# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001752724-23-068184
**Filing Date:** 2023-3
**Character Count:** 964540
**Document Hash:** 07bb454021e36010b00f4ed6911286f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-068184.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-068184

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22781
- **FILM NUMBER:** 23764766

**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-Manager Non-Core Fixed Income Fund (Series ID: S000048067)

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

## Nport-Ex

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 90.6%** | **Common Stocks – 90.6%** | **Common Stocks – 90.6%** |
| **Australia – 0.5%** | **Australia – 0.5%** | **Australia – 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111 | Allkem Ltd.\* (Metals & Mining) | $93870 |
| 6251 | Ampol Ltd. (Oil, Gas & Consumable Fuels) | 135558 |
| 15388 | Challenger Ltd. (Diversified Financial Services) | 78891 |
| 16465 | Charter Hall Group (Equity Real Estate Investment Trusts (REITs)) | 162124 |
| 4782 | CSL Ltd. (Biotechnology) | 1009721 |
| 67492 | De Grey Mining Ltd.\* (Metals & Mining) | 71521 |
| 25186 | Deterra Royalties Ltd. (Metals & Mining) | 87383 |
| 12955 | Eagers Automotive Ltd. (Specialty Retail) | 105367 |
| 19599 | GrainCorp Ltd. Class A (Food & Staples Retailing) | 105235 |
| 86164 | HomeCo Daily Needs REIT (Equity Real Estate Investment Trusts (REITs)) | 82706 |
| 5180 | IGO Ltd. (Metals & Mining) | 53847 |
| 25932 | Incitec Pivot Ltd. (Chemicals) | 63409 |
| 4114 | JB Hi-Fi Ltd. (Specialty Retail) | 141450 |
| 88462 | Nine Entertainment Co. Holdings Ltd. (Media) | 127989 |
| 57971 | Orora Ltd. (Containers & Packaging) | 122663 |
| 2789 | Pro Medicus Ltd. (Health Care Technology) | 133199 |
| 3298 | Sandfire Resources Ltd. (Metals & Mining) | 14698 |
| 7529 | Seven Group Holdings Ltd. (Trading Companies & Distributors) | 121177 |
| 20378 | Steadfast Group Ltd. (Insurance) | 75708 |
| 19176 | Super Retail Group Ltd. (Specialty Retail) | 173045 |
|  |  | 2959561 |
| **Austria – 0.1%** | **Austria – 0.1%** | **Austria – 0.1%** |
| 2197 | ANDRITZ AG (Machinery) | 131384 |
| 3383 | BAWAG Group AG\*<sup>(a)</sup> (Banks) | 209559 |
| 4482 | Wienerberger AG (Construction Materials) | 134778 |
|  |  | 475721 |
| **Belgium – 0.2%** | **Belgium – 0.2%** | **Belgium – 0.2%** |
| 1119 | Aedifica SA (Equity Real Estate Investment Trusts (REITs)) | 98195 |
| 9229 | Anheuser-Busch InBev SA (Beverages) | 557078 |
| 4849 | KBC Group NV (Banks) | 359152 |
| 3678 | Warehouses De Pauw CVA (Equity Real Estate Investment Trusts (REITs)) | 116636 |
|  |  | 1131061 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Bermuda – 0.1%** | **Bermuda – 0.1%** | **Bermuda – 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | Assured Guaranty Ltd. (Insurance) | $83571 |
| 3204 | Axis Capital Holdings Ltd. (Insurance) | 200474 |
| 366 | RenaissanceRe Holdings Ltd. (Insurance) | 71623 |
|  |  | 355668 |
| **Brazil – 0.6%** | **Brazil – 0.6%** | **Brazil – 0.6%** |
| 2415 | Afya Ltd. Class A\* (Diversified Consumer Services) | 36901 |
| 70542 | Banco Bradesco SA ADR (Banks) | 196812 |
| 18000 | Banco BTG Pactual SA (Capital Markets) | 76662 |
| 44050 | Banco do Brasil SA (Banks) | 353178 |
| 3050 | BB Seguridade Participacoes SA (Insurance) | 22699 |
| 23250 | Cielo SA (IT Services) | 22946 |
| 4200 | ERO Copper Corp.\* (Metals & Mining) | 68972 |
| 10800 | Gerdau SA (Metals & Mining) | 69655 |
| 44250 | Hypera SA (Pharmaceuticals) | 404468 |
| 31939 | JBS SA (Food Products) | 126339 |
| 13400 | Localiza Rent a Car SA (Road & Rail) | 156298 |
| 14285 | Pagseguro Digital Ltd. Class A\* (IT Services) | 144136 |
| 11400 | Petro Rio SA\* (Oil, Gas & Consumable Fuels) | 94545 |
| 18950 | Sendas Distribuidora SA (Food & Staples Retailing) | 73354 |
| 8759 | StoneCo Ltd. Class A\* (IT Services) | 97750 |
| 44400 | TOTVS SA (Software) | 263008 |
| 15400 | Vale SA (Metals & Mining) | 286716 |
| 62300 | WEG SA (Electrical Equipment) | 469309 |
| 6950 | XP, Inc. Class A\* (Capital Markets) | 123849 |
|  |  | 3087597 |
| **Canada – 2.7%** | **Canada – 2.7%** | **Canada – 2.7%** |
| 16100 | Alamos Gold, Inc. Class A (Metals & Mining) | 177632 |
| 11849 | Alimentation Couche-Tard, Inc. (Food & Staples Retailing) | 541088 |
| 7500 | ARC Resources Ltd. (Oil, Gas & Consumable Fuels) | 87144 |
| 3300 | ATS Corp.\* (Machinery) | 133632 |
| 11500 | Birchcliff Energy Ltd. (Oil, Gas & Consumable Fuels) | 73725 |
| 4100 | Boralex, Inc. Class A (Independent Power and Renewable Electricity Producers) | 114722 |
| 1490 | BRP, Inc. (Leisure Products) | 124336 |
| 13145 | Canadian National Railway Co. (Road & Rail) | 1565032 |
| 14645 | Canadian Pacific Railway Ltd. (Road & Rail) | 1155490 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4080 | Capital Power Corp. (Independent Power and Renewable Electricity Producers) | $137099 |
| 15900 | Capstone Mining Corp.\* (Metals & Mining) | 78033 |
| 15900 | Crescent Point Energy Corp. (Oil, Gas & Consumable Fuels) | 118782 |
| 3400 | Definity Financial Corp. (Insurance) | 91609 |
| 7000 | Element Fleet Management Corp. (Diversified Financial Services) | 98906 |
| 3850 | Empire Co. Ltd. Class A (Food & Staples Retailing) | 110794 |
| 8753 | Enerplus Corp. (Oil, Gas & Consumable Fuels) | 155366 |
| 3800 | Filo Mining Corp.\* (Metals & Mining) | 67943 |
| 8300 | First Capital Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs)) | 111972 |
| 2950 | Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods) | 92499 |
| 2000 | Granite Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs)) | 122401 |
| 2527 | Intact Financial Corp. (Insurance) | 366605 |
| 4988 | International Petroleum Corp.\* (Oil, Gas & Consumable Fuels) | 53669 |
| 4100 | Keyera Corp. (Oil, Gas & Consumable Fuels) | 93521 |
| 2517 | Lululemon Athletica, Inc.\* (Textiles, Apparel & Luxury Goods) | 772417 |
| 3790 | Northland Power, Inc. (Independent Power and Renewable Electricity Producers) | 101803 |
| 2460 | Stantec, Inc. (Construction & Engineering) | 128237 |
| 1900 | Stella-Jones, Inc. (Paper & Forest Products) | 69143 |
| 9791 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 339821 |
| 1130 | TFI International, Inc. (Road & Rail) | 125854 |
| 5599 | The Descartes Systems Group, Inc.\* (Software) | 408773 |
| 8522 | The Toronto-Dominion Bank (Banks) | 589632 |
| 4201 | Thomson Reuters Corp. (Professional Services) | 499744 |
| 1127 | Toromont Industries Ltd. (Trading Companies & Distributors) | 90030 |
| 128050 | Wheaton Precious Metals Corp. (Metals & Mining) | 5857007 |
| 16200 | Whitecap Resources, Inc. (Oil, Gas & Consumable Fuels) | 135025 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **Canada (continued)** | **Canada (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27100 | Yamana Gold, Inc. (Metals & Mining) | $163551 |
|  |  | 14953037 |
| **Chile – 0.1%** | **Chile – 0.1%** |  |
| 62278 | Cencosud SA (Food & Staples Retailing) | 111860 |
| 1967 | Sociedad Quimica y Minera de Chile SA ADR (Chemicals) | 191861 |
|  |  | 303721 |
| **China – 3.9%** | **China – 3.9%** |  |
| 3762 | 360DigiTech,Inc.(Consumer Finance) | 90777 |
| 92700 | 3SBio, Inc.<sup>(a)</sup> (Biotechnology) | 100971 |
| 288924 | Agricultural Bank of China Ltd. Class H (Banks) | 103993 |
| 5000 | Airtac International Group (Machinery) | 170996 |
| 154800 | Alibaba Group Holding Ltd.\* (Internet & Direct Marketing Retail) | 2128292 |
| 337 | Alibaba Group Holding Ltd. ADR\* (Internet & Direct Marketing Retail) | 37137 |
| 5170 | Autohome, Inc. ADR (Interactive Media & Services) | 180226 |
| 3069 | Baidu, Inc. ADR\* (Interactive Media & Services) | 413333 |
| 52650 | Baidu, Inc. Class A\* (Interactive Media & Services) | 885049 |
| 1041987 | Bank of China Ltd. Class H (Banks) | 396648 |
| 492363 | Bank of Communications Co. Ltd. Class H (Banks) | 304329 |
| 414000 | Beijing Capital International Airport Co. Ltd. Class H\* (Transportation Infrastructure) | 314870 |
| 19650 | BYD Co. Ltd. Class H (Automobiles) | 622267 |
| 36100 | BYD Electronic International Co. Ltd. (Communications Equipment) | 125128 |
| 37100 | Centre Testing International Group Co. Ltd. Class A (Professional Services) | 130691 |
| 111300 | China Aoyuan Group Ltd.\*<sup>(b)</sup> (Real Estate Management & Development) | 8375 |
| 522311 | China Cinda Asset Management Co. Ltd. Class H (Capital Markets) | 74157 |
| 208000 | China CITIC Bank Corp. Ltd. Class H (Banks) | 100350 |
| 64500 | China Coal Energy Co. Ltd. Class H (Oil, Gas & Consumable Fuels) | 51760 |
| 49100 | China Feihe Ltd.<sup>(a)</sup> (Food Products) | 47108 |
| 160862 | China Galaxy Securities Co. Ltd. Class H (Capital Markets) | 86713 |
| 120850 | China Hongqiao Group Ltd. (Metals & Mining) | 140564 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **China (continued)** | **China (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173000 | China Longyuan Power Group Corp. Ltd. Class H (Independent Power and Renewable Electricity Producers) | $238816 |
| 64532 | China Medical System Holdings Ltd. (Pharmaceuticals) | 111396 |
| 15500 | China Merchants Bank Co. Ltd. Class H (Banks) | 100535 |
| 15050 | China Resources Beer Holdings Co. Ltd. (Beverages) | 113301 |
| 193000 | China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> (Pharmaceuticals) | 145376 |
| 33650 | China Shenhua Energy Co. Ltd. Class H (Oil, Gas & Consumable Fuels) | 104740 |
| 42950 | China Taiping Insurance Holdings Co. Ltd. (Insurance) | 59487 |
| 1133700 | China Tower Corp. Ltd. Class H<sup>(a)</sup> (Diversified Telecommunication Services) | 128812 |
| 37300 | China Yangtze Power Co. Ltd. Class A (Independent Power and Renewable Electricity Producers) | 114916 |
| 74000 | China Yongda Automobiles Services Holdings Ltd. (Specialty Retail) | 63997 |
| 60500 | Chinasoft International Ltd.\* (IT Services) | 53190 |
| 23100 | Chongqing Brewery Co. Ltd. Class A (Beverages) | 412722 |
| 419300 | CIFI Holdings Group Co. Ltd. (Real Estate Management & Development) | 62218 |
| 1820 | Contemporary Amperex Technology Co. Ltd. Class A (Electrical Equipment) | 126281 |
| 26250 | Cosco Shipping Energy Transportation Co. Ltd. Class H\* (Oil, Gas & Consumable Fuels) | 24730 |
| 94750 | COSCO Shipping Holdings Co. Ltd. Class H (Marine) | 98282 |
| 73700 | Country Garden Holdings Co. Ltd. (Real Estate Management & Development) | 27655 |
| 79000 | Country Garden Services Holdings Co. Ltd. (Real Estate Management & Development) | 213573 |
| 214550 | CSPC Pharmaceutical Group Ltd. (Pharmaceuticals) | 244631 |
| 154700 | Dongfeng Motor Group Co. Ltd. Class H (Automobiles) | 92235 |
| 39100 | Fu Shou Yuan International Group Ltd. (Diversified Consumer Services) | 32991 |
| 14500 | Glodon Co. Ltd. Class A (Software) | 140696 |
| 81500 | Great Wall Motor Co. Ltd. Class H (Automobiles) | 115074 |
| 37000 | Haier Smart Home Co., Ltd. Class H (Household Durables) | 136460 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **China (continued)** | **China (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | Hansoh Pharmaceutical Group Co. Ltd.<sup>(a)</sup> (Pharmaceuticals) | $33361 |
| 7390 | Hello Group, Inc. ADR (Interactive Media & Services) | 75748 |
| 815600 | Industrial & Commercial Bank of China Ltd. Class H (Banks) | 436280 |
| 5891 | iQIYI, Inc. ADR\* (Entertainment) | 39470 |
| 12500 | JD Health International, Inc.\*<sup>(a)</sup> (Internet & Direct Marketing Retail) | 103804 |
| 28540 | JD.com, Inc. Class A (Internet & Direct Marketing Retail) | 847448 |
| 96000 | Jiumaojiu International Holdings, Ltd.<sup>(a)</sup> (Hotels, Restaurants & Leisure) | 245969 |
| 954 | JOYY, Inc. ADR (Interactive Media & Services) | 34039 |
| 12200 | Koolearn Technology Holding Ltd.\*<sup>(a)</sup> (Diversified Consumer Services) | 99092 |
| 228000 | Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 182872 |
| 71000 | Li Ning Co. Ltd. (Textiles, Apparel & Luxury Goods) | 701882 |
| 20600 | LONGi Green Energy Technology Co. Ltd. Class A\* (Semiconductors & Semiconductor Equipment) | 147711 |
| 7600 | Luzhou Laojiao Co. Ltd. Class A (Beverages) | 267936 |
| 6502 | Meituan Class B\*<sup>(a)</sup> (Internet & Direct Marketing Retail) | 145349 |
| 43500 | NetEase, Inc. (Entertainment) | 771782 |
| 9800 | New Oriental Education & Technology Group, Inc.\* (Diversified Consumer Services) | 41599 |
| 72850 | PICC Property & Casualty Co. Ltd. Class H (Insurance) | 68490 |
| 3122 | Pinduoduo, Inc. ADR\* (Internet & Direct Marketing Retail) | 305894 |
| 160000 | Ping An Insurance Group Co. of China Ltd. Class H (Insurance) | 1242832 |
| 14000 | Pony Testing International Group Co. Ltd. Class A (Professional Services) | 71017 |
| 32200 | Shenzhen Inovance Technology Co. Ltd. Class A (Machinery) | 340815 |
| 7200 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Supplies) | 356070 |
| 57000 | Sinopec Engineering Group Co. Ltd. Class H (Construction & Engineering) | 28732 |
| 87600 | Sunac China Holdings Ltd.\*<sup>(b)</sup> (Real Estate Management & Development) | 25584 |
| 4098 | TAL Education Group ADR\* (Diversified Consumer Services) | 29956 |
| 66866 | Tencent Holdings Ltd. (Interactive Media & Services) | 3258307 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;29200 | TravelSky Technology Ltd. Class H (IT Services) | $60694 |
| 9850 | Trip.com Group Ltd.\* (Hotels, Restaurants & Leisure) | 362336 |
| 17400 | Trip.com Group Ltd. ADR\* (Hotels, Restaurants & Leisure) | 639624 |
| 11550 | Tsingtao Brewery Co. Ltd. Class H (Beverages) | 111513 |
| 3363 | Vipshop Holdings Ltd. ADR\* (Internet & Direct Marketing Retail) | 52026 |
| 29300 | Yadea Group Holdings Ltd.<sup>(a)</sup> (Automobiles) | 66800 |
| 11053 | Yum China Holdings, Inc. (Hotels, Restaurants & Leisure) | 680975 |
| 8500 | Yunnan Botanee Bio-Technology Group Co. Ltd. Class A (Personal Products) | 176742 |
| 11200 | ZTE Corp. Class H (Communications Equipment) | 27048 |
|  |  | 21555645 |
| **Colombia – 0.0%** | **Colombia – 0.0%** | **Colombia – 0.0%** |
| 1582 | Bancolombia SA ADR (Banks) | 47855 |
| **Czech Republic – 0.0%** | **Czech Republic – 0.0%** | **Czech Republic – 0.0%** |
| 450 | Komercni Banka A/S (Banks) | 15188 |
| **Denmark – 0.6%** | **Denmark – 0.6%** | **Denmark – 0.6%** |
| 5983 | ALK-Abello A/S\* (Pharmaceuticals) | 89374 |
| 1499 | Bavarian Nordic A/S\* (Biotechnology) | 48003 |
| 3107 | Carlsberg AS Class B Class B (Beverages) | 441075 |
| 2051 | DSV A/S (Air Freight & Logistics) | 339297 |
| 973 | GN Store Nord A/S (Health Care Equipment & Supplies) | 23991 |
| 1307 | NKT A/S\* (Electrical Equipment) | 81559 |
| 16051 | Novo Nordisk A/S Class B (Pharmaceuticals) | 2221294 |
| 2171 | Royal Unibrew A/S (Beverages) | 152452 |
| 1471 | Sydbank A/S (Banks) | 67075 |
|  |  | 3464120 |
| **France – 4.0%** | **France – 4.0%** | **France – 4.0%** |
| 9023 | Air France-KLM\* (Airlines) | 15253 |
| 15096 | Air Liquide SA (Chemicals) | 2403678 |
| 39921 | Alstom SA (Machinery) | 1187058 |
| 836 | Alten SA (IT Services) | 128456 |
| 834 | Arkema SA (Chemicals) | 84391 |
| 33065 | AXA SA (Insurance) | 1031596 |
| 4693 | BNP Paribas SA (Banks) | 322324 |
| 5824 | Capgemini SE (IT Services) | 1105311 |
| 26872 | Carrefour SA (Food & Staples Retailing) | 511131 |
| 3450 | Cellectis SA ADR\* (Biotechnology) | 10523 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9538 | Cie de Saint-Gobain (Building Products) | $547779 |
| 11552 | Cie Generale des Etablissements Michelin SCA (Auto Components) | 365272 |
| 5378 | Constellium SE\* (Metals & Mining) | 78142 |
| 23378 | Danone SA (Food Products) | 1282032 |
| 7201 | Dassault Systemes SE (Software) | 267812 |
| 45515 | Engie SA (Multi-Utilities) | 646307 |
| 4503 | EssilorLuxottica SA (Health Care Equipment & Supplies) | 826207 |
| 4517 | Euroapi SA\* (Pharmaceuticals) | 72506 |
| 5431 | Faurecia SE\* (Auto Components) | 107933 |
| 714 | Gaztransport Et Technigaz SA (Oil, Gas & Consumable Fuels) | 78937 |
| 141 | Kering SA (Textiles, Apparel & Luxury Goods) | 87978 |
| 4134 | Klepierre SA (Equity Real Estate Investment Trusts (REITs)) | 104922 |
| 5101 | Legrand SA (Electrical Equipment) | 454826 |
| 1016 | L'Oreal SA (Personal Products) | 419518 |
| 2484 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 2168471 |
| 975 | Nexans SA (Electrical Equipment) | 103393 |
| 9672 | Pernod Ricard SA (Beverages) | 2002394 |
| 6726 | Rexel SA\* (Trading Companies & Distributors) | 148795 |
| 10236 | Sanofi (Pharmaceuticals) | 1002354 |
| 14388 | Schneider Electric SE (Electrical Equipment) | 2333957 |
| 839 | SOITEC\* (Semiconductors & Semiconductor Equipment) | 127248 |
| 759 | Sopra Steria Group SACA (IT Services) | 126239 |
| 4996 | SPIE SA (Commerical Services & Supplies) | 136392 |
| 4453 | Technip Energies NV (Energy Equipment & Services) | 86332 |
| 6666 | TotalEnergies SE (Oil, Gas & Consumable Fuels) | 412097 |
| 10078 | Valeo (Auto Components) | 220252 |
| 9573 | Vallourec SA\* (Energy Equipment & Services) | 139737 |
| 1793 | Verallia SA<sup>(a)</sup> (Containers & Packaging) | 66201 |
| 6074 | Vinci SA (Construction & Engineering) | 686299 |
|  |  | 21900053 |
| **Germany – 2.1%** | **Germany – 2.1%** | **Germany – 2.1%** |
| 25414 | Bayer AG (Pharmaceuticals) | 1581893 |
| 7590 | Beiersdorf AG (Personal Products) | 922774 |
| 113074 | BNP Paribas SA\* (Banks) | 1637341 |
| 1794 | CompuGroup Medical SE & Co KgaA (Health Care Technology) | 84080 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536 | CTS Eventim AG & Co. KGaA\* (Entertainment) | $178019 |
| 5503 | Deutsche Boerse AG (Capital Markets) | 984719 |
| 46064 | Deutsche Telekom AG\* (Diversified Telecommunication Services) | 1026251 |
| 4222 | Encavis AG (Independent Power and Renewable Electricity Producers) | 81803 |
| 581 | KION Group AG (Machinery) | 23395 |
| 4910 | Merck KGaA (Pharmaceuticals) | 1024856 |
| 1411 | MTU Aero Engines AG (Aerospace & Defense) | 352627 |
| 371 | Rheinmetall AG (Aerospace & Defense) | 86687 |
| 17147 | RWE AG (Independent Power and Renewable Electricity Producers) | 763365 |
| 21348 | SAP SE (Software) | 2530591 |
| 1491 | Scout24 SE<sup>(a)</sup> (Interactive Media & Services) | 86803 |
| 838 | Sixt SE (Road & Rail) | 104189 |
| 1235 | Stroeer SE & Co. KGaA (Media) | 67716 |
| 3501 | thyssenkrupp AG\* (Metals & Mining) | 27503 |
|  |  | 11564612 |
| **Greece – 0.0%** | **Greece – 0.0%** | **Greece – 0.0%** |
| 21150 | Eurobank Ergasias Services and Holdings SA Class A\* (Banks) | 28698 |
| 4600 | Hellenic Telecommunications Organization SA (Diversified Telecommunication Services) | 72515 |
| 13900 | National Bank of Greece SA\* (Banks) | 66090 |
|  |  | 167303 |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |
| 210925 | AIA Group Ltd. (Insurance) | 2385065 |
| 12200 | BOE Varitronix Ltd. (Electronic Equipment, Instruments & Components) | 29059 |
| 134929 | China Jinmao Holdings Group Ltd. (Real Estate Management & Development) | 30993 |
| 112150 | China Traditional Chinese Medicine Holdings Co. Ltd. (Pharmaceuticals) | 53732 |
| 127250 | GCL Technology Holdings, Ltd.\* (Semiconductors & Semiconductor Equipment) | 35239 |
| 84750 | Geely Automobile Holdings Ltd. (Automobiles) | 137490 |
| 51291 | Hopson Development Holdings Ltd. (Real Estate Management & Development) | 60793 |
| 21000 | Hysan Development Co. Ltd. (Real Estate Management & Development) | 70654 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | Kingboard Holdings Ltd. (Electronic Equipment, Instruments & Components) | $93951 |
| 133350 | Kunlun Energy Co. Ltd. (Gas Utilities) | 105167 |
| 43200 | Man Wah Holdings Ltd. (Household Durables) | 49945 |
| 1638 | Melco Resorts & Entertainment Ltd. ADR\* (Hotels, Restaurants & Leisure) | 22375 |
| 5050 | Orient Overseas International Ltd. (Marine) | 83945 |
| 192400 | Shimao Group Holdings Ltd.\*<sup>(b)</sup> (Real Estate Management & Development) | 54227 |
| 65800 | Sino Biopharmaceutical Ltd. (Pharmaceuticals) | 38288 |
| 24000 | Sino Land Co. Ltd. (Real Estate Management & Development) | 31188 |
| 180100 | Truly International Holdings Ltd. (Electronic Equipment, Instruments & Components) | 31375 |
| 36500 | Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods) | 59877 |
| 95550 | Yuexiu Property Co. Ltd. (Real Estate Management & Development) | 138997 |
|  |  | 3512360 |
| **India – 1.6%** | **India – 1.6%** | **India – 1.6%** |
| 2350 | Adani Enterprises Ltd. (Trading Companies & Distributors) | 85704 |
| 16250 | Adani Power Ltd.\* (Independent Power and Renewable Electricity Producers) | 44618 |
| 3363 | Adani Total Gas Ltd. (Gas Utilities) | 86880 |
| 2420 | Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services) | 126287 |
| 10000 | Aurobindo Pharma Ltd. (Pharmaceuticals) | 49998 |
| 51641 | Axis Bank Ltd. (Banks) | 551925 |
| 4501 | Bajaj Finance Ltd. (Consumer Finance) | 325370 |
| 500 | Bajaj Holdings & Investment Ltd. (Diversified Financial Services) | 36018 |
| 223482 | Bharat Electronics Ltd. (Aerospace & Defense) | 260030 |
| 19034 | Bharti Airtel Ltd. (Wireless Telecommunication Services) | 179352 |
| 58850 | Coal India Ltd. (Oil, Gas & Consumable Fuels) | 162446 |
| 2900 | Cummins India Ltd. (Machinery) | 51046 |
| 900 | Eicher Motors Ltd. (Automobiles) | 35979 |
| 5300 | HCL Technologies Ltd. (IT Services) | 73085 |
| 46894 | HDFC Bank Ltd. (Banks) | 922810 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **India (continued)** | **India (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | Hindustan Aeronautics Ltd. (Aerospace & Defense) | $59461 |
| 12019 | Housing Development Finance Corp. Ltd. (Diversified Financial Services) | 386921 |
| 17921 | ICICI Bank Ltd. (Banks) | 183353 |
| 39132 | ICICI Bank Ltd. ADR (Banks) | 815120 |
| 84300 | IDFC First Bank Ltd.\* (Banks) | 60275 |
| 11600 | Indus Towers Ltd. (Diversified Telecommunication Services) | 21775 |
| 4150 | IndusInd Bank Ltd. (Banks) | 55158 |
| 24918 | Infosys Ltd. (IT Services) | 469338 |
| 112150 | ITC Ltd. (Tobacco) | 483997 |
| 5700 | Jindal Steel & Power Ltd. (Metals & Mining) | 40887 |
| 3550 | KPIT Technologies Ltd. (Software) | 33306 |
| 10950 | Mahindra & Mahindra Ltd. (Automobiles) | 185094 |
| 21550 | National Aluminium Co. Ltd. (Metals & Mining) | 22115 |
| 46000 | Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels) | 81965 |
| 28035 | Power Finance Corp. Ltd. (Diversified Financial Services) | 48592 |
| 13250 | Power Grid Corp. of India Ltd. (Electric Utilities) | 35162 |
| 80354 | REC Ltd. (Diversified Financial Services) | 119906 |
| 16403 | Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 473184 |
| 136767 | Samvardhana Motherson International Ltd. (Auto Components) | 126704 |
| 2650 | Shriram Transport Finance Co. Ltd. (Consumer Finance) | 41806 |
| 6800 | State Bank of India (Banks) | 46179 |
| 27400 | Steel Authority of India Ltd. (Metals & Mining) | 30499 |
| 16017 | Sun Pharmaceutical Industries Ltd. (Pharmaceuticals) | 202798 |
| 11619 | Tata Consultancy Services Ltd. (IT Services) | 479559 |
| 223040 | Tata Steel Ltd. (Metals & Mining) | 328480 |
| 2674 | Titan Co. Ltd. (Textiles, Apparel & Luxury Goods) | 77992 |
| 1100 | Tube Investments of India Ltd. (Auto Components) | 35226 |
| 8906 | TVS Motor Co. Ltd. (Automobiles) | 113226 |
| 16698 | Varun Beverages Ltd. (Beverages) | 234513 |
| 35800 | Vedanta Ltd. (Metals & Mining) | 146277 |
| 54300 | Wipro Ltd. (IT Services) | 265892 |
| 1443 | WNS Holdings Ltd. ADR\* (IT Services) | 122265 |
|  |  | 8818573 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Indonesia – 0.2%** | **Indonesia – 0.2%** | **Indonesia – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152050 | Adaro Energy Indonesia Tbk PT (Oil, Gas & Consumable Fuels) | $30128 |
| 267800 | Adaro Minerals Indonesia Tbk PT\* (Metals & Mining) | 29382 |
| 777000 | Bank Central Asia Tbk PT (Banks) | 440954 |
| 575850 | Bank Mandiri Persero Tbk PT (Banks) | 383710 |
| 89950 | Bank Negara Indonesia Persero Tbk PT (Banks) | 55138 |
| 927900 | Bank Rakyat Indonesia Persero Tbk PT (Banks) | 284557 |
| 451850 | Sumber Alfaria Trijaya Tbk PT (Food & Staples Retailing) | 85414 |
| 13400 | United Tractors Tbk PT (Oil, Gas & Consumable Fuels) | 22000 |
|  |  | 1331283 |
| **Ireland – 1.3%** | **Ireland – 1.3%** | **Ireland – 1.3%** |
| 4415 | Accenture PLC Class A Class A (IT Services) | 1232006 |
| 14531 | Bank of Ireland Group PLC (Banks) | 155247 |
| 44071 | Experian PLC (Professional Services) | 1611653 |
| 4 | Flutter Entertainment PLC\* (Hotels, Restaurants & Leisure) | 622 |
| 3258 | ICON PLC\* (Life Sciences Tools & Services) | 751653 |
| 4343 | Keywords Studios PLC (IT Services) | 152541 |
| 16713 | Medtronic PLC (Health Care Equipment & Supplies) | 1398711 |
| 17027 | Ryanair Holdings PLC ADR\* (Airlines) | 1541454 |
|  |  | 6843887 |
| **Israel – 0.2%** | **Israel – 0.2%** | **Israel – 0.2%** |
| 67759 | Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services) | 112291 |
| 5116 | Check Point Software Technologies Ltd.\* (Software) | 650755 |
| 685 | CyberArk Software Ltd.\* (Software) | 96503 |
| 1517 | Nova Ltd.\* (Semiconductors & Semiconductor Equipment) | 137592 |
|  |  | 997141 |
| **Italy – 1.1%** | **Italy – 1.1%** | **Italy – 1.1%** |
| 16661 | Banca Mediolanum SpA (Diversified Financial Services) | 159403 |
| 7914 | BFF Bank SpA<sup>(a)</sup> (Diversified Financial Services) | 73190 |
| 252881 | Enel SpA (Electric Utilities) | 1488994 |
| 39125 | Eni SpA (Oil, Gas & Consumable Fuels) | 602064 |
| 3647 | Ferrari NV (Automobiles) | 911327 |
| 208166 | Intesa Sanpaolo SpA (Banks) | 547325 |
| 2720 | Prysmian SpA (Electrical Equipment) | 111078 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108304 | UniCredit SpA (Banks) | $2115300 |
|  |  | 6008681 |
| **Japan – 3.5%** | **Japan – 3.5%** | **Japan – 3.5%** |
| 2200 | ABC-Mart, Inc. (Specialty Retail) | 118567 |
| 5100 | ADEKA Corp. (Chemicals) | 86298 |
| 3364 | Allegro MicroSystems, Inc.\* (Semiconductors & Semiconductor Equipment) | 128404 |
| 19600 | Amada Co. Ltd. (Machinery) | 176062 |
| 4100 | Amano Corp. (Electronic Equipment, Instruments & Components) | 75014 |
| 3700 | BayCurrent Consulting, Inc. (Professional Services) | 157285 |
| 5100 | BIPROGY, Inc. (IT Services) | 133246 |
| 5700 | Canon Marketing Japan, Inc. (Electronic Equipment, Instruments & Components) | 135292 |
| 6600 | CKD Corp. (Machinery) | 102215 |
| 20600 | Concordia Financial Group Ltd. (Banks) | 90524 |
| 5500 | Credit Saison Co. Ltd. (Consumer Finance) | 72058 |
| 4600 | Daikin Industries Ltd. (Building Products) | 798995 |
| 700 | Daito Trust Construction Co. Ltd. (Real Estate Management & Development) | 69173 |
| 9800 | Denso Corp. (Auto Components) | 529256 |
| 9200 | FANUC Corp. (Machinery) | 1625544 |
| 5400 | Fukuoka Financial Group, Inc. (Banks) | 124587 |
| 13100 | H2O Retailing Corp. (Multiline Retail) | 127845 |
| 3200 | Hanwa Co. Ltd. (Trading Companies & Distributors) | 101892 |
| 20000 | Hitachi Ltd. (Industrial Conglomerates) | 1048849 |
| 17800 | Hitachi Zosen Corp. (Machinery) | 117867 |
| 4300 | Hoya Corp. (Health Care Equipment & Supplies) | 472879 |
| 4600 | IHI Corp. (Machinery) | 139770 |
| 12600 | INFRONEER Holdings, Inc.\* (Construction & Engineering) | 100579 |
| 6400 | Internet Initiative Japan, Inc. (Diversified Telecommunication Services) | 120101 |
| 15400 | J. Front Retailing Co. Ltd. (Multiline Retail) | 143428 |
| 241 | Japan Hotel REIT Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 152718 |
| 6400 | Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment) | 120035 |

---

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | Japan Metropolitan Fund Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | $115190 |
| 36 | Japan Prime Realty Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 97662 |
| 6800 | Kamigumi Co. Ltd. (Transportation Infrastructure) | 139104 |
| 1520 | Keyence Corp. (Electronic Equipment, Instruments & Components) | 699761 |
| 17300 | Koito Manufacturing Co. Ltd. (Auto Components) | 291819 |
| 5900 | KOMEDA Holdings Co. Ltd. (Hotels, Restaurants & Leisure) | 109701 |
| 14700 | Konica Minolta, Inc. (Technology Hardware, Storage & Peripherals) | 61605 |
| 4000 | Kose Corp. (Personal Products) | 441332 |
| 14900 | Kubota Corp. (Machinery) | 223922 |
| 1600 | Kumagai Gumi Co. Ltd. (Construction & Engineering) | 32881 |
| 600 | Kureha Corp. (Chemicals) | 39187 |
| 11200 | Kyocera Corp. (Electronic Equipment, Instruments & Components) | 581184 |
| 2800 | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 530104 |
| 1500 | M&A Capital Partners Co. Ltd.\* (Capital Markets) | 50805 |
| 2300 | MatsukiyoCocokara & Co. (Food & Staples Retailing) | 114734 |
| 14800 | Mazda Motor Corp. (Automobiles) | 117808 |
| 37 | Mitsui Fudosan Logistics Park, Inc. (Equity Real Estate Investment Trusts (REITs)) | 129132 |
| 15900 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | 908534 |
| 2000 | Nippon Express Holdings, Inc. (Air Freight & Logistics) | 116065 |
| 2000 | Nippon Shinyaku Co. Ltd. (Pharmaceuticals) | 102932 |
| 400 | NOF Corp. (Chemicals) | 17039 |
| 30300 | Olympus Corp. (Health Care Equipment & Supplies) | 569628 |
| 6100 | Persol Holdings Co. Ltd. (Professional Services) | 133746 |
| 11600 | Pola Orbis Holdings, Inc. (Personal Products) | 167362 |
| 22300 | Rengo Co. Ltd. (Containers & Packaging) | 157394 |
| 3100 | Sankyu, Inc. (Air Freight & Logistics) | 121804 |
| 5500 | SBI Holdings, Inc. (Capital Markets) | 116596 |
| 11100 | Sega Sammy Holdings, Inc. (Leisure Products) | 175763 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | Shimamura Co. Ltd. (Specialty Retail) | $121945 |
| 1700 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 250619 |
| 1300 | SMC Corp. (Machinery) | 660284 |
| 2600 | SMS Co. Ltd. (Professional Services) | 68392 |
| 8600 | Sony Group Corp. (Household Durables) | 768423 |
| 2200 | Square Enix Holdings Co. Ltd. (Entertainment) | 104041 |
| 13500 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 586724 |
| 3500 | Sumitomo Osaka Cement Co. Ltd. (Construction Materials) | 92094 |
| 4500 | Suzuken Co. Ltd. (Health Care Providers & Services) | 118521 |
| 28700 | Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 902253 |
| 16800 | Terumo Corp. (Health Care Equipment & Supplies) | 489054 |
| 21100 | The Chiba Bank Ltd. (Banks) | 159651 |
| 7500 | The Yokohama Rubber Co. Ltd. (Auto Components) | 123216 |
| 5000 | TIS, Inc. (IT Services) | 144177 |
| 1300 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 454381 |
| 17100 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | 86769 |
| 4000 | Toyo Suisan Kaisha Ltd. (Food Products) | 165283 |
| 6000 | Toyoda Gosei Co. Ltd. (Auto Components) | 99624 |
| 6500 | Toyota Boshoku Corp. (Auto Components) | 96407 |
| 5400 | TRE Holdings Corp. (Commerical Services & Supplies) | 60850 |
| 3200 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) | 149702 |
|  |  | 19133687 |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| 4895 | ArcelorMittal SA (Metals & Mining) | 151857 |
| 2562 | Ternium SA ADR (Metals & Mining) | 103377 |
|  |  | 255234 |
| **Macau**\* **– 0.1%** | **Macau**\* **– 0.1%** | **Macau**\* **– 0.1%** |
| 34400 | MGM China Holdings Ltd. (Hotels, Restaurants & Leisure) | 43460 |
| 91200 | Sands China Ltd. (Hotels, Restaurants & Leisure) | 342008 |
|  |  | 385468 |
| **Malaysia – 0.1%** | **Malaysia – 0.1%** | **Malaysia – 0.1%** |
| 103700 | Hartalega Holdings Bhd (Health Care Equipment & Supplies) | 39278 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Malaysia (continued)** | **Malaysia (continued)** | **Malaysia (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78950 | Kossan Rubber Industries Bhd (Health Care Equipment & Supplies) | $19484 |
| 83900 | Petronas Chemicals Group Bhd (Chemicals) | 164649 |
| 35750 | Sime Darby Plantation Bhd (Food Products) | 36348 |
| 91580 | Supermax Corp. Bhd (Health Care Equipment & Supplies) | 17449 |
|  |  | 277208 |
| **Mexico – 0.5%** | **Mexico – 0.5%** | **Mexico – 0.5%** |
| 21000 | Arca Continental SAB de CV (Beverages) | 185504 |
| 8900 | Banco del Bajio SA<sup>(a)</sup> (Banks) | 35840 |
| 5853 | Cemex SAB de CV ADR\* (Construction Materials) | 31255 |
| 7700 | Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation Infrastructure) | 132933 |
| 5100 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) | 138520 |
| 48300 | Grupo Bimbo SAB de CV Series A (Food Products) | 241160 |
| 86200 | Grupo Financiero Banorte SAB de CV Class O (Banks) | 714988 |
| 26350 | Grupo Financiero Inbursa SAB de CV Class O\* (Banks) | 56673 |
| 40500 | Grupo Mexico SAB de CV Series B (Metals & Mining) | 180105 |
| 203800 | Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 798295 |
|  |  | 2515273 |
| **Netherlands – 1.4%** | **Netherlands – 1.4%** | **Netherlands – 1.4%** |
| 3015 | Aalberts NV (Machinery) | 142557 |
| 426 | Adyen NV<sup>\*(a)</sup> (IT Services) | 644072 |
| 18633 | Akzo Nobel NV (Chemicals) | 1387878 |
| 2862 | Arcadis NV (Professional Services) | 124269 |
| 1640 | ASM International NV (Semiconductors & Semiconductor Equipment) | 554658 |
| 3890 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 2570668 |
| 4745 | ASR Nederland NV (Insurance) | 224588 |
| 362 | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 25893 |
| 1294 | Euronext NV<sup>(a)</sup> (Capital Markets) | 104855 |
| 48988 | Koninklijke Philips NV (Health Care Equipment & Supplies) | 845800 |
| 7717 | QIAGEN NV\* (Life Sciences Tools & Services) | 376459 |
| 5767 | Randstad NV (Professional Services) | 369655 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869 | Signify NV<sup>(a)</sup> (Electrical Equipment) | $140079 |
|  |  | 7511431 |
| **Poland – 0.0%** | **Poland – 0.0%** | **Poland – 0.0%** |
| 1450 | Dino Polska SA\*<sup>(a)</sup> (Food & Staples Retailing) | 131362 |
| 2450 | KGHM Polska Miedz SA (Metals & Mining) | 80098 |
| 18000 | Orange Polska SA (Diversified Telecommunication Services) | 29059 |
|  |  | 240519 |
| **Portugal – 0.1%** | **Portugal – 0.1%** | **Portugal – 0.1%** |
| 28911 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) | 395735 |
| 108376 | Sonae SGPS SA (Food & Staples Retailing) | 110465 |
|  |  | 506200 |
| **Qatar – 0.1%** | **Qatar – 0.1%** | **Qatar – 0.1%** |
| 94764 | Barwa Real Estate Co. (Real Estate Management & Development) | 74123 |
| 105182 | Industries Qatar QSC (Industrial Conglomerates) | 407517 |
| 39850 | Ooredoo QPSC (Diversified Telecommunication Services) | 97917 |
| 15400 | Qatar Islamic Bank SAQ (Banks) | 83179 |
| 34874 | United Development Co. QSC (Real Estate Management & Development) | 11617 |
|  |  | 674353 |
| **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 GDR (Food & Staples Retailing) |  |
| 3393 | Novolipetsk Steel PJSC GDR (Metals & Mining) |  |
| 36 | PhosAgro PJSC (Chemicals) |  |
| 5614 | PhosAgro PJSC GDR (Chemicals) |  |
| 19000 | Surgutneftegas PJSC ADR (Oil, Gas & Consumable Fuels) |  |
| 23847 | VTB Bank PJSC GDR (Banks) |  |
| **Singapore – 0.2%** | **Singapore – 0.2%** | **Singapore – 0.2%** |
| 37500 | CapLand Ascendas REIT (Equity Real Estate Investment Trusts (REITs)) | 82524 |
| 16100 | City Developments Ltd. (Real Estate Management & Development) | 102184 |
| 111100 | ComfortDelGro Corp. Ltd. (Road & Rail) | 101784 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26300 | DBS Group Holdings Ltd. (Banks) | $719996 |
| 64800 | Digital Core REIT Management Pte Ltd. (Equity Real Estate Investment Trusts (REITs)) | 40956 |
| 75500 | First Resources Ltd. (Food Products) | 88485 |
| 56300 | Sembcorp Industries Ltd. (Multi-Utilities) | 155257 |
|  |  | 1291186 |
| **South Africa – 0.2%** | **South Africa – 0.2%** | **South Africa – 0.2%** |
| 4100 | African Rainbow Minerals Ltd. (Metals & Mining) | 66861 |
| 2250 | Anglo American Platinum Ltd. (Metals & Mining) | 167335 |
| 3150 | Aspen Pharmacare Holdings Ltd. (Pharmaceuticals) | 27483 |
| 1517 | Capitec Bank Holdings Ltd. (Banks) | 156685 |
| 8042 | Clicks Group Ltd. (Food & Staples Retailing) | 122655 |
| 46122 | FirstRand Ltd. (Diversified Financial Services) | 171371 |
| 10750 | Impala Platinum Holdings Ltd. (Metals & Mining) | 124655 |
| 8815 | Investec Ltd. (Capital Markets) | 56046 |
| 3100 | Kumba Iron Ore Ltd. (Metals & Mining) | 94922 |
| 6200 | Nedbank Group Ltd. (Banks) | 80233 |
| 37850 | Sibanye Stillwater Ltd. (Metals & Mining) | 100047 |
| 10350 | Standard Bank Group Ltd. (Banks) | 103269 |
|  |  | 1271562 |
| **South Korea – 1.8%** | **South Korea – 1.8%** | **South Korea – 1.8%** |
| 350 | BGF retail Co. Ltd.\* (Food & Staples Retailing) | 53049 |
| 11298 | BNK Financial Group, Inc.\* (Banks) | 65177 |
| 32479 | Coupang, Inc.\* (Internet & Direct Marketing Retail) | 548570 |
| 350 | Daesung Holdings Co. Ltd. (Gas Utilities) | 33971 |
| 1450 | Daou Data Corp. (Capital Markets) | 58549 |
| 3450 | DB HiTek Co. Ltd.\* (Semiconductors & Semiconductor Equipment) | 127977 |
| 550 | DB Insurance Co. Ltd.\* (Insurance) | 29310 |
| 300 | F&F Co. Ltd./New\* (Textiles, Apparel & Luxury Goods) | 37216 |
| 4856 | Hana Financial Group, Inc. (Banks) | 192915 |
| 1500 | Hankook Tire & Technology Co. Ltd.\* (Auto Components) | 39585 |
| 3350 | HMM Co. Ltd.\* (Marine) | 59575 |
| 2600 | Hyundai Engineering & Construction Co. Ltd.\* (Construction & Engineering) | 80832 |
| 1457 | Hyundai Mobis Co. Ltd. (Auto Components) | 243621 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750 | Hyundai Motor Co. (Automobiles) | $374884 |
| 3100 | Hyundai Steel Co. (Metals & Mining) | 86593 |
| 13617 | Industrial Bank of Korea (Banks) | 113650 |
| 2750 | JYP Entertainment Corp.\* (Entertainment) | 163028 |
| 11312 | KB Financial Group, Inc. (Banks) | 515515 |
| 5469 | Kia Corp. (Automobiles) | 297962 |
| 3955 | Korea Aerospace Industries Ltd.\* (Aerospace & Defense) | 155192 |
| 4718 | KT Corp. (Diversified Telecommunication Services) | 134442 |
| 1903 | KT Corp. ADR\* (Diversified Telecommunication Services) | 27232 |
| 250 | Kumho Petrochemical Co. Ltd.\* (Chemicals) | 30069 |
| 3950 | LG Uplus Corp. (Diversified Telecommunication Services) | 35721 |
| 1300 | LX Semicon Co. Ltd. (Semiconductors & Semiconductor Equipment) | 85483 |
| 150 | NCSoft Corp.\* (Entertainment) | 55520 |
| 700 | Orion Corp.\* (Food Products) | 70855 |
| 730 | POSCO Holdings, Inc. (Metals & Mining) | 179380 |
| 366 | Samsung Biologics Co. Ltd.\*<sup>(a)</sup> (Life Sciences Tools & Services) | 236319 |
| 48054 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 2345098 |
| 1235 | Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) | 1530613 |
| 1072 | Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components) | 600751 |
| 8650 | Shinhan Financial Group Co. Ltd. (Banks) | 292494 |
| 12799 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 925929 |
| 1 | SK Innovation Co. Ltd.\* (Oil, Gas & Consumable Fuels) | 133 |
| 1712 | S-Oil Corp. (Oil, Gas & Consumable Fuels) | 123500 |
| 9955 | Woori Financial Group, Inc. (Banks) | 103839 |
|  |  | 10054549 |
| **Spain – 0.8%** | **Spain – 0.8%** | **Spain – 0.8%** |
| 5599 | Aena SME SA\*<sup>(a)</sup> (Transportation Infrastructure) | 841244 |
| 27446 | Amadeus IT Group SA\* (IT Services) | 1729206 |
| 134722 | Banco de Sabadell SA (Banks) | 176131 |
| 24090 | CaixaBank SA (Banks) | 106886 |
| 3339 | CIE Automotive SA (Auto Components) | 99183 |
| 42277 | Iberdrola SA (Electric Utilities) | 495984 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25450 | Industria de Diseno Textil SA (Specialty Retail) | $794570 |
| 7401 | Merlin Properties Socimi SA (Equity Real Estate Investment Trusts (REITs)) | 72328 |
|  |  | 4315532 |
| **Sweden – 0.5%** | **Sweden – 0.5%** | **Sweden – 0.5%** |
| 7076 | AAK AB (Food Products) | 122130 |
| 29976 | Atlas Copco AB Class A Class A (Machinery) | 355697 |
| 2081 | Castellum AB (Real Estate Management & Development) | 28554 |
| 6384 | Evolution AB<sup>(a)</sup> (Hotels, Restaurants & Leisure) | 717504 |
| 4167 | Loomis AB (Commerical Services & Supplies) | 123916 |
| 574 | Neobo Fastigheter AB\*<sup>(b)</sup> (Real Estate Investment Trusts) | 1073 |
| 676 | Olink Holding AB ADR\* (Life Sciences Tools & Services) | 13236 |
| 3563 | Saab AB Class B (Aerospace & Defense) | 145864 |
| 9517 | Samhallsbyggnadsbolaget i Norden AB (Real Estate Management & Development) | 17387 |
| 3719 | Spotify Technology SA\* (Entertainment) | 419206 |
| 19292 | SSAB AB Class B (Metals & Mining) | 131468 |
| 27063 | Swedbank AB Class A (Banks) | 520595 |
| 6310 | Trelleborg AB Class B (Machinery) | 157778 |
|  |  | 2754408 |
| **Switzerland – 2.7%** | **Switzerland – 2.7%** | **Switzerland – 2.7%** |
| 10154 | Alcon, Inc. (Health Care Equipment & Supplies) | 766206 |
| 705 | BKW AG (Electric Utilities) | 101381 |
| 9230 | Cie Financiere Richemont SA Class A Class A (Textiles, Apparel & Luxury Goods) | 1422871 |
| 515 | Comet Holding AG (Electronic Equipment, Instruments & Components) | 119048 |
| 367 | Dufry AG\* (Specialty Retail) | 16848 |
| 263 | Galenica AG<sup>(a)</sup> (Health Care Providers & Services) | 20569 |
| 6510 | Julius Baer Group Ltd. (Capital Markets) | 417579 |
| 669 | Lonza Group AG (Life Sciences Tools & Services) | 381625 |
| 20802 | Nestle SA (Food Products) | 2538032 |
| 19862 | Novartis AG (Pharmaceuticals) | 1795704 |
| 1356 | PSP Swiss Property AG (Real Estate Management & Development) | 169044 |
| 8391 | Roche Holding AG (Pharmaceuticals) | 2619421 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **Switzerland (continued)** | **Switzerland (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275 | SIG Group AG\* (Containers & Packaging) | $105960 |
| 4255 | Sika AG (Chemicals) | 1209045 |
| 1214 | Sonova Holding AG (Health Care Equipment & Supplies) | 303587 |
| 2199 | Sophia Genetics SA\* (Health Care Technology) | 6597 |
| 395 | Tecan Group AG (Life Sciences Tools & Services) | 165771 |
| 51138 | UBS Group AG (Capital Markets) | 1091560 |
| 343 | VAT Group AG<sup>(a)</sup> (Machinery) | 106777 |
| 2664 | Zurich Insurance Group AG (Insurance) | 1317424 |
|  |  | 14675049 |
| **Taiwan – 1.4%** | **Taiwan – 1.4%** |  |
| 12400 | Accton Technology Corp. (Communications Equipment) | 101336 |
| 50000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 168702 |
| 8000 | Asia Vital Components Co. Ltd. (Technology Hardware, Storage & Peripherals) | 28515 |
| 4050 | Catcher Technology Co. Ltd. (Technology Hardware, Storage & Peripherals) | 24084 |
| 51500 | Chailease Holding Co. Ltd. (Diversified Financial Services) | 388111 |
| 2600 | Chroma ATE, Inc. (Electronic Equipment, Instruments & Components) | 16135 |
| 49000 | Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 475176 |
| 27000 | E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components) | 156675 |
| 7700 | Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods) | 128415 |
| 10400 | Evergreen Marine Corp. Taiwan Ltd. (Marine) | 53131 |
| 225667 | Fubon Financial Holding Co. Ltd. (Insurance) | 454512 |
| 16450 | Gigabyte Technology Co. Ltd. (Technology Hardware, Storage & Peripherals) | 63886 |
| 2300 | Global Unichip Corp. (Semiconductors & Semiconductor Equipment) | 60705 |
| 5382 | Great Tree Pharmacy Co. Ltd. (Food & Staples Retailing) | 55452 |
| 12950 | Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components) | 43185 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| 10350 | International Games System Co. Ltd. Class C (Entertainment) | $171229 |
| 3150 | King Slide Works Co. Ltd. (Technology Hardware, Storage & Peripherals) | 42590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | Lotes Co. Ltd. (Electronic Equipment, Instruments & Components) | 74992 |
| 8000 | Lotus Pharmaceutical Co. Ltd.\* (Pharmaceuticals) | 63888 |
| 8050 | Makalot Industrial Co. Ltd. (Textiles, Apparel & Luxury Goods) | 58770 |
| 9500 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 229529 |
| 29700 | Pou Chen Corp. (Textiles, Apparel & Luxury Goods) | 34076 |
| 76550 | Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals) | 191183 |
| 9038 | Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment) | 30982 |
| 199755 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 3525033 |
| 6324 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 586424 |
| 24300 | Unimicron Technology Corp. (Electronic Equipment, Instruments & Components) | 111877 |
| 297735 | United Microelectronics Corp.\* (Semiconductors & Semiconductor Equipment) | 487227 |
| 11500 | XinTec, Inc. (Semiconductors & Semiconductor Equipment) | 41373 |
| 21200 | Yang Ming Marine Transport Corp. (Marine) | 44527 |
| 7350 | Zhen Ding Technology Holding Ltd. (Electronic Equipment, Instruments & Components) | 27141 |
|  |  | 7938861 |
| **Thailand – 0.5%** | **Thailand – 0.5%** |  |
| 57800 | Airports of Thailand PCL NVDR\* (Transportation Infrastructure) | 130346 |
| 16150 | Bangkok Bank PCL (Banks) | 77857 |
| 94000 | Bangkok Chain Hospital PCL (Health Care Providers & Services) | 62250 |
| 124350 | Bangkok Dusit Medical Services PCL Class F (Health Care Providers & Services) | 112432 |
| 417500 | Bangkok Dusit Medical Services PCL NVDR (Health Care Providers & Services) | 377485 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **Thailand (continued)** | **Thailand (continued)** |  |
| 25400 | Bumrungrad Hospital PCL (Health Care Providers & Services) | $167398 |
| 16500 | Central Pattana PCL (Real Estate Management & Development) | 35761 |
| 86650 | Central Plaza Hotel PCL\* (Hotels, Restaurants & Leisure) | 137015 |
| 20100 | Hana Microelectronics PCL (Electronic Equipment, Instruments & Components) | 37166 |
| 19350 | Kasikornbank PCL (Banks) | 85342 |
| 44600 | Kasikornbank PCL NVDR (Banks) | 196706 |
| 40100 | Kiatnakin Phatra Bank PCL (Banks) | 83204 |
| 166800 | Krung Thai Bank PCL (Banks) | 88742 |
| 116550 | Minor International PCL\* (Hotels, Restaurants & Leisure) | 118034 |
| 36350 | PTT Exploration & Production PCL (Oil, Gas & Consumable Fuels) | 189750 |
| 73100 | PTT Exploration & Production PCL NVDR (Oil, Gas & Consumable Fuels) | 381587 |
| 33400 | Thonburi Healthcare Group PCL (Health Care Providers & Services) | 69910 |
| 2371150 | TMBThanachart Bank PCL (Banks) | 106028 |
|  |  | 2457013 |
| **Turkey – 0.0%** | **Turkey – 0.0%** |  |
| 14400 | BIM Birlesik Magazalar AS (Food & Staples Retailing) | 95485 |
| 15123 | Haci Omer Sabanci Holding AS (Banks) | 31454 |
| 73229 | Turkiye Is Bankasi AS Class C (Banks) | 42474 |
|  |  | 169413 |
| **United Arab Emirates – 0.2%** | **United Arab Emirates – 0.2%** |  |
| 44550 | Abu Dhabi Commercial Bank PJSC (Banks) | 100837 |
| 47765 | Abu Dhabi Islamic Bank PJSC (Banks) | 122772 |
| 54900 | Aldar Properties PJSC (Real Estate Management & Development) | 65383 |
| 144426 | Americana Restaurants International PLC\* (Hotels, Restaurants & Leisure) | 134474 |
| 219263 | Emaar Properties PJSC (Real Estate Management & Development) | 333174 |
| 29047 | Emirates NBD Bank PJSC (Banks) | 102613 |
| 106574 | Fertiglobe PLC (Chemicals) | 116259 |
| 26972 | First Abu Dhabi Bank PJSC (Banks) | 100049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769 | Yalla Group Ltd.\* (Interactive Media & Services) | 22653 |
|  |  | 1098214 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United Kingdom – 4.7%** | **United Kingdom – 4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363 | Anglo American PLC (Metals & Mining) | $317569 |
| 13484 | AstraZeneca PLC (Pharmaceuticals) | 1766572 |
| 16501 | B&M European Value Retail SA (Multiline Retail) | 91256 |
| 28446 | Balfour Beatty PLC (Construction & Engineering) | 128495 |
| 505094 | Barclays PLC (Banks) | 1161105 |
| 19301 | Beazley PLC (Insurance) | 158836 |
| 4623 | Berkeley Group Holdings PLC (Household Durables) | 236733 |
| 79874 | BP PLC (Oil, Gas & Consumable Fuels) | 482459 |
| 8840 | British American Tobacco PLC (Tobacco) | 338871 |
| 84012 | Compass Group PLC (Hotels, Restaurants & Leisure) | 2006879 |
| 4006 | Computacenter PLC (IT Services) | 110095 |
| 31854 | ConvaTec Group PLC<sup>(a)</sup> (Health Care Equipment & Supplies) | 92391 |
| 2052 | Cranswick PLC (Food Products) | 80498 |
| 3295 | CVS Group PLC (Health Care Providers & Services) | 81934 |
| 4365 | Dechra Pharmaceuticals PLC (Pharmaceuticals) | 154810 |
| 3712 | Derwent London PLC (Equity Real Estate Investment Trusts (REITs)) | 118412 |
| 17102 | Diageo PLC (Beverages) | 747803 |
| 26714 | Dr. Martens PLC (Textiles, Apparel & Luxury Goods) | 51199 |
| 51654 | DS Smith PLC (Containers & Packaging) | 226136 |
| 1530 | Endava PLC ADR\* (IT Services) | 134441 |
| 6256 | Entain PLC (Hotels, Restaurants & Leisure) | 115365 |
| 3531 | Ferguson PLC (Trading Companies & Distributors) | 497500 |
| 4915 | Future PLC (Media) | 91521 |
| 19180 | GB Group PLC (Software) | 83641 |
| 28967 | GSK PLC (Pharmaceuticals) | 508806 |
| 13344 | Harbour Energy PLC (Oil, Gas & Consumable Fuels) | 51612 |
| 22102 | Ibstock PLC<sup>(a)</sup> (Construction Materials) | 45941 |
| 13923 | IG Group Holdings PLC (Capital Markets) | 136895 |
| 7616 | IMI PLC (Machinery) | 136365 |
| 233 | Immunocore Holdings PLC ADR\* (Biotechnology) | 14276 |
| 2880 | Indivior PLC\* (Pharmaceuticals) | 69153 |
| 19896 | J Sainsbury PLC (Food & Staples Retailing) | 64524 |
| 89015 | JD Sports Fashion PLC (Specialty Retail) | 179420 |
| 1156 | JET2 PLC (Airlines) | 17426 |
| 6774 | Linde PLC\* (Chemicals) | 2241372 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United Kingdom (continued)** | **United Kingdom (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218 | London Stock Exchange Group PLC (Capital Markets) | $477681 |
| 20172 | Man Group PLC (Capital Markets) | 62058 |
| 17178 | OSB Group PLC (Thrifts & Mortgage Finance) | 115812 |
| 127853 | Prudential PLC (Insurance) | 2124284 |
| 19577 | QinetiQ Group PLC (Aerospace & Defense) | 87814 |
| 26687 | Reckitt Benckiser Group PLC (Household Products) | 1901740 |
| 65269 | RELX PLC (Professional Services) | 1939953 |
| 14344 | Rio Tinto PLC (Metals & Mining) | 1123153 |
| 1712687 | Rolls-Royce Holdings PLC\* (Aerospace & Defense) | 2240765 |
| 18385 | Rotork PLC (Machinery) | 72423 |
| 14131 | RS Group PLC (Trading Companies & Distributors) | 164285 |
| 8798 | Safestore Holdings PLC (Equity Real Estate Investment Trusts (REITs)) | 109550 |
| 62548 | Serco Group PLC (Commerical Services & Supplies) | 112507 |
| 4206 | St. James's Place PLC (Capital Markets) | 63779 |
| 47284 | Supermarket Income Reit PLC (Equity Real Estate Investment Trusts (REITs)) | 56174 |
| 143581 | Tesco PLC (Food & Staples Retailing) | 436397 |
| 5865 | The Weir Group PLC (Machinery) | 129288 |
| 1692 | TORM PLC Class A (Oil, Gas & Consumable Fuels) | 42803 |
| 67931 | Tritax Big Box REIT PLC (Equity Real Estate Investment Trusts (REITs)) | 130887 |
| 19354 | Unilever PLC (Personal Products) | 985100 |
| 1860 | Watches of Switzerland Group PLC\*<sup>(a)</sup> (Specialty Retail) | 21835 |
| 28313 | WH Smith PLC (Specialty Retail) | 559113 |
| 3076 | Whitbread PLC (Hotels, Restaurants & Leisure) | 115849 |
|  |  | 25813561 |
| **United States – 51.7%** | **United States – 51.7%** |  |
| 25300 | Abbott Laboratories (Health Care Equipment & Supplies) | 2796915 |
| 7162 | AbbVie, Inc. (Biotechnology) | 1058185 |
| 5291 | ABM Industries, Inc. (Commerical Services & Supplies) | 248201 |
| 507 | Acuity Brands, Inc. (Electrical Equipment) | 95580 |
| 6524 | Advanced Micro Devices, Inc.\* (Semiconductors & Semiconductor Equipment) | 490279 |
| 8692 | Affirm Holdings, Inc.\* (IT Services) | 140723 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 | Agree Realty Corp. (Equity Real Estate Investment Trusts (REITs)) | $267922 |
| 2145 | Alamo Group, Inc. (Machinery) | 335628 |
| 1640 | Allegiant Travel Co.\* (Airlines) | 141089 |
| 1824 | Allison Transmission Holdings, Inc. (Machinery) | 82226 |
| 99804 | Alphabet, Inc. Class A\* (Interactive Media & Services) | 9864627 |
| 1606 | Altra Industrial Motion Corp. (Machinery) | 98078 |
| 94397 | Amazon.com, Inc.\* (Internet & Direct Marketing Retail) | 9735163 |
| 1013 | Amedisys, Inc.\* (Health Care Providers & Services) | 97917 |
| 62105 | American International Group, Inc. (Insurance) | 3926278 |
| 8421 | Ameris Bancorp (Banks) | 397134 |
| 3316 | AMERISAFE, Inc. (Insurance) | 182645 |
| 784 | AMN Healthcare Services, Inc.\* (Health Care Providers & Services) | 75139 |
| 15760 | Amphenol Corp. Class A (Electronic Equipment, Instruments & Components) | 1257175 |
| 13465 | Aon PLC Class A (Insurance) | 4291026 |
| 38519 | Apple, Inc. (Technology Hardware, Storage & Peripherals) | 5557906 |
| 10148 | Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 168152 |
| 3452 | Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts (REITs)) | 42391 |
| 7781 | Arista Networks, Inc.\* (Communications Equipment) | 980562 |
| 8371 | Artivion, Inc.\* (Health Care Equipment & Supplies) | 109158 |
| 1641 | ASGN, Inc.\* (Professional Services) | 149249 |
| 857 | Ashland, Inc. (Chemicals) | 93644 |
| 432 | Atkore, Inc.\* (Electrical Equipment) | 56268 |
| 10021 | Atlassian Corp. PLC Class A Class A\* (Software) | 1619594 |
| 5600 | AtriCure, Inc.\* (Health Care Equipment & Supplies) | 242368 |
| 1727 | Avantax, Inc.\* (Capital Markets) | 50325 |
| 16790 | Avantor, Inc.\* (Life Sciences Tools & Services) | 401281 |
| 9896 | Avient Corp. (Chemicals) | 400986 |
| 3077 | Avnet, Inc. (Electronic Equipment, Instruments & Components) | 141173 |
| 3239 | Azenta, Inc.\* (Life Sciences Tools & Services) | 181060 |
| 2059 | Balchem Corp. (Chemicals) | 268967 |
| 83141 | Bank of America Corp. (Banks) | 2949843 |
| 10664 | Becton Dickinson & Co. (Health Care Equipment & Supplies) | 2689674 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994 | Belden, Inc. (Electronic Equipment, Instruments & Components) | $242783 |
| 12127 | Berkshire Hathaway, Inc. Class B\* (Diversified Financial Services) | 3777803 |
| 1808 | Berkshire Hills Bancorp, Inc. (Banks) | 56138 |
| 16414 | BGC Partners, Inc. Class A (Capital Markets) | 71401 |
| 11273 | BioCryst Pharmaceuticals, Inc.\* (Biotechnology) | 118930 |
| 4190 | Blackstone Mortgage Trust, Inc. Class A (Mortgage Real Estate Investment Trusts (REITs)) | 99890 |
| 2591 | Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure) | 62832 |
| 1080 | Booking Holdings, Inc.\* (Hotels, Restaurants & Leisure) | 2628828 |
| 2998 | Boot Barn Holdings, Inc.\* (Specialty Retail) | 250303 |
| 24795 | BorgWarner, Inc. (Auto Components) | 1172308 |
| 1151 | Cabot Corp. (Chemicals) | 86705 |
| 1528 | Cactus, Inc. Class A (Energy Equipment & Services) | 82680 |
| 5188 | Cadence Design Systems, Inc.\* (Software) | 948522 |
| 2454 | Caleres, Inc. (Specialty Retail) | 63853 |
| 22873 | CarMax, Inc.\* (Specialty Retail) | 1611403 |
| 21262 | Carrier Global Corp. (Building Products) | 968059 |
| 2887 | Castle Biosciences, Inc.\* (Health Care Providers & Services) | 78180 |
| 8310 | Caterpillar, Inc. (Machinery) | 2096530 |
| 7379 | Cathay General Bancorp (Banks) | 324381 |
| 6946 | Central Garden & Pet Co. Class A\* (Household Products) | 275270 |
| 8406 | ChampionX Corp. (Energy Equipment & Services) | 277566 |
| 4120 | Chemed Corp. (Health Care Providers & Services) | 2081177 |
| 7354 | Chevron Corp. (Oil, Gas & Consumable Fuels) | 1279743 |
| 416 | Chipotle Mexican Grill, Inc.\* (Hotels, Restaurants & Leisure) | 684894 |
| 738 | Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 105778 |
| 1439 | Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 357016 |
| 4397 | Chuy's Holdings, Inc.\* (Hotels, Restaurants & Leisure) | 150509 |
| 8543 | Cigna Corp. (Health Care Providers & Services) | 2705312 |
| 46875 | Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | 3214219 |
| 4477 | Cohen & Steers, Inc. (Capital Markets) | 328925 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| 11015 | CommScope Holding Co., Inc.\* (Communications Equipment) | $92526 |
| 29482 | ConocoPhillips (Oil, Gas & Consumable Fuels) | 3592971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913 | CoreCivic, Inc.\* (Commerical Services & Supplies) | 52274 |
| 2662 | Cousins Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 72992 |
| 4591 | CryoPort, Inc.\* (Life Sciences Tools & Services) | 104813 |
| 1263 | Curtiss-Wright Corp. (Aerospace & Defense) | 209405 |
| 17175 | Danaher Corp. (Life Sciences Tools & Services) | 4540726 |
| 3516 | Deere & Co. (Machinery) | 1486705 |
| 1385 | Delek U.S. Holdings, Inc. (Oil, Gas & Consumable Fuels) | 37063 |
| 23675 | Dollar General Corp. (Multiline Retail) | 5530480 |
| 19081 | Dominion Energy, Inc. (Multi- Utilities) | 1214315 |
| 7242 | Ecovyst, Inc.\* (Chemicals) | 75969 |
| 3819 | Eli Lilly & Co. (Pharmaceuticals) | 1314309 |
| 445 | EMCOR Group, Inc. (Construction & Engineering) | 65971 |
| 1225 | Employers Holdings, Inc. (Insurance) | 53741 |
| 669 | EnerSys (Electrical Equipment) | 55540 |
| 20225 | Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 1632360 |
| 816 | Entravision Communications Corp. Class A (Media) | 5304 |
| 3602 | Envista Holdings Corp.\* (Health Care Equipment & Supplies) | 140442 |
| 1891 | EPAM Systems, Inc.\* (IT Services) | 629041 |
| 2244 | Essent Group Ltd. (Thrifts & Mortgage Finance) | 98803 |
| 1249 | Evercore, Inc. Class A (Capital Markets) | 162133 |
| 4017 | Extreme Networks, Inc.\* (Communications Equipment) | 72427 |
| 1306 | Federal Agricultural Mortgage Corp. Class C (Thrifts & Mortgage Finance) | 173659 |
| 2002 | First Hawaiian, Inc. (Banks) | 54935 |
| 2562 | First Merchants Corp. (Banks) | 109244 |
| 929 | FirstCash Holdings, Inc. (Consumer Finance) | 85635 |
| 23489 | Fiserv, Inc.\* (IT Services) | 2505807 |
| 989 | Five Below, Inc.\* (Specialty Retail) | 194962 |
| 13792 | Flywire Corp.\* (IT Services) | 371970 |
| 2146 | Foot Locker, Inc. (Specialty Retail) | 93372 |
| 228 | Fortinet, Inc.\* (Software) | 11934 |
| 43580 | Freeport-McMoRan, Inc. (Metals & Mining) | 1944540 |
| 3441 | Fresh Del Monte Produce, Inc. (Food Products) | 98413 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| 715 | FTI Consulting, Inc.\* (Professional Services) | $114057 |
| 60450 | General Motors Co. (Automobiles) | 2376894 |
| 4722 | Glacier Bancorp, Inc. (Banks) | 215276 |
| 8546 | Global Payments, Inc. (IT Services) | 963305 |
| 5354 | Globus Medical, Inc. Class A\* (Health Care Equipment & Supplies) | 404227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | Grand Canyon Education, Inc.\* (Diversified Consumer Services) | 372060 |
| 1420 | Granite Construction, Inc. (Construction & Engineering) | 60464 |
| 5035 | Graphic Packaging Holding Co. (Containers & Packaging) | 121293 |
| 1303 | Haemonetics Corp.\* (Health Care Equipment & Supplies) | 110234 |
| 7399 | Halozyme Therapeutics, Inc.\* (Biotechnology) | 383046 |
| 1721 | Hancock Whitney Corp. (Banks) | 88597 |
| 3834 | HashiCorp, Inc. Class A\* (Software) | 123378 |
| 9304 | HCA Healthcare, Inc. (Health Care Providers & Services) | 2373171 |
| 4685 | HealthEquity, Inc.\* (Health Care Providers & Services) | 285082 |
| 5470 | Heartland Express, Inc. (Road & Rail) | 92005 |
| 1438 | Helen of Troy Ltd.\* (Household Durables) | 162652 |
| 3709 | Helios Technologies, Inc. (Machinery) | 244794 |
| 4982 | Herbalife Nutrition Ltd.\* (Personal Products) | 87534 |
| 3335 | Heritage Commerce Corp. (Banks) | 40420 |
| 2115 | Highwoods Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 64233 |
| 2706 | Hillenbrand, Inc. (Machinery) | 126803 |
| 6237 | Honeywell International, Inc. (Industrial Conglomerates) | 1300290 |
| 3232 | Hope Bancorp, Inc. (Banks) | 41660 |
| 8189 | Horace Mann Educators Corp. (Insurance) | 291610 |
| 3615 | Houlihan Lokey, Inc. (Capital Markets) | 358138 |
| 1219 | Hub Group, Inc. Class A\* (Air Freight & Logistics) | 103944 |
| 5547 | Humana, Inc. (Health Care Providers & Services) | 2838400 |
| 4602 | IAC, Inc.\* (Interactive Media & Services) | 260013 |
| 2861 | ICF International, Inc. (Professional Services) | 292366 |
| 1060 | ICU Medical, Inc.\* (Health Care Equipment & Supplies) | 204824 |
| 2300 | IDACORP, Inc. (Electric Utilities) | 243363 |
| 2752 | Independent Bank Corp. (Banks) | 219307 |
| 18584 | Ingersoll Rand, Inc. (Machinery) | 1040704 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| 1658 | Ingevity Corp.\* (Chemicals) | $136686 |
| 521 | Inmode Ltd.\* (Health Care Equipment & Supplies) | 18261 |
| 2016 | Insight Enterprises, Inc.\* (Electronic Equipment, Instruments & Components) | 227244 |
| 5827 | Insmed, Inc.\* (Biotechnology) | 125455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | Insulet Corp.\* (Health Care Equipment & Supplies) | 466320 |
| 4266 | Integra LifeSciences Holdings Corp.\* (Health Care Equipment & Supplies) | 244442 |
| 43555 | Intercontinental Exchange, Inc. (Capital Markets) | 4684340 |
| 1864 | InterDigital, Inc. (Software) | 130387 |
| 3788 | International Game Technology PLC (Hotels, Restaurants & Leisure) | 100193 |
| 3922 | Intra-Cellular Therapies, Inc.\* (Pharmaceuticals) | 187942 |
| 6802 | Intuit, Inc. (Software) | 2875001 |
| 6600 | Intuitive Surgical, Inc.\* (Health Care Equipment & Supplies) | 1621554 |
| 2735 | ITT, Inc. (Machinery) | 250499 |
| 9365 | Jack Henry & Associates, Inc. (IT Services) | 1686543 |
| 1529 | John Wiley & Sons, Inc. Class A (Media) | 70028 |
| 15890 | Johnson & Johnson (Pharmaceuticals) | 2596744 |
| 2971 | Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | 53121 |
| 44852 | KKR & Co., Inc. (Capital Markets) | 2503190 |
| 1906 | Korn Ferry (Professional Services) | 102905 |
| 400459 | Kosmos Energy Ltd.\* (Oil, Gas & Consumable Fuels) | 3167631 |
| 6795 | L3Harris Technologies, Inc. (Aerospace & Defense) | 1459702 |
| 227 | Landstar System, Inc. (Road & Rail) | 39232 |
| 745 | Lantheus Holdings, Inc.\* (Health Care Equipment & Supplies) | 42837 |
| 7647 | Laureate Education, Inc. (Diversified Consumer Services) | 83964 |
| 1281 | LCI Industries (Auto Components) | 143754 |
| 417 | LHC Group, Inc.\* (Health Care Providers & Services) | 66136 |
| 1075 | Lithia Motors, Inc. (Specialty Retail) | 282940 |
| 5648 | Live Nation Entertainment, Inc.\* (Entertainment) | 454608 |
| 114350 | Luminar Technologies, Inc.\* (Auto Components) | 762714 |
| 4973 | MACOM Technology Solutions Holdings, Inc.\* (Semiconductors & Semiconductor Equipment) | 333290 |
| 13886 | Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels) | 327848 |
| 7673 | Marsh & McLennan Cos., Inc. (Insurance) | 1342084 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| 2507 | Martin Marietta Materials, Inc. (Construction Materials) | $901617 |
| 4251 | Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | 183431 |
| 573 | Masonite International Corp.\* (Building Products) | 52269 |
| 6679 | Mastercard, Inc. Class A (IT Services) | 2475237 |
| 7800 | Matador Resources Co. (Oil, Gas & Consumable Fuels) | 516048 |
| 5507 | Match Group, Inc.\* (Interactive Media & Services) | 298039 |
| 3599 | Mativ Holdings, Inc. (Chemicals) | 99188 |
| 539 | MAXIMUS, Inc. (IT Services) | 40344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49925 | McCormick & Co., Inc. (Food Products) | 3750366 |
| 1329 | Medpace Holdings, Inc.\* (Life Sciences Tools & Services) | 293802 |
| 7966 | Meta Platforms, Inc. Class A\* (Interactive Media & Services) | 1186695 |
| 365 | Mettler-Toledo International, Inc.\* (Life Sciences Tools & Services) | 559516 |
| 63778 | Microsoft Corp. (Software) | 15804826 |
| 4352 | Minerals Technologies, Inc. (Chemicals) | 302246 |
| 1919 | MongoDB, Inc.\* (IT Services) | 411069 |
| 3530 | Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 1505757 |
| 8940 | Monster Beverage Corp.\* (Beverages) | 930475 |
| 15890 | Motorola Solutions, Inc. (Communications Equipment) | 4083889 |
| 24338 | Nasdaq, Inc. (Capital Markets) | 1464904 |
| 6495 | National Energy Services Reunited Corp.\* (Energy Equipment & Services) | 49102 |
| 3040 | National Health Investors, Inc. (Equity Real Estate Investment Trusts (REITs)) | 178843 |
| 3315 | NCR Corp.\* (Software) | 90897 |
| 921 | Nelnet, Inc. Class A (Consumer Finance) | 87946 |
| 3252 | Netflix, Inc.\* (Entertainment) | 1150753 |
| 1232 | Nexstar Media Group, Inc. (Media) | 252277 |
| 63730 | NextEra Energy, Inc. (Electric Utilities) | 4756170 |
| 10974 | NexTier Oilfield Solutions, Inc.\* |  |
|  | (Energy Equipment & Services) | 103375 |
| 4700 | NIKE, Inc. Class A Class B (Textiles, |  |
|  | Apparel & Luxury Goods) | 598451 |
| 5306 | NorthWestern Corp. (Multi-Utilities) | 301381 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| 2492 | Novanta, Inc.\* (Electronic Equipment, Instruments & Components) | $402383 |
| 3964 | NOW, Inc.\* (Trading Companies & Distributors) | 55655 |
| 21739 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 4247148 |
| 457 | NVR, Inc.\* (Household Durables) | 2408390 |
| 13702 | OceanFirst Financial Corp. (Banks) | 327752 |
| 1019 | Old Dominion Freight Line, Inc. (Road & Rail) | 339572 |
| 699 | OSI Systems, Inc.\* (Electronic Equipment, Instruments & Components) | 66202 |
| 2754 | Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 322824 |
| 8382 | Pacific Premier Bancorp, Inc. (Banks) | 271074 |
| 1746 | PacWest Bancorp. (Banks) | 48294 |
| 2327 | Par Pacific Holdings, Inc.\* (Oil, Gas & Consumable Fuels) | 62201 |
| 5589 | Parker-Hannifin Corp. (Machinery) | 1822014 |
| 2361 | Patrick Industries, Inc. (Auto Components) | 167560 |
| 6070 | Patterson-UTI Energy, Inc. (Energy Equipment & Services) | 101976 |
| 8953 | Paycor HCM, Inc.\* (Software) | 224810 |
| 400 | Paylocity Holding Corp.\* (Software) | 83316 |
| 813 | PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 55064 |
| 1948 | Peabody Energy Corp.\* (Oil, Gas & Consumable Fuels) | 54330 |
| 1767 | Peapack-Gladstone Financial Corp. (Banks) | 65538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35232 | Peloton Interactive, Inc. Class A\* (Leisure Products) | 455550 |
| 813 | PennyMac Financial Services, Inc. (Thrifts & Mortgage Finance) | 54812 |
| 16282 | PepsiCo, Inc. (Beverages) | 2784548 |
| 9129 | Performance Food Group Co.\* (Food & Staples Retailing) | 559790 |
| 4098 | Petco Health & Wellness Co., Inc.\* (Specialty Retail) | 47906 |
| 3931 | PetIQ, Inc. \* (Health Care Providers & Services) | 46543 |
| 33408 | Pfizer, Inc. (Pharmaceuticals) | 1475297 |
| 10416 | Phreesia, Inc.\* (Health Care Technology) | 390496 |
| 1984 | PRA Group, Inc.\* (Consumer Finance) | 79836 |
| 1188 | Preferred Bank (Banks) | 84502 |
| 11390 | Primoris Services Corp. (Construction & Engineering) | 302974 |
| 5310 | Progyny, Inc.\* (Health Care Providers & Services) | 182611 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17550 | Prologis, Inc. (Equity Real Estate Investment Trusts (REITs)) | $2268864 |
| 5494 | ProPetro Holding Corp.\* (Energy Equipment & Services) | 54665 |
| 257 | QuidelOrtho Corp.\* (Health Care Equipment & Supplies) | 22002 |
| 7843 | R1 RCM, Inc.\* (Health Care Providers & Services) | 112233 |
| 3270 | Rapid7, Inc.\* (Software) | 130375 |
| 1900 | RBC Bearings, Inc.\* (Machinery) | 463543 |
| 4583 | Resideo Technologies, Inc.\* (Building Products) | 88131 |
| 1988 | ResMed, Inc. (Health Care Equipment & Supplies) | 454000 |
| 2331 | Revolve Group, Inc.\* (Internet & Direct Marketing Retail) | 66527 |
| 39955 | Rivian Automotive, Inc. Class A\* (Automobiles) | 775127 |
| 15136 | Ross Stores, Inc. (Specialty Retail) | 1788924 |
| 3457 | Ryman Hospitality Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 321121 |
| 8510 | Saia, Inc.\* (Road & Rail) | 2321358 |
| 30880 | Salesforce, Inc.\* (Software) | 5186914 |
| 2904 | SBA Communications Corp. (Equity Real Estate Investment Trusts (REITs)) | 864027 |
| 2012 | Science Applications International Corp. (Professional Services) | 208805 |
| 11602 | Seacoast Banking Corp. of Florida (Banks) | 372540 |
| 2956 | ServiceNow, Inc.\* (Software) | 1345364 |
| 3163 | Shoals Technologies Group, Inc. Class A\* (Electrical Equipment) | 88216 |
| 4480 | Silgan Holdings, Inc. (Containers & Packaging) | 241427 |
| 1813 | Silicon Laboratories, Inc.\* (Semiconductors & Semiconductor Equipment) | 284478 |
| 4068 | Sinch AB\*<sup>(a)</sup> (Software) | 16817 |
| 4391 | Skyline Champion Corp.\* (Household Durables) | 258849 |
| 17889 | SLM Corp. (Consumer Finance) | 314310 |
| 3395 | SMART Global Holdings, Inc.\* (Semiconductors & Semiconductor Equipment) | 58360 |
| 7257 | Sotera Health Co.\* (Life Sciences Tools & Services) | 125111 |
| 863 | SouthState Corp. (Banks) | 68695 |
| 1747 | Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts (REITs)) | 76658 |
| 6951 | SPX Technologies, Inc.\* (Machinery) | 521395 |
| 27315 | SS&C Technologies Holdings, Inc. (IT Services) | 1648460 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| 8758 | SSR Mining, Inc. (Metals & Mining) | $147969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11076 | STAG Industrial, Inc. (Equity Real Estate Investment Trusts (REITs)) | 394306 |
| 1130 | Standard Motor Products, Inc. (Auto Components) | 45720 |
| 5068 | Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs)) | 105871 |
| 3076 | STERIS PLC (Health Care Equipment & Supplies) | 635225 |
| 4526 | Steven Madden Ltd. (Textiles, Apparel & Luxury Goods) | 162257 |
| 4942 | Stifel Financial Corp. (Capital Markets) | 333140 |
| 729 | StoneX Group, Inc.\* (Capital Markets) | 64065 |
| 3439 | Stride, Inc.\* (Diversified Consumer Services) | 147636 |
| 13446 | Stryker Corp. (Health Care Equipment & Supplies) | 3412729 |
| 8466 | Supernus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 347191 |
| 1936 | Syneos Health, Inc.\* (Life Sciences Tools & Services) | 69541 |
| 3817 | Synovus Financial Corp. (Banks) | 160123 |
| 6297 | Take-Two Interactive Software, Inc.\* (Entertainment) | 713009 |
| 6043 | TEGNA, Inc. (Media) | 120437 |
| 4211 | Tempur Sealy International, Inc. (Household Durables) | 171598 |
| 7638 | Terex Corp. (Machinery) | 389309 |
| 13735 | Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 2433979 |
| 4429 | Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 444804 |
| 3148 | The Brink's Co. (Commerical Services & Supplies) | 206509 |
| 1673 | The Buckle, Inc. (Specialty Retail) | 73612 |
| 29165 | The Clorox Co. (Household Products) | 4219884 |
| 1126 | The Hackett Group, Inc. (IT Services) | 24885 |
| 910 | The Hanover Insurance Group, Inc. (Insurance) | 122468 |
| 13409 | The Hartford Financial Services Group, Inc. (Insurance) | 1040672 |
| 5367 | The Home Depot, Inc. (Specialty Retail) | 1739820 |
| 24563 | The Sherwin-Williams Co. (Chemicals) | 5811360 |
| 8470 | The Shyft Group, Inc. (Machinery) | 281966 |
| 5775 | The Trade Desk, Inc. Class A\* (Media) | 292792 |
| 13200 | The Walt Disney Co.\* (Entertainment) | 1432068 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19845 | Thoughtworks Holding, Inc.\* (IT Services) | $214326 |
| 10434 | Topgolf Callaway Brands Corp.\* (Leisure Products) | 255529 |
| 2516 | Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 106603 |
| 60609 | Truist Financial Corp. (Banks) | 2993479 |
| 1233 | TTEC Holdings, Inc. (IT Services) | 62686 |
| 4000 | UFP Industries, Inc. (Building Products) | 374200 |
| 2316 | Ultra Clean Holdings, Inc.\* (Semiconductors & Semiconductor Equipment) | 77933 |
| 23215 | Union Pacific Corp. (Road & Rail) | 4740271 |
| 7187 | UnitedHealth Group, Inc. (Health Care Providers & Services) | 3587679 |
| 1608 | Univest Financial Corp. (Banks) | 43657 |
| 9675 | Valley National Bancorp (Banks) | 114939 |
| 4307 | Valvoline, Inc. (Chemicals) | 157895 |
| 5592 | Vector Group Ltd. (Tobacco) | 72416 |
| 5828 | Veracyte, Inc.\* (Biotechnology) | 146458 |
| 10700 | VeriSign, Inc.\* (IT Services) | 2333135 |
| 10919 | Veritex Holdings, Inc. (Banks) | 307370 |
| 30091 | Verizon Communications, Inc. (Diversified Telecommunication Services) | 1250883 |
| 12823 | Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 4143111 |
| 1377 | Viad Corp.\* (Commerical Services & Supplies) | 40690 |
| 19710 | Viavi Solutions, Inc.\* (Communications Equipment) | 222723 |
| 5450 | Viper Energy Partners LP (Oil, Gas & Consumable Fuels) | 173037 |
| 15284 | Visa, Inc. Class A (IT Services) | 3518530 |
| 1353 | Voya Financial, Inc. (Diversified Financial Services) | 94399 |
| 3025 | Wabash National Corp. (Machinery) | 77924 |
| 1216 | Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | 115982 |
| 3204 | Waste Connections, Inc. (Commerical Services & Supplies) | 425812 |
| 8552 | Waste Management, Inc. (Commerical Services & Supplies) | 1323251 |
| 35194 | Wells Fargo & Co. (Banks) | 1649543 |
| 1278 | Werner Enterprises, Inc. (Road & Rail) | 60028 |
| 34580 | Weyerhaeuser Co. (Equity Real Estate Investment Trusts (REITs)) | 1190589 |
| 145 | White Mountains Insurance Group Ltd. (Insurance) | 221554 |
| 1576 | Wintrust Financial Corp. (Banks) | 144157 |
| 6292 | Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 101490 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** |  |
| **United States (continued)** | **United States (continued)** |  |
| 6836 | World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | $193459 |
|  |  | 284010849 |
| **Uruguay**\* **– 0.1%** | **Uruguay**\* **– 0.1%** |  |
| 640 | Globant SA (IT Services) | 103795 |
| 521 | MercadoLibre, Inc. (Internet & Direct Marketing Retail) | 615661 |
|  |  | 719456 |
| **TOTAL COMMON STOCKS<br>(Cost $447,557,939)** | **TOTAL COMMON STOCKS<br>(Cost $447,557,939)** | $497562093 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks – 0.1%** | **Preferred Stocks – 0.1%** |  |
| **Brazil – 0.1%** | **Brazil – 0.1%** |  |
| Itau Unibanco Holding SA (Banks) | Itau Unibanco Holding SA (Banks) |  |
| 9700 | 4.020% | $48402 |
| Itausa SA (Banks) | Itausa SA (Banks) |  |
| 41840 | 5.401 | 70306 |
| Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA (Oil, Gas & Consumable Fuels) |
| 57000 | 40.365 | 292731 |
| **TOTAL PREFERRED STOCKS<br>(Cost $361,924)** | **TOTAL PREFERRED STOCKS<br>(Cost $361,924)** | $411439 |
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 0.3%** | **Exchange Traded Funds – 0.3%** |  |
| 13500 | iShares Core MSCI Emerging Markets ETF% | $686745 |
| 29190 | iShares MSCI Saudi Arabia ETF | 1144540 |
| 4500 | iShares MSCI Taiwan ETF | 201645 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,160,017)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $2,160,017)** | $2032930 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies – 8.0%** | **Investment Companies – 8.0%** |  |
| Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 | Goldman Sachs Financial Square Government Fund - Class R6 |
| 18981287 | &nbsp;&nbsp;&nbsp;&nbsp;4.237% | $18981287 |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 24804751 | 4.237 | 24804751 |
| **TOTAL INVESTMENT COMPANIES – 8.0%<br>(Cost $43,786,038)** | **TOTAL INVESTMENT COMPANIES – 8.0%<br>(Cost $43,786,038)** | $43786038 |
| **TOTAL INVESTMENTS – 99.0%<br>(Cost $493,865,918)** | **TOTAL INVESTMENTS – 99.0%<br>(Cost $493,865,918)** | $543792500 |
| **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%** | 5552070 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $549344570 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |

