# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001410368-25-007899
**Filing Date:** 2025-9
**Character Count:** 549731
**Document Hash:** 2d861dbf2f297dff7b08d72792269400
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-007899.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001410368-25-007899

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22781
- **FILM NUMBER:** 251329125

**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 Real Assets Strategy Fund (Series ID: S000049147)

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

## Nport-Ex

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 59.2%** | **Common Stocks – 59.2%** |  |
| **Argentina\* – 0.0%** | **Argentina\* – 0.0%** |  |
| 5940 | Grupo Financiero Galicia SA ADR (Banks) | $299792 |
| **Australia – 0.2%** | **Australia – 0.2%** |  |
| 16689 | AUB Group Ltd. (Insurance) | 362506 |
| 49875 | Flight Centre Travel Group Ltd. (Hotels, Restaurants & Leisure) | 380386 |
| 120230 | Genesis Minerals Ltd.\* (Metals & Mining) | 282391 |
| 130445 | Glencore PLC\* (Metals & Mining) | 523518 |
| 359203 | Mirvac Group (Diversified REITs) | 515381 |
| 30376 | Northern Star Resources Ltd. (Metals & Mining) | 301795 |
| 11880 | SGH Ltd. (Trading Companies & Distributors) | 388563 |
| 114607 | Stockland (Diversified REITs) | 406315 |
|  |  | 3160855 |
| **Austria – 0.1%** | **Austria – 0.1%** |  |
| 4586 | BAWAG Group AG<sup>(a)</sup> (Banks) | 578787 |
| 7540 | Erste Group Bank AG (Banks) | 689487 |
| 10981 | Wienerberger AG (Construction Materials) | 368110 |
|  |  | 1636384 |
| **Belgium – 0.2%** | **Belgium – 0.2%** |  |
| 30829 | Anheuser-Busch InBev SA (Beverages) | 1772441 |
| 12816 | Syensqo SA (Chemicals) | 1015743 |
|  |  | 2788184 |
| **Bermuda – 0.2%** | **Bermuda – 0.2%** |  |
| 24552 | Arch Capital Group Ltd. (Insurance) | 2112945 |
| 6218 | Assured Guaranty Ltd. (Insurance) | 525918 |
| 4077 | Axis Capital Holdings Ltd. (Insurance) | 382586 |
|  |  | 3021449 |
| **Brazil – 0.4%** | **Brazil – 0.4%** |  |
| 81300 | Banco do Brasil SA (Banks) | 286025 |
| 23050 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Water Utilities) | 445848 |
| 34400 | Cury Construtora e Incorporadora SA (Household Durables) | 180860 |
| 107300 | Embraer SA (Aerospace & Defense) | 1545627 |
| 2260 | Embraer SA ADR (Aerospace & Defense) | 130131 |
| 93390 | Lojas Renner SA (Specialty Retail) | 271353 |
| 144498 | NU Holdings Ltd. Class A\* (Banks) | 1765766 |
| 22911 | Pagseguro Digital Ltd. Class A (Financial Services) | 179393 |
| 101800 | TIM SA (Wireless Telecommunication Services) | 376509 |
| 33900 | TOTVS SA (Software) | 264017 |
| 30100 | WEG SA (Electrical Equipment) | 199482 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Brazil – (continued)** | **Brazil – (continued)** |  |
| 3180 | XP, Inc. Class A (Capital Markets) | $51325 |
|  |  | 5696336 |
| **Canada – 1.3%** | **Canada – 1.3%** |  |
| 18750 | Alamos Gold, Inc. Class A (Metals & Mining) | 455624 |
| 17000 | ARC Resources Ltd. (Oil, Gas & Consumable Fuels) | 331878 |
| 15750 | ATS Corp.\* (Machinery) | 477979 |
| 50587 | Barrick Mining Corp. (Metals & Mining) | 1067891 |
| 3470 | Boyd Group Services, Inc. (Commercial Services & Supplies) | 480957 |
| 13000 | Canadian Apartment Properties REIT (Residential REITs) | 415163 |
| 13207 | Canadian National Railway Co. (Ground Transportation) | 1234194 |
| 43269 | Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 1369644 |
| 69217 | Canadian Pacific Kansas City Ltd. (Ground Transportation) | 5090612 |
| 10480 | Capital Power Corp. (Independent Power and Renewable Electricity Producers) | 439289 |
| 52500 | Capstone Copper Corp.\* (Metals & Mining) | 294403 |
| 3390 | Celestica, Inc.\* (Electronic Equipment, Instruments & Components) | 677731 |
| 12034 | Descartes Systems Group, Inc.\* (Software) | 1272311 |
| 8610 | Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods) | 434912 |
| 4839 | Intact Financial Corp. (Insurance) | 1000209 |
| 38600 | NGEx Minerals Ltd.\* (Metals & Mining) | 545180 |
| 21050 | OR Royalties, Inc. (Metals & Mining) | 583068 |
| 14400 | Quebecor, Inc. Class B (Diversified Telecommunication Services) | 405104 |
| 7988 | Shopify, Inc. Class A\* (IT Services) | 976213 |
| 9694 | South Bow Corp. (Oil, Gas & Consumable Fuels) | 254564 |
| 4360 | Stantec, Inc. (Construction & Engineering) | 476592 |
| 26982 | Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 1064208 |
| 17431 | Toronto-Dominion Bank (Banks) | 1269585 |
| 69085 | Whitecap Resources, Inc. (Oil, Gas & Consumable Fuels) | 521528 |
|  |  | 21138839 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Chile – 0.0%** | **Chile – 0.0%** |  |
| 698900 | Banco de Chile (Banks) | $96276 |
| 18850 | Falabella SA (Broadline Retail) | 93997 |
|  |  | 190273 |
| **China – 3.1%** | **China – 3.1%** |  |
| 24300 | AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components) | 122865 |
| 271200 | Alibaba Group Holding Ltd. (Broadline Retail) | 4077428 |
| 385350 | Aluminum Corp. of China Ltd. Class H (Metals & Mining) | 304568 |
| 7428 | Atour Lifestyle Holdings Ltd. ADR (Hotels, Restaurants & Leisure) | 251215 |
| 72950 | Baidu, Inc. Class A\* (Interactive Media & Services) | 798170 |
| 1562150 | Bank of China Ltd. Class H (Banks) | 901694 |
| 28600 | Beijing Yanjing Brewery Co. Ltd. Class A (Beverages) | 49238 |
| 24200 | BeOne Medicines Ltd.\* (Biotechnology) | 550173 |
| 1103800 | BOE Technology Group Co. Ltd. Class A (Electronic Equipment, Instruments & Components) | 617459 |
| 58800 | BYD Co. Ltd. Class H (Automobiles) | 858530 |
| 45000 | BYD Co. Ltd. Class A (Automobiles) | 652749 |
| 954650 | China CITIC Bank Corp. Ltd. Class H (Banks) | 886986 |
| 822950 | China CITIC Financial Asset Management Co. Ltd. Class H\*<sup>(a)</sup> (Capital Markets) | 127787 |
| 1426000 | China Construction Bank Corp. Class H (Banks) | 1458517 |
| 184550 | China Everbright Bank Co. Ltd. Class H (Banks) | 86723 |
| 46500 | China Life Insurance Co. Ltd. Class H (Insurance) | 134320 |
| 189500 | China Mengniu Dairy Co. Ltd. (Food Products) | 394352 |
| 342150 | China Minsheng Banking Corp. Ltd. Class H (Banks) | 205936 |
| 26850 | China Pacific Insurance Group Co. Ltd. Class H (Insurance) | 108136 |
| 840400 | China Railway Group Ltd. Class H (Construction & Engineering) | 422832 |
| 390500 | China Resources Pharmaceutical Group Ltd.<sup>(a)</sup> (Pharmaceuticals) | 272695 |
| 10340 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. Class A (Pharmaceuticals) | 44865 |
| 362000 | CITIC Ltd. (Industrial Conglomerates) | 543063 |
| 64550 | CMOC Group Ltd. Class H (Metals & Mining) | 73273 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** |  |
| 9100 | Contemporary Amperex Technology Co. Ltd. Class A (Electrical Equipment) | $332335 |
| 24200 | COSCO SHIPPING Holdings Co. Ltd. Class A (Marine Transportation) | 52332 |
| 14600 | Dong-E-E-Jiao Co. Ltd. Class A (Pharmaceuticals) | 104498 |
| 33300 | Dongyue Group Ltd. (Chemicals) | 44014 |
| 14200 | Eastroc Beverage Group Co. Ltd. Class A (Beverages) | 553666 |
| 20726 | Full Truck Alliance Co. Ltd. ADR (Ground Transportation) | 239385 |
| 56600 | Fuyao Glass Industry Group Co. Ltd. Class A (Automobile Components) | 428410 |
| 18400 | Gambol Pet Group Co. Ltd. Class A (Food Products) | 230622 |
| 385700 | Geely Automobile Holdings Ltd. (Automobiles) | 865132 |
| 41000 | Giant Biogene Holding Co. Ltd.<sup>(a)</sup> (Personal Products) | 292360 |
| 28700 | Gree Electric Appliances, Inc. of Zhuhai Class A (Household Durables) | 181382 |
| 44540 | Guotai Haitong Securities Co. Ltd. (Capital Markets) | 125087 |
| 104900 | Hangzhou First Applied Material Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 212329 |
| 2277 | Hesai Group\* (Automobile Components) | 43263 |
| 61300 | Huatai Securities Co. Ltd. Class A (Capital Markets) | 170028 |
| 6186 | Hygon Information Technology Co. Ltd. Class A (Semiconductors & Semiconductor Equipment) | 118845 |
| 301150 | JD Logistics, Inc.\*<sup>(a)</sup> (Air Freight & Logistics) | 521898 |
| 94600 | JD.com, Inc. Class A (Broadline Retail) | 1491079 |
| 2684 | JOYY, Inc. (Interactive Media & Services) | 134737 |
| 15000 | KE Holdings, Inc. ADR (Real Estate Management & Development) | 276300 |
| 4490 | Laopu Gold Co. Ltd. Class H (Textiles, Apparel & Luxury Goods) | 403553 |
| 484700 | Lenovo Group Ltd. (Technology Hardware, Storage & Peripherals) | 621506 |
| 147700 | Meituan Class B\*<sup>(a)</sup> (Hotels, Restaurants & Leisure) | 2278648 |
| 4600 | NetEase Cloud Music, Inc.\*<sup>(a)</sup> (Entertainment) | 149043 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** |  |
| 83250 | NetEase, Inc. (Entertainment) | $2176341 |
| 51250 | Newborn Town, Inc.\* (Interactive Media & Services) | 69150 |
| 648 | PDD Holdings, Inc. ADR\* (Broadline Retail) | 73516 |
| 440850 | People's Insurance Co. Group of China Ltd. Class H (Insurance) | 338691 |
| 113850 | PICC Property & Casualty Co. Ltd. Class H (Insurance) | 236305 |
| 357000 | Ping An Bank Co. Ltd. Class A (Banks) | 605018 |
| 57000 | Pop Mart International Group Ltd.<sup>(a)</sup> (Specialty Retail) | 1778050 |
| 4643 | Qifu Technology, Inc. ADR (Consumer Finance) | 159394 |
| 53000 | SAIC Motor Corp. Ltd. Class A (Automobiles) | 125930 |
| 77800 | Sany Heavy Industry Co. Ltd. Class A (Machinery) | 214822 |
| 214850 | Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health Care Equipment & Supplies) | 189123 |
| 16950 | Shanghai Conant Optical Co. Ltd. Class H (Health Care Equipment & Supplies) | 94363 |
| 109250 | Sinopharm Group Co. Ltd. Class H (Health Care Providers & Services) | 262596 |
| 37600 | Sinotruk Hong Kong Ltd. (Machinery) | 114588 |
| 191716 | Tencent Holdings Ltd. (Interactive Media & Services) | 13422459 |
| 9300 | Tencent Music Entertainment Group ADR (Entertainment) | 195207 |
| 64650 | TravelSky Technology Ltd. Class H (Hotels, Restaurants & Leisure) | 102786 |
| 3900 | Trip.com Group Ltd. (Hotels, Restaurants & Leisure) | 242122 |
| 64950 | Uni-President China Holdings Ltd. (Food Products) | 82056 |
| 17167 | Vipshop Holdings Ltd. ADR (Broadline Retail) | 259050 |
| 21364 | Weibo Corp. ADR (Interactive Media & Services) | 205949 |
| 56200 | Wuliangye Yibin Co. Ltd. Class A (Beverages) | 942930 |
| 12800 | XD, Inc. (Entertainment) | 85189 |
| 452100 | Xiaomi Corp. Class B\*<sup>(a)</sup> (Technology Hardware, Storage & Peripherals) | 3041706 |
| 6000 | Yealink Network Technology Corp. Ltd. Class A (Communications Equipment) | 27825 |
| 118100 | Zhejiang China Commodities City Group Co. Ltd. Class A (Distributors) | 348151 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **China – (continued)** | **China – (continued)** |  |
| 24900 | Zhejiang Leapmotor Technology Co. Ltd.\*<sup>(a)</sup> (Automobiles) | $191468 |
| 340500 | Zhejiang Zheneng Electric Power Co. Ltd. Class A (Independent Power and Renewable Electricity Producers) | 244913 |
| 61150 | Zhongsheng Group Holdings Ltd. (Specialty Retail) | 102861 |
|  |  | 49746585 |
| **Colombia – 0.0%** | **Colombia – 0.0%** |  |
| 1180 | Grupo Cibest SA (Banks) | 51236 |
| **Denmark – 0.4%** | **Denmark – 0.4%** |  |
| 14280 | Carlsberg AS Class B (Beverages) | 1780248 |
| 5237 | NKT AS\* (Electrical Equipment) | 460713 |
| 84829 | Novo Nordisk AS Class B (Pharmaceuticals) | 3945224 |
| 5819 | Royal Unibrew AS (Beverages) | 436108 |
| 3059 | Zealand Pharma AS\* (Biotechnology) | 158266 |
|  |  | 6780559 |
| **Finland – 0.0%** | **Finland – 0.0%** |  |
| 7409 | Hiab OYJ (Machinery) | 505622 |
| **France – 3.4%** | **France – 3.4%** |  |
| 20429 | Air Liquide SA (Chemicals) | 4019129 |
| 193051 | Alstom SA\* (Machinery) | 4528267 |
| 13130 | AXA SA (Insurance) | 637713 |
| 56066 | BNP Paribas SA (Banks) | 5111999 |
| 27367 | Capgemini SE (IT Services) | 4074298 |
| 44150 | Cie de Saint-Gobain SA (Building Products) | 5064760 |
| 28873 | Cie Generale des Etablissements Michelin SCA (Automobile Components) | 1027199 |
| 22892 | Dassault Systemes SE (Software) | 752030 |
| 34090 | Edenred SE (Financial Services) | 973545 |
| 22516 | Elis SA (Commercial Services & Supplies) | 620767 |
| 108362 | Engie SA (Multi-Utilities) | 2435784 |
| 4214 | EssilorLuxottica SA (Health Care Equipment & Supplies) | 1253051 |
| 5302 | Gecina SA (Office REITs) | 521041 |
| 22306 | Kering SA (Textiles, Apparel & Luxury Goods) | 5477133 |
| 10195 | Legrand SA (Electrical Equipment) | 1505870 |
| 3518 | LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | 1888504 |
| 16690 | Pernod Ricard SA (Beverages) | 1715210 |
| 14548 | Rexel SA (Trading Companies & Distributors) | 439705 |
| 10183 | Safran SA (Aerospace & Defense) | 3357856 |
| 23379 | Sanofi SA (Pharmaceuticals) | 2098748 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **France – (continued)** | **France – (continued)** |  |
| 15261 | Schneider Electric SE (Electrical Equipment) | $3949443 |
| 22664 | Societe Generale SA (Banks) | 1446609 |
| 2117 | Sopra Steria Group (IT Services) | 456144 |
| 11625 | Technip Energies NV (Energy Equipment & Services) | 501983 |
| 21510 | Vallourec SACA (Energy Equipment & Services) | 402002 |
| 91815 | Worldline SA\*<sup>(a)</sup> (Financial Services) | 334479 |
|  |  | 54593269 |
| **Germany – 2.4%** | **Germany – 2.4%** |  |
| 16815 | Beiersdorf AG (Personal Products) | 2089467 |
| 48693 | Deutsche Bank AG (Capital Markets) | 1603778 |
| 16120 | Deutsche Boerse AG (Capital Markets) | 4664922 |
| 56388 | Deutsche Telekom AG (Diversified Telecommunication Services) | 2022406 |
| 44044 | E.ON SE (Multi-Utilities) | 803505 |
| 5904 | Fraport AG Frankfurt Airport Services Worldwide\* (Transportation Infrastructure) | 439352 |
| 5050 | Gerresheimer AG (Life Sciences Tools & Services) | 248985 |
| 1956 | Heidelberg Materials AG (Construction Materials) | 451238 |
| 69015 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 2711124 |
| 10565 | KION Group AG (Machinery) | 649482 |
| 53584 | Lanxess AG (Chemicals) | 1471520 |
| 15629 | Merck KGaA (Pharmaceuticals) | 1953381 |
| 2797 | MTU Aero Engines AG (Aerospace & Defense) | 1206509 |
| 810 | Rheinmetall AG (Aerospace & Defense) | 1603392 |
| 34174 | SAP SE (Software) | 9772244 |
| 3014 | Scout24 SE<sup>(a)</sup> (Interactive Media & Services) | 402796 |
| 52152 | Siemens Energy AG\* (Electrical Equipment) | 6038089 |
| 5009 | Stroeer SE & Co. KGaA (Media) | 269145 |
| 31817 | TAG Immobilien AG (Real Estate Management & Development) | 511555 |
| 44404 | thyssenkrupp AG (Metals & Mining) | 513983 |
|  |  | 39426873 |
| **Greece – 0.2%** | **Greece – 0.2%** |  |
| 75250 | Alpha Bank SA (Banks) | 281671 |
| 147476 | Eurobank Ergasias Services & Holdings SA (Banks) | 541290 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Greece – (continued)** | **Greece – (continued)** |  |
| 75820 | National Bank of Greece SA (Banks) | $1057579 |
| 88158 | Piraeus Financial Holdings SA (Banks) | 677885 |
|  |  | 2558425 |
| **Hong Kong – 0.2%** | **Hong Kong – 0.2%** |  |
| 288800 | AIA Group Ltd. (Insurance) | 2692819 |
| 18700 | Hong Kong Exchanges & Clearing Ltd. (Capital Markets) | 1012022 |
| 9650 | Orient Overseas International Ltd. (Marine Transportation) | 173625 |
|  |  | 3878466 |
| **Hungary – 0.1%** | **Hungary – 0.1%** |  |
| 19579 | OTP Bank Nyrt (Banks) | 1588755 |
| **India – 1.6%** | **India – 1.6%** |  |
| 46404 | Bajaj Finance Ltd. (Consumer Finance) | 464382 |
| 3450 | Bajaj Holdings & Investment Ltd. (Financial Services) | 547801 |
| 156700 | Bank of Baroda (Banks) | 423416 |
| 307535 | Bharat Electronics Ltd. (Aerospace & Defense) | 1336024 |
| 40697 | Bharti Airtel Ltd. (Wireless Telecommunication Services) | 885939 |
| 8992 | BSE Ltd. (Capital Markets) | 247576 |
| 315050 | Canara Bank (Banks) | 383409 |
| 18300 | Cipla Ltd. (Pharmaceuticals) | 323182 |
| 272400 | Coal India Ltd. (Oil, Gas & Consumable Fuels) | 1164904 |
| 15050 | Coforge Ltd. (IT Services) | 298214 |
| 7300 | Coromandel International Ltd. (Chemicals) | 223223 |
| 5032 | Divi's Laboratories Ltd. (Life Sciences Tools & Services) | 376819 |
| 2630 | Dixon Technologies India Ltd. (Household Durables) | 502498 |
| 64810 | DLF Ltd. (Real Estate Management & Development) | 576398 |
| 55900 | Fortis Healthcare Ltd. (Health Care Providers & Services) | 544340 |
| 406000 | GAIL India Ltd. (Gas Utilities) | 1039911 |
| 13702 | Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (Chemicals) | 84212 |
| 4050 | HDFC Asset Management Co. Ltd.<sup>(a)</sup> (Capital Markets) | 260282 |
| 75808 | HDFC Bank Ltd. (Banks) | 1739665 |
| 34900 | Hindalco Industries Ltd. (Metals & Mining) | 270182 |
| 39900 | Hindustan Petroleum Corp. Ltd. (Oil, Gas & Consumable Fuels) | 189439 |
| 63916 | ICICI Bank Ltd. ADR (Banks) | 2153969 |
| 63796 | ICICI Bank Ltd. (Banks) | 1074280 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **India – (continued)** | **India – (continued)** |  |
| 24750 | Indian Bank (Banks) | $174986 |
| 44004 | Indian Hotels Co. Ltd. (Hotels, Restaurants & Leisure) | 370121 |
| 421850 | Indian Oil Corp. Ltd.\* (Oil, Gas & Consumable Fuels) | 696911 |
| 20750 | Infosys Ltd. (IT Services) | 352894 |
| 20238 | InterGlobe Aviation Ltd.\*<sup>(a)</sup> (Passenger Airlines) | 1358140 |
| 19100 | LIC Housing Finance Ltd. (Financial Services) | 127197 |
| 26400 | Lupin Ltd. (Pharmaceuticals) | 577029 |
| 16215 | Mahindra & Mahindra Ltd. (Automobiles) | 590689 |
| 4330 | MakeMyTrip Ltd.\* (Hotels, Restaurants & Leisure) | 405245 |
| 27746 | Max Healthcare Institute Ltd. (Health Care Providers & Services) | 393648 |
| 1650 | Mphasis Ltd. (IT Services) | 52096 |
| 11050 | Narayana Hrudayalaya Ltd. (Health Care Providers & Services) | 241030 |
| 291450 | Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels) | 798497 |
| 17500 | One 97 Communications Ltd.\* (Financial Services) | 216261 |
| 53900 | Paradeep Phosphates Ltd.<sup>(a)</sup> (Chemicals) | 131672 |
| 9102 | PB Fintech Ltd.\* (Insurance) | 186782 |
| 9450 | PNB Housing Finance Ltd.\*<sup>(a)</sup> (Financial Services) | 105939 |
| 24187 | Power Finance Corp. Ltd. (Financial Services) | 112587 |
| 457500 | Punjab National Bank (Banks) | 547141 |
| 38273 | Reliance Industries Ltd. (Oil, Gas & Consumable Fuels) | 604426 |
| 1350 | Solar Industries India Ltd. (Chemicals) | 218172 |
| 35346 | Tata Consultancy Services Ltd. (IT Services) | 1218958 |
| 10827 | TVS Motor Co. Ltd. (Automobiles) | 344855 |
| 139650 | Union Bank of India Ltd. (Banks) | 207396 |
| 132800 | Vedanta Ltd. (Metals & Mining) | 641339 |
|  |  | 25784076 |
| **Indonesia – 0.0%** | **Indonesia – 0.0%** |  |
| 2239600 | Aneka Tambang Tbk. PT (Metals & Mining) | 387529 |
| 333100 | Bank Central Asia Tbk. PT (Banks) | 166948 |
| 156000 | United Tractors Tbk. PT (Oil, Gas & Consumable Fuels) | 228590 |
|  |  | 783067 |
| **Ireland – 1.0%** | **Ireland – 1.0%** |  |
| 7162 | Accenture PLC Class A (IT Services) | 1912970 |
| 200626 | AIB Group PLC (Banks) | 1582668 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Ireland – (continued)** | **Ireland – (continued)** |  |
| 15481 | Aon PLC Class A (Insurance) | $5506746 |
| 6919 | Linde PLC (Chemicals) | 3184539 |
| 17665 | Medtronic PLC (Health Care Equipment & Supplies) | 1594090 |
| 45081 | Ryanair Holdings PLC ADR (Passenger Airlines) | 2807194 |
|  |  | 16588207 |
| **Israel – 0.2%** | **Israel – 0.2%** |  |
| 28246 | Cellebrite DI Ltd.\* (Software) | 394879 |
| 7831 | Check Point Software Technologies Ltd.\* (Software) | 1458132 |
| 1484 | Nova Ltd.\* (Semiconductors & Semiconductor Equipment) | 389684 |
| 11541 | Phoenix Financial Ltd. (Insurance) | 393237 |
|  |  | 2635932 |
| **Italy – 0.7%** | **Italy – 0.7%** |  |
| 32437 | Banca Mediolanum SpA (Financial Services) | 572149 |
| 3893 | Brunello Cucinelli SpA (Textiles, Apparel & Luxury Goods) | 436571 |
| 7039 | Buzzi SpA (Construction Materials) | 367574 |
| 163508 | Enel SpA (Electric Utilities) | 1441860 |
| 94459 | Eni SpA (Oil, Gas & Consumable Fuels) | 1612163 |
| 3891 | Ferrari NV (Automobiles) | 1706232 |
| 99908 | Hera SpA (Multi-Utilities) | 427502 |
| 380833 | Intesa Sanpaolo SpA (Banks) | 2294618 |
| 31859 | UniCredit SpA (Banks) | 2343987 |
| 11278 | Wizz Air Holdings PLC\*<sup>(a)</sup> (Passenger Airlines) | 186320 |
|  |  | 11388976 |
| **Japan – 4.1%** | **Japan – 4.1%** |  |
| 18600 | ADEKA Corp. (Chemicals) | 367076 |
| 26900 | Air Water, Inc. (Chemicals) | 397386 |
| 16901 | Allegro MicroSystems, Inc.\* (Semiconductors & Semiconductor Equipment) | 530860 |
| 13300 | Amano Corp. (Electronic Equipment, Instruments & Components) | 371120 |
| 16400 | Asics Corp. (Textiles, Apparel & Luxury Goods) | 385552 |
| 10500 | Canon Marketing Japan, Inc. (Electronic Equipment, Instruments & Components) | 379347 |
| 72600 | Concordia Financial Group Ltd. (Banks) | 481427 |
| 15600 | Credit Saison Co. Ltd. (Consumer Finance) | 411583 |
| 31500 | Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies) | 485083 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 14000 | Daikin Industries Ltd. (Building Products) | $1721381 |
| 111500 | Denso Corp. (Automobile Components) | 1512767 |
| 98900 | FANUC Corp. (Machinery) | 2753074 |
| 10700 | Food & Life Cos. Ltd. (Hotels, Restaurants & Leisure) | 538921 |
| 60500 | FUJIFILM Holdings Corp. (Technology Hardware, Storage & Peripherals) | 1254905 |
| 14800 | Fujitsu Ltd. (IT Services) | 322402 |
| 13300 | Fuso Chemical Co. Ltd. (Chemicals) | 376850 |
| 6200 | GMO Payment Gateway, Inc. (Financial Services) | 345543 |
| 140300 | Hitachi Ltd. (Industrial Conglomerates) | 4293270 |
| 5700 | Hoya Corp. (Health Care Equipment & Supplies) | 719127 |
| 1240 | Invincible Investment Corp. (Hotel & Resort REITs) | 551514 |
| 8500 | Japan Steel Works Ltd. (Machinery) | 524259 |
| 7600 | JINS Holdings, Inc. (Specialty Retail) | 402964 |
| 16100 | JMDC, Inc. (Health Care Technology) | 416019 |
| 57300 | JVCKenwood Corp. (Household Durables) | 453124 |
| 16100 | Kajima Corp. (Construction & Engineering) | 403316 |
| 15600 | Kamigumi Co. Ltd. (Transportation Infrastructure) | 438414 |
| 19000 | Kandenko Co. Ltd. (Construction & Engineering) | 450091 |
| 508 | KDX Realty Investment Corp. (Diversified REITs) | 545929 |
| 15300 | Kinden Corp. (Construction & Engineering) | 481746 |
| 13100 | Kose Corp. (Personal Products) | 502736 |
| 25800 | Kotobuki Spirits Co. Ltd. (Food Products) | 344266 |
| 17000 | Kyushu Railway Co. (Ground Transportation) | 411106 |
| 467200 | LY Corp. (Interactive Media & Services) | 1707693 |
| 103300 | Mebuki Financial Group, Inc. (Banks) | 560099 |
| 39100 | Menicon Co. Ltd. (Health Care Equipment & Supplies) | 302431 |
| 101700 | Mitsubishi Electric Corp. (Electrical Equipment) | 2287460 |
| 148900 | Mitsubishi Heavy Industries Ltd. (Machinery) | 3555196 |
| 17000 | Monogatari Corp. (Hotels, Restaurants & Leisure) | 441232 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 138400 | Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components) | $2059956 |
| 20400 | Nifco, Inc. (Automobile Components) | 497760 |
| 33900 | Nintendo Co. Ltd. (Entertainment) | 2833324 |
| 28600 | NOF Corp. (Chemicals) | 569280 |
| 83100 | Olympus Corp. (Health Care Equipment & Supplies) | 992800 |
| 7900 | Organo Corp. (Machinery) | 486762 |
| 318800 | Renesas Electronics Corp. (Semiconductors & Semiconductor Equipment) | 3877581 |
| 5100 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 397851 |
| 105800 | Seven & i Holdings Co. Ltd. (Consumer Staples Distribution & Retail) | 1394782 |
| 61800 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 1778413 |
| 9400 | SMC Corp. (Machinery) | 3270950 |
| 20400 | Sojitz Corp. (Trading Companies & Distributors) | 485517 |
| 95100 | Sompo Holdings, Inc. (Insurance) | 2804216 |
| 112700 | Sony Group Corp. (Household Durables) | 2710807 |
| 107500 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 2711860 |
| 12800 | Sumitomo Osaka Cement Co. Ltd. (Construction Materials) | 333161 |
| 105700 | Suzuki Motor Corp. (Automobiles) | 1161386 |
| 8900 | SWCC Corp. (Electrical Equipment) | 532798 |
| 66400 | Terumo Corp. (Health Care Equipment & Supplies) | 1125963 |
| 12500 | TIS, Inc. (IT Services) | 398774 |
| 62800 | Tohoku Electric Power Co., Inc. (Electric Utilities) | 440586 |
| 29000 | Tokyo Tatemono Co. Ltd. (Real Estate Management & Development) | 485311 |
| 7700 | Toyo Suisan Kaisha Ltd. (Food Products) | 491942 |
| 27300 | U-Next Holdings Co. Ltd. (Diversified Telecommunication Services) | 367133 |
| 16800 | Yamazaki Baking Co. Ltd. (Food Products) | 358887 |
| 115500 | ZOZO, Inc. (Specialty Retail) | 1143377 |
|  |  | 66138446 |
| **Jordan – 0.0%** | **Jordan – 0.0%** |  |
| 15352 | Hikma Pharmaceuticals PLC (Pharmaceuticals) | 396807 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |  |
| 35280 | ArcelorMittal SA (Metals & Mining) | $1099895 |
| **Macau – 0.0%** | **Macau – 0.0%** |  |
| 320000 | MGM China Holdings Ltd. (Hotels, Restaurants & Leisure) | 675598 |
| **Malaysia – 0.1%** | **Malaysia – 0.1%** |  |
| 250500 | AMMB Holdings Bhd. (Banks) | 295987 |
| 28500 | CIMB Group Holdings Bhd. (Banks) | 43566 |
| 201593 | RHB Bank Bhd. (Banks) | 289425 |
| 59950 | Tenaga Nasional Bhd. (Electric Utilities) | 182604 |
|  |  | 811582 |
| **Mexico – 0.1%** | **Mexico – 0.1%** |  |
| 16750 | Grupo Aeroportuario del Centro Norte SAB de CV (Transportation Infrastructure) | 222176 |
| 12600 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) | 381934 |
| 31600 | Grupo Financiero Banorte SAB de CV Class O (Banks) | 281611 |
| 2310 | Southern Copper Corp. (Metals & Mining) | 217510 |
| 6750 | Vista Energy SAB de CV ADR\* (Oil, Gas & Consumable Fuels) | 301725 |
|  |  | 1404956 |
| **Netherlands – 1.1%** | **Netherlands – 1.1%** |  |
| 1399 | Adyen NV\*<sup>(a)</sup> (Financial Services) | 2399496 |
| 45150 | Akzo Nobel NV (Chemicals) | 2835482 |
| 1346 | Argenx SE ADR\* (Biotechnology) | 902264 |
| 2822 | ASM International NV (Semiconductors & Semiconductor Equipment) | 1366009 |
| 2810 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 1952135 |
| 7719 | ASR Nederland NV (Insurance) | 512726 |
| 27073 | Heineken NV (Beverages) | 2125005 |
| 158517 | ING Groep NV (Banks) | 3694306 |
| 80802 | Koninklijke Philips NV (Health Care Equipment & Supplies) | 2110171 |
| 18284 | SBM Offshore NV (Energy Equipment & Services) | 476833 |
|  |  | 18374427 |
| **Philippines – 0.0%** | **Philippines – 0.0%** |  |
| 21950 | International Container Terminal Services, Inc. (Transportation Infrastructure) | 168541 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Poland – 0.1%** | **Poland – 0.1%** |  |
| 4400 | Bank Polska Kasa Opieki SA (Banks) | $238935 |
| 40600 | PGE Polska Grupa Energetyczna SA\* (Electric Utilities) | 130722 |
| 53100 | Powszechna Kasa Oszczednosci Bank Polski SA (Banks) | 1162704 |
|  |  | 1532361 |
| **Portugal – 0.1%** | **Portugal – 0.1%** |  |
| 715720 | Banco Comercial Portugues SA Class R (Banks) | 587710 |
| 64190 | Galp Energia SGPS SA (Oil, Gas & Consumable Fuels) | 1225723 |
|  |  | 1813433 |
| **Puerto Rico – 0.0%** | **Puerto Rico – 0.0%** |  |
| 3589 | EVERTEC, Inc. (Financial Services) | 129742 |
| **Qatar – 0.0%** | **Qatar – 0.0%** |  |
| 406600 | Al Rayan Bank (Banks) | 265616 |
| 14450 | Qatar Islamic Bank QPSC (Banks) | 97353 |
|  |  | 362969 |
| **Romania – 0.0%** | **Romania – 0.0%** |  |
| 3900 | NEPI Rockcastle NV (Real Estate Management & Development) | 29808 |
| **Russia\*<sup>(b)</sup> – 0.0%** | **Russia\*<sup>(b)</sup> – 0.0%** |  |
| 61284 | Gazprom PJSC (Oil, Gas & Consumable Fuels) |  |
| 5200 | LUKOIL PJSC ADR (Oil, Gas & Consumable Fuels) |  |
| 2390 | Magnit PJSC (Consumer Staples Distribution & Retail) |  |
| 3393 | Novolipetsk Steel PJSC GDR (Metals & Mining) |  |
| 5614 | PhosAgro PJSC GDR (Chemicals) |  |
| 36 | PhosAgro PJSC (Chemicals) |  |
| 19000 | Surgutneftegas PJSC ADR (Oil, Gas & Consumable Fuels) |  |
| 23847 | VTB Bank PJSC GDR (Banks) |  |
| **Singapore – 0.6%** | **Singapore – 0.6%** |  |
| 48050 | DBS Group Holdings Ltd. (Banks) | 1763650 |
| 55500 | Grab Holdings Ltd. Class A\* (Ground Transportation) | 271395 |
| 269600 | Keppel DC REIT (Specialized REITs) | 490624 |
| 36513 | Sea Ltd. ADR\* (Entertainment) | 5719761 |
| 72900 | Sembcorp Industries Ltd. (Multi-Utilities) | 433470 |
| 49500 | United Overseas Bank Ltd. (Banks) | 1375245 |
|  |  | 10054145 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **South Africa – 0.3%** | **South Africa – 0.3%** |  |
| 1969 | Capitec Bank Holdings Ltd. (Banks) | $381688 |
| 36581 | Clicks Group Ltd. (Consumer Staples Distribution & Retail) | 766933 |
| 117150 | FirstRand Ltd. (Financial Services) | 497484 |
| 12311 | Gold Fields Ltd. ADR (Metals & Mining) | 299896 |
| 11082 | Harmony Gold Mining Co. Ltd. ADR (Metals & Mining) | 149164 |
| 35515 | Investec Ltd. (Capital Markets) | 260790 |
| 94600 | MTN Group Ltd. (Wireless Telecommunication Services) | 795115 |
| 2865 | Naspers Ltd. Class N (Broadline Retail) | 884374 |
|  |  | 4035444 |
| **South Korea – 1.8%** | **South Korea – 1.8%** |  |
| 900 | APR Corp. (Personal Products) | 118284 |
| 924 | Chong Kun Dang Pharmaceutical Corp. (Pharmaceuticals) | 56144 |
| 138602 | Coupang, Inc.\* (Broadline Retail) | 4079057 |
| 3800 | Hana Financial Group, Inc. (Banks) | 232329 |
| 2214 | Hanwha Aerospace Co. Ltd. (Aerospace & Defense) | 1579583 |
| 34550 | Hanwha Life Insurance Co. Ltd.\* (Insurance) | 86250 |
| 2450 | HD Hyundai Co. Ltd. (Oil, Gas & Consumable Fuels) | 250693 |
| 1726 | HD Hyundai Electric Co. Ltd. (Electrical Equipment) | 614218 |
| 4273 | HD Hyundai Heavy Industries Co. Ltd. (Machinery) | 1499649 |
| 3816 | HD Hyundai Marine Solution Co. Ltd. (Machinery) | 558143 |
| 800 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Machinery) | 205586 |
| 120 | Hyosung Heavy Industries Corp. (Electrical Equipment) | 104606 |
| 5500 | Hyundai Motor Co. (Automobiles) | 836700 |
| 3000 | Hyundai Rotem Co. Ltd. (Machinery) | 433675 |
| 2900 | Kakao Corp. (Interactive Media & Services) | 120287 |
| 17176 | KB Financial Group, Inc. (Banks) | 1364602 |
| 12321 | Kia Corp. (Automobiles) | 901537 |
| 11931 | Korea Electric Power Corp. (Electric Utilities) | 329556 |
| 4400 | Korea Investment Holdings Co. Ltd. (Capital Markets) | 450446 |
| 800 | Krafton, Inc.\* (Entertainment) | 188365 |
| 6866 | KT Corp. ADR (Diversified Telecommunication Services) | 138625 |
| 8350 | KT Corp. (Diversified Telecommunication Services) | 331327 |
| 4950 | LG Electronics, Inc. (Household Durables) | 273979 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **South Korea – (continued)** | **South Korea – (continued)** |  |
| 2300 | LG Innotek Co. Ltd. (Electronic Equipment, Instruments & Components) | $256623 |
| 817 | Samsung Biologics Co. Ltd.\*<sup>(a)</sup> (Life Sciences Tools & Services) | 624210 |
| 14050 | Samsung E&A Co. Ltd. (Construction & Engineering) | 266418 |
| 55571 | Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals) | 2832117 |
| 3982 | Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals) | 4982955 |
