | $(89386328) | 18746936 | $160425165 |

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<u>Statement Regarding Basis for Approval of Sub-Advisory Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Multi-Manager Real Assets Strategy 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. The 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 assets of the Fund among them, and overseeing their day-to-day management of Fund assets.

Upon the recommendation of the Investment Adviser, at a meeting held on April 15-16, 2025, the Trustees, including those Trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), unanimously approved a sub-advisory agreement (the "Sub-Advisory Agreement") between the Investment Adviser and CenterSquare Investment Management LLC (the "Sub-Adviser") on behalf of the Fund. In connection with their evaluation of the Sub-Advisory Agreement, the Trustees received written materials and oral presentations prepared by the Investment Adviser and the Sub-Adviser on the topics covered, and were advised by their independent legal counsel. In addition, the Trustees received information prepared by the Sub-Adviser in response to a request from the Investment Adviser.

#### Nature, Extent, and Quality of the Services to be Provided Under the Sub-Advisory Agreement
In evaluating the Sub-Advisory Agreement, the Trustees relied on the information provided by the Investment Adviser and the Sub-Adviser. In evaluating the nature, extent and quality of services to be provided by the Sub-Adviser, the Trustees considered information about the Sub-Adviser's (a) personnel and compensation structure; (b) track record in managing other funds and 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 considered assessments provided by the Investment Adviser of the Sub-Adviser, the Sub-Adviser's investment strategies and personnel, and the Sub-Adviser's compliance program. They noted that, because the Sub-Adviser had not previously provided services to the Fund, there was no performance information to evaluate with respect to the Fund.

#### Costs of Services to be Provided
The Trustees reviewed the terms of the Sub-Advisory Agreement and the proposed fee schedule. They noted that the compensation to be paid to the Sub-Adviser would be paid by the Investment Adviser, not by the Fund. They also noted that the terms of the Sub-Advisory Agreement were the result of arms' length negotiations between the Investment Adviser and the Sub-Adviser. The Trustees noted that they receive reports from the Investment Adviser reflecting the blended average of all sub-advisory fees to be paid by the Investment Adviser with respect to the Fund, including any impacts of the hiring of the Sub-Adviser. The Trustees considered the Investment Adviser's undertaking to waive the 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 Agreement, 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 to be paid by the Investment Adviser to the Sub-Adviser were reasonable in light of the factors considered, and that the Sub-Advisory Agreement, and the terms thereof, should be approved for a period of two years from its effective date.

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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 Fund's 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 Goldman Sachs Multi-Manager Real Assets Strategy Fund's statement regarding the basis for approval of its investment advisory contract with CenterSquare Investment Management LLC 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.

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

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| | |
|:---|:---|
| (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.](d92834dex99cert.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.](d92834dex99906cert.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: | July 2, 2025 |

---

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: | July 2, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs Trust II |
| Date: | July 2, 2025 |

---

## 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: July 2, 2025

---

| |
|:---|
|  /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: July 2, 2025

---

| |
|:---|
|  /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 April 30, 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: July 2, 2025 | Date: July 2, 2025 |

---

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.