---

&nbsp;&nbsp; **SECTOR ALLOCATION AS OF JANUARY 31, 2023**<br>

---

| | |
|:---|:---|
| **Sector** | **% of Total**<br> **Market Value** |
| Information Technology | 18.8% |
| Financials | 13.4 |
| Health Care | 13.4 |
| Consumer Discretionary | 11.6 |
| Industrials | 10.5 |
| Investment Companies | 8.1 |
| Consumer Staples | 5.9 |
| Materials | 5.7 |
| Communication Services | 5.5 |
| Energy | 2.9 |
| Utilities | 2.1 |
| Real Estate | 1.7 |
| Exchange Traded Funds | 0.4 |
|  | 100.0% |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At January 31, 2023, 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 | CHF | 5110000 | USD | 5551410 | 02/02/23 | $31441 |
|  | EUR | 16300000 | USD | 17722669 | 02/02/23 | 446 |
|  | JPY | 1594000000 | USD | 12233951 | 02/02/23 | 15367 |
|  | USD | 4413143 | AUD | 6210000 | 03/02/23 | 24536 |
|  | USD | 1481833 | DKK | 10110000 | 03/02/23 | 1179 |
|  | USD | 17755243 | EUR | 16300000 | 03/02/23 | 163 |
|  | USD | 8325333 | GBP | 6730000 | 03/02/23 | 22766 |
|  | USD | 1408103 | HKD | 10980000 | 02/02/23 | 7628 |
|  | USD | 1404773 | HKD | 10980000 | 03/02/23 | 2150 |
|  | USD | 281459 | ILS | 960000 | 03/02/23 | 3084 |
|  | USD | 408355 | NOK | 4000000 | 02/02/23 | 7580 |
|  | USD | 404813 | NOK | 4000000 | 03/02/23 | 3520 |
|  | USD | 97122 | NZD | 150000 | 03/02/23 | 131 |
|  | USD | 1856982 | SEK | 19350000 | 02/02/23 | 6420 |
|  | USD | 1876938 | SEK | 19350000 | 03/02/23 | 23494 |
|  | USD | 731254 | SGD | 960000 | 03/02/23 | 84 |
|  JPMorgan Securities, Inc. | CHF | 1690000 | USD | 1835985 | 02/02/23 | 10398 |
|  | EUR | 5190000 | USD | 5642985 | 02/02/23 | 142 |
|  | JPY | 476000000 | USD | 3653300 | 02/02/23 | 4589 |
|  | USD | 1264959 | AUD | 1780000 | 03/02/23 | 7033 |
|  | USD | 451439 | DKK | 3080000 | 03/02/23 | 359 |
|  | USD | 5653356 | EUR | 5190000 | 03/02/23 | 52 |
|  | USD | 2381317 | GBP | 1925000 | 03/02/23 | 6512 |
|  | USD | 569397 | HKD | 4440000 | 02/02/23 | 3084 |
|  | USD | 568050 | HKD | 4440000 | 03/02/23 | 869 |
|  | USD | 58637 | ILS | 200000 | 03/02/23 | 642 |
|  | USD | 107193 | NOK | 1050000 | 02/02/23 | 1990 |
|  | USD | 106263 | NOK | 1050000 | 03/02/23 | 924 |
|  | USD | 38849 | NZD | 60000 | 03/02/23 | 52 |
|  | USD | 590204 | SEK | 6150000 | 02/02/23 | 2040 |
|  | USD | 596546 | SEK | 6150000 | 03/02/23 | 7467 |
|  | USD | 198048 | SGD | 260000 | 03/02/23 | 23 |
|  **TOTAL** |  |  |  |  |  | $196165 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

------

**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** |
|  BNP Paribas SA | AUD | 6210000 | USD | 4408114 | 02/02/23 | $(24409) |
|  | DKK | 10110000 | USD | 1478866 | 02/02/23 | (1168) |
|  | GBP | 6730000 | USD | 8320171 | 02/02/23 | (22738) |
|  | HKD | 10980000 | USD | 1402738 | 02/02/23 | (2262) |
|  | ILS | 960000 | USD | 281200 | 02/02/23 | (3062) |
|  | NOK | 4000000 | USD | 404340 | 02/02/23 | (3565) |
|  | NZD | 150000 | USD | 97086 | 02/02/23 | (123) |
|  | SEK | 19350000 | USD | 1874014 | 02/02/23 | (23452) |
|  | SGD | 960000 | USD | 730829 | 02/02/23 | (97) |
|  | USD | 4191657 | AUD | 6210000 | 02/02/23 | (192048) |
|  | USD | 5523111 | CHF | 5110000 | 02/02/23 | (59741) |
|  | USD | 5568067 | CHF | 5110000 | 03/02/23 | (31746) |
|  | USD | 1451254 | DKK | 10110000 | 02/02/23 | (26444) |
|  | USD | 17397300 | EUR | 16300000 | 02/02/23 | (325816) |
|  | USD | 8097060 | GBP | 6730000 | 02/02/23 | (200373) |
|  | USD | 273127 | ILS | 960000 | 02/02/23 | (5011) |
|  | USD | 11967995 | JPY | 1594000000 | 02/02/23 | (281323) |
|  | USD | 12280029 | JPY | 1594000000 | 03/02/23 | (16236) |
|  | USD | 95008 | NZD | 150000 | 02/02/23 | (1954) |
|  | USD | 713228 | SGD | 960000 | 02/02/23 | (17503) |
|  JPMorgan Securities, Inc. | AUD | 1780000 | USD | 1263518 | 02/02/23 | (6997) |
|  | DKK | 3080000 | USD | 450535 | 02/02/23 | (356) |
|  | GBP | 1925000 | USD | 2379841 | 02/02/23 | (6504) |
|  | HKD | 4440000 | USD | 567227 | 02/02/23 | (915) |
|  | ILS | 200000 | USD | 58583 | 02/02/23 | (638) |
|  | NOK | 1050000 | USD | 106139 | 02/02/23 | (936) |
|  | NZD | 60000 | USD | 38834 | 02/02/23 | (49) |
|  | SEK | 6150000 | USD | 595617 | 02/02/23 | (7454) |
|  | SGD | 260000 | USD | 197933 | 02/02/23 | (26) |
|  | USD | 1201473 | AUD | 1780000 | 02/02/23 | (55048) |
|  | USD | 1826626 | CHF | 1690000 | 02/02/23 | (19758) |
|  | USD | 1841494 | CHF | 1690000 | 03/02/23 | (10499) |
|  | USD | 442123 | DKK | 3080000 | 02/02/23 | (8056) |
|  | USD | 5539386 | EUR | 5190000 | 02/02/23 | (103741) |
|  | USD | 2316024 | GBP | 1925000 | 02/02/23 | (57313) |
|  | USD | 56901 | ILS | 200000 | 02/02/23 | (1044) |
|  | USD | 3573881 | JPY | 476000000 | 02/02/23 | (84008) |
|  | USD | 3667060 | JPY | 476000000 | 03/02/23 | (4848) |
|  | USD | 38003 | NZD | 60000 | 02/02/23 | (782) |
|  | USD | 193166 | SGD | 260000 | 02/02/23 | (4739) |
|  **TOTAL** |  |  |  |  |  | $(1612782) |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**FUTURES CONTRACTS** — At January 31, 2023, 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 | 115 | 03/17/23 | $23517500 | $529705 |
|  S&P Toronto Stock Exchange 60 Index | 79 | 03/16/23 | 14889797 | 520057 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $1049762 |