| 2105 | Samsung Fire & Marine Insurance Co. Ltd. (Insurance) | 664526 |
| 40171 | Shinhan Financial Group Co. Ltd. (Banks) | 1956082 |
| 12048 | SK Hynix, Inc. (Semiconductors & Semiconductor Equipment) | 2335093 |
| 1 | SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels) | 77 |
| 41505 | Woori Financial Group, Inc. (Banks) | 736431 |
|  |  | 29408173 |
| **Spain – 0.2%** | **Spain – 0.2%** |  |
| 28386 | Amadeus IT Group SA (Hotels, Restaurants & Leisure) | 2279219 |
| 4562 | Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals) | 281598 |
| 45404 | Merlin Properties Socimi SA (Diversified REITs) | 628666 |
|  |  | 3189483 |
| **Sweden – 0.2%** | **Sweden – 0.2%** |  |
| 140316 | Electrolux AB Class B\* (Household Durables) | 854609 |
| 83046 | Hexagon AB Class B (Electronic Equipment, Instruments & Components) | 912516 |
| 28203 | Securitas AB Class B (Commercial Services & Supplies) | 418570 |
| 11393 | Trelleborg AB Class B (Machinery) | 413962 |
|  |  | 2599657 |
| **Switzerland – 0.9%** | **Switzerland – 0.9%** |  |
| 4787 | Aryzta AG\* (Food Products) | 449274 |
| 17339 | Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods) | 2831046 |
| 24893 | Novartis AG (Pharmaceuticals) | 2834990 |
| 1100 | Sika AG (Chemicals) | 259577 |
| 2576 | Sonova Holding AG (Health Care Equipment & Supplies) | 701208 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Switzerland – (continued)** | **Switzerland – (continued)** |  |
| 19586 | Sportradar Group AG Class A\* (Hotels, Restaurants & Leisure) | $579158 |
| 121898 | UBS Group AG (Capital Markets) | 4530218 |
| 3221 | Zurich Insurance Group AG (Insurance) | 2197064 |
|  |  | 14382535 |
| **Taiwan – 2.4%** | **Taiwan – 2.4%** |  |
| 73900 | Accton Technology Corp. (Communications Equipment) | 2182576 |
| 8800 | ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment) | 1332678 |
| 21950 | Asustek Computer, Inc. (Technology Hardware, Storage & Peripherals) | 481833 |
| 851950 | AUO Corp. (Electronic Equipment, Instruments & Components) | 339648 |
| 7344 | Bizlink Holding, Inc. (Electrical Equipment) | 220883 |
| 28700 | Cathay Financial Holding Co. Ltd. (Insurance) | 58170 |
| 13100 | Chenbro Micom Co. Ltd. (Technology Hardware, Storage & Peripherals) | 222049 |
| 791500 | Compal Electronics, Inc. (Technology Hardware, Storage & Peripherals) | 774564 |
| 15350 | Delta Electronics, Inc. (Electronic Equipment, Instruments & Components) | 289165 |
| 320050 | Far Eastern New Century Corp. (Industrial Conglomerates) | 306750 |
| 205900 | First Financial Holding Co. Ltd. (Banks) | 203395 |
| 86000 | Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components) | 505721 |
| 2450 | King Slide Works Co. Ltd. (Technology Hardware, Storage & Peripherals) | 215722 |
| 44850 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 2031013 |
| 370350 | Pegatron Corp. (Technology Hardware, Storage & Peripherals) | 985935 |
| 200750 | Pou Chen Corp. (Textiles, Apparel & Luxury Goods) | 188787 |
| 34800 | Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment) | 665406 |
| 146160 | Taiwan Business Bank (Banks) | 78531 |
| 505205 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 19450015 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Taiwan – (continued)** | **Taiwan – (continued)** |  |
| 28914 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | $6986201 |
| 17050 | United Integrated Services Co. Ltd. (Construction & Engineering) | 447634 |
|  |  | 37966676 |
| **Thailand – 0.2%** | **Thailand – 0.2%** |  |
| 50000 | Advanced Info Service PCL NVDR (Wireless Telecommunication Services) | 444238 |
| 58150 | Advanced Info Service PCL (Wireless Telecommunication Services) | 516648 |
| 189350 | Bangkok Bank PCL (Banks) | 855875 |
| 816950 | Charoen Pokphand Foods PCL (Food Products) | 569756 |
| 788800 | Krung Thai Bank PCL (Banks) | 530344 |
| 4924150 | TMBThanachart Bank PCL (Banks) | 290463 |
|  |  | 3207324 |
| **Turkey – 0.0%** | **Turkey – 0.0%** |  |
| 114671 | Aselsan Elektronik Sanayi Ve Ticaret AS (Aerospace & Defense) | 527403 |
| 319350 | Oyak Cimento Fabrikalari AS\* (Construction Materials) | 187701 |
| 8900 | Turk Hava Yollari AO (Passenger Airlines) | 63009 |
|  |  | 778113 |
| **United Arab Emirates – 0.3%** | **United Arab Emirates – 0.3%** |  |
| 143472 | Abu Dhabi Commercial Bank PJSC (Banks) | 634877 |
| 208300 | ADNOC Drilling Co. PJSC (Energy Equipment & Services) | 331189 |
| 158281 | Aldar Properties PJSC (Real Estate Management & Development) | 409020 |
| 648676 | Emaar Properties PJSC (Real Estate Management & Development) | 2686362 |
| 71800 | Emirates NBD Bank PJSC (Banks) | 522903 |
| 5850 | Yalla Group Ltd. ADR\* (Interactive Media & Services) | 45688 |
|  |  | 4630039 |
| **United Kingdom – 4.7%** | **United Kingdom – 4.7%** |  |
| 55707 | 3i Group PLC (Capital Markets) | 3043948 |
| 849 | 4imprint Group PLC (Media) | 40214 |
| 13150 | Anglogold Ashanti PLC (Metals & Mining) | 597939 |
| 37784 | AstraZeneca PLC (Pharmaceuticals) | 5512369 |
| 104784 | B&M European Value Retail SA (Broadline Retail) | 309728 |
| 71175 | Balfour Beatty PLC (Construction & Engineering) | 508652 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United Kingdom – (continued)** | **United Kingdom – (continued)** |  |
| 831287 | Barclays PLC (Banks) | $4063346 |
| 41775 | Beazley PLC (Insurance) | 492223 |
| 11993 | Bellway PLC (Household Durables) | 392507 |
| 19493 | Berkeley Group Holdings PLC (Household Durables) | 937453 |
| 475431 | BP PLC (Oil, Gas & Consumable Fuels) | 2548443 |
| 79589 | Breedon Group PLC (Construction Materials) | 381126 |
| 55411 | British American Tobacco PLC (Tobacco) | 2968773 |
| 114061 | British Land Co. PLC (Diversified REITs) | 524217 |
| 151124 | Compass Group PLC (Hotels, Restaurants & Leisure) | 5310416 |
| 12882 | Computacenter PLC (IT Services) | 389335 |
| 147707 | ConvaTec Group PLC<sup>(a)</sup> (Health Care Equipment & Supplies) | 455089 |
| 6446 | Cranswick PLC (Food Products) | 451433 |
| 933 | Croda International PLC (Chemicals) | 32112 |
| 111591 | Diageo PLC (Beverages) | 2704692 |
| 4 | Flutter Entertainment PLC\* (Hotels, Restaurants & Leisure) | 1209 |
| 30048 | Gamma Communications PLC (Diversified Telecommunication Services) | 431750 |
| 120795 | GSK PLC (Pharmaceuticals) | 2221901 |
| 21020 | ICG PLC (Capital Markets) | 601856 |
| 33622 | IG Group Holdings PLC (Capital Markets) | 500659 |
| 19515 | IMI PLC (Machinery) | 570129 |
| 19261 | JET2 PLC (Passenger Airlines) | 412558 |
| 134331 | Kingfisher PLC (Specialty Retail) | 477655 |
| 14111 | London Stock Exchange Group PLC (Capital Markets) | 1720060 |
| 138547 | National Grid PLC (Multi-Utilities) | 1946872 |
| 316512 | NatWest Group PLC (Banks) | 2197092 |
| 13833 | Nomad Foods Ltd. (Food Products) | 232948 |
| 236029 | Prudential PLC (Insurance) | 2994306 |
| 59713 | Reckitt Benckiser Group PLC (Household Products) | 4475236 |
| 79697 | RELX PLC (Professional Services) | 4140270 |
| 15694 | Rio Tinto PLC (Metals & Mining) | 934725 |
| 899078 | Rolls-Royce Holdings PLC (Aerospace & Defense) | 12760588 |
| 142298 | Segro PLC REIT (Industrial REITs) | 1212768 |
| 81719 | Smith & Nephew PLC (Health Care Equipment & Supplies) | 1248907 |
| 11867 | Smiths Group PLC (Industrial Conglomerates) | 367594 |
| 63556 | Standard Chartered PLC (Banks) | 1139366 |
| 281715 | Tesco PLC (Consumer Staples Distribution & Retail) | 1582793 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United Kingdom – (continued)** | **United Kingdom – (continued)** |  |
| 60334 | Tritax Big Box REIT PLC (Industrial REITs) | $112229 |
| 15466 | Weir Group PLC (Machinery) | 543334 |
| 82575 | WH Smith PLC (Specialty Retail) | 1114626 |
| 8997 | Whitbread PLC (Hotels, Restaurants & Leisure) | 361416 |
|  |  | 75966862 |
| **United States – 25.9%** | **United States – 25.9%** |  |
| 40307 | Abbott Laboratories (Health Care Equipment & Supplies) | 5086340 |
| 3337 | Abercrombie & Fitch Co. Class A\* (Specialty Retail) | 320419 |
| 5150 | ABM Industries, Inc. (Commercial Services & Supplies) | 237569 |
| 5356 | Academy Sports & Outdoors, Inc. (Specialty Retail) | 272031 |
| 2142 | Addus HomeCare Corp.\* (Health Care Providers & Services) | 228723 |
| 22592 | Adeia, Inc. (Software) | 292566 |
| 7155 | Adobe, Inc.\* (Software) | 2559272 |
| 2010 | Adtalem Global Education, Inc.\* (Diversified Consumer Services) | 229683 |
| 4946 | Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components) | 687098 |
| 4875 | Advanced Micro Devices, Inc.\* (Semiconductors & Semiconductor Equipment) | 859511 |
| 1698 | Affirm Holdings, Inc.\* (Financial Services) | 116415 |
| 12886 | Agios Pharmaceuticals, Inc.\* (Biotechnology) | 479617 |
| 7971 | Agree Realty Corp. (Retail REITs) | 571521 |
| 19720 | Alkami Technology, Inc.\* (Software) | 439559 |
| 51299 | Alphabet, Inc. Class A (Interactive Media & Services) | 9844278 |
| 64702 | Amazon.com, Inc.\* (Broadline Retail) | 15147385 |
| 77809 | American International Group, Inc. (Insurance) | 6040313 |
| 13502 | Ameris Bancorp (Banks) | 922862 |
| 27450 | Amphenol Corp. Class A (Electronic Equipment, Instruments & Components) | 2923699 |
| 29535 | Amrize Ltd.\* (Construction Materials) | 1509829 |
| 3173 | Appfolio, Inc. Class A\* (Software) | 848397 |
| 52441 | Apple, Inc. (Technology Hardware, Storage & Peripherals) | 10885178 |
| 2487 | AppLovin Corp. Class A\* (Software) | 971671 |
| 9444 | Archrock, Inc. (Energy Equipment & Services) | 220612 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 25369 | Arcutis Biotherapeutics, Inc.\* (Biotechnology) | $369880 |
| 3436 | ARES Management Corp. Class A (Capital Markets) | 637481 |
| 14857 | Arista Networks, Inc.\* (Communications Equipment) | 1830680 |
| 2044 | Arrow Electronics, Inc.\* (Electronic Equipment, Instruments & Components) | 237104 |
| 18412 | Artivion, Inc.\* (Health Care Equipment & Supplies) | 569115 |
| 2434 | Asbury Automotive Group, Inc.\* (Specialty Retail) | 540640 |
| 6490 | Atlassian Corp. Class A\* (Software) | 1244652 |
| 5196 | Atmus Filtration Technologies, Inc. (Machinery) | 202176 |
| 18904 | AtriCure, Inc.\* (Health Care Equipment & Supplies) | 663530 |
| 18400 | Avient Corp. (Chemicals) | 580888 |
| 5772 | Avnet, Inc. (Electronic Equipment, Instruments & Components) | 305570 |
| 3366 | Axcelis Technologies, Inc.\* (Semiconductors & Semiconductor Equipment) | 227845 |
| 2708 | Axos Financial, Inc.\* (Banks) | 233836 |
| 7121 | Azenta, Inc.\* (Life Sciences Tools & Services) | 232857 |
| 1827 | AZZ, Inc. (Building Products) | 200057 |
| 4489 | Balchem Corp. (Chemicals) | 684438 |
| 13296 | Baldwin Insurance Group, Inc.\* (Insurance) | 489825 |
| 60700 | Bank of America Corp. (Banks) | 2869289 |
| 5309 | BankUnited, Inc. (Banks) | 193619 |
| 4421 | Bath & Body Works, Inc. (Specialty Retail) | 128032 |
| 9138 | Beazer Homes USA, Inc.\* (Household Durables) | 214743 |
| 2522 | Belden, Inc. (Electronic Equipment, Instruments & Components) | 311845 |
| 2915 | BellRing Brands, Inc.\* (Personal Products) | 159101 |
| 3815 | Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | 146878 |
| 16261 | Berkshire Hathaway, Inc. Class B\* (Financial Services) | 7673241 |
| 37637 | BGC Group, Inc. Class A (Capital Markets) | 348895 |
| 47340 | BioCryst Pharmaceuticals, Inc.\* (Biotechnology) | 385348 |
| 50373 | Block, Inc.\* (Financial Services) | 3891818 |
| 5413 | Boeing Co.\* (Aerospace & Defense) | 1200820 |
| 382 | Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 2102551 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 3510 | Boot Barn Holdings, Inc.\* (Specialty Retail) | $603369 |
| 2612 | Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 221759 |
| 3710 | Brink's Co. (Commercial Services & Supplies) | 324031 |
| 16741 | Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | 4916832 |
| 12774 | Builders FirstSource, Inc.\* (Building Products) | 1623959 |
| 7532 | Byline Bancorp, Inc. (Banks) | 198092 |
| 5003 | Cadence Bank (Banks) | 174355 |
| 17420 | Cadre Holdings, Inc. (Aerospace & Defense) | 576079 |
| 31402 | Capital One Financial Corp. (Consumer Finance) | 6751430 |
| 6620 | Cargurus, Inc.\* (Interactive Media & Services) | 217268 |
| 45064 | CarMax, Inc.\* (Specialty Retail) | 2551073 |
| 86619 | Carnival Corp.\* (Hotels, Restaurants & Leisure) | 2578648 |
| 9232 | Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 196919 |
| 4095 | Caterpillar, Inc. (Machinery) | 1793692 |
| 13017 | Cathay General Bancorp (Banks) | 588629 |
| 428 | Cavco Industries, Inc.\* (Household Durables) | 172771 |
| 12346 | CBIZ, Inc.\* (Professional Services) | 754588 |
| 23773 | Central Garden & Pet Co. Class A\* (Household Products) | 844417 |
| 11936 | Champion Homes, Inc.\* (Household Durables) | 726902 |
| 2523 | Chart Industries, Inc.\* (Machinery) | 501648 |
| 20440 | Chipotle Mexican Grill, Inc.\* (Hotels, Restaurants & Leisure) | 876467 |
| 4906 | Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 541279 |
| 3861 | Cigna Group (Health Care Providers & Services) | 1032354 |
| 1548 | Cirrus Logic, Inc.\* (Semiconductors & Semiconductor Equipment) | 155899 |
| 1622 | Coca-Cola Consolidated, Inc. (Beverages) | 181259 |
| 6520 | Cohen & Steers, Inc. (Capital Markets) | 479611 |
| 53249 | Colgate-Palmolive Co. (Household Products) | 4464929 |
| 9442 | Columbia Banking System, Inc. (Banks) | 224720 |
| 4442 | Concentrix Corp. (Professional Services) | 230851 |
| 40234 | ConocoPhillips (Oil, Gas & Consumable Fuels) | 3835910 |
| 8317 | Cousins Properties, Inc. (Office REITs) | 225391 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 11922 | Crinetics Pharmaceuticals, Inc.\* (Biotechnology) | $340850 |
| 979 | CyberArk Software Ltd.\* (Software) | 402829 |
| 3168 | Danaher Corp. (Life Sciences Tools & Services) | 624603 |
| 13102 | Dayforce, Inc.\* (Professional Services) | 755592 |
| 3055 | Deere & Co. (Machinery) | 1601950 |
| 17249 | Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 2564236 |
| 5355 | DNOW, Inc.\* (Trading Companies & Distributors) | 83324 |
| 65 | DoorDash, Inc. Class A\* (Hotels, Restaurants & Leisure) | 16266 |
| 6912 | Ducommun, Inc.\* (Aerospace & Defense) | 628854 |
| 11152 | Dynatrace, Inc.\* (Software) | 586707 |
| 5960 | Eaton Corp. PLC (Electrical Equipment) | 2292931 |
| 21497 | Ecovyst, Inc.\* (Chemicals) | 185089 |
| 3350 | Eli Lilly & Co. (Pharmaceuticals) | 2479234 |
| 3764 | Employers Holdings, Inc. (Insurance) | 155378 |
| 12865 | Enerpac Tool Group Corp. (Machinery) | 495431 |
| 2962 | EnerSys (Electrical Equipment) | 273600 |
| 15314 | Entegris, Inc. (Semiconductors & Semiconductor Equipment) | 1201536 |
| 3963 | Equifax, Inc. (Professional Services) | 952031 |
| 6854 | Essent Group Ltd. (Financial Services) | 383755 |
| 337 | Evercore, Inc. Class A (Capital Markets) | 101484 |
| 13686 | Expand Energy Corp. (Oil, Gas & Consumable Fuels) | 1434019 |
| 79205 | Experian PLC (Professional Services) | 4173369 |
| 14197 | Extra Space Storage, Inc. (Specialized REITs) | 1907509 |
| 11525 | Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 1286651 |
| 270 | Fair Isaac Corp.\* (Software) | 387914 |
| 3562 | Federal Agricultural Mortgage Corp. Class C (Financial Services) | 613626 |
| 11459 | Ferguson Enterprises, Inc. (Trading Companies & Distributors) | 2559138 |
| 20446 | First Advantage Corp.\* (Professional Services) | 353511 |
| 6134 | First American Financial Corp. (Insurance) | 368347 |
| 2906 | First Industrial Realty Trust, Inc. (Industrial REITs) | 141580 |
| 5152 | First Solar, Inc.\* (Semiconductors & Semiconductor Equipment) | 900209 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 40406 | First Watch Restaurant Group, Inc.\* (Hotels, Restaurants & Leisure) | $698620 |
| 4704 | FirstCash Holdings, Inc. (Consumer Finance) | 626996 |
| 6386 | Fiserv, Inc.\* (Financial Services) | 887271 |
| 6420 | Frontdoor, Inc.\* (Diversified Consumer Services) | 375570 |
| 21725 | Gates Industrial Corp. PLC\* (Machinery) | 538780 |
| 58890 | General Mills, Inc. (Food Products) | 2884432 |
| 48174 | General Motors Co. (Automobiles) | 2569601 |
| 7647 | Glacier Bancorp, Inc. (Banks) | 335168 |
| 11633 | Globus Medical, Inc. Class A\* (Health Care Equipment & Supplies) | 612245 |
| 6316 | Grand Canyon Education, Inc.\* (Diversified Consumer Services) | 1065067 |
| 4581 | Granite Construction, Inc. (Construction & Engineering) | 432767 |
| 4657 | Griffon Corp. (Building Products) | 378474 |
| 945 | Group 1 Automotive, Inc. (Specialty Retail) | 389482 |
| 6511 | Guardian Pharmacy Services, Inc. Class A\* (Consumer Staples Distribution & Retail) | 136080 |
| 2745 | Gulfport Energy Corp.\* (Oil, Gas & Consumable Fuels) | 477987 |
| 4791 | Hackett Group, Inc. (IT Services) | 112061 |
| 4136 | Haemonetics Corp.\* (Health Care Equipment & Supplies) | 306229 |
| 12795 | Halozyme Therapeutics, Inc.\* (Biotechnology) | 767316 |
| 5865 | Hancock Whitney Corp. (Banks) | 350258 |
| 3798 | Harmony Biosciences Holdings, Inc.\* (Pharmaceuticals) | 133614 |
| 11807 | Hartford Insurance Group, Inc. (Insurance) | 1468673 |
| 5050 | HCA Healthcare, Inc. (Health Care Providers & Services) | 1787649 |
| 7361 | HealthEquity, Inc.\* (Health Care Providers & Services) | 714017 |
| 11676 | Heritage Commerce Corp. (Banks) | 108003 |
| 58161 | Hillman Solutions Corp.\* (Machinery) | 458890 |
| 5635 | Home BancShares, Inc. (Banks) | 158682 |
| 18130 | Horace Mann Educators Corp. (Insurance) | 771069 |
| 5269 | Houlihan Lokey, Inc. (Capital Markets) | 1004588 |
| 9404 | Howmet Aerospace, Inc. (Aerospace & Defense) | 1690557 |
| 1634 | HubSpot, Inc.\* (Software) | 849108 |
| 1276 | Huron Consulting Group, Inc.\* (Professional Services) | 168534 |
| 5123 | IDACORP, Inc. (Electric Utilities) | 642066 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 27260 | Independence Realty Trust, Inc. (Residential REITs) | $457150 |
| 7285 | Independent Bank Corp. (Banks) | 462962 |
| 7160 | Ingersoll Rand, Inc. (Machinery) | 605951 |
| 2381 | Ingredion, Inc. (Food Products) | 313197 |
| 8109 | Insmed, Inc.\* (Biotechnology) | 869934 |
| 1056 | Installed Building Products, Inc. (Household Durables) | 213618 |
| 18244 | Intapp, Inc.\* (Software) | 730672 |
| 10460 | Intercontinental Exchange, Inc. (Capital Markets) | 1933322 |
| 2861 | InterDigital, Inc. (Software) | 738710 |
| 41061 | International Paper Co. (Containers & Packaging) | 1919191 |
| 5168 | Intuit, Inc. (Software) | 4057552 |
| 5072 | Intuitive Surgical, Inc.\* (Health Care Equipment & Supplies) | 2440088 |
| 4552 | ITT, Inc. (Machinery) | 773658 |
| 27772 | Janus International Group, Inc.\* (Building Products) | 238006 |
| 40625 | JBS NV\* (Food Products) | 557841 |
| 8795 | JPMorgan Chase & Co. (Banks) | 2605431 |
| 3938 | KBR, Inc. (Professional Services) | 184062 |
| 14435 | Kelly Services, Inc. Class A (Professional Services) | 176829 |
| 5153 | Kemper Corp. (Insurance) | 317373 |
| 88909 | KeyCorp (Banks) | 1593249 |
| 2658 | Knife River Corp.\* (Construction Materials) | 219232 |
| 2602 | Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 144827 |
| 7004 | L3Harris Technologies, Inc. (Aerospace & Defense) | 1924839 |
| 11063 | Labcorp Holdings, Inc. (Health Care Providers & Services) | 2877265 |
| 1213 | Landstar System, Inc. (Ground Transportation) | 161778 |
| 3963 | Lantheus Holdings, Inc.\* (Health Care Equipment & Supplies) | 282126 |
| 10854 | Lattice Semiconductor Corp.\* (Semiconductors & Semiconductor Equipment) | 540855 |
| 19198 | Laureate Education, Inc.\* (Diversified Consumer Services) | 433875 |
| 9121 | La-Z-Boy, Inc. (Household Durables) | 328082 |
| 1981 | LCI Industries (Automobile Components) | 188195 |
| 1841 | Lear Corp. (Automobile Components) | 173588 |
| 8025 | LiveRamp Holdings, Inc.\* (Software) | 263380 |
| 6377 | Lululemon Athletica, Inc.\* (Textiles, Apparel & Luxury Goods) | 1278780 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 9415 | MACOM Technology Solutions Holdings, Inc.\* (Semiconductors & Semiconductor Equipment) | $1291173 |
| 30817 | Magnite, Inc.\* (Media) | 709099 |
| 25903 | Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels) | 617009 |
| 4481 | Martin Marietta Materials, Inc. (Construction Materials) | 2576037 |
| 14594 | Masterbrand, Inc.\* (Building Products) | 160972 |
| 7811 | Mastercard, Inc. Class A (Financial Services) | 4424697 |
| 14685 | Matador Resources Co. (Oil, Gas & Consumable Fuels) | 732488 |
| 2329 | Matson, Inc. (Marine Transportation) | 248691 |
| 3184 | Maximus, Inc. (Professional Services) | 235170 |
| 1668 | Medpace Holdings, Inc.\* (Life Sciences Tools & Services) | 712570 |
| 13729 | Meta Platforms, Inc. Class A (Interactive Media & Services) | 10618558 |
| 33658 | MetLife, Inc. (Insurance) | 2556325 |
| 44948 | Microsoft Corp. (Software) | 23979758 |
| 9987 | Minerals Technologies, Inc. (Chemicals) | 580744 |
| 1534 | Modine Manufacturing Co.\* (Automobile Components) | 206415 |
| 7073 | Monday.com Ltd.\* (Software) | 1855177 |
| 17990 | Mondelez International, Inc. Class A (Food Products) | 1163773 |
| 2805 | Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | 1995028 |
| 4185 | Motorola Solutions, Inc. (Communications Equipment) | 1837131 |
| 359 | Murphy USA, Inc. (Specialty Retail) | 130130 |
| 16631 | Nasdaq, Inc. (Capital Markets) | 1600235 |
| 6880 | Natera, Inc.\* (Biotechnology) | 919581 |
| 6778 | National Health Investors, Inc. (Health Care REITs) | 473511 |
| 12607 | NCR Voyix Corp.\* (Software) | 171707 |
| 36297 | NeoGenomics, Inc.\* (Health Care Providers & Services) | 175677 |
| 30020 | Nestle SA (Food Products) | 2623059 |
| 2427 | Netflix, Inc.\* (Entertainment) | 2813864 |
| 1457 | Nicolet Bankshares, Inc. (Banks) | 187953 |
| 2307 | Northeast Bank (Banks) | 228785 |
| 13404 | Northwestern Energy Group, Inc. (Multi-Utilities) | 719795 |
| 5572 | Novanta, Inc.\* (Electronic Equipment, Instruments & Components) | 685467 |
| 12540 | Nucor Corp. (Metals & Mining) | 1794098 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 122398 | NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | $21770932 |
| 255 | NVR, Inc.\* (Household Durables) | 1925120 |
| 27730 | OceanFirst Financial Corp. (Banks) | 465309 |
| 3578 | OGE Energy Corp. (Electric Utilities) | 162513 |
| 14278 | Old National Bancorp (Banks) | 301409 |
| 7558 | Option Care Health, Inc.\* (Health Care Providers & Services) | 221827 |
| 23430 | O'Reilly Automotive, Inc.\* (Specialty Retail) | 2303638 |
| 1019 | OSI Systems, Inc.\* (Electronic Equipment, Instruments & Components) | 225209 |
| 6053 | Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 231104 |
| 15770 | Pacific Premier Bancorp, Inc. (Banks) | 341736 |
| 6606 | PAR Technology Corp.\* (Electronic Equipment, Instruments & Components) | 401513 |
| 7783 | Patrick Industries, Inc. (Automobile Components) | 756819 |
| 5662 | Peapack-Gladstone Financial Corp. (Banks) | 144268 |
| 14167 | Pediatrix Medical Group, Inc.\* (Health Care Providers & Services) | 173546 |
| 3218 | PennyMac Financial Services, Inc. (Financial Services) | 299725 |
| 12566 | PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts (REITs)) | 148153 |
| 9518 | Perdoceo Education Corp. (Diversified Consumer Services) | 273928 |
| 19375 | Perella Weinberg Partners (Capital Markets) | 386337 |
| 123643 | Pfizer, Inc. (Pharmaceuticals) | 2879645 |
| 22212 | Philip Morris International, Inc. (Tobacco) | 3643879 |
| 7842 | Photronics, Inc.\* (Semiconductors & Semiconductor Equipment) | 159663 |
| 23024 | Phreesia, Inc.\* (Health Care Technology) | 620727 |
| 3978 | Preferred Bank (Banks) | 361282 |
| 2468 | PriceSmart, Inc. (Consumer Staples Distribution & Retail) | 265310 |
| 17074 | Primoris Services Corp. (Construction & Engineering) | 1607859 |
| 21122 | Qiagen NV (Life Sciences Tools & Services) | 1047348 |
| 1794 | Qorvo, Inc.\* (Semiconductors & Semiconductor Equipment) | 149978 |
| 3072 | RBC Bearings, Inc.\* (Machinery) | 1189908 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 28217 | Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs)) | $154065 |
| 12585 | Regal Rexnord Corp. (Electrical Equipment) | 1923995 |
| 9705 | Revolve Group, Inc.\* (Specialty Retail) | 201379 |
| 19991 | Roche Holding AG (Pharmaceuticals) | 6238652 |
| 6156 | Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | 585189 |
| 9869 | Salesforce, Inc. (Software) | 2549459 |
| 9967 | SBA Communications Corp. (Specialized REITs) | 2239784 |
| 14811 | Schlumberger NV (Energy Equipment & Services) | 500612 |
| 11225 | Schneider National, Inc. Class B (Ground Transportation) | 274451 |
| 26631 | Seacoast Banking Corp. of Florida (Banks) | 750728 |
| 8934 | Sensata Technologies Holding PLC (Electrical Equipment) | 274810 |
| 3837 | ServiceNow, Inc.\* (Software) | 3618751 |
| 4760 | Sherwin-Williams Co. (Chemicals) | 1574989 |
| 1604 | Shift4 Payments, Inc. Class A\* (Financial Services) | 165212 |
| 16401 | Silgan Holdings, Inc. (Containers & Packaging) | 763139 |
| 7676 | Simply Good Foods Co.\* (Food Products) | 233811 |
| 23098 | SLM Corp. (Consumer Finance) | 734516 |
| 21353 | Smurfit WestRock PLC (Containers & Packaging) | 947646 |
| 12180 | Solaris Energy Infrastructure, Inc. (Energy Equipment & Services) | 397921 |
| 9176 | Spotify Technology SA\* (Entertainment) | 5749131 |
| 7062 | SPX Technologies, Inc.\* (Machinery) | 1288038 |
| 22419 | SS&C Technologies Holdings, Inc. (Professional Services) | 1916376 |
| 24468 | STAG Industrial, Inc. (Industrial REITs) | 839986 |
| 32877 | Stagwell, Inc.\* (Media) | 188385 |
| 21297 | Starbucks Corp. (Hotels, Restaurants & Leisure) | 1898841 |
| 7368 | Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts (REITs)) | 143381 |
| 2185 | STERIS PLC (Health Care Equipment & Supplies) | 494881 |
| 6902 | Sterling Infrastructure, Inc.\* (Construction & Engineering) | 1846906 |
| 8232 | Stifel Financial Corp. (Capital Markets) | 939436 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 4279 | StoneX Group, Inc.\* (Capital Markets) | $416090 |
| 4520 | Stryker Corp. (Health Care Equipment & Supplies) | 1775140 |
| 21826 | Supernus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 766093 |
| 44219 | Sysco Corp. (Consumer Staples Distribution & Retail) | 3519832 |
| 24051 | Tandem Diabetes Care, Inc.\* (Health Care Equipment & Supplies) | 374715 |
| 12710 | Target Corp. (Consumer Staples Distribution & Retail) | 1277355 |
| 4222 | Taylor Morrison Home Corp.\* (Household Durables) | 250280 |
| 18968 | TEGNA, Inc. (Media) | 316766 |
| 5447 | Texas Capital Bancshares, Inc.\* (Banks) | 457385 |
| 24813 | Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | 4492642 |
| 4785 | Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 885847 |
| 2708 | Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | 1266477 |
| 12628 | Thermon Group Holdings, Inc.\* (Electrical Equipment) | 357120 |
| 2780 | Tidewater, Inc.\* (Energy Equipment & Services) | 139028 |
| 4985 | TopBuild Corp.\* (Household Durables) | 1846594 |
| 5708 | Tradeweb Markets, Inc. Class A (Capital Markets) | 790843 |
| 1046 | TransDigm Group, Inc. (Aerospace & Defense) | 1682449 |
| 17274 | Tri Pointe Homes, Inc.\* (Household Durables) | 532039 |
| 7711 | U.S. Physical Therapy, Inc. (Health Care Providers & Services) | 564060 |
| 7448 | UFP Industries, Inc. (Building Products) | 729904 |
| 9355 | Ultragenyx Pharmaceutical, Inc.\* (Biotechnology) | 255579 |
| 6471 | UMB Financial Corp. (Banks) | 711745 |
| 19734 | Under Armour, Inc. Class A\* (Textiles, Apparel & Luxury Goods) | 131034 |
| 14406 | Union Pacific Corp. (Ground Transportation) | 3197700 |
| 3310 | United Rentals, Inc. (Trading Companies & Distributors) | 2922531 |
| 5871 | UnitedHealth Group, Inc. (Health Care Providers & Services) | 1465167 |
| 3107 | Urban Outfitters, Inc.\* (Specialty Retail) | 233895 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 37444 | Utz Brands, Inc. (Food Products) | $487895 |
| 23293 | Veracyte, Inc.\* (Biotechnology) | 547618 |
| 8315 | Verint Systems, Inc.\* (Software) | 176943 |
| 56880 | Viavi Solutions, Inc.\* (Communications Equipment) | 571644 |
| 13616 | Viper Energy, Inc. (Oil, Gas & Consumable Fuels) | 512779 |
| 14113 | Visa, Inc. Class A (Financial Services) | 4875618 |
| 16221 | Vita Coco Co., Inc.\* (Beverages) | 571952 |
| 5488 | Voya Financial, Inc. (Financial Services) | 384160 |
| 34055 | Walt Disney Co. (Entertainment) | 4056291 |
| 7690 | Waste Connections, Inc. (Commercial Services & Supplies) | 1435492 |
| 13931 | Waste Management, Inc. (Commercial Services & Supplies) | 3192428 |
| 1171 | WEX, Inc.\* (Financial Services) | 198695 |
| 224 | White Mountains Insurance Group Ltd. (Insurance) | 400467 |
| 2674 | Wintrust Financial Corp. (Banks) | 342219 |
| 12879 | World Kinect Corp. (Oil, Gas & Consumable Fuels) | 351210 |
| 3554 | WSFS Financial Corp. (Banks) | 194901 |
| 2144 | Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 184384 |
| 13215 | Xylem, Inc. (Machinery) | 1911153 |
| 4895 | Zions Bancorp NA (Banks) | 262470 |
| 8820 | Zoetis, Inc. (Pharmaceuticals) | 1285868 |
|  |  | 417513787 |
| **Uruguay\* – 0.3%** | **Uruguay\* – 0.3%** |  |
| 1695 | MercadoLibre, Inc. (Broadline Retail) | 4023744 |
| **TOTAL COMMON STOCKS<br>(Cost $708,620,768)** | **TOTAL COMMON STOCKS<br>(Cost $708,620,768)** | $954936707 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks – 0.2%** | **Preferred Stocks – 0.2%** |  |
| **Brazil – 0.2%** | **Brazil – 0.2%** |  |
| Banco Bradesco SA (Banks) | Banco Bradesco SA (Banks) |  |
| 173300 | 8.012% | $480637 |
| Itausa SA (Banks) | Itausa SA (Banks) |  |
| 499090 | 8.472 | 922499 |
| Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) | Petroleo Brasileiro SA - Petrobras (Oil, Gas & Consumable Fuels) |
| 231600 | 10.499 | 1350006 |
| **TOTAL PREFERRED STOCKS<br>(Cost $2,745,498)** | **TOTAL PREFERRED STOCKS<br>(Cost $2,745,498)** | $2753142 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 32.5%** | **Exchange Traded Funds – 32.5%** |  |
| 5000 | iShares Core MSCI Emerging Markets ETF | $301650 |
| 45955 | iShares MSCI Saudi Arabia ETF | 1726070 |
| 4556933 | SPDR Portfolio S&P 500 ETF | 338762399 |
| 314408 | Vanguard S&P 500 ETF | 182677336 |
| **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $500,075,226)** | **TOTAL EXCHANGE TRADED FUNDS<br>(Cost $500,075,226)** | $523467455 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Companies<sup>(c)</sup> – 7.9%** | **Investment Companies<sup>(c)</sup> – 7.9%** |  |
| Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 | Goldman Sachs Financial Square Government Fund — Class R6 |
| 62859223 | 4.191% | $62859223 |
| 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 |
| 64887922 | 4.191 | 64887922 |
| **TOTAL INVESTMENT COMPANIES – 7.9%<br>(Cost $127,747,145)** | **TOTAL INVESTMENT COMPANIES – 7.9%<br>(Cost $127,747,145)** | $127747145 |
| **TOTAL INVESTMENTS – 99.8%<br>(Cost $1,339,188,637)** | **TOTAL INVESTMENTS – 99.8%<br>(Cost $1,339,188,637)** | $1608904449 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.2%** | 2435325 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1611339774 |