---

---

| | |
|:---|:---|
| **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 |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange Traded Fund |
| GDR | — Global Depository Receipt |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Sovereign Debt Obligations – 31.9%** | **Sovereign Debt Obligations – 31.9%** | **Sovereign Debt Obligations – 31.9%** | **Sovereign Debt Obligations – 31.9%** | **Sovereign Debt Obligations – 31.9%** |
|  **Brazil Real – 2.5%** | **Brazil Real – 2.5%** | **Brazil Real – 2.5%** | **Brazil Real – 2.5%** | **Brazil Real – 2.5%** |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  BRL | 9595000 | 0.000 %<sup>(a)</sup> | 01/01/24 | $1685547 |
|  | 8745413 | 6.000 | 08/15/50 | 1627100 |
|  Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional | Brazil Notas do Tesouro Nacional |
|  | 17128000 | 10.000 | 01/01/29 | 2981871 |
|  | 81238000 | 10.000 | 01/01/25 | 15283736 |
|  | 46364000 | 10.000 | 01/01/27 | 8390762 |
|  |  |  |  | 29969016 |
|  **Chilean Peso – 0.4%** | **Chilean Peso – 0.4%** | **Chilean Peso – 0.4%** | **Chilean Peso – 0.4%** | **Chilean Peso – 0.4%** |
|  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 | Bonos de la Tesoreria de la Republica en Pesos |
|  CLP | 240000000 | 2.500 | 03/01/25 | 277898 |
|  | 560000000 | 5.000 <sup>(b)</sup> | 10/01/28 | 685773 |
|  | 1860000000 | 4.700 <sup>(b)</sup> | 09/01/30 | 2219085 |
|  | 550000000 | 5.000 | 03/01/35 | 663655 |
|  | 1230000000 | 4.500 | 03/01/26 | 1479034 |
|  | 70575000 | 2.000 | 03/01/35 | 89014 |
|  |  |  |  | 5414459 |
|  **Chinese Yuan Renminbi – 2.0%** | **Chinese Yuan Renminbi – 2.0%** | **Chinese Yuan Renminbi – 2.0%** | **Chinese Yuan Renminbi – 2.0%** | **Chinese Yuan Renminbi – 2.0%** |
|  Agricultural Development Bank of China | Agricultural Development Bank of China | Agricultural Development Bank of China | Agricultural Development Bank of China | Agricultural Development Bank of China |
|  CNY | 12610000 | 2.250 | 04/22/25 | 1848650 |
|  China Government Bond | China Government Bond | China Government Bond | China Government Bond | China Government Bond |
|  | 16210000 | 3.220 | 12/06/25 | 2452677 |
|  | 17170000 | 2.850 | 06/04/27 | 2557169 |
|  | 37780000 | 3.280 | 12/03/27 | 5763507 |
|  | 32070000 | 2.750 | 06/15/29 | 4722888 |
|  | 49260000 | 3.270 | 11/19/30 | 7558998 |
|  |  |  |  | 24903889 |
|  **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** |
|  Republic of Colombia | Republic of Colombia | Republic of Colombia | Republic of Colombia | Republic of Colombia |
|  COP | 28489600000 | 5.750 | 11/03/27 | 4765138 |
|  | 19820400000 | 7.000 | 06/30/32 | 3029274 |
|  | 12205100000 | 7.500 | 08/26/26 | 2284035 |
|  | 10522500000 | 6.000 | 04/28/28 | 1743789 |
|  | 15105200000 | 7.750 | 09/18/30 | 2540139 |
|  |  |  |  | 14362375 |
|  **Czech Republic Koruna – 1.1%** | **Czech Republic Koruna – 1.1%** | **Czech Republic Koruna – 1.1%** | **Czech Republic Koruna – 1.1%** | **Czech Republic Koruna – 1.1%** |
|  Czech Republic Government Bond | Czech Republic Government Bond | Czech Republic Government Bond | Czech Republic Government Bond | Czech Republic Government Bond |
|  CZK | 33190000 | 1.250 | 02/14/25 | 1393737 |
|  | 20360000 | 2.400 | 09/17/25 | 862972 |
|  | 38250000 | 1.000 | 06/26/26 | 1531219 |
|  | 34680000 | 0.950 | 05/15/30 | 1220819 |
|  | 119400000 | 1.750 | 06/23/32 | 4265267 |
|  | 83360000 | 2.000 | 10/13/33 | 2967194 |
|  | 17320000 | 3.500 | 05/30/35 | 707520 |
|  |  |  |  | 12948728 |
|  **Hungarian Forint – 1.1%** | **Hungarian Forint – 1.1%** | **Hungarian Forint – 1.1%** | **Hungarian Forint – 1.1%** | **Hungarian Forint – 1.1%** |
|  Hungary Government Bond | Hungary Government Bond | Hungary Government Bond | Hungary Government Bond | Hungary Government Bond |
|  HUF | 310030000 | 2.750 | 12/22/26 | 675566 |
|  | 712700000 | 4.750 | 11/24/32 | 1549196 |
|  | 94750000 | 3.000 | 10/27/38 | 152080 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** | **Sovereign Debt Obligations – (continued)** |
|  **Hungarian Forint – (continued)** | **Hungarian Forint – (continued)** | **Hungarian Forint – (continued)** | **Hungarian Forint – (continued)** | **Hungarian Forint – (continued)** |
|  Hungary Government Bond – (continued) | Hungary Government Bond – (continued) | Hungary Government Bond – (continued) | Hungary Government Bond – (continued) | Hungary Government Bond – (continued) |
|  HUF | 188730000 | 1.000% | 11/26/25 | $409872 |
|  | 2336180000 | 3.000 | 06/26/24 | 5750172 |
|  | 263510000 | 3.000 | 10/27/27 | 566337 |
|  | 861020000 | 3.250 | 10/22/31 | 1694772 |
|  | 1018350000 | 2.500 | 10/24/24 | 2418681 |
|  |  |  |  | 13216676 |
|  **Indonesia Rupiah – 2.4%** | **Indonesia Rupiah – 2.4%** | **Indonesia Rupiah – 2.4%** | **Indonesia Rupiah – 2.4%** | **Indonesia Rupiah – 2.4%** |
|  Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond | Indonesia Treasury Bond |
|  IDR | 40311000000 | 8.375 | 09/15/26 | 2863990 |
|  | 69335000000 | 7.000 | 09/15/30 | 4713300 |
|  | 41055000000 | 6.375 | 04/15/32 | 2678024 |
|  | 57464000000 | 7.500 | 08/15/32 | 4022595 |
|  | 6810000000 | 7.500 | 06/15/35 | 477278 |
|  | 120277000000 | 6.125 | 05/15/28 | 7903458 |
|  | 61685000000 | 9.000 | 03/15/29 | 4616252 |
|  | 31413000000 | 8.375 | 03/15/34 | 2329602 |
|  |  |  |  | 29604499 |
|  **Malaysia Ringgit – 2.5%** | **Malaysia Ringgit – 2.5%** | **Malaysia Ringgit – 2.5%** | **Malaysia Ringgit – 2.5%** | **Malaysia Ringgit – 2.5%** |
|  Malaysia Government Bond | Malaysia Government Bond | Malaysia Government Bond | Malaysia Government Bond | Malaysia Government Bond |
|  MYR | 21800000 | 3.885 | 08/15/29 | 5139347 |
|  | 2403000 | 2.632 | 04/15/31 | 515954 |
|  | 22605000 | 3.582 | 07/15/32 | 5197812 |
|  | 5422000 | 4.762 | 04/07/37 | 1355732 |
|  | 5250000 | 3.757 | 05/22/40 | 1164668 |
|  | 6300000 | 4.181 | 07/15/24 | 1496345 |
|  | 12182000 | 3.955 | 09/15/25 | 2889182 |
|  | 10550000 | 3.900 | 11/30/26 | 2504943 |
|  | 18732000 | 3.899 | 11/16/27 | 4449923 |
|  | 15830000 | 3.733 | 06/15/28 | 3719526 |
|  Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue | Malaysia Government Investment Issue |
|  | 6994000 | 3.465 | 10/15/30 | 1593040 |
|  |  |  |  | 30026472 |
|  **Mexican Peso – 2.8%** | **Mexican Peso – 2.8%** | **Mexican Peso – 2.8%** | **Mexican Peso – 2.8%** | **Mexican Peso – 2.8%** |
|  Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos | Mexican Bonos |
|  MXN | 129488600 | 5.000 | 03/06/25 | 6238290 |
|  United Mexican States | United Mexican States | United Mexican States | United Mexican States | United Mexican States |
|  | 92463400 | 10.000 | 12/05/24 | 4913369 |
|  | 102616500 | 5.750 | 03/05/26 | 4940297 |
|  | 132879500 | 8.500 | 05/31/29 | 6980522 |
|  | 109617300 | 7.750 | 05/29/31 | 5492900 |
|  | 20609500 | 10.000 | 11/20/36 | 1209734 |
|  | 95917100 | 8.500 | 11/18/38 | 4971932 |
|  |  |  |  | 34747044 |
|  **Peru Nuevo Sol – 0.3%** | **Peru Nuevo Sol – 0.3%** | **Peru Nuevo Sol – 0.3%** | **Peru Nuevo Sol – 0.3%** | **Peru Nuevo Sol – 0.3%** |
|  Republic of Peru | Republic of Peru | Republic of Peru | Republic of Peru | Republic of Peru |
|  PEN | 3110000 | 6.350 | 08/12/28 | 758189 |
|  | 1730000 | 5.940 | 02/12/29 | 408772 |
|  | 4216000 | 6.950 | 08/12/31 | 1027658 |
|  | 8108000 | 6.150 | 08/12/32 | 1842734 |
|  |  |  |  | 4037353 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **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)** | **Sovereign Debt Obligations – (continued)** |
|  **Polish Zloty – 1.3%** | **Polish Zloty – 1.3%** | **Polish Zloty – 1.3%** | **Polish Zloty – 1.3%** | **Polish Zloty – 1.3%** |
|  Republic of Poland | Republic of Poland | Republic of Poland | Republic of Poland | Republic of Poland |
|  PLN | 14382000 | 0.750% | 04/25/25 | $2967439 |
|  | 6754000 | 1.750 | 04/25/32 | 1102949 |
|  | 7866000 | 2.750 | 10/25/29 | 1504304 |
|  | 23173000 | 2.500 | 07/25/26 | 4765131 |
|  | 7081000 | 2.500 | 07/25/27 | 1420238 |
|  | 12364000 | 1.250 | 10/25/30 | 2047452 |
|  Republic of Poland Government Bond | Republic of Poland Government Bond | Republic of Poland Government Bond | Republic of Poland Government Bond | Republic of Poland Government Bond |
|  | 11725000 | 2.250 | 10/25/24 | 2541188 |
|  |  |  |  | 16348701 |
|  **Romania New Leu – 0.9%** | **Romania New Leu – 0.9%** | **Romania New Leu – 0.9%** | **Romania New Leu – 0.9%** | **Romania New Leu – 0.9%** |
|  Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
|  RON | 3840000 | 5.850 | 04/26/23 | 846578 |
|  | 6510000 | 4.250 | 06/28/23 | 1423171 |
|  | 8305000 | 3.250 | 04/29/24 | 1755941 |
|  | 4460000 | 4.750 | 02/24/25 | 942852 |
|  | 13700000 | 3.250 | 06/24/26 | 2660678 |
|  | 4955000 | 4.150 | 01/26/28 | 947619 |
|  Romania Government Bond | Romania Government Bond | Romania Government Bond | Romania Government Bond | Romania Government Bond |
|  | 12165000 | 6.700 | 02/25/32 | 2561029 |
|  |  |  |  | 11137868 |
|  **South African Rand – 2.3%** | **South African Rand – 2.3%** | **South African Rand – 2.3%** | **South African Rand – 2.3%** | **South African Rand – 2.3%** |
|  Republic of South Africa | Republic of South Africa | Republic of South Africa | Republic of South Africa | Republic of South Africa |
|  ZAR | 26000000 | 10.500 | 12/21/26 | 1609238 |
|  | 92249615 | 8.000 | 01/31/30 | 4854961 |
|  | 105494578 | 7.000 | 02/28/31 | 5038294 |
|  | 45411348 | 8.250 | 03/31/32 | 2293443 |
|  | 89582879 | 8.875 | 02/28/35 | 4442639 |
|  | 119947624 | 6.250 | 03/31/36 | 4646751 |
|  | 124037587 | 8.500 | 01/31/37 | 5781189 |
|  |  |  |  | 28666515 |
|  **Thailand Baht – 1.9%** | **Thailand Baht – 1.9%** | **Thailand Baht – 1.9%** | **Thailand Baht – 1.9%** | **Thailand Baht – 1.9%** |
|  Thailand Government Bond | Thailand Government Bond | Thailand Government Bond | Thailand Government Bond | Thailand Government Bond |
|  THB | 23061000 | 0.750 | 06/17/24 | 689874 |
|  | 196389000 | 2.875 | 12/17/28 | 6178058 |
|  | 87913000 | 1.600 | 12/17/29 | 2550036 |
|  | 215565000 | 2.000 | 12/17/31 | 6299693 |
|  | 33574000 | 3.350 | 06/17/33 | 1090507 |
|  | 39964000 | 1.585 | 12/17/35 | 1058952 |
|  | 45283000 | 3.300 | 06/17/38 | 1424954 |
|  | 90131000 | 2.125 | 12/17/26 | 2748333 |
|  | 16409000 | 3.775 | 06/25/32 | 549442 |
|  |  |  |  | 22589849 |
|  **United States Dollar – 9.2%** | **United States Dollar – 9.2%** | **United States Dollar – 9.2%** | **United States Dollar – 9.2%** | **United States Dollar – 9.2%** |
|  Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond |
|  $ | 400000 | 1.700 | 03/02/31 | 333450 |
|  | 608000 | 1.625 | 06/02/28 | 540474 |
|  | 530000 | 3.125 | 09/30/49 | 399487 |
|  | 454000 | 3.000 <sup>(b)</sup> | 09/15/51 | 332498 |
|  Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
|  | 549000 | 4.250 | 01/25/28 | 511188 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| China Government Bond | China Government Bond | China Government Bond | China Government Bond |
| 1387000 | 3.250% | 10/19/23 | $1374767 |
| 1427000 | 0.400 | 10/21/23 | 1386002 |
| 888000 | 0.550 | 10/21/25 | 802246 |
| Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond | Dominican Republic International Bond |
| 939000 | 4.500 | 01/30/30 | 816226 |
| 920000 | 7.050 <sup>(b)(c)</sup> | 02/03/31 | 920000 |
| 2379000 | 6.000 <sup>(c)</sup> | 02/22/33 | 2200575 |
| 432000 | 5.300 | 01/21/41 | 345951 |
| Ethiopia International Bond | Ethiopia International Bond | Ethiopia International Bond | Ethiopia International Bond |
| 200000 | 6.625 | 12/11/24 | 133538 |
| Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India |
| 1032000 | 2.250 | 01/13/31 | 836426 |
| Georgia Government International Bond | Georgia Government International Bond | Georgia Government International Bond | Georgia Government International Bond |
| 329000 | 2.750 | 04/22/26 | 301405 |
| Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
| 2031000 | 7.250 <sup>(b)</sup> | 02/24/27 | 1967912 |
| Honduras Government International Bond | Honduras Government International Bond | Honduras Government International Bond | Honduras Government International Bond |
| 409000 | 5.625 <sup>(c)</sup> | 06/24/30 | 333156 |
| Hong Kong Government International Bond<sup>(b)</sup>  | Hong Kong Government International Bond<sup>(b)</sup>  | Hong Kong Government International Bond<sup>(b)</sup>  | Hong Kong Government International Bond<sup>(b)</sup>  |
| 630000 | 4.375 | 01/11/26 | 634215 |
| 844000 | 4.500 | 01/11/28 | 865885 |
| Hungary Government Bond | Hungary Government Bond | Hungary Government Bond | Hungary Government Bond |
| 1139000 | 2.125 | 09/22/31 | 888420 |
| 2313000 | 3.125 | 09/21/51 | 1462972 |
| Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| 200000 | 6.125 <sup>(b)</sup> | 05/22/28 | 207100 |
| Jordan Government International Bond | Jordan Government International Bond | Jordan Government International Bond | Jordan Government International Bond |
| 420000 | 7.750 <sup>(b)</sup> | 01/15/28 | 432600 |
| 200000 | 5.850 | 07/07/30 | 183500 |
| Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |
| 591000 | 7.375 | 10/10/47 | 531826 |
| Kingdom of Bahrain | Kingdom of Bahrain | Kingdom of Bahrain | Kingdom of Bahrain |
| 3273000 | 5.450 | 09/16/32 | 2962065 |
| Kuwait International Government Bond | Kuwait International Government Bond | Kuwait International Government Bond | Kuwait International Government Bond |
| 424000 | 3.500 | 03/20/27 | 417057 |
| Malaysia Wakala Sukuk Bhd | Malaysia Wakala Sukuk Bhd | Malaysia Wakala Sukuk Bhd | Malaysia Wakala Sukuk Bhd |
| 1054000 | 2.070 | 04/28/31 | 917178 |
| Mongolia Government International Bond | Mongolia Government International Bond | Mongolia Government International Bond | Mongolia Government International Bond |
| 743000 | 3.500 | 07/07/27 | 644634 |
| Morocco Government International Bond | Morocco Government International Bond | Morocco Government International Bond | Morocco Government International Bond |
| 482000 | 4.000 | 12/15/50 | 328965 |
| Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond | Nigeria Government International Bond |
| 1830000 | 8.375 | 03/24/29 | 1523475 |
| Oman Government International Bond | Oman Government International Bond | Oman Government International Bond | Oman Government International Bond |
| 601000 | 7.000 | 01/25/51 | 607761 |
| Republic of Angola | Republic of Angola | Republic of Angola | Republic of Angola |
| 460000 | 9.500 | 11/12/25 | 480125 |
| 227000 | 8.000 | 11/26/29 | 210543 |
| 603000 | 8.750 <sup>(b)</sup> | 04/14/32 | 557775 |
| Republic of Angolan | Republic of Angolan | Republic of Angolan | Republic of Angolan |
| 935000 | 8.750 | 04/14/32 | 864875 |
| Republic of Argentina<sup>(c)(d)</sup>  | Republic of Argentina<sup>(c)(d)</sup>  | Republic of Argentina<sup>(c)(d)</sup>  | Republic of Argentina<sup>(c)(d)</sup>  |
| 1785000 | 1.500 | 07/09/35 | 549780 |
| 3438411 | 3.500 | 07/09/41 | 1167341 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Republic of Armenia International Bond | Republic of Armenia International Bond | Republic of Armenia International Bond | Republic of Armenia International Bond |
| 431000 | 3.600% | 02/02/31 | $336530 |
| Republic of Azerbaijan | Republic of Azerbaijan | Republic of Azerbaijan | Republic of Azerbaijan |
| 391000 | 5.125 | 09/01/29 | 375311 |
| 835000 | 5.125 | 09/01/29 | 801496 |
| Republic of Brazil | Republic of Brazil | Republic of Brazil | Republic of Brazil |
| 2057000 | 2.875 | 06/06/25 | 1955178 |
| 1310000 | 4.750 <sup>(c)</sup> | 01/14/50 | 961049 |
| Republic of Chile<sup>(c)</sup>  | Republic of Chile<sup>(c)</sup>  | Republic of Chile<sup>(c)</sup>  | Republic of Chile<sup>(c)</sup>  |
| 867000 | 2.750 | 01/31/27 | 810808 |
| 3592000 | 2.550 | 07/27/33 | 2922541 |
| 453000 | 3.100 | 05/07/41 | 341958 |
| Republic of Colombia<sup>(c)</sup>  | Republic of Colombia<sup>(c)</sup>  | Republic of Colombia<sup>(c)</sup>  | Republic of Colombia<sup>(c)</sup>  |
| 3452000 | 8.000 | 04/20/33 | 3543262 |
| 1425000 | 7.500 | 02/02/34 | 1410037 |
| Republic of Costa Rica | Republic of Costa Rica | Republic of Costa Rica | Republic of Costa Rica |
| 656000 | 6.125 | 02/19/31 | 642183 |
| 568000 | 7.000 | 04/04/44 | 549469 |
| Republic of Ecuador<sup>(d)</sup>  | Republic of Ecuador<sup>(d)</sup>  | Republic of Ecuador<sup>(d)</sup>  | Republic of Ecuador<sup>(d)</sup>  |
| 449575 | 5.500 | 07/31/30 | 298349 |
| 3282380 | 2.500 | 07/31/35 | 1593595 |
| Republic of Egypt | Republic of Egypt | Republic of Egypt | Republic of Egypt |
| 400000 | 7.500 | 01/31/27 | 360000 |
| 1071000 | 7.300 | 09/30/33 | 781830 |
| 2306000 | 7.625 | 05/29/32 | 1753713 |
| 710000 | 7.903 | 02/21/48 | 472150 |
| Republic of El Salvador | Republic of El Salvador | Republic of El Salvador | Republic of El Salvador |
| 1025000 | 9.500 <sup>(c)</sup> | 07/15/52 | 534153 |
| Republic of Gabon | Republic of Gabon | Republic of Gabon | Republic of Gabon |
| 635000 | 7.000 <sup>(b)(c)</sup> | 11/24/31 | 534987 |
| Republic of Ghana | Republic of Ghana | Republic of Ghana | Republic of Ghana |
| 223000 | 10.750 | 10/14/30 | 155543 |
| 959000 | 7.625 | 05/16/29 | 354830 |
| 1867000 | 8.625 | 04/07/34 | 686122 |
| 995000 | 7.875 | 02/11/35 | 365662 |
| Republic of Guatemala<sup>(c)</sup>  | Republic of Guatemala<sup>(c)</sup>  | Republic of Guatemala<sup>(c)</sup>  | Republic of Guatemala<sup>(c)</sup>  |
| 821000 | 5.250 | 08/10/29 | 796011 |
| 397000 | 4.900 | 06/01/30 | 378217 |
| Republic of Indonesia | Republic of Indonesia | Republic of Indonesia | Republic of Indonesia |
| 299000 | 4.150 <sup>(c)</sup> | 09/20/27 | 294922 |
| 842000 | 3.500 | 01/11/28 | 804268 |
| 1474000 | 4.550 <sup>(c)</sup> | 01/11/28 | 1472320 |
| 1609000 | 2.850 | 02/14/30 | 1458156 |
| 1843000 | 2.150 <sup>(c)</sup> | 07/28/31 | 1546019 |
| 586000 | 4.625 | 04/15/43 | 553102 |
| 299000 | 3.050 | 03/12/51 | 223535 |
| 377000 | 5.650 <sup>(c)</sup> | 01/11/53 | 394949 |
| Republic of Kazakhstan | Republic of Kazakhstan | Republic of Kazakhstan | Republic of Kazakhstan |
| 1637000 | 4.875 | 10/14/44 | 1485577 |
| Republic of Kenya | Republic of Kenya | Republic of Kenya | Republic of Kenya |
| 1504000 | 7.000 | 05/22/27 | 1353600 |
| Republic of Lebanon<sup>(e)</sup>  | Republic of Lebanon<sup>(e)</sup>  | Republic of Lebanon<sup>(e)</sup>  | Republic of Lebanon<sup>(e)</sup>  |
| 464000 | 7.000 | 03/20/28 | 29522 |
| 1259000 | 6.650 | 11/03/28 | 78688 |
| 4703000 | 6.100 | 10/04/22 | 293938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Republic of Morocco | Republic of Morocco | Republic of Morocco | Republic of Morocco |
| 403000 | 3.000% | 12/15/32 | $321896 |
| Republic of Mozambique | Republic of Mozambique | Republic of Mozambique | Republic of Mozambique |
| 269000 | 5.000 <sup>(d)</sup> | 09/15/31 | 213990 |
| Republic of Nigeria | Republic of Nigeria | Republic of Nigeria | Republic of Nigeria |
| 1812000 | 7.375 | 09/28/33 | 1293315 |
| Republic of Oman | Republic of Oman | Republic of Oman | Republic of Oman |
| 2573000 | 6.750 | 10/28/27 | 2721430 |
| 774000 | 6.250 | 01/25/31 | 800026 |
| Republic of Pakistan | Republic of Pakistan | Republic of Pakistan | Republic of Pakistan |
| 1598000 | 7.375 | 04/08/31 | 655356 |
| 362000 | 8.875 | 04/08/51 | 143030 |
| Republic of Panama <sup>(c)</sup> | Republic of Panama <sup>(c)</sup> | Republic of Panama <sup>(c)</sup> | Republic of Panama <sup>(c)</sup> |
| 914000 | 3.750 | 03/16/25 | 886751 |
| 1813000 | 6.400 | 02/14/35 | 1912488 |
| 803000 | 3.870 | 07/23/60 | 535400 |
| 1152000 | 4.500 | 01/19/63 | 856296 |
| Republic of Paraguay | Republic of Paraguay | Republic of Paraguay | Republic of Paraguay |
| 598000 | 2.739 <sup>(c)</sup> | 01/29/33 | 480568 |
| Republic of Peru<sup>(c)</sup> | Republic of Peru<sup>(c)</sup> | Republic of Peru<sup>(c)</sup> | Republic of Peru<sup>(c)</sup> |
| 2647000 | 2.783 | 01/23/31 | 2235557 |
| 1368000 | 3.230 <sup>(e)(f)</sup> | 07/28/21 | 821484 |
| Republic of Philippines | Republic of Philippines | Republic of Philippines | Republic of Philippines |
| 477000 | 5.170 | 10/13/27 | 491362 |
| 882000 | 1.648 | 06/10/31 | 703492 |
| 3246000 | 1.950 | 01/06/32 | 2637732 |
| 751000 | 5.000 | 07/17/33 | 766103 |
| 381000 | 5.500 | 01/17/48 | 396282 |
| Republic of Poland<sup>(c)</sup> | Republic of Poland<sup>(c)</sup> | Republic of Poland<sup>(c)</sup> | Republic of Poland<sup>(c)</sup> |
| 739000 | 5.500 | 11/16/27 | 762803 |
| 664000 | 5.750 | 11/16/32 | 713793 |
| Republic of Qatar | Republic of Qatar | Republic of Qatar | Republic of Qatar |
| 1909000 | 3.750 | 04/16/30 | 1869388 |
| 1357000 | 4.400 | 04/16/50 | 1278972 |
| Republic of Romania | Republic of Romania | Republic of Romania | Republic of Romania |
| 1234000 | 4.000 | 02/14/51 | 879225 |
| Republic of Senegal | Republic of Senegal | Republic of Senegal | Republic of Senegal |
| 592000 | 6.750 | 03/13/48 | 442520 |
| Republic of Serbia<sup>(b)</sup> | Republic of Serbia<sup>(b)</sup> | Republic of Serbia<sup>(b)</sup> | Republic of Serbia<sup>(b)</sup> |
| 289000 | 6.250 | 05/26/28 | 294058 |
| 351000 | 6.500 | 09/26/33 | 353633 |
| Republic of South Africa | Republic of South Africa | Republic of South Africa | Republic of South Africa |
| 1873000 | 5.875 | 04/20/32 | 1734866 |
| 1697000 | 5.750 | 09/30/49 | 1289720 |
| Republic of Sri Lanka<sup>(e)</sup> | Republic of Sri Lanka<sup>(e)</sup> | Republic of Sri Lanka<sup>(e)</sup> | Republic of Sri Lanka<sup>(e)</sup> |
| 339000 | 5.750 | 04/18/23 | 115430 |
| 2236000 | 6.750 | 04/18/28 | 743716 |
| Republic of Turkey | Republic of Turkey | Republic of Turkey | Republic of Turkey |
| 2155000 | 5.950 | 01/15/31 | 1772487 |
| 1338000 | 4.875 | 04/16/43 | 844612 |
| Republic of Uruguay | Republic of Uruguay | Republic of Uruguay | Republic of Uruguay |
| 2162531 | 5.750 <sup>(c)</sup> | 10/28/34 | 2397166 |
| 983562 | 4.975 | 04/20/55 | 973235 |
| Republic of Uzbekistan | Republic of Uzbekistan | Republic of Uzbekistan | Republic of Uzbekistan |
| 420000 | 3.900 | 10/19/31 | 342904 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Republic of Venezuela<sup>(e)</sup>  | Republic of Venezuela<sup>(e)</sup>  | Republic of Venezuela<sup>(e)</sup>  | Republic of Venezuela<sup>(e)</sup>  |
| 110000 | 7.750% | 10/13/19 | $8800 |
| 85000 | 6.000 | 12/09/20 | 6800 |
| 203000 | 9.000 | 05/07/23 | 16240 |
| 175000 | 8.250 | 10/13/24 | 14000 |
| 165000 | 9.250 | 09/15/27 | 13200 |
| 145000 | 9.250 | 05/07/28 | 11600 |
| 152000 | 9.375 | 01/13/34 | 12160 |
| 140000 | 12.750 | 08/23/22 | 11200 |
| 199000 | 7.650 | 04/21/25 | 15920 |
| 205000 | 11.750 | 10/21/26 | 16400 |
| 205000 | 11.950 | 08/05/31 | 16400 |
| 190000 | 7.000 | 03/31/38 | 15200 |
| Republic of Zambia | Republic of Zambia | Republic of Zambia | Republic of Zambia |
| 884000 | 5.375 <sup>(e)</sup> | 09/20/22 | 401281 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 634000 | 5.250 <sup>(b)</sup> | 11/25/27 | 623697 |
| 124000 | 5.250 | 11/25/27 | 121985 |
| 1250000 | 7.125 <sup>(b)</sup> | 01/17/33 | 1325000 |
| 186000 | 7.625 <sup>(b)</sup> | 01/17/53 | 201984 |
| Russian Federation Bond | Russian Federation Bond | Russian Federation Bond | Russian Federation Bond |
| 2400000 | 4.375 <sup>(e)(g)</sup> | 03/21/29 | 276000 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| 1097000 | 4.750 <sup>(b)</sup> | 01/18/28 | 1109615 |
| 2525000 | 4.375 | 04/16/29 | 2525000 |
| 512000 | 3.250 <sup>(b)</sup> | 11/17/51 | 374336 |
| 300000 | 3.250 | 11/17/51 | 219338 |
| 790000 | 5.000 <sup>(b)</sup> | 01/18/53 | 752475 |
| State Agency of Roads of Ukraine | State Agency of Roads of Ukraine | State Agency of Roads of Ukraine | State Agency of Roads of Ukraine |
| 901000 | 6.250 <sup>(h)</sup> | 06/24/30 | 160660 |
| State of Israel | State of Israel | State of Israel | State of Israel |
| 788000 | 4.500 | 01/17/33 | 790955 |
| 493000 | 4.500 <sup>(i)</sup> | 04/03/20 | 422131 |
| Tunisian Republic | Tunisian Republic | Tunisian Republic | Tunisian Republic |
| 200000 | 5.750 | 01/30/25 | 129850 |
| Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS | Turkiye Ihracat Kredi Bankasi AS |
| 357000 | 9.375 <sup>(b)</sup> | 01/31/26 | 357000 |
| 425000 | 5.750 | 07/06/26 | 381916 |
| Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond | Ukraine Government Bond |
| 494000 | 9.750 | 11/01/30 | 107229 |
| 3339000 | 6.876 | 05/21/31 | 656113 |
| 245000 | 7.375 | 09/25/34 | 48388 |
| 250000 | 7.253 | 03/15/35 | 48719 |
| 390000 | 7.750 | 09/01/24 | 95379 |
| United Mexican States<sup>(c)</sup>  | United Mexican States<sup>(c)</sup>  | United Mexican States<sup>(c)</sup>  | United Mexican States<sup>(c)</sup>  |
| 704000 | 6.350 | 02/09/35 | 747296 |
| 337000 | 5.400 | 02/09/28 | 346605 |
| 1036000 | 2.659 | 05/24/31 | 868686 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC | Uzbekneftegaz JSC |
| 222000 | 4.750 %<sup>(b)(c)</sup> | 11/16/28 | $185925 |
|  |  |  | 112793542 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $404,254,055)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $404,254,055)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $404,254,055)** | $390766986 |
| **Corporate Obligations – 31.1%** | **Corporate Obligations – 31.1%** | **Corporate Obligations – 31.1%** | **Corporate Obligations – 31.1%** |
| **Advertising<sup>(c)</sup> – 0.3%** | **Advertising<sup>(c)</sup> – 0.3%** | **Advertising<sup>(c)</sup> – 0.3%** | **Advertising<sup>(c)</sup> – 0.3%** |
| CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
| 3074000 | 8.875 %<sup>(b)</sup> | 12/15/27 | $2403345 |
| Summer BC Holdco B S.a.r.l. | Summer BC Holdco B S.a.r.l. | Summer BC Holdco B S.a.r.l. | Summer BC Holdco B S.a.r.l. |
| 543000 | 5.750 | 10/31/26 | 531096 |
| 500000 | 5.750 <sup>(b)</sup> | 10/31/26 | 489038 |
|  |  |  | 3423479 |
| **Aerospace & Defense<sup>(c)</sup> – 0.4%** | **Aerospace & Defense<sup>(c)</sup> – 0.4%** | **Aerospace & Defense<sup>(c)</sup> – 0.4%** | **Aerospace & Defense<sup>(c)</sup> – 0.4%** |
| Bombardier, Inc.<sup>(b)</sup>  | Bombardier, Inc.<sup>(b)</sup>  | Bombardier, Inc.<sup>(b)</sup>  | Bombardier, Inc.<sup>(b)</sup>  |
| 560000 | 7.875 | 04/15/27 | 559994 |
| 816000 | 6.000 | 02/15/28 | 774661 |
| 500000 | 7.500 | 02/01/29 | 499995 |
| Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. | Raytheon Technologies Corp. |
| 650000 | 2.820 | 09/01/51 | 458744 |
| 390000 | 3.030 | 03/15/52 | 287641 |
| TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  | TransDigm, Inc.<sup>(b)</sup>  |
| 10000 | 8.000 | 12/15/25 | 10206 |
| 2012000 | 6.250 | 03/15/26 | 2011256 |
|  |  |  | 4602497 |
| **Agriculture<sup>(b)(c)</sup> – 0.1%** | **Agriculture<sup>(b)(c)</sup> – 0.1%** | **Agriculture<sup>(b)(c)</sup> – 0.1%** | **Agriculture<sup>(b)(c)</sup> – 0.1%** |
| Vector Group Ltd. | Vector Group Ltd. | Vector Group Ltd. | Vector Group Ltd. |
| 1835000 | 5.750 | 02/01/29 | 1601625 |
| **Airlines – 0.5%** | **Airlines – 0.5%** | **Airlines – 0.5%** | **Airlines – 0.5%** |
| 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. |
| 458000 | 5.500 <sup>(b)</sup> | 04/20/26 | 449161 |
| Avianca Midco 2 Ltd. | Avianca Midco 2 Ltd. | Avianca Midco 2 Ltd. | Avianca Midco 2 Ltd. |
| 2243873 | 9.000 <sup>(b)(c)</sup> | 12/01/28 | 1811299 |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 71000 | 4.375 <sup>(c)</sup> | 04/19/28 | 66005 |
| Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. | Delta Air Lines, Inc./SkyMiles IP Ltd. |
| 181000 | 4.750 <sup>(b)</sup> | 10/20/28 | 175977 |
| Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. | Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. |
| 2009928 | 5.750 <sup>(b)(c)</sup> | 01/20/26 | 1921069 |
| United Airlines, Inc.<sup>(b)(c)</sup>  | United Airlines, Inc.<sup>(b)(c)</sup>  | United Airlines, Inc.<sup>(b)(c)</sup>  | United Airlines, Inc.<sup>(b)(c)</sup>  |
| 670000 | 4.375 | 04/15/26 | 636447 |
| 810000 | 4.625 | 04/15/29 | 739068 |
|  |  |  | 5799026 |
| **Apparel<sup>(b)(c)</sup> – 0.1%** | **Apparel<sup>(b)(c)</sup> – 0.1%** | **Apparel<sup>(b)(c)</sup> – 0.1%** | **Apparel<sup>(b)(c)</sup> – 0.1%** |
| CT Investment GmbH | CT Investment GmbH | CT Investment GmbH | CT Investment GmbH |
| 1145000 | 5.500 | 04/15/26 | 1114844 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Apparel<sup>(b)(c)</sup> – (continued)** | **Apparel<sup>(b)(c)</sup> – (continued)** | **Apparel<sup>(b)(c)</sup> – (continued)** | **Apparel<sup>(b)(c)</sup> – (continued)** |
| Hanesbrands Finance Luxembourg SCA | Hanesbrands Finance Luxembourg SCA | Hanesbrands Finance Luxembourg SCA | Hanesbrands Finance Luxembourg SCA |
| 300000 | 3.500% | 06/15/24 | $320656 |
| Hanesbrands, Inc. |  |  |  |
| 6000 | 4.625 | 05/15/24 | 5899 |
| Wolverine World Wide, Inc. | Wolverine World Wide, Inc. |  |  |
| 502000 | 4.000 | 08/15/29 | 403297 |
|  |  |  | 1844696 |
| **Automotive<sup>(c)</sup> – 1.0%** | **Automotive<sup>(c)</sup> – 1.0%** | **Automotive<sup>(c)</sup> – 1.0%** | **Automotive<sup>(c)</sup> – 1.0%** |
| Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
| 225000 | 4.375 | 05/15/26 | 233895 |
| 386000 | 6.250 <sup>(b)</sup> | 05/15/26 | 383734 |
| 394000 | 8.500 <sup>(b)</sup> | 05/15/27 | 392822 |
| Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. | Dana Financing Luxembourg S.a.r.l. |
| 200000 | 3.000 <sup>(b)</sup> | 07/15/29 | 176399 |
| Dana, Inc. | Dana, Inc. | Dana, Inc. | Dana, Inc. |
| 266000 | 5.625 | 06/15/28 | 251370 |
| Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC | Dealer Tire LLC/DT Issuer LLC |
| 748000 | 8.000 <sup>(b)</sup> | 02/01/28 | 692700 |
| Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
| 591000 | 6.100 | 08/19/32 | 579919 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 250000 | 4.063 | 11/01/24 | 242370 |
| 711000 | 4.125 | 08/17/27 | 655108 |
| 100000 | 3.815 | 11/02/27 | 90291 |
| 115000 | 2.900 | 02/16/28 | 99210 |
| 50000 | 2.900 | 02/10/29 | 41741 |
| 1710000 | 5.113 | 05/03/29 | 1620191 |
| 880000 | 7.350 | 03/06/30 | 924220 |
| 1390000 | 4.000 | 11/13/30 | 1213484 |
| Gestamp Automocion SA | Gestamp Automocion SA | Gestamp Automocion SA | Gestamp Automocion SA |
| 150000 | 3.250 <sup>(b)</sup> | 04/30/26 | 154175 |
| Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA |
| 450000 | 3.375 <sup>(b)</sup> | 04/30/26 | 403605 |
| IHO Verwaltungs GmbH<sup>(b)(j)</sup>  | IHO Verwaltungs GmbH<sup>(b)(j)</sup>  | IHO Verwaltungs GmbH<sup>(b)(j)</sup>  | IHO Verwaltungs GmbH<sup>(b)(j)</sup>  |
| 335000 | 6.000 | 05/15/27 | 310153 |
| 535000 | 6.375 | 05/15/29 | 467954 |
| Jaguar Land Rover Automotive PLC<sup>(b)</sup>  | Jaguar Land Rover Automotive PLC<sup>(b)</sup>  | Jaguar Land Rover Automotive PLC<sup>(b)</sup>  | Jaguar Land Rover Automotive PLC<sup>(b)</sup>  |
| 1100000 | 4.500 | 07/15/28 | 970564 |
| 729000 | 5.500 | 07/15/29 | 569021 |
| Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| 1390000 | 1.850 <sup>(b)</sup> | 09/16/26 | 1200362 |
| Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
| 636000 | 4.345 <sup>(b)</sup> | 09/17/27 | 598190 |
|  |  |  | 12271478 |
| **Banks – 1.6%** | **Banks – 1.6%** | **Banks – 1.6%** | **Banks – 1.6%** |
| Banca Monte dei Paschi di Siena SpA (5 year EUR Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA (5 year EUR Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA (5 year EUR Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA (5 year EUR Swap + 5.005%) |
| 1964000 | 7.677 <sup>(c)(k)</sup> | 01/18/28 | 1868524 |
| Banco de Sabadell SA (-1X 5 year EUR Swap + 6.198%) | Banco de Sabadell SA (-1X 5 year EUR Swap + 6.198%) | Banco de Sabadell SA (-1X 5 year EUR Swap + 6.198%) | Banco de Sabadell SA (-1X 5 year EUR Swap + 6.198%) |
| 800000 | 5.750 <sup>(c)(k)</sup> | 03/15/26 | 796159 |
| Barclays PLC<sup>(c)(k)</sup>  | Barclays PLC<sup>(c)(k)</sup>  | Barclays PLC<sup>(c)(k)</sup>  | Barclays PLC<sup>(c)(k)</sup>  |
| (5 year CMT + 5.431%) | (5 year CMT + 5.431%) | (5 year CMT + 5.431%) | (5 year CMT + 5.431%) |
| 521000 | 8.000 | 03/15/29 | 522527 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Barclays PLC<sup>(c)(k)</sup> – (continued) | Barclays PLC<sup>(c)(k)</sup> – (continued) | Barclays PLC<sup>(c)(k)</sup> – (continued) | Barclays PLC<sup>(c)(k)</sup> – (continued) |
| (5 year CMT + 5.867%) | (5 year CMT + 5.867%) | (5 year CMT + 5.867%) | (5 year CMT + 5.867%) |
| 265000 | 6.125% | 12/15/25 | $252521 |
| (5 year USD Swap + 4.842%) | (5 year USD Swap + 4.842%) | (5 year USD Swap + 4.842%) | (5 year USD Swap + 4.842%) |
| 245000 | 7.750 | 09/15/23 | 243133 |
| BNP Paribas SA (5 year CMT + 4.899%) | BNP Paribas SA (5 year CMT + 4.899%) | BNP Paribas SA (5 year CMT + 4.899%) | BNP Paribas SA (5 year CMT + 4.899%) |
| 839000 | 7.750 <sup>(b)(c)(k)</sup> | 08/16/29 | 861729 |
| CaixaBank SA (-1X 5 year EUR Swap + 3.857%) | CaixaBank SA (-1X 5 year EUR Swap + 3.857%) | CaixaBank SA (-1X 5 year EUR Swap + 3.857%) | CaixaBank SA (-1X 5 year EUR Swap + 3.857%) |
| 800000 | 3.625 <sup>(c)(k)</sup> | 09/14/28 | 644411 |
| Commerzbank AG (-1X 5 year EUR Swap + 6.363%) | Commerzbank AG (-1X 5 year EUR Swap + 6.363%) | Commerzbank AG (-1X 5 year EUR Swap + 6.363%) | Commerzbank AG (-1X 5 year EUR Swap + 6.363%) |
| 600000 | 6.125 <sup>(c)(k)</sup> | 10/09/25 | 625383 |
| Cooperatieve Rabobank UA (5 year EUR Swap + 3.717%) | Cooperatieve Rabobank UA (5 year EUR Swap + 3.717%) | Cooperatieve Rabobank UA (5 year EUR Swap + 3.717%) | Cooperatieve Rabobank UA (5 year EUR Swap + 3.717%) |
| 1000000 | 4.875 <sup>(c)(k)</sup> | 06/29/29 | 983849 |
| Credit Suisse Group AG<sup>(b)(c)(k)</sup>  | Credit Suisse Group AG<sup>(b)(c)(k)</sup>  | Credit Suisse Group AG<sup>(b)(c)(k)</sup>  | Credit Suisse Group AG<sup>(b)(c)(k)</sup>  |
| (5 year CMT + 6.383%) | (5 year CMT + 6.383%) | (5 year CMT + 6.383%) | (5 year CMT + 6.383%) |
| 750000 | 9.750 | 06/23/27 | 724230 |
| (SOFR + 3.700%) | (SOFR + 3.700%) | (SOFR + 3.700%) | (SOFR + 3.700%) |
| 1240000 | 6.442 | 08/11/28 | 1199712 |
| (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) | (SOFR + 5.020%) |
| 873000 | 9.016 | 11/15/33 | 981566 |
| Deutsche Bank AG (-1X 5 year EUR Swap + 4.747%) | Deutsche Bank AG (-1X 5 year EUR Swap + 4.747%) | Deutsche Bank AG (-1X 5 year EUR Swap + 4.747%) | Deutsche Bank AG (-1X 5 year EUR Swap + 4.747%) |
| 1600000 | 4.625 <sup>(c)(k)</sup> | 10/30/27 | 1403085 |
| Freedom Mortgage Corp.<sup>(b)(c)</sup>  | Freedom Mortgage Corp.<sup>(b)(c)</sup>  | Freedom Mortgage Corp.<sup>(b)(c)</sup>  | Freedom Mortgage Corp.<sup>(b)(c)</sup>  |
| 575000 | 8.125 | 11/15/24 | 555686 |
| 975000 | 8.250 | 04/15/25 | 929604 |
| 656750 | 6.625 | 01/15/27 | 546567 |
| Ibercaja Banco SA (-1X 5 year EUR Swap + 2.882%) | Ibercaja Banco SA (-1X 5 year EUR Swap + 2.882%) | Ibercaja Banco SA (-1X 5 year EUR Swap + 2.882%) | Ibercaja Banco SA (-1X 5 year EUR Swap + 2.882%) |
| 700000 | 2.750 <sup>(c)(k)</sup> | 07/23/30 | 693542 |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
| 625000 | 5.710 <sup>(b)</sup> | 01/15/26 | 613025 |
| (5 year EUR Swap + 7.192%) | (5 year EUR Swap + 7.192%) | (5 year EUR Swap + 7.192%) | (5 year EUR Swap + 7.192%) |
| 851000 | 7.750 <sup>(c)(k)</sup> | 01/11/27 | 915923 |
| Lloyds Banking Group PLC (5 year USD Swap + 4.496%) | Lloyds Banking Group PLC (5 year USD Swap + 4.496%) | Lloyds Banking Group PLC (5 year USD Swap + 4.496%) | Lloyds Banking Group PLC (5 year USD Swap + 4.496%) |
| 740000 | 7.500 <sup>(c)(k)</sup> | 09/27/25 | 732363 |
| Novo Banco SA/Luxembourg | Novo Banco SA/Luxembourg | Novo Banco SA/Luxembourg | Novo Banco SA/Luxembourg |
| 95000 | 3.500 | 01/02/43 | 81571 |
| 1015000 | 3.500 | 01/23/43 | 876035 |
| UniCredit SpA<sup>(c)(k)</sup>  | UniCredit SpA<sup>(c)(k)</sup>  | UniCredit SpA<sup>(c)(k)</sup>  | UniCredit SpA<sup>(c)(k)</sup>  |
| (-1X 5 year EUR Swap + 4.606%) | (-1X 5 year EUR Swap + 4.606%) | (-1X 5 year EUR Swap + 4.606%) | (-1X 5 year EUR Swap + 4.606%) |
| 1137000 | 4.450 | 12/03/27 | 986091 |
| (5 year USD ICE Swap + 3.703%) | (5 year USD ICE Swap + 3.703%) | (5 year USD ICE Swap + 3.703%) | (5 year USD ICE Swap + 3.703%) |
| 2075000 | 5.861 <sup>(b)</sup> | 06/19/32 | 1914042 |
|  |  |  | 19951278 |
| **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** | **Beverages – 0.0%** |
| The Coca-Cola Co. | The Coca-Cola Co. | The Coca-Cola Co. | The Coca-Cola Co. |
| 254000 | 2.750 | 06/01/60 | 184861 |
| **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** | **Biotechnology<sup>(c)</sup> – 0.1%** |
| Cidron Aida Finco Sarl | Cidron Aida Finco Sarl | Cidron Aida Finco Sarl | Cidron Aida Finco Sarl |
| 1123000 | 5.000 | 04/01/28 | 1104326 |
| **Building Materials – 0.4%** | **Building Materials – 0.4%** | **Building Materials – 0.4%** | **Building Materials – 0.4%** |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 575000 | 4.250 <sup>(b)(c)</sup> | 02/01/32 | 494787 |
| CEMEX Materials LLC | CEMEX Materials LLC | CEMEX Materials LLC | CEMEX Materials LLC |
| 1098000 | 7.700 <sup>(b)</sup> | 07/21/25 | 1100196 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** | **Building Materials – (continued)** |
| CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. | CP Atlas Buyer, Inc. |
| 538000 | 7.000 %<sup>(b)(c)</sup> | 12/01/28 | $415573 |
| Griffon Corp. | Griffon Corp. | Griffon Corp. | Griffon Corp. |
| 815000 | 5.750 <sup>(c)</sup> | 03/01/28 | 771658 |
| Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. |
| 782000 | 2.400 <sup>(c)</sup> | 07/15/31 | 651367 |
| PCF GmbH | PCF GmbH | PCF GmbH | PCF GmbH |
| 400000 | 4.750 <sup>(b)(c)</sup> | 04/15/26 | 368631 |
| SRM Escrow Issuer LLC | SRM Escrow Issuer LLC | SRM Escrow Issuer LLC | SRM Escrow Issuer LLC |
| 1349000 | 6.000 <sup>(b)(c)</sup> | 11/01/28 | 1227968 |
| Summit Materials LLC/Summit Materials Finance Corp. | Summit Materials LLC/Summit Materials Finance Corp. | Summit Materials LLC/Summit Materials Finance Corp. | Summit Materials LLC/Summit Materials Finance Corp. |
| 522000 | 5.250 <sup>(b)(c)</sup> | 01/15/29 | 490393 |
|  |  |  | 5520573 |
| **Capital Goods<sup>(b)(c)</sup> – 0.0%** | **Capital Goods<sup>(b)(c)</sup> – 0.0%** | **Capital Goods<sup>(b)(c)</sup> – 0.0%** | **Capital Goods<sup>(b)(c)</sup> – 0.0%** |
| Cirsa Finance International S.a.r.l. | Cirsa Finance International S.a.r.l. | Cirsa Finance International S.a.r.l. | Cirsa Finance International S.a.r.l. |
| 100000 | 10.375 | 11/30/27 | 114187 |
| **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** | **Chemicals – 1.4%** |
| ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. | ASP Unifrax Holdings, Inc. |
| 1377000 | 5.250 <sup>(b)(c)</sup> | 09/30/28 | 1175999 |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 680000 | 3.375 <sup>(b)(c)</sup> | 02/15/29 | 584650 |
| Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH | Cerdia Finanz GmbH |
| 1000000 | 10.500 <sup>(b)(c)</sup> | 02/15/27 | 848270 |
| CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
| 692000 | 5.150 | 03/15/34 | 683606 |
| Cornerstone Chemical Co. | Cornerstone Chemical Co. | Cornerstone Chemical Co. | Cornerstone Chemical Co. |
| 5195000 | 6.750 <sup>(b)(c)</sup> | 08/15/24 | 4150182 |
| GPD Cos., Inc. | GPD Cos., Inc. | GPD Cos., Inc. | GPD Cos., Inc. |
| 893000 | 10.125 <sup>(b)(c)</sup> | 04/01/26 | 800601 |
| Innophos Holdings, Inc. | Innophos Holdings, Inc. | Innophos Holdings, Inc. | Innophos Holdings, Inc. |
| 965000 | 9.375 <sup>(b)(c)</sup> | 02/15/28 | 952426 |
| Iris Holdings, Inc.<sup>(j)</sup> | Iris Holdings, Inc.<sup>(j)</sup> | Iris Holdings, Inc.<sup>(j)</sup> | Iris Holdings, Inc.<sup>(j)</sup> |
| 615000 | 8.750 <sup>(b)(c)</sup> | 02/15/26 | 535782 |
| Nobian Finance BV | Nobian Finance BV | Nobian Finance BV | Nobian Finance BV |
| 450000 | 3.625 <sup>(b)(c)</sup> | 07/15/26 | 422410 |
| NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. | NOVA Chemicals Corp. |
| 1815000 | 4.250 <sup>(b)(c)</sup> | 05/15/29 | 1558722 |
| OCI NV | OCI NV | OCI NV | OCI NV |
| 490000 | 4.625 <sup>(b)(c)</sup> | 10/15/25 | 477329 |
| Rain CII Carbon LLC/CII Carbon Corp. | Rain CII Carbon LLC/CII Carbon Corp. | Rain CII Carbon LLC/CII Carbon Corp. | Rain CII Carbon LLC/CII Carbon Corp. |
| 1605000 | 7.250 <sup>(b)(c)</sup> | 04/01/25 | 1513033 |
| Rayonier AM Products, Inc. | Rayonier AM Products, Inc. | Rayonier AM Products, Inc. | Rayonier AM Products, Inc. |
| 1418000 | 7.625 <sup>(b)(c)</sup> | 01/15/26 | 1322455 |
| SCIH Salt Holdings, Inc.<sup>(b)(c)</sup>  | SCIH Salt Holdings, Inc.<sup>(b)(c)</sup>  | SCIH Salt Holdings, Inc.<sup>(b)(c)</sup>  | SCIH Salt Holdings, Inc.<sup>(b)(c)</sup>  |
| 198000 | 4.875 | 05/01/28 | 174282 |
| 366000 | 6.625 | 05/01/29 | 311642 |
| The Chemours Co.<sup>(b)(c)</sup>  | The Chemours Co.<sup>(b)(c)</sup>  | The Chemours Co.<sup>(b)(c)</sup>  | The Chemours Co.<sup>(b)(c)</sup>  |
| 202000 | 5.750 | 11/15/28 | 184064 |
| 445000 | 4.625 | 11/15/29 | 371660 |
| Tronox, Inc. | Tronox, Inc. | Tronox, Inc. | Tronox, Inc. |
| 654000 | 4.625 <sup>(b)(c)</sup> | 03/15/29 | 559170 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. | Vibrantz Technologies, Inc. |
| 789000 | 9.000 %<sup>(b)(c)</sup> | 02/15/30 | $610757 |
|  |  |  | 17237040 |
| **Commercial Services<sup>(c)</sup> – 1.0%** | **Commercial Services<sup>(c)</sup> – 1.0%** | **Commercial Services<sup>(c)</sup> – 1.0%** | **Commercial Services<sup>(c)</sup> – 1.0%** |
| Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. | Allied Universal Holdco LLC/Allied Universal Finance Corp. |
| 750000 | 6.625 <sup>(b)</sup> | 07/15/26 | 722167 |
| BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
| 450000 | 4.750 <sup>(b)</sup> | 11/30/28 | 427219 |
| BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC | BCP V Modular Services Finance PLC |
| 150000 | 6.750 <sup>(b)</sup> | 11/30/29 | 129403 |
| Castor SpA | Castor SpA | Castor SpA | Castor SpA |
| 450000 | 6.000 <sup>(b)</sup> | 02/15/29 | 459850 |
| CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
| 275000 | 4.500 <sup>(b)</sup> | 05/01/28 | 218433 |
| CPI CG, Inc. | CPI CG, Inc. | CPI CG, Inc. | CPI CG, Inc. |
| 538000 | 8.625 <sup>(b)</sup> | 03/15/26 | 530974 |
| GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC | GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC | GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC | GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC |
| 1461000 | 7.125 <sup>(b)</sup> | 07/31/26 | 1437076 |
| Kapla Holding SAS | Kapla Holding SAS | Kapla Holding SAS | Kapla Holding SAS |
| 400000 | 3.375 <sup>(b)</sup> | 12/15/26 | 390287 |
| Korn Ferry | Korn Ferry | Korn Ferry | Korn Ferry |
| 980000 | 4.625 <sup>(b)</sup> | 12/15/27 | 921484 |
| Loxam SAS | Loxam SAS | Loxam SAS | Loxam SAS |
| 450000 | 4.500 <sup>(b)</sup> | 04/15/27 | 430771 |
| Metis Merger Sub LLC | Metis Merger Sub LLC | Metis Merger Sub LLC | Metis Merger Sub LLC |
| 578000 | 6.500 <sup>(b)</sup> | 05/15/29 | 492757 |
| Movida Europe SA | Movida Europe SA | Movida Europe SA | Movida Europe SA |
| 979000 | 5.250 <sup>(b)</sup> | 02/08/31 | 710950 |
| Neptune Bidco US, Inc. | Neptune Bidco US, Inc. | Neptune Bidco US, Inc. | Neptune Bidco US, Inc. |
| 1599000 | 9.290 <sup>(b)</sup> | 04/15/29 | 1556099 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. | Paysafe Finance PLC/Paysafe Holdings U.S. Corp. |
| 543000 | 4.000 <sup>(b)</sup> | 06/15/29 | 431685 |
| StoneMor, Inc. | StoneMor, Inc. | StoneMor, Inc. | StoneMor, Inc. |
| 975000 | 8.500 <sup>(b)</sup> | 05/15/29 | 793650 |
| The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. | The ADT Security Corp. |
| 651000 | 4.125 <sup>(b)</sup> | 08/01/29 | 579592 |
| United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 316000 | 6.000 <sup>(b)</sup> | 12/15/29 | 321476 |
| 610000 | 5.250 | 01/15/30 | 590370 |
| Verisure Holding AB | Verisure Holding AB | Verisure Holding AB | Verisure Holding AB |
| 470000 | 9.250 | 10/15/27 | 547944 |
| Villa Dutch Bidco BV | Villa Dutch Bidco BV | Villa Dutch Bidco BV | Villa Dutch Bidco BV |
| 200000 | 9.000 <sup>(b)</sup> | 11/03/29 | 207811 |
| WW International, Inc. | WW International, Inc. | WW International, Inc. | WW International, Inc. |
| 730000 | 4.500 <sup>(b)</sup> | 04/15/29 | 391827 |
|  |  |  | 12291825 |
| **Commercial Services & Supplies<sup>(l)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(l)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(l)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(l)</sup> – 0.0%** |
| Chesapeake Energy Corp. | Chesapeake Energy Corp. | Chesapeake Energy Corp. | Chesapeake Energy Corp. |
| 195000 | 0.000 | 10/01/24 | 3607 |
| 935000 | 0.000 | 10/01/26 | 18934 |
|  |  |  | 22541 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Computers<sup>(c)</sup> – 0.5%** | **Computers<sup>(c)</sup> – 0.5%** | **Computers<sup>(c)</sup> – 0.5%** | **Computers<sup>(c)</sup> – 0.5%** |
| Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC | Ahead DB Holdings LLC |
| 723000 | 6.625 %<sup>(b)</sup> | 05/01/28 | $611239 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 180000 | 2.375 | 02/08/41 | 134114 |
| 1280000 | 2.650 | 05/11/50 | 905766 |
| 285000 | 2.650 | 02/08/51 | 201652 |
| 145000 | 2.700 | 08/05/51 | 103226 |
| CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings |
| 1570000 | 5.375 <sup>(b)</sup> | 10/31/26 | 1444400 |
| Centurion Bidco SpA | Centurion Bidco SpA | Centurion Bidco SpA | Centurion Bidco SpA |
| 450000 | 5.875 <sup>(b)</sup> | 09/30/26 | 446690 |
| Condor Merger Sub, Inc. | Condor Merger Sub, Inc. | Condor Merger Sub, Inc. | Condor Merger Sub, Inc. |
| 1073000 | 7.375 <sup>(b)</sup> | 02/15/30 | 887307 |
| Libra Groupco SpA | Libra Groupco SpA | Libra Groupco SpA | Libra Groupco SpA |
| 450000 | 5.000 <sup>(b)</sup> | 05/15/27 | 399764 |
| Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. | Science Applications International Corp. |
| 479000 | 4.875 <sup>(b)</sup> | 04/01/28 | 448909 |
| Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman | Seagate HDD Cayman |
| 225000 | 3.375 | 07/15/31 | 169591 |
|  |  |  | 5752658 |
| **Cosmetics & Personal Care<sup>(b)(c)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(b)(c)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(b)(c)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(b)(c)</sup> – 0.0%** |
| Coty, Inc. | Coty, Inc. | Coty, Inc. | Coty, Inc. |
| 189000 | 5.000 | 04/15/26 | 181049 |
| **Distribution & Wholesale<sup>(b)(c)</sup> – 0.1%** | **Distribution & Wholesale<sup>(b)(c)</sup> – 0.1%** | **Distribution & Wholesale<sup>(b)(c)</sup> – 0.1%** | **Distribution & Wholesale<sup>(b)(c)</sup> – 0.1%** |
| American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. | American Builders & Contractors Supply Co., Inc. |
| 255000 | 3.875 | 11/15/29 | 217385 |
| H&E Equipment Services, Inc. | H&E Equipment Services, Inc. | H&E Equipment Services, Inc. | H&E Equipment Services, Inc. |
| 618000 | 3.875 | 12/15/28 | 545051 |
|  |  |  | 762436 |
| **Diversified Financial Services – 1.3%** | **Diversified Financial Services – 1.3%** | **Diversified Financial Services – 1.3%** | **Diversified Financial Services – 1.3%** |
| Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. | Armor Holdco, Inc. |
| 865000 | 8.500 <sup>(b)(c)</sup> | 11/15/29 | 738641 |
| Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
| 575000 | 7.000 <sup>(b)(c)</sup> | 01/15/26 | 527430 |
| Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
| 859000 | 3.375 <sup>(b)(c)</sup> | 10/01/28 | 554021 |
| Finance of America Funding LLC | Finance of America Funding LLC | Finance of America Funding LLC | Finance of America Funding LLC |
| 1960000 | 7.875 <sup>(b)(c)</sup> | 11/15/25 | 1204812 |
| Global Aircraft Leasing Co. Ltd.<sup>(j)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(j)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(j)</sup> (PIK 7.250%, Cash 6.500%) | Global Aircraft Leasing Co. Ltd.<sup>(j)</sup> (PIK 7.250%, Cash 6.500%) |
| 1700656 | 6.500 <sup>(b)(c)</sup> | 09/15/24 | 1559400 |
| Home Point Capital, Inc. | Home Point Capital, Inc. | Home Point Capital, Inc. | Home Point Capital, Inc. |
| 990000 | 5.000 <sup>(b)(c)</sup> | 02/01/26 | 717839 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. |
| 984000 | 5.000 <sup>(b)(c)</sup> | 08/15/28 | 840395 |
| LD Holdings Group LLC<sup>(b)(c)</sup>  | LD Holdings Group LLC<sup>(b)(c)</sup>  | LD Holdings Group LLC<sup>(b)(c)</sup>  | LD Holdings Group LLC<sup>(b)(c)</sup>  |
| 360000 | 6.500 | 11/01/25 | 275990 |
| 1420000 | 6.125 | 04/01/28 | 924718 |
| LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. | LPL Holdings, Inc. |
| 957000 | 4.625 <sup>(b)(c)</sup> | 11/15/27 | 910691 |
| Midcap Financial Issuer Trust<sup>(b)(c)</sup>  | Midcap Financial Issuer Trust<sup>(b)(c)</sup>  | Midcap Financial Issuer Trust<sup>(b)(c)</sup>  | Midcap Financial Issuer Trust<sup>(b)(c)</sup>  |
| 1497000 | 6.500 | 05/01/28 | 1319291 |
| 720000 | 5.625 | 01/15/30 | 581076 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
|  Navient Corp.<sup>(c)</sup>  | Navient Corp.<sup>(c)</sup>  | Navient Corp.<sup>(c)</sup>  | Navient Corp.<sup>(c)</sup>  | Navient Corp.<sup>(c)</sup>  |
|  $ | 331000 | 5.000% | 03/15/27 | $302342 |
|  | 52000 | 4.875 | 03/15/28 | 46002 |
|  | 470000 | 5.500 | 03/15/29 | 416058 |
|  OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
|  | 240000 | 7.125 | 03/15/26 | 238685 |
|  | 122000 | 3.500 <sup>(c)</sup> | 01/15/27 | 106565 |
|  | 515000 | 3.875 <sup>(c)</sup> | 09/15/28 | 433568 |
|  | 400000 | 5.375 <sup>(c)</sup> | 11/15/29 | 350132 |
|  PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
|  | 730000 | 4.250 <sup>(b)(c)</sup> | 02/15/29 | 599972 |
|  PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. | PRA Group, Inc. |
|  | 557000 | 7.375 <sup>(b)(c)</sup> | 09/01/25 | 553374 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |
|  | 951000 | 3.625 <sup>(b)(c)</sup> | 03/01/29 | 802444 |
|  VistaJet Malta Finance PLC/XO Management Holding, Inc. | VistaJet Malta Finance PLC/XO Management Holding, Inc. | VistaJet Malta Finance PLC/XO Management Holding, Inc. | VistaJet Malta Finance PLC/XO Management Holding, Inc. | VistaJet Malta Finance PLC/XO Management Holding, Inc. |
|  | 709000 | 6.375 <sup>(b)(c)</sup> | 02/01/30 | 625849 |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
|  | 1020000 | 8.500 <sup>(b)(c)</sup> | 05/09/26 | 836196 |
|  |  |  |  | 15465491 |
|  **Electrical – 0.5%** | **Electrical – 0.5%** | **Electrical – 0.5%** | **Electrical – 0.5%** | **Electrical – 0.5%** |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  | 308000 | 4.500 <sup>(b)(c)</sup> | 02/15/28 | 284450 |
|  Electricite de France SA<sup>(c)(k)</sup>  | Electricite de France SA<sup>(c)(k)</sup>  | Electricite de France SA<sup>(c)(k)</sup>  | Electricite de France SA<sup>(c)(k)</sup>  | Electricite de France SA<sup>(c)(k)</sup>  |
|  (13 yr. GBP SONIA Linked ICE Swap + 4.235%) | (13 yr. GBP SONIA Linked ICE Swap + 4.235%) | (13 yr. GBP SONIA Linked ICE Swap + 4.235%) | (13 yr. GBP SONIA Linked ICE Swap + 4.235%) | (13 yr. GBP SONIA Linked ICE Swap + 4.235%) |
|  GBP | 400000 | 6.000 | 01/29/26 | 455188 |
|  (-1X 5 year EUR Swap + 3.198%) | (-1X 5 year EUR Swap + 3.198%) | (-1X 5 year EUR Swap + 3.198%) | (-1X 5 year EUR Swap + 3.198%) | (-1X 5 year EUR Swap + 3.198%) |
|  EUR | 1000000 | 3.000 | 09/03/27 | 921958 |
|  (-1X 5 year EUR Swap + 3.970%) | (-1X 5 year EUR Swap + 3.970%) | (-1X 5 year EUR Swap + 3.970%) | (-1X 5 year EUR Swap + 3.970%) | (-1X 5 year EUR Swap + 3.970%) |
|  | 1000000 | 3.375 | 06/15/30 | 861153 |
|  Eskom Holdings SOC Ltd.<sup>(h)</sup>  | Eskom Holdings SOC Ltd.<sup>(h)</sup>  | Eskom Holdings SOC Ltd.<sup>(h)</sup>  | Eskom Holdings SOC Ltd.<sup>(h)</sup>  | Eskom Holdings SOC Ltd.<sup>(h)</sup>  |
|  $ | 667000 | 4.314 | 07/23/27 | 603341 |
|  Mercury Chile Holdco LLC | Mercury Chile Holdco LLC | Mercury Chile Holdco LLC | Mercury Chile Holdco LLC | Mercury Chile Holdco LLC |
|  | 1479000 | 6.500 <sup>(c)</sup> | 01/24/27 | 1420949 |
|  NPC Ukrenergo<sup>(h)</sup>  | NPC Ukrenergo<sup>(h)</sup>  | NPC Ukrenergo<sup>(h)</sup>  | NPC Ukrenergo<sup>(h)</sup>  | NPC Ukrenergo<sup>(h)</sup>  |
|  | 263000 | 6.875 | 11/09/28 | 45828 |
|  NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  | 460000 | 3.625 <sup>(b)(c)</sup> | 02/15/31 | 364665 |
|  Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. | Pattern Energy Operations LP/Pattern Energy Operations, Inc. |
|  | 508000 | 4.500 <sup>(b)(c)</sup> | 08/15/28 | 466151 |
|  Vistra Corp. (5 year CMT + 5.740%) | Vistra Corp. (5 year CMT + 5.740%) | Vistra Corp. (5 year CMT + 5.740%) | Vistra Corp. (5 year CMT + 5.740%) | Vistra Corp. (5 year CMT + 5.740%) |
|  | 501000 | 7.000 (b)(c)(k) | 12/15/26 | 471621 |
|  Vistra Operations Co. LLC<sup>(b)(c)</sup>  | Vistra Operations Co. LLC<sup>(b)(c)</sup>  | Vistra Operations Co. LLC<sup>(b)(c)</sup>  | Vistra Operations Co. LLC<sup>(b)(c)</sup>  | Vistra Operations Co. LLC<sup>(b)(c)</sup>  |
|  | 385000 | 5.625 | 02/15/27 | 373077 |
|  | 140000 | 5.000 | 07/31/27 | 131684 |
|  | 19000 | 4.300 | 07/15/29 | 17588 |
|  |  |  |  | 6417653 |
|  **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** | **Electrical Components & Equipment<sup>(b)(c)</sup> – 0.1%** |
|  Belden, Inc. | Belden, Inc. | Belden, Inc. | Belden, Inc. | Belden, Inc. |
|  EUR | 756000 | 3.375 | 07/15/31 | 698973 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Electronics<sup>(b)(c)</sup> – 0.1%** | **Electronics<sup>(b)(c)</sup> – 0.1%** | **Electronics<sup>(b)(c)</sup> – 0.1%** | **Electronics<sup>(b)(c)</sup> – 0.1%** |
| II-VI, Inc. | II-VI, Inc. | II-VI, Inc. | II-VI, Inc. |
| 1116000 | 5.000% | 12/15/29 | $1020348 |
| **Energy-Alternate Sources<sup>(b)(c)</sup> – 0.1%** | **Energy-Alternate Sources<sup>(b)(c)</sup> – 0.1%** | **Energy-Alternate Sources<sup>(b)(c)</sup> – 0.1%** | **Energy-Alternate Sources<sup>(b)(c)</sup> – 0.1%** |
| Cullinan Holdco Scsp | Cullinan Holdco Scsp | Cullinan Holdco Scsp | Cullinan Holdco Scsp |
| 600000 | 4.625 | 10/15/26 | 585633 |
| Enviva Partners LP/Enviva Partners Finance Corp. | Enviva Partners LP/Enviva Partners Finance Corp. | Enviva Partners LP/Enviva Partners Finance Corp. | Enviva Partners LP/Enviva Partners Finance Corp. |
| 401000 | 6.500 | 01/15/26 | 375524 |
| TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
| 435000 | 5.000 | 01/31/28 | 408878 |
|  |  |  | 1370035 |
| **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** | **Engineering & Construction – 0.3%** |
| Abertis Infraestructuras Finance BV (-1X 5 year EUR Swap + 3.694%) | Abertis Infraestructuras Finance BV (-1X 5 year EUR Swap + 3.694%) | Abertis Infraestructuras Finance BV (-1X 5 year EUR Swap + 3.694%) | Abertis Infraestructuras Finance BV (-1X 5 year EUR Swap + 3.694%) |
| 900000 | 3.248 <sup>(c)(k)</sup> | 11/24/25 | 881375 |
| Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
| 331737 | 9.033 <sup>(b)(c)</sup> | 12/04/25 | 283665 |
| Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. | Bioceanico Sovereign Certificate Ltd. |
| 1082243 | 0.000 <sup>(a)</sup> | 06/05/34 | 774480 |
| Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. | Global Infrastructure Solutions, Inc. |
| 866000 | 5.625 <sup>(b)(c)</sup> | 06/01/29 | 712432 |
| Tutor Perini Corp. | Tutor Perini Corp. | Tutor Perini Corp. | Tutor Perini Corp. |
| 1154000 | 6.875 <sup>(b)(c)</sup> | 05/01/25 | 1027960 |
|  |  |  | 3679912 |
| **Entertainment<sup>(c)</sup> – 1.1%** | **Entertainment<sup>(c)</sup> – 1.1%** | **Entertainment<sup>(c)</sup> – 1.1%** | **Entertainment<sup>(c)</sup> – 1.1%** |
| 888 Acquisitions Ltd. | 888 Acquisitions Ltd. | 888 Acquisitions Ltd. | 888 Acquisitions Ltd. |
| 600000 | 7.558 <sup>(b)</sup> | 07/15/27 | 566442 |
| AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. |
| 235000 | 6.125 | 05/15/27 | 85054 |
| Banijay Group SAS | Banijay Group SAS | Banijay Group SAS | Banijay Group SAS |
| 919000 | 6.500 | 03/01/26 | 965732 |
| Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  | Caesars Entertainment, Inc.<sup>(b)</sup>  |
| 375000 | 8.125 | 07/01/27 | 380625 |
| 74000 | 4.625 | 10/15/29 | 63215 |
| 600000 | 7.000 | 02/15/30 | 611412 |
| Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. | Caesars Resort Collection LLC/CRC Finco, Inc. |
| 130000 | 5.750 <sup>(b)</sup> | 07/01/25 | 130078 |
| Cirsa Finance International S.a.r.l.<sup>(b)</sup>  | Cirsa Finance International S.a.r.l.<sup>(b)</sup>  | Cirsa Finance International S.a.r.l.<sup>(b)</sup>  | Cirsa Finance International S.a.r.l.<sup>(b)</sup>  |
| 600000 | 4.750 | 05/22/25 | 620928 |
| 1495000 | 4.500 | 03/15/27 | 1435180 |
| Empire Resorts, Inc. | Empire Resorts, Inc. | Empire Resorts, Inc. | Empire Resorts, Inc. |
| 1515000 | 7.750 <sup>(b)</sup> | 11/01/26 | 1237225 |
| Gamma Bidco SpA | Gamma Bidco SpA | Gamma Bidco SpA | Gamma Bidco SpA |
| 450000 | 6.250 <sup>(b)</sup> | 07/15/25 | 485196 |
| International Game Technology PLC<sup>(b)</sup>  | International Game Technology PLC<sup>(b)</sup>  | International Game Technology PLC<sup>(b)</sup>  | International Game Technology PLC<sup>(b)</sup>  |
| 410000 | 6.250 | 01/15/27 | 411665 |
| 260000 | 5.250 | 01/15/29 | 249332 |
| Jacobs Entertainment, Inc. | Jacobs Entertainment, Inc. | Jacobs Entertainment, Inc. | Jacobs Entertainment, Inc. |
| 770000 | 6.750 <sup>(b)</sup> | 02/15/29 | 717463 |
| Live Nation Entertainment, Inc.<sup>(b)</sup>  | Live Nation Entertainment, Inc.<sup>(b)</sup>  | Live Nation Entertainment, Inc.<sup>(b)</sup>  | Live Nation Entertainment, Inc.<sup>(b)</sup>  |
| 650000 | 5.625 | 03/15/26 | 630812 |
| 825000 | 4.750 | 10/15/27 | 763084 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Entertainment<sup>(c)</sup> – (continued)** | **Entertainment<sup>(c)</sup> – (continued)** | **Entertainment<sup>(c)</sup> – (continued)** | **Entertainment<sup>(c)</sup> – (continued)** | **Entertainment<sup>(c)</sup> – (continued)** |
|  Loarre Investments S.a.r.l. | Loarre Investments S.a.r.l. | Loarre Investments S.a.r.l. | Loarre Investments S.a.r.l. | Loarre Investments S.a.r.l. |
|  EUR | 600000 | 6.500 %<sup>(b)</sup> | 05/15/29 | $616766 |
|  Merlin Entertainments Ltd. | Merlin Entertainments Ltd. | Merlin Entertainments Ltd. | Merlin Entertainments Ltd. | Merlin Entertainments Ltd. |
|  $ | 250000 | 5.750 <sup>(b)</sup> | 06/15/26 | 238310 |
|  Raptor Acquisition Corp./Raptor Co.-Issuer LLC | Raptor Acquisition Corp./Raptor Co.-Issuer LLC | Raptor Acquisition Corp./Raptor Co.-Issuer LLC | Raptor Acquisition Corp./Raptor Co.-Issuer LLC | Raptor Acquisition Corp./Raptor Co.-Issuer LLC |
|  | 840000 | 4.875 <sup>(b)</sup> | 11/01/26 | 781318 |
|  Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |
|  | 595000 | 6.625 <sup>(b)</sup> | 03/01/30 | 530472 |
|  Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
|  | 1164000 | 4.875 <sup>(b)</sup> | 07/31/24 | 1139125 |
|  WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. | WMG Acquisition Corp. |
|  EUR | 600000 | 2.250 <sup>(b)</sup> | 08/15/31 | 510417 |
|  |  |  |  | 13169851 |
|  **Environmental<sup>(b)(c)</sup> – 0.1%** | **Environmental<sup>(b)(c)</sup> – 0.1%** | **Environmental<sup>(b)(c)</sup> – 0.1%** | **Environmental<sup>(b)(c)</sup> – 0.1%** | **Environmental<sup>(b)(c)</sup> – 0.1%** |
|  Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
|  $ | 307000 | 4.875 | 07/15/27 | 296144 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  | 460000 | 4.375 | 08/15/29 | 407841 |
|  |  |  |  | 703985 |
|  **Food & Drug Retailing – 0.4%** | **Food & Drug Retailing – 0.4%** | **Food & Drug Retailing – 0.4%** | **Food & Drug Retailing – 0.4%** | **Food & Drug Retailing – 0.4%** |
|  Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. | Chobani LLC/Chobani Finance Corp., Inc. |
|  | 689000 | 7.500 <sup>(b)(c)</sup> | 04/15/25 | 676205 |
|  Iceland Bondco PLC | Iceland Bondco PLC | Iceland Bondco PLC | Iceland Bondco PLC | Iceland Bondco PLC |
|  GBP | 375000 | 4.625 <sup>(b)(c)</sup> | 03/15/25 | 402421 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. | JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. |
|  $ | 664000 | 5.500 <sup>(b)(c)</sup> | 01/15/30 | 644538 |
|  MARB BondCo PLC | MARB BondCo PLC | MARB BondCo PLC | MARB BondCo PLC | MARB BondCo PLC |
|  | 1228000 | 3.950 <sup>(c)</sup> | 01/29/31 | 963679 |
|  New Albertsons LP | New Albertsons LP | New Albertsons LP | New Albertsons LP | New Albertsons LP |
|  | 1015000 | 8.700 | 05/01/30 | 1098240 |
|  | 375000 | 8.000 | 05/01/31 | 387604 |
|  Nomad Foods Bondco PLC | Nomad Foods Bondco PLC | Nomad Foods Bondco PLC | Nomad Foods Bondco PLC | Nomad Foods Bondco PLC |
|  EUR | 600000 | 2.500 <sup>(b)(c)</sup> | 06/24/28 | 557923 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed |
|  $ | 348000 | 4.625 <sup>(b)(c)</sup> | 03/01/29 | 295296 |
|  |  |  |  | 5025906 |
|  **Forest Products&Paper<sup>(b)(c)</sup> – 0.3%** | **Forest Products&Paper<sup>(b)(c)</sup> – 0.3%** | **Forest Products&Paper<sup>(b)(c)</sup> – 0.3%** | **Forest Products&Paper<sup>(b)(c)</sup> – 0.3%** | **Forest Products&Paper<sup>(b)(c)</sup> – 0.3%** |
|  Domtar Corp. | Domtar Corp. | Domtar Corp. | Domtar Corp. | Domtar Corp. |
|  | 2852000 | 6.750 | 10/01/28 | 2627804 |
|  Sylvamo Corp. | Sylvamo Corp. | Sylvamo Corp. | Sylvamo Corp. | Sylvamo Corp. |
|  | 1231000 | 7.000 | 09/01/29 | 1179298 |
|  |  |  |  | 3807102 |
|  **Gaming<sup>(c)</sup> – 0.2%** | **Gaming<sup>(c)</sup> – 0.2%** | **Gaming<sup>(c)</sup> – 0.2%** | **Gaming<sup>(c)</sup> – 0.2%** | **Gaming<sup>(c)</sup> – 0.2%** |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  | 149000 | 6.750 | 05/01/25 | 149945 |
|  Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
|  | 710000 | 4.500 <sup>(b)</sup> | 02/15/28 | 639177 |
|  Wynn Macau Ltd.<sup>(b)</sup>  | Wynn Macau Ltd.<sup>(b)</sup>  | Wynn Macau Ltd.<sup>(b)</sup>  | Wynn Macau Ltd.<sup>(b)</sup>  | Wynn Macau Ltd.<sup>(b)</sup>  |
|  | 365000 | 5.500 | 01/15/26 | 341275 |
|  | 135000 | 5.500 | 10/01/27 | 120825 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Gaming<sup>(c)</sup> – (continued)** | **Gaming<sup>(c)</sup> – (continued)** | **Gaming<sup>(c)</sup> – (continued)** | **Gaming<sup>(c)</sup> – (continued)** |
| Wynn Macau Ltd.<sup>(b)</sup> – (continued) | Wynn Macau Ltd.<sup>(b)</sup> – (continued) | Wynn Macau Ltd.<sup>(b)</sup> – (continued) | Wynn Macau Ltd.<sup>(b)</sup> – (continued) |
| 35000 | 5.625% | 08/26/28 | $30975 |
| 730000 | 5.125 | 12/15/29 | 604988 |
|  |  |  | 1887185 |
| **Healthcare Providers & Services<sup>(c)</sup> – 1.0%** | **Healthcare Providers & Services<sup>(c)</sup> – 1.0%** | **Healthcare Providers & Services<sup>(c)</sup> – 1.0%** | **Healthcare Providers & Services<sup>(c)</sup> – 1.0%** |
| Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. | Acadia Healthcare Co., Inc. |
| 616000 | 5.000 <sup>(b)</sup> | 04/15/29 | 576182 |
| Air Methods Corp. | Air Methods Corp. | Air Methods Corp. | Air Methods Corp. |
| 252000 | 8.000 <sup>(b)</sup> | 05/15/25 | 11620 |
| Akumin, Inc. | Akumin, Inc. | Akumin, Inc. | Akumin, Inc. |
| 3076000 | 7.000 <sup>(b)</sup> | 11/01/25 | 2384023 |
| Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
| 600000 | 2.625 <sup>(b)</sup> | 11/01/25 | 626414 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 655000 | 2.500 | 03/01/31 | 536065 |
| 645000 | 2.625 | 08/01/31 | 528461 |
| Embecta Corp. | Embecta Corp. | Embecta Corp. | Embecta Corp. |
| 690000 | 5.000 <sup>(b)</sup> | 02/15/30 | 568222 |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| 835000 | 8.750 <sup>(b)</sup> | 10/15/26 | 221617 |
| Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. | Global Medical Response, Inc. |
| 400000 | 6.500 <sup>(b)</sup> | 10/01/25 | 281712 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 871000 | 3.500 | 09/01/30 | 780825 |
| IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  | IQVIA, Inc.<sup>(b)</sup>  |
| 200000 | 2.250 | 01/15/28 | 189121 |
| 400000 | 2.875 | 06/15/28 | 387304 |
| Legacy LifePoint Health LLC | Legacy LifePoint Health LLC | Legacy LifePoint Health LLC | Legacy LifePoint Health LLC |
| 250000 | 4.375 <sup>(b)</sup> | 02/15/27 | 218562 |
| LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
| 71000 | 5.375 <sup>(b)</sup> | 01/15/29 | 47568 |
| Medline Borrower LP<sup>(b)</sup>  | Medline Borrower LP<sup>(b)</sup>  | Medline Borrower LP<sup>(b)</sup>  | Medline Borrower LP<sup>(b)</sup>  |
| 725000 | 3.875 | 04/01/29 | 620339 |
| 220000 | 5.250 | 10/01/29 | 184628 |
| Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
| 723000 | 4.375 <sup>(b)</sup> | 06/15/28 | 668862 |
| RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, | RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, |
| Inc. | Inc. | Inc. | Inc. |
| 520000 | 9.750 <sup>(b)</sup> | 12/01/26 | 455484 |
| Syneos Health, Inc. | Syneos Health, Inc. | Syneos Health, Inc. | Syneos Health, Inc. |
| 476000 | 3.625 <sup>(b)</sup> | 01/15/29 | 385027 |
| Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. |
| 1226000 | 6.375 <sup>(b)</sup> | 02/01/25 | 817889 |
| Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| 19000 | 4.625 | 07/15/24 | 18742 |
| 1071000 | 6.125 <sup>(b)</sup> | 10/01/28 | 997433 |
| 582000 | 6.125 <sup>(b)</sup> | 06/15/30 | 565291 |
|  |  |  | 12071391 |
| **Home Builders<sup>(b)(c)</sup> – 0.1%** | **Home Builders<sup>(b)(c)</sup> – 0.1%** | **Home Builders<sup>(b)(c)</sup> – 0.1%** | **Home Builders<sup>(b)(c)</sup> – 0.1%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. | Ashton Woods USA LLC/Ashton Woods Finance Co. |
| 321000 | 4.625 | 08/01/29 | 267836 |
| Mattamy Group Corp. | Mattamy Group Corp. | Mattamy Group Corp. | Mattamy Group Corp. |
| 605000 | 4.625 | 03/01/30 | 510699 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Home Builders<sup>(b)(c)</sup> – (continued)** | **Home Builders<sup>(b)(c)</sup> – (continued)** | **Home Builders<sup>(b)(c)</sup> – (continued)** | **Home Builders<sup>(b)(c)</sup> – (continued)** |
| Meritage Homes Corp. | Meritage Homes Corp. | Meritage Homes Corp. | Meritage Homes Corp. |
| 242000 | 3.875% | 04/15/29 | $214409 |
|  |  |  | 992944 |
| **Household Products<sup>(b)(c)</sup> – 0.0%** | **Household Products<sup>(b)(c)</sup> – 0.0%** | **Household Products<sup>(b)(c)</sup> – 0.0%** | **Household Products<sup>(b)(c)</sup> – 0.0%** |
| Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. | Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. | Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. | Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. |
| 761000 | 7.000 | 12/31/27 | 662519 |
| **Housewares<sup>(b)(c)</sup> – 0.0%** | **Housewares<sup>(b)(c)</sup> – 0.0%** | **Housewares<sup>(b)(c)</sup> – 0.0%** | **Housewares<sup>(b)(c)</sup> – 0.0%** |
| American Greetings Corp. | American Greetings Corp. | American Greetings Corp. | American Greetings Corp. |
| 590000 | 8.750 | 04/15/25 | 584082 |
| **Insurance<sup>(c)</sup> – 0.5%** | **Insurance<sup>(c)</sup> – 0.5%** | **Insurance<sup>(c)</sup> – 0.5%** | **Insurance<sup>(c)</sup> – 0.5%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup>  | Acrisure LLC/Acrisure Finance, Inc.<sup>(b)</sup>  |
| 500000 | 7.000 | 11/15/25 | 476160 |
| 365000 | 10.125 | 08/01/26 | 366716 |
| 866000 | 4.250 | 02/15/29 | 718945 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
| 631000 | 6.750 <sup>(b)</sup> | 10/15/27 | 590887 |
| AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
| 875000 | 7.000 <sup>(b)</sup> | 08/15/25 | 863450 |
| Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.<sup>(j)</sup>  | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.<sup>(j)</sup>  | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.<sup>(j)</sup>  | Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.<sup>(j)</sup>  |
| 1851875 | 7.625 <sup>(b)</sup> | 10/15/25 | 1715947 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| 750000 | 7.000 <sup>(b)</sup> | 05/01/26 | 746062 |
| Ryan Specialty Group LLC | Ryan Specialty Group LLC | Ryan Specialty Group LLC | Ryan Specialty Group LLC |
| 500000 | 4.375 <sup>(b)</sup> | 02/01/30 | 450565 |
| Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. | Sagicor Financial Co. Ltd. |
| 264000 | 5.300 <sup>(b)</sup> | 05/13/28 | 255156 |
| 200000 | 5.300 | 05/13/28 | 194200 |
|  |  |  | 6378088 |
| **Internet – 0.6%** | **Internet – 0.6%** | **Internet – 0.6%** | **Internet – 0.6%** |
| ANGI Group LLC | ANGI Group LLC | ANGI Group LLC | ANGI Group LLC |
| 511000 | 3.875 <sup>(b)(c)</sup> | 08/15/28 | 391743 |
| Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
| 880000 | 5.625 <sup>(b)(c)</sup> | 09/15/28 | 674511 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 355000 | 5.250 <sup>(b)(c)</sup> | 12/01/27 | 343867 |
| HSE Finance S.a.r.l | HSE Finance S.a.r.l | HSE Finance S.a.r.l | HSE Finance S.a.r.l |
| 150000 | 5.625 <sup>(b)(c)</sup> | 10/15/26 | 86958 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 529000 | 4.625 | 05/15/29 | 585334 |
| 607000 | 3.875 | 11/15/29 | 645138 |
| 1020000 | 3.625 <sup>(c)</sup> | 06/15/30 | 1062320 |
| NortonLifeLock, Inc.<sup>(b)(c)</sup>  | NortonLifeLock, Inc.<sup>(b)(c)</sup>  | NortonLifeLock, Inc.<sup>(b)(c)</sup>  | NortonLifeLock, Inc.<sup>(b)(c)</sup>  |
| 660000 | 6.750 | 09/30/27 | 669247 |
| 580000 | 7.125 | 09/30/30 | 588659 |
| Uber Technologies, Inc.<sup>(b)(c)</sup>  | Uber Technologies, Inc.<sup>(b)(c)</sup>  | Uber Technologies, Inc.<sup>(b)(c)</sup>  | Uber Technologies, Inc.<sup>(b)(c)</sup>  |
| 500000 | 7.500 | 05/15/25 | 507590 |
| 500000 | 8.000 | 11/01/26 | 510850 |
| United Group B.V. | United Group B.V. | United Group B.V. | United Group B.V. |
| 870000 | 5.250 <sup>(b)(c)</sup> | 02/01/30 | 748557 |
|  |  |  | 6814774 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Investment Companies<sup>(c)</sup> – 0.2%** | **Investment Companies<sup>(c)</sup> – 0.2%** | **Investment Companies<sup>(c)</sup> – 0.2%** | **Investment Companies<sup>(c)</sup> – 0.2%** |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 990000 | 2.625% | 12/15/26 | $851618 |
| MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. | MDGH GMTN RSC Ltd. |
| 821000 | 5.500 <sup>(b)</sup> | 04/28/33 | 876828 |
| Owl Rock Capital Corp. | Owl Rock Capital Corp. | Owl Rock Capital Corp. | Owl Rock Capital Corp. |
| 615000 | 3.400 | 07/15/26 | 556421 |
|  |  |  | 2284867 |
| **Iron/Steel<sup>(c)</sup> – 0.7%** | **Iron/Steel<sup>(c)</sup> – 0.7%** | **Iron/Steel<sup>(c)</sup> – 0.7%** | **Iron/Steel<sup>(c)</sup> – 0.7%** |
| Baffinland Iron Mines Corp./Baffinland Iron Mines LP | Baffinland Iron Mines Corp./Baffinland Iron Mines LP | Baffinland Iron Mines Corp./Baffinland Iron Mines LP | Baffinland Iron Mines Corp./Baffinland Iron Mines LP |
| 3830000 | 8.750 <sup>(b)</sup> | 07/15/26 | 3735131 |
| CSN Resources SA | CSN Resources SA | CSN Resources SA | CSN Resources SA |
| 328000 | 5.875 | 04/08/32 | 297660 |
| Mineral Resources Ltd.<sup>(b)</sup>  | Mineral Resources Ltd.<sup>(b)</sup>  | Mineral Resources Ltd.<sup>(b)</sup>  | Mineral Resources Ltd.<sup>(b)</sup>  |
| 3220000 | 8.125 | 05/01/27 | 3246822 |
| 387000 | 8.000 | 11/01/27 | 397526 |
| 393000 | 8.500 | 05/01/30 | 407054 |
| Tacora Resources, Inc. | Tacora Resources, Inc. | Tacora Resources, Inc. | Tacora Resources, Inc. |
| 615000 | 8.250 <sup>(b)</sup> | 05/15/26 | 472351 |
|  |  |  | 8556544 |
| **Leisure Time<sup>(c)</sup> – 0.4%** | **Leisure Time<sup>(c)</sup> – 0.4%** | **Leisure Time<sup>(c)</sup> – 0.4%** | **Leisure Time<sup>(c)</sup> – 0.4%** |
| Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  | Carnival Corp.<sup>(b)</sup>  |
| 40000 | 10.500 | 02/01/26 | 41817 |
| 1814000 | 9.875 | 08/01/27 | 1864538 |
| Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
| 491000 | 5.500 | 02/15/25 | 488419 |
| Royal Caribbean Cruises Ltd.<sup>(b)</sup>  | Royal Caribbean Cruises Ltd.<sup>(b)</sup>  | Royal Caribbean Cruises Ltd.<sup>(b)</sup>  | Royal Caribbean Cruises Ltd.<sup>(b)</sup>  |
| 395000 | 5.500 | 08/31/26 | 353351 |
| 525000 | 5.500 | 04/01/28 | 451636 |
| TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH | TUI Cruises GmbH |
| 350000 | 6.500 <sup>(b)</sup> | 05/15/26 | 342410 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 450000 | 5.875 <sup>(b)</sup> | 09/15/27 | 383738 |
| VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
| 765000 | 5.000 <sup>(b)</sup> | 02/15/28 | 673254 |
|  |  |  | 4599163 |
| **Lodging<sup>(b)(c)</sup> – 0.1%** | **Lodging<sup>(b)(c)</sup> – 0.1%** | **Lodging<sup>(b)(c)</sup> – 0.1%** | **Lodging<sup>(b)(c)</sup> – 0.1%** |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 705000 | 3.750 | 05/01/29 | 626470 |
| 240000 | 4.000 | 05/01/31 | 208323 |
|  |  |  | 834793 |
| **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.0%** | **Machinery - Construction & Mining<sup>(b)(c)</sup> – 0.0%** |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 445000 | 4.125 | 06/30/28 | 403499 |
| **Machinery-Diversified<sup>(b)(c)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)(c)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)(c)</sup> – 0.2%** | **Machinery-Diversified<sup>(b)(c)</sup> – 0.2%** |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 540000 | 7.500 | 01/01/30 | 551621 |
| 1058000 | 9.500 | 01/01/31 | 1104203 |
| Novafives SAS | Novafives SAS | Novafives SAS | Novafives SAS |
| 300000 | 5.000 | 06/15/25 | 269477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Machinery-Diversified<sup>(b)(c)</sup> – (continued)** | **Machinery-Diversified<sup>(b)(c)</sup> – (continued)** | **Machinery-Diversified<sup>(b)(c)</sup> – (continued)** | **Machinery-Diversified<sup>(b)(c)</sup> – (continued)** |
| OT Merger Corp. | OT Merger Corp. | OT Merger Corp. | OT Merger Corp. |
| 984000 | 7.875% | 10/15/29 | $632141 |
|  |  |  | 2557442 |
| **Media – 3.5%** | **Media – 3.5%** | **Media – 3.5%** | **Media – 3.5%** |
| Altice Financing SA<sup>(b)(c)</sup>  | Altice Financing SA<sup>(b)(c)</sup>  | Altice Financing SA<sup>(b)(c)</sup>  | Altice Financing SA<sup>(b)(c)</sup>  |
| 635000 | 5.000 | 01/15/28 | 539833 |
| 2295000 | 5.750 | 08/15/29 | 1932849 |
| Audacy Capital Corp.<sup>(b)(c)</sup>  | Audacy Capital Corp.<sup>(b)(c)</sup>  | Audacy Capital Corp.<sup>(b)(c)</sup>  | Audacy Capital Corp.<sup>(b)(c)</sup>  |
| 585000 | 6.500 | 05/01/27 | 96344 |
| 760000 | 6.750 | 03/31/29 | 134018 |
| Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC | Beasley Mezzanine Holdings LLC |
| 1610000 | 8.625 <sup>(b)(c)</sup> | 02/01/26 | 1047369 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)(c)</sup>  | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)(c)</sup>  | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)(c)</sup>  | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)(c)</sup>  |
| 1013000 | 5.125 | 05/01/27 | 965298 |
| 1155000 | 5.375 | 06/01/29 | 1068156 |
| 1192000 | 6.375 | 09/01/29 | 1150066 |
| 1360000 | 4.500 | 08/15/30 | 1162773 |
| 450000 | 4.250 | 02/01/31 | 374801 |
| 1000000 | 7.375 | 03/01/31 | 998710 |
| Charter Communications Operating LLC / Charter Communications Operating Capital<sup>(c)</sup>  | Charter Communications Operating LLC / Charter Communications Operating Capital<sup>(c)</sup>  | Charter Communications Operating LLC / Charter Communications Operating Capital<sup>(c)</sup>  | Charter Communications Operating LLC / Charter Communications Operating Capital<sup>(c)</sup>  |
| 200000 | 3.900 | 06/01/52 | 136038 |
| 100000 | 4.400 | 12/01/61 | 69818 |
| 90000 | 3.950 | 06/30/62 | 57810 |
| Comcast Corp.<sup>(c)</sup>  | Comcast Corp.<sup>(c)</sup>  | Comcast Corp.<sup>(c)</sup>  | Comcast Corp.<sup>(c)</sup>  |
| 725000 | 2.937 | 11/01/56 | 495269 |
| 1090000 | 2.987 | 11/01/63 | 727564 |
| CSC Holdings LLC<sup>(b)(c)</sup>  | CSC Holdings LLC<sup>(b)(c)</sup>  | CSC Holdings LLC<sup>(b)(c)</sup>  | CSC Holdings LLC<sup>(b)(c)</sup>  |
| 847000 | 5.500 | 04/15/27 | 745665 |
| 545000 | 7.500 | 04/01/28 | 398144 |
| 265000 | 6.500 | 02/01/29 | 229551 |
| 941000 | 5.750 | 01/15/30 | 593404 |
| Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(b)(c)</sup>  | Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(b)(c)</sup>  | Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(b)(c)</sup>  | Diamond Sports Group LLC/Diamond Sports Finance Co.<sup>(b)(c)</sup>  |
| 2069000 | 5.375 | 08/15/26 | 150809 |
| 1274000 | 6.625 | 08/15/27 | 25926 |
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. | Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |
| 755000 | 5.875 <sup>(b)(c)</sup> | 08/15/27 | 683849 |
| DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
| 180000 | 5.875 | 11/15/24 | 169961 |
| 673000 | 7.750 | 07/01/26 | 545958 |
| 1675000 | 5.250 <sup>(b)(c)</sup> | 12/01/26 | 1443264 |
| 1378000 | 5.750 <sup>(b)(c)</sup> | 12/01/28 | 1130194 |
| 683000 | 5.125 | 06/01/29 | 434354 |
| DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
| 800000 | 11.750 <sup>(b)(c)</sup> | 11/15/27 | 829688 |
| Gray Escrow II, Inc. | Gray Escrow II, Inc. | Gray Escrow II, Inc. | Gray Escrow II, Inc. |
| 350000 | 5.375 <sup>(b)(c)</sup> | 11/15/31 | 269178 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| 1941000 | 7.000 <sup>(b)(c)</sup> | 05/15/27 | 1763961 |
| iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
| 137309 | 8.375 <sup>(c)</sup> | 05/01/27 | 123096 |
| LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC | LCPR Senior Secured Financing DAC |
| 1474000 | 6.750 <sup>(b)(c)</sup> | 10/15/27 | 1435956 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Media – (continued)** | **Media – (continued)** | **Media – (continued)** | **Media – (continued)** |
| Liberty Interactive LLC<sup>(c)</sup>  | Liberty Interactive LLC<sup>(c)</sup>  | Liberty Interactive LLC<sup>(c)</sup>  | Liberty Interactive LLC<sup>(c)</sup>  |
| 3947699 | 4.000% | 11/15/29 | $1322479 |
| 341479 | 3.750 | 02/15/30 | 116103 |
| McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
| 1250000 | 5.750 <sup>(b)(c)</sup> | 08/01/28 | 1101113 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 1123000 | 3.875 <sup>(b)(c)</sup> | 05/15/29 | 1006073 |
| Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
| 543000 | 5.625 <sup>(b)(c)</sup> | 07/15/27 | 517305 |
| Paramount Global (5 year CMT + 3.999%) | Paramount Global (5 year CMT + 3.999%) | Paramount Global (5 year CMT + 3.999%) | Paramount Global (5 year CMT + 3.999%) |
| 1284000 | 6.375 <sup>(c)(k)</sup> | 03/30/62 | 1117555 |
| Salem Media Group, Inc. | Salem Media Group, Inc. | Salem Media Group, Inc. | Salem Media Group, Inc. |
| 847000 | 6.750 <sup>(b)(c)</sup> | 06/01/24 | 819506 |
| Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
| 432000 | 3.875 <sup>(b)(c)</sup> | 01/15/29 | 362401 |
| Sinclair Television Group, Inc.<sup>(b)(c)</sup>  | Sinclair Television Group, Inc.<sup>(b)(c)</sup>  | Sinclair Television Group, Inc.<sup>(b)(c)</sup>  | Sinclair Television Group, Inc.<sup>(b)(c)</sup>  |
| 1601000 | 5.500 | 03/01/30 | 1276702 |
| 1117000 | 4.125 | 12/01/30 | 888071 |
| Sirius XM Radio, Inc.<sup>(b)(c)</sup>  | Sirius XM Radio, Inc.<sup>(b)(c)</sup>  | Sirius XM Radio, Inc.<sup>(b)(c)</sup>  | Sirius XM Radio, Inc.<sup>(b)(c)</sup>  |
| 997000 | 5.000 | 08/01/27 | 943501 |
| 260000 | 5.500 | 07/01/29 | 243781 |
| 310000 | 3.875 | 09/01/31 | 255062 |
| Spanish Broadcasting System, Inc. | Spanish Broadcasting System, Inc. | Spanish Broadcasting System, Inc. | Spanish Broadcasting System, Inc. |
| 1120000 | 9.750 <sup>(b)(c)</sup> | 03/01/26 | 660654 |
| Summer BidCo B.V.<sup>(j)</sup>  | Summer BidCo B.V.<sup>(j)</sup>  | Summer BidCo B.V.<sup>(j)</sup>  | Summer BidCo B.V.<sup>(j)</sup>  |
| 550000 | 9.000 <sup>(b)(c)</sup> | 11/15/25 | 448402 |
| TEGNA, Inc.<sup>(c)</sup>  | TEGNA, Inc.<sup>(c)</sup>  | TEGNA, Inc.<sup>(c)</sup>  | TEGNA, Inc.<sup>(c)</sup>  |
| 813000 | 4.625 | 03/15/28 | 763545 |
| 1796000 | 5.000 | 09/15/29 | 1691365 |
| Tele Columbus AG | Tele Columbus AG | Tele Columbus AG | Tele Columbus AG |
| 100000 | 3.875 <sup>(b)(c)</sup> | 05/02/25 | 87598 |
| Telenet Finance Luxembourg Notes S.a.r.l. | Telenet Finance Luxembourg Notes S.a.r.l. | Telenet Finance Luxembourg Notes S.a.r.l. | Telenet Finance Luxembourg Notes S.a.r.l. |
| 2400000 | 5.500 <sup>(b)(c)</sup> | 03/01/28 | 2229648 |
| Univision Communications, Inc.<sup>(b)(c)</sup>  | Univision Communications, Inc.<sup>(b)(c)</sup>  | Univision Communications, Inc.<sup>(b)(c)</sup>  | Univision Communications, Inc.<sup>(b)(c)</sup>  |
| 787000 | 6.625 | 06/01/27 | 771063 |
| 450000 | 7.375 | 06/30/30 | 441140 |
| Urban One, Inc. | Urban One, Inc. | Urban One, Inc. | Urban One, Inc. |
| 1285000 | 7.375 <sup>(b)(c)</sup> | 02/01/28 | 1160252 |
| Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC | Virgin Media Finance PLC |
| 104000 | 5.000 <sup>(b)(c)</sup> | 07/15/30 | 87341 |
| Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC | Virgin Media Vendor Financing Notes IV DAC |
| 855000 | 5.000 <sup>(b)(c)</sup> | 07/15/28 | 775827 |
| VTR Finance NV | VTR Finance NV | VTR Finance NV | VTR Finance NV |
| 1145000 | 6.375 <sup>(b)(c)</sup> | 07/15/28 | 473320 |
| VZ Secured Financing B.V. | VZ Secured Financing B.V. | VZ Secured Financing B.V. | VZ Secured Financing B.V. |
| 955000 | 5.000 <sup>(b)(c)</sup> | 01/15/32 | 817814 |
|  |  |  | 42307295 |
| **Mining – 0.7%** | **Mining – 0.7%** | **Mining – 0.7%** | **Mining – 0.7%** |
| Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
| 860000 | 5.125 <sup>(b)(c)</sup> | 02/02/33 | 862150 |
| First Quantum Minerals Ltd.<sup>(b)(c)</sup>  | First Quantum Minerals Ltd.<sup>(b)(c)</sup>  | First Quantum Minerals Ltd.<sup>(b)(c)</sup>  | First Quantum Minerals Ltd.<sup>(b)(c)</sup>  |
| 323000 | 6.500 | 03/01/24 | 319972 |
| 330000 | 7.500 | 04/01/25 | 325067 |
| 900000 | 6.875 | 03/01/26 | 865136 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Mining – (continued)** | **Mining – (continued)** | **Mining – (continued)** | **Mining – (continued)** |
| FMG Resources August Pty. Ltd. | FMG Resources August Pty. Ltd. | FMG Resources August Pty. Ltd. | FMG Resources August Pty. Ltd. |
| 1148000 | 5.875 %<sup>(b)(c)</sup> | 04/15/30 | $1119426 |
| Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT | Freeport Indonesia PT |
| 256000 | 5.315 <sup>(b)(c)</sup> | 04/14/32 | 242588 |
| Freeport-McMoRan, Inc.<sup>(c)</sup>  | Freeport-McMoRan, Inc.<sup>(c)</sup>  | Freeport-McMoRan, Inc.<sup>(c)</sup>  | Freeport-McMoRan, Inc.<sup>(c)</sup>  |
| 220000 | 4.625 | 08/01/30 | 211334 |
| 637000 | 5.400 | 11/14/34 | 635032 |
| 925000 | 5.450 | 03/15/43 | 900025 |
| Mountain Province Diamonds, Inc. | Mountain Province Diamonds, Inc. | Mountain Province Diamonds, Inc. | Mountain Province Diamonds, Inc. |
| 3152000 | 9.000 <sup>(b)</sup> | 12/15/25 | 3339449 |
| Northwest Acquisitions ULC/Dominion Finco, Inc. | Northwest Acquisitions ULC/Dominion Finco, Inc. | Northwest Acquisitions ULC/Dominion Finco, Inc. | Northwest Acquisitions ULC/Dominion Finco, Inc. |
| 1260000 | 7.125 (b)(c)(e) | 11/01/22 | 13 |
|  |  |  | 8820192 |
| **Miscellaneous Manufacturing<sup>(b)(c)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(b)(c)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(b)(c)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(b)(c)</sup> – 0.1%** |
| LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. |
| 745000 | 6.250 | 10/15/28 | 671297 |
| **Office & Business Equipment<sup>(b)</sup> – 0.0%** | **Office & Business Equipment<sup>(b)</sup> – 0.0%** | **Office & Business Equipment<sup>(b)</sup> – 0.0%** | **Office & Business Equipment<sup>(b)</sup> – 0.0%** |
| Pitney Bowes, Inc.<sup>(c)</sup>  | Pitney Bowes, Inc.<sup>(c)</sup>  | Pitney Bowes, Inc.<sup>(c)</sup>  | Pitney Bowes, Inc.<sup>(c)</sup>  |
| 70000 | 6.875 | 03/15/27 | 58795 |
| 25000 | 7.250 | 03/15/29 | 19653 |
|  |  |  | 78448 |
| **Oil Field Services – 3.4%** | **Oil Field Services – 3.4%** | **Oil Field Services – 3.4%** | **Oil Field Services – 3.4%** |
| Antero Resources Corp.<sup>(b)(c)</sup>  | Antero Resources Corp.<sup>(b)(c)</sup>  | Antero Resources Corp.<sup>(b)(c)</sup>  | Antero Resources Corp.<sup>(b)(c)</sup>  |
| 127000 | 7.625 | 02/01/29 | 130090 |
| 603000 | 5.375 | 03/01/30 | 562364 |
| Apache Corp. | Apache Corp. | Apache Corp. | Apache Corp. |
| 705000 | 5.100 <sup>(c)</sup> | 09/01/40 | 614908 |
| Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. | Archrock Partners LP/Archrock Partners Finance Corp. |
| 620000 | 6.250 <sup>(b)(c)</sup> | 04/01/28 | 589093 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(b)(c)</sup>  | Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(b)(c)</sup>  | Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(b)(c)</sup>  | Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(b)(c)</sup>  |
| 230000 | 7.000 | 11/01/26 | 220020 |
| 605000 | 5.875 | 06/30/29 | 532642 |
| Citgo Holding, Inc. | Citgo Holding, Inc. | Citgo Holding, Inc. | Citgo Holding, Inc. |
| 625000 | 9.250 <sup>(b)(c)</sup> | 08/01/24 | 629656 |
| CITGO Petroleum Corp.<sup>(b)(c)</sup>  | CITGO Petroleum Corp.<sup>(b)(c)</sup>  | CITGO Petroleum Corp.<sup>(b)(c)</sup>  | CITGO Petroleum Corp.<sup>(b)(c)</sup>  |
| 1171000 | 7.000 | 06/15/25 | 1161632 |
| 150000 | 6.375 | 06/15/26 | 147060 |
| Colgate Energy Partners III LLC<sup>(b)(c)</sup>  | Colgate Energy Partners III LLC<sup>(b)(c)</sup>  | Colgate Energy Partners III LLC<sup>(b)(c)</sup>  | Colgate Energy Partners III LLC<sup>(b)(c)</sup>  |
| 464000 | 7.750 | 02/15/26 | 464111 |
| 853000 | 5.875 | 07/01/29 | 801257 |
| Earthstone Energy Holdings LLC | Earthstone Energy Holdings LLC | Earthstone Energy Holdings LLC | Earthstone Energy Holdings LLC |
| 1563000 | 8.000 <sup>(b)(c)</sup> | 04/15/27 | 1524581 |
| Ecopetrol SA | Ecopetrol SA | Ecopetrol SA | Ecopetrol SA |
| 1144000 | 8.875 <sup>(c)</sup> | 01/13/33 | 1171227 |
| Enerflex Ltd. | Enerflex Ltd. | Enerflex Ltd. | Enerflex Ltd. |
| 160000 | 9.000 <sup>(b)(c)</sup> | 10/15/27 | 162882 |
| EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
| 56000 | 7.000 <sup>(c)</sup> | 02/01/30 | 59560 |
| Guara Norte S.a.r.l. | Guara Norte S.a.r.l. | Guara Norte S.a.r.l. | Guara Norte S.a.r.l. |
| 646505 | 5.198 <sup>(b)</sup> | 06/15/34 | 583875 |
| Kosmos Energy Ltd.<sup>(c)</sup>  | Kosmos Energy Ltd.<sup>(c)</sup>  | Kosmos Energy Ltd.<sup>(c)</sup>  | Kosmos Energy Ltd.<sup>(c)</sup>  |
| 671000 | 7.125 | 04/04/26 | 603809 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
|  Kosmos Energy Ltd.<sup>(c)</sup> – (continued) | Kosmos Energy Ltd.<sup>(c)</sup> – (continued) | Kosmos Energy Ltd.<sup>(c)</sup> – (continued) | Kosmos Energy Ltd.<sup>(c)</sup> – (continued) | Kosmos Energy Ltd.<sup>(c)</sup> – (continued) |
|  $ | 1142000 | 7.750 %<sup>(b)</sup> | 05/01/27 | $1009842 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  | 1263000 | 5.875 <sup>(c)</sup> | 09/15/26 | 1243158 |
|  MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. | MEG Energy Corp. |
|  | 580000 | 7.125 <sup>(b)(c)</sup> | 02/01/27 | 595034 |
|  Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. | Moss Creek Resources Holdings, Inc. |
|  | 748000 | 7.500 <sup>(b)(c)</sup> | 01/15/26 | 690875 |
|  Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. |
|  | 595000 | 8.125 <sup>(b)(c)</sup> | 03/01/28 | 592953 |
|  NuVista Energy Ltd. | NuVista Energy Ltd. | NuVista Energy Ltd. | NuVista Energy Ltd. | NuVista Energy Ltd. |
|  CAD | 1025000 | 7.875 <sup>(b)(c)</sup> | 07/23/26 | 782876 |
|  Occidental Petroleum Corp.<sup>(c)</sup>  | Occidental Petroleum Corp.<sup>(c)</sup>  | Occidental Petroleum Corp.<sup>(c)</sup>  | Occidental Petroleum Corp.<sup>(c)</sup>  | Occidental Petroleum Corp.<sup>(c)</sup>  |
|  $ | 645000 | 6.125 | 01/01/31 | 674277 |
|  | 660000 | 7.500 | 05/01/31 | 734065 |
|  | 965000 | 4.625 | 06/15/45 | 810774 |
|  Penn Virginia Holdings LLC | Penn Virginia Holdings LLC | Penn Virginia Holdings LLC | Penn Virginia Holdings LLC | Penn Virginia Holdings LLC |
|  | 1304000 | 9.250 <sup>(b)(c)</sup> | 08/15/26 | 1321161 |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  | 700000 | 6.000 <sup>(e)</sup> | 11/15/26 | 31500 |
|  Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
|  | 992000 | 5.625 | 06/19/47 | 664144 |
|  Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
|  | 1323000 | 6.840 <sup>(c)</sup> | 01/23/30 | 1147173 |
|  | 1994000 | 5.950 <sup>(c)</sup> | 01/28/31 | 1592010 |
|  | 2408000 | 6.700 <sup>(c)</sup> | 02/16/32 | 1992620 |
|  | 3991000 | 10.000 <sup>(b)(c)</sup> | 02/07/33 | 3899207 |
|  | 623000 | 6.375 | 01/23/45 | 419591 |
|  | 559000 | 6.750 | 09/21/47 | 386409 |
|  Petronas Capital Ltd.<sup>(c)</sup>  | Petronas Capital Ltd.<sup>(c)</sup>  | Petronas Capital Ltd.<sup>(c)</sup>  | Petronas Capital Ltd.<sup>(c)</sup>  | Petronas Capital Ltd.<sup>(c)</sup>  |
|  | 1400000 | 3.500 | 04/21/30 | 1306956 |
|  | 596000 | 2.480 | 01/28/32 | 504109 |
|  | 1009000 | 4.550 | 04/21/50 | 939820 |
|  Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy | Qatar Energy |
|  | 1655000 | 2.250 <sup>(c)</sup> | 07/12/31 | 1402923 |
|  Rockcliff Energy II LLC | Rockcliff Energy II LLC | Rockcliff Energy II LLC | Rockcliff Energy II LLC | Rockcliff Energy II LLC |
|  | 839000 | 5.500 <sup>(b)(c)</sup> | 10/15/29 | 798275 |
|  Shelf Drilling Holdings Ltd. | Shelf Drilling Holdings Ltd. | Shelf Drilling Holdings Ltd. | Shelf Drilling Holdings Ltd. | Shelf Drilling Holdings Ltd. |
|  | 1595000 | 8.250 <sup>(b)(c)</sup> | 02/15/25 | 1503288 |
|  Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. | Strathcona Resources Ltd. |
|  | 1670000 | 6.875 <sup>(b)(c)</sup> | 08/01/26 | 1438070 |
|  Transocean Pontus Ltd. | Transocean Pontus Ltd. | Transocean Pontus Ltd. | Transocean Pontus Ltd. | Transocean Pontus Ltd. |
|  | 889280 | 6.125 <sup>(b)(c)</sup> | 08/01/25 | 914402 |
|  Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. | Transocean Titan Financing Ltd. |
|  | 490000 | 8.375 <sup>(b)(c)</sup> | 02/01/28 | 508498 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  | 444000 | 7.250 <sup>(b)(c)</sup> | 11/01/25 | 422013 |
|  | 1192000 | 11.500 <sup>(b)(c)</sup> | 01/30/27 | 1244663 |
|  | 330000 | 7.500 | 04/15/31 | 253618 |
|  Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA | Var Energi ASA |
|  | 1230000 | 7.500 <sup>(b)(c)</sup> | 01/15/28 | 1295879 |
|  Wintershall Dea Finance 2 BV Series NC8 (-1X 5 year EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV Series NC8 (-1X 5 year EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV Series NC8 (-1X 5 year EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV Series NC8 (-1X 5 year EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV Series NC8 (-1X 5 year EUR Swap + 3.319%) |
|  EUR | 1100000 | 3.000 <sup>(c)(k)</sup> | 07/20/28 | 954360 |
|  |  |  |  | 42033310 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Packaging<sup>(c)</sup> – 0.6%** | **Packaging<sup>(c)</sup> – 0.6%** | **Packaging<sup>(c)</sup> – 0.6%** | **Packaging<sup>(c)</sup> – 0.6%** |
| 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>  |
| 300000 | 2.000% | 09/01/28 | $271588 |
| 300000 | 3.000 | 09/01/29 | 253565 |
| 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>  |
| 630000 | 5.250 | 04/30/25 | 616997 |
| 116000 | 4.125 | 08/15/26 | 105889 |
| 227000 | 5.250 | 08/15/27 | 187134 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 962000 | 2.875 | 08/15/30 | 790456 |
| Canpack SA / Canpack US LLC | Canpack SA / Canpack US LLC | Canpack SA / Canpack US LLC | Canpack SA / Canpack US LLC |
| 600000 | 2.375 <sup>(b)</sup> | 11/01/27 | 547591 |
| Guala Closures SpA | Guala Closures SpA | Guala Closures SpA | Guala Closures SpA |
| 550000 | 3.250 <sup>(b)</sup> | 06/15/28 | 517379 |
| Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC | Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC |
| 1637000 | 6.000 <sup>(b)</sup> | 09/15/28 | 1459975 |
| Kleopatra Finco S.a.r.l. | Kleopatra Finco S.a.r.l. | Kleopatra Finco S.a.r.l. | Kleopatra Finco S.a.r.l. |
| 250000 | 4.250 <sup>(b)</sup> | 03/01/26 | 227644 |
| Mauser Packaging Solutions Holding Co.<sup>(b)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(b)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(b)</sup>  | Mauser Packaging Solutions Holding Co.<sup>(b)</sup>  |
| 400000 | 4.750 | 04/15/24 | 434064 |
| 263000 | 7.250 | 04/15/25 | 255804 |
| OI European Group BV | OI European Group BV | OI European Group BV | OI European Group BV |
| 445000 | 4.750 <sup>(b)</sup> | 02/15/30 | 399868 |
| Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
| 386000 | 6.625 <sup>(b)</sup> | 05/13/27 | 379469 |
| Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. | Trident TPI Holdings, Inc. |
| 832000 | 9.250 <sup>(b)</sup> | 08/01/24 | 817332 |
|  |  |  | 7264755 |
| **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** | **Pharmaceuticals<sup>(c)</sup> – 0.5%** |
| Almirall SA | Almirall SA | Almirall SA | Almirall SA |
| 600000 | 2.125 <sup>(b)</sup> | 09/30/26 | 605443 |
| Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
| 1500000 | 5.250 <sup>(b)</sup> | 01/30/30 | 657435 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 705000 | 2.550 | 11/13/50 | 480436 |
| Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH | Cheplapharm Arzneimittel GmbH |
| 1401000 | 5.500 <sup>(b)</sup> | 01/15/28 | 1248557 |
| Endo Dac/Endo Finance LLC/Endo Finco, Inc.<sup>(b)(e)</sup>  | Endo Dac/Endo Finance LLC/Endo Finco, Inc.<sup>(b)(e)</sup>  | Endo Dac/Endo Finance LLC/Endo Finco, Inc.<sup>(b)(e)</sup>  | Endo Dac/Endo Finance LLC/Endo Finco, Inc.<sup>(b)(e)</sup>  |
| 1183000 | 9.500 | 07/31/27 | 192391 |
| 946000 | 6.000 | 06/30/28 | 56524 |
| Gruenenthal GmbH | Gruenenthal GmbH | Gruenenthal GmbH | Gruenenthal GmbH |
| 620000 | 4.125 | 05/15/28 | 613498 |
| Lannett Co., Inc. | Lannett Co., Inc. | Lannett Co., Inc. | Lannett Co., Inc. |
| 2355000 | 7.750 <sup>(b)</sup> | 04/15/26 | 605895 |
| Nidda BondCo GmbH | Nidda BondCo GmbH | Nidda BondCo GmbH | Nidda BondCo GmbH |
| 450000 | 5.000 <sup>(b)</sup> | 09/30/25 | 455838 |
| Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH | Nidda Healthcare Holding GmbH |
| 150000 | 7.500 <sup>(b)</sup> | 08/21/26 | 159051 |
| Organon & Co./Organon Foreign Debt Co.-Issuer BV | Organon & Co./Organon Foreign Debt Co.-Issuer BV | Organon & Co./Organon Foreign Debt Co.-Issuer BV | Organon & Co./Organon Foreign Debt Co.-Issuer BV |
| 645000 | 5.125 <sup>(b)</sup> | 04/30/31 | 580694 |
| Par Pharmaceutical, Inc. | Par Pharmaceutical, Inc. | Par Pharmaceutical, Inc. | Par Pharmaceutical, Inc. |
| 344000 | 7.500 <sup>(b)(e)</sup> | 04/01/27 | 269658 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals<sup>(c)</sup> – (continued)** | **Pharmaceuticals<sup>(c)</sup> – (continued)** | **Pharmaceuticals<sup>(c)</sup> – (continued)** | **Pharmaceuticals<sup>(c)</sup> – (continued)** |
| Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV | Teva Pharmaceutical Finance Netherlands II BV |
| 560000 | 4.375% | 05/09/30 | $525593 |
|  |  |  | 6451013 |
| **Pipelines – 2.0%** | **Pipelines – 2.0%** | **Pipelines – 2.0%** | **Pipelines – 2.0%** |
| Blue Racer Midstream LLC/Blue Racer Finance Corp. | Blue Racer Midstream LLC/Blue Racer Finance Corp. | Blue Racer Midstream LLC/Blue Racer Finance Corp. | Blue Racer Midstream LLC/Blue Racer Finance Corp. |
| 519000 | 7.625 <sup>(b)(c)</sup> | 12/15/25 | 526977 |
| Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 741000 | 4.500 <sup>(c)</sup> | 10/01/29 | 695451 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC | CQP Holdco LP/BIP-V Chinook Holdco LLC |
| 1010000 | 5.500 <sup>(b)(c)</sup> | 06/15/31 | 920554 |
| DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
| 350000 | 8.125 | 08/16/30 | 400435 |
| EIG Pearl Holdings S.a.r.l<sup>(b)</sup>  | EIG Pearl Holdings S.a.r.l<sup>(b)</sup>  | EIG Pearl Holdings S.a.r.l<sup>(b)</sup>  | EIG Pearl Holdings S.a.r.l<sup>(b)</sup>  |
| 672000 | 3.545 | 08/31/36 | 581280 |
| 841000 | 4.387 | 11/30/46 | 664548 |
| EnLink Midstream LLC | EnLink Midstream LLC | EnLink Midstream LLC | EnLink Midstream LLC |
| 1142000 | 5.375 <sup>(c)</sup> | 06/01/29 | 1101082 |
| EQM Midstream Partners LP<sup>(c)</sup>  | EQM Midstream Partners LP<sup>(c)</sup>  | EQM Midstream Partners LP<sup>(c)</sup>  | EQM Midstream Partners LP<sup>(c)</sup>  |
| 729000 | 7.500 <sup>(b)</sup> | 06/01/27 | 731012 |
| 729000 | 7.500 <sup>(b)</sup> | 06/01/30 | 727797 |
| 984000 | 6.500 | 07/15/48 | 763141 |
| Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. | Galaxy Pipeline Assets Bidco Ltd. |
| 1260311 | 2.160 | 03/31/34 | 1088594 |
| 2085772 | 2.940 | 09/30/40 | 1706422 |
| Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup>  | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup>  | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup>  | Genesis Energy LP/Genesis Energy Finance Corp.<sup>(c)</sup>  |
| 160000 | 8.000 | 01/15/27 | 157955 |
| 1350000 | 7.750 | 02/01/28 | 1307137 |
| Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. | Global Partners LP/GLP Finance Corp. |
| 1202000 | 7.000 <sup>(c)</sup> | 08/01/27 | 1159894 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 760000 | 6.750 <sup>(b)(c)</sup> | 01/15/27 | 740962 |
| ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC | ITT Holdings LLC |
| 2246000 | 6.500 <sup>(b)(c)</sup> | 08/01/29 | 1952538 |
| KazTransGas JSC | KazTransGas JSC | KazTransGas JSC | KazTransGas JSC |
| 390000 | 4.375 | 09/26/27 | 355583 |
| New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. |
| 787000 | 6.500 <sup>(b)(c)</sup> | 09/30/26 | 726551 |
| NGL Energy Partners LP/NGL Energy Finance Corp.<sup>(c)</sup>  | NGL Energy Partners LP/NGL Energy Finance Corp.<sup>(c)</sup>  | NGL Energy Partners LP/NGL Energy Finance Corp.<sup>(c)</sup>  | NGL Energy Partners LP/NGL Energy Finance Corp.<sup>(c)</sup>  |
| 2102000 | 6.125 | 03/01/25 | 1865525 |
| 900000 | 7.500 | 04/15/26 | 768744 |
| Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. | Summit Midstream Holdings LLC/Summit Midstream Finance Corp. |
| 278000 | 8.500 <sup>(b)(c)</sup> | 10/15/26 | 270552 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)(c)</sup>  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)(c)</sup>  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)(c)</sup>  | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)(c)</sup>  |
| 800000 | 6.000 | 03/01/27 | 760784 |
| 1577000 | 6.000 | 12/31/30 | 1436395 |
| Venture Global Calcasieu Pass LLC<sup>(b)(c)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)(c)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)(c)</sup>  | Venture Global Calcasieu Pass LLC<sup>(b)(c)</sup>  |
| 973000 | 6.250 | 01/15/30 | 991506 |
| 710000 | 4.125 | 08/15/31 | 629969 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 1224000 | 5.500 <sup>(c)</sup> | 02/01/50 | 1062028 |
|  |  |  | 24093416 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Real Estate – 0.1%** | **Real Estate – 0.1%** | **Real Estate – 0.1%** | **Real Estate – 0.1%** |
| Country Garden Holdings Co. Ltd.<sup>(c)</sup>  | Country Garden Holdings Co. Ltd.<sup>(c)</sup>  | Country Garden Holdings Co. Ltd.<sup>(c)</sup>  | Country Garden Holdings Co. Ltd.<sup>(c)</sup>  |
| 700000 | 5.125% | 01/14/27 | $474250 |
| 700000 | 5.625 | 01/14/30 | 449750 |
| WeWork Cos., Inc. | WeWork Cos., Inc. | WeWork Cos., Inc. | WeWork Cos., Inc. |
| 1780000 | 7.875 <sup>(b)</sup> | 05/01/25 | 960773 |
|  |  |  | 1884773 |
| **Real Estate Investment Trust – 0.8%** | **Real Estate Investment Trust – 0.8%** | **Real Estate Investment Trust – 0.8%** | **Real Estate Investment Trust – 0.8%** |
| American Tower Corp.<sup>(c)</sup>  | American Tower Corp.<sup>(c)</sup>  | American Tower Corp.<sup>(c)</sup>  | American Tower Corp.<sup>(c)</sup>  |
| 90000 | 3.700 | 10/15/49 | 67792 |
| 345000 | 3.100 | 06/15/50 | 232802 |
| 265000 | 2.950 | 01/15/51 | 174487 |
| Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
| 950000 | 7.550 <sup>(c)</sup> | 03/15/28 | 953610 |
| Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
| 983000 | 4.500 <sup>(b)(c)</sup> | 04/01/27 | 865345 |
| Crown Castle, Inc.<sup>(c)</sup>  | Crown Castle, Inc.<sup>(c)</sup>  | Crown Castle, Inc.<sup>(c)</sup>  | Crown Castle, Inc.<sup>(c)</sup>  |
| 795000 | 2.900 | 04/01/41 | 582973 |
| 135000 | 3.250 | 01/15/51 | 96351 |
| Diversified Healthcare Trust<sup>(c)</sup>  | Diversified Healthcare Trust<sup>(c)</sup>  | Diversified Healthcare Trust<sup>(c)</sup>  | Diversified Healthcare Trust<sup>(c)</sup>  |
| 200000 | 9.750 | 06/15/25 | 196276 |
| 680000 | 4.375 | 03/01/31 | 461387 |
| Global Net Lease, Inc./Global Net Lease Operating Partnership LP | Global Net Lease, Inc./Global Net Lease Operating Partnership LP | Global Net Lease, Inc./Global Net Lease Operating Partnership LP | Global Net Lease, Inc./Global Net Lease Operating Partnership LP |
| 721000 | 3.750 <sup>(b)(c)</sup> | 12/15/27 | 608827 |
| HAT Holdings I LLC/HAT Holdings II LLC<sup>(b)</sup>  | HAT Holdings I LLC/HAT Holdings II LLC<sup>(b)</sup>  | HAT Holdings I LLC/HAT Holdings II LLC<sup>(b)</sup>  | HAT Holdings I LLC/HAT Holdings II LLC<sup>(b)</sup>  |
| 251000 | 6.000 <sup>(c)</sup> | 04/15/25 | 245435 |
| 251000 | 3.375 <sup>(c)</sup> | 06/15/26 | 222833 |
| 417000 | 3.750 | 09/15/30 | 321328 |
| Iron Mountain, Inc.<sup>(b)(c)</sup>  | Iron Mountain, Inc.<sup>(b)(c)</sup>  | Iron Mountain, Inc.<sup>(b)(c)</sup>  | Iron Mountain, Inc.<sup>(b)(c)</sup>  |
| 835000 | 5.250 | 03/15/28 | 793851 |
| 136000 | 4.875 | 09/15/29 | 122926 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
| 842000 | 4.250 <sup>(b)(c)</sup> | 02/01/27 | 742004 |
| Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. | Rithm Capital Corp. |
| 485000 | 6.250 <sup>(b)(c)</sup> | 10/15/25 | 451642 |
| Service Properties Trust<sup>(c)</sup>  | Service Properties Trust<sup>(c)</sup>  | Service Properties Trust<sup>(c)</sup>  | Service Properties Trust<sup>(c)</sup>  |
| 490000 | 4.950 | 02/15/27 | 402888 |
| 645000 | 5.500 | 12/15/27 | 571838 |
| 125000 | 4.950 | 10/01/29 | 93890 |
| 770000 | 4.375 | 02/15/30 | 561730 |
| VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. | VICI Properties LP/VICI Note Co., Inc. |
| 968000 | 3.750 <sup>(b)(c)</sup> | 02/15/27 | 894616 |
|  |  |  | 9664831 |
| **Retailing – 1.2%** | **Retailing – 1.2%** | **Retailing – 1.2%** | **Retailing – 1.2%** |
| 1011778 BC ULC/New Red Finance, Inc.<sup>(b)(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)(c)</sup>  | 1011778 BC ULC/New Red Finance, Inc.<sup>(b)(c)</sup>  |
| 125000 | 3.875 | 01/15/28 | 114250 |
| 580000 | 4.375 | 01/15/28 | 535334 |
| Asbury Automotive Group, Inc.<sup>(c)</sup>  | Asbury Automotive Group, Inc.<sup>(c)</sup>  | Asbury Automotive Group, Inc.<sup>(c)</sup>  | Asbury Automotive Group, Inc.<sup>(c)</sup>  |
| 775000 | 4.500 | 03/01/28 | 705630 |
| 695000 | 4.625 <sup>(b)</sup> | 11/15/29 | 614074 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
|  **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  $ | 176000 | 9.375 %<sup>(b)</sup> | 07/01/25 | $188473 |
|  | 100000 | 5.250 | 02/01/28 | 94520 |
|  | 275000 | 6.875 | 11/01/35 | 252359 |
|  | 575000 | 6.750 | 07/01/36 | 519857 |
|  BCPE Ulysses Intermediate, Inc.<sup>(j)</sup>  | BCPE Ulysses Intermediate, Inc.<sup>(j)</sup>  | BCPE Ulysses Intermediate, Inc.<sup>(j)</sup>  | BCPE Ulysses Intermediate, Inc.<sup>(j)</sup>  | BCPE Ulysses Intermediate, Inc.<sup>(j)</sup>  |
|  | 1094667 | 7.750 <sup>(b)(c)</sup> | 04/01/27 | 817300 |
|  Carvana Co.<sup>(b)(c)</sup>  | Carvana Co.<sup>(b)(c)</sup>  | Carvana Co.<sup>(b)(c)</sup>  | Carvana Co.<sup>(b)(c)</sup>  | Carvana Co.<sup>(b)(c)</sup>  |
|  | 90000 | 5.625 | 10/01/25 | 45024 |
|  | 10000 | 10.250 | 05/01/30 | 5352 |
|  Doman Building Materials Group Ltd. | Doman Building Materials Group Ltd. | Doman Building Materials Group Ltd. | Doman Building Materials Group Ltd. | Doman Building Materials Group Ltd. |
|  CAD | 2040000 | 5.250 <sup>(b)(c)</sup> | 05/15/26 | 1395213 |
|  eG Global Finance PLC<sup>(b)(c)</sup>  | eG Global Finance PLC<sup>(b)(c)</sup>  | eG Global Finance PLC<sup>(b)(c)</sup>  | eG Global Finance PLC<sup>(b)(c)</sup>  | eG Global Finance PLC<sup>(b)(c)</sup>  |
|  EUR | 300000 | 3.625 | 02/07/24 | 311488 |
|  $ | 301000 | 6.750 | 02/07/25 | 279132 |
|  EUR | 150000 | 6.250 | 10/30/25 | 146041 |
|  Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
|  $ | 1660000 | 5.375 <sup>(b)(c)</sup> | 04/01/26 | 1526934 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC | KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC |
|  | 95000 | 4.750 <sup>(b)(c)</sup> | 06/01/27 | 92707 |
|  LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
|  | 1296000 | 6.250 <sup>(b)(c)</sup> | 01/15/29 | 984675 |
|  LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
|  | 933000 | 4.875 <sup>(b)(c)</sup> | 05/01/29 | 769949 |
|  Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. | Lithia Motors, Inc. |
|  | 480000 | 3.875 <sup>(b)(c)</sup> | 06/01/29 | 408077 |
|  Mobilux Finance SAS | Mobilux Finance SAS | Mobilux Finance SAS | Mobilux Finance SAS | Mobilux Finance SAS |
|  EUR | 400000 | 4.250 <sup>(b)(c)</sup> | 07/15/28 | 342031 |
|  Neiman Marcus Group Ltd. LLC<sup>(g)</sup>  | Neiman Marcus Group Ltd. LLC<sup>(g)</sup>  | Neiman Marcus Group Ltd. LLC<sup>(g)</sup>  | Neiman Marcus Group Ltd. LLC<sup>(g)</sup>  | Neiman Marcus Group Ltd. LLC<sup>(g)</sup>  |
|  $ | 605000 | 0.000 <sup>(l)</sup> | 10/15/21 | 151916 |
|  Rite Aid Corp. | Rite Aid Corp. | Rite Aid Corp. | Rite Aid Corp. | Rite Aid Corp. |
|  | 388000 | 8.000 <sup>(b)(c)</sup> | 11/15/26 | 216283 |
|  Shiba Bidco SpA | Shiba Bidco SpA | Shiba Bidco SpA | Shiba Bidco SpA | Shiba Bidco SpA |
|  EUR | 450000 | 4.500 <sup>(b)(c)</sup> | 10/31/28 | 421236 |
|  Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. | Specialty Building Products Holdings LLC/SBP Finance Corp. |
|  $ | 1405000 | 6.375 <sup>(b)(c)</sup> | 09/30/26 | 1265301 |
|  SRS Distribution, Inc.<sup>(b)(c)</sup>  | SRS Distribution, Inc.<sup>(b)(c)</sup>  | SRS Distribution, Inc.<sup>(b)(c)</sup>  | SRS Distribution, Inc.<sup>(b)(c)</sup>  | SRS Distribution, Inc.<sup>(b)(c)</sup>  |
|  | 231000 | 4.625 | 07/01/28 | 212381 |
|  | 36000 | 6.125 | 07/01/29 | 30956 |
|  Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC | Stonegate Pub Co. Financing 2019 PLC |
|  GBP | 778000 | 8.250 <sup>(c)</sup> | 07/31/25 | 890002 |
|  The Gap, Inc. | The Gap, Inc. | The Gap, Inc. | The Gap, Inc. | The Gap, Inc. |
|  $ | 680000 | 3.625 <sup>(b)(c)</sup> | 10/01/29 | 522451 |
|  White Cap Parent LLC<sup>(j)</sup>  | White Cap Parent LLC<sup>(j)</sup>  | White Cap Parent LLC<sup>(j)</sup>  | White Cap Parent LLC<sup>(j)</sup>  | White Cap Parent LLC<sup>(j)</sup>  |
|  | 650000 | 8.250 <sup>(b)(c)</sup> | 03/15/26 | 592683 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  | 615000 | 6.875 | 11/15/37 | 656463 |
|  |  |  |  | 15108092 |
|  **Semiconductors<sup>(c)</sup> – 0.1%** | **Semiconductors<sup>(c)</sup> – 0.1%** | **Semiconductors<sup>(c)</sup> – 0.1%** | **Semiconductors<sup>(c)</sup> – 0.1%** | **Semiconductors<sup>(c)</sup> – 0.1%** |
|  Entegris Escrow Corp. | Entegris Escrow Corp. | Entegris Escrow Corp. | Entegris Escrow Corp. | Entegris Escrow Corp. |
|  | 300000 | 4.750 <sup>(b)</sup> | 04/15/29 | 281466 |
|  Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
|  | 100000 | 3.625 <sup>(b)</sup> | 05/01/29 | 85601 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Semiconductors<sup>(c)</sup> – (continued)** | **Semiconductors<sup>(c)</sup> – (continued)** | **Semiconductors<sup>(c)</sup> – (continued)** | **Semiconductors<sup>(c)</sup> – (continued)** |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 445000 | 3.100% | 02/15/60 | $295378 |
| 465000 | 3.200 | 08/12/61 | 313661 |
| Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. |
| 672000 | 4.000 <sup>(b)</sup> | 06/15/29 | 583625 |
|  |  |  | 1559731 |
| **Software<sup>(b)(c)</sup> – 0.3%** | **Software<sup>(b)(c)</sup> – 0.3%** | **Software<sup>(b)(c)</sup> – 0.3%** | **Software<sup>(b)(c)</sup> – 0.3%** |
| Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. | Castle U.S. Holding Corp. |
| 750000 | 9.500 | 02/15/28 | 292808 |
| Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. | Central Parent, Inc./CDK Global, Inc. |
| 1250000 | 7.250 | 06/15/29 | 1247363 |
| Elastic NV | Elastic NV | Elastic NV | Elastic NV |
| 531000 | 4.125 | 07/15/29 | 454940 |
| Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. | Open Text Holdings, Inc. |
| 652000 | 4.125 | 02/15/30 | 548032 |
| PTC, Inc. | PTC, Inc. | PTC, Inc. | PTC, Inc. |
| 351000 | 4.000 | 02/15/28 | 327086 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| 795000 | 5.500 | 09/30/27 | 764249 |
| Veritas US, Inc./Veritas Bermuda Ltd. | Veritas US, Inc./Veritas Bermuda Ltd. | Veritas US, Inc./Veritas Bermuda Ltd. | Veritas US, Inc./Veritas Bermuda Ltd. |
| 335000 | 7.500 | 09/01/25 | 220986 |
|  |  |  | 3855464 |
| **Telecommunication Services – 1.8%** | **Telecommunication Services – 1.8%** | **Telecommunication Services – 1.8%** | **Telecommunication Services – 1.8%** |
| Altice France Holding SA | Altice France Holding SA | Altice France Holding SA | Altice France Holding SA |
| 527000 | 10.500 <sup>(b)(c)</sup> | 05/15/27 | 452329 |
| Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| 2595000 | 5.500 <sup>(b)(c)</sup> | 10/15/29 | 2049687 |
| America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV | America Movil SAB de CV |
| 1675000 | 5.375 <sup>(b)(c)</sup> | 04/04/32 | 1555656 |
| Avaya, Inc. | Avaya, Inc. | Avaya, Inc. | Avaya, Inc. |
| 1836000 | 6.125 <sup>(b)(c)</sup> | 09/15/28 | 542758 |
| Ciena Corp. | Ciena Corp. | Ciena Corp. | Ciena Corp. |
| 625000 | 4.000 <sup>(b)(c)</sup> | 01/31/30 | 551175 |
| CommScope, Inc.<sup>(b)(c)</sup>  | CommScope, Inc.<sup>(b)(c)</sup>  | CommScope, Inc.<sup>(b)(c)</sup>  | CommScope, Inc.<sup>(b)(c)</sup>  |
| 2593000 | 8.250 | 03/01/27 | 2204698 |
| 300000 | 7.125 | 07/01/28 | 235638 |
| DKT Finance ApS | DKT Finance ApS | DKT Finance ApS | DKT Finance ApS |
| 500000 | 7.000 <sup>(b)(c)</sup> | 06/17/23 | 543733 |
| Frontier Communications Holdings LLC<sup>(c)</sup>  | Frontier Communications Holdings LLC<sup>(c)</sup>  | Frontier Communications Holdings LLC<sup>(c)</sup>  | Frontier Communications Holdings LLC<sup>(c)</sup>  |
| 130000 | 5.875 | 11/01/29 | 106116 |
| 310000 | 8.750 <sup>(b)</sup> | 05/15/30 | 321132 |
| Iliad Holding SASU<sup>(b)(c)</sup>  | Iliad Holding SASU<sup>(b)(c)</sup>  | Iliad Holding SASU<sup>(b)(c)</sup>  | Iliad Holding SASU<sup>(b)(c)</sup>  |
| 2488000 | 6.500 | 10/15/26 | 2354917 |
| 450000 | 5.625 | 10/15/28 | 456059 |
| 1420000 | 7.000 | 10/15/28 | 1333281 |
| Level 3 Financing, Inc.<sup>(b)(c)</sup>  | Level 3 Financing, Inc.<sup>(b)(c)</sup>  | Level 3 Financing, Inc.<sup>(b)(c)</sup>  | Level 3 Financing, Inc.<sup>(b)(c)</sup>  |
| 149000 | 4.625 | 09/15/27 | 126374 |
| 200000 | 4.250 | 07/01/28 | 158446 |
| 96000 | 3.625 | 01/15/29 | 71416 |
| Lumen Technologies, Inc.<sup>(b)(c)</sup>  | Lumen Technologies, Inc.<sup>(b)(c)</sup>  | Lumen Technologies, Inc.<sup>(b)(c)</sup>  | Lumen Technologies, Inc.<sup>(b)(c)</sup>  |
| 270000 | 4.000 | 02/15/27 | 227885 |
| 1380000 | 4.500 | 01/15/29 | 927305 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** |
| Maxar Technologies, Inc. | Maxar Technologies, Inc. | Maxar Technologies, Inc. | Maxar Technologies, Inc. |
| 970000 | 7.750 %<sup>(b)(c)</sup> | 06/15/27 | $1013747 |
| SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. |
| 1144000 | 3.375 <sup>(c)</sup> | 07/06/29 | 1007397 |
| Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. | Sprint Capital Corp. |
| 600000 | 8.750 | 03/15/32 | 740808 |
| Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA | Telecom Italia Capital SA |
| 376000 | 6.000 | 09/30/34 | 301778 |
| Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA | Telecom Italia SpA |
| 245000 | 5.303 <sup>(b)</sup> | 05/30/24 | 238424 |
| 401000 | 2.375 <sup>(c)</sup> | 10/12/27 | 365285 |
| Telesat Canada/Telesat LLC<sup>(b)(c)</sup>  | Telesat Canada/Telesat LLC<sup>(b)(c)</sup>  | Telesat Canada/Telesat LLC<sup>(b)(c)</sup>  | Telesat Canada/Telesat LLC<sup>(b)(c)</sup>  |
| 299000 | 5.625 | 12/06/26 | 137965 |
| 211000 | 6.500 | 10/15/27 | 58789 |
| Total Play Telecomunicaciones SA de CV<sup>(b)(c)</sup>  | Total Play Telecomunicaciones SA de CV<sup>(b)(c)</sup>  | Total Play Telecomunicaciones SA de CV<sup>(b)(c)</sup>  | Total Play Telecomunicaciones SA de CV<sup>(b)(c)</sup>  |
| 496000 | 7.500 | 11/12/25 | 462619 |
| 1102000 | 6.375 | 09/20/28 | 926523 |
| Verizon Communications, Inc.<sup>(c)</sup>  | Verizon Communications, Inc.<sup>(c)</sup>  | Verizon Communications, Inc.<sup>(c)</sup>  | Verizon Communications, Inc.<sup>(c)</sup>  |
| 580000 | 2.987 | 10/30/56 | 385926 |
| 95000 | 3.000 | 11/20/60 | 61802 |
| Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC | Vmed O2 U.K. Financing I PLC |
| 1545000 | 4.250 <sup>(b)(c)</sup> | 01/31/31 | 1296240 |
| Windstream Escrow LLC/Windstream Escrow Finance Corp. | Windstream Escrow LLC/Windstream Escrow Finance Corp. | Windstream Escrow LLC/Windstream Escrow Finance Corp. | Windstream Escrow LLC/Windstream Escrow Finance Corp. |
| 580000 | 7.750 <sup>(b)(c)</sup> | 08/15/28 | 469179 |
|  |  |  | 21685087 |
| **Transportation<sup>(b)</sup> – 0.1%** | **Transportation<sup>(b)</sup> – 0.1%** | **Transportation<sup>(b)</sup> – 0.1%** | **Transportation<sup>(b)</sup> – 0.1%** |
| Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. | Cargo Aircraft Management, Inc. |
| 69000 | 4.750 <sup>(c)</sup> | 02/01/28 | 62426 |
| Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. | Transnet SOC Ltd. |
| 727000 | 8.250 | 02/06/28 | 728817 |
| Western Global Airlines LLC | Western Global Airlines LLC | Western Global Airlines LLC | Western Global Airlines LLC |
| 610000 | 10.375 <sup>(c)</sup> | 08/15/25 | 426872 |
|  |  |  | 1218115 |
| **Trucking & Leasing<sup>(b)(c)</sup> – 0.0%** | **Trucking & Leasing<sup>(b)(c)</sup> – 0.0%** | **Trucking & Leasing<sup>(b)(c)</sup> – 0.0%** | **Trucking & Leasing<sup>(b)(c)</sup> – 0.0%** |
| Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC | Fortress Transportation & Infrastructure Investors LLC |
| 645000 | 5.500 | 05/01/28 | 568264 |
| **Water Utilities<sup>(b)(c)</sup> – 0.1%** | **Water Utilities<sup>(b)(c)</sup> – 0.1%** | **Water Utilities<sup>(b)(c)</sup> – 0.1%** | **Water Utilities<sup>(b)(c)</sup> – 0.1%** |
| Aegea Finance S.a.r.l. | Aegea Finance S.a.r.l. | Aegea Finance S.a.r.l. | Aegea Finance S.a.r.l. |
| 906000 | 6.750 | 05/20/29 | 896215 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $422,434,289)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $422,434,289)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $422,434,289)** | $380812420 |
| **Bank Loans<sup>(m)</sup> – 23.3%** | **Bank Loans<sup>(m)</sup> – 23.3%** | **Bank Loans<sup>(m)</sup> – 23.3%** | **Bank Loans<sup>(m)</sup> – 23.3%** |
| **Advertising<sup>(k)</sup> – 0.2%** | **Advertising<sup>(k)</sup> – 0.2%** | **Advertising<sup>(k)</sup> – 0.2%** | **Advertising<sup>(k)</sup> – 0.2%** |
| Clear Channel Outdoor Holdings, Inc. (3M USD LIBOR + 3.500%) | Clear Channel Outdoor Holdings, Inc. (3M USD LIBOR + 3.500%) | Clear Channel Outdoor Holdings, Inc. (3M USD LIBOR + 3.500%) | Clear Channel Outdoor Holdings, Inc. (3M USD LIBOR + 3.500%) |
| 2140841 | 8.198% | 08/21/26 | $2032793 |
| Dotdash Meredith, Inc. (1M USD SOFR + 4.000%) | Dotdash Meredith, Inc. (1M USD SOFR + 4.000%) | Dotdash Meredith, Inc. (1M USD SOFR + 4.000%) | Dotdash Meredith, Inc. (1M USD SOFR + 4.000%) |
| 64674 | 8.434 | 12/01/28 | 54757 |
|  |  |  | 2087550 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** | **Aerospace & Defense – 0.4%** |
| Dynasty Acquisition Co., Inc.<sup>(k)</sup>  | Dynasty Acquisition Co., Inc.<sup>(k)</sup>  | Dynasty Acquisition Co., Inc.<sup>(k)</sup>  | Dynasty Acquisition Co., Inc.<sup>(k)</sup>  |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 1131752 | 8.161% | 04/06/26 | $1109547 |
| (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) |
| 608018 | 8.161 | 04/06/26 | 596089 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| (3M USD SOFR + 2.25%) | (3M USD SOFR + 2.25%) | (3M USD SOFR + 2.25%) | (3M USD SOFR + 2.25%) |
| 14923 | 0.000 |  | 14233 |
| (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) |
| 1750000 | 7.830 <sup>(k)</sup> | 02/22/27 | 1752187 |
| (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) |
| 240635 | 7.830 <sup>(k)</sup> | 02/22/27 | 240936 |
| WP CPP Holdings LLC (3M USD LIBOR + 3.750%) | WP CPP Holdings LLC (3M USD LIBOR + 3.750%) | WP CPP Holdings LLC (3M USD LIBOR + 3.750%) | WP CPP Holdings LLC (3M USD LIBOR + 3.750%) |
| 870063 | 8.450 <sup>(k)</sup> | 04/30/25 | 787772 |
|  |  |  | 4500764 |
| **Airlines<sup>(k)</sup> – 0.9%** | **Airlines<sup>(k)</sup> – 0.9%** | **Airlines<sup>(k)</sup> – 0.9%** | **Airlines<sup>(k)</sup> – 0.9%** |
| Air Canada (3M USD LIBOR + 3.500%) | Air Canada (3M USD LIBOR + 3.500%) | Air Canada (3M USD LIBOR + 3.500%) | Air Canada (3M USD LIBOR + 3.500%) |
| 995000 | 8.130 | 08/11/28 | 993398 |
| American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
| (3M USD LIBOR + 4.750%) | (3M USD LIBOR + 4.750%) | (3M USD LIBOR + 4.750%) | (3M USD LIBOR + 4.750%) |
| 2098000 | 9.558 | 04/20/28 | 2152737 |
| (3M USD LIBOR + 4.750%) | (3M USD LIBOR + 4.750%) | (3M USD LIBOR + 4.750%) | (3M USD LIBOR + 4.750%) |
| 200000 | 9.558 | 04/20/28 | 205218 |
| Kestrel Bidco, Inc. (1M USD LIBOR + 3.000%) | Kestrel Bidco, Inc. (1M USD LIBOR + 3.000%) | Kestrel Bidco, Inc. (1M USD LIBOR + 3.000%) | Kestrel Bidco, Inc. (1M USD LIBOR + 3.000%) |
| 2117060 | 7.508 | 12/11/26 | 2028546 |
| Mileage Plus Holdings LLC (3M USD LIBOR + 5.250%) | Mileage Plus Holdings LLC (3M USD LIBOR + 5.250%) | Mileage Plus Holdings LLC (3M USD LIBOR + 5.250%) | Mileage Plus Holdings LLC (3M USD LIBOR + 5.250%) |
| 936000 | 9.996 | 06/21/27 | 974844 |
| SkyMiles IP Ltd. (3M USD LIBOR + 3.750%) | SkyMiles IP Ltd. (3M USD LIBOR + 3.750%) | SkyMiles IP Ltd. (3M USD LIBOR + 3.750%) | SkyMiles IP Ltd. (3M USD LIBOR + 3.750%) |
| 1296750 | 8.558 | 10/20/27 | 1339711 |
| United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. | United Airlines, Inc. |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 1617111 | 8.568 | 04/21/28 | 1613489 |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 1968703 | 8.568 | 04/21/28 | 1964293 |
|  |  |  | 11272236 |
| **Apparel<sup>(k)</sup> – 0.1%** | **Apparel<sup>(k)</sup> – 0.1%** | **Apparel<sup>(k)</sup> – 0.1%** | **Apparel<sup>(k)</sup> – 0.1%** |
| Birkenstock GmbH & Co. KG (3M USD LIBOR + 3.250%) | Birkenstock GmbH & Co. KG (3M USD LIBOR + 3.250%) | Birkenstock GmbH & Co. KG (3M USD LIBOR + 3.250%) | Birkenstock GmbH & Co. KG (3M USD LIBOR + 3.250%) |
| 1108434 | 7.690 | 04/28/28 | 1104621 |
| Boardriders, Inc. (3M USD LIBOR + 8.000%) | Boardriders, Inc. (3M USD LIBOR + 8.000%) | Boardriders, Inc. (3M USD LIBOR + 8.000%) | Boardriders, Inc. (3M USD LIBOR + 8.000%) |
| 524699 | 7.029 | 04/23/24 | 450585 |
|  |  |  | 1555206 |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| City Brewing Co. LLC (3M USD LIBOR + 3.500%) | City Brewing Co. LLC (3M USD LIBOR + 3.500%) | City Brewing Co. LLC (3M USD LIBOR + 3.500%) | City Brewing Co. LLC (3M USD LIBOR + 3.500%) |
| 238397 | 8.330 <sup>(k)</sup> | 04/05/28 | 106087 |
| Naked Juice LLC (3M USD TSFR) | Naked Juice LLC (3M USD TSFR) | Naked Juice LLC (3M USD TSFR) | Naked Juice LLC (3M USD TSFR) |
| 250000 | 7.916 | 01/24/29 | 231250 |
| Triton Water Holdings, Inc. (3M USD LIBOR + 3.500%) | Triton Water Holdings, Inc. (3M USD LIBOR + 3.500%) | Triton Water Holdings, Inc. (3M USD LIBOR + 3.500%) | Triton Water Holdings, Inc. (3M USD LIBOR + 3.500%) |
| 648613 | 8.230 <sup>(k)</sup> | 03/31/28 | 616591 |
|  |  |  | 953928 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Building Materials – 0.1%** | **Building Materials – 0.1%** | **Building Materials – 0.1%** | **Building Materials – 0.1%** |
| Flynn Canada | Flynn Canada | Flynn Canada | Flynn Canada |
| 371039 | 0.000 %<sup>(g)(n)</sup> | 07/31/28 | $339501 |
| Ingersoll-Rand Services Co. (1M USD SOFR + 1.750%) | Ingersoll-Rand Services Co. (1M USD SOFR + 1.750%) | Ingersoll-Rand Services Co. (1M USD SOFR + 1.750%) | Ingersoll-Rand Services Co. (1M USD SOFR + 1.750%) |
| 93576 | 6.411 <sup>(k)</sup> | 03/01/27 | 93191 |
| Solis IV B.V. (3M USD SOFR + 3.500%) | Solis IV B.V. (3M USD SOFR + 3.500%) | Solis IV B.V. (3M USD SOFR + 3.500%) | Solis IV B.V. (3M USD SOFR + 3.500%) |
| 796000 | 7.859 <sup>(k)</sup> | 02/26/29 | 727847 |
| Wilsonart LLC (3M USD LIBOR + 3.250%) | Wilsonart LLC (3M USD LIBOR + 3.250%) | Wilsonart LLC (3M USD LIBOR + 3.250%) | Wilsonart LLC (3M USD LIBOR + 3.250%) |
| 267177 | 8.017 <sup>(k)</sup> | 12/19/26 | 259244 |
|  |  |  | 1419783 |
| **Chemicals<sup>(k)</sup> – 0.3%** | **Chemicals<sup>(k)</sup> – 0.3%** | **Chemicals<sup>(k)</sup> – 0.3%** | **Chemicals<sup>(k)</sup> – 0.3%** |
| Avient Corp. (3M USD SOFR + 3.250%) | Avient Corp. (3M USD SOFR + 3.250%) | Avient Corp. (3M USD SOFR + 3.250%) | Avient Corp. (3M USD SOFR + 3.250%) |
| 41919 | 7.926 | 08/29/29 | 41981 |
| H.B. Fuller Co. (1M USD LIBOR + 2.000%) | H.B. Fuller Co. (1M USD LIBOR + 2.000%) | H.B. Fuller Co. (1M USD LIBOR + 2.000%) | H.B. Fuller Co. (1M USD LIBOR + 2.000%) |
| 251028 | 6.486 | 10/20/24 | 251028 |
| Lonza Group AG (3M USD LIBOR + 4.000%) | Lonza Group AG (3M USD LIBOR + 4.000%) | Lonza Group AG (3M USD LIBOR + 4.000%) | Lonza Group AG (3M USD LIBOR + 4.000%) |
| 1242528 | 8.730 | 07/03/28 | 1191498 |
| Messer Industries GmbH (3M USD LIBOR + 2.500%) | Messer Industries GmbH (3M USD LIBOR + 2.500%) | Messer Industries GmbH (3M USD LIBOR + 2.500%) | Messer Industries GmbH (3M USD LIBOR + 2.500%) |
| 209065 | 7.230 | 03/02/26 | 208434 |
| PMHC II, Inc. (3M USD SOFR + 4.250%) | PMHC II, Inc. (3M USD SOFR + 4.250%) | PMHC II, Inc. (3M USD SOFR + 4.250%) | PMHC II, Inc. (3M USD SOFR + 4.250%) |
| 1172500 | 9.076 | 04/23/29 | 1023006 |
| Trinseo Materials Operating SCA (1M USD LIBOR + 2.000%) | Trinseo Materials Operating SCA (1M USD LIBOR + 2.000%) | Trinseo Materials Operating SCA (1M USD LIBOR + 2.000%) | Trinseo Materials Operating SCA (1M USD LIBOR + 2.000%) |
| 287841 | 6.570 | 09/06/24 | 280467 |
| Vantage Specialty Chemicals, Inc. (3M USD LIBOR + 3.500%) | Vantage Specialty Chemicals, Inc. (3M USD LIBOR + 3.500%) | Vantage Specialty Chemicals, Inc. (3M USD LIBOR + 3.500%) | Vantage Specialty Chemicals, Inc. (3M USD LIBOR + 3.500%) |
| 693418 | 8.278 | 10/28/24 | 684029 |
|  |  |  | 3680443 |
| **Commercial Services – 1.2%** | **Commercial Services – 1.2%** | **Commercial Services – 1.2%** | **Commercial Services – 1.2%** |
| Allied Universal Holdco LLC (1M USD LIBOR + 3.750%) | Allied Universal Holdco LLC (1M USD LIBOR + 3.750%) | Allied Universal Holdco LLC (1M USD LIBOR + 3.750%) | Allied Universal Holdco LLC (1M USD LIBOR + 3.750%) |
| 1989972 | 8.173 <sup>(k)</sup> | 05/12/28 | 1916104 |
| Avis Budget Car Rental LLC<sup>(k)</sup>  | Avis Budget Car Rental LLC<sup>(k)</sup>  | Avis Budget Car Rental LLC<sup>(k)</sup>  | Avis Budget Car Rental LLC<sup>(k)</sup>  |
| (1M USD LIBOR + 1.750%) | (1M USD LIBOR + 1.750%) | (1M USD LIBOR + 1.750%) | (1M USD LIBOR + 1.750%) |
| 627535 | 6.320 | 08/06/27 | 618593 |
| (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) |
| 59699 | 8.161 | 03/16/29 | 59550 |
| CHG Healthcare Services, Inc. (1M USD LIBOR + 3.25%) | CHG Healthcare Services, Inc. (1M USD LIBOR + 3.25%) | CHG Healthcare Services, Inc. (1M USD LIBOR + 3.25%) | CHG Healthcare Services, Inc. (1M USD LIBOR + 3.25%) |
| 365966 | 7.820 <sup>(k)</sup> | 09/29/28 | 363261 |
| CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
| 500000 | 0.000 <sup>(n)</sup> | 06/04/29 | 360750 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 1494987 | 8.125 <sup>(k)</sup> | 06/02/28 | 1265447 |
| Fly Funding II S.a.r.l. (3M USD LIBOR + 1.750%) | Fly Funding II S.a.r.l. (3M USD LIBOR + 1.750%) | Fly Funding II S.a.r.l. (3M USD LIBOR + 1.750%) | Fly Funding II S.a.r.l. (3M USD LIBOR + 1.750%) |
| 783824 | 6.310 <sup>(k)</sup> | 08/11/25 | 670561 |
| Mavis Tire Express Services Corp. (1M USD SOFR + 4.000%) | Mavis Tire Express Services Corp. (1M USD SOFR + 4.000%) | Mavis Tire Express Services Corp. (1M USD SOFR + 4.000%) | Mavis Tire Express Services Corp. (1M USD SOFR + 4.000%) |
| 1863992 | 8.625 <sup>(k)</sup> | 05/04/28 | 1824383 |
| PECF USS Intermediate Holding III Corp. (1M USD LIBOR) | PECF USS Intermediate Holding III Corp. (1M USD LIBOR) | PECF USS Intermediate Holding III Corp. (1M USD LIBOR) | PECF USS Intermediate Holding III Corp. (1M USD LIBOR) |
| 213388 | 8.720 <sup>(k)</sup> | 12/15/28 | 181887 |
| Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) | Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) | Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) | Prime Security Services Borrower LLC (3M USD LIBOR + 2.750%) |
| 1963742 | 7.517 <sup>(k)</sup> | 09/23/26 | 1961091 |
| Sabert Corp. (1M USD LIBOR + 4.500%) | Sabert Corp. (1M USD LIBOR + 4.500%) | Sabert Corp. (1M USD LIBOR + 4.500%) | Sabert Corp. (1M USD LIBOR + 4.500%) |
| 179968 | 9.125 <sup>(k)</sup> | 12/10/26 | 179068 |
| Spin Holdco, Inc.<sup>(k)</sup>  | Spin Holdco, Inc.<sup>(k)</sup>  | Spin Holdco, Inc.<sup>(k)</sup>  | Spin Holdco, Inc.<sup>(k)</sup>  |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 1117435 | 8.765 | 03/04/28 | 877891 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| Spin Holdco, Inc.<sup>(k)</sup> – (continued) | Spin Holdco, Inc.<sup>(k)</sup> – (continued) | Spin Holdco, Inc.<sup>(k)</sup> – (continued) | Spin Holdco, Inc.<sup>(k)</sup> – (continued) |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 243144 | 8.765% | 03/04/28 | $191021 |
| Syniverse Holdings, Inc. (3M USD SOFR + 7.000%) | Syniverse Holdings, Inc. (3M USD SOFR + 7.000%) | Syniverse Holdings, Inc. (3M USD SOFR + 7.000%) | Syniverse Holdings, Inc. (3M USD SOFR + 7.000%) |
| 598500 | 11.580 <sup>(k)</sup> | 05/13/27 | 534909 |
| Team Health Holdings, Inc.<sup>(k)</sup>  | Team Health Holdings, Inc.<sup>(k)</sup>  | Team Health Holdings, Inc.<sup>(k)</sup>  | Team Health Holdings, Inc.<sup>(k)</sup>  |
| (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) |
| 875832 | 7.320 | 02/06/24 | 804128 |
| (1M USD SOFR + 5.250%) | (1M USD SOFR + 5.250%) | (1M USD SOFR + 5.250%) | (1M USD SOFR + 5.250%) |
| 1278687 | 9.811 | 03/02/27 | 1058114 |
| (1M USD SOFR + 5.250%) | (1M USD SOFR + 5.250%) | (1M USD SOFR + 5.250%) | (1M USD SOFR + 5.250%) |
| 1890673 | 9.811 | 03/02/27 | 1564532 |
|  |  |  | 14431290 |
| **Computers<sup>(k)</sup> – 0.4%** | **Computers<sup>(k)</sup> – 0.4%** | **Computers<sup>(k)</sup> – 0.4%** | **Computers<sup>(k)</sup> – 0.4%** |
| Ahead DB Holdings LLC (3M USD LIBOR + 3.750%) | Ahead DB Holdings LLC (3M USD LIBOR + 3.750%) | Ahead DB Holdings LLC (3M USD LIBOR + 3.750%) | Ahead DB Holdings LLC (3M USD LIBOR + 3.750%) |
| 499813 | 8.480 | 10/18/27 | 491066 |
| iQor US, Inc. | iQor US, Inc. | iQor US, Inc. | iQor US, Inc. |
| (1M USD LIBOR + 7.500%) | (1M USD LIBOR + 7.500%) | (1M USD LIBOR + 7.500%) | (1M USD LIBOR + 7.500%) |
| 59677 | 12.047 | 11/19/24 | 59080 |
| (1M USD LIBOR + 7.500%) | (1M USD LIBOR + 7.500%) | (1M USD LIBOR + 7.500%) | (1M USD LIBOR + 7.500%) |
| 164827 | 12.047 <sup>(g)</sup> | 11/19/25 | 115379 |
| McAfee, LLC (1M USD SOFR + 3.750%) | McAfee, LLC (1M USD SOFR + 3.750%) | McAfee, LLC (1M USD SOFR + 3.750%) | McAfee, LLC (1M USD SOFR + 3.750%) |
| 926093 | 8.184 | 03/01/29 | 872269 |
| NCR Corp. (3M USD LIBOR + 2.500%) | NCR Corp. (3M USD LIBOR + 2.500%) | NCR Corp. (3M USD LIBOR + 2.500%) | NCR Corp. (3M USD LIBOR + 2.500%) |
| 613950 | 7.330 | 08/28/26 | 610113 |
| Peraton Corp. | Peraton Corp. | Peraton Corp. | Peraton Corp. |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 1234017 | 8.320 | 02/01/28 | 1226304 |
| (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) |
| 617702 | 12.220 | 02/01/29 | 597009 |
| Perforce Software, Inc. (1M USD LIBOR + 3.750%) | Perforce Software, Inc. (1M USD LIBOR + 3.750%) | Perforce Software, Inc. (1M USD LIBOR + 3.750%) | Perforce Software, Inc. (1M USD LIBOR + 3.750%) |
| 242500 | 8.320 | 07/01/26 | 224919 |
| Tempo Acquisition LLC (1M USD LIBOR + 2.750%) | Tempo Acquisition LLC (1M USD LIBOR + 2.750%) | Tempo Acquisition LLC (1M USD LIBOR + 2.750%) | Tempo Acquisition LLC (1M USD LIBOR + 2.750%) |
| 75162 | 7.320 | 05/01/24 | 74998 |
| Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) | Virtusa Corp. (1M USD LIBOR + 3.750%) |
| 1859 | 8.320 | 02/11/28 | 1838 |
| Vision Solutions, Inc. (3M USD LIBOR + 4.000%) | Vision Solutions, Inc. (3M USD LIBOR + 4.000%) | Vision Solutions, Inc. (3M USD LIBOR + 4.000%) | Vision Solutions, Inc. (3M USD LIBOR + 4.000%) |
| 251228 | 8.818 | 04/24/28 | 220201 |
|  |  |  | 4493176 |
| **Consumer Cyclical Services<sup>(k)</sup> – 0.1%** | **Consumer Cyclical Services<sup>(k)</sup> – 0.1%** | **Consumer Cyclical Services<sup>(k)</sup> – 0.1%** | **Consumer Cyclical Services<sup>(k)</sup> – 0.1%** |
| The Hertz Corp. | The Hertz Corp. | The Hertz Corp. | The Hertz Corp. |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 1473400 | 7.820 | 06/30/28 | 1465694 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 281807 | 7.820 | 06/30/28 | 280334 |
|  |  |  | 1746028 |
| **Cosmetics & Personal Care<sup>(k)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(k)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(k)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(k)</sup> – 0.0%** |
| Coty, Inc. (1M USD LIBOR + 2.250%) | Coty, Inc. (1M USD LIBOR + 2.250%) | Coty, Inc. (1M USD LIBOR + 2.250%) | Coty, Inc. (1M USD LIBOR + 2.250%) |
| 69316 | 6.645 | 04/07/25 | 69056 |
| Revlon Consumer Products Corp. (1M USD LIBOR + 3.500%) | Revlon Consumer Products Corp. (1M USD LIBOR + 3.500%) | Revlon Consumer Products Corp. (1M USD LIBOR + 3.500%) | Revlon Consumer Products Corp. (1M USD LIBOR + 3.500%) |
| 1377827 | 6.646 <sup>(l)</sup> | 09/07/23 | 209430 |
|  |  |  | 278486 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Distribution & Wholesale<sup>(k)</sup> – 0.1%** | **Distribution & Wholesale<sup>(k)</sup> – 0.1%** | **Distribution & Wholesale<sup>(k)</sup> – 0.1%** | **Distribution & Wholesale<sup>(k)</sup> – 0.1%** |
| BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. | BCPE Empire Holdings, Inc. |
| (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) |
| 512646 | 8.570% | 06/11/26 | $505489 |
| (1M USD SOFR + 4.625%) | (1M USD SOFR + 4.625%) | (1M USD SOFR + 4.625%) | (1M USD SOFR + 4.625%) |
| 497494 | 9.286 | 06/11/26 | 493673 |
| Core & Main LP (1M USD LIBOR + 2.500%) | Core & Main LP (1M USD LIBOR + 2.500%) | Core & Main LP (1M USD LIBOR + 2.500%) | Core & Main LP (1M USD LIBOR + 2.500%) |
| 489408 | 7.017 | 07/27/28 | 487113 |
|  |  |  | 1486275 |
| **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** | **Diversified Financial Services – 0.6%** |
| Apex Group Treasury LLC | Apex Group Treasury LLC | Apex Group Treasury LLC | Apex Group Treasury LLC |
| (1M USD TSFR) | (1M USD TSFR) | (1M USD TSFR) | (1M USD TSFR) |
| 750000 | 9.512 | 07/27/28 | 732500 |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 1739962 | 4.250 <sup>(k)</sup> | 07/27/28 | 1702988 |
| Astra Acquisition Corp. (1M USD LIBOR + 5.250%) | Astra Acquisition Corp. (1M USD LIBOR + 5.250%) | Astra Acquisition Corp. (1M USD LIBOR + 5.250%) | Astra Acquisition Corp. (1M USD LIBOR + 5.250%) |
| 554111 | 9.820 <sup>(k)</sup> | 10/25/28 | 487618 |
| Deerfield Dakota Holding LLC<sup>(k)</sup>  | Deerfield Dakota Holding LLC<sup>(k)</sup>  | Deerfield Dakota Holding LLC<sup>(k)</sup>  | Deerfield Dakota Holding LLC<sup>(k)</sup>  |
| (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) |
| 2457922 | 8.311 | 04/09/27 | 2373640 |
| (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) | (1M USD LIBOR + 6.750%) |
| 1750000 | 11.320 | 04/07/28 | 1647187 |
| Delos Finance S.a.r.l. (3M USD LIBOR + 1.750%) | Delos Finance S.a.r.l. (3M USD LIBOR + 1.750%) | Delos Finance S.a.r.l. (3M USD LIBOR + 1.750%) | Delos Finance S.a.r.l. (3M USD LIBOR + 1.750%) |
| 130000 | 6.480 <sup>(k)</sup> | 10/06/23 | 129953 |
| Ditech Holding Corp. (3M USD LIBOR) | Ditech Holding Corp. (3M USD LIBOR) | Ditech Holding Corp. (3M USD LIBOR) | Ditech Holding Corp. (3M USD LIBOR) |
| 213611 | 0.000 <sup>(e)(g)(k)</sup> | 06/30/23 | 21361 |
|  |  |  | 7095247 |
| **Electrical – 0.2%** | **Electrical – 0.2%** | **Electrical – 0.2%** | **Electrical – 0.2%** |
| Pacific Gas & Electric Co. (1M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (1M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (1M USD LIBOR + 3.000%) | Pacific Gas & Electric Co. (1M USD LIBOR + 3.000%) |
| 1744924 | 7.625 <sup>(k)</sup> | 06/23/25 | 1741434 |
| Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC | Talen Energy Supply LLC |
| (3M USD SOFR + 4.750%) | (3M USD SOFR + 4.750%) | (3M USD SOFR + 4.750%) | (3M USD SOFR + 4.750%) |
| 453000 | 9.141 | 11/10/23 | 456171 |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 829000 | 8.320 <sup>(k)</sup> | 07/08/26 | 839363 |
|  |  |  | 3036968 |
| **Electronics<sup>(k)</sup> – 0.0%** | **Electronics<sup>(k)</sup> – 0.0%** | **Electronics<sup>(k)</sup> – 0.0%** | **Electronics<sup>(k)</sup> – 0.0%** |
| Ingram Micro, Inc. (3M USD LIBOR + 3.500%) | Ingram Micro, Inc. (3M USD LIBOR + 3.500%) | Ingram Micro, Inc. (3M USD LIBOR + 3.500%) | Ingram Micro, Inc. (3M USD LIBOR + 3.500%) |
| 351994 | 8.230 | 06/30/28 | 350382 |
| TTM Technologies, Inc. (1M USD LIBOR + 2.500%) | TTM Technologies, Inc. (1M USD LIBOR + 2.500%) | TTM Technologies, Inc. (1M USD LIBOR + 2.500%) | TTM Technologies, Inc. (1M USD LIBOR + 2.500%) |
| 110401 | 6.869 | 09/28/24 | 109987 |
|  |  |  | 460369 |
| **Engineering & Construction<sup>(k)</sup> – 0.4%** | **Engineering & Construction<sup>(k)</sup> – 0.4%** | **Engineering & Construction<sup>(k)</sup> – 0.4%** | **Engineering & Construction<sup>(k)</sup> – 0.4%** |
| Artera Services LLC (3M USD LIBOR + 3.500%) | Artera Services LLC (3M USD LIBOR + 3.500%) | Artera Services LLC (3M USD LIBOR + 3.500%) | Artera Services LLC (3M USD LIBOR + 3.500%) |
| 247487 | 8.230 | 03/06/25 | 206189 |
| Brown Group Holding LLC (1M USD SOFR + 3.750%) | Brown Group Holding LLC (1M USD SOFR + 3.750%) | Brown Group Holding LLC (1M USD SOFR + 3.750%) | Brown Group Holding LLC (1M USD SOFR + 3.750%) |
| 997500 | 7.419 | 07/02/29 | 996812 |
| Covetrus INC. (1M USD SOFR + 4.000%) | Covetrus INC. (1M USD SOFR + 4.000%) | Covetrus INC. (1M USD SOFR + 4.000%) | Covetrus INC. (1M USD SOFR + 4.000%) |
| 2000000 | 8.553 | 09/22/28 | 2000620 |
| KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC | KKR Apple Bidco LLC |
| (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) | (3M USD SOFR + 5.000%) |
| 406000 | 9.580 | 10/13/29 | 387137 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Engineering & Construction<sup>(k)</sup> – (continued)** | **Engineering & Construction<sup>(k)</sup> – (continued)** | **Engineering & Construction<sup>(k)</sup> – (continued)** | **Engineering & Construction<sup>(k)</sup> – (continued)** |
| KKR Apple Bidco LLC – (continued) | KKR Apple Bidco LLC – (continued) | KKR Apple Bidco LLC – (continued) | KKR Apple Bidco LLC – (continued) |
| (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) |
| 247500 | 7.320% | 09/23/28 | $246418 |
| (1M USD LIBOR + 5.750%) | (1M USD LIBOR + 5.750%) | (1M USD LIBOR + 5.750%) | (1M USD LIBOR + 5.750%) |
| 940852 | 10.320 <sup>(g)</sup> | 09/21/29 | 922035 |
| USIC Holdings, Inc. | USIC Holdings, Inc. | USIC Holdings, Inc. | USIC Holdings, Inc. |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 494988 | 8.070 | 05/12/28 | 480242 |
| (1M USD LIBOR + 6.500%) | (1M USD LIBOR + 6.500%) | (1M USD LIBOR + 6.500%) | (1M USD LIBOR + 6.500%) |
| 275984 | 11.070 | 05/14/29 | 258995 |
|  |  |  | 5498448 |
| **Entertainment – 0.7%** | **Entertainment – 0.7%** | **Entertainment – 0.7%** | **Entertainment – 0.7%** |
| AMC Entertainment Holdings, Inc. (1M USD LIBOR + 3.000%) | AMC Entertainment Holdings, Inc. (1M USD LIBOR + 3.000%) | AMC Entertainment Holdings, Inc. (1M USD LIBOR + 3.000%) | AMC Entertainment Holdings, Inc. (1M USD LIBOR + 3.000%) |
| 1387991 | 7.430 <sup>(k)</sup> | 04/22/26 | 818915 |
| Bally's Corp. (1M USD LIBOR + 3.250%) | Bally's Corp. (1M USD LIBOR + 3.250%) | Bally's Corp. (1M USD LIBOR + 3.250%) | Bally's Corp. (1M USD LIBOR + 3.250%) |
| 728869 | 7.709 <sup>(k)</sup> | 10/02/28 | 700173 |
| Churchill Downs, Inc.<sup>(k)</sup>  | Churchill Downs, Inc.<sup>(k)</sup>  | Churchill Downs, Inc.<sup>(k)</sup>  | Churchill Downs, Inc.<sup>(k)</sup>  |
| (1M USD LIBOR + 2.000%) | (1M USD LIBOR + 2.000%) | (1M USD LIBOR + 2.000%) | (1M USD LIBOR + 2.000%) |
| 186527 | 6.570 | 12/27/24 | 186119 |
| (1M USD LIBOR + 2.000%) | (1M USD LIBOR + 2.000%) | (1M USD LIBOR + 2.000%) | (1M USD LIBOR + 2.000%) |
| 33828 | 6.570 | 03/17/28 | 33574 |
| Crown Finance US, Inc.<sup>(k)</sup>  | Crown Finance US, Inc.<sup>(k)</sup>  | Crown Finance US, Inc.<sup>(k)</sup>  | Crown Finance US, Inc.<sup>(k)</sup>  |
| (3M USD LIBOR + 2.500%) | (3M USD LIBOR + 2.500%) | (3M USD LIBOR + 2.500%) | (3M USD LIBOR + 2.500%) |
| 1278461 | 0.000 <sup>(e)</sup> | 02/28/25 | 210793 |
| (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) |
| 223853 | 0.000 <sup>(e)</sup> | 09/30/26 | 33914 |
| (3M USD SOFR + 10.000%) | (3M USD SOFR + 10.000%) | (3M USD SOFR + 10.000%) | (3M USD SOFR + 10.000%) |
| 867831 | 14.578 | 09/07/23 | 874261 |
| East Valley Tourist Development Authority (3M USD LIBOR + 7.500%) | East Valley Tourist Development Authority (3M USD LIBOR + 7.500%) | East Valley Tourist Development Authority (3M USD LIBOR + 7.500%) | East Valley Tourist Development Authority (3M USD LIBOR + 7.500%) |
| 1195882 | 11.481 <sup>(g)(k)</sup> | 11/23/26 | 1160006 |
| Everi Holdings, Inc. (1M USD LIBOR + 2.500%) | Everi Holdings, Inc. (1M USD LIBOR + 2.500%) | Everi Holdings, Inc. (1M USD LIBOR + 2.500%) | Everi Holdings, Inc. (1M USD LIBOR + 2.500%) |
| 731900 | 7.070 <sup>(k)</sup> | 08/03/28 | 730070 |
| GVC Holdings (Gibraltar) Ltd. | GVC Holdings (Gibraltar) Ltd. | GVC Holdings (Gibraltar) Ltd. | GVC Holdings (Gibraltar) Ltd. |
| 150000 | 0.000 <sup>(n)</sup> | 10/31/29 | 150112 |
| Motion Finco S.a.r.l.<sup>(n)</sup>  | Motion Finco S.a.r.l.<sup>(n)</sup>  | Motion Finco S.a.r.l.<sup>(n)</sup>  | Motion Finco S.a.r.l.<sup>(n)</sup>  |
| 87321 | 0.000 | 11/12/26 | 85975 |
| 12429 | 0.000 | 11/12/26 | 12237 |
| NASCAR Holdings, Inc. (1M USD LIBOR + 2.500%) | NASCAR Holdings, Inc. (1M USD LIBOR + 2.500%) | NASCAR Holdings, Inc. (1M USD LIBOR + 2.500%) | NASCAR Holdings, Inc. (1M USD LIBOR + 2.500%) |
| 825209 | 7.070 <sup>(k)</sup> | 10/19/26 | 824863 |
| Scientific Games Holdings LP (3M USD SOFR + 3.500%) | Scientific Games Holdings LP (3M USD SOFR + 3.500%) | Scientific Games Holdings LP (3M USD SOFR + 3.500%) | Scientific Games Holdings LP (3M USD SOFR + 3.500%) |
| 249375 | 8.103 <sup>(k)</sup> | 04/04/29 | 244983 |
| Scientific Games International, Inc. (1M USD SOFR + 3.000%) | Scientific Games International, Inc. (1M USD SOFR + 3.000%) | Scientific Games International, Inc. (1M USD SOFR + 3.000%) | Scientific Games International, Inc. (1M USD SOFR + 3.000%) |
| 64675 | 7.578 <sup>(k)</sup> | 04/14/29 | 64432 |
| SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) | SeaWorld Parks & Entertainment, Inc. (1M USD LIBOR + 3.000%) |
| 493750 | 7.625 <sup>(k)</sup> | 08/25/28 | 491898 |
| The Stars Group Holdings B.V. (3M USD SOFR + 3.250%) | The Stars Group Holdings B.V. (3M USD SOFR + 3.250%) | The Stars Group Holdings B.V. (3M USD SOFR + 3.250%) | The Stars Group Holdings B.V. (3M USD SOFR + 3.250%) |
| 997500 | 8.092 <sup>(k)</sup> | 07/22/28 | 998877 |
| William Morris Endeavor Entertainment LLC (1M USD LIBOR + 2.750%) | William Morris Endeavor Entertainment LLC (1M USD LIBOR + 2.750%) | William Morris Endeavor Entertainment LLC (1M USD LIBOR + 2.750%) | William Morris Endeavor Entertainment LLC (1M USD LIBOR + 2.750%) |
| 939906 | 7.320 <sup>(k)</sup> | 05/18/25 | 933195 |
|  |  |  | 8554397 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Environmental – 0.2%** | **Environmental – 0.2%** | **Environmental – 0.2%** | **Environmental – 0.2%** |
| Covanta Holding Corp.<sup>(n)</sup>  | Covanta Holding Corp.<sup>(n)</sup>  | Covanta Holding Corp.<sup>(n)</sup>  | Covanta Holding Corp.<sup>(n)</sup>  |
| 74000 | 0.000% | 11/30/28 | $74027 |
| 6000 | 0.000 | 11/30/28 | 6002 |
| GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
| 1000000 | 0.000 <sup>(n)</sup> | 05/31/27 | 1001670 |
| (1M USD SOFR + 3.000%) | (1M USD SOFR + 3.000%) | (1M USD SOFR + 3.000%) | (1M USD SOFR + 3.000%) |
| 989899 | 7.661 <sup>(k)</sup> | 05/30/25 | 991552 |
| Madison IAQ LLC (3M USD LIBOR + 3.250%) | Madison IAQ LLC (3M USD LIBOR + 3.250%) | Madison IAQ LLC (3M USD LIBOR + 3.250%) | Madison IAQ LLC (3M USD LIBOR + 3.250%) |
| 148120 | 7.988 <sup>(k)</sup> | 06/21/28 | 141486 |
|  |  |  | 2214737 |
| **Food & Drug Retailing – 0.1%** | **Food & Drug Retailing – 0.1%** | **Food & Drug Retailing – 0.1%** | **Food & Drug Retailing – 0.1%** |
| 8th Avenue Food & Provisions, Inc. | 8th Avenue Food & Provisions, Inc. | 8th Avenue Food & Provisions, Inc. | 8th Avenue Food & Provisions, Inc. |
| 275000 | 0.000 <sup>(n)</sup> | 10/01/26 | 165000 |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 750037 | 8.320 <sup>(k)</sup> | 10/01/25 | 647709 |
| US Foods, Inc. | US Foods, Inc. | US Foods, Inc. | US Foods, Inc. |
| 70952 | 0.000 <sup>(n)</sup> | 09/13/26 | 70735 |
| UTZ Quality Foods LLC (1M USD SOFR + 3.000%) | UTZ Quality Foods LLC (1M USD SOFR + 3.000%) | UTZ Quality Foods LLC (1M USD SOFR + 3.000%) | UTZ Quality Foods LLC (1M USD SOFR + 3.000%) |
| 8982 | 7.668 <sup>(k)</sup> | 01/20/28 | 8961 |
|  |  |  | 892405 |
| **Forest Products&Paper<sup>(n)</sup> – 0.0%** | **Forest Products&Paper<sup>(n)</sup> – 0.0%** | **Forest Products&Paper<sup>(n)</sup> – 0.0%** | **Forest Products&Paper<sup>(n)</sup> – 0.0%** |
| Asplundh Tree Expert LLC | Asplundh Tree Expert LLC | Asplundh Tree Expert LLC | Asplundh Tree Expert LLC |
| 62839 | 0.000 | 09/07/27 | 62741 |
| **Gaming<sup>(k)</sup> – 0.8%** | **Gaming<sup>(k)</sup> – 0.8%** | **Gaming<sup>(k)</sup> – 0.8%** | **Gaming<sup>(k)</sup> – 0.8%** |
| Caesars Resort Collection LLC | Caesars Resort Collection LLC | Caesars Resort Collection LLC | Caesars Resort Collection LLC |
| (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) |
| 3002389 | 7.320 | 12/23/24 | 2998426 |
| (1Week USD LIBOR + 3.500%) | (1Week USD LIBOR + 3.500%) | (1Week USD LIBOR + 3.500%) | (1Week USD LIBOR + 3.500%) |
| 1863696 | 8.070 | 07/21/25 | 1862242 |
| Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC | Fertitta Entertainment LLC |
| (1M USD SOFR + 4.000%) | (1M USD SOFR + 4.000%) | (1M USD SOFR + 4.000%) | (1M USD SOFR + 4.000%) |
| 1816305 | 8.561 | 01/27/29 | 1793347 |
| (1M USD SOFR + 4.000%) | (1M USD SOFR + 4.000%) | (1M USD SOFR + 4.000%) | (1M USD SOFR + 4.000%) |
| 2073277 | 8.561 | 01/27/29 | 2047071 |
| Station Casinos LLC (1M USD LIBOR + 2.250%) | Station Casinos LLC (1M USD LIBOR + 2.250%) | Station Casinos LLC (1M USD LIBOR + 2.250%) | Station Casinos LLC (1M USD LIBOR + 2.250%) |
| 95360 | 6.820 | 02/08/27 | 94571 |
| The Stars Group Holdings B.V. (3M USD LIBOR + 2.250%) | The Stars Group Holdings B.V. (3M USD LIBOR + 2.250%) | The Stars Group Holdings B.V. (3M USD LIBOR + 2.250%) | The Stars Group Holdings B.V. (3M USD LIBOR + 2.250%) |
| 516391 | 6.980 | 07/21/26 | 515219 |
|  |  |  | 9310876 |
| **Hand/Machine Tools<sup>(k)</sup> – 0.0%** | **Hand/Machine Tools<sup>(k)</sup> – 0.0%** | **Hand/Machine Tools<sup>(k)</sup> – 0.0%** | **Hand/Machine Tools<sup>(k)</sup> – 0.0%** |
| Alliance Laundry Systems LLC (3M USD LIBOR + 3.500%) | Alliance Laundry Systems LLC (3M USD LIBOR + 3.500%) | Alliance Laundry Systems LLC (3M USD LIBOR + 3.500%) | Alliance Laundry Systems LLC (3M USD LIBOR + 3.500%) |
| 223781 | 8.306 | 10/08/27 | 223083 |
| **Health Care - Services<sup>(k)</sup> – 0.1%** | **Health Care - Services<sup>(k)</sup> – 0.1%** | **Health Care - Services<sup>(k)</sup> – 0.1%** | **Health Care - Services<sup>(k)</sup> – 0.1%** |
| ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) | ICON Luxembourg S.a.r.l. (3M USD LIBOR + 2.250%) |
| 456251 | 2.750 | 07/03/28 | 456082 |
| Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) | Verscend Holding Corp. (1M USD LIBOR + 4.000%) |
| 1230524 | 8.570 | 08/27/25 | 1227005 |
|  |  |  | 1683087 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Health Care Products<sup>(k)</sup> – 0.4%** | **Health Care Products<sup>(k)</sup> – 0.4%** | **Health Care Products<sup>(k)</sup> – 0.4%** | **Health Care Products<sup>(k)</sup> – 0.4%** |
| Bausch & Lomb, Inc. | Bausch & Lomb, Inc. | Bausch & Lomb, Inc. | Bausch & Lomb, Inc. |
| (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) |
| 1620310 | 7.842% | 05/10/27 | $1575492 |
| (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) | (3M USD SOFR + 3.250%) |
| 1741499 | 7.842 | 05/10/27 | 1693330 |
| Carestream Dental Equipment, Inc. (1M USD LIBOR + 3.250%) | Carestream Dental Equipment, Inc. (1M USD LIBOR + 3.250%) | Carestream Dental Equipment, Inc. (1M USD LIBOR + 3.250%) | Carestream Dental Equipment, Inc. (1M USD LIBOR + 3.250%) |
| 241377 | 7.820 | 09/01/24 | 221263 |
| Carestream Health, Inc. (3M USD SOFR + 7.500%) | Carestream Health, Inc. (3M USD SOFR + 7.500%) | Carestream Health, Inc. (3M USD SOFR + 7.500%) | Carestream Health, Inc. (3M USD SOFR + 7.500%) |
| 1272491 | 12.180 | 09/30/27 | 907706 |
| Viant Medical Holdings, Inc. (1M USD LIBOR + 4.750%) | Viant Medical Holdings, Inc. (1M USD LIBOR + 4.750%) | Viant Medical Holdings, Inc. (1M USD LIBOR + 4.750%) | Viant Medical Holdings, Inc. (1M USD LIBOR + 4.750%) |
| 878298 | 8.320 | 07/02/25 | 792348 |
| Vyaire Medical, Inc. (3M USD LIBOR + 4.750%) | Vyaire Medical, Inc. (3M USD LIBOR + 4.750%) | Vyaire Medical, Inc. (3M USD LIBOR + 4.750%) | Vyaire Medical, Inc. (3M USD LIBOR + 4.750%) |
| 368733 | 9.517 | 04/16/25 | 263415 |
|  |  |  | 5453554 |
| **Health Care Services<sup>(k)</sup> – 0.1%** | **Health Care Services<sup>(k)</sup> – 0.1%** | **Health Care Services<sup>(k)</sup> – 0.1%** | **Health Care Services<sup>(k)</sup> – 0.1%** |
| Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
| (3M USD SOFR + 7.880%) | (3M USD SOFR + 7.880%) | (3M USD SOFR + 7.880%) | (3M USD SOFR + 7.880%) |
| 330790 | 12.605 | 03/31/27 | 288614 |
| (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) |
| 2311674 | 8.830 | 03/31/27 | 918890 |
|  |  |  | 1207504 |
| **Healthcare Providers & Services<sup>(k)</sup> – 1.4%** | **Healthcare Providers & Services<sup>(k)</sup> – 1.4%** | **Healthcare Providers & Services<sup>(k)</sup> – 1.4%** | **Healthcare Providers & Services<sup>(k)</sup> – 1.4%** |
| DaVita, Inc. (1M USD LIBOR + 1.750%) | DaVita, Inc. (1M USD LIBOR + 1.750%) | DaVita, Inc. (1M USD LIBOR + 1.750%) | DaVita, Inc. (1M USD LIBOR + 1.750%) |
| 186614 | 6.320 | 08/12/26 | 184281 |
| Global Medical Response, Inc. (1M USD LIBOR + 4.250%) | Global Medical Response, Inc. (1M USD LIBOR + 4.250%) | Global Medical Response, Inc. (1M USD LIBOR + 4.250%) | Global Medical Response, Inc. (1M USD LIBOR + 4.250%) |
| 1581236 | 8.651 | 10/02/25 | 1166507 |
| Heartland Dental LLC | Heartland Dental LLC | Heartland Dental LLC | Heartland Dental LLC |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 1367234 | 8.320 | 04/30/25 | 1306844 |
| (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) |
| 124369 | 8.547 | 04/30/25 | 119394 |
| Lifescan Global Corp. (3M USD LIBOR + 6.000%) | Lifescan Global Corp. (3M USD LIBOR + 6.000%) | Lifescan Global Corp. (3M USD LIBOR + 6.000%) | Lifescan Global Corp. (3M USD LIBOR + 6.000%) |
| 3614092 | 10.754 | 10/01/24 | 2627011 |
| Medline Borrower, LP (1M USD LIBOR + 3.250%) | Medline Borrower, LP (1M USD LIBOR + 3.250%) | Medline Borrower, LP (1M USD LIBOR + 3.250%) | Medline Borrower, LP (1M USD LIBOR + 3.250%) |
| 2925362 | 7.820 | 10/23/28 | 2837192 |
| Onex TSG Intermediate Corp. (3M USD LIBOR + 4.750%) | Onex TSG Intermediate Corp. (3M USD LIBOR + 4.750%) | Onex TSG Intermediate Corp. (3M USD LIBOR + 4.750%) | Onex TSG Intermediate Corp. (3M USD LIBOR + 4.750%) |
| 492500 | 9.575 | 02/28/28 | 435863 |
| Parexel International Corp. (1M USD LIBOR + 3.250%) | Parexel International Corp. (1M USD LIBOR + 3.250%) | Parexel International Corp. (1M USD LIBOR + 3.250%) | Parexel International Corp. (1M USD LIBOR + 3.250%) |
| 2570550 | 7.820 | 11/15/28 | 2547467 |
| Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. | Phoenix Guarantor, Inc. |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 339500 | 7.820 | 03/05/26 | 333912 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 232927 | 8.070 | 03/05/26 | 229361 |
| PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) | PRA Health Sciences, Inc. (3M USD LIBOR + 2.250%) |
| 113675 | 7.000 | 07/03/28 | 113633 |
| Quorum Health Corp. (3M USD LIBOR + 8.250%) | Quorum Health Corp. (3M USD LIBOR + 8.250%) | Quorum Health Corp. (3M USD LIBOR + 8.250%) | Quorum Health Corp. (3M USD LIBOR + 8.250%) |
| 57648 | 12.976 | 04/29/25 | 39536 |
| RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) | RegionalCare Hospital Partners Holdings, Inc. (3M USD PRIME + 2.750%) |
| 1031556 | 8.575 | 11/16/25 | 1000898 |
| Select Medical Corp. (1M USD LIBOR + 2.500%) | Select Medical Corp. (1M USD LIBOR + 2.500%) | Select Medical Corp. (1M USD LIBOR + 2.500%) | Select Medical Corp. (1M USD LIBOR + 2.500%) |
| 914077 | 7.070 | 03/06/25 | 907980 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Healthcare Providers & Services<sup>(k)</sup> – (continued)** | **Healthcare Providers & Services<sup>(k)</sup> – (continued)** | **Healthcare Providers & Services<sup>(k)</sup> – (continued)** | **Healthcare Providers & Services<sup>(k)</sup> – (continued)** |
| Surgery Center Holdings, Inc. (3M USD LIBOR + 3.750%) | Surgery Center Holdings, Inc. (3M USD LIBOR + 3.750%) | Surgery Center Holdings, Inc. (3M USD LIBOR + 3.750%) | Surgery Center Holdings, Inc. (3M USD LIBOR + 3.750%) |
| 2786046 | 8.210% | 08/31/26 | $2778384 |
|  |  |  | 16628263 |
| **Home Furnishings<sup>(k)</sup> – 0.2%** | **Home Furnishings<sup>(k)</sup> – 0.2%** | **Home Furnishings<sup>(k)</sup> – 0.2%** | **Home Furnishings<sup>(k)</sup> – 0.2%** |
| AI Aqua Merger Sub, Inc. (1M USD SOFR + 3.750%) | AI Aqua Merger Sub, Inc. (1M USD SOFR + 3.750%) | AI Aqua Merger Sub, Inc. (1M USD SOFR + 3.750%) | AI Aqua Merger Sub, Inc. (1M USD SOFR + 3.750%) |
| 870625 | 8.147 | 07/31/28 | 849948 |
| Herman Miller, Inc. (1M USD SOFR + 2.000%) | Herman Miller, Inc. (1M USD SOFR + 2.000%) | Herman Miller, Inc. (1M USD SOFR + 2.000%) | Herman Miller, Inc. (1M USD SOFR + 2.000%) |
| 492200 | 6.687 | 07/19/28 | 485127 |
| Weber-Stephen Products LLC (1M USD LIBOR + 3.250%) | Weber-Stephen Products LLC (1M USD LIBOR + 3.250%) | Weber-Stephen Products LLC (1M USD LIBOR + 3.250%) | Weber-Stephen Products LLC (1M USD LIBOR + 3.250%) |
| 770661 | 7.820 | 10/30/27 | 672787 |
|  |  |  | 2007862 |
| **Household Products<sup>(k)</sup> – 0.0%** | **Household Products<sup>(k)</sup> – 0.0%** | **Household Products<sup>(k)</sup> – 0.0%** | **Household Products<sup>(k)</sup> – 0.0%** |
| Kronos Acquisition Holdings, Inc. (3M USD LIBOR + 3.750%) | Kronos Acquisition Holdings, Inc. (3M USD LIBOR + 3.750%) | Kronos Acquisition Holdings, Inc. (3M USD LIBOR + 3.750%) | Kronos Acquisition Holdings, Inc. (3M USD LIBOR + 3.750%) |
| 220253 | 8.485 | 12/22/26 | 213773 |
| **Housewares<sup>(k)</sup> – 0.2%** | **Housewares<sup>(k)</sup> – 0.2%** | **Housewares<sup>(k)</sup> – 0.2%** | **Housewares<sup>(k)</sup> – 0.2%** |
| Springs Windows Fashions LLC | Springs Windows Fashions LLC | Springs Windows Fashions LLC | Springs Windows Fashions LLC |
| (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) |
| 1115521 | 8.570 | 10/05/27 | 1075786 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 996250 | 8.753 | 10/06/28 | 848994 |
|  |  |  | 1924780 |
| **Industrial Services<sup>(k)</sup> – 0.1%** | **Industrial Services<sup>(k)</sup> – 0.1%** | **Industrial Services<sup>(k)</sup> – 0.1%** | **Industrial Services<sup>(k)</sup> – 0.1%** |
| LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) | LaserShip, Inc. (3M USD LIBOR + 4.500%) |
| 1094358 | 9.230 | 05/07/28 | 808118 |
| **Insurance<sup>(k)</sup> – 1.7%** | **Insurance<sup>(k)</sup> – 1.7%** | **Insurance<sup>(k)</sup> – 1.7%** | **Insurance<sup>(k)</sup> – 1.7%** |
| Acrisure LLC (1M USD LIBOR + 4.250%) | Acrisure LLC (1M USD LIBOR + 4.250%) | Acrisure LLC (1M USD LIBOR + 4.250%) | Acrisure LLC (1M USD LIBOR + 4.250%) |
| 2865597 | 8.820 | 02/15/27 | 2784414 |
| Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 246872 | 8.008 | 11/06/27 | 246311 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 2366851 | 7.820 | 05/09/25 | 2363395 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 972368 | 7.820 | 05/09/25 | 970949 |
| AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. | AssuredPartners, Inc. |
| (1M USD SOFR + 4.250%) | (1M USD SOFR + 4.250%) | (1M USD SOFR + 4.250%) | (1M USD SOFR + 4.250%) |
| 1247500 | 8.811 | 02/12/27 | 1246465 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 496154 | 8.070 | 02/12/27 | 490364 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 1622788 | 8.070 | 02/12/27 | 1602097 |
| (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) |
| 496250 | 8.061 | 02/12/27 | 490201 |
| Asurion LLC | Asurion LLC | Asurion LLC | Asurion LLC |
| (1M USD LIBOR + 5.250%) | (1M USD LIBOR + 5.250%) | (1M USD LIBOR + 5.250%) | (1M USD LIBOR + 5.250%) |
| 486000 | 9.820 | 01/20/29 | 405509 |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 1474281 | 7.570 | 11/03/24 | 1457460 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 503655 | 7.820 | 07/31/27 | 474957 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Insurance<sup>(k)</sup> – (continued)** | **Insurance<sup>(k)</sup> – (continued)** | **Insurance<sup>(k)</sup> – (continued)** | **Insurance<sup>(k)</sup> – (continued)** |
| Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. | Broadstreet Partners, Inc. |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 772770 | 7.570% | 01/27/27 | $760537 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 486307 | 7.820 | 01/27/27 | 478404 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) |
| 0 | 8.003 | 04/25/25 | 0 |
| (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) |
| 2484521 | 4.000 | 04/25/25 | 2481192 |
| (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) |
| 1224275 | 8.057 | 04/25/25 | 1222634 |
| (3M USD SOFR + 4.000%) | (3M USD SOFR + 4.000%) | (3M USD SOFR + 4.000%) | (3M USD SOFR + 4.000%) |
| 765942 | 8.220 | 11/10/29 | 765031 |
| OneDigital Borrower LLC (1M USD SOFR + 4.250%) | OneDigital Borrower LLC (1M USD SOFR + 4.250%) | OneDigital Borrower LLC (1M USD SOFR + 4.250%) | OneDigital Borrower LLC (1M USD SOFR + 4.250%) |
| 890742 | 8.911 | 11/16/27 | 864020 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) |
| 244958 | 7.980 | 12/02/26 | 244651 |
| (3M USD SOFR + 3.750%) | (3M USD SOFR + 3.750%) | (3M USD SOFR + 3.750%) | (3M USD SOFR + 3.750%) |
| 976579 | 8.330 | 11/22/29 | 976335 |
|  |  |  | 20324926 |
| **Internet<sup>(k)</sup> – 0.8%** | **Internet<sup>(k)</sup> – 0.8%** | **Internet<sup>(k)</sup> – 0.8%** | **Internet<sup>(k)</sup> – 0.8%** |
| Arches Buyer, Inc. (1M USD LIBOR + 3.250%) | Arches Buyer, Inc. (1M USD LIBOR + 3.250%) | Arches Buyer, Inc. (1M USD LIBOR + 3.250%) | Arches Buyer, Inc. (1M USD LIBOR + 3.250%) |
| 1444949 | 7.820 | 12/06/27 | 1393480 |
| CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. | CNT Holdings I Corp. |
| (3M USD SOFR + 3.500%) | (3M USD SOFR + 3.500%) | (3M USD SOFR + 3.500%) | (3M USD SOFR + 3.500%) |
| 243712 | 8.125 | 11/08/27 | 240322 |
| (3M USD SOFR + 3.500%) | (3M USD SOFR + 3.500%) | (3M USD SOFR + 3.500%) | (3M USD SOFR + 3.500%) |
| 123430 | 8.125 | 11/08/27 | 121713 |
| (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) |
| 1368000 | 11.375 | 11/06/28 | 1307575 |
| Hunter Holdco 3 Ltd. (3M USD LIBOR + 4.250%) | Hunter Holdco 3 Ltd. (3M USD LIBOR + 4.250%) | Hunter Holdco 3 Ltd. (3M USD LIBOR + 4.250%) | Hunter Holdco 3 Ltd. (3M USD LIBOR + 4.250%) |
| 375000 | 8.980 <sup>(g)</sup> | 08/19/28 | 371250 |
| MH Sub I LLC | MH Sub I LLC | MH Sub I LLC | MH Sub I LLC |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 500000 | 8.320 | 09/13/24 | 493985 |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 744284 | 8.320 | 09/13/24 | 735777 |
| Proofpoint, Inc. (3M USD LIBOR + 3.250%) | Proofpoint, Inc. (3M USD LIBOR + 3.250%) | Proofpoint, Inc. (3M USD LIBOR + 3.250%) | Proofpoint, Inc. (3M USD LIBOR + 3.250%) |
| 326778 | 7.985 | 08/31/28 | 320089 |
| PUG LLC | PUG LLC | PUG LLC | PUG LLC |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 742980 | 8.070 | 02/12/27 | 622246 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 307359 | 8.070 | 02/12/27 | 257413 |
| (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) |
| 1122481 | 8.820 | 02/12/27 | 942884 |
| (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) |
| 496634 | 8.820 | 02/12/27 | 417173 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 1496084 | 8.235 | 04/04/25 | 1496113 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Internet<sup>(k)</sup> – (continued)** | **Internet<sup>(k)</sup> – (continued)** | **Internet<sup>(k)</sup> – (continued)** | **Internet<sup>(k)</sup> – (continued)** |
| Uber Technologies, Inc. – (continued) | Uber Technologies, Inc. – (continued) | Uber Technologies, Inc. – (continued) | Uber Technologies, Inc. – (continued) |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 750000 | 8.235% | 02/25/27 | $749685 |
|  |  |  | 9469705 |
| **Leisure Time – 1.1%** | **Leisure Time – 1.1%** | **Leisure Time – 1.1%** | **Leisure Time – 1.1%** |
| Alterra Mountain Co.<sup>(</sup><sup>k)</sup> | Alterra Mountain Co.<sup>(</sup><sup>k)</sup> | Alterra Mountain Co.<sup>(</sup><sup>k)</sup> | Alterra Mountain Co.<sup>(</sup><sup>k)</sup> |
| (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) |
| 1994751 | 7.320 | 07/31/24 | 1988108 |
| (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) |
| 701515 | 7.320 | 07/31/24 | 699179 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 494987 | 8.070 | 08/17/28 | 493131 |
| Bombardier Recreational Products, Inc. (1M USD SOFR + 3.500%) | Bombardier Recreational Products, Inc. (1M USD SOFR + 3.500%) | Bombardier Recreational Products, Inc. (1M USD SOFR + 3.500%) | Bombardier Recreational Products, Inc. (1M USD SOFR + 3.500%) |
| 249375 | 8.061 | 12/13/29 | 247505 |
| Carnival Corp.(k) | Carnival Corp.(k) | Carnival Corp.(k) | Carnival Corp.(k) |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 868011 | 7.695 | 06/30/25 | 853133 |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 1393985 | 7.695 | 06/30/25 | 1370092 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 1241241 | 7.820 | 10/18/28 | 1210210 |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 261829 | 7.820 | 10/18/28 | 255283 |
| ClubCorp Holdings, Inc.<sup>(k)</sup> | ClubCorp Holdings, Inc.<sup>(k)</sup> | ClubCorp Holdings, Inc.<sup>(k)</sup> | ClubCorp Holdings, Inc.<sup>(k)</sup> |
| (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) |
| 1989854 | 7.480 | 09/18/24 | 1833611 |
| (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) | (3M USD LIBOR + 2.750%) |
| 2947280 | 7.480 | 09/18/24 | 2715860 |
| Equinox Holdings, Inc. (3M USD LIBOR + 3.000%) | Equinox Holdings, Inc. (3M USD LIBOR + 3.000%) | Equinox Holdings, Inc. (3M USD LIBOR + 3.000%) | Equinox Holdings, Inc. (3M USD LIBOR + 3.000%) |
| 1232948 | 7.730 (k) | 03/08/24 | 952452 |
| Hornblower Sub LLC (3M USD LIBOR + 4.500%) | Hornblower Sub LLC (3M USD LIBOR + 4.500%) | Hornblower Sub LLC (3M USD LIBOR + 4.500%) | Hornblower Sub LLC (3M USD LIBOR + 4.500%) |
| 45575 | 8.670 (k) | 04/27/25 | 30051 |
| Life Time Fitness, Inc. (3M USD LIBOR + 4.750%) | Life Time Fitness, Inc. (3M USD LIBOR + 4.750%) | Life Time Fitness, Inc. (3M USD LIBOR + 4.750%) | Life Time Fitness, Inc. (3M USD LIBOR + 4.750%) |
| 482868 | 9.485 (k) | 12/16/24 | 482868 |
|  |  |  | 13131483 |
| **Machinery<sup>(k)</sup> – 0.0%** | **Machinery<sup>(k)</sup> – 0.0%** | **Machinery<sup>(k)</sup> – 0.0%** | **Machinery<sup>(k)</sup> – 0.0%** |
| Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) | Brown Group Holding LLC (1M USD LIBOR + 2.500%) |
| 244677 | 6.884 | 06/07/28 | 243263 |
| **Machinery-Diversified<sup>(k)</sup> – 0.4%** | **Machinery-Diversified<sup>(k)</sup> – 0.4%** | **Machinery-Diversified<sup>(k)</sup> – 0.4%** | **Machinery-Diversified<sup>(k)</sup> – 0.4%** |
| Ali Group North America Corp. (1M USD SOFR + 2.000%) | Ali Group North America Corp. (1M USD SOFR + 2.000%) | Ali Group North America Corp. (1M USD SOFR + 2.000%) | Ali Group North America Corp. (1M USD SOFR + 2.000%) |
| 441111 | 6.676 | 07/30/29 | 439664 |
| Chart Industries, Inc. (1M USD TSFR) | Chart Industries, Inc. (1M USD TSFR) | Chart Industries, Inc. (1M USD TSFR) | Chart Industries, Inc. (1M USD TSFR) |
| 500000 | 8.323 | 12/08/29 | 500210 |
| Engineered Machinery Holdings, Inc. (3M USD LIBOR + 6.500%) | Engineered Machinery Holdings, Inc. (3M USD LIBOR + 6.500%) | Engineered Machinery Holdings, Inc. (3M USD LIBOR + 6.500%) | Engineered Machinery Holdings, Inc. (3M USD LIBOR + 6.500%) |
| 300000 | 11.230 | 05/21/29 | 270999 |
| Granite Holdings US Acquisition Co. (3M USD LIBOR + 4.000%) | Granite Holdings US Acquisition Co. (3M USD LIBOR + 4.000%) | Granite Holdings US Acquisition Co. (3M USD LIBOR + 4.000%) | Granite Holdings US Acquisition Co. (3M USD LIBOR + 4.000%) |
| 745596 | 8.750 | 09/30/26 | 744432 |
| Pro Mach Group, Inc. (1M USD LIBOR + 4.000%) | Pro Mach Group, Inc. (1M USD LIBOR + 4.000%) | Pro Mach Group, Inc. (1M USD LIBOR + 4.000%) | Pro Mach Group, Inc. (1M USD LIBOR + 4.000%) |
| 990279 | 8.570 | 08/31/28 | 986566 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Machinery-Diversified<sup>(k)</sup> – (continued)** | **Machinery-Diversified<sup>(k)</sup> – (continued)** | **Machinery-Diversified<sup>(k)</sup> – (continued)** | **Machinery-Diversified<sup>(k)</sup> – (continued)** |
| SPX Flow, Inc. (1M USD SOFR + 4.500%) | SPX Flow, Inc. (1M USD SOFR + 4.500%) | SPX Flow, Inc. (1M USD SOFR + 4.500%) | SPX Flow, Inc. (1M USD SOFR + 4.500%) |
| 1323420 | 9.073% | 04/05/29 | $1273315 |
| Star US Bidco LLC (3M USD LIBOR + 4.250%) | Star US Bidco LLC (3M USD LIBOR + 4.250%) | Star US Bidco LLC (3M USD LIBOR + 4.250%) | Star US Bidco LLC (3M USD LIBOR + 4.250%) |
| 493487 | 8.980 | 03/17/27 | 483618 |
| Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) | Vertical US Newco, Inc. (6M USD LIBOR + 3.500%) |
| 52935 | 6.871 | 07/30/27 | 51935 |
|  |  |  | 4750739 |
| **Media<sup>(k)</sup> – 0.5%** | **Media<sup>(k)</sup> – 0.5%** | **Media<sup>(k)</sup> – 0.5%** | **Media<sup>(k)</sup> – 0.5%** |
| Cengage Learning, Inc. (3M USD LIBOR + 4.750%) | Cengage Learning, Inc. (3M USD LIBOR + 4.750%) | Cengage Learning, Inc. (3M USD LIBOR + 4.750%) | Cengage Learning, Inc. (3M USD LIBOR + 4.750%) |
| 1094817 | 9.880 | 07/14/26 | 1041719 |
| CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
| (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) |
| 653500 | 8.823 | 01/17/28 | 618786 |
| (1M USD LIBOR + 2.250%) | (1M USD LIBOR + 2.250%) | (1M USD LIBOR + 2.250%) | (1M USD LIBOR + 2.250%) |
| 32640 | 6.709 | 01/15/26 | 31321 |
| (1M USD LIBOR + 4.500%) | (1M USD LIBOR + 4.500%) | (1M USD LIBOR + 4.500%) | (1M USD LIBOR + 4.500%) |
| 184649 | 6.709 | 07/17/25 | 177877 |
| Diamond Sports Group LLC (3M USD SOFR + 3.250%) | Diamond Sports Group LLC (3M USD SOFR + 3.250%) | Diamond Sports Group LLC (3M USD SOFR + 3.250%) | Diamond Sports Group LLC (3M USD SOFR + 3.250%) |
| 1261611 | 8.026 | 08/24/26 | 95151 |
| DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) | DirecTV Financing LLC (1M USD LIBOR + 5.000%) |
| 1304713 | 9.384 | 08/02/27 | 1281202 |
| iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) | iHeartCommunications, Inc. (1M USD LIBOR + 3.000%) |
| 2075431 | 7.570 | 05/01/26 | 2040833 |
| LCPR Loan Financing LLC (1M USD LIBOR + 3.750%) | LCPR Loan Financing LLC (1M USD LIBOR + 3.750%) | LCPR Loan Financing LLC (1M USD LIBOR + 3.750%) | LCPR Loan Financing LLC (1M USD LIBOR + 3.750%) |
| 454208 | 8.209 | 10/16/28 | 453640 |
| McGraw-Hill Global Education Holdings LLC (6M USD LIBOR + 4.750%) | McGraw-Hill Global Education Holdings LLC (6M USD LIBOR + 4.750%) | McGraw-Hill Global Education Holdings LLC (6M USD LIBOR + 4.750%) | McGraw-Hill Global Education Holdings LLC (6M USD LIBOR + 4.750%) |
| 142047 | 8.316 | 07/28/28 | 135655 |
| Sinclair Television Group, Inc. (1M USD LIBOR + 2.500%) | Sinclair Television Group, Inc. (1M USD LIBOR + 2.500%) | Sinclair Television Group, Inc. (1M USD LIBOR + 2.500%) | Sinclair Television Group, Inc. (1M USD LIBOR + 2.500%) |
| 15936 | 7.070 | 09/30/26 | 15524 |
| Ziggo Financing Partnership (1M USD LIBOR + 2.500%) | Ziggo Financing Partnership (1M USD LIBOR + 2.500%) | Ziggo Financing Partnership (1M USD LIBOR + 2.500%) | Ziggo Financing Partnership (1M USD LIBOR + 2.500%) |
| 740000 | 6.959 | 04/30/28 | 733296 |
|  |  |  | 6625004 |
| **Media - Broadcasting & Radio<sup>(k)</sup> – 0.0%** | **Media - Broadcasting & Radio<sup>(k)</sup> – 0.0%** | **Media - Broadcasting & Radio<sup>(k)</sup> – 0.0%** | **Media - Broadcasting & Radio<sup>(k)</sup> – 0.0%** |
| Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) | Grinding Media, Inc. (3M USD LIBOR + 4.000%) |
| 494369 | 4.750 | 10/12/28 | 482010 |
| **Media - Non Cable(k) – 0.0%** | **Media - Non Cable(k) – 0.0%** | **Media - Non Cable(k) – 0.0%** | **Media - Non Cable(k) – 0.0%** |
| Lions Gate Capital Holdings LLC (1M USD LIBOR + 2.250%) | Lions Gate Capital Holdings LLC (1M USD LIBOR + 2.250%) | Lions Gate Capital Holdings LLC (1M USD LIBOR + 2.250%) | Lions Gate Capital Holdings LLC (1M USD LIBOR + 2.250%) |
| 498135 | 6.820 | 03/24/25 | 489004 |
| **Metal Fabricate & Hardware<sup>(g)(k)</sup> – 0.0%** | **Metal Fabricate & Hardware<sup>(g)(k)</sup> – 0.0%** | **Metal Fabricate & Hardware<sup>(g)(k)</sup> – 0.0%** | **Metal Fabricate & Hardware<sup>(g)(k)</sup> – 0.0%** |
| Crosby U.S. Acquisition Corp. (3M USD SOFR + 5.000%) | Crosby U.S. Acquisition Corp. (3M USD SOFR + 5.000%) | Crosby U.S. Acquisition Corp. (3M USD SOFR + 5.000%) | Crosby U.S. Acquisition Corp. (3M USD SOFR + 5.000%) |
| 250000 | 9.321 | 06/27/26 | 242500 |
| **Mining(g) – 0.1%** | **Mining(g) – 0.1%** | **Mining(g) – 0.1%** | **Mining(g) – 0.1%** |
| Arctic Canadian Diamond Co. Ltd. (3M USD LIBOR + 1.000%) | Arctic Canadian Diamond Co. Ltd. (3M USD LIBOR + 1.000%) | Arctic Canadian Diamond Co. Ltd. (3M USD LIBOR + 1.000%) | Arctic Canadian Diamond Co. Ltd. (3M USD LIBOR + 1.000%) |
| 735622 | 5.000 | 12/31/27 | 732312 |
| **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** | **Miscellaneous Manufacturing – 0.2%** |
| Cenveo Worldwide, Ltd. (1M USD SOFR + 7.600%) | Cenveo Worldwide, Ltd. (1M USD SOFR + 7.600%) | Cenveo Worldwide, Ltd. (1M USD SOFR + 7.600%) | Cenveo Worldwide, Ltd. (1M USD SOFR + 7.600%) |
| 228589 | 12.167 (g) | 12/31/24 | 228588 |
| Gates Global LLC (1M USD LIBOR + 2.500%) | Gates Global LLC (1M USD LIBOR + 2.500%) | Gates Global LLC (1M USD LIBOR + 2.500%) | Gates Global LLC (1M USD LIBOR + 2.500%) |
| 239427 | 7.070 (k) | 03/31/27 | 238321 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Miscellaneous Manufacturing – (continued)** | **Miscellaneous Manufacturing – (continued)** | **Miscellaneous Manufacturing – (continued)** | **Miscellaneous Manufacturing – (continued)** |
| LTI Holdings, Inc. (1M USD LIBOR + 3.500%) | LTI Holdings, Inc. (1M USD LIBOR + 3.500%) | LTI Holdings, Inc. (1M USD LIBOR + 3.500%) | LTI Holdings, Inc. (1M USD LIBOR + 3.500%) |
| 1492557 | 8.070 %(k) | 09/06/25 | $1442422 |
|  |  |  | 1909331 |
| **Oil Field Services<sup>(k)</sup> – 0.3%** | **Oil Field Services<sup>(k)</sup> – 0.3%** | **Oil Field Services<sup>(k)</sup> – 0.3%** | **Oil Field Services<sup>(k)</sup> – 0.3%** |
| Gulf Finance LLC (1M USD LIBOR + 6.750%) | Gulf Finance LLC (1M USD LIBOR + 6.750%) | Gulf Finance LLC (1M USD LIBOR + 6.750%) | Gulf Finance LLC (1M USD LIBOR + 6.750%) |
| 2850506 | 11.344 | 08/25/26 | 2772117 |
| QuarterNorth Energy Holding, Inc. (1M USD LIBOR + 8.000%) | QuarterNorth Energy Holding, Inc. (1M USD LIBOR + 8.000%) | QuarterNorth Energy Holding, Inc. (1M USD LIBOR + 8.000%) | QuarterNorth Energy Holding, Inc. (1M USD LIBOR + 8.000%) |
| 1002843 | 12.570 | 08/27/26 | 994901 |
|  |  |  | 3767018 |
| **Packaging<sup>(k)</sup> – 0.8%** | **Packaging<sup>(k)</sup> – 0.8%** | **Packaging<sup>(k)</sup> – 0.8%** | **Packaging<sup>(k)</sup> – 0.8%** |
| BWAY Holding Co. (1M USD LIBOR + 3.250%) | BWAY Holding Co. (1M USD LIBOR + 3.250%) | BWAY Holding Co. (1M USD LIBOR + 3.250%) | BWAY Holding Co. (1M USD LIBOR + 3.250%) |
| 2612280 | 7.619 | 04/03/24 | 2586157 |
| Charter NEX US, Inc. (1M USD LIBOR + 3.750%) | Charter NEX US, Inc. (1M USD LIBOR + 3.750%) | Charter NEX US, Inc. (1M USD LIBOR + 3.750%) | Charter NEX US, Inc. (1M USD LIBOR + 3.750%) |
| 742424 | 8.320 | 12/01/27 | 737517 |
| Clydesdale Acquisition Holdings, Inc. (1M USD SOFR CME + 4.175%) | Clydesdale Acquisition Holdings, Inc. (1M USD SOFR CME + 4.175%) | Clydesdale Acquisition Holdings, Inc. (1M USD SOFR CME + 4.175%) | Clydesdale Acquisition Holdings, Inc. (1M USD SOFR CME + 4.175%) |
| 373125 | 8.836 | 04/13/29 | 366066 |
| Graham Packaging Co., Inc. (1M USD LIBOR + 3.000%) | Graham Packaging Co., Inc. (1M USD LIBOR + 3.000%) | Graham Packaging Co., Inc. (1M USD LIBOR + 3.000%) | Graham Packaging Co., Inc. (1M USD LIBOR + 3.000%) |
| 368089 | 7.570 | 08/04/27 | 366249 |
| Klockner-Pentaplast of America, Inc. | Klockner-Pentaplast of America, Inc. | Klockner-Pentaplast of America, Inc. | Klockner-Pentaplast of America, Inc. |
| (6M USD SOFR + 4.750%) | (6M USD SOFR + 4.750%) | (6M USD SOFR + 4.750%) | (6M USD SOFR + 4.750%) |
| 371212 | 8.259 | 02/12/26 | 328523 |
| (6M USD SOFR + 4.750%) | (6M USD SOFR + 4.750%) | (6M USD SOFR + 4.750%) | (6M USD SOFR + 4.750%) |
| 297157 | 8.259 | 02/12/26 | 262983 |
| LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) | LABL, Inc. (1M USD LIBOR + 5.000%) |
| 1740614 | 9.570 | 10/29/28 | 1695236 |
| Pregis TopCo Corp. (1M USD SOFR + 3.750%) | Pregis TopCo Corp. (1M USD SOFR + 3.750%) | Pregis TopCo Corp. (1M USD SOFR + 3.750%) | Pregis TopCo Corp. (1M USD SOFR + 3.750%) |
| 494898 | 8.426 | 07/31/26 | 488534 |
| Pretium PKG Holdings, Inc. | Pretium PKG Holdings, Inc. | Pretium PKG Holdings, Inc. | Pretium PKG Holdings, Inc. |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 720000 | 7.741 | 10/02/28 | 631699 |
| (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) | (3M USD LIBOR + 6.750%) |
| 250000 | 11.512 | 10/01/29 | 152553 |
| Proampac PG Borrower LLC (3M USD LIBOR + 3.750%) | Proampac PG Borrower LLC (3M USD LIBOR + 3.750%) | Proampac PG Borrower LLC (3M USD LIBOR + 3.750%) | Proampac PG Borrower LLC (3M USD LIBOR + 3.750%) |
| 1867169 | 8.534 | 11/03/25 | 1823290 |
| Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) | Reynolds Group Holdings, Inc. (1M USD LIBOR + 3.250%) |
| 675592 | 3.343 | 02/05/26 | 674113 |
| TricorBraun Holdings, Inc. (1M USD LIBOR + 3.250%) | TricorBraun Holdings, Inc. (1M USD LIBOR + 3.250%) | TricorBraun Holdings, Inc. (1M USD LIBOR + 3.250%) | TricorBraun Holdings, Inc. (1M USD LIBOR + 3.250%) |
| 234168 | 7.820 | 03/03/28 | 227330 |
|  |  |  | 10340250 |
| **Pharmaceuticals<sup>(k)</sup> – 1.6%** | **Pharmaceuticals<sup>(k)</sup> – 1.6%** | **Pharmaceuticals<sup>(k)</sup> – 1.6%** | **Pharmaceuticals<sup>(k)</sup> – 1.6%** |
| Curium BidCo S.a r.l. (3M USD LIBOR + 4.250%) | Curium BidCo S.a r.l. (3M USD LIBOR + 4.250%) | Curium BidCo S.a r.l. (3M USD LIBOR + 4.250%) | Curium BidCo S.a r.l. (3M USD LIBOR + 4.250%) |
| 372188 | 8.980 | 12/02/27 | 371257 |
| Gainwell Acquisition Corp. | Gainwell Acquisition Corp. | Gainwell Acquisition Corp. | Gainwell Acquisition Corp. |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 1839263 | 8.730 | 10/01/27 | 1793134 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 605926 | 8.730 | 10/01/27 | 590729 |
| Grifols Worldwide Operations USA, Inc. (1M USD LIBOR + 2.000%) | Grifols Worldwide Operations USA, Inc. (1M USD LIBOR + 2.000%) | Grifols Worldwide Operations USA, Inc. (1M USD LIBOR + 2.000%) | Grifols Worldwide Operations USA, Inc. (1M USD LIBOR + 2.000%) |
| 448754 | 6.570 | 11/15/27 | 440403 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Pharmaceuticals<sup>(k)</sup> – (continued)** | **Pharmaceuticals<sup>(k)</sup> – (continued)** | **Pharmaceuticals<sup>(k)</sup> – (continued)** | **Pharmaceuticals<sup>(k)</sup> – (continued)** |
| Jazz Financing Lux S.a.r.l. | Jazz Financing Lux S.a.r.l. | Jazz Financing Lux S.a.r.l. | Jazz Financing Lux S.a.r.l. |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 671203 | 8.070% | 05/05/28 | $670257 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 2047656 | 8.070 | 05/05/28 | 2044769 |
| Mallinckrodt International Finance S.A. | Mallinckrodt International Finance S.A. | Mallinckrodt International Finance S.A. | Mallinckrodt International Finance S.A. |
| (3M USD LIBOR + 5.250%) | (3M USD LIBOR + 5.250%) | (3M USD LIBOR + 5.250%) | (3M USD LIBOR + 5.250%) |
| 197985 | 9.986 | 09/30/27 | 151098 |
| (3M USD LIBOR + 5.500%) | (3M USD LIBOR + 5.500%) | (3M USD LIBOR + 5.500%) | (3M USD LIBOR + 5.500%) |
| 2140367 | 10.236 | 09/30/27 | 1633635 |
| Midwest Veterinary Partners LLC (1M USD LIBOR + 4.000%) | Midwest Veterinary Partners LLC (1M USD LIBOR + 4.000%) | Midwest Veterinary Partners LLC (1M USD LIBOR + 4.000%) | Midwest Veterinary Partners LLC (1M USD LIBOR + 4.000%) |
| 1241209 | 8.570 | 04/27/28 | 1110882 |
| Organon & Co. (3M USD LIBOR + 3.000%) | Organon & Co. (3M USD LIBOR + 3.000%) | Organon & Co. (3M USD LIBOR + 3.000%) | Organon & Co. (3M USD LIBOR + 3.000%) |
| 1044873 | 7.750 | 06/02/28 | 1041697 |
| Packaging Coordinators Midco, Inc. | Packaging Coordinators Midco, Inc. | Packaging Coordinators Midco, Inc. | Packaging Coordinators Midco, Inc. |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 1115229 | 8.230 | 11/30/27 | 1092724 |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 3769 | 8.230 | 11/30/27 | 3693 |
| Pathway Vet Alliance LLC (1M USD LIBOR + 3.750%) | Pathway Vet Alliance LLC (1M USD LIBOR + 3.750%) | Pathway Vet Alliance LLC (1M USD LIBOR + 3.750%) | Pathway Vet Alliance LLC (1M USD LIBOR + 3.750%) |
| 2601876 | 8.320 | 03/31/27 | 2162341 |
| Pearl Intermediate Parent LLC (1M USD LIBOR + 6.250%) | Pearl Intermediate Parent LLC (1M USD LIBOR + 6.250%) | Pearl Intermediate Parent LLC (1M USD LIBOR + 6.250%) | Pearl Intermediate Parent LLC (1M USD LIBOR + 6.250%) |
| 1000000 | 10.820 | 02/13/26 | 900000 |
| PetVet Care Centers, LLC (1M USD LIBOR + 3.500%) | PetVet Care Centers, LLC (1M USD LIBOR + 3.500%) | PetVet Care Centers, LLC (1M USD LIBOR + 3.500%) | PetVet Care Centers, LLC (1M USD LIBOR + 3.500%) |
| 3037885 | 8.070 | 02/14/25 | 2879155 |
| Sunshine Luxembourg VII S.a.r.l. (3M USD LIBOR + 3.750%) | Sunshine Luxembourg VII S.a.r.l. (3M USD LIBOR + 3.750%) | Sunshine Luxembourg VII S.a.r.l. (3M USD LIBOR + 3.750%) | Sunshine Luxembourg VII S.a.r.l. (3M USD LIBOR + 3.750%) |
| 2834352 | 8.480 | 10/01/26 | 2774122 |
|  |  | 19659896 | 19659896 |
| **Pipelines<sup>(k)</sup> – 0.7%** | **Pipelines<sup>(k)</sup> – 0.7%** | **Pipelines<sup>(k)</sup> – 0.7%** | **Pipelines<sup>(k)</sup> – 0.7%** |
| Epic Y-Grade Services LP (3M USD LIBOR + 6.000%) | Epic Y-Grade Services LP (3M USD LIBOR + 6.000%) | Epic Y-Grade Services LP (3M USD LIBOR + 6.000%) | Epic Y-Grade Services LP (3M USD LIBOR + 6.000%) |
| 2186384 | 10.700 | 06/30/27 | 1978677 |
| Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP |
| (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) |
| 415768 | 7.808 | 11/17/26 | 403120 |
| (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) |
| 1203895 | 7.808 | 11/17/26 | 1167272 |
| Mashantucket (Western) Pequot Tribe (1M USD LIBOR + 7.125%) | Mashantucket (Western) Pequot Tribe (1M USD LIBOR + 7.125%) | Mashantucket (Western) Pequot Tribe (1M USD LIBOR + 7.125%) | Mashantucket (Western) Pequot Tribe (1M USD LIBOR + 7.125%) |
| 806058 | 11.695 | 02/16/25 | 795983 |
| TransMontaigne Operating Company LP (1M USD LIBOR + 3.500%) | TransMontaigne Operating Company LP (1M USD LIBOR + 3.500%) | TransMontaigne Operating Company LP (1M USD LIBOR + 3.500%) | TransMontaigne Operating Company LP (1M USD LIBOR + 3.500%) |
| 990000 | 8.028 | 11/17/28 | 985822 |
| Traverse Midstream Partners LLC | Traverse Midstream Partners LLC | Traverse Midstream Partners LLC | Traverse Midstream Partners LLC |
| (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) |
| 1642810 | 8.800 | 09/27/24 | 1641578 |
| (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) | (3M USD SOFR + 4.250%) |
| 1149146 | 8.800 | 09/27/24 | 1148285 |
|  |  |  | 8120737 |
| **Real Estate – 0.2%** | **Real Estate – 0.2%** | **Real Estate – 0.2%** | **Real Estate – 0.2%** |
| Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
| 259166 | 0.000 <sup>(n)</sup> |  | 249102 |
| (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) |
| 2500000 | 7.320 <sup>(k)</sup> | 08/21/25 | 2487500 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** |
| Cushman & Wakefield U.S. Borrower LLC – (continued) | Cushman & Wakefield U.S. Borrower LLC – (continued) | Cushman & Wakefield U.S. Borrower LLC – (continued) | Cushman & Wakefield U.S. Borrower LLC – (continued) |
| (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) | (1M USD LIBOR + 2.750%) |
| 205466 | 7.320 %<sup>(k)</sup> | 08/21/25 | $204439 |
|  |  |  | 2941041 |
| **Retailers<sup>(k)</sup> – 0.1%** | **Retailers<sup>(k)</sup> – 0.1%** | **Retailers<sup>(k)</sup> – 0.1%** | **Retailers<sup>(k)</sup> – 0.1%** |
| IRB Holding Corp. (1M USD LIBOR + 2.750%) | IRB Holding Corp. (1M USD LIBOR + 2.750%) | IRB Holding Corp. (1M USD LIBOR + 2.750%) | IRB Holding Corp. (1M USD LIBOR + 2.750%) |
| 546806 | 7.320 | 02/05/25 | 545526 |
| Jo-Ann Stores, Inc. (3M USD LIBOR + 4.750%) | Jo-Ann Stores, Inc. (3M USD LIBOR + 4.750%) | Jo-Ann Stores, Inc. (3M USD LIBOR + 4.750%) | Jo-Ann Stores, Inc. (3M USD LIBOR + 4.750%) |
| 290525 | 9.572 | 07/07/28 | 165599 |
|  |  |  | 711125 |
| **Retailing – 0.6%** | **Retailing – 0.6%** | **Retailing – 0.6%** | **Retailing – 0.6%** |
| 1011778 B.C. Unlimited Liability Co. (1M USD LIBOR + 1.750%) | 1011778 B.C. Unlimited Liability Co. (1M USD LIBOR + 1.750%) | 1011778 B.C. Unlimited Liability Co. (1M USD LIBOR + 1.750%) | 1011778 B.C. Unlimited Liability Co. (1M USD LIBOR + 1.750%) |
| 856705 | 6.320 <sup>(k)</sup> | 11/19/26 | 846304 |
| Academy Ltd. (1M USD LIBOR + 3.75%) | Academy Ltd. (1M USD LIBOR + 3.75%) | Academy Ltd. (1M USD LIBOR + 3.75%) | Academy Ltd. (1M USD LIBOR + 3.75%) |
| 811866 | 8.119 <sup>(k)</sup> | 11/05/27 | 810600 |
| Belk, Inc. | Belk, Inc. | Belk, Inc. | Belk, Inc. |
| (3M USD LIBOR + 7.500%) | (3M USD LIBOR + 7.500%) | (3M USD LIBOR + 7.500%) | (3M USD LIBOR + 7.500%) |
| 112852 | 12.199 <sup>(k)</sup> | 07/31/25 | 95572 |
| (3M USD LIBOR + 13.000%) | (3M USD LIBOR + 13.000%) | (3M USD LIBOR + 13.000%) | (3M USD LIBOR + 13.000%) |
| 550597 | 13.000 | 07/31/25 | 82132 |
| EG Group Ltd. (3M USD LIBOR + 4.000%) | EG Group Ltd. (3M USD LIBOR + 4.000%) | EG Group Ltd. (3M USD LIBOR + 4.000%) | EG Group Ltd. (3M USD LIBOR + 4.000%) |
| 388776 | 9.151 <sup>(k)</sup> | 02/07/25 | 373773 |
| Great Outdoors Group LLC (1M USD LIBOR + 3.750%) | Great Outdoors Group LLC (1M USD LIBOR + 3.750%) | Great Outdoors Group LLC (1M USD LIBOR + 3.750%) | Great Outdoors Group LLC (1M USD LIBOR + 3.750%) |
| 540480 | 8.320 <sup>(k)</sup> | 03/06/28 | 530616 |
| IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. | IRB Holding Corp. |
| 600000 | 0.000 <sup>(n)</sup> | 12/15/27 | 593250 |
| Medical Solutions Holdings, Inc. (1M USD LIBOR + 3.500%) | Medical Solutions Holdings, Inc. (1M USD LIBOR + 3.500%) | Medical Solutions Holdings, Inc. (1M USD LIBOR + 3.500%) | Medical Solutions Holdings, Inc. (1M USD LIBOR + 3.500%) |
| 119442 | 8.070 <sup>(k)</sup> | 11/01/28 | 115219 |
| PetSmart, Inc.<sup>(k)</sup>  | PetSmart, Inc.<sup>(k)</sup>  | PetSmart, Inc.<sup>(k)</sup>  | PetSmart, Inc.<sup>(k)</sup>  |
| (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) |
| 492793 | 8.411 | 02/11/28 | 488791 |
| (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) | (1M USD SOFR + 3.750%) |
| 1569292 | 8.411 | 02/11/28 | 1556550 |
| Restoration Hardware, Inc. (1M USD LIBOR + 2.500%) | Restoration Hardware, Inc. (1M USD LIBOR + 2.500%) | Restoration Hardware, Inc. (1M USD LIBOR + 2.500%) | Restoration Hardware, Inc. (1M USD LIBOR + 2.500%) |
| 221079 | 7.070 <sup>(k)</sup> | 10/20/28 | 212283 |
| SRS Distribution, Inc. (1M USD LIBOR + 3.500%) | SRS Distribution, Inc. (1M USD LIBOR + 3.500%) | SRS Distribution, Inc. (1M USD LIBOR + 3.500%) | SRS Distribution, Inc. (1M USD LIBOR + 3.500%) |
| 1387391 | 8.070 <sup>(k)</sup> | 06/02/28 | 1336113 |
| Staples, Inc.<sup>(k)</sup>  | Staples, Inc.<sup>(k)</sup>  | Staples, Inc.<sup>(k)</sup>  | Staples, Inc.<sup>(k)</sup>  |
| (3M USD LIBOR + 4.500%) | (3M USD LIBOR + 4.500%) | (3M USD LIBOR + 4.500%) | (3M USD LIBOR + 4.500%) |
| 279144 | 8.940 | 09/12/24 | 277645 |
| (3M USD LIBOR + 5.000%) | (3M USD LIBOR + 5.000%) | (3M USD LIBOR + 5.000%) | (3M USD LIBOR + 5.000%) |
| 237933 | 9.440 | 04/16/26 | 222329 |
|  |  |  | 7541177 |
| **Semiconductors<sup>(k)</sup> – 0.1%** | **Semiconductors<sup>(k)</sup> – 0.1%** | **Semiconductors<sup>(k)</sup> – 0.1%** | **Semiconductors<sup>(k)</sup> – 0.1%** |
| Bright Bidco B.V. | Bright Bidco B.V. | Bright Bidco B.V. | Bright Bidco B.V. |
| (3M USD SOFR + 9.000%) | (3M USD SOFR + 9.000%) | (3M USD SOFR + 9.000%) | (3M USD SOFR + 9.000%) |
| 547 | 13.676 | 10/31/27 | 473 |
| (3M USD SOFR + 8.000%) | (3M USD SOFR + 8.000%) | (3M USD SOFR + 8.000%) | (3M USD SOFR + 8.000%) |
| 328303 | 12.359 | 02/28/23 | 328304 |
| (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) | (1M USD LIBOR + 3.500%) |
| 2802409 | 7.884 | 06/30/24 | 917789 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Semiconductors<sup>(k)</sup> – (continued)** | **Semiconductors<sup>(k)</sup> – (continued)** | **Semiconductors<sup>(k)</sup> – (continued)** | **Semiconductors<sup>(k)</sup> – (continued)** |
| Entegris, Inc. (3M USD SOFRTE + 3.000%) | Entegris, Inc. (3M USD SOFRTE + 3.000%) | Entegris, Inc. (3M USD SOFRTE + 3.000%) | Entegris, Inc. (3M USD SOFRTE + 3.000%) |
| 100000 | 7.571% | 07/06/29 | $100313 |
| MACOM Technology Solutions Holdings, Inc. (1M USD LIBOR + 2.250%) | MACOM Technology Solutions Holdings, Inc. (1M USD LIBOR + 2.250%) | MACOM Technology Solutions Holdings, Inc. (1M USD LIBOR + 2.250%) | MACOM Technology Solutions Holdings, Inc. (1M USD LIBOR + 2.250%) |
| 89956 | 6.820 | 05/17/24 | 89590 |
|  |  |  | 1436469 |
| **Services Cyclical - Business Services<sup>(k)</sup> – 0.0%** | **Services Cyclical - Business Services<sup>(k)</sup> – 0.0%** | **Services Cyclical - Business Services<sup>(k)</sup> – 0.0%** | **Services Cyclical - Business Services<sup>(k)</sup> – 0.0%** |
| Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) | Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) | Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) | Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.500%) |
| 446628 | 6.740 | 02/28/25 | 457794 |
| **Software – 3.7%** | **Software – 3.7%** | **Software – 3.7%** | **Software – 3.7%** |
| Applied Systems, Inc.<sup>(k)</sup>  | Applied Systems, Inc.<sup>(k)</sup>  | Applied Systems, Inc.<sup>(k)</sup>  | Applied Systems, Inc.<sup>(k)</sup>  |
| (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) | (3M USD SOFR + 4.500%) |
| 3000000 | 9.080 | 09/18/26 | 3005010 |
| (3M USD SOFR + 6.750%) | (3M USD SOFR + 6.750%) | (3M USD SOFR + 6.750%) | (3M USD SOFR + 6.750%) |
| 1000000 | 11.330 | 09/17/27 | 997500 |
| Apttus Corp. (3M USD LIBOR + 4.250%) | Apttus Corp. (3M USD LIBOR + 4.250%) | Apttus Corp. (3M USD LIBOR + 4.250%) | Apttus Corp. (3M USD LIBOR + 4.250%) |
| 374609 | 9.075 <sup>(k)</sup> | 05/08/28 | 363139 |
| Athenahealth, Inc.<sup>(k)</sup>  | Athenahealth, Inc.<sup>(k)</sup>  | Athenahealth, Inc.<sup>(k)</sup>  | Athenahealth, Inc.<sup>(k)</sup>  |
| (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) |
| 331686 | 5.653 | 02/15/29 | 313718 |
| (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) |
| 4397 | 7.983 | 02/15/29 | 5438 |
| (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) | (1M USD SOFR + 3.500%) |
| 103254 | 8.012 | 02/15/29 | 97661 |
| Avaya, Inc. (1M USD SOFR + 10.000%) | Avaya, Inc. (1M USD SOFR + 10.000%) | Avaya, Inc. (1M USD SOFR + 10.000%) | Avaya, Inc. (1M USD SOFR + 10.000%) |
| 655000 | 14.478 <sup>(k)</sup> | 12/15/27 | 370894 |
| Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) | Banff Merger Sub, Inc. (1M USD LIBOR + 3.750%) |
| 732123 | 6.122 <sup>(k)</sup> | 10/02/25 | 718491 |
| Camelot U.S. Acquisition LLC<sup>(k)</sup>  | Camelot U.S. Acquisition LLC<sup>(k)</sup>  | Camelot U.S. Acquisition LLC<sup>(k)</sup>  | Camelot U.S. Acquisition LLC<sup>(k)</sup>  |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 222621 | 7.517 | 10/30/26 | 222273 |
| (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) | (1M USD LIBOR + 3.000%) |
| 926973 | 7.517 | 10/30/26 | 924655 |
| CDK Global, Inc. (3M USD SOFR + 4.500%) | CDK Global, Inc. (3M USD SOFR + 4.500%) | CDK Global, Inc. (3M USD SOFR + 4.500%) | CDK Global, Inc. (3M USD SOFR + 4.500%) |
| 2025000 | 9.080 <sup>(k)</sup> | 07/06/29 | 2019310 |
| Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) | Ceridian HCM Holding, Inc. (1M USD LIBOR + 2.500%) |
| 1705851 | 6.884 <sup>(k)</sup> | 04/30/25 | 1696043 |
| Emerald TopCo, Inc. (1M USD LIBOR) | Emerald TopCo, Inc. (1M USD LIBOR) | Emerald TopCo, Inc. (1M USD LIBOR) | Emerald TopCo, Inc. (1M USD LIBOR) |
| 375000 | 8.047 <sup>(k)</sup> | 07/25/26 | 357772 |
| Epicor Software Corp.<sup>(k)</sup>  | Epicor Software Corp.<sup>(k)</sup>  | Epicor Software Corp.<sup>(k)</sup>  | Epicor Software Corp.<sup>(k)</sup>  |
| (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) | (1M USD LIBOR + 3.250%) |
| 2773890 | 7.820 | 07/30/27 | 2721352 |
| (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) | (1M USD LIBOR + 7.750%) |
| 2950000 | 12.320 | 07/31/28 | 2938318 |
| Finastra USA, Inc.<sup>(k)</sup>  | Finastra USA, Inc.<sup>(k)</sup>  | Finastra USA, Inc.<sup>(k)</sup>  | Finastra USA, Inc.<sup>(k)</sup>  |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 1987602 | 8.325 | 06/13/24 | 1863377 |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 2668892 | 8.325 | 06/13/24 | 2502086 |
| Greenway Health LLC (3M USD LIBOR + 3.750%) | Greenway Health LLC (3M USD LIBOR + 3.750%) | Greenway Health LLC (3M USD LIBOR + 3.750%) | Greenway Health LLC (3M USD LIBOR + 3.750%) |
| 122489 | 8.480 <sup>(k)</sup> | 02/16/24 | 83170 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| Hyland Software, Inc. (1M USD LIBOR + 3.500%) | Hyland Software, Inc. (1M USD LIBOR + 3.500%) | Hyland Software, Inc. (1M USD LIBOR + 3.500%) | Hyland Software, Inc. (1M USD LIBOR + 3.500%) |
| 459708 | 7.343 %<sup>(k)</sup> | 07/01/24 | $458090 |
| Informatica LLC (1M USD LIBOR + 2.750%) | Informatica LLC (1M USD LIBOR + 2.750%) | Informatica LLC (1M USD LIBOR + 2.750%) | Informatica LLC (1M USD LIBOR + 2.750%) |
| 1240625 | 7.375 <sup>(k)</sup> | 10/27/28 | 1236357 |
| Open Text Corp. (1M USD TSFR) | Open Text Corp. (1M USD TSFR) | Open Text Corp. (1M USD TSFR) | Open Text Corp. (1M USD TSFR) |
| 1890000 | 8.038 <sup>(k)</sup> | 08/25/29 | 1885747 |
| Polaris Newco LLC (3M USD LIBOR + 4.000%) | Polaris Newco LLC (3M USD LIBOR + 4.000%) | Polaris Newco LLC (3M USD LIBOR + 4.000%) | Polaris Newco LLC (3M USD LIBOR + 4.000%) |
| 2735256 | 8.730 <sup>(k)</sup> | 06/02/28 | 2595922 |
| Press Ganey Holdings, Inc. (1M USD SOFR + 3.750%) | Press Ganey Holdings, Inc. (1M USD SOFR + 3.750%) | Press Ganey Holdings, Inc. (1M USD SOFR + 3.750%) | Press Ganey Holdings, Inc. (1M USD SOFR + 3.750%) |
| 148875 | 8.411 <sup>(k)</sup> | 07/24/26 | 142176 |
| Project Ruby Ultimate Parent Corp. (1M USD LIBOR + 3.250%) | Project Ruby Ultimate Parent Corp. (1M USD LIBOR + 3.250%) | Project Ruby Ultimate Parent Corp. (1M USD LIBOR + 3.250%) | Project Ruby Ultimate Parent Corp. (1M USD LIBOR + 3.250%) |
| 870279 | 7.820 <sup>(k)</sup> | 03/10/28 | 838871 |
| Quest Software US Holdings, Inc. (3M USD SOFR + 7.500%) | Quest Software US Holdings, Inc. (3M USD SOFR + 7.500%) | Quest Software US Holdings, Inc. (3M USD SOFR + 7.500%) | Quest Software US Holdings, Inc. (3M USD SOFR + 7.500%) |
| 100000 | 12.326 <sup>(k)</sup> | 02/01/30 | 64375 |
| Rackspace Technology Global, Inc. (3M USD LIBOR + 2.750%) | Rackspace Technology Global, Inc. (3M USD LIBOR + 2.750%) | Rackspace Technology Global, Inc. (3M USD LIBOR + 2.750%) | Rackspace Technology Global, Inc. (3M USD LIBOR + 2.750%) |
| 2689311 | 7.380 <sup>(k)</sup> | 02/15/28 | 1682218 |
| RealPage, Inc. (1M USD LIBOR + 6.500%) | RealPage, Inc. (1M USD LIBOR + 6.500%) | RealPage, Inc. (1M USD LIBOR + 6.500%) | RealPage, Inc. (1M USD LIBOR + 6.500%) |
| 2750000 | 11.070 <sup>(k)</sup> | 04/23/29 | 2637250 |
| Riverbed Technology, Inc. (3M USD PIK + 2%) | Riverbed Technology, Inc. (3M USD PIK + 2%) | Riverbed Technology, Inc. (3M USD PIK + 2%) | Riverbed Technology, Inc. (3M USD PIK + 2%) |
| 1232288 | 6.270 <sup>(k)</sup> | 12/07/26 | 530500 |
| Sophia, LP | Sophia, LP | Sophia, LP | Sophia, LP |
| 250000 | 0.000 <sup>(n)</sup> | 10/07/28 | 248125 |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 621851 | 8.230 <sup>(k)</sup> | 10/07/27 | 612461 |
| (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) | (3M USD LIBOR + 3.500%) |
| 1223874 | 8.230 <sup>(k)</sup> | 10/07/27 | 1205393 |
| Sovos Compliance LLC (1M USD LIBOR + 4.500%) | Sovos Compliance LLC (1M USD LIBOR + 4.500%) | Sovos Compliance LLC (1M USD LIBOR + 4.500%) | Sovos Compliance LLC (1M USD LIBOR + 4.500%) |
| 2213349 | 9.070 <sup>(k)</sup> | 08/11/28 | 2132318 |
| SS&C Holdings Europe S.a.r.l. | SS&C Holdings Europe S.a.r.l. | SS&C Holdings Europe S.a.r.l. | SS&C Holdings Europe S.a.r.l. |
| 558705 | 0.000 <sup>(n)</sup> | 04/16/25 | 557308 |
| SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
| 633030 | 0.000 <sup>(n)</sup> | 04/16/25 | 631447 |
| The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) | The Dun & Bradstreet Corp. (1M USD LIBOR + 3.250%) |
| 714383 | 7.767 <sup>(k)</sup> | 02/06/26 | 712469 |
| The Ultimate Software Group, Inc.<sup>(k)</sup>  | The Ultimate Software Group, Inc.<sup>(k)</sup>  | The Ultimate Software Group, Inc.<sup>(k)</sup>  | The Ultimate Software Group, Inc.<sup>(k)</sup>  |
| (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) | (1M USD LIBOR + 3.750%) |
| 1991029 | 8.575 | 05/04/26 | 1969745 |
| (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) | (3M USD LIBOR + 3.250%) |
| 2095072 | 8.032 | 05/04/26 | 2058681 |
| (3M USD LIBOR + 5.250%) | (3M USD LIBOR + 5.250%) | (3M USD LIBOR + 5.250%) | (3M USD LIBOR + 5.250%) |
| 1272530 | 10.032 | 05/03/27 | 1213218 |
| Zelis Healthcare Corp. (1M USD LIBOR + 3.500%) | Zelis Healthcare Corp. (1M USD LIBOR + 3.500%) | Zelis Healthcare Corp. (1M USD LIBOR + 3.500%) | Zelis Healthcare Corp. (1M USD LIBOR + 3.500%) |
| 493703 | 8.070 <sup>(k)</sup> | 09/30/26 | 492138 |
|  |  |  | 45105016 |
| **Telecommunication Services – 0.8%** | **Telecommunication Services – 0.8%** | **Telecommunication Services – 0.8%** | **Telecommunication Services – 0.8%** |
| Altice France SA<sup>(k)</sup>  | Altice France SA<sup>(k)</sup>  | Altice France SA<sup>(k)</sup>  | Altice France SA<sup>(k)</sup>  |
| (3M USD LIBOR + 3.688%) | (3M USD LIBOR + 3.688%) | (3M USD LIBOR + 3.688%) | (3M USD LIBOR + 3.688%) |
| 234257 | 8.517 | 01/31/26 | 224887 |
| (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) | (3M USD LIBOR + 4.000%) |
| 215418 | 8.650 | 08/14/26 | 207339 |
| Avaya, Inc.<sup>(k)</sup>  | Avaya, Inc.<sup>(k)</sup>  | Avaya, Inc.<sup>(k)</sup>  | Avaya, Inc.<sup>(k)</sup>  |
| (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) | (1M USD LIBOR + 4.000%) |
| 2043498 | 8.459 | 12/15/27 | 515983 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** | **Bank Loans<sup>(m)</sup> – (continued)** |
| **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** | **Telecommunication Services – (continued)** |
| Avaya, Inc.<sup>(k)</sup> – (continued) | Avaya, Inc.<sup>(k)</sup> – (continued) | Avaya, Inc.<sup>(k)</sup> – (continued) | Avaya, Inc.<sup>(k)</sup> – (continued) |
| (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) | (1M USD LIBOR + 4.250%) |
| 630689 | 8.709% | 12/15/27 | $159249 |
| Cincinnati Bell, Inc. (1M USD SOFR + 3.250%) | Cincinnati Bell, Inc. (1M USD SOFR + 3.250%) | Cincinnati Bell, Inc. (1M USD SOFR + 3.250%) | Cincinnati Bell, Inc. (1M USD SOFR + 3.250%) |
| 264000 | 7.911 <sup>(k)</sup> | 11/22/28 | 262461 |
| CommScope, Inc. (1M USD LIBOR + 3.250%) | CommScope, Inc. (1M USD LIBOR + 3.250%) | CommScope, Inc. (1M USD LIBOR + 3.250%) | CommScope, Inc. (1M USD LIBOR + 3.250%) |
| 532137 | 7.820 <sup>(k)</sup> | 04/06/26 | 520297 |
| Cyxtera DC Holdings, Inc. (3M USD LIBOR + 3.000%) | Cyxtera DC Holdings, Inc. (3M USD LIBOR + 3.000%) | Cyxtera DC Holdings, Inc. (3M USD LIBOR + 3.000%) | Cyxtera DC Holdings, Inc. (3M USD LIBOR + 3.000%) |
| 1160581 | 7.820 <sup>(k)</sup> | 05/01/24 | 942763 |
| Dawn Acquisition LLC (3M USD LIBOR + 3.750%) | Dawn Acquisition LLC (3M USD LIBOR + 3.750%) | Dawn Acquisition LLC (3M USD LIBOR + 3.750%) | Dawn Acquisition LLC (3M USD LIBOR + 3.750%) |
| 1290282 | 8.480 <sup>(k)</sup> | 12/31/25 | 827561 |
| Delta TopCo, Inc.<sup>(k)</sup>  | Delta TopCo, Inc.<sup>(k)</sup>  | Delta TopCo, Inc.<sup>(k)</sup>  | Delta TopCo, Inc.<sup>(k)</sup>  |
| (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) | (3M USD LIBOR + 3.750%) |
| 406680 | 8.154 | 12/01/27 | 376614 |
| (3M USD LIBOR + 7.250%) | (3M USD LIBOR + 7.250%) | (3M USD LIBOR + 7.250%) | (3M USD LIBOR + 7.250%) |
| 142514 | 11.654 | 12/01/28 | 118643 |
| EOS Finco Sarl (3M USD SOFR + 6.000%) | EOS Finco Sarl (3M USD SOFR + 6.000%) | EOS Finco Sarl (3M USD SOFR + 6.000%) | EOS Finco Sarl (3M USD SOFR + 6.000%) |
| 500000 | 10.604 <sup>(k)</sup> | 10/08/29 | 488750 |
| Frontier Communications Corp. (3M USD LIBOR + 3.750%) | Frontier Communications Corp. (3M USD LIBOR + 3.750%) | Frontier Communications Corp. (3M USD LIBOR + 3.750%) | Frontier Communications Corp. (3M USD LIBOR + 3.750%) |
| 1478712 | 8.500 <sup>(k)</sup> | 05/01/28 | 1446831 |
| GOGO Intermediate Holdings LLC (3M USD LIBOR + 3.750%) | GOGO Intermediate Holdings LLC (3M USD LIBOR + 3.750%) | GOGO Intermediate Holdings LLC (3M USD LIBOR + 3.750%) | GOGO Intermediate Holdings LLC (3M USD LIBOR + 3.750%) |
| 1231867 | 8.575 <sup>(k)</sup> | 04/30/28 | 1229884 |
| Intrado Corp. (3M USD LIBOR + 4.000%) | Intrado Corp. (3M USD LIBOR + 4.000%) | Intrado Corp. (3M USD LIBOR + 4.000%) | Intrado Corp. (3M USD LIBOR + 4.000%) |
| 732052 | 8.825 <sup>(k)</sup> | 10/10/24 | 683246 |
| MLN US HoldCo LLC | MLN US HoldCo LLC | MLN US HoldCo LLC | MLN US HoldCo LLC |
| 547835 | 0.000 <sup>(g)</sup> | 11/01/27 | 383484 |
| (3M USD LIBOR + 8.750%) | (3M USD LIBOR + 8.750%) | (3M USD LIBOR + 8.750%) | (3M USD LIBOR + 8.750%) |
| 250000 | 12.502 <sup>(k)</sup> | 11/30/26 | 37708 |
| MLN US Holding Co. LLC (3M USD LIBOR + 4.500%) | MLN US Holding Co. LLC (3M USD LIBOR + 4.500%) | MLN US Holding Co. LLC (3M USD LIBOR + 4.500%) | MLN US Holding Co. LLC (3M USD LIBOR + 4.500%) |
| 889178 | 8.252 <sup>(k)</sup> | 11/30/25 | 229337 |
| West Corp. (3M USD LIBOR + 3.250%) | West Corp. (3M USD LIBOR + 3.250%) | West Corp. (3M USD LIBOR + 3.250%) | West Corp. (3M USD LIBOR + 3.250%) |
| 76295 | 8.075 <sup>(k)</sup> | 10/10/24 | 71431 |
| Xplornet Communications, Inc. (1M USD LIBOR + 4.000%) | Xplornet Communications, Inc. (1M USD LIBOR + 4.000%) | Xplornet Communications, Inc. (1M USD LIBOR + 4.000%) | Xplornet Communications, Inc. (1M USD LIBOR + 4.000%) |
| 758404 | 8.570 <sup>(k)</sup> | 10/02/28 | 599815 |
|  |  |  | 9326283 |
| **Telecommunications<sup>(k)</sup> – 0.1%** | **Telecommunications<sup>(k)</sup> – 0.1%** | **Telecommunications<sup>(k)</sup> – 0.1%** | **Telecommunications<sup>(k)</sup> – 0.1%** |
| Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) | Intelsat Jackson Holdings S.A. (6M USD SOFR + 4.500%) |
| 1461973 | 4.920 | 02/01/29 | 1437807 |
| **Transportation<sup>(k)</sup> – 0.1%** | **Transportation<sup>(k)</sup> – 0.1%** | **Transportation<sup>(k)</sup> – 0.1%** | **Transportation<sup>(k)</sup> – 0.1%** |
| First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. | First Student Bidco, Inc. |
| (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) |
| 169371 | 7.726 | 07/21/28 | 159704 |
| (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) | (3M USD LIBOR + 3.000%) |
| 454254 | 7.726 | 07/21/28 | 428325 |
| Kenan Advantage Group, Inc. (1M USD LIBOR + 3.750%) | Kenan Advantage Group, Inc. (1M USD LIBOR + 3.750%) | Kenan Advantage Group, Inc. (1M USD LIBOR + 3.750%) | Kenan Advantage Group, Inc. (1M USD LIBOR + 3.750%) |
| 249364 | 8.320 | 03/24/26 | 246107 |
|  |  |  | 834136 |
| **TOTAL BANK LOANS<br>(Cost $300,733,016)** | **TOTAL BANK LOANS<br>(Cost $300,733,016)** | **TOTAL BANK LOANS<br>(Cost $300,733,016)** | $285260403 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | <br> **Description** | **Value** |
| **Common Stocks – 0.5%** | **Common Stocks – 0.5%** | **Common Stocks – 0.5%** |
| **Commerical Services & Supplies<sup>(e)</sup> – 0.0%** | **Commerical Services & Supplies<sup>(e)</sup> – 0.0%** | **Commerical Services & Supplies<sup>(e)</sup> – 0.0%** |
| 65182 | Monitronics International, Inc. | $9777 |
| **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 Holdings LLC | 4131 |
| **Diversified Financial Services<sup>(e)(g)</sup> – 0.0%** | **Diversified Financial Services<sup>(e)(g)</sup> – 0.0%** | **Diversified Financial Services<sup>(e)(g)</sup> – 0.0%** |
| 5500 | Copper Earnout Trust<sup>(l)</sup> | 27500 |
| 240 | Voyager Aviation Holdings LLC |  |
|  |  | 27500 |
| **Energy Equipment & Services<sup>(e)</sup> – 0.0%** | **Energy Equipment & Services<sup>(e)</sup> – 0.0%** | **Energy Equipment & Services<sup>(e)</sup> – 0.0%** |
| 17933 | Parker Drilling Co. | 103115 |
| **Media<sup>(e)</sup> – 0.0%** | **Media<sup>(e)</sup> – 0.0%** | **Media<sup>(e)</sup> – 0.0%** |
| 33365 | Clear Channel Outdoor Holdings, Inc.\* | 63727 |
| 3675 | Cumulus Media, Inc. Class A Class A | 24623 |
|  |  | 88350 |
| **Metals & Mining<sup>(e)(g)</sup> – 0.0%** | **Metals & Mining<sup>(e)(g)</sup> – 0.0%** | **Metals & Mining<sup>(e)(g)</sup> – 0.0%** |
| 627 | Arctic Canadian Diamond Co. Ltd |  |
| **Multiline Retail<sup>(e)</sup> – 0.0%** | **Multiline Retail<sup>(e)</sup> – 0.0%** | **Multiline Retail<sup>(e)</sup> – 0.0%** |
| 68 | Belk, Inc. | 595 |
| **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** | **Oil, Gas & Consumable Fuels – 0.2%** |
| 304 | California Resources Corp. | 12990 |
| 18456 | Fieldwood Energy, Inc.<sup>(e)</sup> | 2516162 |
|  |  | 2529152 |
| **Professional Services<sup>(e)</sup> – 0.0%** | **Professional Services<sup>(e)</sup> – 0.0%** | **Professional Services<sup>(e)</sup> – 0.0%** |
| 17300 | Skillsoft Corp. | 33216 |
| **Real Estate – 0.1%** | **Real Estate – 0.1%** | **Real Estate – 0.1%** |
| 41250 | Copper Property CTL Pass Through Trust | 517687 |
| **Specialty Retail<sup>(e)(g)</sup> – 0.2%** | **Specialty Retail<sup>(e)(g)</sup> – 0.2%** | **Specialty Retail<sup>(e)(g)</sup> – 0.2%** |
| 11476 | Guitar Center, Inc. | 1732641 |
| **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.<sup>(g)</sup> | 21023 |
| 45384 | Windstream Corp. | 462372 |
|  |  | 483395 |
| **TOTAL COMMON STOCKS<br>(Cost $6,426,498)** | **TOTAL COMMON STOCKS<br>(Cost $6,426,498)** | $5529559 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks<sup>(e)</sup> – 0.0%** | **Preferred Stocks<sup>(e)</sup> – 0.0%** |  |
| **Post Secondary Education – 0.0%** | **Post Secondary Education – 0.0%** | **Post Secondary Education – 0.0%** |
| Riverbed Technology, Inc. | Riverbed Technology, Inc. | Riverbed Technology, Inc. |
| 10686 | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | $107 |
| Voyager Aviation Holdings LLC <sup>(g)</sup> | Voyager Aviation Holdings LLC <sup>(g)</sup> | Voyager Aviation Holdings LLC <sup>(g)</sup> |
| 1441 | 0.000 | 180125 |
|  |  | 180232 |
| **Specialty Retail<sup>(g)</sup> – 0.0%** | **Specialty Retail<sup>(g)</sup> – 0.0%** | **Specialty Retail<sup>(g)</sup> – 0.0%** |
| Guitar Center, Inc. | Guitar Center, Inc. | Guitar Center, Inc. |
| 103 | 0.000 | 9412 |
| **TOTAL PREFERRED STOCKS<br>(Cost $319,238)** | **TOTAL PREFERRED STOCKS<br>(Cost $319,238)** | $189644 |
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Warrants<sup>(e)</sup> – 0.0%** | **Warrants<sup>(e)</sup> – 0.0%** |  |
| Avation PLC | Avation PLC | Avation PLC |
| 20511 | 10/31/26 | $9862 |
| California Resources Corp. | California Resources Corp. | California Resources Corp. |
| 670 | 10/27/24 | 7337 |
| Fieldwood Energy, Inc. | Fieldwood Energy, Inc. | Fieldwood Energy, Inc. |
| 6687 | 08/01/29 | 49178 |
| **TOTAL WARRANTS<br>(Cost $250,297)** | **TOTAL WARRANTS<br>(Cost $250,297)** | $66377 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(o)</sup> – 6.3%** | **Investment Company<sup>(o)</sup> – 6.3%** |  |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 76442153 | 4.237% | $76442153 |
| **(Cost $76,442,152)** | **(Cost $76,442,152)** | **(Cost $76,442,152)** |
| **TOTAL INVESTMENTS – 93.1%<br>(Cost $1,210,859,545)** | **TOTAL INVESTMENTS – 93.1%<br>(Cost $1,210,859,545)** | $1139067542 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 6.9%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 6.9%** | 84853343 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1223920885 |