---

---

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

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS OF JULY 31, 2025** | **SECTOR ALLOCATION AS OF JULY 31, 2025** |
| **Sector** | **% of Total<br>Market Value** |
| Exchange Traded Funds | 32.5% |
| Information Technology | 12.4 |
| Financials | 11.5 |
| Industrials | 9.6 |
| Investment Companies | 7.9 |
| Consumer Discretionary | 7.0 |
| Health Care | 5.1 |
| Communication Services | 4.3 |
| Consumer Staples | 3.3 |
| Materials | 2.6 |
| Energy | 1.9 |
| Real Estate | 1.1 |
| Utilities | 0.8 |
|  | 100.0% |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At July 31, 2025, the Fund had the following forward foreign currency exchange contracts:

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement**<br> **Date** | **Unrealized**<br> **Gain** |
|  BNP Paribas SA | USD | 9708635 | AUD | 14950000 | 08/05/25 | $100398 |
|  | USD | 9726201 | AUD | 14950000 | 09/02/25 | 112690 |
|  | USD | 14117559 | CHF | 11340000 | 08/04/25 | 149373 |
|  | USD | 14203732 | CHF | 11340000 | 09/02/25 | 184448 |
|  | USD | 3445935 | DKK | 22110000 | 08/04/25 | 64560 |
|  | USD | 3458354 | DKK | 22110000 | 09/02/25 | 69470 |
|  | USD | 51331275 | EUR | 44160000 | 08/04/25 | 922636 |
|  | USD | 51533108 | EUR | 44160000 | 09/02/25 | 1026953 |
|  | USD | 21320298 | GBP | 15670000 | 08/04/25 | 625071 |
|  | USD | 21049480 | GBP | 15670000 | 09/02/25 | 348214 |
|  | USD | 2596392 | HKD | 20310000 | 08/04/25 | 8028 |
|  | USD | 2595439 | HKD | 20310000 | 09/02/25 | 128 |
|  | USD | 812259 | ILS | 2720000 | 09/02/25 | 11455 |
|  | USD | 30755591 | JPY | 4468000000 | 08/04/25 | 1112172 |
|  | USD | 30284832 | JPY | 4468000000 | 09/02/25 | 546847 |
|  | USD | 894270 | NOK | 9100000 | 08/04/25 | 14062 |
|  | USD | 895660 | NOK | 9100000 | 09/02/25 | 15295 |
|  | USD | 270825 | NZD | 450000 | 08/04/25 | 5695 |
|  | USD | 269364 | NZD | 450000 | 09/02/25 | 3957 |
|  | USD | 4458381 | SEK | 42450000 | 08/04/25 | 120886 |
|  | USD | 4446156 | SEK | 42450000 | 09/02/25 | 100513 |
|  | USD | 1900189 | SGD | 2430000 | 08/04/25 | 28096 |
|  | USD | 1896415 | SGD | 2430000 | 09/02/25 | 20084 |
|  Brown Brothers Harriman & Co. | USD | 57447 | ZAR | 1043999 | 08/05/25 | 156 |
|  JPMorgan Securities, Inc. | USD | 2552170 | AUD | 3930000 | 08/05/25 | 26392 |
|  | USD | 3052796 | AUD | 4700000 | 09/02/25 | 30488 |
|  | USD | 3722355 | CHF | 2990000 | 08/04/25 | 39385 |
|  | USD | 3745076 | CHF | 2990000 | 09/02/25 | 48633 |
|  | USD | 1412038 | DKK | 9060000 | 08/04/25 | 26455 |
|  | USD | 1417127 | DKK | 9060000 | 09/02/25 | 28467 |
|  | USD | 12890938 | EUR | 11090000 | 08/04/25 | 231704 |
|  | USD | 15636446 | EUR | 13440000 | 09/02/25 | 265008 |
|  | USD | 5571578 | GBP | 4095000 | 08/04/25 | 163348 |
|  | USD | 6559764 | GBP | 4895000 | 09/02/25 | 93096 |
|  | USD | 622572 | HKD | 4870000 | 08/04/25 | 1925 |
|  | USD | 622343 | HKD | 4870000 | 09/02/25 | 31 |
|  | USD | 249615 | ILS | 840000 | 09/02/25 | 2308 |
|  | USD | 8797145 | JPY | 1278000000 | 08/04/25 | 318119 |
|  | USD | 9475751 | JPY | 1400000000 | 09/02/25 | 157671 |
|  | USD | 226024 | NOK | 2300000 | 08/04/25 | 3554 |
|  | USD | 270099 | NOK | 2750000 | 09/02/25 | 4054 |
|  | USD | 66202 | NZD | 110000 | 08/04/25 | 1392 |
|  | USD | 83573 | NZD | 140000 | 09/02/25 | 1001 |
|  | USD | 1244566 | SEK | 11850000 | 08/04/25 | 33746 |
|  | USD | 1364330 | SEK | 13050000 | 09/02/25 | 28391 |
|  | USD | 437904 | SGD | 560000 | 08/04/25 | 6475 |
|  | USD | 622434 | SGD | 800000 | 09/02/25 | 4713 |
|  **TOTAL** |  |  |  |  |  | $7107543 |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (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 | 14950000 | USD | 9721175 | 08/05/25 | $(112938) |
|  | CHF | 11340000 | USD | 14152003 | 08/04/25 | (183817) |
|  | DKK | 22110000 | USD | 3450699 | 08/04/25 | (69324) |
|  | EUR | 44160000 | USD | 51433245 | 08/04/25 | (1024601) |
|  | GBP | 15670000 | USD | 21043368 | 08/04/25 | (348141) |
|  | HKD | 20310000 | USD | 2588584 | 08/04/25 | (220) |
|  | ILS | 2720000 | USD | 811995 | 08/04/25 | (11374) |
|  | JPY | 4468000000 | USD | 30186497 | 08/04/25 | (543079) |
|  | NOK | 9100000 | USD | 895504 | 08/04/25 | (15297) |
|  | NZD | 450000 | USD | 269098 | 08/04/25 | (3968) |
|  | SEK | 42450000 | USD | 4437709 | 08/04/25 | (100214) |
|  | SGD | 2430000 | USD | 1892149 | 08/04/25 | (20056) |
|  | USD | 799826 | ILS | 2720000 | 08/04/25 | (794) |
|  JPMorgan Securities, Inc. | AUD | 3930000 | USD | 2555466 | 08/05/25 | (29689) |
|  | CHF | 2990000 | USD | 3731436 | 08/04/25 | (48467) |
|  | DKK | 9060000 | USD | 1413991 | 08/04/25 | (28407) |
|  | DKK | 3270000 | USD | 502684 | 09/02/25 | (1479) |
|  | EUR | 11090000 | USD | 12916546 | 08/04/25 | (257312) |
|  | GBP | 4095000 | USD | 5499208 | 08/04/25 | (90979) |
|  | HKD | 4870000 | USD | 620699 | 08/04/25 | (53) |
|  | ILS | 520000 | USD | 155234 | 08/04/25 | (2174) |
|  | JPY | 1278000000 | USD | 8634365 | 08/04/25 | (155339) |
|  | NOK | 2300000 | USD | 226336 | 08/04/25 | (3866) |
|  | NZD | 110000 | USD | 65779 | 08/04/25 | (970) |
|  | SEK | 11850000 | USD | 1238795 | 08/04/25 | (27975) |
|  | SGD | 560000 | USD | 436051 | 08/04/25 | (4622) |
|  | USD | 444876 | CHF | 360000 | 09/02/25 | (181) |
|  | USD | 259302 | HKD | 2030000 | 09/02/25 | (101) |
|  | USD | 152908 | ILS | 520000 | 08/04/25 | (152) |
|  **TOTAL** |  |  |  |  |  | $(3085589) |

---

**FUTURES CONTRACTS** — At July 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  S&P 500 E-Mini Index | 273 | 09/19/25 | $87008513 | $3876834 |
|  S&P Toronto Stock Exchange 60 Index | 188 | 09/18/25 | 43996016 | 941887 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $4818721 |

---

---

| | |
|:---|:---|
| **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 |
| ZAR | — South African Rand |

---

------

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| ETF | — Exchange Traded Fund |
| GDR | — Global Depository Receipt |
| MSCI | — Morgan Stanley Capital International |
| MTN | — Medium Term Note |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| SPDR | — Standard and Poor's Depository Receipt |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Sovereign Debt Obligations – 38.8%** | **Sovereign Debt Obligations – 38.8%** | **Sovereign Debt Obligations – 38.8%** | **Sovereign Debt Obligations – 38.8%** | **Sovereign Debt Obligations – 38.8%** |
|  **Brazil Real – 2.4%** | **Brazil Real – 2.4%** | **Brazil Real – 2.4%** | **Brazil Real – 2.4%** | **Brazil Real – 2.4%** |
|  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 |
|  BRL | 99158000 | 10.000% | 01/01/29 | $16079607 |
|  | 72225000 | 10.000 | 01/01/31 | 11117175 |
|  | 12032000 | 10.000 | 01/01/33 | 1784062 |
|  | 61254686 | 6.000 | 05/15/35 | 9891928 |
|  |  |  |  | 38872772 |
|  **Chilean Peso – 0.5%** | **Chilean Peso – 0.5%** | **Chilean Peso – 0.5%** | **Chilean Peso – 0.5%** | **Chilean Peso – 0.5%** |
|  Bonos de la Tesoreria de la Republica | Bonos de la Tesoreria de la Republica | Bonos de la Tesoreria de la Republica | Bonos de la Tesoreria de la Republica | Bonos de la Tesoreria de la Republica |
|  CLP | 78358020 | 2.000 | 03/01/35 | 76640 |
|  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 |
|  | 165000000 | 4.500 | 03/01/26 | 169411 |
|  | 550000000 | 5.000 | 10/01/28 | 563789 |
|  | 2835000000 | 4.700 | 09/01/30 | 2823316 |
|  | 945000000 | 6.000 | 04/01/33 | 995648 |
|  | 2520000000 | 5.000 | 03/01/35 | 2479263 |
|  | 480000000 | 5.100 | 07/15/50 | 462837 |
|  |  |  |  | 7570904 |
|  **Chinese Yuan Renminbi – 1.0%** | **Chinese Yuan Renminbi – 1.0%** | **Chinese Yuan Renminbi – 1.0%** | **Chinese Yuan Renminbi – 1.0%** | **Chinese Yuan Renminbi – 1.0%** |
|  China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds | China Government Bonds |
|  CNY | 10070000 | 1.450 | 04/25/30 | 1387283 |
|  | 9340000 | 2.270 | 05/25/34 | 1350621 |
|  | 35690000 | 2.110 | 08/25/34 | 5099105 |
|  | 740000 | 3.530 | 10/18/51 | 134077 |
|  | 2630000 | 3.120 | 10/25/52 | 448357 |
|  | 10240000 | 3.000 | 10/15/53 | 1740148 |
|  | 1120000 | 3.000 | 10/15/53 | 190329 |
|  | 32280000 | 2.570 | 05/20/54 | 5030048 |
|  | 1750000 | 1.880 | 04/25/55 | 239694 |
|  |  |  |  | 15619662 |
|  **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** | **Colombia Peso – 1.2%** |
|  Colombia TES | Colombia TES | Colombia TES | Colombia TES | Colombia TES |
|  COP | 10700800000 | 6.000 | 04/28/28 | 2326405 |
|  | 8156300000 | 13.250 | 02/09/33 | 2072114 |
|  | 1815100000 | 7.250 | 10/18/34 | 323798 |
|  | 47087100000 | 6.250 | 07/09/36 | 7426522 |
|  | 25321700000 | 9.250 | 05/28/42 | 4818258 |
|  | 13887800000 | 7.250 | 10/26/50 | 2046803 |
|  |  |  |  | 19013900 |
|  **Czech Republic Koruna – 0.6%** | **Czech Republic Koruna – 0.6%** | **Czech Republic Koruna – 0.6%** | **Czech Republic Koruna – 0.6%** | **Czech Republic Koruna – 0.6%** |
|  Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds | Czech Republic Government Bonds |
|  CZK | 28330000 | 0.950 | 05/15/30 | 1147936 |
|  | 5510000 | 5.000 | 09/30/30 | 267559 |
|  | 69960000 | 1.200 | 03/13/31 | 2796131 |
|  | 55720000 | 1.750 | 06/23/32 | 2221955 |
|  | 82500000 | 1.500 | 04/24/40 | 2540011 |
|  |  |  |  | 8973592 |
|  **Dominican Peso – 0.2%** | **Dominican Peso – 0.2%** | **Dominican Peso – 0.2%** | **Dominican Peso – 0.2%** | **Dominican Peso – 0.2%** |
|  Dominican Republic International Bonds<sup>(a)</sup> | Dominican Republic International Bonds<sup>(a)</sup> | Dominican Republic International Bonds<sup>(a)</sup> | Dominican Republic International Bonds<sup>(a)</sup> | Dominican Republic International Bonds<sup>(a)</sup> |
|  DOP | 21450000 | 13.625 | 02/03/33 | 419800 |
|  | 149200000 | 10.750 <sup>(b)</sup> | 06/01/36 | 2578411 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Dominican Peso – (continued)** | **Dominican Peso – (continued)** | **Dominican Peso – (continued)** | **Dominican Peso – (continued)** | **Dominican Peso – (continued)** |
|  Dominican Republic International Bonds<sup>(a)</sup> – (continued) | Dominican Republic International Bonds<sup>(a)</sup> – (continued) | Dominican Republic International Bonds<sup>(a)</sup> – (continued) | Dominican Republic International Bonds<sup>(a)</sup> – (continued) | Dominican Republic International Bonds<sup>(a)</sup> – (continued) |
|  DOP | 36400000 | 10.500 %<sup>(b)</sup> | 03/15/37 | $620023 |
|  |  |  |  | 3618234 |
|  **Egyptian Pound – 0.3%** | **Egyptian Pound – 0.3%** | **Egyptian Pound – 0.3%** | **Egyptian Pound – 0.3%** | **Egyptian Pound – 0.3%** |
|  Egypt Treasury Bills<sup>(c)</sup> | Egypt Treasury Bills<sup>(c)</sup> | Egypt Treasury Bills<sup>(c)</sup> | Egypt Treasury Bills<sup>(c)</sup> | Egypt Treasury Bills<sup>(c)</sup> |
|  EGP | 41675000 | 0.000 | 10/21/25 | 805271 |
|  | 43725000 | 0.000 | 12/16/25 | 812180 |
|  | 43900000 | 0.000 | 01/20/26 | 801146 |
|  | 149525000 | 0.000 | 07/14/26 | 2465854 |
|  |  |  |  | 4884451 |
|  **Hungarian Forint – 0.4%** | **Hungarian Forint – 0.4%** | **Hungarian Forint – 0.4%** | **Hungarian Forint – 0.4%** | **Hungarian Forint – 0.4%** |
|  Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds | Hungary Government Bonds |
|  HUF | 111430000 | 2.750 | 12/22/26 | 303857 |
|  | 111610000 | 4.750 | 11/24/32 | 279370 |
|  | 1093690000 | 2.250 | 04/20/33 | 2252684 |
|  | 1181140000 | 7.000 | 10/24/35 | 3321500 |
|  |  |  |  | 6157411 |
|  **Indian Rupee – 2.1%** | **Indian Rupee – 2.1%** | **Indian Rupee – 2.1%** | **Indian Rupee – 2.1%** | **Indian Rupee – 2.1%** |
|  India Government Bonds | India Government Bonds | India Government Bonds | India Government Bonds | India Government Bonds |
|  INR | 194240000 | 6.750 | 12/23/29 | 2279104 |
|  | 208000000 | 7.020 | 06/18/31 | 2467189 |
|  | 663960000 | 7.180 | 08/14/33 | 7926115 |
|  | 1390810000 | 7.100 | 04/08/34 | 16543229 |
|  | 120310000 | 6.790 | 10/07/34 | 1407907 |
|  | 320300000 | 7.090 | 08/05/54 | 3678566 |
|  |  |  |  | 34302110 |
|  **Indonesia Rupiah – 3.5%** | **Indonesia Rupiah – 3.5%** | **Indonesia Rupiah – 3.5%** | **Indonesia Rupiah – 3.5%** | **Indonesia Rupiah – 3.5%** |
|  Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds | Indonesia Treasury Bonds |
|  IDR | 16306000000 | 6.375 | 08/15/28 | 1003998 |
|  | 21730000000 | 9.000 | 03/15/29 | 1444705 |
|  | 150961000000 | 6.875 | 04/15/29 | 9414216 |
|  | 166947000000 | 6.500 | 07/15/30 | 10280930 |
|  | 71498000000 | 7.000 | 09/15/30 | 4495521 |
|  | 57176000000 | 6.625 | 02/15/34 | 3477918 |
|  | 303323000000 | 6.750 | 07/15/35 | 18635802 |
|  | 6255000000 | 7.125 | 06/15/38 | 390657 |
|  | 77668000000 | 7.125 | 08/15/40 | 4823057 |
|  | 22008000000 | 7.125 | 08/15/45 | 1366664 |
|  | 12498000000 | 6.875 | 08/15/51 | 747525 |
|  |  |  |  | 56080993 |
|  **Malaysia Ringgit – 3.2%** | **Malaysia Ringgit – 3.2%** | **Malaysia Ringgit – 3.2%** | **Malaysia Ringgit – 3.2%** | **Malaysia Ringgit – 3.2%** |
|  Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds | Malaysia Government Bonds |
|  MYR | 29937000 | 3.955 | 09/15/25 | 7027930 |
|  | 21950000 | 3.906 | 07/15/26 | 5196309 |
|  | 12294000 | 3.519 | 04/20/28 | 2917151 |
|  | 11024000 | 3.733 | 06/15/28 | 2628339 |
|  | 8566000 | 3.885 | 08/15/29 | 2063090 |
|  | 21517000 | 2.632 | 04/15/31 | 4865768 |
|  | 22622000 | 3.582 | 07/15/32 | 5376796 |
|  | 5863000 | 4.642 | 11/07/33 | 1494467 |
|  | 1900000 | 4.254 | 05/31/35 | 475116 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