---

---

| | |
|:---|:---|
| 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) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on January 31, 2023. |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

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

(f) Actual maturity date is July 28, 2121.

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

(h) Guaranteed by a foreign government until maturity.

(i) Actual maturity date is April 03, 2120.

(j) Pay-in-kind securities.

(k) 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 January 31, 2023.

(l) 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 $84,284, which represents approximately 0.0% of the Fund's net assets as of May 31, 2021. See additional details below:

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Cost** |
|  Chesapeake Energy Corp. | 06/21/19 | $42991 |
|  Chesapeake Energy Corp. | 06/21/19 | 316924 |
|  Copper Earnout Trust | 12/07/20 | 39600 |
|  Neiman Marcus Group Ltd. LLC | 10/15/21 | 605000 |
|  Revlon Consumer Products Corp. | 12/31/20 | 1334567 |

---

(m) 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 January 31, 2023. 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 London-Interbank Offered Rate ("LIBOR"), 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.

(n) 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.

(o) Represents an Affiliated Issuer.

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**UNFUNDED LOAN COMMITMENTS** — At January 31, 2023, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Athenahealth, Inc., due 02/15/29 | $53836 | $48102 | $(2843) |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At January 31, 2023, 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 | CZK | 2767496 | USD | 110000 | 02/07/23 | $16481 |
|  | EUR | 27329000 | USD | 27283579 | 02/03/23 | 2433604 |
|  | EUR | 584581 | USD | 631508 | 04/03/23 | 6555 |
|  | EUR | 26831000 | USD | 29275803 | 04/27/23 | 48405 |
|  | GBP | 1627000 | USD | 1878153 | 02/03/23 | 127822 |
|  | GBP | 2988000 | USD | 3686640 | 04/27/23 | 3916 |
|  | IDR | 14611008815 | USD | 964359 | 02/17/23 | 8859 |
|  | IDR | 15371602701 | USD | 980895 | 06/06/23 | 42300 |
|  | MXN | 52864000 | USD | 2560000 | 02/21/23 | 237566 |
|  | THB | 42521460 | USD | 1203500 | 02/28/23 | 88415 |
|  | TRY | 47038942 | USD | 2387400 | 03/23/23 | 44687 |
|  BNP Paribas SA | CZK | 116645405 | USD | 5038833 | 02/07/23 | 292127 |
|  BofA Securities LLC | CNH | 25781645 | USD | 3830000 | 04/13/23 | 3856 |
|  | IDR | 27546899638 | USD | 1815641 | 02/17/23 | 19219 |
|  | IDR | 54077026852 | USD | 3459380 | 06/06/23 | 140201 |
|  | PLN | 11650458 | USD | 2594540 | 03/06/23 | 88095 |
|  Citibank NA | CAD | 1391429 | USD | 1036944 | 04/19/23 | 9486 |
|  | EUR | 7137779 | USD | 7718335 | 04/19/23 | 79287 |
|  | GBP | 2083713 | USD | 2531818 | 04/19/23 | 41445 |
|  | USD | 620541 | GBP | 500000 | 04/19/23 | 3070 |
|  JPMorgan Securities, Inc. | CLP | 1110336985 | USD | 1229609 | 03/02/23 | 158626 |
|  | IDR | 12942122000 | USD | 818500 | 06/06/23 | 42979 |
|  | THB | 91836605 | USD | 2780000 | 02/17/23 | 6831 |
|  | THB | 28754931 | USD | 858100 | 04/10/23 | 19143 |
|  | USD | 604800 | ZAR | 10528661 | 03/02/23 | 1307 |
|  | ZAR | 10528661 | USD | 602855 | 03/02/23 | 638 |
|  MS & Co. Int. PLC | CAD | 694059 | USD | 517425 | 02/16/23 | 4259 |
|  | EUR | 6059113 | USD | 6566949 | 02/16/23 | 26924 |
|  | GBP | 1832583 | USD | 2236173 | 02/16/23 | 23875 |
|  | IDR | 9200696000 | USD | 590000 | 06/06/23 | 22435 |
|  | PLN | 13574804 | USD | 3091705 | 03/06/23 | 34030 |
|  | USD | 490524 | EUR | 450000 | 02/16/23 | 808 |
|  | USD | 4975059 | IDR | 74327381206 | 06/06/23 | 27534 |
|  **TOTAL** |  |  |  |  |  | $4104785 |
| <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | <br> **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 | USD | 29666433 | EUR | 27329000 | 02/03/23 | $(50750) |
|  | USD | 627500 | EUR | 584581 | 04/03/23 | (10563) |
|  | USD | 2003822 | GBP | 1627000 | 02/03/23 | (2153) |
|  | ZAR | 5521694 | USD | 320000 | 03/23/23 | (4104) |
|  BNP Paribas SA | ZAR | 30056397 | USD | 1723358 | 03/23/23 | (3832) |
|  BofA Securities LLC | USD | 2792284 | IDR | 42157908453 | 02/17/23 | (15794) |
|  | USD | 2542944 | MXN | 52864000 | 02/21/23 | (254622) |
|  Citibank NA | USD | 252804 | EUR | 231942 | 04/19/23 | (579) |
|  JPMorgan Securities, Inc. | EGP | 75826355 | USD | 2958500 | 02/15/23 | (477068) |
|  | HUF | 1025715360 | USD | 2804800 | 04/27/23 | (28889) |
|  | THB | 220218795 | USD | 6761874 | 04/10/23 | (43534) |
|  | USD | 1547152 | CZK | 34833295 | 02/07/23 | (44809) |
|  | USD | 1142408 | IDR | 17264066347 | 06/06/23 | (6757) |
|  MS & Co. Int. PLC | GBP | 110000 | USD | 136450 | 02/16/23 | (791) |
|  | USD | 1620308 | EUR | 1490000 | 02/16/23 | (1197) |
|  **TOTAL** |  |  |  |  |  | $(945442) |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

------

**SWAP CONTRACTS** — At January 31, 2023, the Fund had the following swap contracts:

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit<br>Spread at<br>January 31,<br>2023<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:** | **Protection Sold:** |  |  |  |  |  |  |
|  CDX.NA.HY Index 39 | 5.000% | 6.080% | 12/20/27 | $29090 | $1001313 | $(1123323) | $2124636 |

---

(a) Payments made quarterly.

(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:** |
| 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 |
| EGP | — Egypt Pound |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| IDR | — Indonesia Rupiah |
| MXN | — Mexican Peso |
| MYR | — Malaysia Ringgit |
| PEN | — Peru Nuevo Sol |
| PLN | — Polish Zloty |
| RON | — Romania New Leu |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | — Constant Maturity Treasury Indexes |
| CPI | — Consumer Price Index |
| ICE | — Inter-Continental Exchange |
| LIBOR | — London Interbank Offered Rate |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Funding Rate |
| SONIA | — Sterling Overnight Index Average |
| TSFR | — Term Secured Overnight Financing Rate |
| **Abbreviations:** | **Abbreviations:** |
| BOFA | — BofA Securities LLC |
| CDX.NA.HY Ind 39 | — CDX North America Investment Grade Index 39 |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |
| SOFR | — Secured Overnight Funding Rate |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 96.5%** | **Common Stocks – 96.5%** | **Common Stocks – 96.5%** |
| **Australia – 4.2%** | **Australia – 4.2%** | **Australia – 4.2%** |
| 160732 | APA Group (Gas Utilities) | $1202904 |
| 358212 | Atlas Arteria Ltd. (Transportation Infrastructure) | 1742137 |
| 50702 | Charter Hall Group (Equity Real Estate Investment Trusts (REITs)) | 499241 |
| 108975 | Goodman Group (Equity Real Estate Investment Trusts (REITs)) | 1554373 |
| 209958 | Ingenia Communities Group (Equity Real Estate Investment Trusts (REITs)) | 691450 |
| 1028918 | National Storage REIT (Equity Real Estate Investment Trusts (REITs)) | 1693328 |
| 94387 | NEXTDC Ltd.\* (IT Services) | 667041 |
| 549627 | Qube Holdings Ltd. (Transportation Infrastructure) | 1195151 |
| 550005 | Region RE Ltd. (Equity Real Estate Investment Trusts (REITs)) | 1055402 |
| 1197560 | Scentre Group (Equity Real Estate Investment Trusts (REITs)) | 2598473 |
| 272150 | Stockland (Equity Real Estate Investment Trusts (REITs)) | 760460 |
| 307910 | The GPT Group (Equity Real Estate Investment Trusts (REITs)) | 998101 |
| 567099 | Transurban Group (Transportation Infrastructure) | 5559916 |
|  |  | 20217977 |
| **Belgium – 0.4%** | **Belgium – 0.4%** | **Belgium – 0.4%** |
| 21203 | Aedifica SA (Equity Real Estate Investment Trusts (REITs)) | 1860606 |
| 2942 | Cofinimmo SA (Equity Real Estate Investment Trusts (REITs)) | 267602 |
|  |  | 2128208 |
| **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| 600524 | Santos Brasil Participacoes SA (Transportation Infrastructure) | 1042219 |
| **Canada – 8.1%** | **Canada – 8.1%** | **Canada – 8.1%** |
| 56120 | Allied Properties Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs)) | 1251844 |
| 24814 | Boardwalk Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs)) | 1048471 |
| 30825 | Canadian Apartment Properties REIT (Equity Real Estate Investment Trusts (REITs)) | 1139822 |
| 7680 | Canadian Pacific Railway Ltd. (Road & Rail) | 606181 |
| 104356 | Chartwell Retirement Residences (Health Care Providers & Services) | 769405 |
| 283485 | Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 11607428 |
| 116060 | Gibson Energy, Inc. (Oil, Gas & Consumable Fuels) | 2078621 |
| 46190 | Hydro One Ltd.<sup>(a)</sup> (Electric Utilities) | 1262930 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| 175095 | InterRent Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs)) | $1896298 |
| 17480 | Keyera Corp. (Oil, Gas & Consumable Fuels) | 398721 |
| 194777 | Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) | 6910993 |
| 53164 | RioCan Real Estate Investment Trust (Equity Real Estate Investment Trusts (REITs)) | 922194 |
| 67717 | Summit Industrial Income REIT (Equity Real Estate Investment Trusts (REITs)) | 1164455 |
| 184376 | TC Energy Corp. (Oil, Gas & Consumable Fuels) | 7944291 |
|  |  | 39001654 |
| **China – 0.9%** | **China – 0.9%** | **China – 0.9%** |
| 9790000 | China Tower Corp. Ltd. Class H<sup>(a)</sup> (Diversified Telecommunication Services) | 1112348 |
| 173400 | ENN Energy Holdings Ltd. (Gas Utilities) | 2612569 |
| 752000 | Zhejiang Expressway Co. Ltd. Class H (Transportation Infrastructure) | 649374 |
|  |  | 4374291 |
| **Denmark<sup>(a)</sup> – 0.3%** | **Denmark<sup>(a)</sup> – 0.3%** |  |
| 14714 | Orsted A/S (Electric Utilities) | 1310311 |
| **Finland – 0.2%** | **Finland – 0.2%** |  |
| 72879 | Kojamo Oyj (Real Estate Management & Development) | 1119029 |
| **France – 2.9%** | **France – 2.9%** |  |
| 8229 | Gecina SA (Equity Real Estate Investment Trusts (REITs)) | 974722 |
| 25001 | Getlink SE (Transportation Infrastructure) | 422861 |
| 88030 | Klepierre SA (Equity Real Estate Investment Trusts (REITs)) | 2234232 |
| 92515 | Vinci SA (Construction & Engineering) | 10453228 |
|  |  | 14085043 |
| **Germany – 1.3%** | **Germany – 1.3%** |  |
| 91357 | E.ON SE (Multi-Utilities) | 996057 |
| 55786 | RWE AG (Independent Power and Renewable Electricity Producers) | 2483530 |
| 106704 | Vonovia SE (Real Estate Management & Development) | 3014164 |
|  |  | 6493751 |
| **Hong Kong – 4.0%** | **Hong Kong – 4.0%** |  |
| 482400 | China Gas Holdings Ltd. (Gas Utilities) | 751009 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| 285500 | China Resources Gas Group Ltd. (Gas Utilities) | $1200595 |
| 334765 | CK Asset Holdings Ltd. (Real Estate Management & Development) | 2140323 |
| 850000 | Guangdong Investment Ltd. (Water Utilities) | 923456 |
| 1545200 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) | 1551412 |
| 14234 | Hongkong Land Holdings Ltd. (Real Estate Management & Development) | 69587 |
| 428000 | Kunlun Energy Co. Ltd. (Gas Utilities) | 337544 |
| 534322 | Link REIT (Equity Real Estate Investment Trusts (REITs)) | 4276906 |
| 58500 | Power Assets Holdings Ltd. (Electric Utilities) | 331003 |
| 402340 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 5705833 |
| 258181 | Swire Properties Ltd. (Real Estate Management & Development) | 725632 |
| 213461 | Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development) | 1221992 |
|  |  | 19235292 |
| **Italy – 1.1%** | **Italy – 1.1%** | **Italy – 1.1%** |
| 328663 | Enel SpA (Electric Utilities) | 1935207 |
| 65838 | Snam SpA (Gas Utilities) | 335348 |
| 398709 | Terna - Rete Elettrica Nazionale (Electric Utilities) | 3154530 |
|  |  | 5425085 |
| **Japan – 5.6%** | **Japan – 5.6%** | **Japan – 5.6%** |
| 423 | Daiwa House REIT Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 920335 |
| 203 | Daiwa Office Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 955927 |
| 24800 | East Japan Railway Co. (Road & Rail) | 1382803 |
| 1956 | GLP J-REIT (Equity Real Estate Investment Trusts (REITs)) | 2213333 |
| 168 | Hoshino Resorts REIT, Inc. (Equity Real Estate Investment Trusts (REITs)) | 962465 |
| 771 | Industrial & Infrastructure Fund Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 854453 |
| 2708 | Invincible Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 1154884 |
| 1562 | Japan Hotel REIT Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 989818 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| 2716 | Japan Metropolitan Fund Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | $2099696 |
| 161649 | Mitsubishi Estate Co. Ltd. (Real Estate Management & Development) | 2077694 |
| 292296 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 5478692 |
| 432 | Mori Hills REIT Investment Corp. (Equity Real Estate Investment Trusts (REITs)) | 490898 |
| 158 | Nippon Accommodations Fund, Inc. (Equity Real Estate Investment Trusts (REITs)) | 709171 |
| 254 | Nippon Building Fund, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1110072 |
| 565 | Nippon Prologis REIT, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1282065 |
| 1010 | Nomura Real Estate Master Fund, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1181159 |
| 987 | Sekisui House Reit, Inc. (Equity Real Estate Investment Trusts (REITs)) | 539557 |
| 5900 | Toho Gas Co. Ltd. (Gas Utilities) | 115709 |
| 31700 | Tokyo Gas Co. Ltd. (Gas Utilities) | 663788 |
| 225572 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | 1144605 |
| 18400 | West Japan Railway Co. (Road & Rail) | 770564 |
|  |  | 27097688 |
| **Luxembourg – 0.6%** | **Luxembourg – 0.6%** |  |
| 211109 | SES SA (Media) | 1638233 |
| 22548 | Shurgard Self Storage SA (Real Estate Management & Development) | 1088034 |
| 1388 | VGP NV (Real Estate Management & Development) | 138691 |
|  |  | 2864958 |
| **Mexico – 0.8%** | **Mexico – 0.8%** | **Mexico – 0.8%** |
| 6805 | Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation Infrastructure) | 1174339 |
| 29443 | Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation Infrastructure) | 508304 |
| 2460 | Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation Infrastructure) | 669120 |
| 42866 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) | 1164272 |
| 179370 | Prologis Property Mexico SA de CV (Equity Real Estate Investment Trusts (REITs)) | 583342 |
|  |  | 4099377 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **New Zealand\* – 0.1%** | **New Zealand\* – 0.1%** | **New Zealand\* – 0.1%** |
| 99292 | Auckland International Airport Ltd. (Transportation Infrastructure) | $546457 |
| **Philippines – 0.1%** | **Philippines – 0.1%** |  |
| 88320 | International Container Terminal Services, Inc. (Transportation Infrastructure) | 335752 |
| **Singapore – 2.2%** | **Singapore – 2.2%** |  |
| 1252116 | CapitaLand Ascott Trust (Equity Real Estate Investment Trusts (REITs)) | 1061462 |
| 1867415 | CapitaLand Integrated Commercial Trust (Equity Real Estate Investment Trusts (REITs)) | 3055340 |
| 1079344 | Capitaland Investment Ltd. (Real Estate Management & Development) | 3269992 |
| 621310 | CapLand Ascendas REIT (Equity Real Estate Investment Trusts (REITs)) | 1367273 |
| 284773 | Frasers Logistics & Commercial Trust (Equity Real Estate Investment Trusts (REITs)) | 274093 |
| 1373239 | Lendlease Global Commercial Reit (Equity Real Estate Investment Trusts (REITs)) | 760507 |
| 379100 | Mapletree Industrial Trust (Equity Real Estate Investment Trusts (REITs)) | 688958 |
|  |  | 10477625 |
| **Spain – 3.2%** | **Spain – 3.2%** | **Spain – 3.2%** |
| 13052 | Aena SME SA\*<sup>(a)</sup> (Transportation Infrastructure) | 1961050 |
| 230754 | Cellnex Telecom SA<sup>(a)</sup> (Diversified Telecommunication Services) | 9042784 |
| 92301 | Ferrovial SA (Construction & Engineering) | 2723641 |
| 120343 | Inmobiliaria Colonial Socimi SA (Equity Real Estate Investment Trusts (REITs)) | 877752 |
| 105003 | Merlin Properties Socimi SA (Equity Real Estate Investment Trusts (REITs)) | 1026160 |
|  |  | 15631387 |
| **Sweden – 0.9%** | **Sweden – 0.9%** | **Sweden – 0.9%** |
| 62679 | Castellum AB (Real Estate Management & Development) | 860023 |
| 9495 | Catena AB (Real Estate Management & Development) | 397233 |
| 58627 | Fabege AB (Real Estate Management & Development) | 554095 |
| 120546 | Fastighets AB Balder Class B\* (Real Estate Management & Development) | 621082 |
| 47380 | Pandox AB \* (Real Estate Management & Development) | 652324 |
| 39163 | Sagax AB Class B (Real Estate Management & Development) | 974179 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| 53938 | Wihlborgs Fastigheter AB (Real Estate Management & Development) | $444078 |
|  |  | 4503014 |
| **Switzerland – 0.2%** | **Switzerland – 0.2%** |  |
| 2752 | PSP Swiss Property AG (Real Estate Management & Development) | 343075 |
| 5566 | Swiss Prime Site AG (Real Estate Management & Development) | 495976 |
|  |  | 839051 |
| **Thailand\* – 0.1%** | **Thailand\* – 0.1%** |  |
| 231700 | Airports of Thailand PCL (Transportation Infrastructure) | 522510 |
| **United Kingdom – 4.8%** | **United Kingdom – 4.8%** |  |
| 115314 | Big Yellow Group PLC (Equity Real Estate Investment Trusts (REITs)) | 1719931 |
| 384114 | Grainger PLC (Real Estate Management & Development) | 1229348 |
| 77060 | Great Portland Estates PLC (Equity Real Estate Investment Trusts (REITs)) | 541044 |
| 85210 | Land Securities Group PLC (Equity Real Estate Investment Trusts (REITs)) | 746508 |
| 859848 | National Grid PLC (Multi-Utilities) | 10931157 |
| 87288 | Safestore Holdings PLC (Equity Real Estate Investment Trusts (REITs)) | 1086883 |
| 393488 | Segro PLC (Equity Real Estate Investment Trusts (REITs)) | 4050404 |
| 49970 | SSE PLC (Electric Utilities) | 1066593 |
| 93886 | The UNITE Group PLC (Equity Real Estate Investment Trusts (REITs)) | 1156594 |
| 329310 | Tritax Big Box REIT PLC (Equity Real Estate Investment Trusts (REITs)) | 634504 |
|  |  | 23162966 |
| **United States – 54.3%** | **United States – 54.3%** |  |
| 35605 | Agree Realty Corp. (Equity Real Estate Investment Trusts (REITs)) | 2657201 |
| 17477 | Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts (REITs)) | 2809253 |
| 32409 | Ameren Corp. (Multi-Utilities) | 2815370 |
| 106014 | American Homes 4 Rent Class A Class A (Equity Real Estate Investment Trusts (REITs)) | 3635220 |
| 61924 | American Tower Corp. (Equity Real Estate Investment Trusts (REITs)) | 13833202 |
| 19292 | American Water Works Co., Inc. (Water Utilities) | 3019005 |
| 92174 | Americold Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 2895185 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 34686 | Apartment Income REIT Corp. (Equity Real Estate Investment Trusts (REITs)) | $1327086 |
| 34887 | Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts (REITs)) | 618547 |
| 35460 | Atmos Energy Corp. (Gas Utilities) | 4167968 |
| 20573 | AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts (REITs)) | 3650473 |
| 899 | Boston Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 67011 |
| 58626 | Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1379470 |
| 62662 | Broadstone Net Lease, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1134809 |
| 18491 | Camden Property Trust (Equity Real Estate Investment Trusts (REITs)) | 2278276 |
| 204128 | CenterPoint Energy, Inc. (Multi-Utilities) | 6148335 |
| 31400 | Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 4797606 |
| 44400 | Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1903872 |
| 17399 | Consolidated Edison, Inc. (Multi-Utilities) | 1658299 |
| 7024 | Constellation Energy Corp. (Electric Utilities) | 599569 |
| 35713 | Cousins Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 979250 |
| 60289 | Crown Castle, Inc. (Equity Real Estate Investment Trusts (REITs)) | 8929404 |
| 38446 | CSX Corp. (Road & Rail) | 1188750 |
| 65983 | CubeSmart (Equity Real Estate Investment Trusts (REITs)) | 3021362 |
| 68025 | Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 7797026 |
| 7244 | DTE Energy Co. (Multi-Utilities) | 842984 |
| 26194 | DTE Midstream, Inc.\* (Oil, Gas & Consumable Fuels) | 1431764 |
| 11605 | Equinix, Inc. (Equity Real Estate Investment Trusts (REITs)) | 8565999 |
| 55073 | Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 399279 |
| 42653 | Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 3061632 |
| 77046 | Equity Residential (Equity Real Estate Investment Trusts (REITs)) | 4903978 |
| 71362 | Essential Properties Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1818304 |
| 21780 | Essential Utilities, Inc. (Water Utilities) | 1017779 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 12450 | Essex Property Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | $2814572 |
| 15921 | Evergy, Inc. (Electric Utilities) | 997451 |
| 9396 | Eversource Energy (Electric Utilities) | 773573 |
| 165516 | Exelon Corp. (Electric Utilities) | 6983120 |
| 29237 | Extra Space Storage, Inc. (Equity Real Estate Investment Trusts (REITs)) | 4614476 |
| 40712 | First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 2171985 |
| 25572 | Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1369636 |
| 54453 | Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1172373 |
| 138344 | Host Hotels & Resorts, Inc. (Equity Real Estate Investment Trusts (REITs)) | 2607784 |
| 73825 | Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1390125 |
| 112906 | Invitation Homes, Inc. (Equity Real Estate Investment Trusts (REITs)) | 3669445 |
| 26245 | Kilroy Realty Corp. (Equity Real Estate Investment Trusts (REITs)) | 1077095 |
| 31465 | Kimco Realty Corp. (Equity Real Estate Investment Trusts (REITs)) | 706704 |
| 92920 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 1700436 |
| 42503 | Kite Realty Group Trust (Equity Real Estate Investment Trusts (REITs)) | 922315 |
| 5149 | Life Storage, Inc. (Equity Real Estate Investment Trusts (REITs)) | 556298 |
| 5068 | Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 811083 |
| 141500 | Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1832425 |
| 2130 | Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts (REITs)) | 355114 |
| 27147 | National Retail Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1285410 |
| 17946 | National Storage Affiliates Trust (Equity Real Estate Investment Trusts (REITs)) | 732197 |
| 55918 | NETSTREIT Corp. (Equity Real Estate Investment Trusts (REITs)) | 1125629 |
| 5353 | NextEra Energy, Inc. (Electric Utilities) | 399494 |
| 202885 | NiSource, Inc. (Multi-Utilities) | 5630059 |
| 77099 | Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts (REITs)) | 2269795 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 87582 | ONEOK, Inc. (Oil, Gas & Consumable Fuels) | $5997615 |
| 273384 | PG&E Corp.\* (Electric Utilities) | 4346806 |
| 44550 | PPL Corp. (Electric Utilities) | 1318680 |
| 136985 | Prologis, Inc. (Equity Real Estate Investment Trusts (REITs)) | 17709421 |
| 11789 | Public Storage (Equity Real Estate Investment Trusts (REITs)) | 3587864 |
| 40634 | Realty Income Corp. (Equity Real Estate Investment Trusts (REITs)) | 2756204 |
| 53690 | Regency Centers Corp. (Equity Real Estate Investment Trusts (REITs)) | 3577365 |
| 94017 | Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts (REITs)) | 5967259 |
| 55039 | Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts (REITs)) | 743027 |
| 35135 | SBA Communications Corp. (Equity Real Estate Investment Trusts (REITs)) | 10453717 |
| 61575 | Sempra Energy (Multi-Utilities) | 9872320 |
| 19269 | Simon Property Group, Inc. (Equity Real Estate Investment Trusts (REITs)) | 2475296 |
| 45187 | Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1982806 |
| 37011 | Sun Communities, Inc. (Equity Real Estate Investment Trusts (REITs)) | 5805545 |
| 91288 | Sunstone Hotel Investors, Inc. (Equity Real Estate Investment Trusts (REITs)) | 1003255 |
| 30061 | Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 2255176 |
| 9852 | Terreno Realty Corp. (Equity Real Estate Investment Trusts (REITs)) | 634764 |
| 115981 | The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | 3739227 |
| 70170 | UDR, Inc. (Equity Real Estate Investment Trusts (REITs)) | 2988540 |
| 100058 | Ventas, Inc. (Equity Real Estate Investment Trusts (REITs)) | 5184005 |
| 59050 | Veris Residential, Inc.\* (Equity Real Estate Investment Trusts (REITs)) | 1021565 |
| 138433 | VICI Properties, Inc. (Equity Real Estate Investment Trusts (REITs)) | 4731640 |
| 118879 | Welltower, Inc. (Equity Real Estate Investment Trusts (REITs)) | 8920680 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks (continued)** | **Common Stocks (continued)** | **Common Stocks (continued)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 30240 | Xcel Energy, Inc. (Electric Utilities) | $2079605 |
|  |  | 262474244 |
| **TOTAL COMMON STOCKS**<br> **(Cost $420,019,827)** | **TOTAL COMMON STOCKS**<br> **(Cost $420,019,827)** | $466987889 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Investment Company<sup>(b)</sup> – 2.4%** | **Investment Company<sup>(b)</sup> – 2.4%** |  |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 11415563 | 4.237% | $11415563 |
| **(Cost $11,415,563)** | **(Cost $11,415,563)** | **(Cost $11,415,563)** |
| **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $431,435,390)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $431,435,390)** | $478403452 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.1%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 1.1%** | 5377275 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $483780727 |

---

---

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

---

&nbsp;&nbsp; **SECTOR ALLOCATION AS OF JANUARY 31, 2023**<br>

---

| | |
|:---|:---|
| **Sector** | **% of Total**<br> **Market Value** |
| Real Estate | 59.2% |
| Utilities | 17.9 |
| Energy | 10.3 |
| Industrials | 7.2 |
| Communication Services | 2.5 |
| Investment Company | 2.4 |
| Consumer Discretionary | 0.2 |
| Health Care | 0.2 |
| Information Technology | 0.1 |
|  | 100.0% |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*January 31, 2023 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At January 31, 2023, 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 | 228 | 03/17/23 | $8217120 | $452167 |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

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

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

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

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

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

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

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

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

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

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

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**Underlying Funds (including Money Market Funds)** — Underlying Funds ("Underlying Funds") include other investment companies and exchange-traded funds ("ETFs"). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the 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.

**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 approved by the Trustees. 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;**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.

The Multi-Manager Non-Core Fixed Income Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. The Fund is obligated to fund these commitments at the borrower's discretion. The Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

**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 derivatives 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

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*January 31, 2023 (Unaudited)* 

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

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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;**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;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Futures Contracts** — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Swap Contracts** — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. 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, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, 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

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*January 31, 2023 (Unaudited)* 

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

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notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

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

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

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER GLOBAL EQUITY**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $325795 | $945767 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 5897650 | 73090936 | 88186 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 2959561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 9257683 | 98109744 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 303303909 | 182957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 3329177 | 69655 |  |
|  Exchange Traded Funds | 2032930 |  |  |
|  Preferred Stocks |  | 411439 |  |
|  Investment Companies | 43786038 |  |  |
| **Total** | $367933182 | $175770059 | $89259 |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(c)</sup>  | $— | $196165 | $— |
|  Futures Contracts<sup>(c)</sup>  | 1049762 |  |  |
| **Total** | $1049762 | $196165 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(c)</sup>  | $— | $(1612782) | $— |

---

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

(b) Amount represents valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of January 31, 2023.

(c) Amount shown represents unrealized gain (loss) at period end.

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*January 31, 2023 (Unaudited)* 

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

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| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER NON-CORE FIXED INCOME**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $390490986 | $276000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 380660504 | 151916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 280743987 | 4516416 |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 662020 | 3086375 | 1781164 |
|  Preferred Stocks |  | 107 | 189537 |
|  Warrants |  | 66377 |  |
|  Investment Company | 76442153 |  |  |
| **Total** | $77104173 | $1055048336 | $6915033 |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committment | $— | $(2843) | $— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup>  | $— | $4104785 | $— |
|  Credit Default Swap Contracts<sup>(b)</sup>  |  | 2124636 |  |
| **Total** | $— | $6229421 | $— |
| **Liabilities** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup>  | $— | $(945442) | $— |

---

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

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

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*January 31, 2023 (Unaudited)* 

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

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---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER REAL ASSETS STRATEGY**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $62043158 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania |  | 20764434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1770392 | 75792411 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 305575275 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1042219 |  |  |
|  Investment Company | 11415563 |  |  |
| **Total** | $319803449 | $158600003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $452167 | $— | $— |

---

(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.

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

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

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

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

**Dividend-Paying Investments Risk** — The Fund's investments in dividend-paying securities could cause a Fund to underperform other portfolios. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to such conditions, dividend-paying securities that meet the Fund's investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.

**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 semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured

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*January 31, 2023 (Unaudited)* 

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

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Overnight Financing Rate, London Interbank Offered Rate ("LIBOR"), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund's investments resulting from a substitute reference rate may also adversely affect a Fund's performance and/or NAV.