## Schedule of Investments (continued)
*July 31, 2025 (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)** |
|  **Malaysia Ringgit – (continued)** | **Malaysia Ringgit – (continued)** | **Malaysia Ringgit – (continued)** | **Malaysia Ringgit – (continued)** | **Malaysia Ringgit – (continued)** |
|  Malaysia Government Bonds – (continued) | Malaysia Government Bonds – (continued) | Malaysia Government Bonds – (continued) | Malaysia Government Bonds – (continued) | Malaysia Government Bonds – (continued) |
|  MYR | 23919000 | 4.762% | 04/07/37 | $6235484 |
|  | 24177000 | 4.893 | 06/08/38 | 6407897 |
|  | 10087000 | 4.054 | 04/18/39 | 2474851 |
|  | 3746000 | 3.757 | 05/22/40 | 885966 |
|  | 7455000 | 4.065 | 06/15/50 | 1791359 |
|  | 5988000 | 4.457 | 03/31/53 | 1526308 |
|  |  |  |  | 51366831 |
|  **Mexican Peso – 2.0%** | **Mexican Peso – 2.0%** | **Mexican Peso – 2.0%** | **Mexican Peso – 2.0%** | **Mexican Peso – 2.0%** |
|  Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos | Mexico Bonos |
|  MXN | 136069200 | 7.750 | 05/29/31 | 6850307 |
|  | 112408500 | 7.500 | 05/26/33 | 5414213 |
|  | 163491500 | 7.750 | 11/23/34 | 7857320 |
|  | 19674700 | 10.000 | 11/20/36 | 1088361 |
|  | 61657300 | 8.500 | 11/18/38 | 2990412 |
|  | 130661900 | 7.750 | 11/13/42 | 5697749 |
|  | 34500000 | 8.000 | 11/07/47 | 1509940 |
|  | 3000000 | 8.000 | 11/07/47 | 131299 |
|  |  |  |  | 31539601 |
|  **Nigerian Naira–1.0%** | **Nigerian Naira–1.0%** | **Nigerian Naira–1.0%** | **Nigerian Naira–1.0%** | **Nigerian Naira–1.0%** |
|  Nigeria OMO Bills<sup>(c)</sup> | Nigeria OMO Bills<sup>(c)</sup> | Nigeria OMO Bills<sup>(c)</sup> | Nigeria OMO Bills<sup>(c)</sup> | Nigeria OMO Bills<sup>(c)</sup> |
|  NGN | 1120000000 | 0.000 | 09/16/25 | 706971 |
|  | 14200000000 | 0.000 | 12/02/25 | 8510999 |
|  | 8700000000 | 0.000 | 12/09/25 | 5211598 |
|  | 151000000 | 0.000 | 01/06/26 | 88909 |
|  | 75496000 | 0.000 | 01/20/26 | 44029 |
|  | 189944000 | 0.000 | 01/20/26 | 110776 |
|  | 1120000000 | 0.000 | 01/20/26 | 653185 |
|  |  |  |  | 15326467 |
|  **Peru Nuevo Sol – 1.3%** | **Peru Nuevo Sol – 1.3%** | **Peru Nuevo Sol – 1.3%** | **Peru Nuevo Sol – 1.3%** | **Peru Nuevo Sol – 1.3%** |
|  Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds | Peru Government Bonds |
|  PEN | 358000 | 7.300 | 08/12/33 | 108452 |
|  | 11600000 | 6.850 | 08/12/35 | 3307372 |
|  | 7642000 | 7.600 | 08/12/39 | 2249168 |
|  | 11285000 | 5.350 | 08/12/40 | 2681338 |
|  Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds | Peru Government International Bonds |
|  | 7390000 | 7.300 | 08/12/33 | 2238718 |
|  | 21245000 | 6.900 | 08/12/37 | 5989895 |
|  | 12924000 | 7.600 | 08/12/39 | 3811488 |
|  |  |  |  | 20386431 |
|  **Philippine Peso – 0.6%** | **Philippine Peso – 0.6%** | **Philippine Peso – 0.6%** | **Philippine Peso – 0.6%** | **Philippine Peso – 0.6%** |
|  Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds | Philippines Government Bonds |
|  PHP | 18170000 | 6.750 | 09/15/32 | 320838 |
|  | 252130000 | 6.250 | 01/25/34 | 4314063 |
|  | 330260000 | 6.375 | 04/28/35 | 5690121 |
|  |  |  |  | 10325022 |
|  **Polish Zloty – 2.0%** | **Polish Zloty – 2.0%** | **Polish Zloty – 2.0%** | **Polish Zloty – 2.0%** | **Polish Zloty – 2.0%** |
|  Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds | Republic of Poland Government Bonds |
|  PLN | 40026000 | 5.000 | 01/25/30 | 10760816 |
|  | 10162000 | 1.250 | 10/25/30 | 2266509 |
|  | 22411000 | 1.750 | 04/25/32 | 4864094 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 – (continued)** | **Polish Zloty – (continued)** | **Polish Zloty – (continued)** | **Polish Zloty – (continued)** | **Polish Zloty – (continued)** |
|  Republic of Poland Government Bonds – (continued) | Republic of Poland Government Bonds – (continued) | Republic of Poland Government Bonds – (continued) | Republic of Poland Government Bonds – (continued) | Republic of Poland Government Bonds – (continued) |
|  PLN | 3598000 | 6.000% | 10/25/33 | $1005633 |
|  | 49240000 | 5.000 | 10/25/34 | 12781141 |
|  |  |  |  | 31678193 |
|  **Romania New Leu – 1.0%** | **Romania New Leu – 1.0%** | **Romania New Leu – 1.0%** | **Romania New Leu – 1.0%** | **Romania New Leu – 1.0%** |
|  Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds | Romania Government Bonds |
|  RON | 6480000 | 5.800 | 07/26/27 | 1420329 |
|  | 11120000 | 4.150 | 01/26/28 | 2331521 |
|  | 21315000 | 6.300 | 04/26/28 | 4662634 |
|  | 11495000 | 6.300 | 04/25/29 | 2494184 |
|  | 8300000 | 7.650 | 07/27/31 | 1894244 |
|  | 10200000 | 6.700 | 02/25/32 | 2216774 |
|  | 4010000 | 7.200 | 10/30/33 | 896738 |
|  | 5115000 | 4.750 | 10/11/34 | 963981 |
|  |  |  |  | 16880405 |
|  **South African Rand – 3.4%** | **South African Rand – 3.4%** | **South African Rand – 3.4%** | **South African Rand – 3.4%** | **South African Rand – 3.4%** |
|  Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds | Republic of South Africa Government Bonds |
|  ZAR | 45500000 | 10.500 | 12/21/26 | 2587164 |
|  | 61450000 | 8.000 | 01/31/30 | 3347946 |
|  | 24299535 | 7.000 | 02/28/31 | 1245403 |
|  | 59325161 | 8.250 | 03/31/32 | 3153870 |
|  | 53600000 | 10.000 | 03/31/33 | 3091967 |
|  | 179514587 | 8.875 | 02/28/35 | 9399750 |
|  | 79306915 | 6.250 | 03/31/36 | 3322346 |
|  | 188538879 | 8.500 | 01/31/37 | 9204098 |
|  | 35900000 | 10.875 | 03/31/38 | 2058533 |
|  | 265730717 | 9.000 | 01/31/40 | 12933152 |
|  | 76456045 | 8.750 | 01/31/44 | 3520355 |
|  |  |  |  | 53864584 |
|  **Thailand Baht – 1.3%** | **Thailand Baht – 1.3%** | **Thailand Baht – 1.3%** | **Thailand Baht – 1.3%** | **Thailand Baht – 1.3%** |
|  Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds | Thailand Government Bonds |
|  THB | 23201000 | 2.400 | 11/17/27 | 725777 |
|  | 69929000 | 2.650 | 06/17/28 | 2216041 |
|  | 111504000 | 1.600 | 12/17/29 | 3446712 |
|  | 41626000 | 2.000 | 12/17/31 | 1321224 |
|  | 50415000 | 3.350 | 06/17/33 | 1760900 |
|  | 62107000 | 3.300 | 06/17/38 | 2240974 |
|  | 218732000 | 3.450 | 06/17/43 | 8120459 |
|  | 7250000 | 2.980 | 06/17/45 | 253819 |
|  | 10225000 | 2.750 | 06/17/52 | 353956 |
|  | 18885000 | 4.000 | 06/17/55 | 814300 |
|  |  |  |  | 21254162 |
|  **Turkish Lira – 0.5%** | **Turkish Lira – 0.5%** | **Turkish Lira – 0.5%** | **Turkish Lira – 0.5%** | **Turkish Lira – 0.5%** |
|  Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds | Turkiye Government Bonds |
|  TRY | 22395313 | 31.080 | 11/08/28 | 517683 |
|  | 178983535 | 30.000 | 09/12/29 | 4043633 |
|  | 119610000 | 27.700 | 09/27/34 | 2776835 |
|  |  |  |  | 7338151 |
|  **Ugandan Shilling – 0.3%** | **Ugandan Shilling – 0.3%** | **Ugandan Shilling – 0.3%** | **Ugandan Shilling – 0.3%** | **Ugandan Shilling – 0.3%** |
|  Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds | Republic of Uganda Government Bonds |
|  UGX | 16385500000 | 16.250 | 11/08/35 | 4427673 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
| **Ugandan Shilling – (continued)** | **Ugandan Shilling – (continued)** | **Ugandan Shilling – (continued)** | **Ugandan Shilling – (continued)** |
| Republic of Uganda Government Bonds – (continued) | Republic of Uganda Government Bonds – (continued) | Republic of Uganda Government Bonds – (continued) | Republic of Uganda Government Bonds – (continued) |
| 2464500000 | 16.000% | 05/14/37 | $649009 |
|  |  |  | 5076682 |
| **United States Dollar – 10.0%** | **United States Dollar – 10.0%** | **United States Dollar – 10.0%** | **United States Dollar – 10.0%** |
| Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds | Abu Dhabi Government International Bonds |
| 4419000 | 1.700 | 03/02/31 | 3878755 |
| 4713000 | 3.125 | 09/30/49 | 3241224 |
| Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds | Angola Government International Bonds |
| 781000 | 8.000 | 11/26/29 | 728040 |
| 1091000 | 8.750 | 04/14/32 | 990421 |
| 209000 | 9.125 | 11/26/49 | 165436 |
| Argentina Republic Government International Bonds<sup>(a)(d)</sup> | Argentina Republic Government International Bonds<sup>(a)(d)</sup> | Argentina Republic Government International Bonds<sup>(a)(d)</sup> | Argentina Republic Government International Bonds<sup>(a)(d)</sup> |
| 793384 | 0.750 | 07/09/30 | 609760 |
| 6155199 | 4.125 | 07/09/35 | 4041504 |
| 340141 | 3.500 | 07/09/41 | 206466 |
| Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds | Bahrain Government International Bonds |
| 545000 | 7.000 | 10/12/28 | 562883 |
| 1438000 | 6.750 | 09/20/29 | 1476193 |
| Barbados Government International Bonds<sup>(a)(b)</sup> | Barbados Government International Bonds<sup>(a)(b)</sup> | Barbados Government International Bonds<sup>(a)(b)</sup> | Barbados Government International Bonds<sup>(a)(b)</sup> |
| 614000 | 8.000 | 06/26/35 | 612530 |
| Benin Government International Bonds<sup>(b)</sup> | Benin Government International Bonds<sup>(b)</sup> | Benin Government International Bonds<sup>(b)</sup> | Benin Government International Bonds<sup>(b)</sup> |
| 275000 | 8.375 | 01/23/41 | 270463 |
| Bolivia Government International Bonds | Bolivia Government International Bonds | Bolivia Government International Bonds | Bolivia Government International Bonds |
| 409000 | 4.500 | 03/20/28 | 312272 |
| Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds | Brazil Government International Bonds |
| 6011000 | 6.625 | 03/15/35 | 6041055 |
| CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL | CBB International Sukuk Programme Co. WLL |
| 3319000 | 3.950 | 09/16/27 | 3200777 |
| 363000 | 6.250 <sup>(b)</sup> | 07/07/33 | 364771 |
| Chile Government International Bonds<sup>(a)</sup> | Chile Government International Bonds<sup>(a)</sup> | Chile Government International Bonds<sup>(a)</sup> | Chile Government International Bonds<sup>(a)</sup> |
| 3761140 | 4.950 | 01/05/36 | 3682156 |
| China Government International Bonds | China Government International Bonds | China Government International Bonds | China Government International Bonds |
| 3320000 | 1.250 | 10/26/26 | 3214955 |
| 200000 | 4.125 | 11/20/27 | 202314 |
| Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds | Colombia Government International Bonds |
| 4644000 | 8.500 <sup>(a)</sup> | 04/25/35 | 4922640 |
| 338000 | 6.125 | 01/18/41 | 282906 |
| 421000 | 5.200 <sup>(a)</sup> | 05/15/49 | 290730 |
| 1096000 | 4.125 <sup>(a)</sup> | 05/15/51 | 653216 |
| Costa Rica Government International Bonds<sup>(a)</sup> | Costa Rica Government International Bonds<sup>(a)</sup> | Costa Rica Government International Bonds<sup>(a)</sup> | Costa Rica Government International Bonds<sup>(a)</sup> |
| 1950000 | 6.550 | 04/03/34 | 2035800 |
| Dominican Republic International Bonds<sup>(a)</sup> | Dominican Republic International Bonds<sup>(a)</sup> | Dominican Republic International Bonds<sup>(a)</sup> | Dominican Republic International Bonds<sup>(a)</sup> |
| 338000 | 7.050 | 02/03/31 | 355576 |
| 4786000 | 6.950 | 03/15/37 | 4897274 |
| Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds | Ecuador Government International Bonds |
| 498099 | 0.000 <sup>(c)</sup> | 07/31/30 | 357137 |
| 614898 | 6.900 <sup>(d)</sup> | 07/31/30 | 538036 |
| 2621448 | 6.900 <sup>(d)</sup> | 07/31/35 | 1950357 |
| Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds | Egypt Government International Bonds |
| 600000 | 8.625 | 02/04/30 | 610500 |
| 1092000 | 8.625 <sup>(b)</sup> | 02/04/30 | 1111110 |
| 4018000 | 8.500 | 01/31/47 | 3279391 |
| El Salvador Government International Bonds<sup>(a)</sup> | El Salvador Government International Bonds<sup>(a)</sup> | El Salvador Government International Bonds<sup>(a)</sup> | El Salvador Government International Bonds<sup>(a)</sup> |
| 450000 | 9.500 | 07/15/52 | 454163 |
| 1085000 | 9.650 | 11/21/54 | 1111311 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| Ethiopia International Bonds | Ethiopia International Bonds | Ethiopia International Bonds | Ethiopia International Bonds |
| 200000 | 6.625% | 12/11/24 | $184000 |
| Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India | Export-Import Bank of India |
| 1723000 | 2.250 | 01/13/31 | 1515241 |
| Gabon Government International Bonds<sup>(a)</sup> | Gabon Government International Bonds<sup>(a)</sup> | Gabon Government International Bonds<sup>(a)</sup> | Gabon Government International Bonds<sup>(a)</sup> |
| 200000 | 7.000 <sup>(b)</sup> | 11/24/31 | 163250 |
| 400000 | 7.000 | 11/24/31 | 326500 |
| Ghana Government International Bonds<sup>(d)</sup> | Ghana Government International Bonds<sup>(d)</sup> | Ghana Government International Bonds<sup>(d)</sup> | Ghana Government International Bonds<sup>(d)</sup> |
| 398000 | 5.000 <sup>(b)</sup> | 07/03/29 | 377105 |
| 1399000 | 5.000 | 07/03/29 | 1325553 |
| Guatemala Government Bonds<sup>(a)</sup> | Guatemala Government Bonds<sup>(a)</sup> | Guatemala Government Bonds<sup>(a)</sup> | Guatemala Government Bonds<sup>(a)</sup> |
| 1646000 | 6.600 | 06/13/36 | 1685265 |
| 494000 | 6.600 <sup>(b)</sup> | 06/13/36 | 505784 |
| 739000 | 6.875 <sup>(b)</sup> | 08/15/55 | 732996 |
| Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS | Hazine Mustesarligi Varlik Kiralama AS |
| 281000 | 8.509 | 01/14/29 | 300143 |
| 1166000 | 8.509 <sup>(b)</sup> | 01/14/29 | 1245434 |
| 1739000 | 6.750 <sup>(b)</sup> | 09/01/30 | 1745956 |
| Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds | Hungary Government International Bonds |
| 1088000 | 6.125 | 05/22/28 | 1123360 |
| 930000 | 5.375 <sup>(b)</sup> | 09/26/30 | 940044 |
| 344000 | 5.500 | 03/26/36 | 332340 |
| 3030000 | 6.750 <sup>(b)</sup> | 09/23/55 | 3068451 |
| Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds | Indonesia Government International Bonds |
| 771000 | 4.550 <sup>(a)</sup> | 01/11/28 | 776783 |
| 629000 | 2.850 | 02/14/30 | 589373 |
| 1167000 | 3.550 <sup>(a)</sup> | 03/31/32 | 1086487 |
| 1792000 | 5.650 <sup>(a)</sup> | 01/11/53 | 1784832 |
| Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds | Ivory Coast Government International Bonds |
| 200000 | 8.075 | 04/01/36 | 196800 |
| 780000 | 8.075 <sup>(b)</sup> | 04/01/36 | 767520 |
| 233000 | 8.250 <sup>(b)</sup> | 01/30/37 | 229682 |
| 271000 | 8.250 | 01/30/37 | 267141 |
| Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds | Jordan Government International Bonds |
| 605000 | 7.500 <sup>(b)</sup> | 01/13/29 | 624172 |
| 384000 | 7.500 | 01/13/29 | 396169 |
| 355000 | 5.850 | 07/07/30 | 344861 |
| Kazakhstan Government International Bonds<sup>(b)</sup> | Kazakhstan Government International Bonds<sup>(b)</sup> | Kazakhstan Government International Bonds<sup>(b)</sup> | Kazakhstan Government International Bonds<sup>(b)</sup> |
| 2311000 | 5.000 | 07/01/32 | 2311000 |
| Lebanon Government International Bonds<sup>(e)</sup> | Lebanon Government International Bonds<sup>(e)</sup> | Lebanon Government International Bonds<sup>(e)</sup> | Lebanon Government International Bonds<sup>(e)</sup> |
| 1084000 | 6.600 | 11/27/26 | 200540 |
| 1730000 | 7.000 | 03/20/28 | 320050 |
| 1259000 | 6.650 | 11/03/28 | 232915 |
| Mexico Government International Bonds<sup>(a)</sup> | Mexico Government International Bonds<sup>(a)</sup> | Mexico Government International Bonds<sup>(a)</sup> | Mexico Government International Bonds<sup>(a)</sup> |
| 1421000 | 7.375 | 05/13/55 | 1463316 |
| Mongolia Government International Bonds<sup>(b)</sup> | Mongolia Government International Bonds<sup>(b)</sup> | Mongolia Government International Bonds<sup>(b)</sup> | Mongolia Government International Bonds<sup>(b)</sup> |
| 400000 | 6.625 | 02/25/30 | 399415 |
| Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds | Nigeria Government International Bonds |
| 1671000 | 7.375 | 09/28/33 | 1541915 |
| 2297000 | 10.375 | 12/09/34 | 2465692 |
| Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds | Oman Government International Bonds |
| 2810000 | 6.750 | 10/28/27 | 2933415 |
| Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds | Pakistan Government International Bonds |
| 1750000 | 6.875 | 12/05/27 | 1710625 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
| Panama Government International Bonds<sup>(a)</sup> | Panama Government International Bonds<sup>(a)</sup> | Panama Government International Bonds<sup>(a)</sup> | Panama Government International Bonds<sup>(a)</sup> |
| 766000 | 3.875% | 03/17/28 | $743020 |
| 2656000 | 2.252 | 09/29/32 | 2034496 |
| 2321000 | 8.000 | 03/01/38 | 2511032 |
| Paraguay Government International Bonds<sup>(a)</sup> | Paraguay Government International Bonds<sup>(a)</sup> | Paraguay Government International Bonds<sup>(a)</sup> | Paraguay Government International Bonds<sup>(a)</sup> |
| 783000 | 4.950 | 04/28/31 | 777519 |
| 695000 | 5.850 | 08/21/33 | 710985 |
| Peru Government International Bonds<sup>(a)</sup> | Peru Government International Bonds<sup>(a)</sup> | Peru Government International Bonds<sup>(a)</sup> | Peru Government International Bonds<sup>(a)</sup> |
| 1251000 | 2.783 | 01/23/31 | 1124027 |
| 1492000 | 5.500 | 03/30/36 | 1486032 |
| 1955000 | 6.200 | 06/30/55 | 1960865 |
| Perusahaan Penerbit SBSN Indonesia III<sup>(b)</sup> | Perusahaan Penerbit SBSN Indonesia III<sup>(b)</sup> | Perusahaan Penerbit SBSN Indonesia III<sup>(b)</sup> | Perusahaan Penerbit SBSN Indonesia III<sup>(b)</sup> |
| 4198000 | 4.550 | 07/23/30 | 4206396 |
| Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds | Philippines Government International Bonds |
| 2564000 | 5.170 | 10/13/27 | 2605024 |
| 3485000 | 1.950 | 01/06/32 | 2950749 |
| 647000 | 2.650 | 12/10/45 | 420550 |
| Republic of Azerbaijan International Bonds | Republic of Azerbaijan International Bonds | Republic of Azerbaijan International Bonds | Republic of Azerbaijan International Bonds |
| 33000 | 5.125 | 09/01/29 | 32914 |
| 382000 | 5.125 | 09/01/29 | 381007 |
| 628000 | 3.500 | 09/01/32 | 571402 |
| Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds | Republic of Cameroon International Bonds |
| 217000 | 9.500 | 07/31/31 | 203776 |
| Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds | Republic of Kenya Government International Bonds |
| 498000 | 9.750 | 02/16/31 | 512940 |
| 485000 | 9.500 <sup>(b)</sup> | 03/05/36 | 466512 |
| 811000 | 9.500 | 03/05/36 | 780085 |
| Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds | Republic of Poland Government International Bonds |
| 1728000 | 4.875 | 02/12/30 | 1764582 |
| 2632000 | 5.375 <sup>(a)</sup> | 02/12/35 | 2684640 |
| 1400000 | 5.500 <sup>(a)</sup> | 03/18/54 | 1307250 |
| Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds | Republic of South Africa Government International Bonds |
| 1488000 | 4.300 | 10/12/28 | 1438278 |
| 888000 | 7.100 | 11/19/36 | 881562 |
| 2137000 | 5.750 | 09/30/49 | 1598540 |
| 827000 | 7.950 <sup>(b)</sup> | 11/19/54 | 787304 |
| 437000 | 7.950 | 11/19/54 | 416024 |
| Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds | Republic of Uzbekistan International Bonds |
| 1213000 | 3.900 | 10/19/31 | 1076849 |
| 527000 | 6.947 <sup>(b)</sup> | 05/25/32 | 545748 |
| Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds | Romania Government International Bonds |
| 1282000 | 5.750 <sup>(b)</sup> | 09/16/30 | 1287769 |
| 1278000 | 3.000 | 02/14/31 | 1114256 |
| 2734000 | 7.500 | 02/10/37 | 2901457 |
| Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds | Saudi Government International Bonds |
| 748000 | 4.750 | 01/16/30 | 755712 |
| 4254000 | 4.750 <sup>(b)</sup> | 01/16/30 | 4297859 |
| 4290000 | 5.000 | 01/18/53 | 3702828 |
| Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds | Senegal Government International Bonds |
| 285000 | 7.750 | 06/10/31 | 232811 |
| 588000 | 6.250 | 05/23/33 | 437143 |
| Serbia International Bonds | Serbia International Bonds | Serbia International Bonds | Serbia International Bonds |
| 1300000 | 2.125 | 12/01/30 | 1110684 |
| Sri Lanka Government International Bonds<sup>(b)(d)</sup> | Sri Lanka Government International Bonds<sup>(b)(d)</sup> | Sri Lanka Government International Bonds<sup>(b)(d)</sup> | Sri Lanka Government International Bonds<sup>(b)(d)</sup> |
| 1139661 | 3.600 | 06/15/35 | 809159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** | **United States Dollar – (continued)** |
|  Sri Lanka Government International Bonds<sup>(b)(d)</sup> – (continued) | Sri Lanka Government International Bonds<sup>(b)(d)</sup> – (continued) | Sri Lanka Government International Bonds<sup>(b)(d)</sup> – (continued) | Sri Lanka Government International Bonds<sup>(b)(d)</sup> – (continued) | Sri Lanka Government International Bonds<sup>(b)(d)</sup> – (continued) |
|  $ | 296609 | 3.600% | 05/15/36 | $248039 |
|  | 1049469 | 3.600 | 02/15/38 | 877618 |
|  Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds | Turkiye Government International Bonds |
|  | 1733000 | 9.875 | 01/15/28 | 1893844 |
|  | 1317000 | 7.250 | 05/29/32 | 1340047 |
|  Turkiye Ihracat Kredi Bankasi AS<sup>(b)</sup> | Turkiye Ihracat Kredi Bankasi AS<sup>(b)</sup> | Turkiye Ihracat Kredi Bankasi AS<sup>(b)</sup> | Turkiye Ihracat Kredi Bankasi AS<sup>(b)</sup> | Turkiye Ihracat Kredi Bankasi AS<sup>(b)</sup> |
|  | 613000 | 6.875 | 07/03/28 | 616721 |
|  Ukraine Government International Bonds<sup>(d)</sup> | Ukraine Government International Bonds<sup>(d)</sup> | Ukraine Government International Bonds<sup>(d)</sup> | Ukraine Government International Bonds<sup>(d)</sup> | Ukraine Government International Bonds<sup>(d)</sup> |
|  | 2226000 | 0.000 | 02/01/35 | 1051785 |
|  | 528556 | 0.000 <sup>(b)</sup> | 02/01/35 | 249743 |
|  | 2146000 | 1.750 <sup>(b)</sup> | 02/01/35 | 1099825 |
|  Uruguay Government International Bonds<sup>(a)</sup> | Uruguay Government International Bonds<sup>(a)</sup> | Uruguay Government International Bonds<sup>(a)</sup> | Uruguay Government International Bonds<sup>(a)</sup> | Uruguay Government International Bonds<sup>(a)</sup> |
|  | 2871340 | 5.750 | 10/28/34 | 3014907 |
|  | 1044378 | 5.442 | 02/14/37 | 1066832 |
|  Venezuela Government International Bonds<sup>(e)</sup> | Venezuela Government International Bonds<sup>(e)</sup> | Venezuela Government International Bonds<sup>(e)</sup> | Venezuela Government International Bonds<sup>(e)</sup> | Venezuela Government International Bonds<sup>(e)</sup> |
|  | 1860200 | 7.750 | 10/13/19 | 288331 |
|  | 1277300 | 12.750 | 08/23/22 | 249074 |
|  | 1400800 | 9.000 | 05/07/23 | 252144 |
|  | 850500 | 11.950 | 08/05/31 | 174353 |
|  Zambia Government International Bonds<sup>(d)</sup> | Zambia Government International Bonds<sup>(d)</sup> | Zambia Government International Bonds<sup>(d)</sup> | Zambia Government International Bonds<sup>(d)</sup> | Zambia Government International Bonds<sup>(d)</sup> |
|  | 351409 | 5.750 | 06/30/33 | 325675 |
|  | 222963 | 5.750 <sup>(b)</sup> | 06/30/33 | 206635 |
|  |  |  |  | 159451606 |
|  **Uruguayan Peso<sup>(a)</sup> – 0.0%** | **Uruguayan Peso<sup>(a)</sup> – 0.0%** | **Uruguayan Peso<sup>(a)</sup> – 0.0%** | **Uruguayan Peso<sup>(a)</sup> – 0.0%** | **Uruguayan Peso<sup>(a)</sup> – 0.0%** |
|  Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds | Uruguay Government International Bonds |
|  UYU | 10463571 | 9.750 | 07/20/33 | 279876 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $600,382,581)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $600,382,581)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $600,382,581)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $600,382,581)** | $619862040 |
| **Corporate Obligations – 30.4%** | **Corporate Obligations – 30.4%** | **Corporate Obligations – 30.4%** | **Corporate Obligations – 30.4%** | **Corporate Obligations – 30.4%** |
|  **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** | **Advertising<sup>(a)(b)</sup> – 0.1%** |
|  CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. | CMG Media Corp. |
|  $ | 830308 | 8.875% | 06/18/29 | $808380 |
|  Summer BC Holdco A SARL | Summer BC Holdco A SARL | Summer BC Holdco A SARL | Summer BC Holdco A SARL | Summer BC Holdco A SARL |
|  EUR | 282930 | 9.250 | 10/31/27 | 323138 |
|  |  |  |  | 1131518 |
|  **Aerospace & Defense<sup>(a)(b)</sup> – 0.3%** | **Aerospace & Defense<sup>(a)(b)</sup> – 0.3%** | **Aerospace & Defense<sup>(a)(b)</sup> – 0.3%** | **Aerospace & Defense<sup>(a)(b)</sup> – 0.3%** | **Aerospace & Defense<sup>(a)(b)</sup> – 0.3%** |
|  Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. | Bombardier, Inc. |
|  $ | 555000 | 7.875 | 04/15/27 | 556787 |
|  | 325000 | 7.250 | 07/01/31 | 339339 |
|  | 340000 | 7.000 | 06/01/32 | 351873 |
|  | 295000 | 6.750 | 06/15/33 | 304626 |
|  Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC | Rolls-Royce PLC |
|  GBP | 620000 | 5.750 | 10/15/27 | 839076 |
|  Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
|  $ | 820000 | 9.750 | 11/15/30 | 903156 |
|  TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
|  | 1550000 | 7.125 | 12/01/31 | 1614356 |
|  |  |  |  | 4909213 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Agriculture<sup>(a)(f)</sup> – 0.1%** | **Agriculture<sup>(a)(f)</sup> – 0.1%** | **Agriculture<sup>(a)(f)</sup> – 0.1%** | **Agriculture<sup>(a)(f)</sup> – 0.1%** |
| Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) | Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) | Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) | Roquette Freres SA (5 yr. EURIBOR ICE Swap + 3.252%) |
| 800000 | 5.494% | 11/25/29 | $931630 |
| **Airlines<sup>(b)</sup> – 0.3%** | **Airlines<sup>(b)</sup> – 0.3%** | **Airlines<sup>(b)</sup> – 0.3%** | **Airlines<sup>(b)</sup> – 0.3%** |
| Allegiant Travel Co.<sup>(a)</sup> | Allegiant Travel Co.<sup>(a)</sup> | Allegiant Travel Co.<sup>(a)</sup> | Allegiant Travel Co.<sup>(a)</sup> |
| 551000 | 7.250 | 08/15/27 | 551336 |
| 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. |
| 175000 | 5.500 | 04/20/26 | 174804 |
| Avianca Midco 2 PLC<sup>(a)</sup> | Avianca Midco 2 PLC<sup>(a)</sup> | Avianca Midco 2 PLC<sup>(a)</sup> | Avianca Midco 2 PLC<sup>(a)</sup> |
| 684000 | 9.625 | 02/14/30 | 636298 |
| JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> | JetBlue Airways Corp./JetBlue Loyalty LP <sup>(a)</sup> |
| 570000 | 9.875 | 09/20/31 | 551276 |
| Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.<sup>(a)(g)</sup> | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.<sup>(a)(g)</sup> | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.<sup>(a)(g)</sup> | Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.<sup>(a)(g)</sup> |
| (PIK 4.000%, Cash 8.000%) | (PIK 4.000%, Cash 8.000%) | (PIK 4.000%, Cash 8.000%) | (PIK 4.000%, Cash 8.000%) |
| 896295 | 11.000 | 03/12/30 | 579616 |
| United Airlines, Inc.<sup>(a)</sup> | United Airlines, Inc.<sup>(a)</sup> | United Airlines, Inc.<sup>(a)</sup> | United Airlines, Inc.<sup>(a)</sup> |
| 730000 | 4.625 | 04/15/29 | 712480 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> | VistaJet Malta Finance PLC/Vista Management Holding, Inc.<sup>(a)</sup> |
| 156000 | 9.500 | 06/01/28 | 160282 |
| 1285000 | 6.375 | 02/01/30 | 1213952 |
|  |  |  | 4580044 |
| **Apparel<sup>(a)(b)</sup> – 0.1%** | **Apparel<sup>(a)(b)</sup> – 0.1%** | **Apparel<sup>(a)(b)</sup> – 0.1%** | **Apparel<sup>(a)(b)</sup> – 0.1%** |
| Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. | Hanesbrands, Inc. |
| 580000 | 9.000 | 02/15/31 | 611001 |
| Under Armour, Inc. | Under Armour, Inc. | Under Armour, Inc. | Under Armour, Inc. |
| 800000 | 7.250 | 07/15/30 | 819232 |
|  |  |  | 1430233 |
| **Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0%** | **Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0%** | **Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0%** | **Auto Parts & Equipment<sup>(a)(b)</sup> – 0.0%** |
| Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA | Grupo Antolin-Irausa SA |
| 200000 | 3.500 | 04/30/28 | 141545 |
| **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** | **Automotive – 0.7%** |
| Allison Transmission, Inc.<sup>(a)(b)</sup> | Allison Transmission, Inc.<sup>(a)(b)</sup> | Allison Transmission, Inc.<sup>(a)(b)</sup> | Allison Transmission, Inc.<sup>(a)(b)</sup> |
| 910000 | 4.750 | 10/01/27 | 901255 |
| Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> | Clarios Global LP/Clarios U.S. Finance Co.<sup>(a)(b)</sup> |
| 330000 | 6.750 | 02/15/30 | 339689 |
| 500000 | 4.750 | 06/15/31 | 577304 |
| Dana Financing Luxembourg SARL<sup>(a)</sup> | Dana Financing Luxembourg SARL<sup>(a)</sup> | Dana Financing Luxembourg SARL<sup>(a)</sup> | Dana Financing Luxembourg SARL<sup>(a)</sup> |
| 454000 | 8.500 | 07/15/31 | 561330 |
| Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> | Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> | Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> | Dealer Tire LLC/DT Issuer LLC<sup>(a)(b)</sup> |
| 556000 | 8.000 | 02/01/28 | 544880 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 490000 | 7.350 <sup>(a)</sup> | 11/04/27 | 507562 |
| (Secured Overnight Financing Rate + 2.030%) | (Secured Overnight Financing Rate + 2.030%) | (Secured Overnight Financing Rate + 2.030%) | (Secured Overnight Financing Rate + 2.030%) |
| 1836000 | 6.381 <sup>(f)</sup> | 03/20/28 | 1832016 |
| Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> | Nissan Motor Acceptance Co. LLC<sup>(a)(b)</sup> |
| 2173000 | 1.850 | 09/16/26 | 2084537 |
| Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | Nissan Motor Co. Ltd.<sup>(a)(b)</sup> | Nissan Motor Co. Ltd.<sup>(a)(b)</sup> |
| 105000 | 7.500 | 07/17/30 | 108394 |
| 105000 | 7.750 | 07/17/32 | 108486 |
| 596000 | 6.375 | 07/17/33 | 692622 |
| 573000 | 8.125 | 07/17/35 | 601896 |
| Schaeffler AG<sup>(a)</sup> | Schaeffler AG<sup>(a)</sup> | Schaeffler AG<sup>(a)</sup> | Schaeffler AG<sup>(a)</sup> |
| 500000 | 5.375 | 04/01/31 | 589874 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** | **Automotive – (continued)** |
| Tenneco, Inc.<sup>(a)(b)</sup> | Tenneco, Inc.<sup>(a)(b)</sup> | Tenneco, Inc.<sup>(a)(b)</sup> | Tenneco, Inc.<sup>(a)(b)</sup> |
| 1501000 | 8.000% | 11/17/28 | $1490073 |
|  |  |  | 10939918 |
| **Banks – 1.6%** | **Banks – 1.6%** | **Banks – 1.6%** | **Banks – 1.6%** |
| Banca Monte dei Paschi di Siena SpA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) | Banca Monte dei Paschi di Siena SpA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.005%) |
| 680000 | 7.708 | 01/18/28 | 852647 |
| Banco Bilbao Vizcaya Argentaria SA<sup>(a)(f)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA<sup>(a)(f)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA<sup>(a)(f)</sup> (5 yr. CMT + 3.249%) | Banco Bilbao Vizcaya Argentaria SA<sup>(a)(f)</sup> (5 yr. CMT + 3.249%) |
| 800000 | 7.750 | 01/14/32 | 831496 |
| Banco de Sabadell SA<sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA<sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA<sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) | Banco de Sabadell SA<sup>(a)(f)</sup> (5 yr. EUR Swap + 6.830%) |
| 1000000 | 9.375 | 07/18/28 | 1298617 |
| Banco Mercantil del Norte SA<sup>(a)(f)</sup> (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA<sup>(a)(f)</sup> (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA<sup>(a)(f)</sup> (5 yr. CMT + 4.072%) | Banco Mercantil del Norte SA<sup>(a)(f)</sup> (5 yr. CMT + 4.072%) |
| 590000 | 8.375 | 05/20/31 | 602934 |
| Barclays PLC<sup>(a)(f)</sup> | Barclays PLC<sup>(a)(f)</sup> | Barclays PLC<sup>(a)(f)</sup> | Barclays PLC<sup>(a)(f)</sup> |
| (5 yr. GBP Swap + 4.881%) | (5 yr. GBP Swap + 4.881%) | (5 yr. GBP Swap + 4.881%) | (5 yr. GBP Swap + 4.881%) |
| 1072000 | 8.500 | 06/15/30 | 1490063 |
| (5 yr. GBP Swap + 5.639%) | (5 yr. GBP Swap + 5.639%) | (5 yr. GBP Swap + 5.639%) | (5 yr. GBP Swap + 5.639%) |
| 978000 | 9.250 | 09/15/28 | 1398152 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(a)(b)(f)</sup> (5 yr. CMT + 4.214%) |
| 484000 | 8.125 | 01/08/39 | 504618 |
| CaixaBank SA<sup>(a)(f)</sup> | CaixaBank SA<sup>(a)(f)</sup> | CaixaBank SA<sup>(a)(f)</sup> | CaixaBank SA<sup>(a)(f)</sup> |
| (-1X 5 yr. EUR Swap + 3.857%) | (-1X 5 yr. EUR Swap + 3.857%) | (-1X 5 yr. EUR Swap + 3.857%) | (-1X 5 yr. EUR Swap + 3.857%) |
| 800000 | 3.625 | 09/14/28 | 876386 |
| (5 yr. EURIBOR ICE Swap + 5.295%) | (5 yr. EURIBOR ICE Swap + 5.295%) | (5 yr. EURIBOR ICE Swap + 5.295%) | (5 yr. EURIBOR ICE Swap + 5.295%) |
| 600000 | 7.500 | 01/16/30 | 761881 |
| Commerzbank AG<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) | Commerzbank AG<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 5.129%) |
| 600000 | 7.875 | 10/09/31 | 772110 |
| Deutsche Bank AG<sup>(a)(f)</sup> | Deutsche Bank AG<sup>(a)(f)</sup> | Deutsche Bank AG<sup>(a)(f)</sup> | Deutsche Bank AG<sup>(a)(f)</sup> |
| (5 yr. EURIBOR ICE Swap + 5.692%) | (5 yr. EURIBOR ICE Swap + 5.692%) | (5 yr. EURIBOR ICE Swap + 5.692%) | (5 yr. EURIBOR ICE Swap + 5.692%) |
| 600000 | 6.750 | 10/30/28 | 713820 |
| (5 yr. EURIBOR ICE Swap + 6.940%) | (5 yr. EURIBOR ICE Swap + 6.940%) | (5 yr. EURIBOR ICE Swap + 6.940%) | (5 yr. EURIBOR ICE Swap + 6.940%) |
| 1000000 | 10.000 | 12/01/27 | 1275325 |
| Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> | Freedom Mortgage Corp.<sup>(a)(b)</sup> |
| 1050000 | 6.625 | 01/15/27 | 1050420 |
| 1392000 | 12.000 | 10/01/28 | 1488299 |
| Intesa Sanpaolo SpA<sup>(a)(f)</sup> | Intesa Sanpaolo SpA<sup>(a)(f)</sup> | Intesa Sanpaolo SpA<sup>(a)(f)</sup> | Intesa Sanpaolo SpA<sup>(a)(f)</sup> |
| (1 yr. CMT + 2.750%) | (1 yr. CMT + 2.750%) | (1 yr. CMT + 2.750%) | (1 yr. CMT + 2.750%) |
| 1760000 | 4.950 <sup>(b)</sup> | 06/01/42 | 1447530 |
| (-1X 5 yr. EUR Swap + 5.848%) | (-1X 5 yr. EUR Swap + 5.848%) | (-1X 5 yr. EUR Swap + 5.848%) | (-1X 5 yr. EUR Swap + 5.848%) |
| 621000 | 5.500 | 03/01/28 | 730172 |
| (-1X 5 yr. EUR Swap + 6.086%) | (-1X 5 yr. EUR Swap + 6.086%) | (-1X 5 yr. EUR Swap + 6.086%) | (-1X 5 yr. EUR Swap + 6.086%) |
| 1020000 | 5.875 | 09/01/31 | 1223354 |
| Metro Bank Holdings PLC<sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC<sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC<sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) | Metro Bank Holdings PLC<sup>(a)(b)(f)</sup> (1 yr. U.K. Government Bond + 7.814%) |
| 820000 | 12.000 | 04/30/29 | 1237153 |
| Societe Generale SA<sup>(a)(f)</sup> | Societe Generale SA<sup>(a)(f)</sup> | Societe Generale SA<sup>(a)(f)</sup> | Societe Generale SA<sup>(a)(f)</sup> |
| (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) | (5 yr. CMT + 4.514%) |
| 810000 | 5.375 | 11/18/30 | 750635 |
| (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) | (5 yr. CMT + 5.385%) |
| 602000 | 9.375 | 11/22/27 | 643117 |
| (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) | (5 yr. EUR Swap + 5.228%) |
| 800000 | 7.875 | 01/18/29 | 997408 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
|  **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** | **Banks – (continued)** |
|  TC Ziraat Bankasi AS<sup>(b)</sup> | TC Ziraat Bankasi AS<sup>(b)</sup> | TC Ziraat Bankasi AS<sup>(b)</sup> | TC Ziraat Bankasi AS<sup>(b)</sup> | TC Ziraat Bankasi AS<sup>(b)</sup> |
|  $ | 1126000 | 7.250% | 02/04/30 | $1134797 |
|  UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) | UBS Group AG <sup>(a)(b)(f)</sup> (5 yr. USD SOFR ICE Swap + 3.179%) |
|  | 1700000 | 7.125 | 08/10/34 | 1720162 |
|  UniCredit SpA<sup>(a)(f)</sup> | UniCredit SpA<sup>(a)(f)</sup> | UniCredit SpA<sup>(a)(f)</sup> | UniCredit SpA<sup>(a)(f)</sup> | UniCredit SpA<sup>(a)(f)</sup> |
|  (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) | (-1X 5 yr. EUR Swap + 4.606%) |
|  EUR | 300000 | 4.450 | 12/03/27 | 342788 |
|  (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) | (5 yr. USD ICE Swap + 3.703%) |
|  $ | 1200000 | 5.861 <sup>(b)</sup> | 06/19/32 | 1209288 |
|  |  |  |  | 25353172 |
|  **Biotechnology<sup>(a)</sup> – 0.1%** | **Biotechnology<sup>(a)</sup> – 0.1%** | **Biotechnology<sup>(a)</sup> – 0.1%** | **Biotechnology<sup>(a)</sup> – 0.1%** | **Biotechnology<sup>(a)</sup> – 0.1%** |
|  Biocon Biologics Global PLC<sup>(b)</sup> | Biocon Biologics Global PLC<sup>(b)</sup> | Biocon Biologics Global PLC<sup>(b)</sup> | Biocon Biologics Global PLC<sup>(b)</sup> | Biocon Biologics Global PLC<sup>(b)</sup> |
|  | 738000 | 6.670 | 10/09/29 | 693720 |
|  Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL | Cidron Aida Finco SARL |
|  EUR | 700000 | 7.000 | 10/27/31 | 826519 |
|  GBP | 400000 | 9.125 | 10/27/31 | 543828 |
|  |  |  |  | 2064067 |
|  **Building Materials<sup>(a)</sup> – 0.6%** | **Building Materials<sup>(a)</sup> – 0.6%** | **Building Materials<sup>(a)</sup> – 0.6%** | **Building Materials<sup>(a)</sup> – 0.6%** | **Building Materials<sup>(a)</sup> – 0.6%** |
|  AmeriTex HoldCo Intermediate LLC<sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC<sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC<sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC<sup>(b)</sup> | AmeriTex HoldCo Intermediate LLC<sup>(b)</sup> |
|  $ | 1370000 | 10.250 | 10/15/28 | 1454543 |
|  | 675000 | 7.625 | 08/15/33 | 686421 |
|  Builders FirstSource, Inc.<sup>(b)</sup> | Builders FirstSource, Inc.<sup>(b)</sup> | Builders FirstSource, Inc.<sup>(b)</sup> | Builders FirstSource, Inc.<sup>(b)</sup> | Builders FirstSource, Inc.<sup>(b)</sup> |
|  | 787000 | 6.375 | 03/01/34 | 798506 |
|  CP Atlas Buyer, Inc.<sup>(b)</sup> | CP Atlas Buyer, Inc.<sup>(b)</sup> | CP Atlas Buyer, Inc.<sup>(b)</sup> | CP Atlas Buyer, Inc.<sup>(b)</sup> | CP Atlas Buyer, Inc.<sup>(b)</sup> |
|  | 196000 | 9.750 | 07/15/30 | 197809 |
|  (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) | (PIK 5.750%, Cash 7.000%) |
|  | 1160000 | 12.750 <sup>(g)</sup> | 01/15/31 | 1101490 |
|  EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> | EMRLD Borrower LP/Emerald Co-Issuer, Inc.<sup>(b)</sup> |
|  | 542000 | 6.625 | 12/15/30 | 552959 |
|  JH North America Holdings, Inc.<sup>(b)</sup> | JH North America Holdings, Inc.<sup>(b)</sup> | JH North America Holdings, Inc.<sup>(b)</sup> | JH North America Holdings, Inc.<sup>(b)</sup> | JH North America Holdings, Inc.<sup>(b)</sup> |
|  | 560000 | 6.125 | 07/31/32 | 566339 |
|  Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. | Martin Marietta Materials, Inc. |
|  | 480000 | 4.250 | 12/15/47 | 386827 |
|  Quikrete Holdings, Inc.<sup>(b)</sup> | Quikrete Holdings, Inc.<sup>(b)</sup> | Quikrete Holdings, Inc.<sup>(b)</sup> | Quikrete Holdings, Inc.<sup>(b)</sup> | Quikrete Holdings, Inc.<sup>(b)</sup> |
|  | 565000 | 6.375 | 03/01/32 | 579871 |
|  | 475000 | 6.750 | 03/01/33 | 487260 |
|  Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> | Smyrna Ready Mix Concrete LLC<sup>(b)</sup> |
|  | 875000 | 8.875 | 11/15/31 | 921235 |
|  Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> | Standard Industries, Inc.<sup>(b)</sup> |
|  | 1150000 | 4.375 | 07/15/30 | 1088843 |
|  Wilsonart LLC<sup>(b)</sup> | Wilsonart LLC<sup>(b)</sup> | Wilsonart LLC<sup>(b)</sup> | Wilsonart LLC<sup>(b)</sup> | Wilsonart LLC<sup>(b)</sup> |
|  | 1125000 | 11.000 | 08/15/32 | 1034516 |
|  |  |  |  | 9856619 |
|  **Chemicals<sup>(a)</sup> – 1.3%** | **Chemicals<sup>(a)</sup> – 1.3%** | **Chemicals<sup>(a)</sup> – 1.3%** | **Chemicals<sup>(a)</sup> – 1.3%** | **Chemicals<sup>(a)</sup> – 1.3%** |
|  ASP Unifrax Holdings, Inc.<sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc.<sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc.<sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc.<sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) | ASP Unifrax Holdings, Inc.<sup>(b)(g)</sup> (PIK 1.250%, Cash 5.850%) |
|  | 1169651 | 7.100 | 09/30/29 | 603189 |
|  Avient Corp.<sup>(b)</sup> | Avient Corp.<sup>(b)</sup> | Avient Corp.<sup>(b)</sup> | Avient Corp.<sup>(b)</sup> | Avient Corp.<sup>(b)</sup> |
|  | 329000 | 6.250 | 11/01/31 | 330158 |
|  Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> | Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> |
|  | 2045000 | 7.250 | 02/15/31 | 2125634 |
|  Axalta Coating Systems LLC<sup>(b)</sup> | Axalta Coating Systems LLC<sup>(b)</sup> | Axalta Coating Systems LLC<sup>(b)</sup> | Axalta Coating Systems LLC<sup>(b)</sup> | Axalta Coating Systems LLC<sup>(b)</sup> |
|  | 5000 | 3.375 | 02/15/29 | 4684 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** | **Chemicals<sup>(a)</sup> – (continued)** |
| Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> | Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV<sup>(b)</sup> |
| 533000 | 4.750% | 06/15/27 | $528358 |
| Braskem Netherlands Finance BV<sup>(b)</sup> | Braskem Netherlands Finance BV<sup>(b)</sup> | Braskem Netherlands Finance BV<sup>(b)</sup> | Braskem Netherlands Finance BV<sup>(b)</sup> |
| 415000 | 8.000 | 10/15/34 | 294131 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 394000 | 6.750 | 04/15/33 | 397534 |
| Cerdia Finanz GmbH<sup>(b)</sup> | Cerdia Finanz GmbH<sup>(b)</sup> | Cerdia Finanz GmbH<sup>(b)</sup> | Cerdia Finanz GmbH<sup>(b)</sup> |
| 1100000 | 9.375 | 10/03/31 | 1152404 |
| Chemours Co.<sup>(b)</sup> | Chemours Co.<sup>(b)</sup> | Chemours Co.<sup>(b)</sup> | Chemours Co.<sup>(b)</sup> |
| 722000 | 5.750 | 11/15/28 | 668529 |
| 540000 | 4.625 | 11/15/29 | 457601 |
| Cornerstone Chemical Co. LLC<sup>(b)(g)(h)</sup> | Cornerstone Chemical Co. LLC<sup>(b)(g)(h)</sup> | Cornerstone Chemical Co. LLC<sup>(b)(g)(h)</sup> | Cornerstone Chemical Co. LLC<sup>(b)(g)(h)</sup> |
| 2810346 | 10.000 | 05/07/29 | 2810346 |
| FMC Corp.<sup>(f)</sup> (5 yr. CMT + 4.366%) | FMC Corp.<sup>(f)</sup> (5 yr. CMT + 4.366%) | FMC Corp.<sup>(f)</sup> (5 yr. CMT + 4.366%) | FMC Corp.<sup>(f)</sup> (5 yr. CMT + 4.366%) |
| 470000 | 8.450 | 11/01/55 | 485853 |
| Herens Midco SARL<sup>(b)</sup> | Herens Midco SARL<sup>(b)</sup> | Herens Midco SARL<sup>(b)</sup> | Herens Midco SARL<sup>(b)</sup> |
| 400000 | 5.250 | 05/15/29 | 323635 |
| Innophos Holdings, Inc.<sup>(b)</sup> | Innophos Holdings, Inc.<sup>(b)</sup> | Innophos Holdings, Inc.<sup>(b)</sup> | Innophos Holdings, Inc.<sup>(b)</sup> |
| 846500 | 11.500 | 06/15/29 | 856692 |
| Itelyum Regeneration SpA<sup>(b)</sup> | Itelyum Regeneration SpA<sup>(b)</sup> | Itelyum Regeneration SpA<sup>(b)</sup> | Itelyum Regeneration SpA<sup>(b)</sup> |
| 500000 | 5.750 | 04/15/30 | 585378 |
| Ma'aden Sukuk Ltd. | Ma'aden Sukuk Ltd. | Ma'aden Sukuk Ltd. | Ma'aden Sukuk Ltd. |
| 426000 | 5.250 <sup>(b)</sup> | 02/13/30 | 433651 |
| 297000 | 5.250 | 02/13/30 | 302334 |
| OCI NV<sup>(b)</sup> | OCI NV<sup>(b)</sup> | OCI NV<sup>(b)</sup> | OCI NV<sup>(b)</sup> |
| 1346000 | 6.700 | 03/16/33 | 1491543 |
| OCP SA | OCP SA | OCP SA | OCP SA |
| 1342000 | 7.500 <sup>(b)</sup> | 05/02/54 | 1356902 |
| 200000 | 7.500 | 05/02/54 | 202221 |
| Rain Carbon, Inc.<sup>(b)</sup> | Rain Carbon, Inc.<sup>(b)</sup> | Rain Carbon, Inc.<sup>(b)</sup> | Rain Carbon, Inc.<sup>(b)</sup> |
| 1155000 | 12.250 | 09/01/29 | 1243369 |
| SCIH Salt Holdings, Inc.<sup>(b)</sup> | SCIH Salt Holdings, Inc.<sup>(b)</sup> | SCIH Salt Holdings, Inc.<sup>(b)</sup> | SCIH Salt Holdings, Inc.<sup>(b)</sup> |
| 1197000 | 4.875 | 05/01/28 | 1162275 |
| 223000 | 6.625 | 05/01/29 | 220407 |
| Tronox, Inc.<sup>(b)</sup> | Tronox, Inc.<sup>(b)</sup> | Tronox, Inc.<sup>(b)</sup> | Tronox, Inc.<sup>(b)</sup> |
| 1833000 | 4.625 | 03/15/29 | 1421656 |
| WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> | WR Grace Holdings LLC<sup>(b)</sup> |
| 625000 | 4.875 | 06/15/27 | 621513 |
| 747000 | 5.625 | 08/15/29 | 689429 |
|  |  |  | 20769426 |
| **Commercial Services<sup>(a)</sup> – 0.9%** | **Commercial Services<sup>(a)</sup> – 0.9%** | **Commercial Services<sup>(a)</sup> – 0.9%** | **Commercial Services<sup>(a)</sup> – 0.9%** |
| Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(b)</sup> | Albion Financing 1 SARL/Aggreko Holdings, Inc.<sup>(b)</sup> |
| 500000 | 5.375 | 05/21/30 | 589966 |
| 780000 | 7.000 | 05/21/30 | 803127 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(b)</sup> | Allied Universal Holdco LLC/Allied Universal Finance Corp.<sup>(b)</sup> |
| 875000 | 6.875 | 06/15/30 | 896490 |
| Amber Finco PLC<sup>(b)</sup> | Amber Finco PLC<sup>(b)</sup> | Amber Finco PLC<sup>(b)</sup> | Amber Finco PLC<sup>(b)</sup> |
| 400000 | 6.625 | 07/15/29 | 483061 |
| Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC | Avis Budget Finance PLC |
| 500000 | 7.250 | 07/31/30 | 584340 |
| BCP V Modular Services Finance II PLC <sup>(b)</sup> | BCP V Modular Services Finance II PLC <sup>(b)</sup> | BCP V Modular Services Finance II PLC <sup>(b)</sup> | BCP V Modular Services Finance II PLC <sup>(b)</sup> |
| 415000 | 4.750 | 11/30/28 | 463079 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
|  **Commercial Services<sup>(a)</sup> – (continued)** | **Commercial Services<sup>(a)</sup> – (continued)** | **Commercial Services<sup>(a)</sup> – (continued)** | **Commercial Services<sup>(a)</sup> – (continued)** | **Commercial Services<sup>(a)</sup> – (continued)** |
|  BCP V Modular Services Finance PLC<sup>(b)</sup> | BCP V Modular Services Finance PLC<sup>(b)</sup> | BCP V Modular Services Finance PLC<sup>(b)</sup> | BCP V Modular Services Finance PLC<sup>(b)</sup> | BCP V Modular Services Finance PLC<sup>(b)</sup> |
|  EUR | 280000 | 6.750% | 11/30/29 | $278242 |
|  Boels Topholding BV<sup>(b)</sup> | Boels Topholding BV<sup>(b)</sup> | Boels Topholding BV<sup>(b)</sup> | Boels Topholding BV<sup>(b)</sup> | Boels Topholding BV<sup>(b)</sup> |
|  | 475000 | 5.750 | 05/15/30 | 565948 |
|  Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV | Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV |
|  GBP | 554000 | 8.500 | 01/15/31 | 788342 |
|  Garda World Security Corp.<sup>(b)</sup> | Garda World Security Corp.<sup>(b)</sup> | Garda World Security Corp.<sup>(b)</sup> | Garda World Security Corp.<sup>(b)</sup> | Garda World Security Corp.<sup>(b)</sup> |
|  $ | 542000 | 8.375 | 11/15/32 | 558417 |
|  Kapla Holding SAS<sup>(b)</sup> | Kapla Holding SAS<sup>(b)</sup> | Kapla Holding SAS<sup>(b)</sup> | Kapla Holding SAS<sup>(b)</sup> | Kapla Holding SAS<sup>(b)</sup> |
|  EUR | 450000 | 5.000 | 04/30/31 | 521910 |
|  Korn Ferry<sup>(b)</sup> | Korn Ferry<sup>(b)</sup> | Korn Ferry<sup>(b)</sup> | Korn Ferry<sup>(b)</sup> | Korn Ferry<sup>(b)</sup> |
|  $ | 265000 | 4.625 | 12/15/27 | 260691 |
|  Neptune Bidco U.S., Inc.<sup>(b)</sup> | Neptune Bidco U.S., Inc.<sup>(b)</sup> | Neptune Bidco U.S., Inc.<sup>(b)</sup> | Neptune Bidco U.S., Inc.<sup>(b)</sup> | Neptune Bidco U.S., Inc.<sup>(b)</sup> |
|  | 598000 | 9.290 | 04/15/29 | 578846 |
|  OT Midco, Inc.<sup>(b)</sup> | OT Midco, Inc.<sup>(b)</sup> | OT Midco, Inc.<sup>(b)</sup> | OT Midco, Inc.<sup>(b)</sup> | OT Midco, Inc.<sup>(b)</sup> |
|  | 912000 | 10.000 | 02/15/30 | 751196 |
|  Q-Park Holding I BV<sup>(b)</sup> | Q-Park Holding I BV<sup>(b)</sup> | Q-Park Holding I BV<sup>(b)</sup> | Q-Park Holding I BV<sup>(b)</sup> | Q-Park Holding I BV<sup>(b)</sup> |
|  EUR | 600000 | 5.125 | 03/01/29 | 709342 |
|  Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
|  $ | 680000 | 5.750 | 10/15/32 | 681530 |
|  StoneMor, Inc.<sup>(b)</sup> | StoneMor, Inc.<sup>(b)</sup> | StoneMor, Inc.<sup>(b)</sup> | StoneMor, Inc.<sup>(b)</sup> | StoneMor, Inc.<sup>(b)</sup> |
|  | 975000 | 8.500 | 05/15/29 | 924788 |
|  Techem Verwaltungsgesellschaft 675 GmbH<sup>(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH<sup>(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH<sup>(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH<sup>(b)</sup> | Techem Verwaltungsgesellschaft 675 GmbH<sup>(b)</sup> |
|  EUR | 500000 | 5.375 | 07/15/29 | 592340 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  $ | 250000 | 4.875 | 01/15/28 | 248478 |
|  | 595000 | 4.000 | 07/15/30 | 563340 |
|  Verisure Holding AB<sup>(b)</sup> | Verisure Holding AB<sup>(b)</sup> | Verisure Holding AB<sup>(b)</sup> | Verisure Holding AB<sup>(b)</sup> | Verisure Holding AB<sup>(b)</sup> |
|  EUR | 100000 | 3.250 | 02/15/27 | 113831 |
|  | 100000 | 5.500 | 05/15/30 | 119180 |
|  Wand NewCo 3, Inc.<sup>(b)</sup> | Wand NewCo 3, Inc.<sup>(b)</sup> | Wand NewCo 3, Inc.<sup>(b)</sup> | Wand NewCo 3, Inc.<sup>(b)</sup> | Wand NewCo 3, Inc.<sup>(b)</sup> |
|  $ | 1392550 | 7.625 | 01/30/32 | 1463486 |
|  WEX, Inc.<sup>(b)</sup> | WEX, Inc.<sup>(b)</sup> | WEX, Inc.<sup>(b)</sup> | WEX, Inc.<sup>(b)</sup> | WEX, Inc.<sup>(b)</sup> |
|  | 185000 | 6.500 | 03/15/33 | 187427 |
|  |  |  |  | 13727397 |
|  **Computers<sup>(a)(b)</sup> – 0.1%** | **Computers<sup>(a)(b)</sup> – 0.1%** | **Computers<sup>(a)(b)</sup> – 0.1%** | **Computers<sup>(a)(b)</sup> – 0.1%** | **Computers<sup>(a)(b)</sup> – 0.1%** |
|  CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings | CA Magnum Holdings |
|  | 915000 | 5.375 | 10/31/26 | 907794 |
|  Lutech SpA | Lutech SpA | Lutech SpA | Lutech SpA | Lutech SpA |
|  EUR | 500000 | 5.000 | 05/15/27 | 569282 |
|  McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. | McAfee Corp. |
|  $ | 988000 | 7.375 | 02/15/30 | 916963 |
|  |  |  |  | 2394039 |
|  **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** | **Cosmetics & Personal Care<sup>(a)</sup> – 0.0%** |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  | 700000 | 6.125 | 09/30/32 | 704543 |
|  **Distribution & Wholesale<sup>(a)(b)</sup> – 0.1%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.1%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.1%** | **Distribution & Wholesale<sup>(a)(b)</sup> – 0.1%** | **Distribution & Wholesale<sup>(a)(b)</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. | American Builders & Contractors Supply Co., Inc. |
|  | 1002000 | 4.000 | 01/15/28 | 975657 |
|  Green Bidco SA | Green Bidco SA | Green Bidco SA | Green Bidco SA | Green Bidco SA |
|  EUR | 295000 | 10.250 | 07/15/28 | 151939 |
|  |  |  |  | 1127596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 – 1.4%** | **Diversified Financial Services – 1.4%** | **Diversified Financial Services – 1.4%** | **Diversified Financial Services – 1.4%** | **Diversified Financial Services – 1.4%** |
|  Bread Financial Holdings, Inc.<sup>(a)(b)</sup> | Bread Financial Holdings, Inc.<sup>(a)(b)</sup> | Bread Financial Holdings, Inc.<sup>(a)(b)</sup> | Bread Financial Holdings, Inc.<sup>(a)(b)</sup> | Bread Financial Holdings, Inc.<sup>(a)(b)</sup> |
|  $ | 626000 | 9.750% | 03/15/29 | $671567 |
|  (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) | (5 yr. CMT + 4.300%) |
|  | 567000 | 8.375 <sup>(f)</sup> | 06/15/35 | 585881 |
|  CI Financial Corp.<sup>(a)(b)</sup> | CI Financial Corp.<sup>(a)(b)</sup> | CI Financial Corp.<sup>(a)(b)</sup> | CI Financial Corp.<sup>(a)(b)</sup> | CI Financial Corp.<sup>(a)(b)</sup> |
|  | 1780000 | 7.500 | 05/30/29 | 1881157 |
|  Coinbase Global, Inc.<sup>(a)(b)</sup> | Coinbase Global, Inc.<sup>(a)(b)</sup> | Coinbase Global, Inc.<sup>(a)(b)</sup> | Coinbase Global, Inc.<sup>(a)(b)</sup> | Coinbase Global, Inc.<sup>(a)(b)</sup> |
|  | 425000 | 3.375 | 10/01/28 | 400154 |
|  Credicorp Capital Sociedad Titulizadora SA<sup>(a)</sup> | Credicorp Capital Sociedad Titulizadora SA<sup>(a)</sup> | Credicorp Capital Sociedad Titulizadora SA<sup>(a)</sup> | Credicorp Capital Sociedad Titulizadora SA<sup>(a)</sup> | Credicorp Capital Sociedad Titulizadora SA<sup>(a)</sup> |
|  PEN | 3260000 | 10.100 | 12/15/43 | 941475 |
|  Finance of America Funding LLC<sup>(b)</sup> | Finance of America Funding LLC<sup>(b)</sup> | Finance of America Funding LLC<sup>(b)</sup> | Finance of America Funding LLC<sup>(b)</sup> | Finance of America Funding LLC<sup>(b)</sup> |
|  $ | 1034285 | 7.875 | 11/30/27 | 941654 |
|  | 775000 | 10.000 | 11/30/29 | 918212 |
|  Focus Financial Partners LLC<sup>(a)(b)</sup> | Focus Financial Partners LLC<sup>(a)(b)</sup> | Focus Financial Partners LLC<sup>(a)(b)</sup> | Focus Financial Partners LLC<sup>(a)(b)</sup> | Focus Financial Partners LLC<sup>(a)(b)</sup> |
|  | 1538000 | 6.750 | 09/15/31 | 1571544 |
|  Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> | Freedom Mortgage Holdings LLC<sup>(a)(b)</sup> |
|  | 494000 | 9.250 | 02/01/29 | 516556 |
|  | 281000 | 8.375 | 04/01/32 | 287013 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> | Jefferies Finance LLC/JFIN Co-Issuer Corp.<sup>(a)(b)</sup> |
|  | 774000 | 5.000 | 08/15/28 | 746569 |
|  | 795000 | 6.625 | 10/15/31 | 791518 |
|  Jerrold Finco PLC<sup>(a)</sup> | Jerrold Finco PLC<sup>(a)</sup> | Jerrold Finco PLC<sup>(a)</sup> | Jerrold Finco PLC<sup>(a)</sup> | Jerrold Finco PLC<sup>(a)</sup> |
|  GBP | 600000 | 7.500 | 06/15/31 | 810219 |
|  Kane Bidco Ltd.<sup>(a)(b)</sup> | Kane Bidco Ltd.<sup>(a)(b)</sup> | Kane Bidco Ltd.<sup>(a)(b)</sup> | Kane Bidco Ltd.<sup>(a)(b)</sup> | Kane Bidco Ltd.<sup>(a)(b)</sup> |
|  | 350000 | 7.750 | 07/15/31 | 469415 |
|  Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> | Midcap Financial Issuer Trust<sup>(a)(b)</sup> |
|  $ | 2273000 | 6.500 | 05/01/28 | 2253657 |
|  | 1100000 | 5.625 | 01/15/30 | 1033296 |
|  Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
|  | 568000 | 7.875 <sup>(a)</sup> | 06/15/32 | 591663 |
|  | 900000 | 5.625 | 08/01/33 | 809874 |
|  OneMain Finance Corp.<sup>(a)</sup> | OneMain Finance Corp.<sup>(a)</sup> | OneMain Finance Corp.<sup>(a)</sup> | OneMain Finance Corp.<sup>(a)</sup> | OneMain Finance Corp.<sup>(a)</sup> |
|  | 377000 | 3.500 | 01/15/27 | 367862 |
|  | 1175000 | 3.875 | 09/15/28 | 1120668 |
|  | 91000 | 9.000 | 01/15/29 | 95388 |
|  | 1565000 | 5.375 | 11/15/29 | 1534232 |
|  | 700000 | 4.000 | 09/15/30 | 640381 |
|  PennyMac Financial Services, Inc.<sup>(a)(b)</sup> | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> | PennyMac Financial Services, Inc.<sup>(a)(b)</sup> |
|  | 555000 | 4.250 | 02/15/29 | 531990 |
|  Planet Financial Group LLC<sup>(a)(b)</sup> | Planet Financial Group LLC<sup>(a)(b)</sup> | Planet Financial Group LLC<sup>(a)(b)</sup> | Planet Financial Group LLC<sup>(a)(b)</sup> | Planet Financial Group LLC<sup>(a)(b)</sup> |
|  | 899000 | 10.500 | 12/15/29 | 917888 |
|  PRA Group, Inc.<sup>(a)(b)</sup> | PRA Group, Inc.<sup>(a)(b)</sup> | PRA Group, Inc.<sup>(a)(b)</sup> | PRA Group, Inc.<sup>(a)(b)</sup> | PRA Group, Inc.<sup>(a)(b)</sup> |
|  | 1094000 | 8.875 | 01/31/30 | 1135824 |
|  |  |  |  | 22565657 |
|  **Electrical – 1.3%** | **Electrical – 1.3%** | **Electrical – 1.3%** | **Electrical – 1.3%** | **Electrical – 1.3%** |
|  AES Corp.<sup>(a)(f)</sup> (5 yr. CMT + 3.201%) | AES Corp.<sup>(a)(f)</sup> (5 yr. CMT + 3.201%) | AES Corp.<sup>(a)(f)</sup> (5 yr. CMT + 3.201%) | AES Corp.<sup>(a)(f)</sup> (5 yr. CMT + 3.201%) | AES Corp.<sup>(a)(f)</sup> (5 yr. CMT + 3.201%) |
|  | 967000 | 7.600 | 01/15/55 | 980006 |
|  Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<sup>(a)(b)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<sup>(a)(b)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<sup>(a)(b)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<sup>(a)(b)</sup> | Buffalo Energy Mexico Holdings/Buffalo Energy Infrastructure/Buffalo Energy<sup>(a)(b)</sup> |
|  | 692000 | 7.875 | 02/15/39 | 733451 |
|  Calpine Corp.<sup>(a)(b)</sup> | Calpine Corp.<sup>(a)(b)</sup> | Calpine Corp.<sup>(a)(b)</sup> | Calpine Corp.<sup>(a)(b)</sup> | Calpine Corp.<sup>(a)(b)</sup> |
|  | 1000000 | 5.125 | 03/15/28 | 995110 |
|  | 1080000 | 4.625 | 02/01/29 | 1061543 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
|  **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** | **Electrical – (continued)** |
|  Edison International<sup>(a)(f)</sup> | Edison International<sup>(a)(f)</sup> | Edison International<sup>(a)(f)</sup> | Edison International<sup>(a)(f)</sup> | Edison International<sup>(a)(f)</sup> |
|  (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) | (5 yr. CMT + 3.901%) |
|  $ | 893000 | 5.000% | 12/15/26 | $786295 |
|  (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) | (5 yr. CMT + 4.698%) |
|  | 2535000 | 5.375 | 03/09/26 | 2414233 |
|  Electricite de France SA<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.970%) | Electricite de France SA<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.970%) | Electricite de France SA<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.970%) | Electricite de France SA<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.970%) | Electricite de France SA<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.970%) |
|  EUR | 400000 | 3.375 | 06/15/30 | 438390 |
|  EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia<br>SpA<sup>(a)(b)</sup> | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia<br>SpA<sup>(a)(b)</sup> | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia<br>SpA<sup>(a)(b)</sup> | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia<br>SpA<sup>(a)(b)</sup> | EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia<br>SpA<sup>(a)(b)</sup> |
|  $ | 439000 | 5.375 | 12/30/30 | 398546 |
|  EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain<br>SAU<sup>(a)(b)</sup> | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain<br>SAU<sup>(a)(b)</sup> | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain<br>SAU<sup>(a)(b)</sup> | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain<br>SAU<sup>(a)(b)</sup> | EnfraGen Energia Sur SAU/EnfraGen Chile SpA/EnfraGen Spain<br>SAU<sup>(a)(b)</sup> |
|  | 439000 | 8.499 | 06/30/32 | 444630 |
|  Eskom Holdings SOC Ltd. <sup>(i)</sup> | Eskom Holdings SOC Ltd. <sup>(i)</sup> | Eskom Holdings SOC Ltd. <sup>(i)</sup> | Eskom Holdings SOC Ltd. <sup>(i)</sup> | Eskom Holdings SOC Ltd. <sup>(i)</sup> |
|  ZAR | 17000000 | 7.500 | 09/15/33 | 776459 |
|  Mazoon Assets Co. SAOC<sup>(b)</sup> | Mazoon Assets Co. SAOC<sup>(b)</sup> | Mazoon Assets Co. SAOC<sup>(b)</sup> | Mazoon Assets Co. SAOC<sup>(b)</sup> | Mazoon Assets Co. SAOC<sup>(b)</sup> |
|  $ | 716000 | 5.250 | 10/09/31 | 718123 |
|  NRG Energy, Inc.<sup>(a)</sup> | NRG Energy, Inc.<sup>(a)</sup> | NRG Energy, Inc.<sup>(a)</sup> | NRG Energy, Inc.<sup>(a)</sup> | NRG Energy, Inc.<sup>(a)</sup> |
|  | 500000 | 5.750 | 01/15/28 | 500820 |
|  | 3665000 | 3.625 <sup>(b)</sup> | 02/15/31 | 3354684 |
|  | 200000 | 6.250 <sup>(b)</sup> | 11/01/34 | 202654 |
|  PG&E Corp.<sup>(a)</sup> | PG&E Corp.<sup>(a)</sup> | PG&E Corp.<sup>(a)</sup> | PG&E Corp.<sup>(a)</sup> | PG&E Corp.<sup>(a)</sup> |
|  | 1300000 | 5.250 | 07/01/30 | 1245426 |
|  (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) | (5 yr. CMT + 3.883%) |
|  | 819000 | 7.375 <sup>(f)</sup> | 03/15/55 | 790147 |
|  Saavi Energia SARL<sup>(a)(b)</sup> | Saavi Energia SARL<sup>(a)(b)</sup> | Saavi Energia SARL<sup>(a)(b)</sup> | Saavi Energia SARL<sup>(a)(b)</sup> | Saavi Energia SARL<sup>(a)(b)</sup> |
|  | 637000 | 8.875 | 02/10/35 | 664391 |
|  Vistra Corp.<sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) | Vistra Corp.<sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) | Vistra Corp.<sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) | Vistra Corp.<sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) | Vistra Corp.<sup>(a)(b)(f)</sup> (5 yr. CMT + 5.740%) |
|  | 1395000 | 7.000 | 12/15/26 | 1408029 |
|  Vistra Operations Co. LLC<sup>(a)(b)</sup> | Vistra Operations Co. LLC<sup>(a)(b)</sup> | Vistra Operations Co. LLC<sup>(a)(b)</sup> | Vistra Operations Co. LLC<sup>(a)(b)</sup> | Vistra Operations Co. LLC<sup>(a)(b)</sup> |
|  | 1000000 | 5.000 | 07/31/27 | 995010 |
|  | 400000 | 4.375 | 05/01/29 | 387656 |
|  | 29000 | 4.300 | 07/15/29 | 28543 |
|  | 800000 | 7.750 | 10/15/31 | 846832 |
|  | 155000 | 6.875 | 04/15/32 | 161070 |
|  XPLR Infrastructure Operating Partners LP<sup>(a)(b)</sup> | XPLR Infrastructure Operating Partners LP<sup>(a)(b)</sup> | XPLR Infrastructure Operating Partners LP<sup>(a)(b)</sup> | XPLR Infrastructure Operating Partners LP<sup>(a)(b)</sup> | XPLR Infrastructure Operating Partners LP<sup>(a)(b)</sup> |
|  | 592000 | 8.375 | 01/15/31 | 621014 |
|  | 570000 | 8.625 | 03/15/33 | 603516 |
|  |  |  |  | 21556578 |
|  **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** | **Electrical Components & Equipment<sup>(a)(b)</sup> – 0.0%** |
|  Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV | Energizer Gamma Acquisition BV |
|  EUR | 300000 | 3.500 | 06/30/29 | 332435 |
|  **Electronics<sup>(a)(b)</sup> – 0.1%** | **Electronics<sup>(a)(b)</sup> – 0.1%** | **Electronics<sup>(a)(b)</sup> – 0.1%** | **Electronics<sup>(a)(b)</sup> – 0.1%** | **Electronics<sup>(a)(b)</sup> – 0.1%** |
|  Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. | Coherent Corp. |
|  $ | 455000 | 5.000 | 12/15/29 | 445208 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  | 1365000 | 4.000 | 04/15/29 | 1297392 |
|  |  |  |  | 1742600 |
|  **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2%** | **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2%** | **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2%** | **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2%** | **Energy-Alternate Sources<sup>(a)(b)</sup> – 0.2%** |
|  Cullinan Holdco SCSp | Cullinan Holdco SCSp | Cullinan Holdco SCSp | Cullinan Holdco SCSp | Cullinan Holdco SCSp |
|  EUR | 700000 | 4.625 | 10/15/26 | 635373 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Energy-Alternate Sources<sup>(a)(b)</sup> – (continued)** | **Energy-Alternate Sources<sup>(a)(b)</sup> – (continued)** | **Energy-Alternate Sources<sup>(a)(b)</sup> – (continued)** | **Energy-Alternate Sources<sup>(a)(b)</sup> – (continued)** | **Energy-Alternate Sources<sup>(a)(b)</sup> – (continued)** |
|  FS Luxembourg SARL | FS Luxembourg SARL | FS Luxembourg SARL | FS Luxembourg SARL | FS Luxembourg SARL |
|  $ | 347000 | 8.875% | 02/12/31 | $357618 |
|  | 788000 | 8.625 | 06/25/33 | 785538 |
|  TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC | TerraForm Power Operating LLC |
|  | 1102000 | 5.000 | 01/31/28 | 1085668 |
|  | 250000 | 4.750 | 01/15/30 | 239785 |
|  |  |  |  | 3103982 |
|  **Engineering & Construction<sup>(a)(b)</sup> – 0.1%** | **Engineering & Construction<sup>(a)(b)</sup> – 0.1%** | **Engineering & Construction<sup>(a)(b)</sup> – 0.1%** | **Engineering & Construction<sup>(a)(b)</sup> – 0.1%** | **Engineering & Construction<sup>(a)(b)</sup> – 0.1%** |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
|  | 275000 | 8.500 | 02/15/31 | 227959 |
|  Assemblin Caverion Group AB | Assemblin Caverion Group AB | Assemblin Caverion Group AB | Assemblin Caverion Group AB | Assemblin Caverion Group AB |
|  EUR | 225000 | 6.250 | 07/01/30 | 268661 |
|  (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) | (3 mo. EUR EURIBOR + 3.500%) |
|  | 246000 | 5.437 <sup>(f)</sup> | 07/01/31 | 281605 |
|  Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. | Kingston Airport Revenue Finance Ltd. |
|  $ | 722000 | 6.750 | 12/15/36 | 726440 |
|  |  |  |  | 1504665 |
|  **Entertainment<sup>(a)</sup> – 0.8%** | **Entertainment<sup>(a)</sup> – 0.8%** | **Entertainment<sup>(a)</sup> – 0.8%** | **Entertainment<sup>(a)</sup> – 0.8%** | **Entertainment<sup>(a)</sup> – 0.8%** |
|  888 Acquisitions Ltd.<sup>(b)</sup> | 888 Acquisitions Ltd.<sup>(b)</sup> | 888 Acquisitions Ltd.<sup>(b)</sup> | 888 Acquisitions Ltd.<sup>(b)</sup> | 888 Acquisitions Ltd.<sup>(b)</sup> |
|  EUR | 1546000 | 7.558 | 07/15/27 | 1784866 |
|  Banijay Entertainment SAS<sup>(b)</sup> | Banijay Entertainment SAS<sup>(b)</sup> | Banijay Entertainment SAS<sup>(b)</sup> | Banijay Entertainment SAS<sup>(b)</sup> | Banijay Entertainment SAS<sup>(b)</sup> |
|  | 475000 | 7.000 | 05/01/29 | 565910 |
|  Boyne USA, Inc.<sup>(b)</sup> | Boyne USA, Inc.<sup>(b)</sup> | Boyne USA, Inc.<sup>(b)</sup> | Boyne USA, Inc.<sup>(b)</sup> | Boyne USA, Inc.<sup>(b)</sup> |
|  $ | 601000 | 4.750 | 05/15/29 | 583168 |
|  Caesars Entertainment, Inc.<sup>(b)</sup> | Caesars Entertainment, Inc.<sup>(b)</sup> | Caesars Entertainment, Inc.<sup>(b)</sup> | Caesars Entertainment, Inc.<sup>(b)</sup> | Caesars Entertainment, Inc.<sup>(b)</sup> |
|  | 600000 | 7.000 | 02/15/30 | 618960 |
|  Churchill Downs, Inc.<sup>(b)</sup> | Churchill Downs, Inc.<sup>(b)</sup> | Churchill Downs, Inc.<sup>(b)</sup> | Churchill Downs, Inc.<sup>(b)</sup> | Churchill Downs, Inc.<sup>(b)</sup> |
|  | 1082000 | 4.750 | 01/15/28 | 1067523 |
|  Cirsa Finance International SARL<sup>(b)</sup> | Cirsa Finance International SARL<sup>(b)</sup> | Cirsa Finance International SARL<sup>(b)</sup> | Cirsa Finance International SARL<sup>(b)</sup> | Cirsa Finance International SARL<sup>(b)</sup> |
|  EUR | 400000 | 6.500 | 03/15/29 | 477670 |
|  Flutter Treasury DAC<sup>(b)</sup> | Flutter Treasury DAC<sup>(b)</sup> | Flutter Treasury DAC<sup>(b)</sup> | Flutter Treasury DAC<sup>(b)</sup> | Flutter Treasury DAC<sup>(b)</sup> |
|  | 509000 | 5.000 | 04/29/29 | 602142 |
|  Jacobs Entertainment, Inc.<sup>(b)</sup> | Jacobs Entertainment, Inc.<sup>(b)</sup> | Jacobs Entertainment, Inc.<sup>(b)</sup> | Jacobs Entertainment, Inc.<sup>(b)</sup> | Jacobs Entertainment, Inc.<sup>(b)</sup> |
|  $ | 970000 | 6.750 | 02/15/29 | 945343 |
|  | 150000 | 6.750 | 02/15/29 | 146658 |
|  LHMC Finco 2 SARL<sup>(b)(g)</sup> (PIK 9.375%, Cash 8.625%) | LHMC Finco 2 SARL<sup>(b)(g)</sup> (PIK 9.375%, Cash 8.625%) | LHMC Finco 2 SARL<sup>(b)(g)</sup> (PIK 9.375%, Cash 8.625%) | LHMC Finco 2 SARL<sup>(b)(g)</sup> (PIK 9.375%, Cash 8.625%) | LHMC Finco 2 SARL<sup>(b)(g)</sup> (PIK 9.375%, Cash 8.625%) |
|  EUR | 470000 | 8.625 | 05/15/30 | 564029 |
|  Loarre Investments SARL<sup>(b)</sup> | Loarre Investments SARL<sup>(b)</sup> | Loarre Investments SARL<sup>(b)</sup> | Loarre Investments SARL<sup>(b)</sup> | Loarre Investments SARL<sup>(b)</sup> |
|  | 800000 | 6.500 | 05/15/29 | 943955 |
|  Ontario Gaming GTA LP/OTG Co-Issuer, Inc.<sup>(b)</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc.<sup>(b)</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc.<sup>(b)</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc.<sup>(b)</sup> | Ontario Gaming GTA LP/OTG Co-Issuer, Inc.<sup>(b)</sup> |
|  $ | 852000 | 8.000 | 08/01/30 | 861721 |
|  Pinewood Finco PLC<sup>(b)</sup> | Pinewood Finco PLC<sup>(b)</sup> | Pinewood Finco PLC<sup>(b)</sup> | Pinewood Finco PLC<sup>(b)</sup> | Pinewood Finco PLC<sup>(b)</sup> |
|  GBP | 400000 | 6.000 | 03/27/30 | 529919 |
|  Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(b)</sup> | Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(b)</sup> | Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(b)</sup> | Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(b)</sup> | Resorts World Las Vegas LLC/RWLV Capital, Inc.<sup>(b)</sup> |
|  $ | 760000 | 4.625 | 04/16/29 | 675351 |
|  | 40000 | 4.625 | 04/06/31 | 33114 |
|  Voyager Parent LLC<sup>(b)</sup> | Voyager Parent LLC<sup>(b)</sup> | Voyager Parent LLC<sup>(b)</sup> | Voyager Parent LLC<sup>(b)</sup> | Voyager Parent LLC<sup>(b)</sup> |
|  | 529000 | 9.250 | 07/01/32 | 559730 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  | 1118000 | 5.050 | 03/15/42 | 747338 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
|  **Entertainment<sup>(a)</sup> – (continued)** | **Entertainment<sup>(a)</sup> – (continued)** | **Entertainment<sup>(a)</sup> – (continued)** | **Entertainment<sup>(a)</sup> – (continued)** | **Entertainment<sup>(a)</sup> – (continued)** |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(b)</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(b)</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(b)</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(b)</sup> | Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.<sup>(b)</sup> |
|  $ | 500000 | 6.250% | 03/15/33 | $501275 |
|  |  |  |  | 12208672 |
|  **Environmental<sup>(a)(b)</sup> – 0.2%** | **Environmental<sup>(a)(b)</sup> – 0.2%** | **Environmental<sup>(a)(b)</sup> – 0.2%** | **Environmental<sup>(a)(b)</sup> – 0.2%** | **Environmental<sup>(a)(b)</sup> – 0.2%** |
|  Ambipar Lux SARL | Ambipar Lux SARL | Ambipar Lux SARL | Ambipar Lux SARL | Ambipar Lux SARL |
|  | 814000 | 10.875 | 02/05/33 | 738705 |
|  Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
|  | 398000 | 4.875 | 07/15/27 | 394689 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  | 450000 | 3.500 | 09/01/28 | 433273 |
|  | 700000 | 4.375 | 08/15/29 | 676956 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  | 903000 | 4.125 | 06/30/28 | 874005 |
|  Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
|  | 320000 | 7.000 | 02/01/33 | 332128 |
|  |  |  |  | 3449756 |
|  **Food & Drug Retailing – 0.7%** | **Food & Drug Retailing – 0.7%** | **Food & Drug Retailing – 0.7%** | **Food & Drug Retailing – 0.7%** | **Food & Drug Retailing – 0.7%** |
|  Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons<br>LLC<sup>(a)(b)</sup> |
|  | 1394000 | 3.500 | 03/15/29 | 1315518 |
|  Bellis Acquisition Co. PLC<sup>(a)(b)</sup> | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> | Bellis Acquisition Co. PLC<sup>(a)(b)</sup> |
|  GBP | 1190000 | 8.125 | 05/14/30 | 1495242 |
|  EUR | 253000 | 8.000 | 07/01/31 | 291568 |
|  C&S Group Enterprises LLC<sup>(a)(b)</sup> | C&S Group Enterprises LLC<sup>(a)(b)</sup> | C&S Group Enterprises LLC<sup>(a)(b)</sup> | C&S Group Enterprises LLC<sup>(a)(b)</sup> | C&S Group Enterprises LLC<sup>(a)(b)</sup> |
|  $ | 350000 | 5.000 | 12/15/28 | 312827 |
|  Iceland Bondco PLC<sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) | Iceland Bondco PLC<sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) | Iceland Bondco PLC<sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) | Iceland Bondco PLC<sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) | Iceland Bondco PLC<sup>(a)(b)(f)</sup> (3 mo. EUR EURIBOR + 5.500%) |
|  EUR | 200000 | 7.643 | 12/15/27 | 229205 |
|  Minerva Luxembourg SA<sup>(a)(b)</sup> | Minerva Luxembourg SA<sup>(a)(b)</sup> | Minerva Luxembourg SA<sup>(a)(b)</sup> | Minerva Luxembourg SA<sup>(a)(b)</sup> | Minerva Luxembourg SA<sup>(a)(b)</sup> |
|  $ | 564000 | 8.875 | 09/13/33 | 612645 |
|  New Albertsons LP | New Albertsons LP | New Albertsons LP | New Albertsons LP | New Albertsons LP |
|  | 1050000 | 8.700 | 05/01/30 | 1158938 |
|  | 387000 | 8.000 | 05/01/31 | 418014 |
|  Nomad Foods Bondco PLC<sup>(a)(b)</sup> | Nomad Foods Bondco PLC<sup>(a)(b)</sup> | Nomad Foods Bondco PLC<sup>(a)(b)</sup> | Nomad Foods Bondco PLC<sup>(a)(b)</sup> | Nomad Foods Bondco PLC<sup>(a)(b)</sup> |
|  EUR | 807000 | 2.500 | 06/24/28 | 904831 |
|  Performance Food Group, Inc.<sup>(a)(b)</sup> | Performance Food Group, Inc.<sup>(a)(b)</sup> | Performance Food Group, Inc.<sup>(a)(b)</sup> | Performance Food Group, Inc.<sup>(a)(b)</sup> | Performance Food Group, Inc.<sup>(a)(b)</sup> |
|  $ | 415000 | 4.250 | 08/01/29 | 398985 |
|  | 720000 | 6.125 | 09/15/32 | 731808 |
|  Picard Groupe SAS<sup>(a)(b)</sup> | Picard Groupe SAS<sup>(a)(b)</sup> | Picard Groupe SAS<sup>(a)(b)</sup> | Picard Groupe SAS<sup>(a)(b)</sup> | Picard Groupe SAS<sup>(a)(b)</sup> |
|  EUR | 550000 | 6.375 | 07/01/29 | 657122 |
|  Post Holdings, Inc.<sup>(a)(b)</sup> | Post Holdings, Inc.<sup>(a)(b)</sup> | Post Holdings, Inc.<sup>(a)(b)</sup> | Post Holdings, Inc.<sup>(a)(b)</sup> | Post Holdings, Inc.<sup>(a)(b)</sup> |
|  $ | 1036000 | 6.250 | 10/15/34 | 1037098 |
|  Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<sup>(a)(b)</sup> | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<sup>(a)(b)</sup> | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<sup>(a)(b)</sup> | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<sup>(a)(b)</sup> | Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed<sup>(a)(b)</sup> |