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

**Industry Concentration Risk** — The Multi-Manager Real Assets Strategy Fund concentrates its investments in the real estate group of industries, which has historically experienced substantial price volatility. Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

**Interest Rate Risk** — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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

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*January 31, 2023 (Unaudited)* 

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

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economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. 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 the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

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

**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, or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

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GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*January 31, 2023 (Unaudited)* 

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

------

Because transactions in many loans are subject to extended trade settlement periods, the Fundmay not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, 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, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust II

- **b. Investment Company Act file number:** 811-22781

- **c. CIK number of Registrant:** 0001557156

- **d. LEI of Registrant:** 54930076LXUZ0NBAPG06

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 WEST STREET

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10282

  - **Telephone number:** 212-902-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Multi-Manager Non-Core Fixed Income Fund

- **b. EDGAR series identifier (if any):** S000048067

- **c. LEI of Series:** 54930036MMS0I6NRVI09

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2120182533.47

**Total Liabilities:** $998116031.97

**Net Assets:** $1122066501.50

**Delayed Delivery Securities:** $42452998.59

**Cash Not Reported:** $16820058.48

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -157.34000000 | **1-Year:** -2863.46000000 | **5-Year:** -17417.61000000 | **10-Year:** -29928.83000000 | **30-Year:** -22331.09000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1294.34000000 | **1-Year:** -53623.19000000 | **5-Year:** -166204.88000000 | **10-Year:** -54814.65000000 | **30-Year:** -15849.91000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000151918 | 4.25%                | 0.47%                | 3.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9202565.80             | $42899188.74                               |
| Month 2  | $-3306335.15             | $-297481.11                                |
| Month 3  | $-12445596.84            | $45416105.17                               |