|  | 580000 | 4.625 | 03/01/29 | 548964 |
|  Tyson Foods, Inc.<sup>(a)</sup> | Tyson Foods, Inc.<sup>(a)</sup> | Tyson Foods, Inc.<sup>(a)</sup> | Tyson Foods, Inc.<sup>(a)</sup> | Tyson Foods, Inc.<sup>(a)</sup> |
|  | 579000 | 5.100 | 09/28/48 | 516410 |
|  |  |  |  | 10629175 |
|  **Forest Products & Paper<sup>(a)(b)</sup> – 0.2%** | **Forest Products & Paper<sup>(a)(b)</sup> – 0.2%** | **Forest Products & Paper<sup>(a)(b)</sup> – 0.2%** | **Forest Products & Paper<sup>(a)(b)</sup> – 0.2%** | **Forest Products & Paper<sup>(a)(b)</sup> – 0.2%** |
|  Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ | Ahlstrom Holding 3 OYJ |
|  EUR | 350000 | 3.625 | 02/04/28 | 395078 |
|  Domtar Corp. | Domtar Corp. | Domtar Corp. | Domtar Corp. | Domtar Corp. |
|  $ | 2761000 | 6.750 | 10/01/28 | 2404693 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Forest Products & Paper<sup>(a)(b)</sup> – (continued)** | **Forest Products & Paper<sup>(a)(b)</sup> – (continued)** | **Forest Products & Paper<sup>(a)(b)</sup> – (continued)** | **Forest Products & Paper<sup>(a)(b)</sup> – (continued)** |
| WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH | WEPA Hygieneprodukte GmbH |
| 566000 | 5.625% | 01/15/31 | $677679 |
|  |  |  | 3477450 |
| **Gaming<sup>(a)(b)</sup> – 0.0%** | **Gaming<sup>(a)(b)</sup> – 0.0%** | **Gaming<sup>(a)(b)</sup> – 0.0%** | **Gaming<sup>(a)(b)</sup> – 0.0%** |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| 335000 | 6.625 | 03/15/32 | 341747 |
| Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. | Wynn Macau Ltd. |
| 85000 | 5.625 | 08/26/28 | 84052 |
|  |  |  | 425799 |
| **Gas<sup>(a)</sup> – 0.3%** | **Gas<sup>(a)</sup> – 0.3%** | **Gas<sup>(a)</sup> – 0.3%** | **Gas<sup>(a)</sup> – 0.3%** |
| AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) | AltaGas Ltd. <sup>(b)(f)</sup> (5 yr. CMT + 3.573%) |
| 1010000 | 7.200 | 10/15/54 | 1016423 |
| AmeriGas Partners LP/AmeriGas Finance Corp.<sup>(b)</sup> | AmeriGas Partners LP/AmeriGas Finance Corp.<sup>(b)</sup> | AmeriGas Partners LP/AmeriGas Finance Corp.<sup>(b)</sup> | AmeriGas Partners LP/AmeriGas Finance Corp.<sup>(b)</sup> |
| 886000 | 9.500 | 06/01/30 | 930256 |
| Northwest Natural Holding Co.<sup>(f)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co.<sup>(f)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co.<sup>(f)</sup> (5 yr. CMT + 2.701%) | Northwest Natural Holding Co.<sup>(f)</sup> (5 yr. CMT + 2.701%) |
| 817000 | 7.000 | 09/15/55 | 830317 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> |
| 1000000 | 7.500 | 05/01/33 | 1079850 |
| 632000 | 7.750 | 05/01/35 | 693089 |
|  |  |  | 4549935 |
| **Hand/Machine Tools<sup>(a)(b)</sup> – 0.0%** | **Hand/Machine Tools<sup>(a)(b)</sup> – 0.0%** | **Hand/Machine Tools<sup>(a)(b)</sup> – 0.0%** | **Hand/Machine Tools<sup>(a)(b)</sup> – 0.0%** |
| Dynamo Newco II GmbH | Dynamo Newco II GmbH | Dynamo Newco II GmbH | Dynamo Newco II GmbH |
| 350000 | 6.250 | 10/15/31 | 416974 |
| **Health Care Providers & Services<sup>(a)(b)</sup> – 0.1%** | **Health Care Providers & Services<sup>(a)(b)</sup> – 0.1%** | **Health Care Providers & Services<sup>(a)(b)</sup> – 0.1%** | **Health Care Providers & Services<sup>(a)(b)</sup> – 0.1%** |
| Kedrion SpA | Kedrion SpA | Kedrion SpA | Kedrion SpA |
| 1250000 | 6.500 | 09/01/29 | 1211525 |
| **Healthcare Providers & Services<sup>(a)</sup> – 1.5%** | **Healthcare Providers & Services<sup>(a)</sup> – 1.5%** | **Healthcare Providers & Services<sup>(a)</sup> – 1.5%** | **Healthcare Providers & Services<sup>(a)</sup> – 1.5%** |
| Akumin, Inc.<sup>(b)</sup> | Akumin, Inc.<sup>(b)</sup> | Akumin, Inc.<sup>(b)</sup> | Akumin, Inc.<sup>(b)</sup> |
| 15000 | 8.000 | 08/01/28 | 13461 |
| (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) | (PIK 9.000%, Cash 8.000%) |
| 1590000 | 9.000 <sup>(g)</sup> | 08/01/27 | 1485934 |
| Avantor Funding, Inc.<sup>(b)</sup> | Avantor Funding, Inc.<sup>(b)</sup> | Avantor Funding, Inc.<sup>(b)</sup> | Avantor Funding, Inc.<sup>(b)</sup> |
| 195000 | 3.875 | 07/15/28 | 222656 |
| CAB SELAS<sup>(b)</sup> | CAB SELAS<sup>(b)</sup> | CAB SELAS<sup>(b)</sup> | CAB SELAS<sup>(b)</sup> |
| 835000 | 3.375 | 02/01/28 | 912680 |
| Cerba Healthcare SACA | Cerba Healthcare SACA | Cerba Healthcare SACA | Cerba Healthcare SACA |
| 971000 | 3.500 | 05/31/28 | 795065 |
| Charles River Laboratories International, Inc.<sup>(b)</sup> | Charles River Laboratories International, Inc.<sup>(b)</sup> | Charles River Laboratories International, Inc.<sup>(b)</sup> | Charles River Laboratories International, Inc.<sup>(b)</sup> |
| 850000 | 4.000 | 03/15/31 | 779985 |
| CHS/Community Health Systems, Inc.<sup>(b)</sup> | CHS/Community Health Systems, Inc.<sup>(b)</sup> | CHS/Community Health Systems, Inc.<sup>(b)</sup> | CHS/Community Health Systems, Inc.<sup>(b)</sup> |
| 1000000 | 5.625 | 03/15/27 | 1001670 |
| 903000 | 10.875 | 01/15/32 | 947283 |
| 552000 | 9.750 | 01/15/34 | 555555 |
| DaVita, Inc.<sup>(b)</sup> | DaVita, Inc.<sup>(b)</sup> | DaVita, Inc.<sup>(b)</sup> | DaVita, Inc.<sup>(b)</sup> |
| 1100000 | 3.750 | 02/15/31 | 997876 |
| Embecta Corp.<sup>(b)</sup> | Embecta Corp.<sup>(b)</sup> | Embecta Corp.<sup>(b)</sup> | Embecta Corp.<sup>(b)</sup> |
| 900000 | 5.000 | 02/15/30 | 816201 |
| Ephios Subco 3 SARL<sup>(b)</sup> | Ephios Subco 3 SARL<sup>(b)</sup> | Ephios Subco 3 SARL<sup>(b)</sup> | Ephios Subco 3 SARL<sup>(b)</sup> |
| 300000 | 7.875 | 01/31/31 | 369386 |
| Fortrea Holdings, Inc.<sup>(b)</sup> | Fortrea Holdings, Inc.<sup>(b)</sup> | Fortrea Holdings, Inc.<sup>(b)</sup> | Fortrea Holdings, Inc.<sup>(b)</sup> |
| 734000 | 7.500 | 07/01/30 | 670399 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Healthcare Providers & Services<sup>(a)</sup> – (continued)** | **Healthcare Providers & Services<sup>(a)</sup> – (continued)** | **Healthcare Providers & Services<sup>(a)</sup> – (continued)** | **Healthcare Providers & Services<sup>(a)</sup> – (continued)** |
| Global Medical Response, Inc.<sup>(b)(g)</sup> | Global Medical Response, Inc.<sup>(b)(g)</sup> | Global Medical Response, Inc.<sup>(b)(g)</sup> | Global Medical Response, Inc.<sup>(b)(g)</sup> |
| 1728726 | 10.000% | 10/31/28 | $1723730 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 390000 | 5.250 | 06/15/49 | 344409 |
| IQVIA, Inc.<sup>(b)</sup> | IQVIA, Inc.<sup>(b)</sup> | IQVIA, Inc.<sup>(b)</sup> | IQVIA, Inc.<sup>(b)</sup> |
| 600000 | 2.250 | 03/15/29 | 662925 |
| LifePoint Health, Inc.<sup>(b)</sup> | LifePoint Health, Inc.<sup>(b)</sup> | LifePoint Health, Inc.<sup>(b)</sup> | LifePoint Health, Inc.<sup>(b)</sup> |
| 1745000 | 9.875 | 08/15/30 | 1882785 |
| 349000 | 8.375 | 02/15/32 | 371497 |
| 372000 | 10.000 | 06/01/32 | 386266 |
| Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> | Medline Borrower LP<sup>(b)</sup> |
| 1911000 | 3.875 | 04/01/29 | 1822406 |
| 300000 | 5.250 | 10/01/29 | 294366 |
| Mehilainen Yhtiot OYJ<sup>(b)</sup> | Mehilainen Yhtiot OYJ<sup>(b)</sup> | Mehilainen Yhtiot OYJ<sup>(b)</sup> | Mehilainen Yhtiot OYJ<sup>(b)</sup> |
| 463000 | 5.125 | 06/30/32 | 531968 |
| Molina Healthcare, Inc.<sup>(b)</sup> | Molina Healthcare, Inc.<sup>(b)</sup> | Molina Healthcare, Inc.<sup>(b)</sup> | Molina Healthcare, Inc.<sup>(b)</sup> |
| 893000 | 4.375 | 06/15/28 | 855280 |
| 650000 | 3.875 | 11/15/30 | 587074 |
| Radiology Partners, Inc.<sup>(b)</sup> | Radiology Partners, Inc.<sup>(b)</sup> | Radiology Partners, Inc.<sup>(b)</sup> | Radiology Partners, Inc.<sup>(b)</sup> |
| 709743 | 9.781 <sup>(g)</sup> | 02/15/30 | 703242 |
| 2650000 | 8.500 | 07/15/32 | 2677639 |
| RAY Financing LLC<sup>(b)</sup> | RAY Financing LLC<sup>(b)</sup> | RAY Financing LLC<sup>(b)</sup> | RAY Financing LLC<sup>(b)</sup> |
| 500000 | 6.500 | 07/15/31 | 585504 |
| Team Health Holdings, Inc.<sup>(b)</sup> | Team Health Holdings, Inc.<sup>(b)</sup> | Team Health Holdings, Inc.<sup>(b)</sup> | Team Health Holdings, Inc.<sup>(b)</sup> |
| 250000 | 8.375 | 06/30/28 | 251218 |
| (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) | (PIK 4.500%, Cash 9.000%) |
| 1124750 | 13.500 <sup>(g)</sup> | 06/30/28 | 1212559 |
|  |  |  | 24461019 |
| **Home Builders<sup>(a)(b)</sup> – 0.0%** | **Home Builders<sup>(a)(b)</sup> – 0.0%** | **Home Builders<sup>(a)(b)</sup> – 0.0%** | **Home Builders<sup>(a)(b)</sup> – 0.0%** |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC | Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC |
| 500000 | 5.000 | 06/15/29 | 465915 |
| **Home Furnishings<sup>(a)(b)</sup> – 0.0%** | **Home Furnishings<sup>(a)(b)</sup> – 0.0%** | **Home Furnishings<sup>(a)(b)</sup> – 0.0%** | **Home Furnishings<sup>(a)(b)</sup> – 0.0%** |
| Flos B&b Italia SpA | Flos B&b Italia SpA | Flos B&b Italia SpA | Flos B&b Italia SpA |
| 240000 | 10.000 | 11/15/28 | 288294 |
| **Housewares<sup>(a)(b)</sup> – 0.0%** | **Housewares<sup>(a)(b)</sup> – 0.0%** | **Housewares<sup>(a)(b)</sup> – 0.0%** | **Housewares<sup>(a)(b)</sup> – 0.0%** |
| Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
| 570000 | 8.500 | 06/01/28 | 597936 |
| **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** | **Insurance – 0.9%** |
| Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> | Acrisure LLC/Acrisure Finance, Inc.<sup>(a)(b)</sup> |
| 479000 | 8.250 | 02/01/29 | 494788 |
| 200000 | 7.500 | 11/06/30 | 206596 |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer<sup>(a)(b)</sup> |
| 159000 | 4.250 | 10/15/27 | 155656 |
| 3000000 | 6.750 | 10/15/27 | 3007500 |
| 1323000 | 7.000 | 01/15/31 | 1360203 |
| 1250000 | 7.375 | 10/01/32 | 1285225 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> | APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC<sup>(a)(b)</sup> |
| 868000 | 7.875 | 11/01/29 | 894457 |
| Ardonagh Finco Ltd.<sup>(a)(b)</sup> | Ardonagh Finco Ltd.<sup>(a)(b)</sup> | Ardonagh Finco Ltd.<sup>(a)(b)</sup> | Ardonagh Finco Ltd.<sup>(a)(b)</sup> |
| 775000 | 7.750 | 02/15/31 | 808007 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> | Ardonagh Group Finance Ltd.<sup>(a)(b)</sup> |
| 521000 | 8.875% | 02/15/32 | $548160 |
| Arthur J Gallagher & Co.<sup>(a)</sup> | Arthur J Gallagher & Co.<sup>(a)</sup> |  |  |
| 1057000 | 5.550 | 02/15/55 | 997966 |
| Athora Holding Ltd.<sup>(a)</sup> | Athora Holding Ltd.<sup>(a)</sup> | Athora Holding Ltd.<sup>(a)</sup> | Athora Holding Ltd.<sup>(a)</sup> |
| 640000 | 5.875 | 09/10/34 | 781917 |
| Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. |
| 940000 | 6.500 | 06/15/34 | 938515 |
| (3 mo. USD Term SOFR + 2.264%) | (3 mo. USD Term SOFR + 2.264%) | (3 mo. USD Term SOFR + 2.264%) | (3 mo. USD Term SOFR + 2.264%) |
| 1000000 | 6.590 <sup>(a)(f)</sup> | 11/15/66 | 888630 |
| Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> | Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC<sup>(a)(b)</sup> |
| 1250000 | 7.250 | 02/15/31 | 1294462 |
| Ryan Specialty LLC<sup>(a)(b)</sup> | Ryan Specialty LLC<sup>(a)(b)</sup> | Ryan Specialty LLC<sup>(a)(b)</sup> | Ryan Specialty LLC<sup>(a)(b)</sup> |
| 320000 | 5.875 | 08/01/32 | 320906 |
| SBL Holdings, Inc.<sup>(a)(b)</sup> | SBL Holdings, Inc.<sup>(a)(b)</sup> | SBL Holdings, Inc.<sup>(a)(b)</sup> | SBL Holdings, Inc.<sup>(a)(b)</sup> |
| 550000 | 5.125 | 11/13/26 | 545952 |
| 630000 | 7.200 | 10/30/34 | 613217 |
|  |  |  | 15142157 |
| **Internet – 0.5%** | **Internet – 0.5%** | **Internet – 0.5%** | **Internet – 0.5%** |
| ANGI Group LLC<sup>(a)(b)</sup> | ANGI Group LLC<sup>(a)(b)</sup> | ANGI Group LLC<sup>(a)(b)</sup> | ANGI Group LLC<sup>(a)(b)</sup> |
| 667000 | 3.875 | 08/15/28 | 621237 |
| Cablevision Lightpath LLC<sup>(a)(b)</sup> | Cablevision Lightpath LLC<sup>(a)(b)</sup> | Cablevision Lightpath LLC<sup>(a)(b)</sup> | Cablevision Lightpath LLC<sup>(a)(b)</sup> |
| 550000 | 5.625 | 09/15/28 | 547751 |
| Cerved Group SpA<sup>(a)</sup> | Cerved Group SpA<sup>(a)</sup> | Cerved Group SpA<sup>(a)</sup> | Cerved Group SpA<sup>(a)</sup> |
| 300000 | 6.000 | 02/15/29 | 322332 |
| Gen Digital, Inc.<sup>(a)(b)</sup> | Gen Digital, Inc.<sup>(a)(b)</sup> | Gen Digital, Inc.<sup>(a)(b)</sup> | Gen Digital, Inc.<sup>(a)(b)</sup> |
| 1137000 | 6.250 | 04/01/33 | 1159353 |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> | Go Daddy Operating Co. LLC/GD Finance Co., Inc.<sup>(a)(b)</sup> |
| 655000 | 3.500 | 03/01/29 | 615038 |
| GrubHub Holdings, Inc.<sup>(a)(b)</sup> | GrubHub Holdings, Inc.<sup>(a)(b)</sup> | GrubHub Holdings, Inc.<sup>(a)(b)</sup> | GrubHub Holdings, Inc.<sup>(a)(b)</sup> |
| 735000 | 5.500 | 07/01/27 | 719198 |
| Rakuten Group, Inc.<sup>(b)</sup> | Rakuten Group, Inc.<sup>(b)</sup> | Rakuten Group, Inc.<sup>(b)</sup> | Rakuten Group, Inc.<sup>(b)</sup> |
| 937000 | 9.750 | 04/15/29 | 1030260 |
| Snap, Inc. <sup>(a)(b)</sup> | Snap, Inc. <sup>(a)(b)</sup> | Snap, Inc. <sup>(a)(b)</sup> | Snap, Inc. <sup>(a)(b)</sup> |
| 900000 | 6.875 | 03/01/33 | 922347 |
| United Group BV<sup>(a)</sup> | United Group BV<sup>(a)</sup> | United Group BV<sup>(a)</sup> | United Group BV<sup>(a)</sup> |
| 500000 | 3.625 <sup>(b)</sup> | 02/15/28 | 561133 |
| 757000 | 5.250 <sup>(b)</sup> | 02/01/30 | 858454 |
| (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) | (3 mo. EUR EURIBOR + 4.250%) |
| 610000 | 6.393 <sup>(f)</sup> | 02/15/31 | 697002 |
|  |  |  | 8054105 |
| **Investment Companies – 0.3%** | **Investment Companies – 0.3%** | **Investment Companies – 0.3%** | **Investment Companies – 0.3%** |
| Abu Dhabi Developmental Holding Co. PJSC<sup>(a)(b)</sup> | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)(b)</sup> | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)(b)</sup> | Abu Dhabi Developmental Holding Co. PJSC<sup>(a)(b)</sup> |
| 1169000 | 4.500 | 05/06/30 | 1163401 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp.<sup>(a)</sup> | Icahn Enterprises LP/Icahn Enterprises Finance Corp.<sup>(a)</sup> | Icahn Enterprises LP/Icahn Enterprises Finance Corp.<sup>(a)</sup> | Icahn Enterprises LP/Icahn Enterprises Finance Corp.<sup>(a)</sup> |
| 675000 | 5.250 | 05/15/27 | 657666 |
| 700000 | 9.000 | 06/15/30 | 679581 |
| Khazanah Capital Ltd. | Khazanah Capital Ltd. | Khazanah Capital Ltd. | Khazanah Capital Ltd. |
| 942000 | 4.876 | 06/01/33 | 947303 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
|  **Investment Companies – (continued)** | **Investment Companies – (continued)** | **Investment Companies – (continued)** | **Investment Companies – (continued)** | **Investment Companies – (continued)** |
|  Khazanah Global Sukuk Bhd. | Khazanah Global Sukuk Bhd. | Khazanah Global Sukuk Bhd. | Khazanah Global Sukuk Bhd. | Khazanah Global Sukuk Bhd. |
|  $ | 926000 | 4.687% | 06/01/28 | $930510 |
|  |  |  |  | 4378461 |
|  **Iron/Steel – 0.4%** | **Iron/Steel – 0.4%** | **Iron/Steel – 0.4%** | **Iron/Steel – 0.4%** | **Iron/Steel – 0.4%** |
|  Baffinland Iron Mines Corp./Baffinland Iron Mines LP<sup>(a)(b)</sup> | Baffinland Iron Mines Corp./Baffinland Iron Mines LP<sup>(a)(b)</sup> | Baffinland Iron Mines Corp./Baffinland Iron Mines LP<sup>(a)(b)</sup> | Baffinland Iron Mines Corp./Baffinland Iron Mines LP<sup>(a)(b)</sup> | Baffinland Iron Mines Corp./Baffinland Iron Mines LP<sup>(a)(b)</sup> |
|  | 860000 | 8.750 | 07/15/26 | 811848 |
|  Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> | Cleveland-Cliffs, Inc.<sup>(a)(b)</sup> |
|  | 750000 | 7.000 | 03/15/32 | 731490 |
|  CSN Resources SA<sup>(a)</sup> | CSN Resources SA<sup>(a)</sup> | CSN Resources SA<sup>(a)</sup> | CSN Resources SA<sup>(a)</sup> | CSN Resources SA<sup>(a)</sup> |
|  | 535000 | 8.875 | 12/05/30 | 530613 |
|  Mineral Resources Ltd.<sup>(a)(b)</sup> | Mineral Resources Ltd.<sup>(a)(b)</sup> | Mineral Resources Ltd.<sup>(a)(b)</sup> | Mineral Resources Ltd.<sup>(a)(b)</sup> | Mineral Resources Ltd.<sup>(a)(b)</sup> |
|  | 365000 | 8.125 | 05/01/27 | 366077 |
|  | 500000 | 8.000 | 11/01/27 | 506195 |
|  | 492000 | 9.250 | 10/01/28 | 511178 |
|  | 511000 | 8.500 | 05/01/30 | 519539 |
|  Samarco Mineracao SA<sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA<sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA<sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA<sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) | Samarco Mineracao SA<sup>(a)(g)</sup> (PIK 9.049%, Cash 9.000%) |
|  | 1753008 | 9.500 | 06/30/31 | 1733287 |
|  Tacora Resources, Inc.<sup>(h)</sup> | Tacora Resources, Inc.<sup>(h)</sup> | Tacora Resources, Inc.<sup>(h)</sup> | Tacora Resources, Inc.<sup>(h)</sup> | Tacora Resources, Inc.<sup>(h)</sup> |
|  | 27984 | 13.000 | 09/18/31 | 27984 |
|  |  |  |  | 5738211 |
|  **Leisure Time<sup>(a)(b)</sup> – 0.2%** | **Leisure Time<sup>(a)(b)</sup> – 0.2%** | **Leisure Time<sup>(a)(b)</sup> – 0.2%** | **Leisure Time<sup>(a)(b)</sup> – 0.2%** | **Leisure Time<sup>(a)(b)</sup> – 0.2%** |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  | 350000 | 4.000 | 08/01/28 | 339980 |
|  | 400000 | 6.000 | 05/01/29 | 403500 |
|  Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC | Deuce Finco PLC |
|  GBP | 250000 | 5.500 | 06/15/27 | 328990 |
|  (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) | (3 mo. EUR EURIBOR + 4.750%) |
|  EUR | 200000 | 6.725 <sup>(f)</sup> | 06/15/27 | 229781 |
|  NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
|  $ | 200000 | 8.125 | 01/15/29 | 210252 |
|  Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC | Pinnacle Bidco PLC |
|  GBP | 350000 | 10.000 | 10/11/28 | 488006 |
|  Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
|  $ | 1050000 | 10.750 | 11/15/29 | 1081426 |
|  Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. | Viking Ocean Cruises Ship VII Ltd. |
|  | 370000 | 5.625 | 02/15/29 | 368416 |
|  |  |  |  | 3450351 |
|  **Lodging<sup>(a)</sup> – 0.6%** | **Lodging<sup>(a)</sup> – 0.6%** | **Lodging<sup>(a)</sup> – 0.6%** | **Lodging<sup>(a)</sup> – 0.6%** | **Lodging<sup>(a)</sup> – 0.6%** |
|  Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> | Genting New York LLC/GENNY Capital, Inc.<sup>(b)</sup> |
|  | 1200000 | 7.250 | 10/01/29 | 1236552 |
|  Hilton Domestic Operating Co., Inc.<sup>(b)</sup> | Hilton Domestic Operating Co., Inc.<sup>(b)</sup> | Hilton Domestic Operating Co., Inc.<sup>(b)</sup> | Hilton Domestic Operating Co., Inc.<sup>(b)</sup> | Hilton Domestic Operating Co., Inc.<sup>(b)</sup> |
|  | 1215000 | 4.000 | 05/01/31 | 1133388 |
|  Melco Resorts Finance Ltd.<sup>(b)</sup> | Melco Resorts Finance Ltd.<sup>(b)</sup> | Melco Resorts Finance Ltd.<sup>(b)</sup> | Melco Resorts Finance Ltd.<sup>(b)</sup> | Melco Resorts Finance Ltd.<sup>(b)</sup> |
|  | 1450000 | 5.375 | 12/04/29 | 1381125 |
|  | 967000 | 7.625 | 04/17/32 | 992384 |
|  MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
|  | 369000 | 6.500 | 04/15/32 | 375026 |
|  Station Casinos LLC<sup>(b)</sup> | Station Casinos LLC<sup>(b)</sup> | Station Casinos LLC<sup>(b)</sup> | Station Casinos LLC<sup>(b)</sup> | Station Casinos LLC<sup>(b)</sup> |
|  | 403000 | 4.625 | 12/01/31 | 377152 |
|  Studio City Co. Ltd. | Studio City Co. Ltd. | Studio City Co. Ltd. | Studio City Co. Ltd. | Studio City Co. Ltd. |
|  | 1240000 | 7.000 | 02/15/27 | 1247750 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Lodging<sup>(a)</sup> – (continued)** | **Lodging<sup>(a)</sup> – (continued)** | **Lodging<sup>(a)</sup> – (continued)** | **Lodging<sup>(a)</sup> – (continued)** |
| Studio City Finance Ltd.<sup>(b)</sup> | Studio City Finance Ltd.<sup>(b)</sup> | Studio City Finance Ltd.<sup>(b)</sup> | Studio City Finance Ltd.<sup>(b)</sup> |
| 1550000 | 5.000% | 01/15/29 | $1451187 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup> | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup> | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup> | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.<sup>(b)</sup> |
| 1030000 | 5.250 | 05/15/27 | 1028671 |
| Wynn Macau Ltd.<sup>(b)</sup> | Wynn Macau Ltd.<sup>(b)</sup> | Wynn Macau Ltd.<sup>(b)</sup> | Wynn Macau Ltd.<sup>(b)</sup> |
| 1090000 | 5.125 | 12/15/29 | 1047632 |
|  |  |  | 10270867 |
| **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** | **Machinery - Construction & Mining<sup>(a)(b)</sup> – 0.1%** |
| BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 1334000 | 4.125 | 06/30/28 | 1291112 |
| **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** | **Machinery-Diversified<sup>(a)(b)</sup> – 0.2%** |
| Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
| 250000 | 7.500 | 01/01/30 | 261898 |
| 565000 | 9.500 | 01/01/31 | 604465 |
| Mangrove Luxco III SARL<sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL<sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL<sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) | Mangrove Luxco III SARL<sup>(f)</sup> (3 mo. EUR EURIBOR + 5.000%) |
| 1368000 | 7.026 | 07/15/29 | 1563112 |
|  |  |  | 2429475 |
| **Media<sup>(a)</sup> – 2.2%** | **Media<sup>(a)</sup> – 2.2%** | **Media<sup>(a)</sup> – 2.2%** | **Media<sup>(a)</sup> – 2.2%** |
| Altice Financing SA | Altice Financing SA | Altice Financing SA | Altice Financing SA |
| 625000 | 9.625 <sup>(b)</sup> | 07/15/27 | 573744 |
| 589000 | 3.000 | 01/15/28 | 523174 |
| 2380000 | 5.000 <sup>(b)</sup> | 01/15/28 | 1908260 |
| 767000 | 5.750 <sup>(b)</sup> | 08/15/29 | 587177 |
| AMC Networks, Inc.<sup>(b)</sup> | AMC Networks, Inc.<sup>(b)</sup> | AMC Networks, Inc.<sup>(b)</sup> | AMC Networks, Inc.<sup>(b)</sup> |
| 611000 | 10.250 | 01/15/29 | 627864 |
| Beasley Mezzanine Holdings LLC<sup>(b)</sup> | Beasley Mezzanine Holdings LLC<sup>(b)</sup> | Beasley Mezzanine Holdings LLC<sup>(b)</sup> | Beasley Mezzanine Holdings LLC<sup>(b)</sup> |
| 1112000 | 9.200 | 08/01/28 | 428253 |
| CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> | CCO Holdings LLC/CCO Holdings Capital Corp.<sup>(b)</sup> |
| 560000 | 5.125 | 05/01/27 | 555397 |
| 410000 | 5.000 | 02/01/28 | 402489 |
| 1025000 | 5.375 | 06/01/29 | 1007237 |
| 1218000 | 6.375 | 09/01/29 | 1228877 |
| 2590000 | 4.500 | 08/15/30 | 2423955 |
| 650000 | 4.250 | 02/01/31 | 593151 |
| 820000 | 4.250 | 01/15/34 | 707430 |
| CSC Holdings LLC<sup>(b)</sup> | CSC Holdings LLC<sup>(b)</sup> | CSC Holdings LLC<sup>(b)</sup> | CSC Holdings LLC<sup>(b)</sup> |
| 721000 | 5.500 | 04/15/27 | 698094 |
| 425000 | 7.500 | 04/01/28 | 343855 |
| 1080000 | 11.750 | 01/31/29 | 1010113 |
| 1701000 | 6.500 | 02/01/29 | 1344658 |
| 2293000 | 5.750 | 01/15/30 | 1128752 |
| 94000 | 4.125 | 12/01/30 | 63152 |
| Directv Financing LLC<sup>(b)</sup> | Directv Financing LLC<sup>(b)</sup> | Directv Financing LLC<sup>(b)</sup> | Directv Financing LLC<sup>(b)</sup> |
| 648000 | 8.875 | 02/01/30 | 631146 |
| Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
| 1361000 | 5.000 | 09/20/37 | 986004 |
| DISH DBS Corp.<sup>(b)</sup> | DISH DBS Corp.<sup>(b)</sup> | DISH DBS Corp.<sup>(b)</sup> | DISH DBS Corp.<sup>(b)</sup> |
| 2843000 | 5.250 | 12/01/26 | 2674040 |
| 1190000 | 5.750 | 12/01/28 | 1062075 |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| 350000 | 5.476 | 01/25/39 | 339874 |
| 350000 | 5.576 | 01/25/49 | 327383 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
|  **Media<sup>(a)</sup> – (continued)** | **Media<sup>(a)</sup> – (continued)** | **Media<sup>(a)</sup> – (continued)** | **Media<sup>(a)</sup> – (continued)** | **Media<sup>(a)</sup> – (continued)** |
|  Gray Media, Inc.<sup>(b)</sup> | Gray Media, Inc.<sup>(b)</sup> | Gray Media, Inc.<sup>(b)</sup> | Gray Media, Inc.<sup>(b)</sup> | Gray Media, Inc.<sup>(b)</sup> |
|  $ | 1171000 | 10.500% | 07/15/29 | $1267268 |
|  | 1162000 | 4.750 | 10/15/30 | 867410 |
|  | 665000 | 5.375 | 11/15/31 | 491003 |
|  McGraw-Hill Education, Inc.<sup>(b)</sup> | McGraw-Hill Education, Inc.<sup>(b)</sup> | McGraw-Hill Education, Inc.<sup>(b)</sup> | McGraw-Hill Education, Inc.<sup>(b)</sup> | McGraw-Hill Education, Inc.<sup>(b)</sup> |
|  | 450000 | 5.750 | 08/01/28 | 448587 |
|  Nexstar Media, Inc.<sup>(b)</sup> | Nexstar Media, Inc.<sup>(b)</sup> | Nexstar Media, Inc.<sup>(b)</sup> | Nexstar Media, Inc.<sup>(b)</sup> | Nexstar Media, Inc.<sup>(b)</sup> |
|  | 246000 | 4.750 | 11/01/28 | 239046 |
|  Paramount Global<sup>(f)</sup> (5 yr. CMT + 3.999%) | Paramount Global<sup>(f)</sup> (5 yr. CMT + 3.999%) | Paramount Global<sup>(f)</sup> (5 yr. CMT + 3.999%) | Paramount Global<sup>(f)</sup> (5 yr. CMT + 3.999%) | Paramount Global<sup>(f)</sup> (5 yr. CMT + 3.999%) |
|  | 1347000 | 6.375 | 03/30/62 | 1327805 |
|  Scripps Escrow II, Inc.<sup>(b)</sup> | Scripps Escrow II, Inc.<sup>(b)</sup> | Scripps Escrow II, Inc.<sup>(b)</sup> | Scripps Escrow II, Inc.<sup>(b)</sup> | Scripps Escrow II, Inc.<sup>(b)</sup> |
|  | 1074000 | 3.875 | 01/15/29 | 953615 |
|  Sinclair Television Group, Inc.<sup>(b)</sup> | Sinclair Television Group, Inc.<sup>(b)</sup> | Sinclair Television Group, Inc.<sup>(b)</sup> | Sinclair Television Group, Inc.<sup>(b)</sup> | Sinclair Television Group, Inc.<sup>(b)</sup> |
|  | 805000 | 5.500 | 03/01/30 | 664833 |
|  | 499000 | 8.125 | 02/15/33 | 510327 |
|  Sirius XM Radio LLC<sup>(b)</sup> | Sirius XM Radio LLC<sup>(b)</sup> | Sirius XM Radio LLC<sup>(b)</sup> | Sirius XM Radio LLC<sup>(b)</sup> | Sirius XM Radio LLC<sup>(b)</sup> |
|  | 892000 | 3.125 | 09/01/26 | 872207 |
|  | 450000 | 4.125 | 07/01/30 | 410341 |
|  Spanish Broadcasting System, Inc.<sup>(b)</sup> | Spanish Broadcasting System, Inc.<sup>(b)</sup> | Spanish Broadcasting System, Inc.<sup>(b)</sup> | Spanish Broadcasting System, Inc.<sup>(b)</sup> | Spanish Broadcasting System, Inc.<sup>(b)</sup> |
|  | 1225000 | 9.750 | 03/01/26 | 814527 |
|  Telenet Finance Luxembourg Notes SARL<sup>(b)</sup> | Telenet Finance Luxembourg Notes SARL<sup>(b)</sup> | Telenet Finance Luxembourg Notes SARL<sup>(b)</sup> | Telenet Finance Luxembourg Notes SARL<sup>(b)</sup> | Telenet Finance Luxembourg Notes SARL<sup>(b)</sup> |
|  | 1000000 | 5.500 | 03/01/28 | 985930 |
|  Urban One, Inc.<sup>(b)</sup> | Urban One, Inc.<sup>(b)</sup> | Urban One, Inc.<sup>(b)</sup> | Urban One, Inc.<sup>(b)</sup> | Urban One, Inc.<sup>(b)</sup> |
|  | 1215000 | 7.375 | 02/01/28 | 716850 |
|  Virgin Media Secured Finance PLC<sup>(b)</sup> | Virgin Media Secured Finance PLC<sup>(b)</sup> | Virgin Media Secured Finance PLC<sup>(b)</sup> | Virgin Media Secured Finance PLC<sup>(b)</sup> | Virgin Media Secured Finance PLC<sup>(b)</sup> |
|  | 222000 | 4.500 | 08/15/30 | 206180 |
|  Virgin Media Vendor Financing Notes III DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes III DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes III DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes III DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes III DAC<sup>(b)</sup> |
|  GBP | 635000 | 4.875 | 07/15/28 | 811710 |
|  Virgin Media Vendor Financing Notes IV DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes IV DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes IV DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes IV DAC<sup>(b)</sup> | Virgin Media Vendor Financing Notes IV DAC<sup>(b)</sup> |
|  $ | 600000 | 5.000 | 07/15/28 | 580824 |
|  Ziggo BV<sup>(b)</sup> | Ziggo BV<sup>(b)</sup> | Ziggo BV<sup>(b)</sup> | Ziggo BV<sup>(b)</sup> | Ziggo BV<sup>(b)</sup> |
|  EUR | 600000 | 2.875 | 01/15/30 | 645451 |
|  |  |  |  | 34990068 |
|  **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1%** | **Metal Fabricate & Hardware<sup>(a)(b)</sup> – 0.1%** |
|  Vallourec SACA | Vallourec SACA | Vallourec SACA | Vallourec SACA | Vallourec SACA |
|  $ | 995000 | 7.500 | 04/15/32 | 1052929 |
|  **Mining<sup>(a)</sup> – 1.0%** | **Mining<sup>(a)</sup> – 1.0%** | **Mining<sup>(a)</sup> – 1.0%** | **Mining<sup>(a)</sup> – 1.0%** | **Mining<sup>(a)</sup> – 1.0%** |
|  Aris Mining Corp.<sup>(b)</sup> | Aris Mining Corp.<sup>(b)</sup> | Aris Mining Corp.<sup>(b)</sup> | Aris Mining Corp.<sup>(b)</sup> | Aris Mining Corp.<sup>(b)</sup> |
|  | 875000 | 8.000 | 10/31/29 | 899063 |
|  Constellium SE<sup>(b)</sup> | Constellium SE<sup>(b)</sup> | Constellium SE<sup>(b)</sup> | Constellium SE<sup>(b)</sup> | Constellium SE<sup>(b)</sup> |
|  | 700000 | 3.750 | 04/15/29 | 657097 |
|  Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile | Corp. Nacional del Cobre de Chile |
|  | 801000 | 6.780 <sup>(b)</sup> | 01/13/55 | 819615 |
|  | 1670000 | 6.780 | 01/13/55 | 1708811 |
|  Eldorado Gold Corp.<sup>(b)</sup> | Eldorado Gold Corp.<sup>(b)</sup> | Eldorado Gold Corp.<sup>(b)</sup> | Eldorado Gold Corp.<sup>(b)</sup> | Eldorado Gold Corp.<sup>(b)</sup> |
|  | 1450000 | 6.250 | 09/01/29 | 1445084 |
|  Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> | Endeavour Mining PLC<sup>(b)</sup> |
|  | 411000 | 7.000 | 05/28/30 | 417938 |
|  First Quantum Minerals Ltd.<sup>(b)</sup> | First Quantum Minerals Ltd.<sup>(b)</sup> | First Quantum Minerals Ltd.<sup>(b)</sup> | First Quantum Minerals Ltd.<sup>(b)</sup> | First Quantum Minerals Ltd.<sup>(b)</sup> |
|  | 1450000 | 9.375 | 03/01/29 | 1531562 |
|  | 1150000 | 8.625 | 06/01/31 | 1193125 |
|  Fortescue Treasury Pty. Ltd.<sup>(b)</sup> | Fortescue Treasury Pty. Ltd.<sup>(b)</sup> | Fortescue Treasury Pty. Ltd.<sup>(b)</sup> | Fortescue Treasury Pty. Ltd.<sup>(b)</sup> | Fortescue Treasury Pty. Ltd.<sup>(b)</sup> |
|  | 179000 | 4.500 | 09/15/27 | 175733 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Mining<sup>(a)</sup> – (continued)** | **Mining<sup>(a)</sup> – (continued)** | **Mining<sup>(a)</sup> – (continued)** | **Mining<sup>(a)</sup> – (continued)** |
| Fortescue Treasury Pty. Ltd.<sup>(b)</sup> – (continued) | Fortescue Treasury Pty. Ltd.<sup>(b)</sup> – (continued) | Fortescue Treasury Pty. Ltd.<sup>(b)</sup> – (continued) | Fortescue Treasury Pty. Ltd.<sup>(b)</sup> – (continued) |
| 737000 | 4.375% | 04/01/31 | $691151 |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 795000 | 5.400 | 11/14/34 | 803133 |
| Mountain Province Diamonds, Inc.<sup>(b)(h)</sup> | Mountain Province Diamonds, Inc.<sup>(b)(h)</sup> | Mountain Province Diamonds, Inc.<sup>(b)(h)</sup> | Mountain Province Diamonds, Inc.<sup>(b)(h)</sup> |
| 2861000 | 9.000 | 12/15/27 | 2586344 |
| Northwest Acquisitions ULC/Dominion Finco, Inc.<sup>(b)(e)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc.<sup>(b)(e)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc.<sup>(b)(e)</sup> | Northwest Acquisitions ULC/Dominion Finco, Inc.<sup>(b)(e)</sup> |
| 1260000 | 7.125 | 11/01/22 | 13 |
| Novelis Corp. <sup>(b)</sup> | Novelis Corp. <sup>(b)</sup> | Novelis Corp. <sup>(b)</sup> | Novelis Corp. <sup>(b)</sup> |
| 1000000 | 3.250 | 11/15/26 | 983840 |
| 400000 | 4.750 | 01/30/30 | 383228 |
| Vedanta Resources Finance II PLC<sup>(b)</sup> | Vedanta Resources Finance II PLC<sup>(b)</sup> | Vedanta Resources Finance II PLC<sup>(b)</sup> | Vedanta Resources Finance II PLC<sup>(b)</sup> |
| 569000 | 11.250 | 12/03/31 | 592471 |
| 747000 | 9.850 | 04/24/33 | 750735 |
| WE Soda Investments Holding PLC | WE Soda Investments Holding PLC | WE Soda Investments Holding PLC | WE Soda Investments Holding PLC |
| 880000 | 9.375 | 02/14/31 | 921668 |
|  |  |  | 16560611 |
| **Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1%** | **Miscellaneous Manufacturing<sup>(a)(b)</sup> – 0.1%** |
| Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
| 357000 | 4.625 | 05/15/30 | 341860 |
| 401000 | 6.375 | 03/15/33 | 407011 |
| LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. | LSB Industries, Inc. |
| 360000 | 6.250 | 10/15/28 | 354092 |
|  |  |  | 1102963 |
| **Oil Field Services – 2.9%** | **Oil Field Services – 2.9%** | **Oil Field Services – 2.9%** | **Oil Field Services – 2.9%** |
| Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> | Archrock Partners LP/Archrock Partners Finance Corp.<sup>(a)(b)</sup> |
| 444000 | 6.250 | 04/01/28 | 445447 |
| 457000 | 6.625 | 09/01/32 | 463869 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(a)(b)</sup> | Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(a)(b)</sup> | Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(a)(b)</sup> | Ascent Resources Utica Holdings LLC/ARU Finance Corp.<sup>(a)(b)</sup> |
| 178000 | 6.625 | 10/15/32 | 181108 |
| 660000 | 6.625 | 07/15/33 | 669636 |
| Baytex Energy Corp.<sup>(a)(b)</sup> | Baytex Energy Corp.<sup>(a)(b)</sup> | Baytex Energy Corp.<sup>(a)(b)</sup> | Baytex Energy Corp.<sup>(a)(b)</sup> |
| 500000 | 7.375 | 03/15/32 | 483290 |
| Chesapeake Energy Corp.<sup>(j)</sup> | Chesapeake Energy Corp.<sup>(j)</sup> | Chesapeake Energy Corp.<sup>(j)</sup> | Chesapeake Energy Corp.<sup>(j)</sup> |
| 195000 | 7.000 | 10/01/24 | 624 |
| 935000 | 7.500 | 10/01/26 | 2992 |
| CITGO Petroleum Corp.<sup>(a)(b)</sup> | CITGO Petroleum Corp.<sup>(a)(b)</sup> | CITGO Petroleum Corp.<sup>(a)(b)</sup> | CITGO Petroleum Corp.<sup>(a)(b)</sup> |
| 1559000 | 8.375 | 01/15/29 | 1620175 |
| Civitas Resources, Inc.<sup>(a)(b)</sup> | Civitas Resources, Inc.<sup>(a)(b)</sup> | Civitas Resources, Inc.<sup>(a)(b)</sup> | Civitas Resources, Inc.<sup>(a)(b)</sup> |
| 460000 | 8.625 | 11/01/30 | 469637 |
| CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> | CNX Resources Corp.<sup>(a)(b)</sup> |
| 1175000 | 6.000 | 01/15/29 | 1174060 |
| Comstock Resources, Inc.<sup>(a)(b)</sup> | Comstock Resources, Inc.<sup>(a)(b)</sup> | Comstock Resources, Inc.<sup>(a)(b)</sup> | Comstock Resources, Inc.<sup>(a)(b)</sup> |
| 1329000 | 6.750 | 03/01/29 | 1308480 |
| EDO Sukuk Ltd. | EDO Sukuk Ltd. | EDO Sukuk Ltd. | EDO Sukuk Ltd. |
| 923000 | 5.662 <sup>(b)</sup> | 07/03/31 | 946998 |
| 968000 | 5.662 | 07/03/31 | 993168 |
| Greenfire Resources Ltd.<sup>(a)(b)</sup> | Greenfire Resources Ltd.<sup>(a)(b)</sup> | Greenfire Resources Ltd.<sup>(a)(b)</sup> | Greenfire Resources Ltd.<sup>(a)(b)</sup> |
| 2199000 | 12.000 | 10/01/28 | 2314404 |
| Kosmos Energy Ltd.<sup>(a)(b)</sup> | Kosmos Energy Ltd.<sup>(a)(b)</sup> | Kosmos Energy Ltd.<sup>(a)(b)</sup> | Kosmos Energy Ltd.<sup>(a)(b)</sup> |
| 1565000 | 7.750 | 05/01/27 | 1475012 |
| Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> | Kraken Oil & Gas Partners LLC<sup>(a)(b)</sup> |
| 522000 | 7.625 | 08/15/29 | 511393 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| Long Ridge Energy LLC<sup>(a)(b)</sup> | Long Ridge Energy LLC<sup>(a)(b)</sup> | Long Ridge Energy LLC<sup>(a)(b)</sup> | Long Ridge Energy LLC<sup>(a)(b)</sup> |
| 1725000 | 8.750% | 02/15/32 | $1789912 |
| Moss Creek Resources Holdings, Inc.<sup>(a)(b)</sup> | Moss Creek Resources Holdings, Inc.<sup>(a)(b)</sup> | Moss Creek Resources Holdings, Inc.<sup>(a)(b)</sup> | Moss Creek Resources Holdings, Inc.<sup>(a)(b)</sup> |
| 1022000 | 8.250 | 09/01/31 | 997584 |
| Nabors Industries, Inc.<sup>(a)(b)</sup> | Nabors Industries, Inc.<sup>(a)(b)</sup> | Nabors Industries, Inc.<sup>(a)(b)</sup> | Nabors Industries, Inc.<sup>(a)(b)</sup> |
| 593000 | 9.125 | 01/31/30 | 587432 |
| 586000 | 8.875 | 08/15/31 | 470118 |
| Northern Oil & Gas, Inc.<sup>(a)(b)</sup> | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> | Northern Oil & Gas, Inc.<sup>(a)(b)</sup> |
| 273000 | 8.125 | 03/01/28 | 275779 |
| Permian Resources Operating LLC<sup>(a)(b)</sup> | Permian Resources Operating LLC<sup>(a)(b)</sup> | Permian Resources Operating LLC<sup>(a)(b)</sup> | Permian Resources Operating LLC<sup>(a)(b)</sup> |
| 500000 | 8.000 | 04/15/27 | 511060 |
| 323000 | 9.875 | 07/15/31 | 352070 |
| Petroleos de Venezuela SA<sup>(e)</sup> | Petroleos de Venezuela SA<sup>(e)</sup> | Petroleos de Venezuela SA<sup>(e)</sup> | Petroleos de Venezuela SA<sup>(e)</sup> |
| 2236900 | 5.375 | 04/12/27 | 309811 |
| 1031200 | 5.500 | 04/12/37 | 139212 |
| Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA | Petroleos del Peru SA |
| 2126000 | 5.625 | 06/19/47 | 1421231 |
| Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos | Petroleos Mexicanos |