**Designated Index Information**

- **Index Name:** Securities Only Portfolio

- **Index Identifier:** Securities Only Portfolio_PV102378

### Schedule of Portfolio Investments

| Name                                           | Title                                                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Summer BidCo BV                                | Summer BidCo BV                                                                                | CUSIP: 000000000<br>LEI: 724500EOJYP21L3XM206 | Long             | DBT              | CORP              | NL        |      550000 | PA      | $448401.67    | 0.04%             | 2025-11-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                            | United Airlines Inc                                                                            | CUSIP: 90932LAG2<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |      670000 | PA      | $636446.40    | 0.06%             | 2026-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      400000 | PA      | $360000.00    | 0.03%             | 2027-01-31      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NOBIAN FINANCE B                               | Nobian Finance BV                                                                              | CUSIP: 000000000<br>LEI: 254900ZGJ6MMZN9IQQ31 | Long             | DBT              | CORP              | NL        |      450000 | PA      | $422410.08    | 0.04%             | 2026-07-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED USD / SOLD IDR                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-15794.19    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| USIC Holdings, Inc.                            | USIC Holdings, Inc. 2021 2nd Lien Term Loan                                                    | CUSIP: 90290HAR3<br>LEI: 5493009ZYUWB7X699U62 | Long             | LON              | CORP              | US        |      275984 | PA      | $258994.64    | 0.02%             | 2029-05-14      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| HSE FINANCE SARL                               | HSE Finance Sarl                                                                               | CUSIP: 000000000<br>LEI: 894500G58U7EW07EK366 | Long             | DBT              | CORP              | LU        |      150000 | PA      | $86958.44     | 0.01%             | 2026-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LIBRA GROUPCO SPA                              | Libra Groupco SpA                                                                              | CUSIP: 000000000<br>LEI: 81560029CD3EE2AA0591 | Long             | DBT              | CORP              | IT        |      450000 | PA      | $399764.20    | 0.04%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTELLIGENT PACKAGING                          | Intelligent Packaging Ltd Finco Inc / Intelligent Packaging Ltd Co-Issuer LLC                  | CUSIP: 45827MAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1637000 | PA      | $1459974.82   | 0.13%             | 2028-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Lifescan Global Corporation                    | Lifescan Global Corporation 2018 1st Lien Term Loan                                            | CUSIP: 53227PAC4<br>LEI: 549300VL0F83S4LR4105 | Long             | LON              | CORP              | US        |     3614092 | PA      | $2627011.23   | 0.23%             | 2024-10-01      | Floating      | 10.75%                | No            |                  2 | On Loan: No      |
| APPLE INC                                      | Apple Inc                                                                                      | CUSIP: 037833DW7<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |     1280000 | PA      | $905766.40    | 0.08%             | 2050-05-11      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE                       | Ashton Woods USA LLC / Ashton Woods Finance Co                                                 | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      321000 | PA      | $267835.98    | 0.02%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                           | Colombian TES                                                                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 28489600000 | PA      | $4765138.25   | 0.42%             | 2027-11-03      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  6810000000 | PA      | $477277.69    | 0.04%             | 2035-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                            | Station Casinos LLC                                                                            | CUSIP: 857691AG4<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |      710000 | PA      | $639177.50    | 0.06%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC                           | Neptune Bidco US Inc                                                                           | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |     1599000 | PA      | $1556098.83   | 0.14%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| AssuredPartners, Inc.                          | AssuredPartners, Inc. 2020 Term Loan B                                                         | CUSIP: 04621HAN3<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |      496154 | PA      | $490363.72    | 0.04%             | 2027-02-12      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                            | CNT Holdings I Corp 2020 Term Loan                                                             | CUSIP: 12656AAC3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      367142 | PA      | $362035.06    | 0.03%             | 2027-11-08      | Variable      | 8.12%                 | No            |                  2 | On Loan: No      |
| Epic Y-Grade Services, LP                      | Epic Y-Grade Services, LP 2020 Term Loan                                                       | CUSIP: 29427BAF6<br>LEI: 549300TTOB7LU4ZHIL80 | Long             | LON              | CORP              | US        |     2186384 | PA      | $1978677.38   | 0.18%             | 2027-06-30      | Floating      | 10.70%                | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                       | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                                         | CUSIP: 03969AAN0<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |      116000 | PA      | $105889.44    | 0.01%             | 2026-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Sovos Compliance, LLC                          | Sovos Compliance, LLC 2021 Term Loan                                                           | CUSIP: 84611YAB6<br>LEI: 549300M9XYG5WP2QHH07 | Long             | LON              | CORP              | US        |     2213349 | PA      | $2132317.82   | 0.19%             | 2028-08-11      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                                           | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     1123000 | PA      | $1048365.42   | 0.09%             | 2030-04-21      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ARMOR HOLDCO INC                               | Armor Holdco Inc                                                                               | CUSIP: 04625PAA9<br>LEI: 254900X6HLK0YPTHHF09 | Long             | DBT              | CORP              | US        |      865000 | PA      | $738640.80    | 0.07%             | 2029-11-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     3653000 | PA      | $867642.63    | 0.08%             | 2024-07-15      | Fixed         | 4.18%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings Inc             | Clear Channel Outdoor Holdings Inc                                                             | CUSIP: 18453H106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       33365 | NS      | $63727.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| USIC Holdings, Inc.                            | USIC Holdings, Inc. 2021 Term Loan                                                             | CUSIP: 90290HAP7<br>LEI: 5493009ZYUWB7X699U62 | Long             | LON              | CORP              | US        |      494987 | PA      | $480241.80    | 0.04%             | 2028-05-12      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                                    | CUSIP: 043436AU8<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |      775000 | PA      | $705629.75    | 0.06%             | 2028-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                         | Oman Government International Bond                                                             | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      601000 | PA      | $607761.25    | 0.05%             | 2051-01-25      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   196389000 | PA      | $6178058.23   | 0.55%             | 2028-12-17      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Star US Bidco LLC                              | Star US Bidco LLC Term Loan B                                                                  | CUSIP: 85519WAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      493488 | PA      | $483617.84    | 0.04%             | 2027-03-17      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| GESTAMP AUTOMOCION SA                          | Gestamp Automocion SA                                                                          | CUSIP: 000000000<br>LEI: 95980020140005484363 | Long             | DBT              | CORP              | ES        |      150000 | PA      | $154175.31    | 0.01%             | 2026-04-30      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALMIRALL SA                                    | Almirall SA                                                                                    | CUSIP: 000000000<br>LEI: 95980020140005007996 | Long             | DBT              | CORP              | ES        |      600000 | PA      | $605442.71    | 0.05%             | 2026-09-30      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                 | PURCHASED CZK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CZ        |           1 | NC      | $14255.34     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                            | American Tower Corp                                                                            | CUSIP: 03027XAY6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |       90000 | PA      | $67792.50     | 0.01%             | 2049-10-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Informatica LLC                                | Informatica LLC 2021 USD Term Loan B                                                           | CUSIP: 45673YAH9<br>LEI: 5493007SV33RZV7RPS40 | Long             | LON              | CORP              | US        |     1240625 | PA      | $1236357.25   | 0.11%             | 2028-10-27      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| Allied Universal                               | Allied Universal Holdco LLC / Allied Universal Finance Corp                                    | CUSIP: 019576AA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      750000 | PA      | $722167.50    | 0.06%             | 2026-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC                       | Acadia Healthcare Co Inc                                                                       | CUSIP: 00404AAP4<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |      616000 | PA      | $576181.76    | 0.05%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                       | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                                         | CUSIP: 03969AAQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      630000 | PA      | $616996.80    | 0.05%             | 2025-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                                                                       | CUSIP: 44106MAW2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      490000 | PA      | $402887.80    | 0.04%             | 2027-02-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Riverbed Technology, Inc.                      | Riverbed Technology, Inc. 2021 PIK Exit Term Loan                                              | CUSIP: 000000000<br>LEI: XWT9B0BASIY6FJ5R7M02 | Long             | LON              | CORP              | US        |     1232287 | PA      | $530499.76    | 0.05%             | 2026-12-07      | Floating      | 10.84%                | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                              | DISH Network Corp                                                                              | CUSIP: 25470MAG4<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |      800000 | PA      | $829688.00    | 0.07%             | 2027-11-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| CAIXABANK SA                                   | CaixaBank SA                                                                                   | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | DBT              | CORP              | ES        |      800000 | PA      | $644410.53    | 0.06%             | 2028-09-14      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                                            | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1323000 | PA      | $1147173.30   | 0.10%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                           | IHO Verwaltungs GmbH                                                                           | CUSIP: 44963BAE8<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |      335000 | PA      | $310153.05    | 0.03%             | 2027-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BAFFINLAND IRON CORP/LP                        | Baffinland Iron Mines Corp / Baffinland Iron Mines LP                                          | CUSIP: 056623AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     3830000 | PA      | $3735130.90   | 0.33%             | 2026-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BIOCEANICO SOVEREIGN                           | Bioceanico Sovereign Certificate Ltd                                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1082243 | PA      | $774479.95    | 0.07%             | 2034-06-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CIENA CORP                                     | Ciena Corp                                                                                     | CUSIP: 171779AL5<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | DBT              | CORP              | US        |      625000 | PA      | $551175.00    | 0.05%             | 2030-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                                            | CUSIP: 00489LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      500000 | PA      | $476160.00    | 0.04%             | 2025-11-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Camelot U.S. Acquisition LLC                   | Camelot U.S. Acquisition LLC Term Loan B                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | LU        |      926973 | PA      | $924655.49    | 0.08%             | 2026-10-30      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| Belk, Inc.                                     | Belk, Inc. 2021 FLSO Term Loan                                                                 | CUSIP: 07783AAK1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      550597 | PA      | $82132.52     | 0.01%             | 2025-07-31      | Floating      | 13.00%                | No            |                  2 | On Loan: No      |
| IHO Verwaltungs GmbH                           | IHO Verwaltungs GmbH                                                                           | CUSIP: 44963BAD0<br>LEI: 529900JL0HDVGZMUJF32 | Long             | DBT              | CORP              | DE        |      535000 | PA      | $467953.80    | 0.04%             | 2029-05-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc                          | SS&C Technologies Inc                                                                          | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |      795000 | PA      | $764249.40    | 0.07%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pearl Intermediate Parent LLC                  | Pearl Intermediate Parent LLC 2018 2nd Lien Term Loan                                          | CUSIP: 70476XAF2<br>LEI: 549300V0HK8MSXZNOM91 | Long             | LON              | CORP              | US        |     1000000 | PA      | $900000.00    | 0.08%             | 2026-02-13      | Floating      | 10.82%                | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                          | Bonos de la Tesoreria de la Republica en pesos                                                 | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  1595000000 | PA      | $1902925.12   | 0.17%             | 2030-09-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| BELK EQUITY                                    | BELK EQUITY                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |          68 | NS      | $595.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                        | Romania Government Bond                                                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    13700000 | PA      | $2660678.23   | 0.24%             | 2026-06-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | XX        |           1 | NC      | $26428.44     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED PLN / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | PL        |           1 | NC      | $28111.51     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc.                   | Bausch Health Companies Inc. 2022 Term Loan B                                                  | CUSIP: 000000000<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | LON              | CORP              | CA        |           0 | PA      | $0.00         | 0.00%             | 2027-02-01      | Variable      | 9.83%                 | No            |                  2 | On Loan: No      |
| ONEDIGITAL BORROWER LLC                        | OneDigital Borrower LLC 2021 Term Loan                                                         | CUSIP: 68277FAE9<br>LEI: 2549009GTKWWAO1E9X77 | Long             | LON              | CORP              | US        |      890743 | PA      | $864020.23    | 0.08%             | 2027-11-16      | Floating      | 8.91%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $65033.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| USI, INC.                                      | USI, Inc. 2022 Incremental Term Loan                                                           | CUSIP: 90351NAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      976579 | PA      | $976334.75    | 0.09%             | 2029-11-22      | Variable      | 8.33%                 | No            |                  2 | On Loan: No      |
| LaserShip, Inc.                                | LaserShip, Inc. 2021 Term Loan                                                                 | CUSIP: 51809EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      969358 | PA      | $715812.54    | 0.06%             | 2028-05-07      | Floating      | 9.23%                 | No            |                  2 | On Loan: No      |
| Yum! Brands Inc                                | Yum! Brands Inc                                                                                | CUSIP: 988498AD3<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |      615000 | PA      | $656463.30    | 0.06%             | 2037-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Trinseo Materials Operating S.C.A.             | Trinseo Materials Operating S.C.A. 2018 Term Loan                                              | CUSIP: 000000000<br>LEI: 549300WNMXD3KV7LO256 | Long             | LON              | CORP              | LU        |      287842 | PA      | $280467.00    | 0.02%             | 2024-09-06      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Vyaire Medical, Inc.                           | Vyaire Medical, Inc. Term Loan B                                                               | CUSIP: 92921XAB6<br>LEI: 549300ZVN6ARCNECB069 | Long             | LON              | CORP              | US        |      368733 | PA      | $263415.31    | 0.02%             | 2025-04-16      | Floating      | 9.52%                 | No            |                  2 | On Loan: No      |
| Vision Solutions, Inc.                         | Vision Solutions, Inc. 2021 Incremental Term Loan                                              | CUSIP: 70477BAE2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      251228 | PA      | $220201.31    | 0.02%             | 2028-04-24      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Travelport Finance (Luxembourg) S.a.r.l.       | Travelport Finance (Luxembourg) S.a.r.l. 2020 Super Priority Term Loan                         | CUSIP: 000000000<br>LEI: 2221005SGFWYZHL40F77 | Long             | LON              | CORP              | LU        |      446628 | PA      | $457794.16    | 0.04%             | 2025-02-28      | Floating      | 7.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397A86<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      711000 | PA      | $655108.29    | 0.06%             | 2027-08-17      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AMC Entertainment Holdings, Inc.               | AMC Entertainment Holdings, Inc. 2019 Term Loan B                                              | CUSIP: 00164DAQ6<br>LEI: 549300ZO77UNR6NRBR11 | Long             | LON              | CORP              | US        |     1387991 | PA      | $818914.87    | 0.07%             | 2026-04-22      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate, LLC             | Alliant Holdings Intermediate, LLC Term Loan B                                                 | CUSIP: 01881UAF2<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2025-05-09      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Republic of Senegal                            | Senegal Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |      592000 | PA      | $442520.00    | 0.04%             | 2048-03-13      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                   | CUSIP: 87470LAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1577000 | PA      | $1436394.68   | 0.13%             | 2030-12-31      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                         | HAT Holdings I LLC / HAT Holdings II LLC                                                       | CUSIP: 418751AB9<br>LEI: N/A                  | Long             | DBT              |  | US        |      251000 | PA      | $245435.33    | 0.02%             | 2025-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LTI Holdings, Inc.                             | LTI Holdings, Inc. 2018 Add On 1st Lien Term Loan                                              | CUSIP: 50217UAS6<br>LEI: 5493003GUY3WBOTOAP97 | Long             | LON              | CORP              | US        |     1492557 | PA      | $1442421.80   | 0.13%             | 2025-09-06      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                    | Netflix Inc                                                                                    | CUSIP: 000000000<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      529000 | PA      | $585333.59    | 0.05%             | 2029-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                          | Indonesia Government International Bond                                                        | CUSIP: 455780CD6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      842000 | PA      | $804267.88    | 0.07%             | 2028-01-11      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ICELAND BONDCO PLC                             | Iceland Bondco PLC                                                                             | CUSIP: 000000000<br>LEI: 2138002DRBYIA8QXHO36 | Long             | DBT              | CORP              | GB        |      375000 | PA      | $402420.58    | 0.04%             | 2025-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Core & Main LP                                 | Core & Main LP 2021 Term Loan B                                                                | CUSIP: 40416VAE5<br>LEI: 549300ZSLF8Q660SCD17 | Long             | LON              | CORP              | US        |      489408 | PA      | $487112.65    | 0.04%             | 2028-07-27      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| American Greetings Corp                        | American Greetings Corp                                                                        | CUSIP: 026375AR6<br>LEI: 549300WMJOT8C9DNMF90 | Long             | DBT              | CORP              | US        |      590000 | PA      | $584082.30    | 0.05%             | 2025-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SAGICOR FINANCIAL CO                           | Sagicor Financial Co Ltd                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      200000 | PA      | $194200.00    | 0.02%             | 2028-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                                    | CUSIP: 780153BG6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      525000 | PA      | $451636.50    | 0.04%             | 2028-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Banff Merger Sub Inc                           | Banff Merger Sub Inc 2021 USD Term Loan                                                        | CUSIP: 05988HAE7<br>LEI: 5493006T045HLTF7YX04 | Long             | LON              | CORP              | US        |      732123 | PA      | $718491.25    | 0.06%             | 2025-10-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                        | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                                   | CUSIP: 87470LAG6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      800000 | PA      | $760784.00    | 0.07%             | 2027-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Corp                                                                                    | CUSIP: 92840MAC6<br>LEI: 549300KP43CPCUJOOG15 | Long             | DBT              | CORP              | US        |      501000 | PA      | $471621.36    | 0.04%             | 2026-12-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                             | Rithm Capital Corp                                                                             | CUSIP: 64828TAA0<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              |  | US        |      485000 | PA      | $451641.70    | 0.04%             | 2025-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                          | Caesars Entertainment Inc                                                                      | CUSIP: 28470RAK8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      375000 | PA      | $380625.00    | 0.03%             | 2027-07-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                          | eG Global Finance PLC                                                                          | CUSIP: 000000000<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |      300000 | PA      | $311488.13    | 0.03%             | 2024-02-07      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006                         | FMG Resources August 2006 Pty Ltd                                                              | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     1148000 | PA      | $1119426.28   | 0.10%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Open Text Corporation                          | Open Text Corporation 2022 Term Loan B                                                         | CUSIP: 68371YAN3<br>LEI: 549300HP7ONDQODZJV16 | Long             | LON              | CORP              | CA        |     1890000 | PA      | $1885747.50   | 0.17%             | 2029-11-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED CAD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CA        |           1 | NC      | $161.27       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HAWAIIAN BRAND INTELLECT                       | Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd                           | CUSIP: 41984LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     2009928 | PA      | $1921069.08   | 0.17%             | 2026-01-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                                         | CUSIP: 195325EF8<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     3452000 | PA      | $3543262.25   | 0.32%             | 2033-04-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Bombardier Recreational Products, Inc.         | Bombardier Recreational Products, Inc. 2022 Incremental Term Loan B                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      249375 | PA      | $247504.69    | 0.02%             | 2029-12-13      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub, Inc.                       | AI Aqua Merger Sub, Inc. 2022 Delayed Draw Term Loan                                           | CUSIP: 000000000<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RAYONIER AM PROD INC                           | Rayonier AM Products Inc                                                                       | CUSIP: 75508EAB4<br>LEI: 549300ZGRDDK1QM6MM16 | Long             | DBT              | CORP              | US        |     1418000 | PA      | $1322455.16   | 0.12%             | 2026-01-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Global Medical Response, Inc.                  | Global Medical Response, Inc. 2020 Term Loan B                                                 | CUSIP: 00169QAF6<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | LON              | CORP              | US        |     1512262 | PA      | $1115293.52   | 0.10%             | 2025-10-02      | Floating      | 8.83%                 | No            |                  2 | On Loan: No      |
| Team Health Holdings Inc                       | Team Health Holdings Inc                                                                       | CUSIP: 88047PAA2<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | DBT              | CORP              | US        |     1226000 | PA      | $817889.12    | 0.07%             | 2025-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPBT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1013000 | PA      | $965297.83    | 0.09%             | 2027-05-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                                           | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     1009000 | PA      | $939820.44    | 0.08%             | 2050-04-21      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                           | CHART INDUSTRIES INC                                                                           | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | LON              | CORP              | US        |      500000 | PA      | $500210.00    | 0.04%             | 2029-12-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                     | Carvana Co                                                                                     | CUSIP: 146869AJ1<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |       10000 | PA      | $5351.90      | 0.00%             | 2030-05-01      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| Arches Buyer Inc.                              | Arches Buyer Inc. 2021 Term Loan B                                                             | CUSIP: 03952HAD6<br>LEI: 2549009ADY4208OH2Y47 | Long             | LON              | CORP              | US        |     1444949 | PA      | $1393480.39   | 0.12%             | 2027-12-06      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | ID        |           1 | NC      | $22434.86     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                   | Entegris Inc                                                                                   | CUSIP: 29362UAD6<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      100000 | PA      | $85601.00     | 0.01%             | 2029-05-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                      | TEGNA Inc                                                                                      | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |      813000 | PA      | $763545.21    | 0.07%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                          | Bonos de la Tesoreria de la Republica en pesos                                                 | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |  1230000000 | PA      | $1479034.08   | 0.13%             | 2026-03-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| VIBRANTZ TECH INC                              | Vibrantz Technologies Inc                                                                      | CUSIP: 69357VAA3<br>LEI: 549300GYZ1T3S8OPH343 | Long             | DBT              | CORP              | US        |      789000 | PA      | $610757.01    | 0.05%             | 2030-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Frontier Communications Corp.                  | Frontier Communications Corp. 2021 1st Lien Term Loan                                          | CUSIP: 35906EAQ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1478712 | PA      | $1446831.08   | 0.13%             | 2028-05-01      | Floating      | 8.50%                 | No            |                  2 | On Loan: No      |
| METIS MERGER SUB LLC                           | Metis Merger Sub LLC                                                                           | CUSIP: 59155LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      578000 | PA      | $492756.56    | 0.04%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                               | Peruvian Government International Bond                                                         | CUSIP: 715638DR0<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1368000 | PA      | $821484.00    | 0.07%             | 2121-07-28      | Fixed         | 3.23%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM ESCROW LLC                          | Windstream Escrow LLC / Windstream Escrow Finance Corp                                         | CUSIP: 97382WAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      570000 | PA      | $461090.10    | 0.04%             | 2028-08-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FREEPORT INDONESIA PT                          | Freeport Indonesia PT                                                                          | CUSIP: 69377FAB2<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |      256000 | PA      | $242588.16    | 0.02%             | 2032-04-14      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| GUALA CLOSURES S                               | Guala Closures SpA                                                                             | CUSIP: 000000000<br>LEI: 81560014151D1C625F49 | Long             | DBT              | CORP              | IT        |      550000 | PA      | $517379.18    | 0.05%             | 2028-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Medline Borrower, LP                           | Medline Borrower, LP USD Term Loan B                                                           | CUSIP: 58503UAC7<br>LEI: 254900QT3R363TVK6F09 | Long             | LON              | CORP              | US        |     2925363 | PA      | $2837192.17   | 0.25%             | 2028-10-23      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| MOUNTAIN PROVINCE DIAMON                       | Mountain Province Diamonds Inc                                                                 | CUSIP: 62426EAB1<br>LEI: 549300Y5548SJTH51N28 | Long             | DBT              | CORP              | CA        |     3152000 | PA      | $3339449.44   | 0.30%             | 2025-12-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED PLN / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PL        |           1 | NC      | $63821.59     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cushman & Wakefield U.S. Borrower, LLC         | Cushman & Wakefield U.S. Borrower, LLC 2020 Term Loan B                                        | CUSIP: 23340DAP7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     3488744 | PA      | $3471299.87   | 0.31%             | 2025-08-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GOGO Intermediate Holdings LLC                 | GOGO Intermediate Holdings LLC Term Loan B                                                     | CUSIP: 38046JAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1231867 | PA      | $1229883.87   | 0.11%             | 2028-04-30      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| Altice France S.A.                             | Altice France S.A. 2018 Term Loan B13                                                          | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |      215418 | PA      | $207339.45    | 0.02%             | 2026-08-14      | Floating      | 8.65%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                              | Iliad Holding SASU                                                                             | CUSIP: 449691AA2<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     2238000 | PA      | $2118289.38   | 0.19%             | 2026-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                       | Charter Communications Operating LLC / Charter Communications Operating Capital                | CUSIP: 161175CG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       90000 | PA      | $57809.70     | 0.01%             | 2062-06-30      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| AXALTA COATING SYSTEMS                         | Axalta Coating Systems LLC                                                                     | CUSIP: 05453GAC9<br>LEI: 549300G80QONCHILSF69 | Long             | DBT              | CORP              | US        |      680000 | PA      | $584650.40    | 0.05%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS INC                              | Clean Harbors Inc                                                                              | CUSIP: 184496AN7<br>LEI: 5493000SJVZVZJKHJF48 | Long             | DBT              | CORP              | US        |      307000 | PA      | $296144.48    | 0.03%             | 2027-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Republic of Turkey                             | Turkey Government International Bond                                                           | CUSIP: 900123CB4<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     1338000 | PA      | $844612.50    | 0.08%             | 2043-04-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU                       | Specialty Building Products Holdings LLC / SBP Finance Corp                                    | CUSIP: 84749AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1405000 | PA      | $1265300.85   | 0.11%             | 2026-09-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                            | Meritage Homes Corp                                                                            | CUSIP: 59001ABD3<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |      242000 | PA      | $214409.58    | 0.02%             | 2029-04-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 69335000000 | PA      | $4713299.87   | 0.42%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| KORN/FERRY INTERNATIONAL                       | Korn Ferry                                                                                     | CUSIP: 50067PAA7<br>LEI: 549300FOD20OM0GT5G40 | Long             | DBT              | CORP              | US        |      980000 | PA      | $921484.20    | 0.08%             | 2027-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                          | Bonos de la Tesoreria de la Republica en pesos                                                 | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   550000000 | PA      | $663655.48    | 0.06%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                             | Raytheon Technologies Corp                                                                     | CUSIP: 75513ECL3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      650000 | PA      | $458744.00    | 0.04%             | 2051-09-01      | Fixed         | 2.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                            | Nigeria Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1812000 | PA      | $1293315.00   | 0.12%             | 2033-09-28      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PRA Health Sciences, Inc.                      | PRA Health Sciences, Inc. US Term Loan                                                         | CUSIP: 000000000<br>LEI: 549300R1HR1VWWHIAK47 | Long             | LON              | CORP              | US        |      113675 | PA      | $113633.05    | 0.01%             | 2028-07-03      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                                        | CUSIP: 455780DQ6<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      950000 | PA      | $948917.00    | 0.08%             | 2028-01-11      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                       | Vistra Operations Co LLC                                                                       | CUSIP: 92840VAE2<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |       19000 | PA      | $17587.54     | 0.00%             | 2029-07-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC                          | Scripps Escrow II Inc                                                                          | CUSIP: 81105DAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      432000 | PA      | $362400.48    | 0.03%             | 2029-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397YT4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      100000 | PA      | $90291.00     | 0.01%             | 2027-11-02      | Fixed         | 3.81%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                                          | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      390000 | PA      | $95379.38     | 0.01%             | 2024-09-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Heartland Dental, LLC                          | Heartland Dental, LLC 2018 1st Lien Term Loan                                                  | CUSIP: 42236WAH0<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |     1367234 | PA      | $1306843.66   | 0.12%             | 2025-04-30      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Vantage Specialty Chemicals, Inc.              | Vantage Specialty Chemicals, Inc. 2017 1st Lien Term Loan                                      | CUSIP: 92210XAC4<br>LEI: 54930057U5S5AY44VU09 | Long             | LON              | CORP              | US        |      693418 | PA      | $684029.30    | 0.06%             | 2024-10-28      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| VOYAGER AVIATION HOLD                          | Voyager Aviation Holdings LLC                                                                  | CUSIP: 92918XAA3<br>LEI: 549300KHOKL1CX4NIJ92 | Long             | DBT              | CORP              | US        |     1020000 | PA      | $836196.00    | 0.07%             | 2026-05-09      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    12182000 | PA      | $2889182.30   | 0.26%             | 2025-09-15      | Fixed         | 3.96%                 | No            |                  2 | On Loan: No      |
| UNIFRAX ESCROW ISS CORP                        | ASP Unifrax Holdings Inc                                                                       | CUSIP: 90473LAA0<br>LEI: 549300RRU6BWJLD0YT71 | Long             | DBT              | CORP              | US        |     1377000 | PA      | $1175999.31   | 0.10%             | 2028-09-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS                          | Bread Financial Holdings Inc                                                                   | CUSIP: 018581AL2<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |      575000 | PA      | $527430.25    | 0.05%             | 2026-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TERRAFORM POWER OPERATIN                       | TerraForm Power Operating LLC                                                                  | CUSIP: 88104LAE3<br>LEI: 5493000S2OLR3UT5BE13 | Long             | DBT              | CORP              | US        |      435000 | PA      | $408878.25    | 0.04%             | 2028-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                           | Abu Dhabi Government International Bond                                                        | CUSIP: 29135LAR1<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      454000 | PA      | $332498.25    | 0.03%             | 2051-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                                         | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1250000 | PA      | $1325000.00   | 0.12%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    33574000 | PA      | $1090506.61   | 0.10%             | 2033-06-17      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: P97475AG5<br>LEI: N/A                  | Long             | DBT              | NUSS              | VE        |       85000 | PA      | $6800.00      | 0.00%             | 2020-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings, Inc.            | Engineered Machinery Holdings, Inc. 2021 USD 2nd Lien Incremental Term Loan                    | CUSIP: 26658NAN9<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |      300000 | PA      | $270999.00    | 0.02%             | 2029-05-21      | Floating      | 11.23%                | No            |                  2 | On Loan: No      |
| SITIOS LATINOAMERICA                           | Sitios Latinoamerica SAB de CV                                                                 | CUSIP: 03217KAB4<br>LEI: 5493000FNR3UCEAONM59 | Long             | DBT              | CORP              | MX        |     1675000 | PA      | $1555656.25   | 0.14%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 25445000000 | PA      | $1887012.40   | 0.17%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SS&C Technologies Inc.                         | SS&C Technologies Inc. 2018 Term Loan B3                                                       | CUSIP: 78466DBD5<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |      633030 | PA      | $631447.52    | 0.06%             | 2025-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GTRC REORG EQTY                                | GTRC REORG EQTY                                                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        7504 | NS      | $1436565.76   | 0.13%             |  |  |  | No            |                  3 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED THB / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TH        |           1 | NC      | $19143.06     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                            | Altice Financing SA                                                                            | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |      635000 | PA      | $539832.55    | 0.05%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camelot U.S. Acquisition LLC                   | Camelot U.S. Acquisition LLC 2020 Incremental Term Loan B                                      | CUSIP: 000000000<br>LEI: 549300U6VBJHQP2SFL81 | Long             | LON              | CORP              | US        |      222621 | PA      | $222273.27    | 0.02%             | 2026-10-30      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| MONGOLIA INTL BOND                             | Mongolia Government International Bond                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | MN        |      743000 | PA      | $644634.23    | 0.06%             | 2027-07-07      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                               | MGM Resorts International                                                                      | CUSIP: 552953CG4<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |      149000 | PA      | $149944.66    | 0.01%             | 2025-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                                                 | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |      700000 | PA      | $449750.00    | 0.04%             | 2030-01-14      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                       | CQP Holdco LP / BIP-V Chinook Holdco LLC                                                       | CUSIP: 12657NAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1010000 | PA      | $920554.40    | 0.08%             | 2031-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                       | Trident TPI Holdings Inc                                                                       | CUSIP: 89616RAB5<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |      832000 | PA      | $817331.84    | 0.07%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| iQor US Inc.                                   | iQor US Inc. 2020 Exit Term Loan                                                               | CUSIP: 46264NAN3<br>LEI: 549300LKMK4MMQCMDH78 | Long             | LON              | CORP              | US        |       59677 | PA      | $59080.26     | 0.01%             | 2024-11-19      | Floating      | 12.05%                | No            |                  2 | On Loan: No      |
| CHINA GOVT INTL BOND                           | China Government International Bond                                                            | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     1427000 | PA      | $1386002.29   | 0.12%             | 2023-10-21      | Fixed         | 0.40%                 | No            |                  2 | On Loan: No      |
| Everi Holdings Inc.                            | Everi Holdings Inc. 2021 Term Loan B                                                           | CUSIP: 30034UAC4<br>LEI: 5299006DK5S7BG10K532 | Long             | LON              | CORP              | US        |      731900 | PA      | $730070.30    | 0.07%             | 2028-08-03      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| CDK GLOBAL, INC.                               | CDK Global, Inc. 2022 USD Term Loan B                                                          | CUSIP: 15477BAB3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2025000 | PA      | $2019309.75   | 0.18%             | 2029-07-06      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                         | GFL Environmental Inc. 2020 Term Loan                                                          | CUSIP: 000000000<br>LEI: 549300FYK4MBXWIVZU26 | Long             | LON              | CORP              | CA        |      989899 | PA      | $991552.13    | 0.09%             | 2025-05-30      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                           | Freeport-McMoRan Inc                                                                           | CUSIP: 35671DBJ3<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |      637000 | PA      | $635031.67    | 0.06%             | 2034-11-14      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC                | Traverse Midstream Partners LLC 2017 Term Loan                                                 | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |     2791956 | PA      | $2789862.51   | 0.25%             | 2024-09-27      | Variable      | 8.80%                 | No            |                  2 | On Loan: No      |
| WINTERSHALL DEA FIN 2BV                        | Wintershall Dea Finance 2 BV                                                                   | CUSIP: 000000000<br>LEI: 529900DV88FUQZSVVL48 | Long             | DBT              | CORP              | NL        |     1100000 | PA      | $954360.34    | 0.09%             | 2028-07-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                                                  | CUSIP: 143658BG6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |       40000 | PA      | $41817.20     | 0.00%             | 2026-02-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                                            | CUSIP: 00489LAD5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      365000 | PA      | $366715.50    | 0.03%             | 2026-08-01      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| Avaya, Inc.                                    | Avaya, Inc. 2022 Term Loan                                                                     | CUSIP: 05349UBE1<br>LEI: 549300NZS2OZN6Q63A60 | Long             | LON              | CORP              | US        |      655000 | PA      | $370893.75    | 0.03%             | 2027-12-15      | Variable      | 14.48%                | No            |                  2 | On Loan: No      |
| WOLVERINE WORLD WIDE                           | Wolverine World Wide Inc                                                                       | CUSIP: 978097AG8<br>LEI: 549300OVC7PK14LQ8D87 | Long             | DBT              | CORP              | US        |      502000 | PA      | $403296.76    | 0.04%             | 2029-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL AND GAS INC                       | Northern Oil and Gas Inc                                                                       | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |      595000 | PA      | $592953.20    | 0.05%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                           | CITGO Petroleum Corp                                                                           | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |     1171000 | PA      | $1161632.00   | 0.10%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ECOPETROL SA                                   | Ecopetrol SA                                                                                   | CUSIP: 279158AS8<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     1144000 | PA      | $1171227.20   | 0.10%             | 2033-01-13      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     5250000 | PA      | $1164667.41   | 0.10%             | 2040-05-22      | Fixed         | 3.76%                 | No            |                  2 | On Loan: No      |
| Springs Windows Fashions, LLC                  | Springs Windows Fashions, LLC 2021 Term Loan B                                                 | CUSIP: 78489HAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      996250 | PA      | $848994.29    | 0.08%             | 2028-10-06      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-6372.44     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED USD / SOLD IDR                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $27533.35     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Churchill Downs Incorporated                   | Churchill Downs Incorporated 2017 Term Loan B                                                  | CUSIP: 17148PAD3<br>LEI: 529900FODTBQC8MIS994 | Long             | LON              | CORP              | US        |      186527 | PA      | $186118.92    | 0.02%             | 2024-12-27      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| PMHC II, Inc.                                  | PMHC II, Inc. 2022 Term Loan B                                                                 | CUSIP: 69346EAG2<br>LEI: 549300GYZ1T3S8OPH343 | Long             | LON              | CORP              | US        |     1172500 | PA      | $1023006.25   | 0.09%             | 2029-04-23      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| Avaya, Inc.                                    | Avaya, Inc. 2021 Term Loan B2                                                                  | CUSIP: 05349UBD3<br>LEI: J6LB5QIFSP2MFEFG4U76 | Long             | LON              | CORP              | US        |     2043498 | PA      | $515983.24    | 0.05%             | 2027-12-15      | Floating      | 8.46%                 | No            |                  2 | On Loan: No      |
| NCR Corporation                                | NCR Corporation 2019 Term Loan                                                                 | CUSIP: 62886VAP5<br>LEI: 549300YKTY8JX1DV2R67 | Long             | LON              | CORP              | US        |      613950 | PA      | $610113.00    | 0.05%             | 2026-08-28      | Floating      | 7.33%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    10550000 | PA      | $2504943.33   | 0.22%             | 2026-11-30      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment, LLC                    | Fertitta Entertainment, LLC 2022 Term Loan B                                                   | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |     3889582 | PA      | $3840417.74   | 0.34%             | 2029-01-27      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                   | Navient Corp                                                                                   | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |       52000 | PA      | $46001.80     | 0.00%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                              | Kosmos Energy Ltd                                                                              | CUSIP: 500688AF3<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     1142000 | PA      | $1009842.05   | 0.09%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                        | Romania Government Bond                                                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     8610000 | PA      | $1812615.05   | 0.16%             | 2032-02-25      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 61685000000 | PA      | $4616251.91   | 0.41%             | 2029-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Motion Finco Sarl                              | Motion Finco Sarl USD Term Loan B1                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       87321 | PA      | $85974.66     | 0.01%             | 2026-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Fly Funding II S.a.r.l.                        | Fly Funding II S.a.r.l. 2019 Term Loan B                                                       | CUSIP: 000000000<br>LEI: 54930033GL3A930IIN33 | Long             | LON              | CORP              | LU        |      783824 | PA      | $670561.33    | 0.06%             | 2025-08-11      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                           | Abu Dhabi Government International Bond                                                        | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      530000 | PA      | $399487.50    | 0.04%             | 2049-09-30      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| Stars Group Holdings B.V. (The)                | Stars Group Holdings B.V. (The) 2022 USD Term Loan B                                           | CUSIP: 000000000<br>LEI: 635400VFWPBIKJK6GN11 | Long             | LON              | CORP              | NL        |      997500 | PA      | $998876.55    | 0.09%             | 2028-07-22      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| JBS USA/FOOD/FINANCE                           | JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc                                         | CUSIP: 46590XAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      664000 | PA      | $644538.16    | 0.06%             | 2030-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern Veterinary Partners, LLC              | Southern Veterinary Partners, LLC Term Loan                                                    | CUSIP: 84410HAC4<br>LEI: 549300DT78GYJYRK0R74 | Long             | LON              | CORP              | US        |     1115521 | PA      | $1075785.82   | 0.10%             | 2027-10-05      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                                         | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      124000 | PA      | $121985.00    | 0.01%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peraton Corp.                                  | Peraton Corp. Term Loan B                                                                      | CUSIP: 71360HAB3<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |     1234017 | PA      | $1226304.47   | 0.11%             | 2028-02-01      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                               | Peruvian Government International Bond                                                         | CUSIP: 715638BE1<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     4216000 | PA      | $1027657.95   | 0.09%             | 2031-08-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE/GLOBAL                        | Global Net Lease Inc / Global Net Lease Operating Partnership LP                               | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |      721000 | PA      | $608826.82    | 0.05%             | 2027-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                         | Eskom Holdings SOC Ltd                                                                         | CUSIP: 000000000<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |      667000 | PA      | $603341.52    | 0.05%             | 2027-07-23      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED USD / SOLD IDR                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-6757.03     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Monitronics International Inc                  | Monitronics International Inc                                                                  | CUSIP: 609453105<br>LEI: SCAKOG18M6QWWML8YF46 | Long             | EC               | CORP              | US        |       65182 | NS      | $9777.30      | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| NUVISTA ENERGY LTD                             | NuVista Energy Ltd                                                                             | CUSIP: 67072QAD6<br>LEI: 549300MG32TDSM60SX75 | Long             | DBT              | CORP              | CA        |     1025000 | PA      | $782876.44    | 0.07%             | 2026-07-23      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED CAD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | CA        |           1 | NC      | $9485.55      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                                          | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      245000 | PA      | $48387.50     | 0.00%             | 2034-09-25      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                                        | CUSIP: 455780CY0<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1843000 | PA      | $1546018.98   | 0.14%             | 2031-07-28      | Fixed         | 2.15%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                        | United Rentals North America Inc                                                               | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      316000 | PA      | $321476.28    | 0.03%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| KUWAIT INTL BOND                               | Kuwait International Government Bond                                                           | CUSIP: 000000000<br>LEI: 549300FSC1YD0D9XX589 | Long             | DBT              | NUSS              | KW        |      424000 | PA      | $417057.00    | 0.04%             | 2027-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307AQ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      847000 | PA      | $745664.92    | 0.07%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FIELDWOOD EQUITY                               | FIELDWOOD EQUITY                                                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       18456 | NS      | $2516161.85   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                | Israel Government International Bond                                                           | CUSIP: 46513JB59<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      493000 | PA      | $422131.25    | 0.04%             | 2120-04-03      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  1018350000 | PA      | $2418680.68   | 0.22%             | 2024-10-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| WP CPP Holdings, LLC                           | WP CPP Holdings, LLC 2018 Term Loan                                                            | CUSIP: 92937JAM5<br>LEI: 549300HT8KGOLU7VM426 | Long             | LON              | CORP              | US        |      870063 | PA      | $787772.12    | 0.07%             | 2025-04-30      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| CANPACK SA/CANPACK US                          | Canpack SA / Canpack US LLC                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      600000 | PA      | $547591.09    | 0.05%             | 2027-11-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                             | Morocco Government International Bond                                                          | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      403000 | PA      | $321896.25    | 0.03%             | 2032-12-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      140000 | PA      | $11200.00     | 0.00%             | 2022-08-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dawn Acquisition LLC                           | Dawn Acquisition LLC Term Loan                                                                 | CUSIP: 23923HAB4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1290282 | PA      | $827561.30    | 0.07%             | 2025-12-31      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| ENTERCOM MEDIA CORP                            | Audacy Capital Corp                                                                            | CUSIP: 29365DAB5<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |      760000 | PA      | $134018.40    | 0.01%             | 2029-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Emerald TopCo Inc                              | Emerald TopCo Inc Term Loan                                                                    | CUSIP: 29102TAB8<br>LEI: 549300HC42NZULO53062 | Long             | LON              | CORP              | US        |      375000 | PA      | $357772.50    | 0.03%             | 2026-07-24      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MLN US HoldCo LLC                              | MLN US HoldCo LLC 2018 2nd Lien Term Loan                                                      | CUSIP: 55292HAE3<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |      250000 | PA      | $37707.50     | 0.00%             | 2026-11-30      | Floating      | 12.50%                | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                            | Sirius XM Radio Inc                                                                            | CUSIP: 82967NBM9<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      310000 | PA      | $255061.80    | 0.02%             | 2031-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Republic of Zambia                             | Zambia Government International Bond                                                           | CUSIP: 000000000<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |      884000 | PA      | $401280.75    | 0.04%             | 2022-09-20      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      205000 | PA      | $16400.00     | 0.00%             | 2031-08-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                              | CSC Holdings, LLC 2018 Incremental Term Loan                                                   | CUSIP: 64072UAH5<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |       32640 | PA      | $31320.96     | 0.00%             | 2026-01-15      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    22605000 | PA      | $5197811.96   | 0.46%             | 2032-07-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| AIR METHODS CORP                               | Air Methods Corp                                                                               | CUSIP: 00215JAA7<br>LEI: 54930081QGNZXVDOZF63 | Long             | DBT              | CORP              | US        |      252000 | PA      | $11619.72     | 0.00%             | 2025-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                      | Apple Inc                                                                                      | CUSIP: 037833EE6<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      180000 | PA      | $134114.40    | 0.01%             | 2041-02-08      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Parker Drilling Co                             | Parker Drilling Co                                                                             | CUSIP: 701081606<br>LEI: 5493003B4WZ1YZYFR583 | Long             | EC               | CORP              | US        |       17933 | NS      | $103114.75    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bausch & Lomb, Inc.                            | Bausch & Lomb, Inc. Term Loan                                                                  | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |     3361810 | PA      | $3268821.88   | 0.29%             | 2027-05-10      | Variable      | 7.84%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARMENIA                            | Republic of Armenia International Bond                                                         | CUSIP: 000000000<br>LEI: 5299000H77JSW90G7935 | Long             | DBT              | NUSS              | AM        |      431000 | PA      | $336530.19    | 0.03%             | 2031-02-02      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                                          | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     3339000 | PA      | $656113.50    | 0.06%             | 2031-05-21      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SOPHIA, L.P.                                   | Sophia, L.P. 2021 Term Loan B                                                                  | CUSIP: 83578BAN3<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |     1845725 | PA      | $1817854.43   | 0.16%             | 2027-10-07      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                | Gen Digital Inc                                                                                | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      660000 | PA      | $669246.60    | 0.06%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Entegris, Inc.                                 | Entegris, Inc. 2022 Term Loan B                                                                | CUSIP: 29362LAL8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | LON              | CORP              | US        |      100000 | PA      | $100313.00    | 0.01%             | 2029-07-06      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| EARTHSTONE ENERGY HOL                          | Earthstone Energy Holdings LLC                                                                 | CUSIP: 27034RAA1<br>LEI: 549300HGVO86L8G72J25 | Long             | DBT              | CORP              | US        |     1563000 | PA      | $1524581.46   | 0.14%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BWAY Holding Company                           | BWAY Holding Company 2017 Term Loan B                                                          | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |     2612280 | PA      | $2586157.45   | 0.23%             | 2024-04-03      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                 | Czech Republic Government Bond                                                                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    34680000 | PA      | $1220819.34   | 0.11%             | 2030-05-15      | Fixed         | 0.95%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION                          | McGraw-Hill Education Inc                                                                      | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1101112.50   | 0.10%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                | CoreLogic, Inc. Term Loan                                                                      | CUSIP: 21870FBA6<br>LEI: 54930086CD8K2UIL0516 | Long             | LON              | CORP              | US        |     1494987 | PA      | $1265447.10   | 0.11%             | 2028-06-02      | Floating      | 8.12%                 | No            |                  2 | On Loan: No      |
| William Morris Endeavor Entertainment, LLC     | William Morris Endeavor Entertainment, LLC 2018 1st Lien Term Loan                             | CUSIP: 96925HAF9<br>LEI: 5493008R7J9HEQ30DZ33 | Long             | LON              | CORP              | US        |      939906 | PA      | $933194.79    | 0.08%             | 2025-05-18      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| GVC Holdings (Gibraltar) Limited               | GVC Holdings (Gibraltar) Limited 2022 USD Term Loan B2                                         | CUSIP: 36270BAB8<br>LEI: 213800ATWJIEYQ8NF838 | Long             | LON              | CORP              | GI        |      150000 | PA      | $150112.50    | 0.01%             | 2029-10-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PINNACLE BIDCO PLC                             | Pinnacle Bidco PLC                                                                             | CUSIP: 000000000<br>LEI: 2138006Z5V8OBL2A2Q06 | Long             | DBT              | CORP              | GB        |      491000 | PA      | $488418.59    | 0.04%             | 2025-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Pretium PKG Holdings, Inc.                     | Pretium PKG Holdings, Inc. 2021 2nd Lien Term Loan                                             | CUSIP: 74142KAH2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      250000 | PA      | $152552.50    | 0.01%             | 2029-10-01      | Floating      | 11.54%                | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                            | Cirsa Finance International Sarl                                                               | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |      600000 | PA      | $620928.08    | 0.06%             | 2025-05-22      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KKR Apple Bidco, LLC                           | KKR Apple Bidco, LLC 2021 Term Loan                                                            | CUSIP: 48254EAB7<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |      247500 | PA      | $246418.43    | 0.02%             | 2028-09-23      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| Sprint Capital Corp                            | Sprint Capital Corp                                                                            | CUSIP: 852060AT9<br>LEI: 549300L17W0GQBR1PO80 | Long             | DBT              | CORP              | US        |      600000 | PA      | $740808.00    | 0.07%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                        | Summer BC Holdco B SARL                                                                        | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |      500000 | PA      | $489038.26    | 0.04%             | 2026-10-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| H.B. Fuller Company                            | H.B. Fuller Company 2017 Term Loan B                                                           | CUSIP: 40409VAR5<br>LEI: JSMX3Z5FOYM8V0Q52357 | Long             | LON              | CORP              | US        |      251028 | PA      | $251027.62    | 0.02%             | 2024-10-20      | Floating      | 6.49%                 | No            |                  2 | On Loan: No      |
| EnLink Midstream LLC                           | EnLink Midstream LLC                                                                           | CUSIP: 29336TAA8<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |     1142000 | PA      | $1101082.14   | 0.10%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| IRB Holding Corp                               | IRB Holding Corp 2020 Term Loan B                                                              | CUSIP: 44988LAF4<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |      546805 | PA      | $545525.94    | 0.05%             | 2025-02-05      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                 | Czech Republic Government Bond                                                                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    33190000 | PA      | $1393737.35   | 0.12%             | 2025-02-14      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Corp                          | Freedom Mortgage Corp                                                                          | CUSIP: 35640YAB3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      975000 | PA      | $929604.00    | 0.08%             | 2025-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| SAGICOR FINANCIAL CO                           | Sagicor Financial Co Ltd                                                                       | CUSIP: 78669QAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      264000 | PA      | $255156.00    | 0.02%             | 2028-05-13      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                             | Republic of Poland Government International Bond                                               | CUSIP: 857524AD4<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      739000 | PA      | $762803.19    | 0.07%             | 2027-11-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| GRUENENTHAL GMBH                               | Gruenenthal GmbH                                                                               | CUSIP: 000000000<br>LEI: 529900SH895E31PGLA72 | Long             | DBT              | CORP              | DE        |      620000 | PA      | $613498.28    | 0.05%             | 2028-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications Inc                       | iHeartCommunications Inc                                                                       | CUSIP: 45174HBD8<br>LEI: 54930076J6KDZL504O62 | Long             | DBT              | CORP              | US        |      137309 | PA      | $123096.15    | 0.01%             | 2027-05-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                               | Crown Castle Inc                                                                               | CUSIP: 22822VAX9<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      795000 | PA      | $582973.50    | 0.05%             | 2041-04-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                                          | CUSIP: 445545AR7<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |      200000 | PA      | $207100.00    | 0.02%             | 2028-05-22      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Revlon Consumer Products Corporation           | Revlon Consumer Products Corporation 2016 Term Loan B                                          | CUSIP: 761520AY1<br>LEI: 2MKZBE7NMX7EJWQLHS95 | Long             | LON              | CORP              | US        |     1377827 | PA      | $209429.66    | 0.02%             | 2023-09-07      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                       | Ascent Resources Utica Holdings LLC / ARU Finance Corp                                         | CUSIP: 04364VAU7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      605000 | PA      | $532642.00    | 0.05%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XBF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1378000 | PA      | $1130194.26   | 0.10%             | 2028-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Wynn Macau Ltd                                 | Wynn Macau Ltd                                                                                 | CUSIP: 98313RAD8<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      135000 | PA      | $120825.00    | 0.01%             | 2027-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                                | CUSIP: 19416MAA7<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      464000 | PA      | $464111.36    | 0.04%             | 2026-02-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Medical Solutions Holdings, Inc.               | Medical Solutions Holdings, Inc. 2021 1st Lien Term Loan                                       | CUSIP: 58462QAH4<br>LEI: 549300JH2XHZ7TIKYR39 | Long             | LON              | CORP              | US        |      119442 | PA      | $115218.67    | 0.01%             | 2028-11-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED THB / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TH        |           1 | NC      | $-15546.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                                            | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      725000 | PA      | $620339.00    | 0.06%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AssuredPartners Inc                            | AssuredPartners Inc                                                                            | CUSIP: 04624VAA7<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | DBT              | CORP              | US        |      875000 | PA      | $863450.00    | 0.08%             | 2025-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ceridian HCM Holding Inc.                      | Ceridian HCM Holding Inc. 2018 Term Loan B                                                     | CUSIP: 15677GAF1<br>LEI: 549300T64GVCHFJ8L449 | Long             | LON              | CORP              | US        |     1705851 | PA      | $1696042.56   | 0.15%             | 2025-04-30      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                             | Bahrain Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |      549000 | PA      | $511187.63    | 0.05%             | 2028-01-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                                        | CUSIP: 455780CQ7<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     1609000 | PA      | $1458156.25   | 0.13%             | 2030-02-14      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                       | EQM Midstream Partners LP                                                                      | CUSIP: 26885BAN0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |      729000 | PA      | $727797.15    | 0.06%             | 2030-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sophia, L.P.                                   | Sophia, L.P. 2020 2nd Lien Term Loan                                                           | CUSIP: 000000000<br>LEI: 549300RP8NIJ7FY7OS79 | Long             | LON              | CORP              | US        |      250000 | PA      | $248125.00    | 0.02%             | 2028-10-09      | Floating      | 12.73%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED HUF / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | HU        |           1 | NC      | $-28889.32    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                                            | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     3755000 | PA      | $3107262.50   | 0.28%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Tempo Acquisition LLC                          | Tempo Acquisition LLC Non-Extended Term Loan                                                   | CUSIP: 88023HAC4<br>LEI: 549300VV0B2RPMHQGA61 | Long             | LON              | CORP              | US        |       75162 | PA      | $74997.50     | 0.01%             | 2024-05-01      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL                               | Midcap Financial Issuer Trust                                                                  | CUSIP: 59590AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      720000 | PA      | $581076.00    | 0.05%             | 2030-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                        | United Rentals North America Inc                                                               | CUSIP: 911365BL7<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |      610000 | PA      | $590370.20    | 0.05%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Mavis Tire Express Services Corp.              | Mavis Tire Express Services Corp. 2021 Term Loan B                                             | CUSIP: 57777YAB2<br>LEI: 254900NVDM4GTLBL9E56 | Long             | LON              | CORP              | US        |     1863992 | PA      | $1824382.63   | 0.16%             | 2028-05-04      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| MARTIN MARIETTA MATERIAL                       | Martin Marietta Materials Inc                                                                  | CUSIP: 573284AW6<br>LEI: 5299005MZ4WZECVATV08 | Long             | DBT              | CORP              | US        |      782000 | PA      | $651366.90    | 0.06%             | 2031-07-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| LABL, Inc.                                     | LABL, Inc. 2021 USD 1st Lien Term Loan                                                         | CUSIP: 50168EAN2<br>LEI: 5493004FUZN8R6Y3VB98 | Long             | LON              | CORP              | US        |     1740614 | PA      | $1695236.19   | 0.15%             | 2028-10-29      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| Coty Inc.                                      | Coty Inc. 2018 USD Term Loan B                                                                 | CUSIP: 22207EBG8<br>LEI: 549300BO9IWPF3S48F93 | Long             | LON              | CORP              | US        |       69316 | PA      | $69056.48     | 0.01%             | 2025-04-07      | Floating      | 6.64%                 | No            |                  2 | On Loan: No      |
| Onex TSG Intermediate Corp.                    | Onex TSG Intermediate Corp. 2021 Term Loan B                                                   | CUSIP: 68276QAJ5<br>LEI: 5493006IJC5WXT1WJK88 | Long             | LON              | CORP              | US        |      492500 | PA      | $435862.50    | 0.04%             | 2028-02-28      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| VERISURE HOLDING AB                            | Verisure Holding AB                                                                            | CUSIP: 000000000<br>LEI: 549300VQQCWGISM3N408 | Long             | DBT              | CORP              | SE        |      470000 | PA      | $547943.98    | 0.05%             | 2027-10-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                            | Delta Air Lines Inc                                                                            | CUSIP: 247361ZN1<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |       71000 | PA      | $66005.15     | 0.01%             | 2028-04-19      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Seattle Spinco, Inc.                           | Seattle Spinco, Inc. USD Term Loan B3                                                          | CUSIP: 81271EAB7<br>LEI: 213800AAQDP1DDU8BK05 | Long             | LON              | CORP              | US        |     2105702 | PA      | $2103070.18   | 0.19%             | 2024-06-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COUNTRY GARDEN HLDGS                           | Country Garden Holdings Co Ltd                                                                 | CUSIP: 000000000<br>LEI: 549300MGHLPT1EFHGF84 | Long             | DBT              | CORP              | KY        |      700000 | PA      | $474250.00    | 0.04%             | 2027-01-14      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                         | Republic of Poland Government Bond                                                             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    14382000 | PA      | $2967439.19   | 0.26%             | 2025-04-25      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Cumulus Media Inc                              | Cumulus Media Inc                                                                              | CUSIP: 231082801<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        3675 | NS      | $24622.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MAXAR TECHNOLOGIES INC                         | Maxar Technologies Inc                                                                         | CUSIP: 57778KAC9<br>LEI: 549300OEN2G821MIJ922 | Long             | DBT              | CORP              | US        |      970000 | PA      | $1013747.00   | 0.09%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307BA4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      941000 | PA      | $593404.01    | 0.05%             | 2030-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                         | HAT Holdings I LLC / HAT Holdings II LLC                                                       | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              |  | US        |      251000 | PA      | $222832.78    | 0.02%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PUG LLC                                        | PUG LLC USD Term Loan                                                                          | CUSIP: 74530DAC9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1050339 | PA      | $879658.55    | 0.08%             | 2027-02-12      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | XX        |           1 | NC      | $496.32       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hornblower Sub, LLC                            | Hornblower Sub, LLC 2020 Repriced Term Loan B                                                  | CUSIP: 44055EAG6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       45575 | PA      | $30051.34     | 0.00%             | 2025-04-27      | Floating      | 8.67%                 | No            |                  2 | On Loan: No      |
| NASCAR Holdings, Inc                           | NASCAR Holdings, Inc Term Loan B                                                               | CUSIP: 63108EAB4<br>LEI: 254900HRWKQR5V0WN013 | Long             | LON              | CORP              | US        |      825209 | PA      | $824862.89    | 0.07%             | 2026-10-19      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                    | Epicor Software Corporation 2020 2nd Lien Term Loan                                            | CUSIP: 29426NAQ7<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |     2950000 | PA      | $2938318.00   | 0.26%             | 2028-07-31      | Floating      | 12.32%                | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL                        | Summer BC Holdco B SARL                                                                        | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | DBT              | CORP              | LU        |      543000 | PA      | $531095.55    | 0.05%             | 2026-10-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    13815000 | PA      | $3246067.55   | 0.29%             | 2028-06-15      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| First Student Bidco Inc                        | First Student Bidco Inc Term Loan C                                                            | CUSIP: 33718FAB6<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |      169371 | PA      | $159703.73    | 0.01%             | 2028-07-21      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| California Resources Corp                      | California Resources Corp                                                                      | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |         304 | NS      | $12989.92     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RITE AID CORP                                  | Rite Aid Corp                                                                                  | CUSIP: 767754CL6<br>LEI: 529900W353T1JY1DKT44 | Long             | DBT              | CORP              | US        |      388000 | PA      | $216282.84    | 0.02%             | 2026-11-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Pro Mach Group, Inc.                           | Pro Mach Group, Inc. 2021 Term Loan B                                                          | CUSIP: 74273JAE3<br>LEI: 5493008SZGSVUCSNB151 | Long             | LON              | CORP              | US        |      990279 | PA      | $986565.78    | 0.09%             | 2028-08-31      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                               | Crown Castle Inc                                                                               | CUSIP: 22822VAU5<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              |  | US        |      135000 | PA      | $96350.85     | 0.01%             | 2051-01-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   625170000 | PA      | $1358932.33   | 0.12%             | 2032-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TURK IHRACAT KR                                | Turkiye Ihracat Kredi Bankasi AS                                                               | CUSIP: 000000000<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |      425000 | PA      | $381915.63    | 0.03%             | 2026-07-06      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                            | Avantor Funding Inc                                                                            | CUSIP: 000000000<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |      600000 | PA      | $626413.84    | 0.06%             | 2025-11-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| VECTOR GROUP LTD                               | Vector Group Ltd                                                                               | CUSIP: 92240MBL1<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |     1835000 | PA      | $1601624.70   | 0.14%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Pregis TopCo Corporation                       | Pregis TopCo Corporation 1st Lien Term Loan                                                    | CUSIP: 74045BAC1<br>LEI: 549300LJXHJYHS1GM034 | Long             | LON              | CORP              | US        |      494898 | PA      | $488533.57    | 0.04%             | 2026-07-31      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| MCAFEE CORP                                    | McAfee Corp                                                                                    | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |     1073000 | PA      | $887306.62    | 0.08%             | 2030-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                          | Caesars Entertainment Inc                                                                      | CUSIP: 12769GAA8<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |       74000 | PA      | $63215.24     | 0.01%             | 2029-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Belk, Inc.                                     | Belk, Inc. 2021 FLFO Term Loan                                                                 | CUSIP: 07783AAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      112852 | PA      | $95572.05     | 0.01%             | 2025-07-31      | Floating      | 12.20%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      205000 | PA      | $16400.00     | 0.00%             | 2026-10-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                       | Brazil Notas do Tesouro Nacional Serie F                                                       | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    17128000 | PA      | $2981870.65   | 0.27%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate, LLC             | Alliant Holdings Intermediate, LLC 2021 Term Loan B4                                           | CUSIP: 01881UAJ4<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |      246872 | PA      | $246311.50    | 0.02%             | 2027-11-06      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                  | Staples, Inc. Term Loan B2                                                                     | CUSIP: 855031AR1<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |      279144 | PA      | $277644.95    | 0.02%             | 2024-09-12      | Floating      | 9.31%                 | No            |                  2 | On Loan: No      |
| ITT HOLDINGS LLC                               | ITT Holdings LLC                                                                               | CUSIP: 45074JAA2<br>LEI: 549300TH2PHOLK31LB42 | Long             | DBT              | CORP              | US        |     2246000 | PA      | $1952537.64   | 0.17%             | 2029-08-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                              | Jordan Government International Bond                                                           | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      200000 | PA      | $183500.00    | 0.02%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                                      | CUSIP: 674599DD4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      660000 | PA      | $734065.20    | 0.07%             | 2031-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                       | Uruguay Government International Bond                                                          | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      983562 | PA      | $973234.60    | 0.09%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL                       | Cheplapharm Arzneimittel GmbH                                                                  | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |     1401000 | PA      | $1248557.19   | 0.11%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                        | Romania Government Bond                                                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     3840000 | PA      | $846578.15    | 0.08%             | 2023-04-26      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| PARAMOUNT GLOBAL                               | Paramount Global                                                                               | CUSIP: 92556HAE7<br>LEI: 5KYC8KF17ROCY24M3H09 | Long             | DBT              | CORP              | US        |     1284000 | PA      | $1117555.08   | 0.10%             | 2062-03-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VILLA DUTCH BIDCO BV                           | Villa Dutch Bidco BV                                                                           | CUSIP: 000000000<br>LEI: 724500AWBTX8I880X774 | Long             | DBT              | CORP              | NL        |      200000 | PA      | $207810.96    | 0.02%             | 2029-11-03      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                         | VICI Properties LP / VICI Note Co Inc                                                          | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              |  | US        |      968000 | PA      | $894615.92    | 0.08%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| BANCO DE SABADELL SA                           | Banco de Sabadell SA                                                                           | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | DBT              | CORP              | ES        |      800000 | PA      | $796159.32    | 0.07%             | 2026-03-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC                          | Directv Financing LLC / Directv Financing Co-Obligor Inc                                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      755000 | PA      | $683848.80    | 0.06%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply, LLC                       | Talen Energy Supply, LLC 2019 Term Loan B                                                      | CUSIP: 87422LAM2<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |      829000 | PA      | $839362.50    | 0.07%             | 2026-07-08      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Quest Software US Holdings Inc.                | Quest Software US Holdings Inc. 2022 2nd Lien Term Loan                                        | CUSIP: 000000000<br>LEI: 549300LMV4JEXTGLE324 | Long             | LON              | CORP              | US        |      100000 | PA      | $64375.00     | 0.01%             | 2030-02-01      | Floating      | 12.33%                | No            |                  2 | On Loan: No      |
| KINGDOM OF MOROCCO                             | Morocco Government International Bond                                                          | CUSIP: 000000000<br>LEI: 529900F3MBW9XY5K1X07 | Long             | DBT              | NUSS              | MA        |      482000 | PA      | $328965.00    | 0.03%             | 2050-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                    | Asurion LLC 2021 Second Lien Term Loan B4                                                      | CUSIP: 04649VBA7<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      486000 | PA      | $405508.68    | 0.04%             | 2029-01-20      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KAZAKHSTAN                         | Kazakhstan Government International Bond                                                       | CUSIP: 000000000<br>LEI: 5493007OEK8EF02UO833 | Long             | DBT              | NUSS              | KZ        |     1406000 | PA      | $1275945.00   | 0.11%             | 2044-10-14      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Kronos Acquisition Holdings Inc.               | Kronos Acquisition Holdings Inc. 2021 Term Loan B                                              | CUSIP: 49387TAW6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      220253 | PA      | $213773.22    | 0.02%             | 2026-12-22      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| NOVA CHEMICALS CORP                            | NOVA Chemicals Corp                                                                            | CUSIP: 66977WAS8<br>LEI: 549300ZOD6N7RI2FJP09 | Long             | DBT              | CORP              | CA        |     1815000 | PA      | $1558722.00   | 0.14%             | 2029-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ASSUREDPARTNERS, INC.                          | AssuredPartners, Inc. 2022 Term Loan B4                                                        | CUSIP: 04621HAU7<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |     1247500 | PA      | $1246464.58   | 0.11%             | 2027-02-12      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| Station Casinos LLC                            | Station Casinos LLC 2020 Term Loan B                                                           | CUSIP: 85769EAZ4<br>LEI: 5493004E7Q60TX54WL62 | Long             | LON              | CORP              | US        |       95360 | PA      | $94571.26     | 0.01%             | 2027-02-08      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                        | Ethiopia International Bond                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |      200000 | PA      | $133537.50    | 0.01%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Grifols Worldwide Operations USA, Inc.         | Grifols Worldwide Operations USA, Inc. USD 2019 Term Loan B                                    | CUSIP: 39843PAG8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      448754 | PA      | $440403.01    | 0.04%             | 2027-11-15      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                        | Royal Caribbean Cruises Ltd                                                                    | CUSIP: 780153BJ0<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |      395000 | PA      | $353351.20    | 0.03%             | 2026-08-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PARAGUAY                           | Paraguay Government International Bond                                                         | CUSIP: 000000000<br>LEI: 529900UXKJTJPCU0HK83 | Long             | DBT              | NUSS              | PY        |      598000 | PA      | $480567.75    | 0.04%             | 2033-01-29      | Fixed         | 2.74%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $3070.02      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                             | Panama Government International Bond                                                           | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1152000 | PA      | $856296.00    | 0.08%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Gray Television Inc                            | Gray Television Inc                                                                            | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |     1941000 | PA      | $1763961.39   | 0.16%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                          | China Government Bond                                                                          | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    32070000 | PA      | $4722888.07   | 0.42%             | 2029-06-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                                  | Carnival Corp                                                                                  | CUSIP: 143658BJ0<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     1814000 | PA      | $1864538.04   | 0.17%             | 2027-08-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| AVAYA INC                                      | Avaya Inc                                                                                      | CUSIP: 053499AL3<br>LEI: J6LB5QIFSP2MFEFG4U76 | Long             | DBT              | CORP              | US        |     1836000 | PA      | $542758.32    | 0.05%             | 2028-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Equinox Holdings, Inc.                         | Equinox Holdings, Inc. 2017 1st Lien Term Loan                                                 | CUSIP: 29446CAP9<br>LEI: 549300W05QKLNGQIIA73 | Long             | LON              | CORP              | US        |     1232948 | PA      | $952452.52    | 0.08%             | 2024-03-08      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| CT INVESTMENT GMBH                             | CT Investment GmbH                                                                             | CUSIP: 000000000<br>LEI: 529900VYBTC7HKBCNB72 | Long             | DBT              | CORP              | DE        |     1145000 | PA      | $1114843.79   | 0.10%             | 2026-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| McAfee, LLC                                    | McAfee, LLC 2022 USD Term Loan B                                                               | CUSIP: 57906HAD9<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |      926093 | PA      | $872268.60    | 0.08%             | 2029-03-01      | Variable      | 8.42%                 | No            |                  2 | On Loan: No      |
| Gates Global LLC                               | Gates Global LLC 2021 Term Loan B3                                                             | CUSIP: 36740UAT9<br>LEI: 549300XI79MQJV13DW27 | Long             | LON              | CORP              | US        |      239427 | PA      | $238321.00    | 0.02%             | 2027-03-31      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                          | Bonos de la Tesoreria de la Republica en pesos                                                 | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   240000000 | PA      | $277897.67    | 0.02%             | 2025-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                                  | CUSIP: 829259AY6<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     1601000 | PA      | $1276701.44   | 0.11%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Restoration Hardware, Inc.                     | Restoration Hardware, Inc. Term Loan B                                                         | CUSIP: 76133MAB7<br>LEI: 5493008MTS3OGGMHGK69 | Long             | LON              | CORP              | US        |      221079 | PA      | $212282.66    | 0.02%             | 2028-10-20      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                          | Costa Rica Government International Bond                                                       | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      568000 | PA      | $549469.00    | 0.05%             | 2044-04-04      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA                       | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                                         | CUSIP: 03969AAR1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      227000 | PA      | $187134.26    | 0.02%             | 2027-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Packaging Coordinators Midco, Inc.             | Packaging Coordinators Midco, Inc. 2020 1st Lien Term Loan                                     | CUSIP: 69515EAH5<br>LEI: 549300SL20D7D39KSB12 | Long             | LON              | CORP              | US        |     1119007 | PA      | $1096425.71   | 0.10%             | 2027-11-30      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| VZ SECURED FINANCING BV                        | VZ Secured Financing BV                                                                        | CUSIP: 91845AAA3<br>LEI: 549300MG611MYCOWY949 | Long             | DBT              | CORP              | NL        |      955000 | PA      | $817814.25    | 0.07%             | 2032-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                                  | UniCredit SpA                                                                                  | CUSIP: 904678AF6<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     2075000 | PA      | $1914042.25   | 0.17%             | 2032-06-19      | Fixed         | 5.86%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                      | IQVIA Inc                                                                                      | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      400000 | PA      | $387303.82    | 0.03%             | 2028-06-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp.                     | Gainwell Acquisition Corp. Term Loan B                                                         | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2445189 | PA      | $2383863.58   | 0.21%             | 2027-10-01      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                               | Peruvian Government International Bond                                                         | CUSIP: 715638DF6<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     2647000 | PA      | $2235556.94   | 0.20%             | 2031-01-23      | Fixed         | 2.78%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                           | Chart Industries Inc                                                                           | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |     1058000 | PA      | $1104202.86   | 0.10%             | 2031-01-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Hertz Corporation, (The)                       | Hertz Corporation, (The) 2021 Term Loan B                                                      | CUSIP: 42804VBB6<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |     1473400 | PA      | $1465693.87   | 0.13%             | 2028-06-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| BRANDYWINE OPER PARTNERS                       | Brandywine Operating Partnership LP                                                            | CUSIP: 105340AR4<br>LEI: IXBXSCONLDQ1ZI73YU71 | Long             | DBT              |  | US        |      950000 | PA      | $953610.00    | 0.08%             | 2028-03-15      | Fixed         | 7.55%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                       | Hilton Domestic Operating Co Inc                                                               | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      240000 | PA      | $208322.40    | 0.02%             | 2031-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED GBP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | GB        |           1 | NC      | $23874.70     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Czech Republic                                 | Czech Republic Government Bond                                                                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    38250000 | PA      | $1531218.98   | 0.14%             | 2026-06-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| LBM ACQUISITION LLC                            | LBM Acquisition LLC                                                                            | CUSIP: 05552BAA4<br>LEI: 549300FAEB3VWZL4NI86 | Long             | DBT              | CORP              | US        |     1296000 | PA      | $984674.88    | 0.09%             | 2029-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ClubCorp Holdings, Inc.                        | ClubCorp Holdings, Inc. 2017 Term Loan B                                                       | CUSIP: 18948TAB9<br>LEI: 549300XWSO7KBICXNW37 | Long             | LON              | CORP              | US        |     4937135 | PA      | $4549470.94   | 0.41%             | 2024-09-18      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                       | Republic of South Africa Government Bond                                                       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    69099769 | PA      | $3636618.38   | 0.32%             | 2030-01-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                  | Coherent Corp                                                                                  | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |     1116000 | PA      | $1020347.64   | 0.09%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                                     | Carvana Co                                                                                     | CUSIP: 146869AB8<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |       90000 | PA      | $45024.30     | 0.00%             | 2025-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CIDRON AIDA FINCO SARL                         | Cidron Aida Finco Sarl                                                                         | CUSIP: 000000000<br>LEI: 98450036A07991DEBF10 | Long             | DBT              | CORP              | LU        |     1123000 | PA      | $1104325.58   | 0.10%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Acrisure, LLC                                  | Acrisure, LLC 2021 First Lien Term Loan B                                                      | CUSIP: 00488PAP0<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |     2865597 | PA      | $2784414.38   | 0.25%             | 2027-02-15      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| GPD COS INC                                    | GPD Cos Inc                                                                                    | CUSIP: 64051NAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      893000 | PA      | $800601.29    | 0.07%             | 2026-04-01      | Fixed         | 10.12%                | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                             | Seagate HDD Cayman                                                                             | CUSIP: 81180WBE0<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |      225000 | PA      | $169591.50    | 0.02%             | 2031-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Jazz Financing Lux S.a.r.l.                    | Jazz Financing Lux S.a.r.l. USD Term Loan                                                      | CUSIP: 000000000<br>LEI: 635400WUEO2NSG5OIU34 | Long             | LON              | CORP              | LU        |     2718860 | PA      | $2715026.18   | 0.24%             | 2028-05-05      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| GUARA NORTE SARL                               | Guara Norte Sarl                                                                               | CUSIP: 400666AA1<br>LEI: 549300U2I4L03BBA3485 | Long             | DBT              | CORP              | LU        |      646505 | PA      | $583874.56    | 0.05%             | 2034-06-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED CZK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | CZ        |           1 | NC      | $16480.83     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                                       | CUSIP: 718286CK1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      882000 | PA      | $703492.02    | 0.06%             | 2031-06-10      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                                   | Calpine Corp                                                                                   | CUSIP: 131347CM6<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |      308000 | PA      | $284450.32    | 0.03%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                                           | CUSIP: 91087BAV2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      704000 | PA      | $747296.00    | 0.07%             | 2035-02-09      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                                  | Urban One Inc                                                                                  | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |     1285000 | PA      | $1160252.20   | 0.10%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA VEND FIN IV                       | Virgin Media Vendor Financing Notes IV DAC                                                     | CUSIP: 92770QAA5<br>LEI: 635400ZZNJSEA4CAJR23 | Long             | DBT              | CORP              | IE        |      855000 | PA      | $775827.00    | 0.07%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Verscend Holding Corp.                         | Verscend Holding Corp. 2021 Term Loan B                                                        | CUSIP: 92531HAD9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1230524 | PA      | $1227004.95   | 0.11%             | 2025-08-27      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                                                                       | CUSIP: 44106MAY8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      770000 | PA      | $561730.40    | 0.05%             | 2030-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                | TransDigm, Inc. 2020 Term Loan F                                                               | CUSIP: 89364MBR4<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |       14923 | PA      | $14863.39     | 0.00%             | 2025-12-09      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                       | Republic of South Africa Government Bond                                                       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    26000000 | PA      | $1609238.02   | 0.14%             | 2026-12-21      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                        | Romania Government Bond                                                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     4955000 | PA      | $947618.77    | 0.08%             | 2028-01-26      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                          | Mineral Resources Ltd                                                                          | CUSIP: 603051AC7<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      387000 | PA      | $397526.40    | 0.04%             | 2027-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Gulf Finance, LLC                              | Gulf Finance, LLC 2021 Term Loan                                                               | CUSIP: 40227UAC0<br>LEI: 549300GL13V5C6ULWJ40 | Long             | LON              | CORP              | US        |     2850506 | PA      | $2772116.90   | 0.25%             | 2026-08-25      | Floating      | 11.43%                | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 95631000000 | PA      | $6283958.31   | 0.56%             | 2028-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                                      | CUSIP: 674599CF0<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      965000 | PA      | $810773.70    | 0.07%             | 2045-06-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Caesars Resort Collection, LLC                 | Caesars Resort Collection, LLC 2020 Term Loan B1                                               | CUSIP: 12769LAD1<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |      359236 | PA      | $358955.52    | 0.03%             | 2025-07-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BANCA MONTE DEI PASCHI S                       | Banca Monte dei Paschi di Siena SpA                                                            | CUSIP: 000000000<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | DBT              | CORP              | IT        |     1964000 | PA      | $1868524.04   | 0.17%             | 2028-01-18      | Fixed         | 7.68%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                                           | CUSIP: 35908MAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      410000 | PA      | $424723.10    | 0.04%             | 2030-05-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Skillsoft Corp                                 | Skillsoft Corp                                                                                 | CUSIP: 83066P200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       17300 | NS      | $33216.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Inc                                  | TransDigm Inc                                                                                  | CUSIP: 893647BE6<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |     2012000 | PA      | $2011255.56   | 0.18%             | 2026-03-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PPTY REIT INC                       | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL               | CUSIP: 11284DAC9<br>LEI: N/A                  | Long             | DBT              |  | US        |      983000 | PA      | $865344.73    | 0.08%             | 2027-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Organon & Co                                   | Organon & Co USD Term Loan                                                                     | CUSIP: 68621XAE3<br>LEI: 549300AMCKY57OK2CO56 | Long             | LON              | CORP              | US        |     1044873 | PA      | $1041696.83   | 0.09%             | 2028-06-02      | Floating      | 7.75%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding, LLC                  | Deerfield Dakota Holding, LLC 2021 USD 2nd Lien Term Loan                                      | CUSIP: 24440EAG2<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |     1750000 | PA      | $1647187.50   | 0.15%             | 2028-04-07      | Floating      | 11.32%                | No            |                  2 | On Loan: No      |
| Polaris Newco LLC                              | Polaris Newco LLC USD Term Loan B                                                              | CUSIP: 73108RAB4<br>LEI: 254900LEPDAG7EDOA064 | Long             | LON              | CORP              | US        |     2735256 | PA      | $2595922.00   | 0.23%             | 2028-06-02      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| Avaya, Inc.                                    | Avaya, Inc. 2020 Term Loan B                                                                   | CUSIP: 000000000<br>LEI: J6LB5QIFSP2MFEFG4U76 | Long             | LON              | CORP              | US        |      540064 | PA      | $136366.09    | 0.01%             | 2027-12-15      | Floating      | 8.71%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                 | Transocean Inc                                                                                 | CUSIP: 893830BQ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |     1192000 | PA      | $1244662.56   | 0.11%             | 2027-01-30      | Fixed         | 11.50%                | No            |                  2 | On Loan: No      |
| Caesars Resort Collection, LLC                 | Caesars Resort Collection, LLC 2017 1st Lien Term Loan B                                       | CUSIP: 12769LAB5<br>LEI: 549300V3UCT773B1KR38 | Long             | LON              | CORP              | US        |     2702389 | PA      | $2698821.57   | 0.24%             | 2024-12-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Finastra USA, Inc.                             | Finastra USA, Inc. USD 1st Lien Term Loan                                                      | CUSIP: 02034DAC1<br>LEI: 549300ZB2RO6QC7YTK71 | Long             | LON              | CORP              | US        |     4656495 | PA      | $4365463.60   | 0.39%             | 2024-06-13      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                                         | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1234000 | PA      | $879225.00    | 0.08%             | 2051-02-14      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   119970700 | PA      | $6302387.93   | 0.56%             | 2029-05-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| JACOBS ENTERTAINMENT INC                       | Jacobs Entertainment Inc                                                                       | CUSIP: 469815AK0<br>LEI: 5493004U9JIWY3HSUO63 | Long             | DBT              | CORP              | US        |      770000 | PA      | $717462.90    | 0.06%             | 2029-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED USD / SOLD CZK                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-21086.33    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM OPERATING                        | DCP Midstream Operating LP                                                                     | CUSIP: 26439XAC7<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |      350000 | PA      | $400435.00    | 0.04%             | 2030-08-16      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                           | Abu Dhabi Government International Bond                                                        | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      400000 | PA      | $333450.00    | 0.03%             | 2031-03-02      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| TUI CRUISES GMBH                               | TUI Cruises GmbH                                                                               | CUSIP: 000000000<br>LEI: 529900SVD83QUUIZYY18 | Long             | DBT              | CORP              | DE        |      350000 | PA      | $342410.49    | 0.03%             | 2026-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Ultimate Software Group Inc (The)              | Ultimate Software Group Inc (The) Term Loan B                                                  | CUSIP: 90385KAB7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     1991029 | PA      | $1969744.78   | 0.18%             | 2026-05-04      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                                                         | CUSIP: 156700BD7<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |     1380000 | PA      | $927304.80    | 0.08%             | 2029-01-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CAESARS RESORT / FINCO                         | Caesars Resort Collection LLC / CRC Finco Inc                                                  | CUSIP: 12770RAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $130078.00    | 0.01%             | 2025-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Apttus Corporation                             | Apttus Corporation 2021 Term Loan                                                              | CUSIP: 03835XAC6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      374609 | PA      | $363138.85    | 0.03%             | 2028-05-08      | Floating      | 9.07%                 | No            |                  2 | On Loan: No      |
| LCPR Loan Financing LLC                        | LCPR Loan Financing LLC 2021 Term Loan B                                                       | CUSIP: 50183CAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      454208 | PA      | $453640.16    | 0.04%             | 2028-10-16      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| DIAMOND SPORTS GR/DIAMON                       | Diamond Sports Group LLC / Diamond Sports Finance Co                                           | CUSIP: 25277LAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2069000 | PA      | $150809.41    | 0.01%             | 2026-08-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                       | Builders FirstSource Inc                                                                       | CUSIP: 12008RAP2<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |      575000 | PA      | $494787.50    | 0.04%             | 2032-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                          | Guatemala Government Bond                                                                      | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      821000 | PA      | $796010.81    | 0.07%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMC ENTERTAINMENT HLDGS                        | AMC Entertainment Holdings Inc                                                                 | CUSIP: 00165CAD6<br>LEI: 549300ZO77UNR6NRBR11 | Long             | DBT              | CORP              | US        |      235000 | PA      | $85053.55     | 0.01%             | 2027-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CHINA GOVT INTL BOND                           | China Government International Bond                                                            | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      888000 | PA      | $802245.84    | 0.07%             | 2025-10-21      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| West Corporation                               | West Corporation 2018 Term Loan B1                                                             | CUSIP: 68162RAD3<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |      232241 | PA      | $217435.21    | 0.02%             | 2024-10-10      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                          | China Government Bond                                                                          | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    17170000 | PA      | $2557168.78   | 0.23%             | 2027-06-04      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| Astra Acquisition Corp.                        | Astra Acquisition Corp. 2021 1st Lien Term Loan                                                | CUSIP: 04629UAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      554111 | PA      | $487618.11    | 0.04%             | 2028-10-25      | Floating      | 9.82%                 | No            |                  2 | On Loan: No      |
| Granite Holdings US Acquisition Co.            | Granite Holdings US Acquisition Co. 2021 Term Loan B                                           | CUSIP: 38740TAE1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      745596 | PA      | $744432.63    | 0.07%             | 2026-09-30      | Floating      | 8.75%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                         | SCIH Salt Holdings Inc                                                                         | CUSIP: 78433BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      366000 | PA      | $311641.68    | 0.03%             | 2029-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Nidda BondCo GmbH                              | Nidda BondCo GmbH                                                                              | CUSIP: 000000000<br>LEI: 391200JPUEK6AMI9PQ76 | Long             | DBT              | CORP              | DE        |      450000 | PA      | $455838.32    | 0.04%             | 2025-09-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GEORGIA                            | Georgia Government International Bond                                                          | CUSIP: 000000000<br>LEI: 2138007T8RLEVDMLQ257 | Long             | DBT              | NUSS              | GE        |      329000 | PA      | $301405.13    | 0.03%             | 2026-04-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| HUB International Ltd                          | HUB International Ltd                                                                          | CUSIP: 44332PAD3<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |      750000 | PA      | $746062.50    | 0.07%             | 2026-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BCPE Empire Holdings, Inc.                     | BCPE Empire Holdings, Inc. 2019 Term Loan B                                                    | CUSIP: 05550HAB1<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |      512646 | PA      | $505489.23    | 0.05%             | 2026-06-11      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC                          | Caesars Entertainment Inc                                                                      | CUSIP: 12769GAB6<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |      600000 | PA      | $611412.00    | 0.05%             | 2030-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORG                               | Organon & Co / Organon Foreign Debt Co-Issuer BV                                               | CUSIP: 68622TAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      645000 | PA      | $580693.50    | 0.05%             | 2031-04-30      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ICON Luxembourg S.A.R.L.                       | ICON Luxembourg S.A.R.L. LUX Term Loan                                                         | CUSIP: 000000000<br>LEI: 635400PUWMHSPI2DDA35 | Long             | LON              | CORP              | LU        |      456251 | PA      | $456081.73    | 0.04%             | 2028-07-03      | Floating      | 7.00%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                   | Comcast Corp                                                                                   | CUSIP: 20030NDW8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |     1090000 | PA      | $727564.10    | 0.06%             | 2063-11-01      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                                     | Akumin Inc                                                                                     | CUSIP: 01021FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3076000 | PA      | $2384023.04   | 0.21%             | 2025-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CA MAGNUM HOLDINGS                             | CA Magnum Holdings                                                                             | CUSIP: 12674CAA1<br>LEI: 549300ZRDHFR078MFZ78 | Long             | DBT              | CORP              | MU        |     1570000 | PA      | $1444400.00   | 0.13%             | 2026-10-31      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                       | Live Nation Entertainment Inc                                                                  | CUSIP: 538034AN9<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      650000 | PA      | $630812.00    | 0.06%             | 2026-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Greenway Health, LLC                           | Greenway Health, LLC 2017 1st Lien Term Loan                                                   | CUSIP: 39678DAC4<br>LEI: 549300U56GIYUK0LTY73 | Long             | LON              | CORP              | US        |      122489 | PA      | $83169.85     | 0.01%             | 2024-02-16      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM                             | Total Play Telecomunicaciones SA de CV                                                         | CUSIP: 89157FAC4<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |     1102000 | PA      | $926523.03    | 0.08%             | 2028-09-20      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                       | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                                 | CUSIP: 01883LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      631000 | PA      | $590887.33    | 0.05%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                                        | CUSIP: 105756CD0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     2057000 | PA      | $1955178.50   | 0.17%             | 2025-06-06      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN                       | Hilton Domestic Operating Co Inc                                                               | CUSIP: 432833AJ0<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |      705000 | PA      | $626470.05    | 0.06%             | 2029-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Kenan Advantage Group, Inc.                    | Kenan Advantage Group, Inc. 2021 Term Loan B1                                                  | CUSIP: 48853UBE9<br>LEI: 549300GVUXCXDWYPIY65 | Long             | LON              | CORP              | US        |      249364 | PA      | $246107.18    | 0.02%             | 2026-03-24      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                       | 1011778 BC ULC / New Red Finance Inc                                                           | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      125000 | PA      | $114250.00    | 0.01%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Transocean Pontus Ltd                          | Transocean Pontus Ltd                                                                          | CUSIP: 89382PAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      889280 | PA      | $914402.16    | 0.08%             | 2025-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Surgery Center Holdings, Inc.                  | Surgery Center Holdings, Inc. 2021 Term Loan                                                   | CUSIP: 86880NAX1<br>LEI: 54930054EVI5HWPPW113 | Long             | LON              | CORP              | US        |     2786046 | PA      | $2778384.00   | 0.25%             | 2026-08-31      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| SINCLAIR TELEVISION GROU                       | Sinclair Television Group Inc                                                                  | CUSIP: 829259BA7<br>LEI: 549300CQGEN0CH65UD62 | Long             | DBT              | CORP              | US        |     1117000 | PA      | $888070.85    | 0.08%             | 2030-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| EMPIRE RESORTS INC                             | Empire Resorts Inc                                                                             | CUSIP: 292052AF4<br>LEI: 549300WBFN23L9HI5N68 | Long             | DBT              | CORP              | US        |     1515000 | PA      | $1237224.75   | 0.11%             | 2026-11-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED EGP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | EG        |           1 | NC      | $-477068.11   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                            | Intesa Sanpaolo SpA                                                                            | CUSIP: 46115HAW7<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      625000 | PA      | $613025.00    | 0.05%             | 2026-01-15      | Fixed         | 5.71%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                         | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      300000 | PA      | $271587.54    | 0.02%             | 2028-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC                       | Permian Resources Operating LLC                                                                | CUSIP: 19416MAB5<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |      853000 | PA      | $801257.02    | 0.07%             | 2029-07-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Stars Group Holdings B.V. (The)                | Stars Group Holdings B.V. (The) 2018 USD Incremental Term Loan                                 | CUSIP: 000000000<br>LEI: 549300RNFXC8F8RT6R13 | Long             | LON              | CORP              | NL        |      516391 | PA      | $515219.06    | 0.05%             | 2026-07-21      | Floating      | 6.98%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                       | Brazil Notas do Tesouro Nacional Serie B                                                       | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     8745412 | PA      | $1627100.61   | 0.15%             | 2050-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ALTICE FINANCING SA                            | Altice Financing SA                                                                            | CUSIP: 02154CAH6<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |     1945000 | PA      | $1638079.00   | 0.15%             | 2029-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                       | Diversified Healthcare Trust                                                                   | CUSIP: 25525PAB3<br>LEI: N/A                  | Long             | DBT              |  | US        |      680000 | PA      | $461386.80    | 0.04%             | 2031-03-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| VMED O2 UK FINAN                               | Vmed O2 UK Financing I PLC                                                                     | CUSIP: 92858RAA8<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |     1545000 | PA      | $1296239.55   | 0.12%             | 2031-01-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   188730000 | PA      | $409872.42    | 0.04%             | 2025-11-26      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                   | Centene Corp                                                                                   | CUSIP: 15135BAZ4<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      645000 | PA      | $528461.40    | 0.05%             | 2031-08-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| AssuredPartners, Inc.                          | AssuredPartners, Inc. 2021 Term Loan B                                                         | CUSIP: 04621HAS2<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |     1622788 | PA      | $1602097.46   | 0.14%             | 2027-02-12      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XBD6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      683000 | PA      | $434353.85    | 0.04%             | 2029-06-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| COOPERATIEVE RABOBANK UA                       | Cooperatieve Rabobank UA                                                                       | CUSIP: 000000000<br>LEI: DG3RU1DBUFHT4ZF9WN62 | Long             | DBT              | CORP              | NL        |     1000000 | PA      | $983849.29    | 0.09%             | 2029-06-29      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                              | Iliad Holding SASU                                                                             | CUSIP: 000000000<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |      450000 | PA      | $456058.47    | 0.04%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                       | Charter Communications Operating LLC / Charter Communications Operating Capital                | CUSIP: 161175CA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      200000 | PA      | $136038.00    | 0.01%             | 2052-06-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                 | Qatar Government International Bond                                                            | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |     1909000 | PA      | $1869388.25   | 0.17%             | 2030-04-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ENVIVA PARTNERS LP/FIN C                       | Enviva Partners LP / Enviva Partners Finance Corp                                              | CUSIP: 29413XAD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      401000 | PA      | $375524.47    | 0.03%             | 2026-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Dun & Bradstreet Corporation (The)             | Dun & Bradstreet Corporation (The) Term Loan                                                   | CUSIP: 26483NAN0<br>LEI: RI37BMPWE56BCJ747E14 | Long             | LON              | CORP              | US        |      714383 | PA      | $712468.57    | 0.06%             | 2026-02-06      | Floating      | 7.77%                 | No            |                  2 | On Loan: No      |
| Alterra Mountain Company                       | Alterra Mountain Company Term Loan B1                                                          | CUSIP: 46124CAB3<br>LEI: 549300C5O4FSVNUEI843 | Long             | LON              | CORP              | US        |     2696266 | PA      | $2687287.42   | 0.24%             | 2024-07-31      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| BCP MODULAR SERVICES                           | BCP V Modular Services Finance II PLC                                                          | CUSIP: 000000000<br>LEI: 213800227GGD6UI7PI97 | Long             | DBT              | CORP              | GB        |      450000 | PA      | $427219.09    | 0.04%             | 2028-11-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                                                                       | CUSIP: 81761LAB8<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      645000 | PA      | $571837.65    | 0.05%             | 2027-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DKT FINANCE APS                                | DKT Finance ApS                                                                                | CUSIP: 000000000<br>LEI: 529900CPZ2SMDPG5RV48 | Long             | DBT              | CORP              | DK        |      500000 | PA      | $543732.80    | 0.05%             | 2023-06-17      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                    | Chemours Co/The                                                                                | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |      202000 | PA      | $184064.42    | 0.02%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                         | Verizon Communications Inc                                                                     | CUSIP: 92343VFW9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |      580000 | PA      | $385926.20    | 0.03%             | 2056-10-30      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                              | Kosmos Energy Ltd                                                                              | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      671000 | PA      | $603809.42    | 0.05%             | 2026-04-04      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC                                 | ANGI Group LLC                                                                                 | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      511000 | PA      | $391742.82    | 0.03%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| IRB HOLDING CORP                               | IRB Holding Corp 2022 Term Loan B                                                              | CUSIP: 44988LAH0<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |      600000 | PA      | $593250.00    | 0.05%             | 2027-12-15      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| DaVita, Inc.                                   | DaVita, Inc. 2020 Term Loan B                                                                  | CUSIP: 23918VAY0<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | LON              | CORP              | US        |      186614 | PA      | $184281.19    | 0.02%             | 2026-08-12      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    20609500 | PA      | $1209733.49   | 0.11%             | 2036-11-20      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| DISH DBS Corp                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XAY1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      673000 | PA      | $545957.79    | 0.05%             | 2026-07-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                          | eG Global Finance PLC                                                                          | CUSIP: 000000000<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |      150000 | PA      | $146041.25    | 0.01%             | 2025-10-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORPORATION                    | Covanta Holding Corporation 2021 Term Loan C                                                   | CUSIP: 22282GAD9<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |        6000 | PA      | $6002.16      | 0.00%             | 2028-11-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES INC                            | United Airlines Inc                                                                            | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |      810000 | PA      | $739068.30    | 0.07%             | 2029-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                              | Ghana Government International Bond                                                            | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      995000 | PA      | $365662.50    | 0.03%             | 2035-02-11      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental, LLC                    | Avis Budget Car Rental, LLC 2022 Term Loan C                                                   | CUSIP: 05377JAS1<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |       59699 | PA      | $59549.99     | 0.01%             | 2029-03-16      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                        | Romania Government Bond                                                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     8305000 | PA      | $1755940.51   | 0.16%             | 2024-04-29      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                       | Republic of South Africa Government Bond                                                       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    89582879 | PA      | $4442638.93   | 0.40%             | 2035-02-28      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                                | Nissan Motor Co Ltd                                                                            | CUSIP: 654744AC5<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |      636000 | PA      | $598189.80    | 0.05%             | 2027-09-17      | Fixed         | 4.34%                 | No            |                  2 | On Loan: No      |
| VOYAGER AVIATION HLD EQUITY                    | VOYAGER AVIATION HLD EQUITY                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         240 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Republic of South Africa                       | Republic of South Africa Government Bond                                                       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   119947624 | PA      | $4646750.96   | 0.41%             | 2036-03-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      190000 | PA      | $15200.00     | 0.00%             | 2038-03-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MOBILUX FINANCE                                | Mobilux Finance SAS                                                                            | CUSIP: 000000000<br>LEI: 9695002JF900PZD9TO50 | Long             | DBT              | CORP              | FR        |      400000 | PA      | $342030.54    | 0.03%             | 2028-07-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CPI CG INC                                     | CPI CG Inc                                                                                     | CUSIP: 12598FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      538000 | PA      | $530973.72    | 0.05%             | 2026-03-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Cornerstone Chemical Co                        | Cornerstone Chemical Co                                                                        | CUSIP: 21925AAE5<br>LEI: BL03B05TRUKQ14Y1HC46 | Long             | DBT              | CORP              | US        |     5195000 | PA      | $4150181.60   | 0.37%             | 2024-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| JAGUAR LAND ROVER AUTOMO                       | Jaguar Land Rover Automotive PLC                                                               | CUSIP: 000000000<br>LEI: 529900L73GEWN1O5NH84 | Long             | DBT              | CORP              | GB        |     1100000 | PA      | $970564.32    | 0.09%             | 2028-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    39964000 | PA      | $1058952.17   | 0.09%             | 2035-12-17      | Fixed         | 1.58%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED PLN / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | PL        |           1 | NC      | $5917.61      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BROWN GROUP HOLDING, LLC                       | Brown Group Holding, LLC 2022 Incremental Term Loan B2                                         | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |      997500 | PA      | $996811.73    | 0.09%             | 2029-07-02      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| COVANTA HOLDING CORPORATION                    | Covanta Holding Corporation 2021 Term Loan B                                                   | CUSIP: 22282GAC1<br>LEI: 40XIFLS8XDQGGHGPGC04 | Long             | LON              | CORP              | US        |       74000 | PA      | $74026.64     | 0.01%             | 2028-11-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                             | Panama Government International Bond                                                           | CUSIP: 698299BT0<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     1583000 | PA      | $1669867.13   | 0.15%             | 2035-02-14      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE                         | Blackstone Private Credit Fund                                                                 | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |      990000 | PA      | $851617.80    | 0.08%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-306.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WESTERN GLOBAL AIRLINES                        | Western Global Airlines LLC                                                                    | CUSIP: 958278AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      610000 | PA      | $426871.90    | 0.04%             | 2025-08-15      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX CONCRET                       | Smyrna Ready Mix Concrete LLC                                                                  | CUSIP: 85236FAA1<br>LEI: 549300S7RFWHQFOIOY93 | Long             | DBT              | CORP              | US        |     1349000 | PA      | $1227967.72   | 0.11%             | 2028-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Zelis Healthcare Corporation                   | Zelis Healthcare Corporation 2021 Term Loan                                                    | CUSIP: 98932TAD5<br>LEI: 549300U8NGLZN5R1Y309 | Long             | LON              | CORP              | US        |      493703 | PA      | $492137.71    | 0.04%             | 2026-09-30      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                          | Bonos de la Tesoreria de la Republica en pesos                                                 | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   560000000 | PA      | $685773.39    | 0.06%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Resources Corp                      | California Resources Corp                                                                      | CUSIP: 13057Q123<br>LEI: 5493003Q8F0T4F4YMR48 | N/A              | DE               |  | US        |         670 | NS      | $7336.50      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC                          | Bausch Health Cos Inc                                                                          | CUSIP: 071734AJ6<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |     1500000 | PA      | $657435.00    | 0.06%             | 2030-01-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-439.98      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Sunshine Luxembourg VII SARL                   | Sunshine Luxembourg VII SARL 2021 Term Loan B3                                                 | CUSIP: 000000000<br>LEI: 254900CHQOBZNYV4DY60 | Long             | LON              | CORP              | LU        |     2834352 | PA      | $2774121.63   | 0.25%             | 2026-10-01      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| COSTA RICA GOVERNMENT                          | Costa Rica Government International Bond                                                       | CUSIP: 000000000<br>LEI: 549300S1EK2VN6XVJP58 | Long             | DBT              | NUSS              | CR        |      656000 | PA      | $642183.00    | 0.06%             | 2031-02-19      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Crosby US Acquisition Corp.                    | Crosby US Acquisition Corp. 2022 Term Loan                                                     | CUSIP: 22739PAL0<br>LEI: 549300V5HSWHDNVOWE35 | Long             | LON              | CORP              | US        |      250000 | PA      | $242500.00    | 0.02%             | 2026-06-27      | Variable      | 9.32%                 | No            |                  3 | On Loan: No      |
| Crown Finance US, Inc.                         | Crown Finance US, Inc. 2019 Incremental Term Loan                                              | CUSIP: 22834KAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      223853 | PA      | $33913.70     | 0.00%             | 2026-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VERITAS US INC/BERMUDA L                       | Veritas US Inc / Veritas Bermuda Ltd                                                           | CUSIP: 92346LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      335000 | PA      | $220986.10    | 0.02%             | 2025-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    90131000 | PA      | $2748333.37   | 0.24%             | 2026-12-17      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Birkenstock GmbH & Co. KG                      | Birkenstock GmbH & Co. KG USD Term Loan B                                                      | CUSIP: 000000000<br>LEI: 5299000ZMFOERHT5OW39 | Long             | LON              | CORP              | US        |     1108434 | PA      | $1104620.59   | 0.10%             | 2028-04-28      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Weber-Stephen Products LLC                     | Weber-Stephen Products LLC Term Loan B                                                         | CUSIP: 94767KAN1<br>LEI: 549300XU8TJBBGLK8V26 | Long             | LON              | CORP              | US        |      770661 | PA      | $672787.36    | 0.06%             | 2027-10-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |           1 | NC      | $62969.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    85354000 | PA      | $2474192.93   | 0.22%             | 2027-06-17      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Klockner-Pentaplast of America, Inc.           | Klockner-Pentaplast of America, Inc. 2021 Term Loan B                                          | CUSIP: 49865NAT7<br>LEI: 5299004QDA11QZOG5N31 | Long             | LON              | CORP              | US        |      668368 | PA      | $591506.10    | 0.05%             | 2026-02-12      | Variable      | 8.26%                 | No            |                  2 | On Loan: No      |
| PAYSAFE FIN PLC/PAYSAFE                        | Paysafe Finance PLC / Paysafe Holdings US Corp                                                 | CUSIP: 70452AAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      543000 | PA      | $431685.00    | 0.04%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                       | Republic of South Africa Government International Bond                                         | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1697000 | PA      | $1289720.00   | 0.11%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation                | Envision Healthcare Corporation 2022 First Out Term Loan                                       | CUSIP: 29373UAE1<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |      330790 | PA      | $288614.01    | 0.03%             | 2027-03-31      | Variable      | 12.61%                | No            |                  2 | On Loan: No      |
| American Airlines, Inc.                        | American Airlines, Inc. 2021 Term Loan                                                         | CUSIP: 02376CBJ3<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | LON              | CORP              | KY        |     2298000 | PA      | $2357954.82   | 0.21%             | 2028-04-20      | Floating      | 9.56%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                                        | CUSIP: 455780DM5<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      299000 | PA      | $294921.64    | 0.03%             | 2027-09-20      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| LCPR SR SECURED FIN DAC                        | LCPR Senior Secured Financing DAC                                                              | CUSIP: 50201DAA1<br>LEI: 549300LE5FM8IKMXSP90 | Long             | DBT              | CORP              | IE        |     1474000 | PA      | $1435956.06   | 0.13%             | 2027-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Ali Group North America Corporation            | Ali Group North America Corporation 2021 Term Loan B                                           | CUSIP: 01608UAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      441111 | PA      | $439664.27    | 0.04%             | 2029-07-30      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc                              | Iron Mountain Inc                                                                              | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      835000 | PA      | $793851.20    | 0.07%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| East Valley Tourist Development Authority      | East Valley Tourist Development Authority Term Loan B                                          | CUSIP: 27571VAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1195882 | PA      | $1160005.76   | 0.10%             | 2026-11-23      | Floating      | 11.48%                | No            |                  3 | On Loan: No      |
| First Student Bidco Inc                        | First Student Bidco Inc Term Loan B                                                            | CUSIP: 33718FAD2<br>LEI: 2549006DRO2F06AA1391 | Long             | LON              | CORP              | US        |      454254 | PA      | $428325.23    | 0.04%             | 2028-07-21      | Floating      | 7.73%                 | No            |                  2 | On Loan: No      |
| CommScope Inc                                  | CommScope Inc                                                                                  | CUSIP: 20338QAA1<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     2593000 | PA      | $2204698.25   | 0.20%             | 2027-03-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CoreLogic, Inc.                                | CoreLogic, Inc. 2nd Lien Term Loan                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      500000 | PA      | $360750.00    | 0.03%             | 2029-06-04      | Floating      | 11.12%                | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397B36<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     1390000 | PA      | $1213483.90   | 0.11%             | 2030-11-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                           | Carnival Corporation 2021 Incremental Term Loan B                                              | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |     1503070 | PA      | $1465492.78   | 0.13%             | 2028-10-18      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| DOMTAR CORP                                    | Domtar Corp                                                                                    | CUSIP: 70478JAA2<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |     2852000 | PA      | $2627804.28   | 0.23%             | 2028-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RYAN SPECIALTY GROUP                           | Ryan Specialty Group LLC                                                                       | CUSIP: 78351MAA0<br>LEI: 549300K52N7QBO3PYY45 | Long             | DBT              | CORP              | US        |      500000 | PA      | $450565.00    | 0.04%             | 2030-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                            | American Tower Corp                                                                            | CUSIP: 03027XBD1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      345000 | PA      | $232802.55    | 0.02%             | 2050-06-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                                      | TEGNA Inc                                                                                      | CUSIP: 87901JAH8<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |     1796000 | PA      | $1691365.04   | 0.15%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                       | Brazil Notas do Tesouro Nacional Serie F                                                       | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    76722000 | PA      | $14434116.89  | 1.29%             | 2025-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                         | Credit Suisse Group AG                                                                         | CUSIP: 225401AX6<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      750000 | PA      | $724230.00    | 0.06%             | 2027-06-23      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Deerfield Dakota Holding, LLC                  | Deerfield Dakota Holding, LLC 2020 USD Term Loan B                                             | CUSIP: 24440EAB3<br>LEI: 549300FDREJLOIGXY104 | Long             | LON              | CORP              | US        |     2457922 | PA      | $2373639.65   | 0.21%             | 2027-04-09      | Variable      | 8.31%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                         | Galaxy Pipeline Assets Bidco Ltd                                                               | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     1260312 | PA      | $1088594.13   | 0.10%             | 2034-03-31      | Fixed         | 2.16%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED ZAR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ZA        |           1 | NC      | $-4103.92     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Tutor Perini Corp                              | Tutor Perini Corp                                                                              | CUSIP: 901109AF5<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |     1154000 | PA      | $1027960.12   | 0.09%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| KazTransGas JSC                                | KazTransGas JSC                                                                                | CUSIP: 000000000<br>LEI: 635400YGLXBBSVHONW39 | Long             | DBT              | CORP              | KZ        |      390000 | PA      | $355582.50    | 0.03%             | 2027-09-26      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                       | Telesat Canada / Telesat LLC                                                                   | CUSIP: 87952VAR7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      299000 | PA      | $137964.58    | 0.01%             | 2026-12-06      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DEALER TIRE LLC/DT ISSR                        | Dealer Tire LLC / DT Issuer LLC                                                                | CUSIP: 24229JAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      748000 | PA      | $692700.36    | 0.06%             | 2028-02-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS                          | Merlin Entertainments Ltd                                                                      | CUSIP: 59010QAB2<br>LEI: 549300ZTI0VEFO6WV007 | Long             | DBT              | CORP              | GB        |      250000 | PA      | $238310.00    | 0.02%             | 2026-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                        | Pakistan Government International Bond                                                         | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |      362000 | PA      | $143029.82    | 0.01%             | 2051-04-08      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA                             | Telecom Italia SpA/Milano                                                                      | CUSIP: 87927YAA0<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |      245000 | PA      | $238424.20    | 0.02%             | 2024-05-30      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| TELECOM ITALIA SPA                             | Telecom Italia SpA/Milano                                                                      | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |      401000 | PA      | $365284.58    | 0.03%             | 2027-10-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Perforce Software, Inc.                        | Perforce Software, Inc. 2020 Term Loan B                                                       | CUSIP: 71376GAF8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      242500 | PA      | $224918.75    | 0.02%             | 2026-07-01      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Clydesdale Acquisition Holdings Inc            | Clydesdale Acquisition Holdings Inc Term Loan B                                                | CUSIP: 18972FAC6<br>LEI: 254900QKSDYFR3K5YD98 | Long             | LON              | CORP              | US        |      373125 | PA      | $366065.48    | 0.03%             | 2029-04-13      | Variable      | 8.84%                 | No            |                  2 | On Loan: No      |
| Wilsonart LLC                                  | Wilsonart LLC 2021 Term Loan E                                                                 | CUSIP: 000000000<br>LEI: 549300SAZRUMYKDJBY14 | Long             | LON              | CORP              | US        |      267177 | PA      | $259244.32    | 0.02%             | 2026-12-31      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| CORELOGIC INC                                  | CoreLogic Inc                                                                                  | CUSIP: 21871DAD5<br>LEI: 54930086CD8K2UIL0516 | Long             | DBT              | CORP              | US        |      275000 | PA      | $218432.50    | 0.02%             | 2028-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      695000 | PA      | $507350.00    | 0.05%             | 2033-09-30      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| AEGEA FINANCE SARL                             | Aegea Finance Sarl                                                                             | CUSIP: 00775CAB2<br>LEI: 213800V6WTKUT1XWIZ47 | Long             | DBT              | CORP              | LU        |      906000 | PA      | $896215.20    | 0.08%             | 2029-05-20      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Carnival Corporation                           | Carnival Corporation USD Term Loan B                                                           | CUSIP: 000000000<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | LON              | CORP              | PA        |     2261995 | PA      | $2223224.80   | 0.20%             | 2025-06-30      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC                                  | PRA Group Inc                                                                                  | CUSIP: 69354NAC0<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |      557000 | PA      | $553373.93    | 0.05%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $186.40       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                            | Ecuador Government International Bond                                                          | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |     3282380 | PA      | $1593595.49   | 0.14%             | 2035-07-31      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| KLEOPATRA FINCO SARL                           | Kleopatra Finco Sarl                                                                           | CUSIP: 000000000<br>LEI: 222100M6T1N8VIC8M726 | Long             | DBT              | CORP              | LU        |      250000 | PA      | $227643.84    | 0.02%             | 2026-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                             | Dominican Republic International Bond                                                          | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |      432000 | PA      | $345951.00    | 0.03%             | 2041-01-21      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Avient Corporation                             | Avient Corporation Term Loan B                                                                 | CUSIP: 73179YAL1<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | LON              | CORP              | US        |       41919 | PA      | $41981.42     | 0.00%             | 2029-08-29      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| AssuredPartners, Inc.                          | AssuredPartners, Inc. 2022 Term Loan                                                           | CUSIP: 04621HAT0<br>LEI: 549300HNDSDQWQ3L2P80 | Long             | LON              | CORP              | US        |      496250 | PA      | $490200.71    | 0.04%             | 2027-02-12      | Variable      | 8.06%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                         | Oman Government International Bond                                                             | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |     2573000 | PA      | $2721429.94   | 0.24%             | 2027-10-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-415.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CREDIT SUISSE GROUP AG                         | Credit Suisse Group AG                                                                         | CUSIP: 225401AV0<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |     1240000 | PA      | $1199712.40   | 0.11%             | 2028-08-11      | Fixed         | 6.44%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                          | Bath & Body Works Inc                                                                          | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      100000 | PA      | $94520.00     | 0.01%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED USD / SOLD ZAR                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $1306.90      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Delta TopCo, Inc.                              | Delta TopCo, Inc. 2020 Term Loan B                                                             | CUSIP: 24780DAC1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      406680 | PA      | $376614.50    | 0.03%             | 2027-12-01      | Floating      | 8.15%                 | No            |                  2 | On Loan: No      |
| Pathway Vet Alliance LLC                       | Pathway Vet Alliance LLC 2021 Term Loan                                                        | CUSIP: 70323KAE8<br>LEI: 2549001HRKTHAW7MOH74 | Long             | LON              | CORP              | US        |     2601876 | PA      | $2162341.17   | 0.19%             | 2027-03-31      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                                | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1350000 | PA      | $1307137.50   | 0.12%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| FINANCE OF AMERICA FUNDI                       | Finance of America Funding LLC                                                                 | CUSIP: 317386AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1960000 | PA      | $1204812.00   | 0.11%             | 2025-11-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CNT Holdings I Corp                            | CNT Holdings I Corp 2020 2nd Lien Term Loan                                                    | CUSIP: 12656AAE9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1368000 | PA      | $1307575.44   | 0.12%             | 2028-11-06      | Floating      | 11.38%                | No            |                  2 | On Loan: No      |
| WINDSTREAM CORPORATION                         | WINDSTREAM CORPORATION                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       16319 | NS      | $166257.97    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1675000 | PA      | $1443263.75   | 0.13%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| STRATHCONA RESOURCES                           | Strathcona Resources Ltd/Alberta                                                               | CUSIP: 86304TAA6<br>LEI: 549300YNIUISTSZMLF56 | Long             | DBT              | CORP              | CA        |     1670000 | PA      | $1438070.40   | 0.13%             | 2026-08-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RAYTHEON TECH CORP                             | Raytheon Technologies Corp                                                                     | CUSIP: 75513ECP4<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |      390000 | PA      | $287640.60    | 0.03%             | 2052-03-15      | Fixed         | 3.03%                 | No            |                  2 | On Loan: No      |
| UZBEKNEFTEGAZ JSC                              | Uzbekneftegaz JSC                                                                              | CUSIP: 91825MAB9<br>LEI: 213800LUZJZFLJD4MJ51 | Long             | DBT              | NUSS              | UZ        |      222000 | PA      | $185925.00    | 0.02%             | 2028-11-16      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                 | Czech Republic Government Bond                                                                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    20360000 | PA      | $862972.36    | 0.08%             | 2025-09-17      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| Electricite de France SA                       | Electricite de France SA                                                                       | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |      400000 | PA      | $455187.77    | 0.04%             | 2026-01-29      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                                    | Netflix Inc                                                                                    | CUSIP: 000000000<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |     1020000 | PA      | $1062319.80   | 0.09%             | 2030-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Republic of Angola                             | Angolan Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      460000 | PA      | $480125.00    | 0.04%             | 2025-11-12      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                      | Hong Kong Government International Bond                                                        | CUSIP: 43858AAG5<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |      844000 | PA      | $865884.92    | 0.08%             | 2028-01-11      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Rackspace Technology Global, Inc.              | Rackspace Technology Global, Inc. 2021 Term Loan B                                             | CUSIP: 75009XAB6<br>LEI: 549300QTYCKLMFSE8I97 | Long             | LON              | CORP              | US        |     2689311 | PA      | $1682217.81   | 0.15%             | 2028-02-15      | Floating      | 7.38%                 | No            |                  2 | On Loan: No      |
| BCPE ULYSSES INTERMEDIAT                       | BCPE Ulysses Intermediate Inc                                                                  | CUSIP: 05553LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1094667 | PA      | $817300.28    | 0.07%             | 2027-04-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Group, LLC                      | Diamond Sports Group, LLC 2022 First Priority Term Loan                                        | CUSIP: 25277BAE8<br>LEI: 5493002K6DHWNZH8YA34 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2026-05-25      | Floating      | 12.78%                | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    45283000 | PA      | $1424953.54   | 0.13%             | 2038-06-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| MALAYSIA INVESTMNT ISSUE                       | Malaysia Government Investment Issue                                                           | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     6994000 | PA      | $1593039.98   | 0.14%             | 2030-10-15      | Fixed         | 3.46%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY PART LP/FIN CO                       | NGL Energy Partners LP / NGL Energy Finance Corp                                               | CUSIP: 62913TAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     2102000 | PA      | $1865525.00   | 0.17%             | 2025-03-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                          | LD Holdings Group LLC                                                                          | CUSIP: 521088AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1420000 | PA      | $924718.20    | 0.08%             | 2028-04-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF MOZAMBIQUE                         | Mozambique International Bond                                                                  | CUSIP: 000000000<br>LEI: 213800759WLKYIKPER73 | Long             | DBT              | NUSS              | MZ        |      269000 | PA      | $213989.50    | 0.02%             | 2031-09-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Intrado Corporation                            | Intrado Corporation 2017 Term Loan                                                             | CUSIP: 68162RAC5<br>LEI: 5493005Z5DB0O5S30R71 | Long             | LON              | CORP              | US        |     2239555 | PA      | $2090243.43   | 0.19%             | 2024-10-10      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Arab Republic of Egypt                         | Egypt Government International Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |      710000 | PA      | $472150.00    | 0.04%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| DISH DBS Corp                                  | DISH DBS Corp                                                                                  | CUSIP: 25470XAW5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      180000 | PA      | $169961.40    | 0.02%             | 2024-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                              | Jordan Government International Bond                                                           | CUSIP: 41809JAA3<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      420000 | PA      | $432600.00    | 0.04%             | 2028-01-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                         | Republic of Poland Government Bond                                                             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    12364000 | PA      | $2047451.23   | 0.18%             | 2030-10-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SYNEOS HEALTH INC                              | Syneos Health Inc                                                                              | CUSIP: 87166BAA0<br>LEI: 549300F1ZGKDS8P6GU13 | Long             | DBT              | CORP              | US        |      476000 | PA      | $385026.88    | 0.03%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $2168.97      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Prime Security Services Borrower, LLC          | Prime Security Services Borrower, LLC 2021 Term Loan                                           | CUSIP: 03765VAK6<br>LEI: 549300O6QPZVWXV2DC15 | Long             | LON              | CORP              | US        |     1963742 | PA      | $1961090.77   | 0.17%             | 2026-09-23      | Floating      | 7.52%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES                                 | LSB Industries Inc                                                                             | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |      745000 | PA      | $671297.15    | 0.06%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Charter NEX US, Inc.                           | Charter NEX US, Inc. 2021 Term Loan                                                            | CUSIP: 16125TAJ1<br>LEI: 549300KRNU8RNVGYXG75 | Long             | LON              | CORP              | US        |      742424 | PA      | $737516.82    | 0.07%             | 2027-12-01      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR                       | Midcap Financial Issuer Trust                                                                  | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1497000 | PA      | $1319291.13   | 0.12%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NPC UKRENERGO                                  | NPC Ukrenergo                                                                                  | CUSIP: 000000000<br>LEI: 8945009LCLS92V4AK321 | Long             | DBT              | CORP              | UA        |      263000 | PA      | $45827.75     | 0.00%             | 2028-11-09      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Freeport-McMoRan Inc                           | Freeport-McMoRan Inc                                                                           | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |      925000 | PA      | $900025.00    | 0.08%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GTRC WT TR II                                  | GTRC WT TR II                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |        1986 | NS      | $111017.40    | 0.01%             |  |  |  | No            |                  3 | On Loan: No      |
| MLN US HoldCo LLC                              | MLN US HoldCo LLC 2018 1st Lien Term Loan                                                      | CUSIP: 55292HAB9<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |      889178 | PA      | $229336.73    | 0.02%             | 2025-11-30      | Floating      | 8.25%                 | No            |                  2 | On Loan: No      |
| Athenahealth, Inc.                             | Athenahealth, Inc. 2022 Term Loan B                                                            | CUSIP: 04686RAB9<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |      434940 | PA      | $411379.14    | 0.04%             | 2029-02-15      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| Staples, Inc.                                  | Staples, Inc. 7 Year Term Loan                                                                 | CUSIP: 855031AQ3<br>LEI: XQM2JINI1UL7642TU573 | Long             | LON              | CORP              | US        |      237933 | PA      | $222329.53    | 0.02%             | 2026-04-16      | Floating      | 9.81%                 | No            |                  2 | On Loan: No      |
| GRAY ESCROW II INC                             | Gray Escrow II Inc                                                                             | CUSIP: 389286AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      350000 | PA      | $269178.00    | 0.02%             | 2031-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                             | Dominican Republic International Bond                                                          | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     1837000 | PA      | $1596812.25   | 0.14%             | 2030-01-30      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NIDDA HEALTHCARE HOLDING                       | Nidda Healthcare Holding GmbH                                                                  | CUSIP: 000000000<br>LEI: 549300Q89C4WAO6L0L19 | Long             | DBT              | CORP              | DE        |      150000 | PA      | $159051.18    | 0.01%             | 2026-08-21      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                                          | CUSIP: 527298BN2<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      149000 | PA      | $126374.35    | 0.01%             | 2027-09-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TUNISIAN REPUBLIC                              | Tunisian Republic                                                                              | CUSIP: 000000000<br>LEI: 254900B5LFB16S9T2T11 | Long             | DBT              | NUSS              | TN        |      200000 | PA      | $129850.00    | 0.01%             | 2025-01-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| OCI NV                                         | OCI NV                                                                                         | CUSIP: 67091GAE3<br>LEI: 549300NCMRGIBJYUOE57 | Long             | DBT              | CORP              | NL        |      490000 | PA      | $477328.60    | 0.04%             | 2025-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 922646AS3<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      165000 | PA      | $13200.00     | 0.00%             | 2027-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHG Healthcare Services Inc.                   | CHG Healthcare Services Inc. 2021 Term Loan                                                    | CUSIP: 000000000<br>LEI: 54930016Y1HPAVB9PZ54 | Long             | LON              | CORP              | US        |      365966 | PA      | $363261.29    | 0.03%             | 2028-09-29      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Motion Finco Sarl                              | Motion Finco Sarl Delayed Draw Term Loan B2                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       12429 | PA      | $12237.20     | 0.00%             | 2026-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC                           | SRS Distribution Inc                                                                           | CUSIP: 78471RAB2<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |      231000 | PA      | $212381.40    | 0.02%             | 2028-07-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    87913000 | PA      | $2550036.28   | 0.23%             | 2029-12-17      | Fixed         | 1.60%                 | No            |                  2 | On Loan: No      |
| Viking Cruises Ltd                             | Viking Cruises Ltd                                                                             | CUSIP: 92676XAD9<br>LEI: 549300IJP90T4MV2GL84 | Long             | DBT              | CORP              | BM        |      450000 | PA      | $383737.50    | 0.03%             | 2027-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED USD / SOLD CZK                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | US        |           1 | NC      | $-23722.50    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TRANSNET SOC LTD                               | Transnet SOC Ltd                                                                               | CUSIP: 89378TAD5<br>LEI: 378900B07CD6F01EA796 | Long             | DBT              | CORP              | ZA        |     1484000 | PA      | $1487710.00   | 0.13%             | 2028-02-06      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    92463400 | PA      | $4913368.72   | 0.44%             | 2024-12-05      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| NOMAD FOODS BONDCO PLC                         | Nomad Foods Bondco PLC                                                                         | CUSIP: 000000000<br>LEI: 213800BPK5X4TY4RZ619 | Long             | DBT              | CORP              | GB        |      600000 | PA      | $557923.37    | 0.05%             | 2028-06-24      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Hanesbrands Inc                                | Hanesbrands Inc                                                                                | CUSIP: 410345AJ1<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | DBT              | CORP              | US        |        6000 | PA      | $5899.44      | 0.00%             | 2024-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Pacific Gas & Electric Company                 | Pacific Gas & Electric Company 2020 Term Loan                                                  | CUSIP: 69338CAH4<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | LON              | CORP              | US        |     1744924 | PA      | $1741433.99   | 0.16%             | 2025-06-23      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| Covetrus, Inc.                                 | Covetrus, Inc. Term Loan                                                                       | CUSIP: 22304EAC0<br>LEI: 5493009S30DUFCF75V87 | Long             | LON              | CORP              | US        |      406000 | PA      | $387137.24    | 0.03%             | 2029-10-13      | Variable      | 9.58%                 | No            |                  2 | On Loan: No      |
| Reynolds Group Holdings Inc.                   | Reynolds Group Holdings Inc. 2020 Term Loan B2                                                 | CUSIP: 76173FAW7<br>LEI: 5493002QNV81KCX40V06 | Long             | LON              | CORP              | US        |      675592 | PA      | $674112.81    | 0.06%             | 2026-02-05      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Ahead DB Holdings, LLC                         | Ahead DB Holdings, LLC 2021 Term Loan B                                                        | CUSIP: 00866HAF2<br>LEI: 254900L07WFL833JX193 | Long             | LON              | CORP              | US        |      499813 | PA      | $491066.02    | 0.04%             | 2027-10-18      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| iHeartCommunications, Inc.                     | iHeartCommunications, Inc. 2020 Term Loan                                                      | CUSIP: 45174UAF5<br>LEI: 54930076J6KDZL504O62 | Long             | LON              | CORP              | US        |     2075431 | PA      | $2040833.54   | 0.18%             | 2026-05-01      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Freeport LNG Investments, LLLP                 | Freeport LNG Investments, LLLP Term Loan A                                                     | CUSIP: 000000000<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |     1619663 | PA      | $1570392.43   | 0.14%             | 2026-11-17      | Floating      | 7.81%                 | No            |                  2 | On Loan: No      |