| 800000 | 6.875 | 08/04/26 | 802720 |
| 3581000 | 6.375 | 01/23/45 | 2690226 |
| 5386000 | 6.750 | 09/21/47 | 4155299 |
| Petronas Capital Ltd.<sup>(a)</sup> | Petronas Capital Ltd.<sup>(a)</sup> | Petronas Capital Ltd.<sup>(a)</sup> | Petronas Capital Ltd.<sup>(a)</sup> |
| 1570000 | 5.848 <sup>(b)</sup> | 04/03/55 | 1581006 |
| 200000 | 5.848 | 04/03/55 | 201402 |
| 2417000 | 3.404 | 04/28/61 | 1583570 |
| Raizen Fuels Finance SA<sup>(a)(b)</sup> | Raizen Fuels Finance SA<sup>(a)(b)</sup> | Raizen Fuels Finance SA<sup>(a)(b)</sup> | Raizen Fuels Finance SA<sup>(a)(b)</sup> |
| 293000 | 6.250 | 07/08/32 | 288898 |
| Saudi Arabian Oil Co.<sup>(a)(b)</sup> | Saudi Arabian Oil Co.<sup>(a)(b)</sup> | Saudi Arabian Oil Co.<sup>(a)(b)</sup> | Saudi Arabian Oil Co.<sup>(a)(b)</sup> |
| 534000 | 5.875 | 07/17/64 | 496753 |
| SM Energy Co.<sup>(a)(b)</sup> | SM Energy Co.<sup>(a)(b)</sup> | SM Energy Co.<sup>(a)(b)</sup> | SM Energy Co.<sup>(a)(b)</sup> |
| 149000 | 6.750 | 08/01/29 | 149116 |
| Sunoco LP<sup>(a)(b)</sup> | Sunoco LP<sup>(a)(b)</sup> | Sunoco LP<sup>(a)(b)</sup> | Sunoco LP<sup>(a)(b)</sup> |
| 345000 | 7.250 | 05/01/32 | 361719 |
| 333000 | 6.250 | 07/01/33 | 337163 |
| TGNR Intermediate Holdings LLC<sup>(a)(b)</sup> | TGNR Intermediate Holdings LLC<sup>(a)(b)</sup> | TGNR Intermediate Holdings LLC<sup>(a)(b)</sup> | TGNR Intermediate Holdings LLC<sup>(a)(b)</sup> |
| 1217000 | 5.500 | 10/15/29 | 1186027 |
| Transocean Poseidon Ltd.<sup>(a)(b)</sup> | Transocean Poseidon Ltd.<sup>(a)(b)</sup> | Transocean Poseidon Ltd.<sup>(a)(b)</sup> | Transocean Poseidon Ltd.<sup>(a)(b)</sup> |
| 315000 | 6.875 | 02/01/27 | 315032 |
| Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
| 704000 | 8.250 <sup>(a)(b)</sup> | 05/15/29 | 665224 |
| 600000 | 8.750 <sup>(a)(b)</sup> | 02/15/30 | 621852 |
| 2074000 | 8.500 <sup>(a)(b)</sup> | 05/15/31 | 1908578 |
| 1536000 | 6.800 | 03/15/38 | 1152046 |
| Valaris Ltd.<sup>(a)(b)</sup> | Valaris Ltd.<sup>(a)(b)</sup> | Valaris Ltd.<sup>(a)(b)</sup> | Valaris Ltd.<sup>(a)(b)</sup> |
| 2090000 | 8.375 | 04/30/30 | 2157089 |
| Var Energi ASA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) | Var Energi ASA<sup>(a)(f)</sup> (5 yr. EURIBOR ICE Swap + 4.765%) |
| 1160000 | 7.862 | 11/15/83 | 1459917 |
| Vista Energy Argentina SAU<sup>(a)(b)</sup> | Vista Energy Argentina SAU<sup>(a)(b)</sup> | Vista Energy Argentina SAU<sup>(a)(b)</sup> | Vista Energy Argentina SAU<sup>(a)(b)</sup> |
| 522000 | 7.625 | 12/10/35 | 510229 |
| Vital Energy, Inc.<sup>(a)(b)</sup> | Vital Energy, Inc.<sup>(a)(b)</sup> | Vital Energy, Inc.<sup>(a)(b)</sup> | Vital Energy, Inc.<sup>(a)(b)</sup> |
| 1363000 | 7.875 | 04/15/32 | 1196973 |
| Wintershall Dea Finance 2 BV<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) | Wintershall Dea Finance 2 BV<sup>(a)(f)</sup> (-1X 5 yr. EUR Swap + 3.319%) |
| 1100000 | 3.000 | 07/20/28 | 1201968 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** | **Oil Field Services – (continued)** |
| YPF SA<sup>(a)(b)</sup> | YPF SA<sup>(a)(b)</sup> | YPF SA<sup>(a)(b)</sup> | YPF SA<sup>(a)(b)</sup> |
| 1355000 | 9.500% | 01/17/31 | $1429945 |
|  |  |  | 46367254 |
| **Packaging<sup>(a)</sup> – 0.7%** | **Packaging<sup>(a)</sup> – 0.7%** | **Packaging<sup>(a)</sup> – 0.7%** | **Packaging<sup>(a)</sup> – 0.7%** |
| ARD Finance SA<sup>(b)(g)</sup> | ARD Finance SA<sup>(b)(g)</sup> | ARD Finance SA<sup>(b)(g)</sup> | ARD Finance SA<sup>(b)(g)</sup> |
| (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) | (PIK 5.750%, Cash 5.000%) |
| 286806 | 5.000 | 06/30/27 | 13590 |
| (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) | (PIK 7.250%, Cash 6.500%) |
| 144964 | 6.500 | 06/30/27 | 10579 |
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC<sup>(b)</sup> |
| 400000 | 2.000 | 09/01/28 | 434076 |
| Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> | Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.<sup>(b)</sup> |
| 953000 | 4.125 | 08/15/26 | 941240 |
| 453000 | 5.250 | 08/15/27 | 224280 |
| 328000 | 5.250 | 08/15/27 | 163203 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 1065000 | 1.500 | 03/15/27 | 1193865 |
| 1074000 | 2.875 | 08/15/30 | 965043 |
| Canpack SA/Canpack U.S. LLC<sup>(b)</sup> | Canpack SA/Canpack U.S. LLC<sup>(b)</sup> | Canpack SA/Canpack U.S. LLC<sup>(b)</sup> | Canpack SA/Canpack U.S. LLC<sup>(b)</sup> |
| 532000 | 2.375 | 11/01/27 | 597623 |
| Fedrigoni SpA<sup>(b)</sup> | Fedrigoni SpA<sup>(b)</sup> | Fedrigoni SpA<sup>(b)</sup> | Fedrigoni SpA<sup>(b)</sup> |
| 250000 | 6.125 | 06/15/31 | 276028 |
| (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) | (3 mo. EUR EURIBOR + 4.000%) |
| 250000 | 5.980 <sup>(f)</sup> | 01/15/30 | 282122 |
| Graphic Packaging International LLC<sup>(b)</sup> | Graphic Packaging International LLC<sup>(b)</sup> | Graphic Packaging International LLC<sup>(b)</sup> | Graphic Packaging International LLC<sup>(b)</sup> |
| 375000 | 3.750 | 02/01/30 | 350381 |
| LABL, Inc.<sup>(b)</sup> | LABL, Inc.<sup>(b)</sup> | LABL, Inc.<sup>(b)</sup> | LABL, Inc.<sup>(b)</sup> |
| 764000 | 8.625 | 10/01/31 | 633868 |
| OI European Group BV<sup>(b)</sup> | OI European Group BV<sup>(b)</sup> | OI European Group BV<sup>(b)</sup> | OI European Group BV<sup>(b)</sup> |
| 185000 | 4.750 | 02/15/30 | 175267 |
| Sealed Air Corp.<sup>(b)</sup> | Sealed Air Corp.<sup>(b)</sup> | Sealed Air Corp.<sup>(b)</sup> | Sealed Air Corp.<sup>(b)</sup> |
| 850000 | 4.000 | 12/01/27 | 825409 |
| Sealed Air Corp./Sealed Air Corp. U.S.<sup>(b)</sup> | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(b)</sup> | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(b)</sup> | Sealed Air Corp./Sealed Air Corp. U.S.<sup>(b)</sup> |
| 324000 | 6.125 | 02/01/28 | 327104 |
| Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC | Toucan FinCo Ltd./Toucan FinCo Can, Inc./Toucan FinCo U.S. LLC |
| 460000 | 8.250 | 05/15/30 | 537881 |
| 848000 | 9.500 <sup>(b)</sup> | 05/15/30 | 867623 |
| Trident TPI Holdings, Inc.<sup>(b)</sup> | Trident TPI Holdings, Inc.<sup>(b)</sup> | Trident TPI Holdings, Inc.<sup>(b)</sup> | Trident TPI Holdings, Inc.<sup>(b)</sup> |
| 1061000 | 12.750 | 12/31/28 | 1134453 |
| Trivium Packaging Finance BV<sup>(b)</sup> | Trivium Packaging Finance BV<sup>(b)</sup> | Trivium Packaging Finance BV<sup>(b)</sup> | Trivium Packaging Finance BV<sup>(b)</sup> |
| 877000 | 8.250 | 07/15/30 | 923981 |
|  |  |  | 10877616 |
| **Pharmaceuticals – 0.5%** | **Pharmaceuticals – 0.5%** | **Pharmaceuticals – 0.5%** | **Pharmaceuticals – 0.5%** |
| 1261229 BC Ltd.<sup>(a)(b)</sup> | 1261229 BC Ltd.<sup>(a)(b)</sup> | 1261229 BC Ltd.<sup>(a)(b)</sup> | 1261229 BC Ltd.<sup>(a)(b)</sup> |
| 1350000 | 10.000 | 04/15/32 | 1374165 |
| Bausch Health Cos., Inc.<sup>(b)</sup> | Bausch Health Cos., Inc.<sup>(b)</sup> | Bausch Health Cos., Inc.<sup>(b)</sup> | Bausch Health Cos., Inc.<sup>(b)</sup> |
| 850000 | 11.000 | 09/30/28 | 873298 |
| Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) | Bayer AG <sup>(a)(f)</sup> (5 yr. EUR Swap + 3.432%) |
| 700000 | 6.625 | 09/25/83 | 856756 |
| Cheplapharm Arzneimittel GmbH<sup>(a)(b)</sup> | Cheplapharm Arzneimittel GmbH<sup>(a)(b)</sup> | Cheplapharm Arzneimittel GmbH<sup>(a)(b)</sup> | Cheplapharm Arzneimittel GmbH<sup>(a)(b)</sup> |
| 500000 | 7.500 | 05/15/30 | 588654 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** | **Pharmaceuticals – (continued)** |
| Dolcetto Holdco SpA<sup>(a)(b)</sup> | Dolcetto Holdco SpA<sup>(a)(b)</sup> | Dolcetto Holdco SpA<sup>(a)(b)</sup> | Dolcetto Holdco SpA<sup>(a)(b)</sup> |
| 333000 | 5.625% | 07/14/32 | $387236 |
| Endo Finance Holdings, Inc.<sup>(a)(b)</sup> | Endo Finance Holdings, Inc.<sup>(a)(b)</sup> | Endo Finance Holdings, Inc.<sup>(a)(b)</sup> | Endo Finance Holdings, Inc.<sup>(a)(b)</sup> |
| 350000 | 8.500 | 04/15/31 | 372428 |
| Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> | Grifols SA <sup>(a)(b)</sup> |
| 590000 | 4.750 | 10/15/28 | 568194 |
| 500000 | 7.125 | 05/01/30 | 602165 |
| Nidda Healthcare Holding GmbH<sup>(a)(b)</sup> | Nidda Healthcare Holding GmbH<sup>(a)(b)</sup> | Nidda Healthcare Holding GmbH<sup>(a)(b)</sup> | Nidda Healthcare Holding GmbH<sup>(a)(b)</sup> |
| 110000 | 5.625 | 02/21/30 | 129461 |
| 182000 | 5.375 | 10/23/30 | 212010 |
| (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) | (3 mo. EUR EURIBOR + 3.750%) |
| 440000 | 5.900 <sup>(f)</sup> | 10/23/30 | 504814 |
| Option Care Health, Inc.<sup>(a)(b)</sup> | Option Care Health, Inc.<sup>(a)(b)</sup> | Option Care Health, Inc.<sup>(a)(b)</sup> | Option Care Health, Inc.<sup>(a)(b)</sup> |
| 700000 | 4.375 | 10/31/29 | 669018 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> | Organon & Co./Organon Foreign Debt Co-Issuer BV<sup>(a)(b)</sup> |
| 685000 | 5.125 | 04/30/31 | 592518 |
| Par Pharmaceutical, Inc.<sup>(b)(e)(h)(j)</sup> | Par Pharmaceutical, Inc.<sup>(b)(e)(h)(j)</sup> | Par Pharmaceutical, Inc.<sup>(b)(e)(h)(j)</sup> | Par Pharmaceutical, Inc.<sup>(b)(e)(h)(j)</sup> |
| 344000 | 7.500 | 04/01/27 |  |
| Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV | Teva Pharmaceutical Finance Netherlands III BV |
| 700000 | 3.150 | 10/01/26 | 685272 |
|  |  |  | 8415989 |
| **Pipelines<sup>(a)</sup> – 1.0%** | **Pipelines<sup>(a)</sup> – 1.0%** | **Pipelines<sup>(a)</sup> – 1.0%** | **Pipelines<sup>(a)</sup> – 1.0%** |
| CNX Midstream Partners LP<sup>(b)</sup> | CNX Midstream Partners LP<sup>(b)</sup> | CNX Midstream Partners LP<sup>(b)</sup> | CNX Midstream Partners LP<sup>(b)</sup> |
| 500000 | 4.750 | 04/15/30 | 471770 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> | Delek Logistics Partners LP/Delek Logistics Finance Corp.<sup>(b)</sup> |
| 911000 | 7.375 | 06/30/33 | 899931 |
| Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. | Genesis Energy LP/Genesis Energy Finance Corp. |
| 650000 | 8.875 | 04/15/30 | 687524 |
| 325000 | 7.875 | 05/15/32 | 336333 |
| ITT Holdings LLC<sup>(b)</sup> | ITT Holdings LLC<sup>(b)</sup> | ITT Holdings LLC<sup>(b)</sup> | ITT Holdings LLC<sup>(b)</sup> |
| 890000 | 6.500 | 08/01/29 | 846853 |
| NFE Financing LLC<sup>(b)</sup> | NFE Financing LLC<sup>(b)</sup> | NFE Financing LLC<sup>(b)</sup> | NFE Financing LLC<sup>(b)</sup> |
| 800000 | 12.000 | 11/15/29 | 282256 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 71000 | 5.600 | 04/01/44 | 64871 |
| 549000 | 5.450 | 06/01/47 | 487386 |
| Summit Midstream Holdings LLC<sup>(b)</sup> | Summit Midstream Holdings LLC<sup>(b)</sup> | Summit Midstream Holdings LLC<sup>(b)</sup> | Summit Midstream Holdings LLC<sup>(b)</sup> |
| 700000 | 8.625 | 10/31/29 | 712425 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.<sup>(b)</sup> |
| 522000 | 7.375 | 02/15/29 | 535347 |
| 2122000 | 6.000 | 12/31/30 | 2079433 |
| TransMontaigne Partners LLC<sup>(b)</sup> | TransMontaigne Partners LLC<sup>(b)</sup> | TransMontaigne Partners LLC<sup>(b)</sup> | TransMontaigne Partners LLC<sup>(b)</sup> |
| 1260000 | 8.500 | 06/15/30 | 1316687 |
| Venture Global Calcasieu Pass LLC<sup>(b)</sup> | Venture Global Calcasieu Pass LLC<sup>(b)</sup> | Venture Global Calcasieu Pass LLC<sup>(b)</sup> | Venture Global Calcasieu Pass LLC<sup>(b)</sup> |
| 350000 | 3.875 | 08/15/29 | 330169 |
| 2380000 | 3.875 | 11/01/33 | 2076574 |
| Venture Global LNG, Inc.<sup>(b)</sup> | Venture Global LNG, Inc.<sup>(b)</sup> | Venture Global LNG, Inc.<sup>(b)</sup> | Venture Global LNG, Inc.<sup>(b)</sup> |
| 693000 | 9.500 | 02/01/29 | 755606 |
| 719000 | 8.375 | 06/01/31 | 743245 |
| 200000 | 9.875 | 02/01/32 | 215794 |
| (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) | (5 yr. CMT + 5.440%) |
| 1031000 | 9.000 <sup>(f)</sup> | 09/30/29 | 1030856 |
| Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> | Venture Global Plaquemines LNG LLC<sup>(b)</sup> |
| 581000 | 6.500 | 01/15/34 | 597605 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
|  **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** | **Pipelines<sup>(a)</sup> – (continued)** |
|  Venture Global Plaquemines LNG LLC<sup>(b)</sup> – (continued) | Venture Global Plaquemines LNG LLC<sup>(b)</sup> – (continued) | Venture Global Plaquemines LNG LLC<sup>(b)</sup> – (continued) | Venture Global Plaquemines LNG LLC<sup>(b)</sup> – (continued) | Venture Global Plaquemines LNG LLC<sup>(b)</sup> – (continued) |
|  $ | 581000 | 6.750% | 01/15/36 | $597611 |
|  Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  | 1305000 | 5.250 | 02/01/50 | 1094973 |
|  |  |  |  | 16163249 |
|  **Real Estate<sup>(a)</sup> – 0.3%** | **Real Estate<sup>(a)</sup> – 0.3%** | **Real Estate<sup>(a)</sup> – 0.3%** | **Real Estate<sup>(a)</sup> – 0.3%** | **Real Estate<sup>(a)</sup> – 0.3%** |
|  Adler Financing SARL<sup>(g)</sup> | Adler Financing SARL<sup>(g)</sup> | Adler Financing SARL<sup>(g)</sup> | Adler Financing SARL<sup>(g)</sup> | Adler Financing SARL<sup>(g)</sup> |
|  EUR | 629793 | 8.250 | 12/31/28 | 756610 |
|  Howard Hughes Corp.<sup>(b)</sup> | Howard Hughes Corp.<sup>(b)</sup> | Howard Hughes Corp.<sup>(b)</sup> | Howard Hughes Corp.<sup>(b)</sup> | Howard Hughes Corp.<sup>(b)</sup> |
|  $ | 710000 | 4.375 | 02/01/31 | 654435 |
|  Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
|  | 535000 | 4.750 | 03/01/29 | 502076 |
|  Neinor Homes SA<sup>(b)</sup> | Neinor Homes SA<sup>(b)</sup> | Neinor Homes SA<sup>(b)</sup> | Neinor Homes SA<sup>(b)</sup> | Neinor Homes SA<sup>(b)</sup> |
|  EUR | 143000 | 5.875 | 02/15/30 | 170614 |
|  Port of Spain Waterfront Development<sup>(b)</sup> | Port of Spain Waterfront Development<sup>(b)</sup> | Port of Spain Waterfront Development<sup>(b)</sup> | Port of Spain Waterfront Development<sup>(b)</sup> | Port of Spain Waterfront Development<sup>(b)</sup> |
|  $ | 886000 | 7.875 | 02/19/40 | 868280 |
|  Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB | Samhallsbyggnadsbolaget I Norden Holding AB |
|  EUR | 1600000 | 2.250 | 07/12/27 | 1678531 |
|  |  |  |  | 4630546 |
|  **Real Estate Investment Trust<sup>(a)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.1%** | **Real Estate Investment Trust<sup>(a)</sup> – 1.1%** |
|  Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> | Apollo Commercial Real Estate Finance, Inc.<sup>(b)</sup> |
|  $ | 1750000 | 4.625 | 06/15/29 | 1661887 |
|  Arbor Realty SR, Inc.<sup>(b)</sup> | Arbor Realty SR, Inc.<sup>(b)</sup> | Arbor Realty SR, Inc.<sup>(b)</sup> | Arbor Realty SR, Inc.<sup>(b)</sup> | Arbor Realty SR, Inc.<sup>(b)</sup> |
|  | 760000 | 7.875 | 07/15/30 | 776150 |
|  Blackstone Mortgage Trust, Inc.<sup>(b)</sup> | Blackstone Mortgage Trust, Inc.<sup>(b)</sup> | Blackstone Mortgage Trust, Inc.<sup>(b)</sup> | Blackstone Mortgage Trust, Inc.<sup>(b)</sup> | Blackstone Mortgage Trust, Inc.<sup>(b)</sup> |
|  | 210000 | 7.750 | 12/01/29 | 222207 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  | 997000 | 8.300 | 03/15/28 | 1061336 |
|  | 546000 | 8.875 | 04/12/29 | 586453 |
|  Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(b)</sup> | Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC<sup>(b)</sup> |
|  | 1318000 | 4.500 | 04/01/27 | 1281610 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  | 700000 | 4.750 | 02/15/28 | 648781 |
|  | 2505000 | 4.375 | 03/01/31 | 2091951 |
|  Iron Mountain U.K. PLC<sup>(b)</sup> | Iron Mountain U.K. PLC<sup>(b)</sup> | Iron Mountain U.K. PLC<sup>(b)</sup> | Iron Mountain U.K. PLC<sup>(b)</sup> | Iron Mountain U.K. PLC<sup>(b)</sup> |
|  GBP | 400000 | 3.875 | 11/15/25 | 525006 |
|  Iron Mountain, Inc.<sup>(b)</sup> | Iron Mountain, Inc.<sup>(b)</sup> | Iron Mountain, Inc.<sup>(b)</sup> | Iron Mountain, Inc.<sup>(b)</sup> | Iron Mountain, Inc.<sup>(b)</sup> |
|  $ | 935000 | 4.875 | 09/15/29 | 914430 |
|  | 175000 | 4.500 | 02/15/31 | 165547 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(b)</sup> | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(b)</sup> | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(b)</sup> | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(b)</sup> | Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<sup>(b)</sup> |
|  | 200000 | 4.250 | 02/01/27 | 196422 |
|  | 650000 | 4.750 | 06/15/29 | 631052 |
|  MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. | MPT Operating Partnership LP/MPT Finance Corp. |
|  | 905000 | 5.000 | 10/15/27 | 830211 |
|  | 325000 | 8.500 <sup>(b)</sup> | 02/15/32 | 338081 |
|  RLJ Lodging Trust LP<sup>(b)</sup> | RLJ Lodging Trust LP<sup>(b)</sup> | RLJ Lodging Trust LP<sup>(b)</sup> | RLJ Lodging Trust LP<sup>(b)</sup> | RLJ Lodging Trust LP<sup>(b)</sup> |
|  | 757000 | 3.750 | 07/01/26 | 745456 |
|  | 249000 | 4.000 | 09/15/29 | 232491 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  | 1480000 | 5.500 | 12/15/27 | 1458806 |
|  | 350000 | 3.950 | 01/15/28 | 326372 |
|  | 485000 | 4.375 | 02/15/30 | 413540 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (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)** |
|  **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** | **Real Estate Investment Trust<sup>(a)</sup> – (continued)** |
|  Starwood Property Trust, Inc.<sup>(b)</sup> | Starwood Property Trust, Inc.<sup>(b)</sup> | Starwood Property Trust, Inc.<sup>(b)</sup> | Starwood Property Trust, Inc.<sup>(b)</sup> | Starwood Property Trust, Inc.<sup>(b)</sup> |
|  $ | 700000 | 3.625% | 07/15/26 | $686714 |
|  | 300000 | 6.500 | 10/15/30 | 308619 |
|  Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC<sup>(b)</sup> |
|  | 510000 | 6.000 | 01/15/30 | 482343 |
|  Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC<sup>(b)</sup> |
|  | 1544000 | 6.500 | 02/15/29 | 1501911 |
|  |  |  |  | 18087376 |
|  **Retailing – 0.9%** | **Retailing – 0.9%** | **Retailing – 0.9%** | **Retailing – 0.9%** | **Retailing – 0.9%** |
|  1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> | 1011778 BC ULC/New Red Finance, Inc.<sup>(a)(b)</sup> |
|  | 281000 | 5.625 | 09/15/29 | 283110 |
|  Advance Auto Parts, Inc.<sup>(a)(b)</sup> | Advance Auto Parts, Inc.<sup>(a)(b)</sup> | Advance Auto Parts, Inc.<sup>(a)(b)</sup> | Advance Auto Parts, Inc.<sup>(a)(b)</sup> | Advance Auto Parts, Inc.<sup>(a)(b)</sup> |
|  | 556000 | 7.375 | 08/01/33 | 558524 |
|  Asbury Automotive Group, Inc.<sup>(a)</sup> | Asbury Automotive Group, Inc.<sup>(a)</sup> | Asbury Automotive Group, Inc.<sup>(a)</sup> | Asbury Automotive Group, Inc.<sup>(a)</sup> | Asbury Automotive Group, Inc.<sup>(a)</sup> |
|  | 782000 | 4.500 | 03/01/28 | 767345 |
|  | 138000 | 4.625 <sup>(b)</sup> | 11/15/29 | 132450 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  | 145000 | 5.250 | 02/01/28 | 145290 |
|  | 795000 | 6.875 | 11/01/35 | 818079 |
|  | 250000 | 6.750 | 07/01/36 | 253282 |
|  BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<sup>(a)(b)</sup> | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<sup>(a)(b)</sup> | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<sup>(a)(b)</sup> | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<sup>(a)(b)</sup> | BCPE Flavor Debt Merger Sub LLC & BCPE Flavor Issuer, Inc.<sup>(a)(b)</sup> |
|  | 600000 | 9.500 | 07/01/32 | 618036 |
|  BCPE Ulysses Intermediate, Inc.<sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) | BCPE Ulysses Intermediate, Inc.<sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) | BCPE Ulysses Intermediate, Inc.<sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) | BCPE Ulysses Intermediate, Inc.<sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) | BCPE Ulysses Intermediate, Inc.<sup>(a)(b)(g)</sup> (PIK 8.500%, Cash 7.750%) |
|  | 644667 | 7.750 | 04/01/27 | 644557 |
|  Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>(a)(b)</sup> | Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>(a)(b)</sup> | Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>(a)(b)</sup> | Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>(a)(b)</sup> | Bloomin' Brands, Inc./OSI Restaurant Partners LLC<sup>(a)(b)</sup> |
|  | 905000 | 5.125 | 04/15/29 | 843306 |
|  Carvana Co.<sup>(a)(b)(g)</sup> | Carvana Co.<sup>(a)(b)(g)</sup> | Carvana Co.<sup>(a)(b)(g)</sup> | Carvana Co.<sup>(a)(b)(g)</sup> | Carvana Co.<sup>(a)(b)(g)</sup> |
|  (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) | (PIK 12.000%, Cash 9.000%) |
|  | 446897 | 9.000 | 12/01/28 | 457779 |
|  (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) | (PIK 13.000%, Cash 11.000%) |
|  | 461000 | 9.000 | 06/01/30 | 482247 |
|  CD&R Firefly Bidco PLC<sup>(a)(b)</sup> | CD&R Firefly Bidco PLC<sup>(a)(b)</sup> | CD&R Firefly Bidco PLC<sup>(a)(b)</sup> | CD&R Firefly Bidco PLC<sup>(a)(b)</sup> | CD&R Firefly Bidco PLC<sup>(a)(b)</sup> |
|  GBP | 100000 | 8.625 | 04/30/29 | 136942 |
|  Cougar JV Subsidiary LLC<sup>(a)(b)</sup> | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> | Cougar JV Subsidiary LLC<sup>(a)(b)</sup> |
|  $ | 361000 | 8.000 | 05/15/32 | 381624 |
|  eG Global Finance PLC<sup>(a)(b)</sup> | eG Global Finance PLC<sup>(a)(b)</sup> | eG Global Finance PLC<sup>(a)(b)</sup> | eG Global Finance PLC<sup>(a)(b)</sup> | eG Global Finance PLC<sup>(a)(b)</sup> |
|  EUR | 900000 | 11.000 | 11/30/28 | 1137532 |
|  Ferrellgas LP/Ferrellgas Finance Corp.<sup>(a)(b)</sup> | Ferrellgas LP/Ferrellgas Finance Corp.<sup>(a)(b)</sup> | Ferrellgas LP/Ferrellgas Finance Corp.<sup>(a)(b)</sup> | Ferrellgas LP/Ferrellgas Finance Corp.<sup>(a)(b)</sup> | Ferrellgas LP/Ferrellgas Finance Corp.<sup>(a)(b)</sup> |
|  $ | 274000 | 5.375 | 04/01/26 | 271844 |
|  | 282000 | 5.875 | 04/01/29 | 260413 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(a)(b)</sup> | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(a)(b)</sup> | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(a)(b)</sup> | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(a)(b)</sup> | Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.<sup>(a)(b)</sup> |
|  | 1070000 | 4.625 | 01/15/29 | 1016832 |
|  | 345000 | 6.750 | 01/15/30 | 324597 |
|  Gap, Inc.<sup>(a)(b)</sup> | Gap, Inc.<sup>(a)(b)</sup> | Gap, Inc.<sup>(a)(b)</sup> | Gap, Inc.<sup>(a)(b)</sup> | Gap, Inc.<sup>(a)(b)</sup> |
|  | 1000000 | 3.625 | 10/01/29 | 921470 |
|  LBM Acquisition LLC<sup>(a)(b)</sup> | LBM Acquisition LLC<sup>(a)(b)</sup> | LBM Acquisition LLC<sup>(a)(b)</sup> | LBM Acquisition LLC<sup>(a)(b)</sup> | LBM Acquisition LLC<sup>(a)(b)</sup> |
|  | 259000 | 6.250 | 01/15/29 | 227340 |
|  LCM Investments Holdings II LLC<sup>(a)(b)</sup> | LCM Investments Holdings II LLC<sup>(a)(b)</sup> | LCM Investments Holdings II LLC<sup>(a)(b)</sup> | LCM Investments Holdings II LLC<sup>(a)(b)</sup> | LCM Investments Holdings II LLC<sup>(a)(b)</sup> |
|  | 1399000 | 4.875 | 05/01/29 | 1359618 |
|  Macy's Retail Holdings LLC<sup>(a)(b)</sup> | Macy's Retail Holdings LLC<sup>(a)(b)</sup> | Macy's Retail Holdings LLC<sup>(a)(b)</sup> | Macy's Retail Holdings LLC<sup>(a)(b)</sup> | Macy's Retail Holdings LLC<sup>(a)(b)</sup> |
|  | 562000 | 7.375 | 08/01/33 | 564085 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** | **Retailing – (continued)** |
| Neiman Marcus Group Ltd. LLC<sup>(e)(h)(j)</sup> | Neiman Marcus Group Ltd. LLC<sup>(e)(h)(j)</sup> | Neiman Marcus Group Ltd. LLC<sup>(e)(h)(j)</sup> | Neiman Marcus Group Ltd. LLC<sup>(e)(h)(j)</sup> |
| 605000 | 8.000% | 10/15/21 | $— |
| Papa John's International, Inc.<sup>(a)(b)</sup> | Papa John's International, Inc.<sup>(a)(b)</sup> | Papa John's International, Inc.<sup>(a)(b)</sup> | Papa John's International, Inc.<sup>(a)(b)</sup> |
| 404000 | 3.875 | 09/15/29 | 387315 |
| PetSmart, Inc./PetSmart Finance Corp.<sup>(a)(b)</sup> | PetSmart, Inc./PetSmart Finance Corp.<sup>(a)(b)</sup> | PetSmart, Inc./PetSmart Finance Corp.<sup>(a)(b)</sup> | PetSmart, Inc./PetSmart Finance Corp.<sup>(a)(b)</sup> |
| 500000 | 4.750 | 02/15/28 | 491060 |
| Rite Aid Corp. | Rite Aid Corp. | Rite Aid Corp. | Rite Aid Corp. |
| 348000 | 7.500 <sup>(b)(e)(h)(j)</sup> | 07/01/25 |  |
| 97124 | 8.000 <sup>(b)(e)(h)(j)</sup> | 10/18/25 |  |
| 104492 | 15.000 <sup>(e)</sup> | 08/30/31 | 31370 |
| 49571 | 15.000 <sup>(e)</sup> | 08/30/31 | 4161 |
| 34147 | 0.000 <sup>(c)(h)</sup> | 08/30/34 |  |
| (-1X 3 mo. USD Term SOFR + 7.000%) | (-1X 3 mo. USD Term SOFR + 7.000%) | (-1X 3 mo. USD Term SOFR + 7.000%) | (-1X 3 mo. USD Term SOFR + 7.000%) |
| 36240 | 0.000 <sup>(b)(e)</sup> | 08/30/31 | 2356 |
| Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>(a)(b)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>(a)(b)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>(a)(b)</sup> | Specialty Building Products Holdings LLC/SBP Finance Corp.<sup>(a)(b)</sup> |
| 330000 | 7.750 | 10/15/29 | 323225 |
| Victoria's Secret & Co.<sup>(a)(b)</sup> | Victoria's Secret & Co.<sup>(a)(b)</sup> | Victoria's Secret & Co.<sup>(a)(b)</sup> | Victoria's Secret & Co.<sup>(a)(b)</sup> |
| 914000 | 4.625 | 07/15/29 | 850057 |
|  |  |  | 14695846 |
| **Semiconductors<sup>(a)(b)</sup> – 0.3%** | **Semiconductors<sup>(a)(b)</sup> – 0.3%** | **Semiconductors<sup>(a)(b)</sup> – 0.3%** | **Semiconductors<sup>(a)(b)</sup> – 0.3%** |
| BE Semiconductor Industries NV | BE Semiconductor Industries NV | BE Semiconductor Industries NV | BE Semiconductor Industries NV |
| 400000 | 4.500 | 07/15/31 | 477213 |
| Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
| 653000 | 4.750 | 04/15/29 | 639515 |
| 145000 | 3.625 | 05/01/29 | 136006 |
| Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. | Kioxia Holdings Corp. |
| 700000 | 6.250 | 07/24/30 | 697585 |
| 1350000 | 6.625 | 07/24/33 | 1338349 |
| ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. | ON Semiconductor Corp. |
| 751000 | 3.875 | 09/01/28 | 724760 |
| Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. | Synaptics, Inc. |
| 866000 | 4.000 | 06/15/29 | 816647 |
|  |  |  | 4830075 |
| **Software<sup>(a)</sup> – 0.7%** | **Software<sup>(a)</sup> – 0.7%** | **Software<sup>(a)</sup> – 0.7%** | **Software<sup>(a)</sup> – 0.7%** |
| Asmodee Group AB<sup>(b)</sup> | Asmodee Group AB<sup>(b)</sup> | Asmodee Group AB<sup>(b)</sup> | Asmodee Group AB<sup>(b)</sup> |
| 177600 | 5.750 | 12/15/29 | 213893 |
| Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup> | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup> | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup> | Central Parent, Inc./CDK Global, Inc.<sup>(b)</sup> |
| 375000 | 7.250 | 06/15/29 | 309019 |
| Cloud Software Group, Inc.<sup>(b)</sup> | Cloud Software Group, Inc.<sup>(b)</sup> | Cloud Software Group, Inc.<sup>(b)</sup> | Cloud Software Group, Inc.<sup>(b)</sup> |
| 1978000 | 6.500 | 03/31/29 | 1997740 |
| 1838000 | 9.000 | 09/30/29 | 1902109 |
| 945000 | 8.250 | 06/30/32 | 1006463 |
| Elastic NV<sup>(b)</sup> | Elastic NV<sup>(b)</sup> | Elastic NV<sup>(b)</sup> | Elastic NV<sup>(b)</sup> |
| 819000 | 4.125 | 07/15/29 | 778779 |
| PTC, Inc.<sup>(b)</sup> | PTC, Inc.<sup>(b)</sup> | PTC, Inc.<sup>(b)</sup> | PTC, Inc.<sup>(b)</sup> |
| 702000 | 4.000 | 02/15/28 | 683895 |
| Rocket Software, Inc.<sup>(b)</sup> | Rocket Software, Inc.<sup>(b)</sup> | Rocket Software, Inc.<sup>(b)</sup> | Rocket Software, Inc.<sup>(b)</sup> |
| 1891000 | 9.000 | 11/28/28 | 1951342 |
| SS&C Technologies, Inc.<sup>(b)</sup> | SS&C Technologies, Inc.<sup>(b)</sup> | SS&C Technologies, Inc.<sup>(b)</sup> | SS&C Technologies, Inc.<sup>(b)</sup> |
| 1000000 | 6.500 | 06/01/32 | 1029220 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Software<sup>(a)</sup> – (continued)** | **Software<sup>(a)</sup> – (continued)** | **Software<sup>(a)</sup> – (continued)** | **Software<sup>(a)</sup> – (continued)** |
| X.AI LLC/X.AI Co. Issuer Corp. | X.AI LLC/X.AI Co. Issuer Corp. | X.AI LLC/X.AI Co. Issuer Corp. | X.AI LLC/X.AI Co. Issuer Corp. |
| 571000 | 12.500% | 06/30/30 | $576853 |
|  |  |  | 10449313 |
| **Sovereign<sup>(a)(b)</sup> – 0.3%** | **Sovereign<sup>(a)(b)</sup> – 0.3%** | **Sovereign<sup>(a)(b)</sup> – 0.3%** | **Sovereign<sup>(a)(b)</sup> – 0.3%** |
| Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL | Eagle Funding Luxco SARL |
| 4240000 | 5.500 | 08/17/30 | 4268408 |
| **Telecommunication Services<sup>(a)</sup> – 1.7%** | **Telecommunication Services<sup>(a)</sup> – 1.7%** | **Telecommunication Services<sup>(a)</sup> – 1.7%** | **Telecommunication Services<sup>(a)</sup> – 1.7%** |
| Altice France SA | Altice France SA | Altice France SA | Altice France SA |
| 472000 | 5.875 | 02/01/27 | 494068 |
| 485000 | 8.125 <sup>(b)</sup> | 02/01/27 | 451748 |
| 1726000 | 5.500 <sup>(b)</sup> | 01/15/28 | 1534811 |
| 2058000 | 5.500 <sup>(b)</sup> | 10/15/29 | 1788176 |
| C&W Senior Finance Ltd.<sup>(b)</sup> | C&W Senior Finance Ltd.<sup>(b)</sup> | C&W Senior Finance Ltd.<sup>(b)</sup> | C&W Senior Finance Ltd.<sup>(b)</sup> |
| 840000 | 9.000 | 01/15/33 | 866040 |
| CommScope LLC<sup>(b)</sup> | CommScope LLC<sup>(b)</sup> | CommScope LLC<sup>(b)</sup> | CommScope LLC<sup>(b)</sup> |
| 740000 | 8.250 | 03/01/27 | 740392 |
| 902000 | 4.750 | 09/01/29 | 876212 |
| 500000 | 9.500 | 12/15/31 | 526045 |
| Connect Finco SARL/Connect U.S. Finco LLC<sup>(b)</sup> | Connect Finco SARL/Connect U.S. Finco LLC<sup>(b)</sup> | Connect Finco SARL/Connect U.S. Finco LLC<sup>(b)</sup> | Connect Finco SARL/Connect U.S. Finco LLC<sup>(b)</sup> |
| 475000 | 9.000 | 09/15/29 | 479646 |
| Digicel International Finance Ltd./Difl U.S. LLC<sup>(b)</sup> | Digicel International Finance Ltd./Difl U.S. LLC<sup>(b)</sup> | Digicel International Finance Ltd./Difl U.S. LLC<sup>(b)</sup> | Digicel International Finance Ltd./Difl U.S. LLC<sup>(b)</sup> |
| 1415000 | 8.625 | 08/01/32 | 1429546 |
| EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
| 716000 | 10.750 | 11/30/29 | 754471 |
| Iliad Holding SASU<sup>(b)</sup> | Iliad Holding SASU<sup>(b)</sup> | Iliad Holding SASU<sup>(b)</sup> | Iliad Holding SASU<sup>(b)</sup> |
| 500000 | 5.625 | 10/15/28 | 581190 |
| 1300000 | 7.000 | 10/15/28 | 1319461 |
| 100000 | 5.375 | 04/15/30 | 118016 |
| Kaixo Bondco Telecom SA<sup>(b)</sup> | Kaixo Bondco Telecom SA<sup>(b)</sup> | Kaixo Bondco Telecom SA<sup>(b)</sup> | Kaixo Bondco Telecom SA<sup>(b)</sup> |
| 200000 | 5.125 | 09/30/29 | 231677 |
| Level 3 Financing, Inc.<sup>(b)</sup> | Level 3 Financing, Inc.<sup>(b)</sup> | Level 3 Financing, Inc.<sup>(b)</sup> | Level 3 Financing, Inc.<sup>(b)</sup> |
| 1788000 | 4.875 | 06/15/29 | 1680952 |
| 585000 | 3.750 | 07/15/29 | 490312 |
| 603623 | 11.000 | 11/15/29 | 685686 |
| 270000 | 4.500 | 04/01/30 | 242943 |
| 1231730 | 3.875 | 10/15/30 | 1065902 |
| 300000 | 10.750 | 12/15/30 | 338619 |
| Lorca Telecom Bondco SA<sup>(b)</sup> | Lorca Telecom Bondco SA<sup>(b)</sup> | Lorca Telecom Bondco SA<sup>(b)</sup> | Lorca Telecom Bondco SA<sup>(b)</sup> |
| 450000 | 4.000 | 09/18/27 | 514351 |
| Lumen Technologies, Inc.<sup>(b)</sup> | Lumen Technologies, Inc.<sup>(b)</sup> | Lumen Technologies, Inc.<sup>(b)</sup> | Lumen Technologies, Inc.<sup>(b)</sup> |
| 750000 | 4.125 | 04/15/29 | 730253 |
| Odido Group Holding BV<sup>(b)</sup> | Odido Group Holding BV<sup>(b)</sup> | Odido Group Holding BV<sup>(b)</sup> | Odido Group Holding BV<sup>(b)</sup> |
| 500000 | 5.500 | 01/15/30 | 576540 |
| Odido Holding BV<sup>(b)</sup> | Odido Holding BV<sup>(b)</sup> | Odido Holding BV<sup>(b)</sup> | Odido Holding BV<sup>(b)</sup> |
| 170000 | 3.750 | 01/15/29 | 193546 |
| SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. | SoftBank Group Corp. |
| 1379000 | 3.375 | 07/06/29 | 1504565 |
| 542000 | 3.875 | 07/06/32 | 576019 |
| TDC Net AS | TDC Net AS | TDC Net AS | TDC Net AS |
| 921000 | 6.500 | 06/01/31 | 1172009 |
| Telesat Canada/Telesat LLC<sup>(b)</sup> | Telesat Canada/Telesat LLC<sup>(b)</sup> | Telesat Canada/Telesat LLC<sup>(b)</sup> | Telesat Canada/Telesat LLC<sup>(b)</sup> |
| 552000 | 5.625 | 12/06/26 | 351790 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** | **Corporate Obligations – (continued)** |
| **Telecommunication Services<sup>(a)</sup> – (continued)** | **Telecommunication Services<sup>(a)</sup> – (continued)** | **Telecommunication Services<sup>(a)</sup> – (continued)** | **Telecommunication Services<sup>(a)</sup> – (continued)** |
| Viasat, Inc. <sup>(b)</sup> | Viasat, Inc. <sup>(b)</sup> | Viasat, Inc. <sup>(b)</sup> | Viasat, Inc. <sup>(b)</sup> |
| 685000 | 7.500% | 05/30/31 | $596724 |
| Vmed O2 U.K. Financing I PLC<sup>(b)</sup> | Vmed O2 U.K. Financing I PLC<sup>(b)</sup> | Vmed O2 U.K. Financing I PLC<sup>(b)</sup> | Vmed O2 U.K. Financing I PLC<sup>(b)</sup> |
| 1215000 | 4.250 | 01/31/31 | 1107910 |
| 1059000 | 7.750 | 04/15/32 | 1103986 |
| Zayo Group Holdings, Inc.<sup>(b)</sup> | Zayo Group Holdings, Inc.<sup>(b)</sup> | Zayo Group Holdings, Inc.<sup>(b)</sup> | Zayo Group Holdings, Inc.<sup>(b)</sup> |
| 1565000 | 4.000 | 03/01/27 | 1487939 |
|  |  |  | 26611545 |
| **Transportation<sup>(a)</sup> – 0.1%** | **Transportation<sup>(a)</sup> – 0.1%** | **Transportation<sup>(a)</sup> – 0.1%** | **Transportation<sup>(a)</sup> – 0.1%** |
| SGL Group ApS<sup>(f)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS<sup>(f)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS<sup>(f)</sup> (3 mo. EUR EURIBOR + 4.750%) | SGL Group ApS<sup>(f)</sup> (3 mo. EUR EURIBOR + 4.750%) |
| 340000 | 6.745 | 04/22/30 | 391038 |
| Yinson Bergenia Production BV<sup>(b)</sup> | Yinson Bergenia Production BV<sup>(b)</sup> | Yinson Bergenia Production BV<sup>(b)</sup> | Yinson Bergenia Production BV<sup>(b)</sup> |
| 1835000 | 8.498 | 01/31/45 | 1897390 |
|  |  |  | 2288428 |
| **Water Utilities<sup>(a)(b)</sup> – 0.1%** | **Water Utilities<sup>(a)(b)</sup> – 0.1%** | **Water Utilities<sup>(a)(b)</sup> – 0.1%** | **Water Utilities<sup>(a)(b)</sup> – 0.1%** |
| Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL | Aegea Finance SARL |
| 921000 | 9.000 | 01/20/31 | 983167 |
| **TOTAL CORPORATE OBLIGATIONS<br>(Cost $476,989,014)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $476,989,014)** | **TOTAL CORPORATE OBLIGATIONS<br>(Cost $476,989,014)** | $486179449 |
| **Bank Loans<sup>(k)</sup> – 24.7%** | **Bank Loans<sup>(k)</sup> – 24.7%** | **Bank Loans<sup>(k)</sup> – 24.7%** | **Bank Loans<sup>(k)</sup> – 24.7%** |
| **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** | **Aerospace & Defense – 0.7%** |
| Air Comm Corp. LLC | Air Comm Corp. LLC | Air Comm Corp. LLC | Air Comm Corp. LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 1381154 | 7.300% | 12/11/31 | $1381154 |
| (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) |
| 26923 | 7.058 | 12/11/31 | 26517 |
| Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) | Barnes Group, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 1870312 | 7.356 | 01/27/32 | 1871323 |
| Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) | Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) | Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) | Cobham Ultra SeniorCo SARL(6 mo. USD Term SOFR + 3.500%) |
| 920386 | 8.177 | 08/03/29 | 921206 |
| Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) | Dynasty Acquisition Co., Inc. (1 mo. USD Term SOFR + 2.000%) |
| 992507 | 6.356 | 10/31/31 | 994680 |
| Kaman Corp. | Kaman Corp. | Kaman Corp. | Kaman Corp. |
| (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) |
| 16421 | 7.079 | 02/26/32 | 16338 |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 1813210 | 7.083–7.097 | 02/26/32 | 1813772 |
| Propulsion (BC) Finco SARL(3 mo. USD Term SOFR + 2.750%) | Propulsion (BC) Finco SARL(3 mo. USD Term SOFR + 2.750%) | Propulsion (BC) Finco SARL(3 mo. USD Term SOFR + 2.750%) | Propulsion (BC) Finco SARL(3 mo. USD Term SOFR + 2.750%) |
| 477709 | 7.041 | 09/14/29 | 479237 |
| Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) | Spirit Aerosystems, Inc.(3 mo. USD Term SOFR + 4.250%) |