| BANIJAY GROUP SAS                              | Banijay Group SAS                                                                              | CUSIP: 000000000<br>LEI: 969500TVFVKI682L1144 | Long             | DBT              | CORP              | FR        |      919000 | PA      | $965731.49    | 0.09%             | 2026-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED GBP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |           1 | NC      | $369.94       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Mauser Packaging Solut                         | Mauser Packaging Solutions Holding Co                                                          | CUSIP: 12429TAE4<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      263000 | PA      | $255804.32    | 0.02%             | 2025-04-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Brown Group Holding, LLC                       | Brown Group Holding, LLC Term Loan B                                                           | CUSIP: 11565HAB2<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |      244677 | PA      | $243263.19    | 0.02%             | 2028-06-07      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Crown Finance US, Inc.                         | Crown Finance US, Inc. 2018 USD Term Loan                                                      | CUSIP: 22834KAB7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1278461 | PA      | $210792.61    | 0.02%             | 2025-02-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   263510000 | PA      | $566337.25    | 0.05%             | 2027-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cenveo Worldwide Limited                       | Cenveo Worldwide Limited Term Loan                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      228589 | PA      | $228588.57    | 0.02%             | 2024-12-31      | Variable      | 12.17%                | No            |                  3 | On Loan: No      |
| Alterra Mountain Company                       | Alterra Mountain Company 2021 Series B-2 Consenting Term Loan                                  | CUSIP: 46124CAJ6<br>LEI: 549300C5O4FSVNUEI843 | Long             | LON              | CORP              | US        |      494987 | PA      | $493131.28    | 0.04%             | 2028-08-17      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| EQT CORP                                       | EQT Corp                                                                                       | CUSIP: 26884LAG4<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |       56000 | PA      | $59560.48     | 0.01%             | 2030-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                          | Argentine Republic Government International Bond                                               | CUSIP: 040114HT0<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     1785000 | PA      | $549780.00    | 0.05%             | 2035-07-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| COMCAST CORP                                   | Comcast Corp                                                                                   | CUSIP: 20030NDU2<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |      725000 | PA      | $495269.25    | 0.04%             | 2056-11-01      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED USD / SOLD MXN                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | US        |           1 | NC      | $-254621.63   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| KFC HLD/PIZZA HUT/TACO                         | KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC                                 | CUSIP: 48250NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |       95000 | PA      | $92706.70     | 0.01%             | 2027-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT                         | HAT Holdings I LLC / HAT Holdings II LLC                                                       | CUSIP: 418751AD5<br>LEI: N/A                  | Long             | DBT              |  | US        |      417000 | PA      | $321327.69    | 0.03%             | 2030-09-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| COPPER EARNOUT TR                              | COPPER EARNOUT TR                                                                              | CUSIP: 21751C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        5500 | NS      | $27500.00     | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PCF GMBH                                       | PCF GmbH                                                                                       | CUSIP: 000000000<br>LEI: 5299001ZMR76CCHGY076 | Long             | DBT              | CORP              | DE        |      400000 | PA      | $368630.93    | 0.03%             | 2026-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ASBURY AUTOMOTIVE GROUP                        | Asbury Automotive Group Inc                                                                    | CUSIP: 043436AW4<br>LEI: 549300JH4DTA7U42GL91 | Long             | DBT              | CORP              | US        |      695000 | PA      | $614074.20    | 0.05%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC                        | New Fortress Energy Inc                                                                        | CUSIP: 644393AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      787000 | PA      | $726550.53    | 0.06%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| City Brewing Company, LLC                      | City Brewing Company, LLC Closing Date Term Loan                                               | CUSIP: 17776EAB1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      238396 | PA      | $106086.43    | 0.01%             | 2028-04-05      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| Republic of Indonesia                          | Indonesia Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      586000 | PA      | $553101.96    | 0.05%             | 2043-04-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Curium BidCo S.a r.l.                          | Curium BidCo S.a r.l. 2020 USD Term Loan                                                       | CUSIP: 000000000<br>LEI: 213800P2VV9KG6N9L140 | Long             | LON              | CORP              | LU        |      372188 | PA      | $371257.03    | 0.03%             | 2027-12-02      | Floating      | 8.98%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners, Inc.                     | Broadstreet Partners, Inc. 2020 Term Loan B                                                    | CUSIP: 11132VAP4<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |      772770 | PA      | $760536.61    | 0.07%             | 2027-01-27      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Bright Bidco B.V.                              | Bright Bidco B.V. 2018 Term Loan B                                                             | CUSIP: 000000000<br>LEI: 549300IL6Q1JWU688H15 | Long             | LON              | CORP              | NL        |     2802409 | PA      | $917788.85    | 0.08%             | 2024-06-30      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| Intelsat Jackson Holdings S.A.                 | Intelsat Jackson Holdings S.A. 2021 Exit Term Loan B                                           | CUSIP: 000000000<br>LEI: 8XJ8KF85PBKK1TLMFN29 | Long             | LON              | CORP              | LU        |     1461973 | PA      | $1437806.91   | 0.13%             | 2029-02-01      | Floating      | 9.18%                 | No            |                  2 | On Loan: No      |
| Hub International Limited                      | Hub International Limited 2022 Term Loan B                                                     | CUSIP: 44332EAV8<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |      765942 | PA      | $765030.53    | 0.07%             | 2029-11-10      | Variable      | 8.22%                 | No            |                  2 | On Loan: No      |
| BELDEN INC                                     | Belden Inc                                                                                     | CUSIP: 000000000<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | DBT              | CORP              | US        |      756000 | PA      | $698972.64    | 0.06%             | 2031-07-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Ultimate Software Group Inc (The)              | Ultimate Software Group Inc (The) 2021 2nd Lien Term Loan                                      | CUSIP: 000000000<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     1272530 | PA      | $1213217.57   | 0.11%             | 2027-05-03      | Floating      | 10.03%                | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED PLN / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | PL        |           1 | NC      | $24272.57     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LANNETT CO INC                                 | Lannett Co Inc                                                                                 | CUSIP: 51602UAD0<br>LEI: 5299001DJ6C90XX17G45 | Long             | DBT              | CORP              | US        |     2355000 | PA      | $605894.40    | 0.05%             | 2026-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                            | Ecuador Government International Bond                                                          | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |      449575 | PA      | $298349.21    | 0.03%             | 2030-07-31      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund                                                 | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |    76163602 | NS      | $76163602.45  | 6.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic of Ghana                              | Ghana Government International Bond                                                            | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      223000 | PA      | $155542.50    | 0.01%             | 2030-10-14      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                         | Republic of Poland Government Bond                                                             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     7081000 | PA      | $1420237.69   | 0.13%             | 2027-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                             | Peru Government Bond                                                                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1730000 | PA      | $408771.78    | 0.04%             | 2029-02-12      | Fixed         | 5.94%                 | No            |                  2 | On Loan: No      |
| CEMEX MATERIALS LLC                            | CEMEX Materials LLC                                                                            | CUSIP: 766879AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1098000 | PA      | $1100196.00   | 0.10%             | 2025-07-21      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.                | Long: SX003101  CDS USD R F  5.00000 2 CCPCDX / Short: SX003101  CDS USD P V 03MEVENT 1 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |    29090000 | OU      | $827581.41    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| McGraw-Hill Global Education Holdings, LLC     | McGraw-Hill Global Education Holdings, LLC 2021 Term Loan                                      | CUSIP: 58063DAC7<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | LON              | CORP              | US        |      142047 | PA      | $135655.30    | 0.01%             | 2028-07-28      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| TURK IHRACAT KR BK                             | Turkiye Ihracat Kredi Bankasi AS                                                               | CUSIP: 90015LAG2<br>LEI: 789000JVRVYLAXGDWR11 | Long             | DBT              | NUSS              | TR        |      357000 | PA      | $357000.00    | 0.03%             | 2026-01-31      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                         | Acrisure LLC / Acrisure Finance Inc                                                            | CUSIP: 00489LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      866000 | PA      | $718944.54    | 0.06%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                                            | CUSIP: 80413TAZ2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      512000 | PA      | $374336.00    | 0.03%             | 2051-11-17      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/XO MGMT                         | VistaJet Malta Finance PLC / XO Management Holding Inc                                         | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      709000 | PA      | $625848.48    | 0.06%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DirecTV Financing, LLC                         | DirecTV Financing, LLC Term Loan                                                               | CUSIP: 25460HAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1304713 | PA      | $1281201.86   | 0.11%             | 2027-08-02      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION                          | CMG Media Corp                                                                                 | CUSIP: 88146LAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     3074000 | PA      | $2403345.42   | 0.21%             | 2027-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS                         | Verizon Communications Inc                                                                     | CUSIP: 92343VFV1<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |       95000 | PA      | $61802.25     | 0.01%             | 2060-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                      | Apple Inc                                                                                      | CUSIP: 037833EK2<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      145000 | PA      | $103225.50    | 0.01%             | 2051-08-05      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| USI, Inc.                                      | USI, Inc. 2019 Incremental Term Loan B                                                         | CUSIP: 90351NAF2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      244958 | PA      | $244651.48    | 0.02%             | 2026-12-02      | Floating      | 7.98%                 | No            |                  2 | On Loan: No      |
| MARIPOSA BORROWER INC                          | MARIPOSA BORROWER INC                                                                          | CUSIP: 570ESCAA1<br>LEI: 549300VXED5TMJSBCI17 | Long             | DBT              | CORP              | US        |      605000 | PA      | $151915.50    | 0.01%             | 2021-10-15      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397ZX4<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      250000 | PA      | $242370.00    | 0.02%             | 2024-11-01      | Fixed         | 4.06%                 | No            |                  2 | On Loan: No      |
| SYNAPTICS INC                                  | Synaptics Inc                                                                                  | CUSIP: 87157DAG4<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |      672000 | PA      | $583625.28    | 0.05%             | 2029-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CommScope, Inc.                                | CommScope, Inc. 2019 Term Loan B                                                               | CUSIP: 20337EAQ4<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | LON              | CORP              | US        |      532137 | PA      | $520297.01    | 0.05%             | 2026-04-06      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     2313000 | PA      | $1462972.50   | 0.13%             | 2051-09-21      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                         | Republic of Poland Government Bond                                                             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     7866000 | PA      | $1504304.18   | 0.13%             | 2029-10-25      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC                           | LifePoint Health Inc                                                                           | CUSIP: 53219LAU3<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |       71000 | PA      | $47568.58     | 0.00%             | 2029-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                       | Electricite de France SA                                                                       | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $921957.83    | 0.08%             | 2027-09-03      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STONEMOR INC                                   | StoneMor Inc                                                                                   | CUSIP: 86184WAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      975000 | PA      | $793650.00    | 0.07%             | 2029-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                                         | CUSIP: 77586RAS9<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      186000 | PA      | $201984.38    | 0.02%             | 2053-01-17      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| LOARRE INVESTMENTS SARL                        | Loarre Investments Sarl                                                                        | CUSIP: 000000000<br>LEI: 549300VE6QY38GTUE732 | Long             | DBT              | CORP              | LU        |      600000 | PA      | $616766.47    | 0.05%             | 2029-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARESTREAM HEALTH, INC.                        | Carestream Health, Inc. 2022 Term Loan                                                         | CUSIP: 14173VAT0<br>LEI: 5493008C1W5RQW9E4I05 | Long             | LON              | CORP              | US        |     1272491 | PA      | $907706.01    | 0.08%             | 2027-09-30      | Variable      | 12.18%                | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ID        |           1 | NC      | $42979.03     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                   | Barclays PLC                                                                                   | CUSIP: 06738EBA2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      245000 | PA      | $243133.10    | 0.02%             | 2023-09-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                                           | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |      596000 | PA      | $504108.72    | 0.04%             | 2032-01-28      | Fixed         | 2.48%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS ESCROW CORP                           | Entegris Escrow Corp                                                                           | CUSIP: 29365BAA1<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |      300000 | PA      | $281466.00    | 0.03%             | 2029-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EG Group Limited                               | EG Group Limited 2018 USD Term Loan B                                                          | CUSIP: 000000000<br>LEI: 2138003OUK4UQHRJLT65 | Long             | LON              | CORP              | GB        |      388775 | PA      | $373772.64    | 0.03%             | 2025-02-07      | Floating      | 9.15%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                       | Venture Global Calcasieu Pass LLC                                                              | CUSIP: 92328MAB9<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |      710000 | PA      | $629968.80    | 0.06%             | 2031-08-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                          | China Government Bond                                                                          | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    37780000 | PA      | $5763506.91   | 0.51%             | 2027-12-03      | Fixed         | 3.28%                 | No            |                  2 | On Loan: No      |
| ARCHROCK PARTNERS LP/FIN                       | Archrock Partners LP / Archrock Partners Finance Corp                                          | CUSIP: 03959KAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      620000 | PA      | $589093.00    | 0.05%             | 2028-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United Airlines, Inc.                          | United Airlines, Inc. 2021 Term Loan B                                                         | CUSIP: 90932RAJ3<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | LON              | CORP              | US        |     3585815 | PA      | $3577782.32   | 0.32%             | 2028-04-21      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| EXPORT-IMPORT BK INDIA                         | Export-Import Bank of India                                                                    | CUSIP: 30216KAF9<br>LEI: 335800OFZ8YEIVN1QI11 | Long             | DBT              | NUSS              | IN        |     1032000 | PA      | $836425.68    | 0.07%             | 2031-01-13      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| MACOM Technology Solutions Holdings, Inc.      | MACOM Technology Solutions Holdings, Inc. 2017 Add on Term Loan                                | CUSIP: 55278RAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       89956 | PA      | $89590.50     | 0.01%             | 2024-05-17      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| PetSmart, Inc.                                 | PetSmart, Inc. 2021 Term Loan B                                                                | CUSIP: 71677HAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2062085 | PA      | $2045341.14   | 0.18%             | 2028-02-11      | Variable      | 8.41%                 | No            |                  2 | On Loan: No      |
| New Albertsons LP                              | New Albertsons LP                                                                              | CUSIP: 013104AH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1015000 | PA      | $1098240.15   | 0.10%             | 2030-05-01      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| MALAYSIA WAKALA SUKUK                          | Malaysia Wakala Sukuk Bhd                                                                      | CUSIP: 000000000<br>LEI: 254900MRLMI21YQTK511 | Long             | DBT              | NUSS              | MY        |     1054000 | PA      | $917177.63    | 0.08%             | 2031-04-28      | Fixed         | 2.07%                 | No            |                  2 | On Loan: No      |
| ROCC HOLDINGS LLC                              | ROCC Holdings LLC                                                                              | CUSIP: 70789PAA2<br>LEI: 6XOCUKRR0UU0LF5P1W14 | Long             | DBT              | CORP              | US        |     1304000 | PA      | $1321160.64   | 0.12%             | 2026-08-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Netflix Inc                                    | Netflix Inc                                                                                    | CUSIP: 000000000<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |      607000 | PA      | $645138.27    | 0.06%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Viant Medical Holdings, Inc.                   | Viant Medical Holdings, Inc. 2018 1st Lien Term Loan                                           | CUSIP: 58506PAF8<br>LEI: 549300E68YOWU15QSF58 | Long             | LON              | CORP              | US        |      878298 | PA      | $792348.06    | 0.07%             | 2025-07-02      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co., Inc.                  | Dynasty Acquisition Co., Inc. 2020 Term Loan B1                                                | CUSIP: 26812CAE6<br>LEI: 549300L1RCRPOAUCB870 | Long             | LON              | CORP              | US        |     1131752 | PA      | $1109547.01   | 0.10%             | 2026-04-06      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| CHOBANI LLC/FINANCE CORP                       | Chobani LLC / Chobani Finance Corp Inc                                                         | CUSIP: 17027NAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      689000 | PA      | $676205.27    | 0.06%             | 2025-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Hyland Software, Inc.                          | Hyland Software, Inc. 2018 1st Lien Term Loan                                                  | CUSIP: 44908XAT5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      459708 | PA      | $458089.63    | 0.04%             | 2024-07-01      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                             | Ford Motor Co                                                                                  | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |      591000 | PA      | $579918.75    | 0.05%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                       | Univision Communications Inc                                                                   | CUSIP: 914906AX0<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      450000 | PA      | $441139.50    | 0.04%             | 2030-06-30      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ENDO DAC/FIN LLC/FINCO                         | Endo Dac / Endo Finance LLC / Endo Finco Inc                                                   | CUSIP: 29273DAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1183000 | PA      | $192391.29    | 0.02%             | 2027-07-31      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   117955900 | PA      | $5682686.23   | 0.51%             | 2025-03-06      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PECF USS Intermediate Holding III Corporation  | PECF USS Intermediate Holding III Corporation Term Loan B                                      | CUSIP: 69291LAB2<br>LEI: 254900DIL842DEXPYJ91 | Long             | LON              | CORP              | US        |      213388 | PA      | $181887.24    | 0.02%             | 2028-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GTRC JRPFD EQ                                  | GTRC JRPFD EQ                                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         103 | NS      | $9412.14      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CREDIT SUISSE GROUP AG                         | Credit Suisse Group AG                                                                         | CUSIP: 225401BB3<br>LEI: 549300506SI9CRFV9Z86 | Long             | DBT              | CORP              | CH        |      873000 | PA      | $981566.28    | 0.09%             | 2033-11-15      | Fixed         | 9.02%                 | No            |                  2 | On Loan: No      |
| BRIGHT BIDCO B.V.                              | Bright Bidco B.V. 2022 Exit Term Loan                                                          | CUSIP: 000000000<br>LEI: 549300IL6Q1JWU688H15 | Long             | LON              | CORP              | NL        |         547 | PA      | $473.36       | 0.00%             | 2027-10-31      | Variable      | 13.68%                | No            |                  2 | On Loan: No      |
| HANESBRANDS FINANCE LUX                        | Hanesbrands Finance Luxembourg SCA                                                             | CUSIP: 000000000<br>LEI: 2221008AH0OE362EBM39 | Long             | DBT              | CORP              | LU        |      300000 | PA      | $320656.07    | 0.03%             | 2024-06-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                                   | Centene Corp                                                                                   | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |      655000 | PA      | $536065.10    | 0.05%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                              | Iron Mountain Inc                                                                              | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |      136000 | PA      | $122926.32    | 0.01%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ESC CB CHESAPEAKE ENER                         | ESC CB CHESAPEAKE ENER                                                                         | CUSIP: 165ESCAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      195000 | PA      | $3607.50      | 0.00%             | 2024-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| 1011778 B.C. Unlimited Liability Company       | 1011778 B.C. Unlimited Liability Company Term Loan B4                                          | CUSIP: 000000000<br>LEI: 549300RHSHNRWI5LLA86 | Long             | LON              | CORP              | CA        |      856704 | PA      | $846304.04    | 0.08%             | 2026-11-19      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 57464000000 | PA      | $4022595.00   | 0.36%             | 2032-08-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO                       | Global Infrastructure Solutions Inc                                                            | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |      866000 | PA      | $712432.22    | 0.06%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Midwest Veterinary Partners, LLC               | Midwest Veterinary Partners, LLC Term Loan                                                     | CUSIP: 59841VAC4<br>LEI: 549300A8XURDFONMWN62 | Long             | LON              | CORP              | US        |     1241209 | PA      | $1110882.18   | 0.10%             | 2028-04-27      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| SCIENCE APPLICATIONS INT                       | Science Applications International Corp                                                        | CUSIP: 808625AA5<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | DBT              | CORP              | US        |      479000 | PA      | $448909.22    | 0.04%             | 2028-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Ford Motor Credit Co LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |     1710000 | PA      | $1620190.80   | 0.14%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Messer Industries GmbH                         | Messer Industries GmbH 2018 USD Term Loan                                                      | CUSIP: 000000000<br>LEI: 529900HNC1EZT3TC1260 | Long             | LON              | CORP              | US        |      209065 | PA      | $208433.77    | 0.02%             | 2026-03-02      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                          | Bath & Body Works Inc                                                                          | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      275000 | PA      | $252359.25    | 0.02%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WINDSTREAM CORPORATION WTS                     | WINDSTREAM CORPORATION WTS                                                                     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |       29065 | NS      | $296114.22    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL ENVIRONMENTAL INC                          | GFL Environmental Inc                                                                          | CUSIP: 36168QAP9<br>LEI: 549300FYK4MBXWIVZU26 | Long             | DBT              | CORP              | CA        |      460000 | PA      | $407840.60    | 0.04%             | 2029-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                        | Global Partners LP / GLP Finance Corp                                                          | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1202000 | PA      | $1159893.94   | 0.10%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                              | Lebanon Government International Bond                                                          | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     1259000 | PA      | $78687.50     | 0.01%             | 2028-11-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF BAHRAIN                             | Bahrain Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300RODM1WN85LFQ95 | Long             | DBT              | NUSS              | BH        |     3273000 | PA      | $2962065.00   | 0.26%             | 2032-09-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HOME POINT CAPITAL INC                         | Home Point Capital Inc                                                                         | CUSIP: 43734LAA4<br>LEI: 549300DQF6YN0E43PM71 | Long             | DBT              | CORP              | US        |      990000 | PA      | $717839.10    | 0.06%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                                        | CUSIP: 105756CB4<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     1310000 | PA      | $961048.75    | 0.09%             | 2050-01-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| 888 ACQUISITIONS LTD                           | 888 Acquisitions Ltd                                                                           | CUSIP: 000000000<br>LEI: 254900RFD0BP3JOPZU89 | Long             | DBT              | CORP              | GI        |      600000 | PA      | $566442.28    | 0.05%             | 2027-07-15      | Fixed         | 7.56%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED CNH / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | CN        |           1 | NC      | $3855.78      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| 8th Avenue Food & Provisions, Inc.             | 8th Avenue Food & Provisions, Inc. 2018 2nd Lien Term Loan                                     | CUSIP: 28253PAD1<br>LEI: 549300PBCACU45IZ2V05 | Long             | LON              | CORP              | US        |      275000 | PA      | $165000.00    | 0.01%             | 2026-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AIR CANADA                                     | Air Canada 2021 Term Loan B                                                                    | CUSIP: 000000000<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | LON              | CORP              | CA        |      995000 | PA      | $993398.05    | 0.09%             | 2028-08-11      | Floating      | 8.13%                 | No            |                  2 | On Loan: No      |
| PUG LLC                                        | PUG LLC 2021 Incremental Term Loan B                                                           | CUSIP: 74530DAG0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1619115 | PA      | $1360056.64   | 0.12%             | 2027-02-12      | Floating      | 8.82%                 | No            |                  2 | On Loan: No      |
| Academy, Ltd.                                  | Academy, Ltd. 2021 Term Loan                                                                   | CUSIP: 000000000<br>LEI: 549300BN53IR80C35Z14 | Long             | LON              | CORP              | US        |      811866 | PA      | $810599.59    | 0.07%             | 2027-11-05      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKEY                             | Turkey Government International Bond                                                           | CUSIP: 900123DA5<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     2155000 | PA      | $1772487.50   | 0.16%             | 2031-01-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Ingram Micro Inc.                              | Ingram Micro Inc. 2021 Term Loan B                                                             | CUSIP: 45258FAB6<br>LEI: 549300KJMEWPKRQZHX63 | Long             | LON              | CORP              | US        |      351994 | PA      | $350382.14    | 0.03%             | 2028-06-30      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                       | First Quantum Minerals Ltd                                                                     | CUSIP: 335934AP0<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      323000 | PA      | $319971.88    | 0.03%             | 2024-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                       | Brazil Notas do Tesouro Nacional Serie F                                                       | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    42117000 | PA      | $7622158.15   | 0.68%             | 2027-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                            | Intesa Sanpaolo SpA                                                                            | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |      851000 | PA      | $915922.52    | 0.08%             | 2027-01-11      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   102750200 | PA      | $5148791.49   | 0.46%             | 2031-05-29      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| SCIH SALT HOLDINGS INC                         | SCIH Salt Holdings Inc                                                                         | CUSIP: 78433BAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      198000 | PA      | $174281.58    | 0.02%             | 2028-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LIBERTY INTERACTIVE LLC                        | Liberty Interactive LLC                                                                        | CUSIP: 530715AG6<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |     3947699 | PA      | $1322479.29   | 0.12%             | 2029-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $621.81       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                          | Phoenix Guarantor Inc 2020 Term Loan B                                                         | CUSIP: 71913BAE2<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |      339500 | PA      | $333911.83    | 0.03%             | 2026-03-05      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| STONEGATE PUB FIN                              | Stonegate Pub Co Financing 2019 PLC                                                            | CUSIP: 000000000<br>LEI: 254900L5266ML3505282 | Long             | DBT              | CORP              | GB        |      778000 | PA      | $890001.71    | 0.08%             | 2025-07-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MERCURY CHILE HOLDCO LLC                       | Mercury Chile Holdco LLC                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1479000 | PA      | $1420949.25   | 0.13%             | 2027-01-24      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Matador Resources Co                           | Matador Resources Co                                                                           | CUSIP: 576485AE6<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | DBT              | CORP              | US        |     1263000 | PA      | $1243158.27   | 0.11%             | 2026-09-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FINANCE PLC                       | Virgin Media Finance PLC                                                                       | CUSIP: 92769VAJ8<br>LEI: 2138001LVYC87DDHT482 | Long             | DBT              | CORP              | GB        |      104000 | PA      | $87341.28     | 0.01%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN                          | Genesis Energy LP / Genesis Energy Finance Corp                                                | CUSIP: 37185LAM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      160000 | PA      | $157955.20    | 0.01%             | 2027-01-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SRS DISTRIBUTION INC                           | SRS Distribution Inc                                                                           | CUSIP: 78471RAC0<br>LEI: 549300ZQ3XP75BCYM468 | Long             | DBT              | CORP              | US        |       36000 | PA      | $30956.04     | 0.00%             | 2029-07-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Engineered Machinery Holdings, Inc.            | Engineered Machinery Holdings, Inc. 2021 USD Incremental Term Loan                             | CUSIP: 26658NAP4<br>LEI: 5493008AR0NPSLW8EW07 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-05-19      | Floating      | 8.48%                 | No            |                  2 | On Loan: No      |
| Hub International Limited                      | Hub International Limited 2018 Term Loan B                                                     | CUSIP: 44332EAP1<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |        2604 | PA      | $2599.95      | 0.00%             | 2025-04-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MOLINA HEALTHCARE INC                          | Molina Healthcare Inc                                                                          | CUSIP: 60855RAJ9<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |      723000 | PA      | $668861.76    | 0.06%             | 2028-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WeWork Cos Inc                                 | WeWork Cos Inc                                                                                 | CUSIP: 96208LAA9<br>LEI: 549300D8U9TF7WBED521 | Long             | DBT              | CORP              | US        |     1780000 | PA      | $960772.80    | 0.09%             | 2025-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                                           | CUSIP: 91087BAU4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |      337000 | PA      | $346604.50    | 0.03%             | 2028-02-09      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                                            | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      300000 | PA      | $219337.50    | 0.02%             | 2051-11-17      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IRIS HOLDINGS INC                              | Iris Holdings Inc                                                                              | CUSIP: 46272EAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      615000 | PA      | $535781.85    | 0.05%             | 2026-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT                         | Mauser Packaging Solutions Holding Co                                                          | CUSIP: 000000000<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |      400000 | PA      | $434064.33    | 0.04%             | 2024-04-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp.             | Project Ruby Ultimate Parent Corp. 2021 Term Loan                                              | CUSIP: 74339UAS9<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |      870279 | PA      | $838871.07    | 0.07%             | 2028-03-10      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Grinding Media Inc.                            | Grinding Media Inc. 2021 Term Loan B                                                           | CUSIP: 39854KAB6<br>LEI: 254900IYFJ03EGFQ8C34 | Long             | LON              | CORP              | US        |      494369 | PA      | $482009.50    | 0.04%             | 2028-10-12      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                  | TransDigm Inc                                                                                  | CUSIP: 893647BK2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |       10000 | PA      | $10206.00     | 0.00%             | 2025-12-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                       | Republic of South Africa Government Bond                                                       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   111107435 | PA      | $5178535.56   | 0.46%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Tecta America Corp.                            | Tecta America Corp. 2021 Term Loan                                                             | CUSIP: 87876GAF9<br>LEI: 54930083ULRH07WCC129 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-04-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Delos Finance Sarl                             | Delos Finance Sarl 2018 Term Loan B                                                            | CUSIP: 000000000<br>LEI: 549300HX549YWOJQT076 | Long             | LON              | CORP              | LU        |      130000 | PA      | $129953.20    | 0.01%             | 2023-10-06      | Floating      | 6.48%                 | No            |                  2 | On Loan: No      |
| Artera Services, LLC                           | Artera Services, LLC Incremental Term Loan                                                     | CUSIP: 73937UAK4<br>LEI: 549300J2G34D0WX8Z443 | Long             | LON              | CORP              | US        |      247487 | PA      | $206189.21    | 0.02%             | 2025-03-06      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1360000 | PA      | $1162772.80   | 0.10%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                            | Nigeria Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     1830000 | PA      | $1523475.00   | 0.14%             | 2029-03-24      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                           | Colombian TES                                                                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 12819800000 | PA      | $2155819.02   | 0.19%             | 2030-09-18      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED GBP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | GB        |           1 | NC      | $127822.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DANA FINANCING LUX SARL                        | Dana Financing Luxembourg Sarl                                                                 | CUSIP: 000000000<br>LEI: 222100DKCE3D036DQU13 | Long             | DBT              | CORP              | LU        |      200000 | PA      | $176398.84    | 0.02%             | 2029-07-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS                       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed                 | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      348000 | PA      | $295295.40    | 0.03%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINMENT                        | Six Flags Entertainment Corp                                                                   | CUSIP: 83001AAB8<br>LEI: 549300JYTDUAA4JQ3717 | Long             | DBT              | CORP              | US        |     1164000 | PA      | $1139125.32   | 0.10%             | 2024-07-31      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                        | El Salvador Government International Bond                                                      | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     1025000 | PA      | $534153.13    | 0.05%             | 2052-07-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                                            | CUSIP: 80413TBE8<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |      790000 | PA      | $752475.00    | 0.07%             | 2053-01-18      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Czech Republic                                 | Czech Republic Government Bond                                                                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    83360000 | PA      | $2967193.62   | 0.26%             | 2033-10-13      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Parexel International Corporation              | Parexel International Corporation 2021 1st Lien Term Loan                                      | CUSIP: 71911KAC8<br>LEI: 254900PHGVI5379Z9791 | Long             | LON              | CORP              | US        |     2570550 | PA      | $2547466.52   | 0.23%             | 2028-11-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED THB / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TH        |           1 | NC      | $88415.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CHEMOURS CO                                    | Chemours Co/The                                                                                | CUSIP: 163851AH1<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |      445000 | PA      | $371659.55    | 0.03%             | 2029-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Hunter Holdco 3 Limited                        | Hunter Holdco 3 Limited USD Term Loan B                                                        | CUSIP: 12509YAE6<br>LEI: 549300KXGY77REE4ZR63 | Long             | LON              | CORP              | US        |      375000 | PA      | $371250.00    | 0.03%             | 2028-08-19      | Floating      | 8.98%                 | No            |                  3 | On Loan: No      |
| CODELCO INC                                    | Corp Nacional del Cobre de Chile                                                               | CUSIP: 21987BBF4<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |      305000 | PA      | $305762.50    | 0.03%             | 2033-02-02      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2403000 | PA      | $515954.22    | 0.05%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                              | Iliad Holding SASU                                                                             | CUSIP: 449691AC8<br>LEI: 9695009PXA7OI9NXN582 | Long             | DBT              | CORP              | FR        |     1420000 | PA      | $1333280.60   | 0.12%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   861020000 | PA      | $1694771.68   | 0.15%             | 2031-10-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TELENET FINANCE LUX NOTE                       | Telenet Finance Luxembourg Notes Sarl                                                          | CUSIP: 000000000<br>LEI: 2138007RI9GLJPCC3E25 | Long             | DBT              | CORP              | LU        |     2400000 | PA      | $2229648.00   | 0.20%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Hub International Limited                      | Hub International Limited 2021 Term Loan B                                                     | CUSIP: 44332EAU0<br>LEI: 549300JQT6ATTUNS5E06 | Long             | LON              | CORP              | US        |     3708796 | PA      | $3703826.06   | 0.33%             | 2025-04-25      | Floating      | 8.06%                 | No            |                  2 | On Loan: No      |
| Press Ganey Holdings, Inc.                     | Press Ganey Holdings, Inc. 2022 Incremental Term Loan                                          | CUSIP: 29102TAF9<br>LEI: 549300HC42NZULO53062 | Long             | LON              | CORP              | US        |      148875 | PA      | $142175.63    | 0.01%             | 2026-07-24      | Variable      | 8.41%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                              | Chile Government International Bond                                                            | CUSIP: 168863DT2<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     3592000 | PA      | $2922541.00   | 0.26%             | 2033-07-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| STATE OF ISRAEL                                | Israel Government International Bond                                                           | CUSIP: 46514BRA7<br>LEI: 213800T8ZHTFZIBYPE21 | Long             | DBT              | NUSS              | IL        |      788000 | PA      | $790955.00    | 0.07%             | 2033-01-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Clear Channel Outdoor Holdings, Inc.           | Clear Channel Outdoor Holdings, Inc. Term Loan B                                               | CUSIP: 18452RAD7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     2140841 | PA      | $2032792.91   | 0.18%             | 2026-08-21      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| CARGO AIRCRAFT MANAGEMEN                       | Cargo Aircraft Management Inc                                                                  | CUSIP: 14180LAA4<br>LEI: 549300GH5J7LOMV44F11 | Long             | DBT              | CORP              | US        |      158000 | PA      | $142945.76    | 0.01%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE                        | Nissan Motor Acceptance Co LLC                                                                 | CUSIP: 65480CAC9<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |     1390000 | PA      | $1200362.30   | 0.11%             | 2026-09-16      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                   | Navient Corp                                                                                   | CUSIP: 63938CAK4<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      331000 | PA      | $302342.02    | 0.03%             | 2027-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTURION BIDCO SPA                            | Centurion Bidco SpA                                                                            | CUSIP: 000000000<br>LEI: 815600440B4998FCA515 | Long             | DBT              | CORP              | IT        |      450000 | PA      | $446689.95    | 0.04%             | 2026-09-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                             | Republic of Poland Government International Bond                                               | CUSIP: 857524AE2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |      664000 | PA      | $713793.36    | 0.06%             | 2032-11-16      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| MEG ENERGY CORP                                | MEG Energy Corp                                                                                | CUSIP: 552704AE8<br>LEI: 5493002WXPTG5ZC1T326 | Long             | DBT              | CORP              | CA        |      580000 | PA      | $595033.60    | 0.05%             | 2027-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ELASTIC NV                                     | Elastic NV                                                                                     | CUSIP: 28415LAA1<br>LEI: 2549003I48WHHH937I59 | Long             | DBT              | CORP              | NL        |      531000 | PA      | $454939.56    | 0.04%             | 2029-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307AZ0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      265000 | PA      | $229550.95    | 0.02%             | 2029-02-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CASTOR SPA                                     | Castor SpA                                                                                     | CUSIP: 000000000<br>LEI: 213800OWLX4ZFFIAB390 | Long             | DBT              | CORP              | IT        |      450000 | PA      | $459849.91    | 0.04%             | 2029-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Scientific Games International, Inc.           | Scientific Games International, Inc. 2022 USD Term Loan                                        | CUSIP: 80875AAT8<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | LON              | CORP              | US        |       64675 | PA      | $64432.47     | 0.01%             | 2029-04-14      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| ABERTIS FINANCE BV                             | Abertis Infraestructuras Finance BV                                                            | CUSIP: 000000000<br>LEI: 5493007WHKI5H75YJ358 | Long             | DBT              | CORP              | NL        |      900000 | PA      | $881374.51    | 0.08%             | 2025-11-24      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                       | Uruguay Government International Bond                                                          | CUSIP: 760942BE1<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     2162531 | PA      | $2397165.61   | 0.21%             | 2034-10-28      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Heartland Dental, LLC                          | Heartland Dental, LLC 2021 Incremental Term Loan                                               | CUSIP: 42236WAQ0<br>LEI: 5493008FRC0GRKBN1075 | Long             | LON              | CORP              | US        |      124369 | PA      | $119393.93    | 0.01%             | 2025-04-30      | Floating      | 8.55%                 | No            |                  2 | On Loan: No      |
| IBERCAJA BANCO SA                              | Ibercaja Banco SA                                                                              | CUSIP: 000000000<br>LEI: 549300OLBL49CW8CT155 | Long             | DBT              | CORP              | ES        |      700000 | PA      | $693542.11    | 0.06%             | 2030-07-23      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397C68<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      880000 | PA      | $924220.00    | 0.08%             | 2030-03-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| Dynasty Acquisition Co., Inc.                  | Dynasty Acquisition Co., Inc. 2020 CAD Term Loan B2                                            | CUSIP: 26812CAF3<br>LEI: 549300WM2IKMXZ5LGL49 | Long             | LON              | CORP              | CA        |      608018 | PA      | $596088.51    | 0.05%             | 2026-04-06      | Variable      | 8.16%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                                          | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      250000 | PA      | $48718.75     | 0.00%             | 2035-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY PART LP/FIN CO                       | NGL Energy Partners LP / NGL Energy Finance Corp                                               | CUSIP: 62913TAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      900000 | PA      | $768744.00    | 0.07%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Cyxtera DC Holdings, Inc.                      | Cyxtera DC Holdings, Inc. Term Loan B                                                          | CUSIP: 19633FAD3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     1160581 | PA      | $942763.40    | 0.08%             | 2024-05-01      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Operations Co LLC                                                                       | CUSIP: 92840VAF9<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      140000 | PA      | $131684.00    | 0.01%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINERAL RESOURCES LTD                          | Mineral Resources Ltd                                                                          | CUSIP: 603051AD5<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |      393000 | PA      | $407053.68    | 0.04%             | 2030-05-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| UNICREDIT SPA                                  | UniCredit SpA                                                                                  | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | DBT              | CORP              | IT        |     1137000 | PA      | $986090.73    | 0.09%             | 2027-12-03      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                 | Wynn Macau Ltd                                                                                 | CUSIP: 98313RAG1<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      365000 | PA      | $341275.00    | 0.03%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CSC Holdings, LLC                              | CSC Holdings, LLC 2017 Term Loan B1                                                            | CUSIP: 64072UAE2<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |      184649 | PA      | $177877.45    | 0.02%             | 2025-07-17      | Floating      | 6.71%                 | No            |                  2 | On Loan: No      |
| Copper Property CTL Pass Through Trust         | Copper Property CTL Pass Through Trust                                                         | CUSIP: 217519107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       41250 | NS      | $517687.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ISLAMIC REP OF PAKISTAN                        | Pakistan Government International Bond                                                         | CUSIP: 000000000<br>LEI: 529900LOP29R5WKHOD86 | Long             | DBT              | NUSS              | PK        |     1598000 | PA      | $655355.78    | 0.06%             | 2031-04-08      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Athenahealth, Inc.                             | Athenahealth, Inc. 2022 Delayed Draw Term Loan                                                 | CUSIP: 04686RAC7<br>LEI: 254900AA3KZN4Q7A5Z33 | Long             | LON              | CORP              | US        |       58233 | PA      | $55078.61     | 0.00%             | 2029-02-15      | Variable      | 8.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                              | Chile Government International Bond                                                            | CUSIP: 168863DX3<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      867000 | PA      | $810807.56    | 0.07%             | 2027-01-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Carestream Dental Equipment, Inc               | Carestream Dental Equipment, Inc 2017 1st Lien Term Loan                                       | CUSIP: 14173MAC7<br>LEI: 549300E3FODU7LS3DY31 | Long             | LON              | CORP              | US        |      241377 | PA      | $221262.88    | 0.02%             | 2024-09-01      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                       | Clarios Global LP / Clarios US Finance Co                                                      | CUSIP: 69867DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      386000 | PA      | $383734.18    | 0.03%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                          | Argentine Republic Government International Bond                                               | CUSIP: 040114HV5<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |     3438411 | PA      | $1167340.53   | 0.10%             | 2041-07-09      | Variable      | 3.50%                 | No            |                  2 | On Loan: No      |
| TACORA RESOURCES INC                           | Tacora Resources Inc                                                                           | CUSIP: 87356LAA8<br>LEI: 549300L67A19OXSFBA84 | Long             | DBT              | CORP              | CA        |      615000 | PA      | $472350.75    | 0.04%             | 2026-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Spin Holdco Inc.                               | Spin Holdco Inc. 2021 Term Loan                                                                | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |     1360579 | PA      | $1068911.91   | 0.10%             | 2028-03-04      | Floating      | 8.77%                 | No            |                  2 | On Loan: No      |
| Asplundh Tree Expert, LLC                      | Asplundh Tree Expert, LLC 2021 Term Loan B                                                     | CUSIP: 04538FAD1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |       62839 | PA      | $62741.25     | 0.01%             | 2027-09-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                             | Angolan Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      935000 | PA      | $864875.00    | 0.08%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Talen Energy Supply, LLC                       | Talen Energy Supply, LLC 2022 DIP Term Loan                                                    | CUSIP: 000000000<br>LEI: K5K33XN0PQAU1XF7NN66 | Long             | LON              | CORP              | US        |      453000 | PA      | $456171.00    | 0.04%             | 2023-11-10      | Variable      | 9.27%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      175000 | PA      | $14000.00     | 0.00%             | 2024-10-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP                            | Medline Borrower LP                                                                            | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |      220000 | PA      | $184628.40    | 0.02%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TricorBraun Holdings, Inc.                     | TricorBraun Holdings, Inc. 2021 Term Loan                                                      | CUSIP: 00184NAB3<br>LEI: 2549009AB5YVVW5J1U62 | Long             | LON              | CORP              | US        |      234168 | PA      | $227330.48    | 0.02%             | 2028-03-03      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| Xplornet Communications, Inc.                  | Xplornet Communications, Inc. 2021 Term Loan                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      716669 | PA      | $566426.77    | 0.05%             | 2028-10-02      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| ENDO DAC/FIN LLC/FINCO                         | Endo Dac / Endo Finance LLC / Endo Finco Inc                                                   | CUSIP: 29273DAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      946000 | PA      | $56523.50     | 0.01%             | 2028-06-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OT MERGER CORP                                 | OT Merger Corp                                                                                 | CUSIP: 688777AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      984000 | PA      | $632141.28    | 0.06%             | 2029-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Epicor Software Corporation                    | Epicor Software Corporation 2020 Term Loan                                                     | CUSIP: 29426NAN4<br>LEI: JGNXVGGGXR4O1L5I7S73 | Long             | LON              | CORP              | US        |     2773890 | PA      | $2721352.33   | 0.24%             | 2027-07-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| LIBERTY INTERACTIVE LLC                        | Liberty Interactive LLC                                                                        | CUSIP: 530715AL5<br>LEI: 549300SZUIU7Z32Q0664 | Long             | DBT              | CORP              | US        |      341479 | PA      | $116102.91    | 0.01%             | 2030-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      203000 | PA      | $16240.00     | 0.00%             | 2023-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH                        | International Game Technology PLC                                                              | CUSIP: 460599AD5<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |      410000 | PA      | $411664.60    | 0.04%             | 2027-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Jo-Ann Stores, Inc.                            | Jo-Ann Stores, Inc. 2021 Term Loan B1                                                          | CUSIP: 47759DAE5<br>LEI: 549300GM65RR2EMGLI48 | Long             | LON              | CORP              | US        |      290525 | PA      | $165599.40    | 0.01%             | 2028-07-07      | Floating      | 9.57%                 | No            |                  2 | On Loan: No      |
| AHEAD DB HOLDINGS LLC                          | Ahead DB Holdings LLC                                                                          | CUSIP: 00867FAA6<br>LEI: 254900L07WFL833JX193 | Long             | DBT              | CORP              | US        |      723000 | PA      | $611238.66    | 0.05%             | 2028-05-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AI Aqua Merger Sub, Inc.                       | AI Aqua Merger Sub, Inc. 2022 Term Loan B                                                      | CUSIP: 00132UAL8<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2028-07-31      | Variable      | 8.43%                 | No            |                  2 | On Loan: No      |
| ROCKCLIFF ENERGY II LLC                        | Rockcliff Energy II LLC                                                                        | CUSIP: 77289KAA3<br>LEI: 5493007AZNVKZ5HEMT23 | Long             | DBT              | CORP              | US        |      839000 | PA      | $798274.94    | 0.07%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                        | EIG Pearl Holdings Sarl                                                                        | CUSIP: 28249NAB7<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |      841000 | PA      | $664547.69    | 0.06%             | 2046-11-30      | Fixed         | 4.39%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 922646BL7<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      152000 | PA      | $12160.00     | 0.00%             | 2034-01-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD                       | Transocean Titan Financing Ltd                                                                 | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |      490000 | PA      | $508497.50    | 0.05%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COTY INC                                       | Coty Inc                                                                                       | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |      189000 | PA      | $181048.77    | 0.02%             | 2026-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alliant Holdings Intermediate, LLC             | Alliant Holdings Intermediate, LLC 2018 Term Loan B                                            | CUSIP: 01881UAE5<br>LEI: 5493006Q26653NF8SI73 | Long             | LON              | CORP              | US        |     3339219 | PA      | $3334344.12   | 0.30%             | 2025-05-09      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| WHITE CAP PARENT LLC                           | White Cap Parent LLC                                                                           | CUSIP: 96351CAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      650000 | PA      | $592683.00    | 0.05%             | 2026-03-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    23061000 | PA      | $689873.90    | 0.06%             | 2024-06-17      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Ultimate Software Group Inc (The)              | Ultimate Software Group Inc (The) 2021 Term Loan                                               | CUSIP: 90385KAK7<br>LEI: 529900FKHWSTQ1GXK240 | Long             | LON              | CORP              | US        |     2095072 | PA      | $2058680.55   | 0.18%             | 2026-05-04      | Floating      | 8.03%                 | No            |                  2 | On Loan: No      |
| Artera Services LLC                            | Artera Services LLC                                                                            | CUSIP: 73939VAA2<br>LEI: 549300J2G34D0WX8Z443 | Long             | DBT              | CORP              | US        |      331737 | PA      | $283664.99    | 0.03%             | 2025-12-04      | Fixed         | 9.03%                 | No            |                  2 | On Loan: No      |
| ARDAGH METAL PACKAGING                         | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      300000 | PA      | $253564.77    | 0.02%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Alliance Laundry Systems LLC                   | Alliance Laundry Systems LLC Term Loan B                                                       | CUSIP: 01862LAW8<br>LEI: 549300YBOGK6MBI5ND34 | Long             | LON              | CORP              | US        |      223781 | PA      | $223082.78    | 0.02%             | 2027-10-08      | Floating      | 8.31%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED MXN / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | MX        |           1 | NC      | $237566.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NOVAFIVES SAS                                  | Novafives SAS                                                                                  | CUSIP: 000000000<br>LEI: 9695005GQAG112FYVW69 | Long             | DBT              | CORP              | FR        |      300000 | PA      | $269477.39    | 0.02%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST ACQ/DOMINION                         | Northwest Acquisitions ULC / Dominion Finco Inc                                                | CUSIP: 66727WAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     1260000 | PA      | $12.60        | 0.00%             | 2022-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SYLVAMO CORP                                   | Sylvamo Corp                                                                                   | CUSIP: 87133LAA8<br>LEI: 5493001AOYU1ZOWOC971 | Long             | DBT              | CORP              | US        |     1231000 | PA      | $1179298.00   | 0.11%             | 2029-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Great Outdoors Group, LLC                      | Great Outdoors Group, LLC 2021 Term Loan B1                                                    | CUSIP: 07014QAN1<br>LEI: 549300IYLDI2E8I2AU46 | Long             | LON              | CORP              | US        |      540480 | PA      | $530615.94    | 0.05%             | 2028-03-06      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                       | Republic of South Africa Government Bond                                                       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   100144449 | PA      | $4782778.60   | 0.43%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Mallinckrodt International Finance S.A.        | Mallinckrodt International Finance S.A. 2022 USD Exit Term Loan                                | CUSIP: 000000000<br>LEI: 549300MQQ92LN1A0B514 | Long             | LON              | CORP              | LU        |     2140367 | PA      | $1633635.02   | 0.15%             | 2027-09-30      | Floating      | 10.24%                | No            |                  2 | On Loan: No      |
| EIG PEARL HOLDINGS SARL                        | EIG Pearl Holdings Sarl                                                                        | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |      672000 | PA      | $581280.00    | 0.05%             | 2036-08-31      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| CF Industries Inc                              | CF Industries Inc                                                                              | CUSIP: 12527GAF0<br>LEI: 5FVKT86LAD2F40NPC183 | Long             | DBT              | CORP              | US        |      692000 | PA      | $683606.04    | 0.06%             | 2034-03-15      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                       | Blue Racer Midstream LLC / Blue Racer Finance Corp                                             | CUSIP: 095796AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      519000 | PA      | $526977.03    | 0.05%             | 2025-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SUMMIT MATERIALS LLC/FIN                       | Summit Materials LLC / Summit Materials Finance Corp                                           | CUSIP: 86614RAN7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      522000 | PA      | $490392.90    | 0.04%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                     | Intel Corp                                                                                     | CUSIP: 458140BX7<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      465000 | PA      | $313661.10    | 0.03%             | 2061-08-12      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CHINA GOVT INTL BOND                           | China Government International Bond                                                            | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     1387000 | PA      | $1374766.66   | 0.12%             | 2023-10-19      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                                        | CUSIP: 455780DS2<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      377000 | PA      | $394948.97    | 0.04%             | 2053-01-11      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA GENL REP                       | Bonos de la Tesoreria de la Republica                                                          | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    70575000 | PA      | $89013.62     | 0.01%             | 2035-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Sabert Corporation                             | Sabert Corporation Term Loan B                                                                 | CUSIP: 78516EAB8<br>LEI: 54930029JPYBTHDWT603 | Long             | LON              | CORP              | US        |      179968 | PA      | $179068.04    | 0.02%             | 2026-12-10      | Floating      | 9.12%                 | No            |                  2 | On Loan: No      |
| iQor US Inc.                                   | iQor US Inc. 2020 Second Out Term Loan                                                         | CUSIP: 46264NAL7<br>LEI: 549300LKMK4MMQCMDH78 | Long             | LON              | CORP              | US        |      164827 | PA      | $115378.72    | 0.01%             | 2025-11-19      | Floating      | 12.05%                | No            |                  3 | On Loan: No      |
| H&E EQUIPMENT SERVICES                         | H&E Equipment Services Inc                                                                     | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |      618000 | PA      | $545051.28    | 0.05%             | 2028-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SHIBA BIDCO SPA                                | Shiba Bidco SpA                                                                                | CUSIP: 000000000<br>LEI: 815600658C215B62EA21 | Long             | DBT              | CORP              | IT        |      450000 | PA      | $421235.96    | 0.04%             | 2028-10-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                       | Lloyds Banking Group PLC                                                                       | CUSIP: 539439AU3<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |      740000 | PA      | $732363.20    | 0.07%             | 2025-09-27      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                       | Charter Communications Operating LLC / Charter Communications Operating Capital                | CUSIP: 161175CC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      100000 | PA      | $69818.00     | 0.01%             | 2061-12-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                       | Fortress Transportation and Infrastructure Investors LLC                                       | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |      645000 | PA      | $568264.35    | 0.05%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Peraton Corp.                                  | Peraton Corp. 2nd Lien Term Loan B1                                                            | CUSIP: 71360HAG2<br>LEI: 549300EQPCK07ZW63836 | Long             | LON              | CORP              | US        |      617702 | PA      | $597009.10    | 0.05%             | 2029-02-01      | Floating      | 12.22%                | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC                          | PennyMac Financial Services Inc                                                                | CUSIP: 70932MAB3<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |      730000 | PA      | $599972.40    | 0.05%             | 2029-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED ZAR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | ZA        |           1 | NC      | $638.02       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                 | Wynn Macau Ltd                                                                                 | CUSIP: 98313RAE6<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |      730000 | PA      | $604987.50    | 0.05%             | 2029-12-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | US        |           1 | NC      | $-139.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Republic of Panama                             | Panama Government International Bond                                                           | CUSIP: 698299BE3<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      914000 | PA      | $886751.38    | 0.08%             | 2025-03-16      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                                    | Vistra Operations Co LLC                                                                       | CUSIP: 92840VAB8<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |      385000 | PA      | $373076.55    | 0.03%             | 2027-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| STATE AGE ROADS                                | State Agency of Roads of Ukraine                                                               | CUSIP: 000000000<br>LEI: 254900FGEO8P5USHG994 | Long             | DBT              | CORP              | UA        |      901000 | PA      | $160659.56    | 0.01%             | 2030-06-24      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TransMontaigne Operating Company L.P.          | TransMontaigne Operating Company L.P. Term Loan B                                              | CUSIP: 89376WAH1<br>LEI: 549300V4T155OZCUJ734 | Long             | LON              | CORP              | US        |      990000 | PA      | $985822.20    | 0.09%             | 2028-11-17      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 40311000000 | PA      | $2863990.33   | 0.26%             | 2026-09-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED GBP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | GB        |           1 | NC      | $41075.04     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ARTIC CANADIAN DIAMOND                         | ARTIC CANADIAN DIAMOND                                                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         627 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                                            | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1994000 | PA      | $1592009.60   | 0.14%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Da Vinci Purchaser Corp.                       | Da Vinci Purchaser Corp. 2019 Term Loan                                                        | CUSIP: 23343FAB0<br>LEI: 254900CEZYHAWVXDTS47 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2027-01-08      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     1139000 | PA      | $888420.00    | 0.08%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| ENTERCOM MEDIA CORP                            | Audacy Capital Corp                                                                            | CUSIP: 29365DAA7<br>LEI: 549300S5JUSXRHNCHD80 | Long             | DBT              | CORP              | US        |      585000 | PA      | $96343.65     | 0.01%             | 2027-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | US        |           1 | NC      | $-4190.75     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ELECTRICITE DE FRANCE SA                       | Electricite de France SA                                                                       | CUSIP: 000000000<br>LEI: 549300X3UK4GG3FNMO06 | Long             | DBT              | CORP              | FR        |     1000000 | PA      | $861153.51    | 0.08%             | 2030-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WYNN MACAU LTD                                 | Wynn Macau Ltd                                                                                 | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |       35000 | PA      | $30975.00     | 0.00%             | 2028-08-26      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                       | Nexstar Media Inc                                                                              | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |      543000 | PA      | $517305.24    | 0.05%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                                          | CUSIP: 88033GDK3<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     1071000 | PA      | $997433.01    | 0.09%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                    | Asurion LLC 2021 Term Loan B9                                                                  | CUSIP: 04649VAY6<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |      503655 | PA      | $474957.01    | 0.04%             | 2027-07-31      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE BANK AG                               | Deutsche Bank AG                                                                               | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | DBT              | CORP              | DE        |     1600000 | PA      | $1403084.90   | 0.13%             | 2027-10-30      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                           | Colombian TES                                                                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 12205100000 | PA      | $2284035.22   | 0.20%             | 2026-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Pretium PKG Holdings, Inc.                     | Pretium PKG Holdings, Inc. 2021 1st Lien Term Loan                                             | CUSIP: 74142KAF6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      720000 | PA      | $631699.20    | 0.06%             | 2028-10-02      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                 | PURCHASED CZK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | CZ        |           1 | NC      | $277871.98    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC                          | Beasley Mezzanine Holdings LLC                                                                 | CUSIP: 07403VAA7<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |     1610000 | PA      | $1047369.40   | 0.09%             | 2026-02-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| SPX FLOW, INC.                                 | SPX Flow, Inc. 2022 Term Loan                                                                  | CUSIP: 000000000<br>LEI: 5493003YXEKRBINIEM78 | Long             | LON              | CORP              | US        |     1369909 | PA      | $1318043.83   | 0.12%             | 2029-04-05      | Variable      | 9.16%                 | No            |                  2 | On Loan: No      |
| Allied Universal Holdco LLC                    | Allied Universal Holdco LLC 2021 USD Incremental Term Loan B                                   | CUSIP: 01957TAH0<br>LEI: 98450038B4549046D794 | Long             | LON              | CORP              | US        |     1989972 | PA      | $1916103.77   | 0.17%             | 2028-05-12      | Variable      | 8.41%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO                        | Bristol-Myers Squibb Co                                                                        | CUSIP: 110122DS4<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |      705000 | PA      | $480436.35    | 0.04%             | 2050-11-13      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC                          | LD Holdings Group LLC                                                                          | CUSIP: 521088AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      360000 | PA      | $275990.40    | 0.02%             | 2025-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-421.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN                       | American Airlines Inc/AAdvantage Loyalty IP Ltd                                                | CUSIP: 00253XAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      458000 | PA      | $449160.60    | 0.04%             | 2026-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                                 | Transocean Inc                                                                                 | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |      600000 | PA      | $619512.00    | 0.06%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED TRY / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | TR        |           1 | NC      | $44687.28     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                         | Republic of Poland Government Bond                                                             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    11725000 | PA      | $2541188.10   | 0.23%             | 2024-10-25      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Russian Federation                             | Russian Foreign Bond - Eurobond                                                                | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |     2400000 | PA      | $276000.00    | 0.02%             | 2029-03-21      | Fixed         | 4.38%                 | No            |                  3 | On Loan: No      |
| ENERFLEX LTD                                   | Enerflex Ltd                                                                                   | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |      160000 | PA      | $162881.60    | 0.01%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| GALAXY PIPELINE ASSETS                         | Galaxy Pipeline Assets Bidco Ltd                                                               | CUSIP: 000000000<br>LEI: 549300L82YB0C6JQIC26 | Long             | DBT              | CORP              | JE        |     2085772 | PA      | $1706422.00   | 0.15%             | 2040-09-30      | Fixed         | 2.94%                 | No            |                  2 | On Loan: No      |
| LETRA TESOURO NACIONAL                         | Brazil Letras do Tesouro Nacional                                                              | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     9595000 | PA      | $1685546.81   | 0.15%             | 2024-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lonza Group AG                                 | Lonza Group AG USD Term Loan B                                                                 | CUSIP: 000000000<br>LEI: 549300Y0CIXN5D40L888 | Long             | LON              | CORP              | US        |     1242528 | PA      | $1191497.45   | 0.11%             | 2028-07-03      | Floating      | 8.73%                 | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                           | Colombian TES                                                                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        | 19820400000 | PA      | $3029273.45   | 0.27%             | 2032-06-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                             | Serbia International Bond                                                                      | CUSIP: 000000000<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      200000 | PA      | $151975.00    | 0.01%             | 2030-12-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Select Medical Corporation                     | Select Medical Corporation 2017 Term Loan B                                                    | CUSIP: 816194AV6<br>LEI: 549300X05KS0JKR8CB50 | Long             | LON              | CORP              | US        |      914077 | PA      | $907979.96    | 0.08%             | 2025-03-06      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| Churchill Downs Incorporated                   | Churchill Downs Incorporated 2021 Incremental Term Loan B1                                     | CUSIP: 17148PAF8<br>LEI: 529900FODTBQC8MIS994 | Long             | LON              | CORP              | US        |       33828 | PA      | $33574.13     | 0.00%             | 2028-03-17      | Floating      | 6.57%                 | No            |                  2 | On Loan: No      |
| Tenet Healthcare Corp                          | Tenet Healthcare Corp                                                                          | CUSIP: 88033GCS7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |       19000 | PA      | $18741.60     | 0.00%             | 2024-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     5422000 | PA      | $1355731.97   | 0.12%             | 2037-04-07      | Fixed         | 4.76%                 | No            |                  2 | On Loan: No      |
| APEX GROUP TREASURY LLC                        | Apex Group Treasury LLC 2022 Incremental Term Loan B                                           | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |      750000 | PA      | $747187.50    | 0.07%             | 2028-07-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY                                 | Owens-Brockway Glass Container Inc                                                             | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |      386000 | PA      | $379468.88    | 0.03%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP                          | Tenet Healthcare Corp                                                                          | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |      582000 | PA      | $565290.78    | 0.05%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PetVet Care Centers, LLC                       | PetVet Care Centers, LLC 2021 Term Loan B3                                                     | CUSIP: 70476XAK1<br>LEI: 549300V0HK8MSXZNOM91 | Long             | LON              | CORP              | US        |     3037885 | PA      | $2879155.44   | 0.26%             | 2025-02-14      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      450000 | PA      | $374800.50    | 0.03%             | 2031-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Mashantucket (Western) Pequot Tribe, CT        | Mashantucket (Western) Pequot Tribe, CT Term Loan B                                            | CUSIP: 57475BAH4<br>LEI: 549300G9L0I436CFM593 | Long             | LON              | CORP              | US        |      813328 | PA      | $803161.12    | 0.07%             | 2025-02-16      | Floating      | 11.70%                | No            |                  2 | On Loan: No      |
| CNTRL PARENT/CDK GLB INC                       | Central Parent Inc / CDK Global Inc                                                            | CUSIP: 15477CAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1250000 | PA      | $1247362.50   | 0.11%             | 2029-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                            | Cirsa Finance International Sarl                                                               | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |     1495000 | PA      | $1435179.59   | 0.13%             | 2027-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SALEM MEDIA GROUP INC.                         | Salem Media Group Inc                                                                          | CUSIP: 794093AG9<br>LEI: 549300CTHBTS2MIXZL54 | Long             | DBT              | CORP              | US        |      847000 | PA      | $819506.38    | 0.07%             | 2024-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TOTAL PLAY TELECOM                             | Total Play Telecomunicaciones SA de CV                                                         | CUSIP: 89157FAA8<br>LEI: 4469000001BSAPAMOQ06 | Long             | DBT              | CORP              | MX        |      496000 | PA      | $462619.20    | 0.04%             | 2025-11-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SeaWorld Parks & Entertainment, Inc.           | SeaWorld Parks & Entertainment, Inc. 2021 Term Loan B                                          | CUSIP: 78488CAH3<br>LEI: 549300UZV72O3371JJ53 | Long             | LON              | CORP              | US        |      493750 | PA      | $491898.44    | 0.04%             | 2028-08-25      | Floating      | 7.62%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO                       | Scientific Games Holdings LP/Scientific Games US FinCo Inc                                     | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      595000 | PA      | $530472.25    | 0.05%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| EOS Finco Sarl                                 | EOS Finco Sarl 2022 USD Term Loan                                                              | CUSIP: 26877MAC0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      500000 | PA      | $488750.00    | 0.04%             | 2029-10-08      | Variable      | 10.60%                | No            |                  2 | On Loan: No      |
| GTRC WT TR III                                 | GTRC WT TR III                                                                                 | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |         161 | NS      | $8999.90      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                                          | CUSIP: 527298BS1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |       96000 | PA      | $71416.32     | 0.01%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| INTEL CORP                                     | Intel Corp                                                                                     | CUSIP: 458140BK5<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | DBT              | CORP              | US        |      445000 | PA      | $295377.65    | 0.03%             | 2060-02-15      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                          | Uber Technologies Inc                                                                          | CUSIP: 90353TAF7<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      500000 | PA      | $507590.00    | 0.05%             | 2025-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                       | Service Properties Trust                                                                       | CUSIP: 44106MBB7<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              |  | US        |      125000 | PA      | $93890.00     | 0.01%             | 2029-10-01      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                          | Bath & Body Works Inc                                                                          | CUSIP: 501797AU8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      176000 | PA      | $188473.12    | 0.02%             | 2025-07-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      145000 | PA      | $11600.00     | 0.00%             | 2028-05-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HOWARD MIDSTREAM ENERGY                        | Howard Midstream Energy Partners LLC                                                           | CUSIP: 442722AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      760000 | PA      | $740962.00    | 0.07%             | 2027-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tele Columbus AG                               | Tele Columbus AG                                                                               | CUSIP: 000000000<br>LEI: 3912004GMFDLY04RUQ19 | Long             | DBT              | CORP              | DE        |      100000 | PA      | $87598.22     | 0.01%             | 2025-05-02      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                 | Czech Republic Government Bond                                                                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    17320000 | PA      | $707519.38    | 0.06%             | 2035-05-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                                   | Navient Corp                                                                                   | CUSIP: 63938CAM0<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |      530000 | PA      | $469171.90    | 0.04%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kingdom of Jordan                              | Jordan Government International Bond                                                           | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |      591000 | PA      | $531826.13    | 0.05%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                        | Romania Government Bond                                                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     4460000 | PA      | $942852.43    | 0.08%             | 2025-02-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| VOYAGER AVIATION HLD PFD                       | VOYAGER AVIATION HLD PFD                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |        1441 | NS      | $180125.00    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| AI Aqua Merger Sub, Inc.                       | AI Aqua Merger Sub, Inc. 2021 1st Lien Term Loan B                                             | CUSIP: 00132UAG9<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |      870625 | PA      | $849947.65    | 0.08%             | 2028-07-31      | Variable      | 8.15%                 | No            |                  2 | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                       | Jefferies Finance LLC / JFIN Co-Issuer Corp                                                    | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      984000 | PA      | $840395.04    | 0.07%             | 2028-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED CAD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | CA        |           1 | NC      | $4097.74      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| OWL ROCK CAPITAL CORP                          | Owl Rock Capital Corp                                                                          | CUSIP: 69121KAE4<br>LEI: 2549000BD79OOCPF2L94 | Long             | DBT              | CORP              | US        |      615000 | PA      | $556421.25    | 0.05%             | 2026-07-15      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| 8th Avenue Food & Provisions, Inc.             | 8th Avenue Food & Provisions, Inc. 2018 1st Lien Term Loan                                     | CUSIP: 28253PAC3<br>LEI: 549300PBCACU45IZ2V05 | Long             | LON              | CORP              | US        |      750037 | PA      | $647709.50    | 0.06%             | 2025-10-01      | Floating      | 8.72%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                                         | CUSIP: 77586RAN0<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |      634000 | PA      | $623697.50    | 0.06%             | 2027-11-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LITHIA MOTORS INC                              | Lithia Motors Inc                                                                              | CUSIP: 536797AG8<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | DBT              | CORP              | US        |      480000 | PA      | $408076.80    | 0.04%             | 2029-06-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                             | Serbia International Bond                                                                      | CUSIP: 817477AH5<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      551000 | PA      | $555132.50    | 0.05%             | 2033-09-26      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Bright Bidco B.V.                              | Bright Bidco B.V. 2022 DIP Term Loan                                                           | CUSIP: 000000000<br>LEI: 549300IL6Q1JWU688H15 | Long             | LON              | CORP              | NL        |      328304 | PA      | $328303.60    | 0.03%             | 2023-02-28      | Variable      | 12.36%                | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   310030000 | PA      | $675565.51    | 0.06%             | 2026-12-22      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                                            | CUSIP: 80413TBC2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     1097000 | PA      | $1109615.50   | 0.10%             | 2028-01-18      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Avation PLC                                    | Avation PLC                                                                                    | CUSIP: 000000000<br>LEI: 213800KA972GUP1B6I78 | N/A              | DE               |  | GB        |       20510 | NS      | $9861.44      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  2010090000 | PA      | $4947548.51   | 0.44%             | 2024-06-26      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| KKR Apple Bidco, LLC                           | KKR Apple Bidco, LLC 2022 Incremental Term Loan                                                | CUSIP: 48254EAF8<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |     2000000 | PA      | $2000620.00   | 0.18%             | 2028-09-22      | Variable      | 8.55%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                       | Clarios Global LP / Clarios US Finance Co                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      225000 | PA      | $233894.96    | 0.02%             | 2026-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                       | EQM Midstream Partners LP                                                                      | CUSIP: 26885BAE0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |      984000 | PA      | $763141.20    | 0.07%             | 2048-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Life Time Fitness Inc                          | Life Time Fitness Inc 2021 Term Loan B                                                         | CUSIP: 50218KAG3<br>LEI: 549300PALKE96VYH4X17 | Long             | LON              | CORP              | US        |      482868 | PA      | $482867.65    | 0.04%             | 2024-12-16      | Floating      | 9.48%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                              | Gabon Government International Bond                                                            | CUSIP: 362420AE1<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |      635000 | PA      | $534987.50    | 0.05%             | 2031-11-24      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $8859.21      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| GEMS MENASA KY LTD/GEMS                        | GEMS MENASA Cayman Ltd / GEMS Education Delaware LLC                                           | CUSIP: 36166LAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1461000 | PA      | $1437076.13   | 0.13%             | 2026-07-31      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| LEGACY LIFEPOINT HEALTH                        | Legacy LifePoint Health LLC                                                                    | CUSIP: 53219LAS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      250000 | PA      | $218562.50    | 0.02%             | 2027-02-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                          | Guatemala Government Bond                                                                      | CUSIP: 000000000<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |      397000 | PA      | $378216.94    | 0.03%             | 2030-06-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Republic of Sri Lanka                          | Sri Lanka Government International Bond                                                        | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |      339000 | PA      | $115429.50    | 0.01%             | 2023-04-18      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RIVERBED TECH 12/21 CONV PREF                  | RIVERBED TECH 12/21 CONV PREF                                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       10686 | NS      | $106.86       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| KAPLA HOLDING SAS                              | Kapla Holding SAS                                                                              | CUSIP: 000000000<br>LEI: 894500PJ28XTH66K4X83 | Long             | DBT              | CORP              | FR        |      400000 | PA      | $390286.96    | 0.03%             | 2026-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Applied Systems, Inc.                          | Applied Systems, Inc. 2022 Extended 1st Lien Term Loan                                         | CUSIP: 03827FBB6<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     3000000 | PA      | $3005010.00   | 0.27%             | 2026-09-18      | Variable      | 9.08%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                        | Uber Technologies, Inc. 2021 1st Lien Term Loan B                                              | CUSIP: 90351JAG9<br>LEI: 549300B2FTG34FILDR98 | Long             | LON              | CORP              | US        |     1498042 | PA      | $1498071.74   | 0.13%             | 2025-04-04      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Altice France S.A.                             | Altice France S.A. USD Term Loan B12                                                           | CUSIP: 000000000<br>LEI: 5493001ZMCICV4N02J21 | Long             | LON              | CORP              | FR        |      234257 | PA      | $224886.68    | 0.02%             | 2026-01-31      | Floating      | 8.52%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP                                   | Embecta Corp                                                                                   | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |      690000 | PA      | $568221.90    | 0.05%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                                | Gen Digital Inc                                                                                | CUSIP: 668771AL2<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |      580000 | PA      | $588659.40    | 0.05%             | 2030-09-30      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      199000 | PA      | $15920.00     | 0.00%             | 2025-04-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    16409000 | PA      | $549441.77    | 0.05%             | 2032-06-25      | Fixed         | 3.77%                 | No            |                  2 | On Loan: No      |
| HIGHLAND HOLDINGS BOND                         | Highlands Holdings Bond Issuer Ltd / Highlands Holdings Bond Co-Issuer Inc                     | CUSIP: 43103QAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |     1851875 | PA      | $1715947.38   | 0.15%             | 2025-10-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1192000 | PA      | $1150065.44   | 0.10%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                                          | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      494000 | PA      | $107228.88    | 0.01%             | 2030-11-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                       | Occidental Petroleum Corp                                                                      | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |      645000 | PA      | $674276.55    | 0.06%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WMG ACQUISITION CORP                           | WMG Acquisition Corp                                                                           | CUSIP: 000000000<br>LEI: 549300NAS11NXI33CP80 | Long             | DBT              | CORP              | US        |      600000 | PA      | $510417.07    | 0.05%             | 2031-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                       | First Quantum Minerals Ltd                                                                     | CUSIP: 335934AR6<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      500000 | PA      | $480631.25    | 0.04%             | 2026-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Cengage Learning, Inc.                         | Cengage Learning, Inc. 2021 Term Loan B                                                        | CUSIP: 15134NAF3<br>LEI: 549300BYGM0FWUSVXJ88 | Long             | LON              | CORP              | US        |     1094817 | PA      | $1041718.78   | 0.09%             | 2026-07-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| APPLE INC                                      | Apple Inc                                                                                      | CUSIP: 037833EF3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |      285000 | PA      | $201651.75    | 0.02%             | 2051-02-08      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Premier Brands Group Holding                   | PREMIER BRANDS GROUP HOLDING                                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        7679 | NS      | $4131.30      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   102616500 | PA      | $4940297.43   | 0.44%             | 2026-03-05      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                                       | CUSIP: 718286CW5<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      397000 | PA      | $404983.67    | 0.04%             | 2033-07-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                                   | ADT Security Corp/The                                                                          | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |      651000 | PA      | $579591.81    | 0.05%             | 2029-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | US        |           1 | NC      | $-52.94       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                               | Altice France SA/France                                                                        | CUSIP: 02156LAH4<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |     2345000 | PA      | $1852221.70   | 0.17%             | 2029-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QuarterNorth Energy Holding Inc.               | QuarterNorth Energy Holding Inc. 2021 Exit 2nd Lien Term Loan                                  | CUSIP: 74771KAB3<br>LEI: 549300BC3OH5VUTNXB92 | Long             | LON              | CORP              | US        |     1002843 | PA      | $994900.88    | 0.09%             | 2026-08-27      | Floating      | 12.57%                | No            |                  2 | On Loan: No      |
| ABC SUPPLY CO INC                              | American Builders & Contractors Supply Co Inc                                                  | CUSIP: 024747AG2<br>LEI: 549300H5GQ4C1BEKG397 | Long             | DBT              | CORP              | US        |      255000 | PA      | $217384.95    | 0.02%             | 2029-11-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| RAIN CII CARBON LLC/CII                        | Rain CII Carbon LLC / CII Carbon Corp                                                          | CUSIP: 75079RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1605000 | PA      | $1513033.50   | 0.13%             | 2025-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| COCA-COLA CO/THE                               | Coca-Cola Co/The                                                                               | CUSIP: 191216CY4<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |      254000 | PA      | $184861.20    | 0.02%             | 2060-06-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Uber Technologies, Inc.                        | Uber Technologies, Inc. 2021 Term Loan B                                                       | CUSIP: 90351JAF1<br>LEI: 549300B2FTG34FILDR98 | Long             | LON              | CORP              | US        |      750000 | PA      | $749685.00    | 0.07%             | 2027-02-25      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |           1 | NC      | $19219.29     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 682691AC4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      515000 | PA      | $433568.20    | 0.04%             | 2028-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                       | 1011778 BC ULC / New Red Finance Inc                                                           | CUSIP: 68245XAJ8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      580000 | PA      | $535334.20    | 0.05%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397B93<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |       50000 | PA      | $41740.50     | 0.00%             | 2029-02-10      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                       | Univision Communications Inc                                                                   | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |      787000 | PA      | $771063.25    | 0.07%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                              | Lebanon Government International Bond                                                          | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |      464000 | PA      | $29522.00     | 0.00%             | 2028-03-20      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VTR FINANCE BV                                 | VTR Finance NV                                                                                 | CUSIP: 918374AA7<br>LEI: 213800F4XI4RJB82XM19 | Long             | DBT              | CORP              | NL        |     1145000 | PA      | $473320.10    | 0.04%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Scientific Games Holdings LP                   | Scientific Games Holdings LP 2022 USD Term Loan B                                              | CUSIP: 80875CAB3<br>LEI: 549300W5GPFXXB6TQ330 | Long             | LON              | CORP              | US        |      249375 | PA      | $244983.51    | 0.02%             | 2029-04-04      | Variable      | 8.10%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED THB / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TH        |           1 | NC      | $6831.37      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation                | Envision Healthcare Corporation 2022 Second Out Term Loan                                      | CUSIP: 29373UAF8<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |     2311674 | PA      | $918890.44    | 0.08%             | 2027-03-31      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| Graham Packaging Company Inc.                  | Graham Packaging Company Inc. 2021 Term Loan                                                   | CUSIP: 38469EAD5<br>LEI: 549300YS0ZFT826HIK72 | Long             | LON              | CORP              | US        |      368089 | PA      | $366248.56    | 0.03%             | 2027-08-04      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| COMMERZBANK AG                                 | Commerzbank AG                                                                                 | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | DBT              | CORP              | DE        |      600000 | PA      | $625383.22    | 0.06%             | 2025-10-09      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                       | Delta Air Lines Inc / SkyMiles IP Ltd                                                          | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |      181000 | PA      | $175977.25    | 0.02%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ziggo Financing Partnership                    | Ziggo Financing Partnership USD Term Loan I                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      740000 | PA      | $733295.60    | 0.07%             | 2028-04-30      | Floating      | 6.96%                 | No            |                  2 | On Loan: No      |
| Proampac PG Borrower LLC                       | Proampac PG Borrower LLC 2020 Term Loan                                                        | CUSIP: 74274NAG8<br>LEI: 549300ZI6LTXYFEY1578 | Long             | LON              | CORP              | US        |     1867169 | PA      | $1823290.29   | 0.16%             | 2025-11-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| Mineral Resources Ltd                          | Mineral Resources Ltd                                                                          | CUSIP: 603051AA1<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |     3220000 | PA      | $3246822.60   | 0.29%             | 2027-05-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| OI EUROPEAN GROUP BV                           | OI European Group BV                                                                           | CUSIP: 67777LAD5<br>LEI: 72450053F5WRDY8CDZ66 | Long             | DBT              | CORP              | NL        |      445000 | PA      | $399868.10    | 0.04%             | 2030-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Ingersoll-Rand Services Company                | Ingersoll-Rand Services Company 2020 USD Spinco Term Loan                                      | CUSIP: 365556AU3<br>LEI: 549300YHGS5RRRQQ4T26 | Long             | LON              | CORP              | US        |       93576 | PA      | $93191.00     | 0.01%             | 2027-03-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| INTELSAT EMERGENCE SA                          | INTELSAT EMERGENCE SA                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | LU        |           1 | NS      | $1.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL GAME TECH                        | International Game Technology PLC                                                              | CUSIP: 460599AE3<br>LEI: 549300UQ6KHRCZDRGZ76 | Long             | DBT              | CORP              | GB        |      260000 | PA      | $249332.20    | 0.02%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MH Sub I, LLC                                  | MH Sub I, LLC 2017 1st Lien Term Loan                                                          | CUSIP: 45567YAJ4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      500000 | PA      | $493985.00    | 0.04%             | 2024-09-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                                            | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     2306000 | PA      | $1753713.00   | 0.16%             | 2032-05-29      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| GO DADDY OPCO/FINCO                            | Go Daddy Operating Co LLC / GD Finance Co Inc                                                  | CUSIP: 38016LAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      355000 | PA      | $343867.20    | 0.03%             | 2027-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MH Sub I, LLC                                  | MH Sub I, LLC 2020 Incremental Term Loan                                                       | CUSIP: 45567YAL9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      744284 | PA      | $735777.30    | 0.07%             | 2024-09-13      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                                  | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    80842700 | PA      | $4190539.45   | 0.37%             | 2038-11-18      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                                      | News Corp                                                                                      | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |     1123000 | PA      | $1006073.24   | 0.09%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BNP PARIBAS                                    | BNP Paribas SA                                                                                 | CUSIP: 05565AM34<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | DBT              | CORP              | FR        |      839000 | PA      | $861728.51    | 0.08%             | 2029-08-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED THB / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TH        |           1 | NC      | $-13951.81    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC                           | Freeport-McMoRan Inc                                                                           | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |      220000 | PA      | $211334.20    | 0.02%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                            | Petroleos Mexicanos                                                                            | CUSIP: 71654QCC4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     1098000 | PA      | $758992.50    | 0.07%             | 2047-09-21      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CABLEVISION LIGHTPATH                          | Cablevision Lightpath LLC                                                                      | CUSIP: 12687GAB5<br>LEI: 5493002ZVBLRLGES1R71 | Long             | DBT              | CORP              | US        |      880000 | PA      | $674511.20    | 0.06%             | 2028-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Bank of America N.A.                           | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: B4TYDEB6GKMZO031MB27 | N/A              | DFE              |  | ID        |           1 | NC      | $77232.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bally's Corporation                            | Bally's Corporation 2021 Term Loan B                                                           | CUSIP: 05875CAB0<br>LEI: 549300NS4D5IK406VT62 | Long             | LON              | CORP              | US        |      728869 | PA      | $700172.99    | 0.06%             | 2028-10-02      | Floating      | 7.71%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                         | Republic of Uzbekistan International Bond                                                      | CUSIP: 000000000<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |      420000 | PA      | $342903.75    | 0.03%             | 2031-10-19      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| NOVO BANCO LUX                                 | Novo Banco SA/Luxembourg                                                                       | CUSIP: 000000000<br>LEI: 5493009W2E2YDCXY6S81 | Long             | DBT              | CORP              | PT        |     1015000 | PA      | $876034.97    | 0.08%             | 2043-01-23      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                            | American Tower Corp                                                                            | CUSIP: 03027XBK5<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              |  | US        |      265000 | PA      | $174486.60    | 0.02%             | 2051-01-15      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                        | Romania Government Bond                                                                        | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     6510000 | PA      | $1423170.82   | 0.13%             | 2023-06-28      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                                           | CUSIP: 91087BAM2<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     1036000 | PA      | $868686.00    | 0.08%             | 2031-05-24      | Fixed         | 2.66%                 | No            |                  2 | On Loan: No      |
| WW INTERNATIONAL INC                           | WW International Inc                                                                           | CUSIP: 98262PAA9<br>LEI: SGT8R1MU6ESIC7UJC518 | Long             | DBT              | CORP              | US        |      730000 | PA      | $391827.50    | 0.03%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| SRS Distribution Inc.                          | SRS Distribution Inc. 2021 Term Loan B                                                         | CUSIP: 78466YAN8<br>LEI: 549300ZQ3XP75BCYM468 | Long             | LON              | CORP              | US        |     1387391 | PA      | $1336113.12   | 0.12%             | 2028-06-02      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                          | China Government Bond                                                                          | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    16210000 | PA      | $2452677.23   | 0.22%             | 2025-12-06      | Fixed         | 3.22%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $136.53       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital Services LLC            | PURCHASED GBP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: I7331LVCZKQKX5T7XV54 | N/A              | DFE              |  | GB        |           1 | NC      | $-791.13      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                             | Panama Government International Bond                                                           | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |      803000 | PA      | $535400.25    | 0.05%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| Bath & Body Works Inc                          | Bath & Body Works Inc                                                                          | CUSIP: 501797AM6<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |      575000 | PA      | $519857.50    | 0.05%             | 2036-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP                          | Antero Resources Corp                                                                          | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |      127000 | PA      | $130089.91    | 0.01%             | 2029-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| TEAM HEALTH HOLDINGS, INC.                     | Team Health Holdings, Inc. 2022 Term Loan B                                                    | CUSIP: 87817JAG3<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |     2864902 | PA      | $2370706.44   | 0.21%             | 2027-03-02      | Variable      | 9.81%                 | No            |                  2 | On Loan: No      |
| GTRC WT TR I                                   | GTRC WT TR I                                                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |        1825 | NS      | $176057.75    | 0.02%             |  |  |  | No            |                  3 | On Loan: No      |
| ANTERO RESOURCES CORP                          | Antero Resources Corp                                                                          | CUSIP: 03674XAS5<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |      603000 | PA      | $562363.83    | 0.05%             | 2030-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                                       | CUSIP: 718286CX3<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      381000 | PA      | $396281.91    | 0.04%             | 2048-01-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Republic of South Africa                       | Republic of South Africa Government Bond                                                       | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    45411348 | PA      | $2293443.24   | 0.20%             | 2032-03-31      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Citibank N.A.                                  | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: E57ODZWZ7FF32TWEFA76 | N/A              | DFE              |  | XX        |           1 | NC      | $11948.17     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Boardriders, Inc.                              | Boardriders, Inc. 2020 PIK Term Loan B2                                                        | CUSIP: 09660JAE0<br>LEI: 54930013HYANWRQLRU09 | Long             | LON              | CORP              | US        |      525999 | PA      | $451701.95    | 0.04%             | 2024-04-23      | Floating      | 12.56%                | No            |                  2 | On Loan: No      |
| NOVO BANCO LUX                                 | Novo Banco SA/Luxembourg                                                                       | CUSIP: 000000000<br>LEI: 5493009W2E2YDCXY6S81 | Long             | DBT              | CORP              | PT        |       95000 | PA      | $81571.01     | 0.01%             | 2043-01-02      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL RESPONSE                        | Global Medical Response Inc                                                                    | CUSIP: 37960BAA3<br>LEI: 549300ZFWD4ZFCEJCQ87 | Long             | DBT              | CORP              | US        |      400000 | PA      | $281712.00    | 0.03%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Mileage Plus Holdings LLC                      | Mileage Plus Holdings LLC 2020 Term Loan B                                                     | CUSIP: 59921PAB2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      936000 | PA      | $974844.00    | 0.09%             | 2027-06-21      | Floating      | 10.00%                | No            |                  2 | On Loan: No      |
| Hertz Corporation, (The)                       | Hertz Corporation, (The) 2021 Term Loan C                                                      | CUSIP: 42804VBC4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | LON              | CORP              | US        |      281808 | PA      | $280333.69    | 0.02%             | 2028-06-30      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                               | CSN Resources SA                                                                               | CUSIP: 000000000<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |      328000 | PA      | $297660.00    | 0.03%             | 2032-04-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Avis Budget Car Rental, LLC                    | Avis Budget Car Rental, LLC 2020 Term Loan B                                                   | CUSIP: 05377JAR3<br>LEI: XN8R4HH1TVC1XOCL5P21 | Long             | LON              | CORP              | US        |      627535 | PA      | $618592.47    | 0.06%             | 2027-08-06      | Floating      | 6.32%                 | No            |                  2 | On Loan: No      |
| Republic of Azerbaijan                         | Republic of Azerbaijan International Bond                                                      | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |      238000 | PA      | $228450.25    | 0.02%             | 2029-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN                       | Clarios Global LP / Clarios US Finance Co                                                      | CUSIP: 69867DAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      394000 | PA      | $392821.94    | 0.04%             | 2027-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Lions Gate Capital Holdings LLC                | Lions Gate Capital Holdings LLC 2018 Term Loan B                                               | CUSIP: 53627MAB9<br>LEI: 549300MWJHNLR35C0837 | Long             | LON              | CORP              | US        |      498135 | PA      | $489004.43    | 0.04%             | 2025-03-24      | Floating      | 6.82%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                       | Ford Motor Credit Co LLC                                                                       | CUSIP: 345397B51<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |      115000 | PA      | $99210.50     | 0.01%             | 2028-02-16      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| Lebanese Republic                              | Lebanon Government International Bond                                                          | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |     4703000 | PA      | $293937.50    | 0.03%             | 2022-10-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TransDigm, Inc.                                | TransDigm, Inc. 2022 Term Loan H                                                               | CUSIP: 89364MBU7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |     1990635 | PA      | $1993123.43   | 0.18%             | 2027-02-22      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| KKR APPLE BIDCO, LLC                           | KKR Apple Bidco, LLC 2021 2nd Lien Term Loan                                                   | CUSIP: 000000000<br>LEI: 2549001SCJD3WEYJFM53 | Long             | LON              | CORP              | US        |      940852 | PA      | $922034.61    | 0.08%             | 2029-09-21      | Floating      | 10.32%                | No            |                  3 | On Loan: No      |
| CERDIA FINANZ GMBH                             | Cerdia Finanz GmbH                                                                             | CUSIP: 15679GAA0<br>LEI: 391200KURNDJSX9GX570 | Long             | DBT              | CORP              | DE        |     1000000 | PA      | $848270.00    | 0.08%             | 2027-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $6555.18      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| DOMAN BUILDING MATERIALS                       | Doman Building Materials Group Ltd                                                             | CUSIP: 13874XAD5<br>LEI: 529900HEUBRUITK08D78 | Long             | DBT              | CORP              | CA        |     2040000 | PA      | $1395212.51   | 0.12%             | 2026-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AGRICUL DEV BANK CHINA                         | Agricultural Development Bank of China                                                         | CUSIP: 000000000<br>LEI: 300300C1020311000158 | Long             | DBT              | NUSS              | CN        |    12610000 | PA      | $1848650.59   | 0.16%             | 2025-04-22      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CULLINAN HOLDCO                                | Cullinan Holdco Scsp                                                                           | CUSIP: 000000000<br>LEI: 549300F81ZP47K818173 | Long             | DBT              | CORP              | LU        |      600000 | PA      | $585632.66    | 0.05%             | 2026-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FREEDOM MORTGAGE CORP                          | Freedom Mortgage Corp                                                                          | CUSIP: 35640YAG2<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      656750 | PA      | $546567.05    | 0.05%             | 2027-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Kestrel Bidco Inc.                             | Kestrel Bidco Inc. Term Loan B                                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |     2117060 | PA      | $2028545.61   | 0.18%             | 2026-12-11      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| Petroleos del Peru SA                          | Petroleos del Peru SA                                                                          | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |      992000 | PA      | $664144.00    | 0.06%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Republic of Azerbaijan                         | Republic of Azerbaijan International Bond                                                      | CUSIP: 000000000<br>LEI: 549300P74FF45UQVU281 | Long             | DBT              | NUSS              | AZ        |      835000 | PA      | $801495.63    | 0.07%             | 2029-09-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| LOTTOMATICA SPA/ROMA                           | Lottomatica SpA/Roma                                                                           | CUSIP: 000000000<br>LEI: 81560046335277E43118 | Long             | DBT              | CORP              | IT        |      450000 | PA      | $485196.27    | 0.04%             | 2025-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC                          | Uber Technologies Inc                                                                          | CUSIP: 90353TAC4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |      500000 | PA      | $510850.00    | 0.05%             | 2026-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Sirius XM Radio Inc                            | Sirius XM Radio Inc                                                                            | CUSIP: 82967NBA5<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      997000 | PA      | $943500.98    | 0.08%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CIRSA FINANCE INTER                            | Cirsa Finance International Sarl                                                               | CUSIP: 000000000<br>LEI: 254900KUJN6DHWH2K029 | Long             | DBT              | CORP              | LU        |      100000 | PA      | $114186.66    | 0.01%             | 2027-11-30      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| Syniverse Holdings, Inc.                       | Syniverse Holdings, Inc. 2022 Term Loan                                                        | CUSIP: 87168TAB7<br>LEI: 549300CYZBHMZC8VLL59 | Long             | LON              | CORP              | US        |      598500 | PA      | $534909.38    | 0.05%             | 2027-05-13      | Variable      | 11.58%                | No            |                  2 | On Loan: No      |
| Envision Healthcare Corporation                | Envision Healthcare Corporation 2018 1st Lien Term Loan                                        | CUSIP: 29373UAC5<br>LEI: 549300OL60X0LPKY8N60 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2025-10-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                       | First Quantum Minerals Ltd                                                                     | CUSIP: 335934AL9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |      330000 | PA      | $325066.50    | 0.03%             | 2025-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VOC Escrow Ltd                                 | VOC Escrow Ltd                                                                                 | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |      765000 | PA      | $673253.55    | 0.06%             | 2028-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Phoenix Guarantor Inc                          | Phoenix Guarantor Inc 2021 Term Loan B3                                                        | CUSIP: 71913BAH5<br>LEI: 254900JIOIDL3GSUFE55 | Long             | LON              | CORP              | US        |      232927 | PA      | $229361.30    | 0.02%             | 2026-03-05      | Floating      | 8.07%                 | No            |                  2 | On Loan: No      |
| Bombardier Inc                                 | Bombardier Inc                                                                                 | CUSIP: 097751BT7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      560000 | PA      | $559994.40    | 0.05%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                       | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc                                            | CUSIP: 74841CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      951000 | PA      | $802444.29    | 0.07%             | 2029-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| MATTAMY GROUP CORP                             | Mattamy Group Corp                                                                             | CUSIP: 57701RAM4<br>LEI: 5493008TNY7A82WCXU31 | Long             | DBT              | CORP              | CA        |      605000 | PA      | $510698.65    | 0.05%             | 2030-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MOSS CREEK RESOURCES HLD                       | Moss Creek Resources Holdings Inc                                                              | CUSIP: 61965RAA3<br>LEI: 54930037SLMSPWKYIX36 | Long             | DBT              | CORP              | US        |      748000 | PA      | $690875.24    | 0.06%             | 2026-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ESC CB CHESAPEAKE ENER                         | ESC CB CHESAPEAKE ENER                                                                         | CUSIP: 165ESCAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      935000 | PA      | $18933.75     | 0.00%             | 2026-10-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| eG Global Finance PLC                          | eG Global Finance PLC                                                                          | CUSIP: 28228PAA9<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |      301000 | PA      | $279132.35    | 0.02%             | 2025-02-07      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY PARTNERS                       | Cheniere Energy Partners LP                                                                    | CUSIP: 16411QAG6<br>LEI: 5493005UEC8AZ34LDV29 | Long             | DBT              | CORP              | US        |      741000 | PA      | $695450.73    | 0.06%             | 2029-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                                         | CUSIP: 195325EG6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     1425000 | PA      | $1410037.50   | 0.13%             | 2034-02-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Apex Group Treasury LLC                        | Apex Group Treasury LLC USD Term Loan                                                          | CUSIP: 000000000<br>LEI: 254900N6HRPDDNW7HP03 | Long             | LON              | CORP              | US        |     1739962 | PA      | $1702988.10   | 0.15%             | 2028-07-27      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| RealPage, Inc                                  | RealPage, Inc 2nd Lien Term Loan                                                               | CUSIP: 75605VAG7<br>LEI: 5493001RSFZX4122A604 | Long             | LON              | CORP              | US        |     2750000 | PA      | $2637250.00   | 0.24%             | 2029-04-23      | Floating      | 11.07%                | No            |                  2 | On Loan: No      |
| Apache Corp                                    | Apache Corp                                                                                    | CUSIP: 037411AW5<br>LEI: 72ZZ1XRHOOU9P9X16K08 | Long             | DBT              | CORP              | US        |      705000 | PA      | $614908.05    | 0.05%             | 2040-09-01      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| SOLIS IV BV                                    | Solis IV BV USD Term Loan B1                                                                   | CUSIP: 000000000<br>LEI: 529900811T142NS3H544 | Long             | LON              | CORP              | US        |      796000 | PA      | $727846.48    | 0.06%             | 2029-02-26      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| STATE OF QATAR                                 | Qatar Government International Bond                                                            | CUSIP: 000000000<br>LEI: 52990074F6OJOAXK4P65 | Long             | DBT              | NUSS              | QA        |     1357000 | PA      | $1278972.50   | 0.11%             | 2050-04-16      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                       | Ascent Resources Utica Holdings LLC / ARU Finance Corp                                         | CUSIP: 04364VAG8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      230000 | PA      | $220020.30    | 0.02%             | 2026-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                                        | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |      110000 | PA      | $8800.00      | 0.00%             | 2019-10-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CSC Holdings LLC                               | CSC Holdings LLC                                                                               | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |      545000 | PA      | $398144.30    | 0.04%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BCPE Empire Holdings, Inc.                     | BCPE Empire Holdings, Inc. 2022 Incremental Term Loan                                          | CUSIP: 05550HAL9<br>LEI: 549300O2G0VI2955B626 | Long             | LON              | CORP              | US        |      497494 | PA      | $493672.99    | 0.04%             | 2026-06-11      | Variable      | 9.29%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL CALCASIEU                       | Venture Global Calcasieu Pass LLC                                                              | CUSIP: 92328MAE3<br>LEI: 549300GKHS6RS20NLH85 | Long             | DBT              | CORP              | US        |      973000 | PA      | $991506.46    | 0.09%             | 2030-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SUMMIT MID HLDS LLC / FI                       | Summit Midstream Holdings LLC / Summit Midstream Finance Corp                                  | CUSIP: 86614WAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      278000 | PA      | $270552.38    | 0.02%             | 2026-10-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                             | Angolan Government International Bond                                                          | CUSIP: 000000000<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      227000 | PA      | $210542.50    | 0.02%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| OMAN GOV INTERNTL BOND                         | Oman Government International Bond                                                             | CUSIP: 000000000<br>LEI: 549300SZ20F0QTKNQC75 | Long             | DBT              | NUSS              | OM        |      774000 | PA      | $800025.75    | 0.07%             | 2031-01-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                       | Petroleos de Venezuela SA                                                                      | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |      700000 | PA      | $31500.00     | 0.00%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                              | Chile Government International Bond                                                            | CUSIP: 168863DS4<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |      453000 | PA      | $341958.38    | 0.03%             | 2041-05-07      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HCA INC                                        | HCA Inc                                                                                        | CUSIP: 404119CA5<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |      871000 | PA      | $780825.37    | 0.07%             | 2030-09-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                                                 | CUSIP: 097751BX8<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      816000 | PA      | $774661.44    | 0.07%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 682691AB6<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      122000 | PA      | $106564.56    | 0.01%             | 2027-01-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LUMEN TECHNOLOGIES INC                         | Lumen Technologies Inc                                                                         | CUSIP: 156700BC9<br>LEI: 8M3THTGWLTYZVE6BBY25 | Long             | DBT              | CORP              | US        |      270000 | PA      | $227885.40    | 0.02%             | 2027-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INNOPHOS HOLDINGS INC                          | Innophos Holdings Inc                                                                          | CUSIP: 45774NAB4<br>LEI: XQ0331QX53IRX25OY417 | Long             | DBT              | CORP              | US        |      965000 | PA      | $952426.05    | 0.08%             | 2028-02-15      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                          | Level 3 Financing Inc                                                                          | CUSIP: 527298BR3<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |      200000 | PA      | $158446.00    | 0.01%             | 2028-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                           | BWX Technologies Inc                                                                           | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |      445000 | PA      | $403499.30    | 0.04%             | 2028-06-30      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| QATAR ENERGY                                   | QatarEnergy                                                                                    | CUSIP: 000000000<br>LEI: 254900QTESJKJ3P87J26 | Long             | DBT              | CORP              | QA        |     1655000 | PA      | $1402922.81   | 0.13%             | 2031-07-12      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                             | Dominican Republic International Bond                                                          | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     2379000 | PA      | $2200575.00   | 0.20%             | 2033-02-22      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HONDURAS GOVERNMENT                            | Honduras Government International Bond                                                         | CUSIP: 000000000<br>LEI: 5493002DW1JNBNG17615 | Long             | DBT              | NUSS              | HN        |      409000 | PA      | $333156.06    | 0.03%             | 2030-06-24      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Arctic Canadian Diamond Company Ltd            | Arctic Canadian Diamond Company Ltd 2nd Lien PIK Term Loan                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      735622 | PA      | $732312.13    | 0.07%             | 2027-12-31      | Floating      | 12.50%                | No            |                  3 | On Loan: No      |
| BCP V MODULAR SERVICES                         | BCP V Modular Services Finance PLC                                                             | CUSIP: 000000000<br>LEI: 213800K8U94KVZL98H64 | Long             | DBT              | CORP              | GB        |      150000 | PA      | $129402.96    | 0.01%             | 2029-11-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                       | Republic of South Africa Government International Bond                                         | CUSIP: 836205BC7<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     1873000 | PA      | $1734866.25   | 0.15%             | 2032-04-20      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                              | Republic of Kenya Government International Bond                                                | CUSIP: 000000000<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |     1304000 | PA      | $1173600.00   | 0.10%             | 2027-05-22      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                                 | Czech Republic Government Bond                                                                 | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    98010000 | PA      | $3501162.17   | 0.31%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Delta TopCo, Inc.                              | Delta TopCo, Inc. 2020 2nd Lien Term Loan                                                      | CUSIP: 24780DAE7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      142514 | PA      | $118642.51    | 0.01%             | 2028-12-01      | Floating      | 11.65%                | No            |                  2 | On Loan: No      |
| AVIANCA MIDCO 2 PLC                            | Avianca Midco 2 PLC                                                                            | CUSIP: 05368PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |     2243873 | PA      | $1811299.16   | 0.16%             | 2028-12-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                       | Thailand Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |   184925000 | PA      | $5404266.46   | 0.48%             | 2031-12-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQ / KIK CUSTOM                        | Kronos Acquisition Holdings Inc / KIK Custom Products Inc                                      | CUSIP: 50106GAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      761000 | PA      | $662518.99    | 0.06%             | 2027-12-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TTM Technologies, Inc.                         | TTM Technologies, Inc. 2017 Term Loan                                                          | CUSIP: 87305VAH3<br>LEI: 549300SC4BDOIS008048 | Long             | LON              | CORP              | US        |      110401 | PA      | $109986.94    | 0.01%             | 2024-09-28      | Floating      | 7.08%                 | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                 | PURCHASED ZAR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | N/A              | DFE              |  | ZA        |           1 | NC      | $-3831.70     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                             | Angolan Government International Bond                                                          | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |      603000 | PA      | $557775.00    | 0.05%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SHELF DRILL HOLD LTD                           | Shelf Drilling Holdings Ltd                                                                    | CUSIP: 822538AE4<br>LEI: 54930078ZJ3XP4MRYB68 | Long             | DBT              | CORP              | KY        |     1595000 | PA      | $1503287.50   | 0.13%             | 2025-02-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| VIRTUSA CORPORATION                            | Virtusa Corporation First Lien Term Loan B                                                     | CUSIP: 92828KAK8<br>LEI: C77OMXDER63WLJCSKT03 | Long             | LON              | CORP              | US        |        1859 | PA      | $1837.73      | 0.00%             | 2028-02-11      | Floating      | 8.32%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                          | China Government Bond                                                                          | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |    39700000 | PA      | $6092006.01   | 0.54%             | 2030-11-19      | Fixed         | 3.27%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE T                       | Diversified Healthcare Trust                                                                   | CUSIP: 25525PAA5<br>LEI: N/A                  | Long             | DBT              |  | US        |      200000 | PA      | $196276.00    | 0.02%             | 2025-06-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 85172FAR0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      400000 | PA      | $350132.00    | 0.03%             | 2029-11-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                                       | CUSIP: 718286CV7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |      477000 | PA      | $491362.47    | 0.04%             | 2027-10-13      | Fixed         | 5.17%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                           | OneMain Finance Corp                                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |      240000 | PA      | $238684.80    | 0.02%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Asurion LLC                                    | Asurion LLC 2018 Term Loan B7                                                                  | CUSIP: 04649VAW0<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |     1474281 | PA      | $1457459.69   | 0.13%             | 2024-11-03      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Republic of Peru                               | Peruvian Government International Bond                                                         | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     3110000 | PA      | $758188.88    | 0.07%             | 2028-08-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| VAR ENERGI ASA                                 | Var Energi ASA                                                                                 | CUSIP: 92212WAD2<br>LEI: 549300LIVN3FFOJN2K47 | Long             | DBT              | CORP              | NO        |     1230000 | PA      | $1295878.80   | 0.12%             | 2028-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Transocean Inc                                 | Transocean Inc                                                                                 | CUSIP: 893830BK4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |      444000 | PA      | $422013.12    | 0.04%             | 2025-11-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNITED GROUP BV                                | United Group BV                                                                                | CUSIP: 000000000<br>LEI: 213800PC85O8BJ7DU398 | Long             | DBT              | CORP              | NL        |      870000 | PA      | $748556.99    | 0.07%             | 2030-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LCM INVESTMENTS HOLDINGS                       | LCM Investments Holdings II LLC                                                                | CUSIP: 50190EAA2<br>LEI: 549300P5V78NNQTG4428 | Long             | DBT              | CORP              | US        |      933000 | PA      | $769948.92    | 0.07%             | 2029-05-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BALL CORP                                      | Ball Corp                                                                                      | CUSIP: 058498AW6<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |      962000 | PA      | $790456.16    | 0.07%             | 2030-08-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                         | Republic of Poland Government Bond                                                             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     6754000 | PA      | $1102949.08   | 0.10%             | 2032-04-25      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CASTLE US HOLDING CORP                         | Castle US Holding Corp                                                                         | CUSIP: 14852LAA1<br>LEI: 254900VXLMLPIE9ID612 | Long             | DBT              | CORP              | US        |      750000 | PA      | $292807.50    | 0.03%             | 2028-02-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | Barclays PLC                                                                                   | CUSIP: 06738EBX2<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      521000 | PA      | $522526.53    | 0.05%             | 2029-03-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| LADDER CAP FIN LLLP/CORP                       | Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp                             | CUSIP: 505742AM8<br>LEI: N/A                  | Long             | DBT              |  | US        |      842000 | PA      | $742004.08    | 0.07%             | 2027-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Diamond Sports Group, LLC                      | Diamond Sports Group, LLC 2022 2nd Lien Term Loan                                              | CUSIP: 25277BAG3<br>LEI: 5493002K6DHWNZH8YA34 | Long             | LON              | CORP              | US        |     1261611 | PA      | $95150.70     | 0.01%             | 2026-08-24      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| DANA INC                                       | Dana Inc                                                                                       | CUSIP: 235825AG1<br>LEI: KVWHW7YLZPFJM8QYNJ51 | Long             | DBT              | CORP              | US        |      266000 | PA      | $251370.00    | 0.02%             | 2028-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC                                 | NRG Energy Inc                                                                                 | CUSIP: 629377CR1<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |      460000 | PA      | $364665.00    | 0.03%             | 2031-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO INC                            | Sirius XM Radio Inc                                                                            | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |      260000 | PA      | $243781.20    | 0.02%             | 2029-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Sinclair Television Group Inc.                 | Sinclair Television Group Inc. Term Loan B2B                                                   | CUSIP: 82925BAE5<br>LEI: 549300CQGEN0CH65UD62 | Long             | LON              | CORP              | US        |       15935 | PA      | $15523.88     | 0.00%             | 2026-09-30      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| SkyMiles IP Ltd.                               | SkyMiles IP Ltd. 2020 Skymiles Term Loan B                                                     | CUSIP: 24736CBS2<br>LEI: 2549008L7P4I8VB90936 | Long             | LON              | CORP              | KY        |     1296750 | PA      | $1339711.33   | 0.12%             | 2027-10-20      | Floating      | 8.56%                 | No            |                  2 | On Loan: No      |
| RegionalCare Hospital Partners Holdings, Inc.  | RegionalCare Hospital Partners Holdings, Inc. 2018 Term Loan B                                 | CUSIP: 75915TAD4<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |     1031556 | PA      | $1000898.13   | 0.09%             | 2025-11-16      | Floating      | 8.57%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                       | Live Nation Entertainment Inc                                                                  | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |      825000 | PA      | $763083.75    | 0.07%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                                   | Barclays PLC                                                                                   | CUSIP: 06738EBN4<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |      265000 | PA      | $252521.15    | 0.02%             | 2025-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Broadstreet Partners, Inc.                     | Broadstreet Partners, Inc. 2021 Term Loan B2                                                   | CUSIP: 11132VAR0<br>LEI: 549300BS9N54G8DD0R75 | Long             | LON              | CORP              | US        |      486307 | PA      | $478404.04    | 0.04%             | 2027-01-27      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                      | IQVIA Inc                                                                                      | CUSIP: 000000000<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |      200000 | PA      | $189120.67    | 0.02%             | 2028-01-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                                        | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    94750000 | PA      | $152079.43    | 0.01%             | 2038-10-27      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| RAPTOR ACQ/RAPTOR CO-ISS                       | Raptor Acquisition Corp / Raptor Co-Issuer LLC                                                 | CUSIP: 75383KAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      840000 | PA      | $781317.60    | 0.07%             | 2026-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TRONOX INC                                     | Tronox Inc                                                                                     | CUSIP: 897051AC2<br>LEI: 549300EPZ4YXC7E5P181 | Long             | DBT              | CORP              | US        |      654000 | PA      | $559170.00    | 0.05%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TELESAT CANADA/TELESAT L                       | Telesat Canada / Telesat LLC                                                                   | CUSIP: 87952VAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |      211000 | PA      | $58788.82     | 0.01%             | 2027-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TEVA PHARM FNC NL II                           | Teva Pharmaceutical Finance Netherlands II BV                                                  | CUSIP: 000000000<br>LEI: 549300HSQCIKJAOYIT23 | Long             | DBT              | CORP              | NL        |      560000 | PA      | $525592.82    | 0.05%             | 2030-05-09      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP                           | CITGO Petroleum Corp                                                                           | CUSIP: 17302XAM8<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |      150000 | PA      | $147060.00    | 0.01%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FLYNN CANADA                                   | Flynn Canada Term Loan B                                                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | CA        |      371039 | PA      | $339500.92    | 0.03%             | 2028-07-31      | Floating      | 9.12%                 | No            |                  3 | On Loan: No      |
| COINBASE GLOBAL INC                            | Coinbase Global Inc                                                                            | CUSIP: 19260QAC1<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |      859000 | PA      | $554020.64    | 0.05%             | 2028-10-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Mallinckrodt International Finance S.A.        | Mallinckrodt International Finance S.A. 2022 USD Term Loan                                     | CUSIP: 000000000<br>LEI: 549300MQQ92LN1A0B514 | Long             | LON              | CORP              | LU        |      197985 | PA      | $151097.95    | 0.01%             | 2027-09-30      | Floating      | 9.99%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | ID        |           1 | NC      | $42300.09     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| SOFTBANK GROUP CORP                            | SoftBank Group Corp                                                                            | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | JP        |     1144000 | PA      | $1007396.97   | 0.09%             | 2029-07-06      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE INC                                  | CommScope Inc                                                                                  | CUSIP: 203372AV9<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |      300000 | PA      | $235638.00    | 0.02%             | 2028-07-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED CLP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | CL        |           1 | NC      | $158626.26    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ALTICE FRANCE HOLDING SA                       | Altice France Holding SA                                                                       | CUSIP: 02156TAB0<br>LEI: 5299000JVHXKJPOE6H40 | Long             | DBT              | CORP              | LU        |      527000 | PA      | $452329.37    | 0.04%             | 2027-05-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GRIFFON CORPORATION                            | Griffon Corp                                                                                   | CUSIP: 398433AP7<br>LEI: 5493000C2SGNC7ZN3242 | Long             | DBT              | CORP              | US        |      815000 | PA      | $771658.30    | 0.07%             | 2028-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Republic of Sri Lanka                          | Sri Lanka Government International Bond                                                        | CUSIP: 000000000<br>LEI: 254900HXCCIOHM74FA02 | Long             | DBT              | NUSS              | LK        |     2236000 | PA      | $743715.96    | 0.07%             | 2028-04-18      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Vertical US Newco Inc                          | Vertical US Newco Inc Term Loan B                                                              | CUSIP: 000000000<br>LEI: 549300C2AFWPAYWS5574 | Long             | LON              | CORP              | US        |       52935 | PA      | $51934.93     | 0.00%             | 2027-07-30      | Floating      | 8.60%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                               | LPL Holdings Inc                                                                               | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |      957000 | PA      | $910690.77    | 0.08%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MLN US HoldCo LLC                              | MLN US HoldCo LLC 2022 Second Out Term Loan                                                    | CUSIP: 000000000<br>LEI: 549300QKU7NPW6O86862 | Long             | LON              | CORP              | US        |      547835 | PA      | $383484.26    | 0.03%             | 2027-11-01      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| POLAND GOVERNMENT BOND                         | Republic of Poland Government Bond                                                             | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    18803000 | PA      | $3866515.28   | 0.34%             | 2026-07-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IQOR EQUITY                                    | IQOR EQUITY                                                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        5606 | NS      | $21022.50     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CP ATLAS BUYER INC                             | CP Atlas Buyer Inc                                                                             | CUSIP: 12597YAA7<br>LEI: 2549006ZZ07G0NDDCR36 | Long             | DBT              | CORP              | US        |      538000 | PA      | $415572.72    | 0.04%             | 2028-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    17300000 | PA      | $4109741.08   | 0.37%             | 2027-11-16      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                                       | CUSIP: 718286CN5<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     3246000 | PA      | $2637732.06   | 0.24%             | 2032-01-06      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| HAZINE MUSTESARLIGI VARL                       | Hazine Mustesarligi Varlik Kiralama AS                                                         | CUSIP: 421790AH9<br>LEI: 6354003QFJP7RDXEOZ20 | Long             | DBT              | NUSS              | TR        |     2031000 | PA      | $1967912.06   | 0.18%             | 2027-02-24      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD                        | Global Aircraft Leasing Co Ltd                                                                 | CUSIP: 37960JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     1700656 | PA      | $1559399.51   | 0.14%             | 2024-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESTERN MIDSTREAM OPERAT                       | Western Midstream Operating LP                                                                 | CUSIP: 958667AA5<br>LEI: L6D8A6MLSY454J2JXJ60 | Long             | DBT              | CORP              | US        |     1224000 | PA      | $1062028.08   | 0.09%             | 2050-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UTZ Quality Foods, LLC                         | UTZ Quality Foods, LLC 2021 Term Loan B                                                        | CUSIP: 91809EAE1<br>LEI: 549300K2HU2ISL0R2Q75 | Long             | LON              | CORP              | US        |        8982 | PA      | $8960.87      | 0.00%             | 2028-01-20      | Variable      | 7.67%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                           | Abu Dhabi Government International Bond                                                        | CUSIP: 000000000<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |      608000 | PA      | $540474.00    | 0.05%             | 2028-06-02      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| LOXAM SAS                                      | Loxam SAS                                                                                      | CUSIP: 000000000<br>LEI: 969500BNA2YRNE1R5K91 | Long             | DBT              | CORP              | FR        |      450000 | PA      | $430770.81    | 0.04%             | 2027-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Cincinnati Bell, Inc.                          | Cincinnati Bell, Inc. 2021 Term Loan B2                                                        | CUSIP: 17187MAS9<br>LEI: 549300JYVZOCUJOHL272 | Long             | LON              | CORP              | US        |      264000 | PA      | $262460.87    | 0.02%             | 2028-11-22      | Variable      | 7.91%                 | No            |                  2 | On Loan: No      |
| Dotdash Meredith Inc                           | Dotdash Meredith Inc Term Loan B                                                               | CUSIP: 25849KAB3<br>LEI: 549300R2AA7U9CJUQO13 | Long             | LON              | CORP              | US        |       64673 | PA      | $54756.99     | 0.00%             | 2028-12-01      | Variable      | 8.67%                 | No            |                  2 | On Loan: No      |
| SS&C European Holdings Sarl                    | SS&C European Holdings Sarl 2018 Term Loan B4                                                  | CUSIP: 78466DBE3<br>LEI: 549300KY09TR3J12JU49 | Long             | LON              | CORP              | US        |      558705 | PA      | $557308.46    | 0.05%             | 2025-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc.                         | GFL Environmental Inc. 2023 Term Loan                                                          | CUSIP: 000000000<br>LEI: 549300FYK4MBXWIVZU26 | Long             | LON              | CORP              | CA        |     1000000 | PA      | $1001670.00   | 0.09%             | 2027-05-31      | Variable      | 7.66%                 | No            |                  2 | On Loan: No      |
| Transocean Inc                                 | Transocean Inc                                                                                 | CUSIP: 893830AF6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |      330000 | PA      | $253618.20    | 0.02%             | 2031-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| New Albertsons LP                              | New Albertsons LP                                                                              | CUSIP: 013104AL8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      375000 | PA      | $387603.75    | 0.03%             | 2031-05-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                                 | Bombardier Inc                                                                                 | CUSIP: 097751BZ3<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |      500000 | PA      | $499995.00    | 0.04%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                                    | Gap Inc/The                                                                                    | CUSIP: 364760AP3<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |      680000 | PA      | $522450.80    | 0.05%             | 2029-10-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS, LLC                              | CSC Holdings, LLC 2022 Term Loan B6                                                            | CUSIP: 64072UAM4<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | LON              | CORP              | US        |      653500 | PA      | $618786.22    | 0.06%             | 2028-01-17      | Variable      | 8.82%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                         | CCO Holdings LLC / CCO Holdings Capital Corp                                                   | CUSIP: 1248EPCB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1155000 | PA      | $1068155.55   | 0.10%             | 2029-06-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CITGO HOLDING INC                              | Citgo Holding Inc                                                                              | CUSIP: 17302WAB4<br>LEI: 549300NYHOALWZ2BSL72 | Long             | DBT              | CORP              | US        |      625000 | PA      | $629656.25    | 0.06%             | 2024-08-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PTC Inc                                        | PTC Inc                                                                                        | CUSIP: 69370CAC4<br>LEI: 54930050SSMU8SKDJ030 | Long             | DBT              | CORP              | US        |      351000 | PA      | $327086.37    | 0.03%             | 2028-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                       | Ferrellgas LP / Ferrellgas Finance Corp                                                        | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1660000 | PA      | $1526934.40   | 0.14%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Envision Healthcare Corp                       | Envision Healthcare Corp                                                                       | CUSIP: 29373TAA2<br>LEI: 549300OL60X0LPKY8N60 | Long             | DBT              | CORP              | US        |      835000 | PA      | $221617.35    | 0.02%             | 2026-10-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT HOLDINGS INC                         | Open Text Holdings Inc                                                                         | CUSIP: 683720AA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      652000 | PA      | $548032.08    | 0.05%             | 2030-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                                | Madison IAQ LLC Term Loan                                                                      | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |      148120 | PA      | $141485.99    | 0.01%             | 2028-06-21      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| DIAMOND SPORTS GR/DIAMON                       | Diamond Sports Group LLC / Diamond Sports Finance Co                                           | CUSIP: 25277LAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     1274000 | PA      | $25925.90     | 0.00%             | 2027-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Republic of Ghana                              | Ghana Government International Bond                                                            | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |      959000 | PA      | $354830.00    | 0.03%             | 2029-05-16      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                                            | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     2525000 | PA      | $2525000.00   | 0.23%             | 2029-04-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| HONG KONG                                      | Hong Kong Government International Bond                                                        | CUSIP: 43858AAF7<br>LEI: 549300DSMAD69T7GGN13 | Long             | DBT              | NUSS              | HK        |      630000 | PA      | $634214.70    | 0.06%             | 2026-01-11      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Par Pharmaceutical Inc                         | Par Pharmaceutical Inc                                                                         | CUSIP: 69888XAA7<br>LEI: 549300KK5WR4MGN4YT97 | Long             | DBT              | CORP              | US        |      344000 | PA      | $269658.16    | 0.02%             | 2027-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Team Health Holdings, Inc.                     | Team Health Holdings, Inc. 1st Lien Term Loan                                                  | CUSIP: 87817JAE8<br>LEI: 549300PVTQ4UDTTMQT11 | Long             | LON              | CORP              | US        |      875832 | PA      | $804127.96    | 0.07%             | 2024-02-06      | Floating      | 7.32%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                             | Peru Government Bond                                                                           | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     8108000 | PA      | $1842734.37   | 0.16%             | 2032-08-12      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| MDGH GMTN RSC LTD                              | MDGH GMTN RSC Ltd                                                                              | CUSIP: 55285GAB0<br>LEI: 213800WRY6FRL9IXLT77 | Long             | DBT              | CORP              | AE        |      821000 | PA      | $876828.00    | 0.08%             | 2033-04-28      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| US Foods, Inc.                                 | US Foods, Inc. 2019 Term Loan B                                                                | CUSIP: 90351HAD0<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | LON              | CORP              | US        |       70952 | PA      | $70734.99     | 0.01%             | 2026-09-13      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Freedom Mortgage Corp                          | Freedom Mortgage Corp                                                                          | CUSIP: 35640YAA5<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |      575000 | PA      | $555685.75    | 0.05%             | 2024-11-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Triton Water Holdings, Inc                     | Triton Water Holdings, Inc Term Loan                                                           | CUSIP: 89678QAB2<br>LEI: 5493005IYCEL7QJFZZ63 | Long             | LON              | CORP              | US        |      648613 | PA      | $616591.26    | 0.05%             | 2028-03-31      | Floating      | 8.23%                 | No            |                  2 | On Loan: No      |
| FIELDWOOD TR 2 WARRANTS                        | FIELDWOOD TR 2 WARRANTS                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |        4402 | NS      | $28613.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| LIFEPT/LEGACY LIFEPT                           | RegionalCare Hospital Partners Holdings Inc / LifePoint Health Inc                             | CUSIP: 53219LAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      520000 | PA      | $455483.60    | 0.04%             | 2026-12-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Barclays Bank PLC                              | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DFE              |  | XX        |           1 | NC      | $2433603.53   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| FIELDWOOD TR 1 WARRANTS                        | FIELDWOOD TR 1 WARRANTS                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | US        |        2285 | NS      | $20565.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                                        | CUSIP: 455780CW4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |      299000 | PA      | $223535.39    | 0.02%             | 2051-03-12      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| Applied Systems, Inc.                          | Applied Systems, Inc. 2021 2nd Lien Term Loan                                                  | CUSIP: 03827FBA8<br>LEI: 549300NSKGF0SY5SWQ62 | Long             | LON              | CORP              | US        |     1000000 | PA      | $997500.00    | 0.09%             | 2027-09-17      | Variable      | 11.33%                | No            |                  2 | On Loan: No      |
| MARB BONDCO PLC                                | MARB BondCo PLC                                                                                | CUSIP: 000000000<br>LEI: 254900PVA1EU6QM1JN57 | Long             | DBT              | CORP              | GB        |     1228000 | PA      | $963679.14    | 0.09%             | 2031-01-29      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                                        | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 41055000000 | PA      | $2678023.95   | 0.24%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Proofpoint, Inc.                               | Proofpoint, Inc. 1st Lien Term Loan                                                            | CUSIP: 74345HAB7<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |      326778 | PA      | $320088.59    | 0.03%             | 2028-08-31      | Floating      | 7.99%                 | No            |                  2 | On Loan: No      |
| SPANISH BROADCASTING SYS                       | Spanish Broadcasting System Inc                                                                | CUSIP: 846425AQ9<br>LEI: 5493005DKYB1X4C9LH64 | Long             | DBT              | CORP              | US        |     1120000 | PA      | $660654.40    | 0.06%             | 2026-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GRUPO-ANTOLIN IRAUSA SA                        | Grupo Antolin-Irausa SA                                                                        | CUSIP: 000000000<br>LEI: 213800OILC5Q9AR63B63 | Long             | DBT              | CORP              | ES        |      450000 | PA      | $403604.56    | 0.04%             | 2026-04-30      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L                       | EQM Midstream Partners LP                                                                      | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |      729000 | PA      | $731012.04    | 0.07%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank N.A.                       | PURCHASED THB / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              |  | TH        |           1 | NC      | $-4200.04     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                           | Colombian TES                                                                                  | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  7876100000 | PA      | $1305227.30   | 0.12%             | 2028-04-28      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| McAfee, LLC                                    | McAfee, LLC 2018 USD Term Loan B                                                               | CUSIP: 57906PAG4<br>LEI: 549300713UKUTLV9T378 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2024-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SERBIA                             | Serbia International Bond                                                                      | CUSIP: 817477AG7<br>LEI: 254900W94OCY91V32O78 | Long             | DBT              | NUSS              | RS        |      289000 | PA      | $294057.50    | 0.03%             | 2028-05-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                            | Malaysia Government Bond                                                                       | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |    20503000 | PA      | $4833579.55   | 0.43%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| DITECH HOLDING CORPORATION                     | Ditech Holding Corporation 2013 Term Loan                                                      | CUSIP: 93317CAL0<br>LEI: Z4TM9IUZR644E7BFXU45 | Long             | LON              | CORP              | US        |      213611 | PA      | $21361.08     | 0.00%             | 2023-06-30      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| TELECOM ITALIA CAPITAL                         | Telecom Italia Capital SA                                                                      | CUSIP: 87927VAM0<br>LEI: 549300777DJZOR5C4L39 | Long             | DBT              | CORP              | LU        |      376000 | PA      | $301777.60    | 0.03%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Quorum Health Corporation                      | Quorum Health Corporation 2020 Term Loan                                                       | CUSIP: 74909HAE9<br>LEI: 549300PO3E4YREFT1I57 | Long             | LON              | CORP              | US        |       57648 | PA      | $39536.49     | 0.00%             | 2025-04-29      | Floating      | 12.97%                | No            |                  2 | On Loan: No      |
| PATTERN ENERGY OP LP/PAT                       | Pattern Energy Operations LP / Pattern Energy Operations Inc                                   | CUSIP: 70339PAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      508000 | PA      | $466150.96    | 0.04%             | 2028-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Filtration Group Corporation                   | Filtration Group Corporation 2018 1st Lien Term Loan                                           | CUSIP: 31732FAM8<br>LEI: 549300ZA0D9WN5ECE978 | Long             | LON              | CORP              | US        |           0 | PA      | $0.00         | 0.00%             | 2025-03-29      | Floating      | 7.57%                 | No            |                  2 | On Loan: No      |
| Herman Miller, Inc                             | Herman Miller, Inc Term Loan B                                                                 | CUSIP: 427430AP8<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | LON              | CORP              | US        |      492200 | PA      | $485127.13    | 0.04%             | 2028-07-19      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| CROWN FINANCE US, INC.                         | Crown Finance US, Inc. 2022 DIP Term Loan                                                      | CUSIP: 22834KAL5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |      858419 | PA      | $864780.20    | 0.08%             | 2023-09-07      | Variable      | 14.63%                | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA                               | Movida Europe SA                                                                               | CUSIP: 62459LAA7<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |      979000 | PA      | $710949.80    | 0.06%             | 2031-02-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC                           | Chart Industries Inc                                                                           | CUSIP: 000000000<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |      540000 | PA      | $551620.80    | 0.05%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                              | Ghana Government International Bond                                                            | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     1526000 | PA      | $560805.00    | 0.05%             | 2034-04-07      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS                        | Frontier Communications Holdings LLC                                                           | CUSIP: 35908MAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |      130000 | PA      | $106116.40    | 0.01%             | 2029-11-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Petroleos Mexicanos                            | Petroleos Mexicanos                                                                            | CUSIP: 71654QBR2<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |      623000 | PA      | $419590.50    | 0.04%             | 2045-01-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President