| 677882 | 8.808 | 01/15/27 | 678560 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) | (3 mo. USD Term SOFR + 2.500%) |
| 2229351 | 6.796 | 02/28/31 | 2235571 |
| 243138 | 6.796 | 01/19/32 | 243799 |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 482126 | 7.046 | 03/22/30 | 483683 |
|  |  |  | 11145840 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Airlines – 0.0%** | **Airlines – 0.0%** | **Airlines – 0.0%** | **Airlines – 0.0%** |
| American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) | American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) | American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) | American Airlines, Inc.(3 mo. USD Term SOFR + 2.250%) |
| 468775 | 6.576% | 04/20/28 | $466431 |
| **Auto Parts & Equipment – 0.1%** | **Auto Parts & Equipment – 0.1%** | **Auto Parts & Equipment – 0.1%** | **Auto Parts & Equipment – 0.1%** |
| Autokiniton U.S. Holdings, Inc.(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc.(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc.(1 mo. USD Term SOFR + 4.000%) | Autokiniton U.S. Holdings, Inc.(1 mo. USD Term SOFR + 4.000%) |
| 258434 | 8.471 | 04/06/28 | 249061 |
| Clarios Global LP | Clarios Global LP | Clarios Global LP | Clarios Global LP |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 683703 | 6.856 | 05/06/30 | 683361 |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 556026 | 7.106 | 01/28/32 | 555792 |
| RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) | RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) | RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) | RealTruck Group, Inc.(1 mo. USD Term SOFR + 5.000%) |
| 124370 | 9.471 | 01/31/28 | 115602 |
|  |  |  | 1603816 |
| **Banks – 0.2%** | **Banks – 0.2%** | **Banks – 0.2%** | **Banks – 0.2%** |
| AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | AqGen Island Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 3774856 | 7.356 | 08/02/28 | 3774856 |
| **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** | **Beverages – 0.1%** |
| Sazerac Co., Inc.(3 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc.(3 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc.(3 mo. USD Term SOFR + 2.500%) | Sazerac Co., Inc.(3 mo. USD Term SOFR + 2.500%) |
| 1250000 | 6.840 | 07/09/32 | 1253912 |
| **Building & Construction<sup>(l)</sup> – 0.0%** | **Building & Construction<sup>(l)</sup> – 0.0%** | **Building & Construction<sup>(l)</sup> – 0.0%** | **Building & Construction<sup>(l)</sup> – 0.0%** |
| AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. | AAL Delaware Holdco, Inc. |
| 750000 | 0.000 | 07/30/31 | 750000 |
| **Building Materials – 0.6%** | **Building Materials – 0.6%** | **Building Materials – 0.6%** | **Building Materials – 0.6%** |
| Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. | Chamberlain Group, Inc. |
| 125000 | 0.000 <sup>(l)</sup> | 09/08/32 | 124948 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 3810805 | 7.706 | 11/03/28 | 3810195 |
| CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 5.250%) | CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 5.250%) | CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 5.250%) | CP Atlas Buyer, Inc.(1 mo. USD Term SOFR + 5.250%) |
| 750000 | 9.606 | 07/08/30 | 714750 |
| Emrld Borrower LP(1 mo. USD Term SOFR + 2.500%) | Emrld Borrower LP(1 mo. USD Term SOFR + 2.500%) | Emrld Borrower LP(1 mo. USD Term SOFR + 2.500%) | Emrld Borrower LP(1 mo. USD Term SOFR + 2.500%) |
| 417032 | 6.856 | 08/04/31 | 417061 |
| Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. | Icebox Holdco III, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 1352813 | 8.057 | 12/22/28 | 1356519 |
| (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) |
| 1500000 | 11.307 | 12/21/29 | 1516875 |
| Quikrete Holdings, Inc.(1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc.(1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc.(1 mo. USD Term SOFR + 2.250%) | Quikrete Holdings, Inc.(1 mo. USD Term SOFR + 2.250%) |
| 1640887 | 6.606 | 02/10/32 | 1638836 |
| Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) | Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) | Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) | Wilsonart LLC(3 mo. USD Term SOFR + 4.250%) |
| 451370 | 8.546 | 08/05/31 | 438746 |
|  |  |  | 10017930 |
| **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** | **Chemicals – 0.4%** |
| Aruba Investments Holdings LLC | Aruba Investments Holdings LLC | Aruba Investments Holdings LLC | Aruba Investments Holdings LLC |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 1594237 | 8.456 | 11/24/27 | 1530468 |
| (1 mo. USD Term SOFR + 7.750%) | (1 mo. USD Term SOFR + 7.750%) | (1 mo. USD Term SOFR + 7.750%) | (1 mo. USD Term SOFR + 7.750%) |
| 329676 | 12.206 | 11/24/28 | 307917 |
| Chemours Co.(1 mo. USD Term SOFR + 3.000%) | Chemours Co.(1 mo. USD Term SOFR + 3.000%) | Chemours Co.(1 mo. USD Term SOFR + 3.000%) | Chemours Co.(1 mo. USD Term SOFR + 3.000%) |
| 260877 | 7.356 | 08/18/28 | 260551 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** | **Chemicals – (continued)** |
| Flexsys Holdings, Inc. | Flexsys Holdings, Inc. | Flexsys Holdings, Inc. | Flexsys Holdings, Inc. |
| (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) | (1 mo. USD Term SOFR + 6.250%) |
| 1090085 | 10.606% | 08/01/29 | $933386 |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 1435029 | 9.721 | 08/01/29 | 574012 |
| Lonza Group AG(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG(3 mo. USD Term SOFR + 3.925%) | Lonza Group AG(3 mo. USD Term SOFR + 3.925%) |
| 698849 | 8.321 | 07/03/28 | 620976 |
| Nouryon Finance BV<sup>(l)</sup> | Nouryon Finance BV<sup>(l)</sup> | Nouryon Finance BV<sup>(l)</sup> | Nouryon Finance BV<sup>(l)</sup> |
| 300000 | 0.000 | 04/03/28 | 299814 |
| SCIH Salt Holdings, Inc.(6 mo. USD Term SOFR + 3.000%) | SCIH Salt Holdings, Inc.(6 mo. USD Term SOFR + 3.000%) | SCIH Salt Holdings, Inc.(6 mo. USD Term SOFR + 3.000%) | SCIH Salt Holdings, Inc.(6 mo. USD Term SOFR + 3.000%) |
| 1005024 | 7.197 | 01/31/29 | 1006169 |
| Tronox Finance LLC<sup>(l)</sup> | Tronox Finance LLC<sup>(l)</sup> | Tronox Finance LLC<sup>(l)</sup> | Tronox Finance LLC<sup>(l)</sup> |
| 21894 | 0.000 | 04/04/29 | 19967 |
| USALCO LLC | USALCO LLC | USALCO LLC | USALCO LLC |
| 400000 | 0.000 <sup>(l)</sup> | 09/30/31 | 399500 |
|  |  |  | 5952760 |
| **Commercial Services – 2.0%** | **Commercial Services – 2.0%** | **Commercial Services – 2.0%** | **Commercial Services – 2.0%** |
| AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) | AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) | AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) | AlixPartners LLP(1 mo. USD Term SOFR + 2.500%) |
| 1241596 | 6.971 | 02/04/28 | 1241770 |
| Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) | Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) | Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) | Allied Universal Holdco LLC(1 mo. USD Term SOFR + 3.750%) |
| 3334171 | 8.206 | 05/12/28 | 3339539 |
| American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) | American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) | American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) | American Auto Auction Group LLC(3 mo. USD Term SOFR + 4.500%) |
| 422259 | 8.830 | 05/28/32 | 425426 |
| Amspec Parent LLC | Amspec Parent LLC | Amspec Parent LLC | Amspec Parent LLC |
| (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) | (3 mo. USD Term SOFR + 1.000%) |
| 16000 | 7.818 | 12/22/31 | 15910 |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 260000 | 7.796 | 12/22/31 | 260975 |
| Anticimex International AB (3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (3 mo. USD Term SOFR + 3.400%) | Anticimex International AB (3 mo. USD Term SOFR + 3.400%) |
| 2585658 | 7.660 | 11/16/28 | 2588027 |
| Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) | Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) | Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) | Archkey Solutions LLC(3 mo. USD Term SOFR + 4.750%) |
| 643903 | 9.046 | 11/01/31 | 647226 |
| Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) | Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) | Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) | Armorica Lux SARL(3 mo. EUR EURIBOR + 4.925%) |
| 600000 | 6.951 | 07/28/28 | 664178 |
| Belfor Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | Belfor Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | Belfor Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) | Belfor Holdings, Inc.(1 mo. USD Term SOFR + 3.000%) |
| 675607 | 7.356 | 11/01/30 | 676877 |
| Belron Finance 2019 LLC | Belron Finance 2019 LLC | Belron Finance 2019 LLC | Belron Finance 2019 LLC |
| 1500000 | 0.000 <sup>(l)</sup> | 10/16/31 | 1505250 |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 298842 | 7.049 | 10/16/31 | 299888 |
| Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) | Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) | Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) | Boost Newco Borrower LLC(3 mo. USD Term SOFR + 2.000%) |
| 1161489 | 6.296 | 01/31/31 | 1163185 |
| Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) | Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) | Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) | Citrin Cooperman Advisors LLC(3 mo. USD Term SOFR + 3.000%) |
| 469697 | 7.296 | 04/01/32 | 469697 |
| Conservice Midco LLC | Conservice Midco LLC | Conservice Midco LLC | Conservice Midco LLC |
| 87000 | 0.000 <sup>(l)</sup> | 05/13/30 | 87000 |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 1489434 | 7.356 | 05/13/30 | 1489434 |
| Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) | Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) | Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) | Corporation Service Co.(1 mo. USD Term SOFR + 2.000%) |
| 512917 | 6.356 | 11/02/29 | 511763 |
| Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.500%) | Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.500%) | Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.500%) | Creative Artists Agency LLC(1 mo. USD Term SOFR + 2.500%) |
| 1004801 | 6.856 | 10/01/31 | 1005012 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** | **Commercial Services – (continued)** |
| Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) | Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) | Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) | Eagle Parent Corp.(3 mo. USD Term SOFR + 4.250%) |
| 791568 | 8.546% | 04/02/29 | $788473 |
| Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) | Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) | Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) | Ensemble RCM LLC(3 mo. USD Term SOFR + 3.000%) |
| 1114616 | 7.308 | 08/01/29 | 1119108 |
| Fugue Finance LLC(1 mo. USD Term SOFR + 2.750%) | Fugue Finance LLC(1 mo. USD Term SOFR + 2.750%) | Fugue Finance LLC(1 mo. USD Term SOFR + 2.750%) | Fugue Finance LLC(1 mo. USD Term SOFR + 2.750%) |
| 886752 | 7.097 | 01/09/32 | 889758 |
| Grant Thornton Advisors LLC | Grant Thornton Advisors LLC | Grant Thornton Advisors LLC | Grant Thornton Advisors LLC |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 1507016 | 6.856 | 06/02/31 | 1507287 |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 255000 | 7.356 | 06/02/31 | 255352 |
| Holding Socotec SAS(3 mo. USD Term SOFR + 3.750%) | Holding Socotec SAS(3 mo. USD Term SOFR + 3.750%) | Holding Socotec SAS(3 mo. USD Term SOFR + 3.750%) | Holding Socotec SAS(3 mo. USD Term SOFR + 3.750%) |
| 539550 | 8.040 | 06/30/28 | 539831 |
| Learning Care Group (U.S.) No. 2, Inc.<sup>(l)</sup> | Learning Care Group (U.S.) No. 2, Inc.<sup>(l)</sup> | Learning Care Group (U.S.) No. 2, Inc.<sup>(l)</sup> | Learning Care Group (U.S.) No. 2, Inc.<sup>(l)</sup> |
| 406633 | 0.000 | 08/11/28 | 406295 |
| Lernen U.S. Finco LLC(6 mo. USD Term SOFR + 3.500%) | Lernen U.S. Finco LLC(6 mo. USD Term SOFR + 3.500%) | Lernen U.S. Finco LLC(6 mo. USD Term SOFR + 3.500%) | Lernen U.S. Finco LLC(6 mo. USD Term SOFR + 3.500%) |
| 448875 | 7.840 | 10/27/31 | 451492 |
| Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) | Mavis Tire Express Services Corp.(3 mo. USD Term SOFR + 3.000%) |
| 3225730 | 7.333 | 05/04/28 | 3228407 |
| Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) | Mister Car Wash Holdings, Inc.(1 mo. USD Term SOFR + 2.500%) |
| 521365 | 6.856 | 03/27/31 | 521735 |
| OMNIA Partners LLC(3 mo. USD Term SOFR + 2.750%) | OMNIA Partners LLC(3 mo. USD Term SOFR + 2.750%) | OMNIA Partners LLC(3 mo. USD Term SOFR + 2.750%) | OMNIA Partners LLC(3 mo. USD Term SOFR + 2.750%) |
| 570688 | 6.814 | 07/25/30 | 571606 |
| PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 2.750%) | PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 2.750%) | PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 2.750%) | PG Investment Co. 59 SARL(3 mo. USD Term SOFR + 2.750%) |
| 2117795 | 7.046 | 03/26/31 | 2123090 |
| Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) | Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) | Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) | Spring Education Group, Inc.(3 mo. USD Term SOFR + 4.000%) |
| 591864 | 8.296 | 10/04/30 | 594823 |
| Wand NewCo 3, Inc.(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc.(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc.(1 mo. USD Term SOFR + 2.500%) | Wand NewCo 3, Inc.(1 mo. USD Term SOFR + 2.500%) |
| 1846846 | 6.856 | 01/30/31 | 1842340 |
| Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) | Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) | Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) | Xplor T1 LLC(3 mo. USD Term SOFR + 3.500%) |
| 353621 | 7.796 | 06/24/31 | 354505 |
|  |  |  | 31585259 |
| **Computers – 0.5%** | **Computers – 0.5%** | **Computers – 0.5%** | **Computers – 0.5%** |
| Access CIG LLC(6 mo. USD Term SOFR + 4.250%) | Access CIG LLC(6 mo. USD Term SOFR + 4.250%) | Access CIG LLC(6 mo. USD Term SOFR + 4.250%) | Access CIG LLC(6 mo. USD Term SOFR + 4.250%) |
| 1686147 | 8.381 | 08/18/28 | 1692234 |
| Idemia Group(3 mo. USD Term SOFR + 4.250%) | Idemia Group(3 mo. USD Term SOFR + 4.250%) | Idemia Group(3 mo. USD Term SOFR + 4.250%) | Idemia Group(3 mo. USD Term SOFR + 4.250%) |
| 492960 | 8.546 | 09/30/28 | 495425 |
| Imprivata, Inc.(3 mo. USD Term SOFR + 3.000%) | Imprivata, Inc.(3 mo. USD Term SOFR + 3.000%) | Imprivata, Inc.(3 mo. USD Term SOFR + 3.000%) | Imprivata, Inc.(3 mo. USD Term SOFR + 3.000%) |
| 395992 | 7.321 | 12/01/27 | 396630 |
| Ivanti Software, Inc.(3 mo. USD Term SOFR + 5.750%) | Ivanti Software, Inc.(3 mo. USD Term SOFR + 5.750%) | Ivanti Software, Inc.(3 mo. USD Term SOFR + 5.750%) | Ivanti Software, Inc.(3 mo. USD Term SOFR + 5.750%) |
| 597411 | 10.016 | 06/01/29 | 618070 |
| Magenta Security Holdings LLC | Magenta Security Holdings LLC | Magenta Security Holdings LLC | Magenta Security Holdings LLC |
| (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) |
| 790270 | 11.318 | 07/27/28 | 655679 |
| (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) | (3 mo. USD Term SOFR + 6.250%) |
| 228946 | 10.558 | 07/27/28 | 231952 |
| 200042 | 6.068 | 07/27/28 | 45410 |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |
| 619642 | 11.568 | 07/27/28 | 270319 |
| McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) | McAfee LLC(1 mo. USD Term SOFR + 3.000%) |
| 443087 | 7.327 | 03/01/29 | 427486 |
| Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) | Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) | Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) | Tempo Acquisition LLC(1 mo. USD Term SOFR + 1.750%) |
| 229152 | 6.106 | 08/31/28 | 228471 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Computers – (continued)** | **Computers – (continued)** | **Computers – (continued)** | **Computers – (continued)** |
| Twitter, Inc. | Twitter, Inc. | Twitter, Inc. | Twitter, Inc. |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 848338 | 10.958% | 10/26/29 | $825933 |
| (Fixed + 9.500%) | (Fixed + 9.500%) | (Fixed + 9.500%) | (Fixed + 9.500%) |
| 525000 | 9.500 | 10/26/29 | 508667 |
| Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) | Verifone Systems, Inc.(3 mo. USD Term SOFR + 5.500%) |
| 1518468 | 10.070 | 08/18/28 | 1463803 |
|  |  |  | 7860079 |
| **Cosmetics & Personal Care<sup>(l)</sup> – 0.1%** | **Cosmetics & Personal Care<sup>(l)</sup> – 0.1%** | **Cosmetics & Personal Care<sup>(l)</sup> – 0.1%** | **Cosmetics & Personal Care<sup>(l)</sup> – 0.1%** |
| Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS | Opal Bidco SAS |
| 1820513 | 0.000 | 04/28/32 | 1826666 |
| **Distribution & Wholesale – 0.4%** | **Distribution & Wholesale – 0.4%** | **Distribution & Wholesale – 0.4%** | **Distribution & Wholesale – 0.4%** |
| BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) | BCPE Empire Holdings, Inc.(1 mo. USD Term SOFR + 3.250%) |
| 1290003 | 7.606 | 12/11/30 | 1288880 |
| Core & Main LP(6 mo. USD Term SOFR + 2.000%) | Core & Main LP(6 mo. USD Term SOFR + 2.000%) | Core & Main LP(6 mo. USD Term SOFR + 2.000%) | Core & Main LP(6 mo. USD Term SOFR + 2.000%) |
| 306590 | 6.270 | 07/27/28 | 307228 |
| Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) | Fluid-Flow Products, Inc.(3 mo. USD Term SOFR + 3.250%) |
| 2908788 | 7.546 | 03/31/28 | 2909573 |
| MRC Global U.S., Inc.(3 mo. USD Term SOFR + 3.500%) | MRC Global U.S., Inc.(3 mo. USD Term SOFR + 3.500%) | MRC Global U.S., Inc.(3 mo. USD Term SOFR + 3.500%) | MRC Global U.S., Inc.(3 mo. USD Term SOFR + 3.500%) |
| 498750 | 7.796 | 10/29/31 | 499997 |
| Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) | Windsor Holdings III LLC(1 mo. USD Term SOFR + 2.750%) |
| 1715804 | 7.103 | 08/01/30 | 1715272 |
|  |  |  | 6720950 |
| **Diversified Financial Services – 1.5%** | **Diversified Financial Services – 1.5%** | **Diversified Financial Services – 1.5%** | **Diversified Financial Services – 1.5%** |
| Apex Group Treasury LLC(1 mo. USD Term SOFR + 3.500%) | Apex Group Treasury LLC(1 mo. USD Term SOFR + 3.500%) | Apex Group Treasury LLC(1 mo. USD Term SOFR + 3.500%) | Apex Group Treasury LLC(1 mo. USD Term SOFR + 3.500%) |
| 3426101 | 7.822 | 02/27/32 | 3425244 |
| Avolon TLB Borrower 1 (U.S.) LLC(1 mo. USD Term SOFR + 1.750%) | Avolon TLB Borrower 1 (U.S.) LLC(1 mo. USD Term SOFR + 1.750%) | Avolon TLB Borrower 1 (U.S.) LLC(1 mo. USD Term SOFR + 1.750%) | Avolon TLB Borrower 1 (U.S.) LLC(1 mo. USD Term SOFR + 1.750%) |
| 409828 | 6.099 | 06/24/30 | 409869 |
| CFC Bidco 2022 Ltd.(3 mo. USD Term SOFR + 3.750%) | CFC Bidco 2022 Ltd.(3 mo. USD Term SOFR + 3.750%) | CFC Bidco 2022 Ltd.(3 mo. USD Term SOFR + 3.750%) | CFC Bidco 2022 Ltd.(3 mo. USD Term SOFR + 3.750%) |
| 2205000 | 8.041 | 07/01/32 | 2198120 |
| Colossus Acquireco LLC<sup>(l)</sup> | Colossus Acquireco LLC<sup>(l)</sup> | Colossus Acquireco LLC<sup>(l)</sup> | Colossus Acquireco LLC<sup>(l)</sup> |
| 2250000 | 0.000 | 06/11/32 | 2237153 |
| Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC | Deerfield Dakota Holding LLC |
| 1375000 | 0.000 <sup>(l)</sup> | 04/09/27 | 1361498 |
| (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) | (3 mo. USD Term SOFR + 6.750%) |
| 3797000 | 11.307 | 04/07/28 | 3733704 |
| Ditech Holding Corp.<sup>(e)(h)</sup> | Ditech Holding Corp.<sup>(e)(h)</sup> | Ditech Holding Corp.<sup>(e)(h)</sup> | Ditech Holding Corp.<sup>(e)(h)</sup> |
| 183350 | 0.000 | 06/30/27 |  |
| Edelman Financial Center LLC | Edelman Financial Center LLC | Edelman Financial Center LLC | Edelman Financial Center LLC |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 371845 | 7.356 | 04/07/28 | 372228 |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 495226 | 9.606 | 10/06/28 | 497083 |
| FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) | FNZ Group Services Ltd.(3 mo. USD Term SOFR + 5.000%) |
| 621875 | 9.260 | 11/05/31 | 501231 |
| Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) | Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) | Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) | Focus Financial Partners LLC(1 mo. USD Term SOFR + 2.750%) |
| 696500 | 7.106 | 09/15/31 | 696660 |
| GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. | GC Ferry Acquisition I, Inc. |
| 1075000 | 0.000 <sup>(l)</sup> | 06/06/32 | 1058208 |
| GEN II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) | GEN II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) | GEN II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) | GEN II Fund Services LLC(6 mo. USD Term SOFR + 2.750%) |
| 798000 | 6.967 | 11/26/31 | 798998 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** | **Diversified Financial Services – (continued)** |
| Hightower Holding LLC(3 mo. USD Term SOFR + 3.000%) | Hightower Holding LLC(3 mo. USD Term SOFR + 3.000%) | Hightower Holding LLC(3 mo. USD Term SOFR + 3.000%) | Hightower Holding LLC(3 mo. USD Term SOFR + 3.000%) |
| 944157 | 7.260% | 02/03/32 | $944157 |
| Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) | Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) | Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) | Mariner Wealth Advisors LLC(3 mo. USD Term SOFR + 2.500%) |
| 577483 | 6.796 | 12/31/30 | 579891 |
| Mermaid Bidco, Inc.<sup>(l)</sup> | Mermaid Bidco, Inc.<sup>(l)</sup> | Mermaid Bidco, Inc.<sup>(l)</sup> | Mermaid Bidco, Inc.<sup>(l)</sup> |
| 920000 | 0.000 | 07/03/31 | 920258 |
| OID-OL Intermediate I LLC | OID-OL Intermediate I LLC | OID-OL Intermediate I LLC | OID-OL Intermediate I LLC |
| (3 mo. USD Term SOFR + 6.000%) | (3 mo. USD Term SOFR + 6.000%) | (3 mo. USD Term SOFR + 6.000%) | (3 mo. USD Term SOFR + 6.000%) |
| 416128 | 10.308 | 02/01/29 | 428462 |
| (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) | (3 mo. USD Term SOFR + 4.250%) |
| 1943368 | 8.708 | 02/01/29 | 1621099 |
| Orion U.S. Finco, Inc.<sup>(l)</sup> | Orion U.S. Finco, Inc.<sup>(l)</sup> | Orion U.S. Finco, Inc.<sup>(l)</sup> | Orion U.S. Finco, Inc.<sup>(l)</sup> |
| 545000 | 0.000 | 05/20/32 | 547442 |
| Summit Acquisition, Inc.(3 mo. USD Term SOFR + 3.500%) | Summit Acquisition, Inc.(3 mo. USD Term SOFR + 3.500%) | Summit Acquisition, Inc.(3 mo. USD Term SOFR + 3.500%) | Summit Acquisition, Inc.(3 mo. USD Term SOFR + 3.500%) |
| 1868750 | 7.832 | 10/16/31 | 1871086 |
|  |  |  | 24202391 |
| **Electric – 0.4%** | **Electric – 0.4%** | **Electric – 0.4%** | **Electric – 0.4%** |
| Alpha Generation LLC(1 mo. USD Term SOFR + 2.000%) | Alpha Generation LLC(1 mo. USD Term SOFR + 2.000%) | Alpha Generation LLC(1 mo. USD Term SOFR + 2.000%) | Alpha Generation LLC(1 mo. USD Term SOFR + 2.000%) |
| 410151 | 6.356 | 09/30/31 | 409385 |
| Astoria Energy LLC<sup>(l)</sup> | Astoria Energy LLC<sup>(l)</sup> | Astoria Energy LLC<sup>(l)</sup> | Astoria Energy LLC<sup>(l)</sup> |
| 500000 | 0.000 | 06/23/32 | 501170 |
| Cogentrix Finance Holdco I LLC(1 mo. USD Term SOFR + 2.750%) | Cogentrix Finance Holdco I LLC(1 mo. USD Term SOFR + 2.750%) | Cogentrix Finance Holdco I LLC(1 mo. USD Term SOFR + 2.750%) | Cogentrix Finance Holdco I LLC(1 mo. USD Term SOFR + 2.750%) |
| 598500 | 7.106 | 02/26/32 | 598997 |
| CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) | CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) | CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) | CPV Fairview LLC(1 mo. USD Term SOFR + 3.000%) |
| 295200 | 7.356 | 08/14/31 | 296062 |
| EFS Cogen Holdings I LLC(3 mo. USD Term SOFR + 3.000%) | EFS Cogen Holdings I LLC(3 mo. USD Term SOFR + 3.000%) | EFS Cogen Holdings I LLC(3 mo. USD Term SOFR + 3.000%) | EFS Cogen Holdings I LLC(3 mo. USD Term SOFR + 3.000%) |
| 498237 | 7.308 | 10/03/31 | 499482 |
| Hamilton Projects Acquiror LLC(1 mo. USD Term SOFR + 2.500%) | Hamilton Projects Acquiror LLC(1 mo. USD Term SOFR + 2.500%) | Hamilton Projects Acquiror LLC(1 mo. USD Term SOFR + 2.500%) | Hamilton Projects Acquiror LLC(1 mo. USD Term SOFR + 2.500%) |
| 405000 | 6.856 | 05/30/31 | 405441 |
| Lackawanna Energy Center LLC | Lackawanna Energy Center LLC | Lackawanna Energy Center LLC | Lackawanna Energy Center LLC |
| 430000 | 0.000 <sup>(l)</sup> | 07/23/32 | 431613 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 679650 | 8.606 | 08/06/29 | 679086 |
| Lightstone Holdco LLC (1 mo. USD Term SOFR + 5.750%) | Lightstone Holdco LLC (1 mo. USD Term SOFR + 5.750%) | Lightstone Holdco LLC (1 mo. USD Term SOFR + 5.750%) | Lightstone Holdco LLC (1 mo. USD Term SOFR + 5.750%) |
| 1111797 | 10.106 | 01/29/27 | 1110174 |
| Potomac Energy Center LLC<sup>(h)(l)</sup> | Potomac Energy Center LLC<sup>(h)(l)</sup> | Potomac Energy Center LLC<sup>(h)(l)</sup> | Potomac Energy Center LLC<sup>(h)(l)</sup> |
| 356221 | 0.000 | 03/14/32 | 356221 |
| South Field LLC (3 mo. USD Term SOFR + 3.250%) | South Field LLC (3 mo. USD Term SOFR + 3.250%) | South Field LLC (3 mo. USD Term SOFR + 3.250%) | South Field LLC (3 mo. USD Term SOFR + 3.250%) |
| 584910 | 7.546 | 08/29/31 | 586617 |
| Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) | Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) | Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) | Talen Energy Supply LLC(3 mo. USD Term SOFR + 2.500%) |
| 126712 | 6.808 | 05/17/30 | 126811 |
|  |  |  | 6001059 |
| **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** | **Energy-Alternate Sources – 0.1%** |
| Enviva Partners LP/Enviva Partners Finance Corp.(3 mo. USD Term SOFR + 8.500%) | Enviva Partners LP/Enviva Partners Finance Corp.(3 mo. USD Term SOFR + 8.500%) | Enviva Partners LP/Enviva Partners Finance Corp.(3 mo. USD Term SOFR + 8.500%) | Enviva Partners LP/Enviva Partners Finance Corp.(3 mo. USD Term SOFR + 8.500%) |
| 887568 | 12.816 | 12/06/29 | 906429 |
| Esdec Solar Group BV<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Esdec Solar Group BV<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Esdec Solar Group BV<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Esdec Solar Group BV<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) |
| 143254 | 9.557 | 08/30/28 | 38679 |
|  |  |  | 945108 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** | **Engineering & Construction – 0.4%** |
| Artera Services LLC(3 mo. USD Term SOFR + 4.500%) | Artera Services LLC(3 mo. USD Term SOFR + 4.500%) | Artera Services LLC(3 mo. USD Term SOFR + 4.500%) | Artera Services LLC(3 mo. USD Term SOFR + 4.500%) |
| 373820 | 8.796% | 02/15/31 | $309149 |
| Brown Group Holding LLC | Brown Group Holding LLC | Brown Group Holding LLC | Brown Group Holding LLC |
| 500000 | 0.000 <sup>(l)</sup> | 07/01/31 | 500000 |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 998900 | 7.106 | 07/01/31 | 999890 |
| KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) | KKR Apple Bidco LLC(1 mo. USD Term SOFR + 2.500%) |
| 1812826 | 6.856 | 09/23/31 | 1816923 |
| Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) | Service Logic Acquisition, Inc.(1 mo. USD Term SOFR + 3.000%)–(3 mo. USD Term SOFR + 3.000%) |
| 1215433 | 7.308–7.356 | 10/29/27 | 1216442 |
| Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) | Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) | Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) | Wrench Group LLC(3 mo. USD Term SOFR + 4.000%) |
| 1051811 | 8.557 | 10/30/28 | 1048529 |
|  |  |  | 5890933 |
| **Entertainment – 0.3%** | **Entertainment – 0.3%** | **Entertainment – 0.3%** | **Entertainment – 0.3%** |
| Caesars Entertainment, Inc.(1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc.(1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc.(1 mo. USD Term SOFR + 2.250%) | Caesars Entertainment, Inc.(1 mo. USD Term SOFR + 2.250%) |
| 421012 | 6.606 | 02/06/30 | 420309 |
| CE Intermediate I LLC(3 mo. USD Term SOFR + 3.000%) | CE Intermediate I LLC(3 mo. USD Term SOFR + 3.000%) | CE Intermediate I LLC(3 mo. USD Term SOFR + 3.000%) | CE Intermediate I LLC(3 mo. USD Term SOFR + 3.000%) |
| 666650 | 7.450 | 03/25/32 | 667903 |
| East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) | East Valley Tourist Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 7.500%) |
| 981663 | 11.971 | 11/23/26 | 971846 |
| EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) | EOC Borrower LLC(1 mo. USD Term SOFR + 3.000%) |
| 461275 | 7.356 | 03/24/32 | 461566 |
| Motion Finco SARL(3 mo. USD Term SOFR + 3.500%) | Motion Finco SARL(3 mo. USD Term SOFR + 3.500%) | Motion Finco SARL(3 mo. USD Term SOFR + 3.500%) | Motion Finco SARL(3 mo. USD Term SOFR + 3.500%) |
| 499438 | 7.796 | 11/12/29 | 456986 |
| Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) | Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) | Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) | Ontario Gaming GTA LP(3 mo. USD Term SOFR + 4.250%) |
| 498734 | 8.546 | 08/01/30 | 495772 |
| Route 66 Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 9.000%) | Route 66 Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 9.000%) | Route 66 Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 9.000%) | Route 66 Development Authority<sup>(h)</sup> (1 mo. USD Term SOFR + 9.000%) |
| 1000000 | 13.356 | 10/10/30 | 995000 |
| UFC Holdings LLC<sup>(l)</sup> | UFC Holdings LLC<sup>(l)</sup> | UFC Holdings LLC<sup>(l)</sup> | UFC Holdings LLC<sup>(l)</sup> |
| 498750 | 0.000 | 11/21/31 | 499897 |
|  |  |  | 4969279 |
| **Environmental – 0.3%** | **Environmental – 0.3%** | **Environmental – 0.3%** | **Environmental – 0.3%** |
| Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) | Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) | Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) | Filtration Group Corp.(1 mo. USD Term SOFR + 3.000%) |
| 2909590 | 7.356 | 10/21/28 | 2914769 |
| Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
| (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) | (6 mo. USD Term SOFR + 2.500%) |
| 1122085 | 6.702 | 06/21/28 | 1121962 |
| (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) | (6 mo. USD Term SOFR + 3.250%) |
| 1000000 | 7.452 | 05/06/32 | 1003500 |
| WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) | WIN Waste Innovations Holdings, Inc.(1 mo. USD Term SOFR + 2.750%) |
| 550510 | 7.221 | 03/24/28 | 549607 |
|  |  |  | 5589838 |
| **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** | **Food – 0.2%** |
| Chobani LLC(1 mo. USD Term SOFR + 2.500%) | Chobani LLC(1 mo. USD Term SOFR + 2.500%) | Chobani LLC(1 mo. USD Term SOFR + 2.500%) | Chobani LLC(1 mo. USD Term SOFR + 2.500%) |
| 1047211 | 6.856 | 10/25/27 | 1050489 |
| Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) | Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) | Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) | Labeyrie Fine Foods SAS(3 mo. EUR EURIBOR + 4.250%) |
| 500000 | 6.230 | 07/30/26 | 537573 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Food – (continued)** | **Food – (continued)** | **Food – (continued)** | **Food – (continued)** |
| Nomad Foods U.S. LLC (6 mo. USD Term SOFR + 2.500%) | Nomad Foods U.S. LLC (6 mo. USD Term SOFR + 2.500%) | Nomad Foods U.S. LLC (6 mo. USD Term SOFR + 2.500%) | Nomad Foods U.S. LLC (6 mo. USD Term SOFR + 2.500%) |
| 637013 | 6.535% | 11/12/29 | $637096 |
| Quirch Foods Holdings LLC (3 mo. USD Term SOFR + 5.000%) | Quirch Foods Holdings LLC (3 mo. USD Term SOFR + 5.000%) | Quirch Foods Holdings LLC (3 mo. USD Term SOFR + 5.000%) | Quirch Foods Holdings LLC (3 mo. USD Term SOFR + 5.000%) |
| 438172 | 9.574 | 10/27/27 | 426122 |
|  |  |  | 2651280 |
| **Food Service – 0.1%** | **Food Service – 0.1%** | **Food Service – 0.1%** | **Food Service – 0.1%** |
| Aramark Services, Inc. (1 mo. USD Term SOFR + 2.000%) | Aramark Services, Inc. (1 mo. USD Term SOFR + 2.000%) | Aramark Services, Inc. (1 mo. USD Term SOFR + 2.000%) | Aramark Services, Inc. (1 mo. USD Term SOFR + 2.000%) |
| 692129 | 6.356 | 06/22/30 | 692253 |
| Golden State Foods LLC (1 mo. USD Term SOFR + 4.250%) | Golden State Foods LLC (1 mo. USD Term SOFR + 4.250%) | Golden State Foods LLC (1 mo. USD Term SOFR + 4.250%) | Golden State Foods LLC (1 mo. USD Term SOFR + 4.250%) |
| 536904 | 8.586 | 12/04/31 | 538918 |
|  |  |  | 1231171 |
| **Hand/Machine Tools – 0.0%** | **Hand/Machine Tools – 0.0%** | **Hand/Machine Tools – 0.0%** | **Hand/Machine Tools – 0.0%** |
| Alliance Laundry Systems LLC (1 mo. USD Term SOFR + 2.500%) | Alliance Laundry Systems LLC (1 mo. USD Term SOFR + 2.500%) | Alliance Laundry Systems LLC (1 mo. USD Term SOFR + 2.500%) | Alliance Laundry Systems LLC (1 mo. USD Term SOFR + 2.500%) |
| 887514 | 6.858 | 08/19/31 | 886014 |
| **Health Care Products – 0.9%** | **Health Care Products – 0.9%** | **Health Care Products – 0.9%** | **Health Care Products – 0.9%** |
| Agiliti Health, Inc. (3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) | Agiliti Health, Inc. (3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) | Agiliti Health, Inc. (3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) | Agiliti Health, Inc. (3 mo. USD Term SOFR + 3.000%)–(6 mo. USD Term SOFR + 3.000%) |
| 581320 | 7.216–7.291 | 05/01/30 | 562909 |
| Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. | Bausch & Lomb Corp. |
| (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) | (1 mo. USD Term SOFR + 4.000%) |
| 2463626 | 8.356 | 09/29/28 | 2461581 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 2855983 | 8.606 | 01/15/31 | 2863837 |
| Carestream Health, Inc. (3 mo. USD Term SOFR + 7.500%) | Carestream Health, Inc. (3 mo. USD Term SOFR + 7.500%) | Carestream Health, Inc. (3 mo. USD Term SOFR + 7.500%) | Carestream Health, Inc. (3 mo. USD Term SOFR + 7.500%) |
| 1199701 | 11.896 | 09/30/27 | 538366 |
| Confluent Medical Technologies, Inc. (3 mo. USD Term SOFR + 3.000%) | Confluent Medical Technologies, Inc. (3 mo. USD Term SOFR + 3.000%) | Confluent Medical Technologies, Inc. (3 mo. USD Term SOFR + 3.000%) | Confluent Medical Technologies, Inc. (3 mo. USD Term SOFR + 3.000%) |
| 861651 | 7.314 | 02/16/29 | 860212 |
| ICU Medical, Inc. (3 mo. USD Term SOFR + 2.500%) | ICU Medical, Inc. (3 mo. USD Term SOFR + 2.500%) | ICU Medical, Inc. (3 mo. USD Term SOFR + 2.500%) | ICU Medical, Inc. (3 mo. USD Term SOFR + 2.500%) |
| 653094 | 6.946 | 01/08/29 | 653447 |
| Lifescan Global Corp.<sup>(l)</sup> | Lifescan Global Corp.<sup>(l)</sup> | Lifescan Global Corp.<sup>(l)</sup> | Lifescan Global Corp.<sup>(l)</sup> |
| 2276935 | 0.000 | 12/31/26 | 1912626 |
| Maravai Intermediate Holdings LLC (3 mo. USD Term SOFR + 3.000%) | Maravai Intermediate Holdings LLC (3 mo. USD Term SOFR + 3.000%) | Maravai Intermediate Holdings LLC (3 mo. USD Term SOFR + 3.000%) | Maravai Intermediate Holdings LLC (3 mo. USD Term SOFR + 3.000%) |
| 639785 | 7.326 | 10/19/27 | 608595 |
| Medline Borrower LP (1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP (1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP (1 mo. USD Term SOFR + 2.250%) | Medline Borrower LP (1 mo. USD Term SOFR + 2.250%) |
| 4007680 | 6.606 | 10/23/28 | 4010204 |
| Resonetics LLC (3 mo. USD Term SOFR + 2.750%) | Resonetics LLC (3 mo. USD Term SOFR + 2.750%) | Resonetics LLC (3 mo. USD Term SOFR + 2.750%) | Resonetics LLC (3 mo. USD Term SOFR + 2.750%) |
| 831889 | 7.064 | 06/18/31 | 830941 |
|  |  |  | 15302718 |
| **Health Care Services – 0.9%** | **Health Care Services – 0.9%** | **Health Care Services – 0.9%** | **Health Care Services – 0.9%** |
| Charlotte Buyer, Inc. (1 mo. USD Term SOFR + 4.250%) | Charlotte Buyer, Inc. (1 mo. USD Term SOFR + 4.250%) | Charlotte Buyer, Inc. (1 mo. USD Term SOFR + 4.250%) | Charlotte Buyer, Inc. (1 mo. USD Term SOFR + 4.250%) |
| 329305 | 8.596 | 02/11/28 | 328929 |
| Electron BidCo, Inc. (1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (1 mo. USD Term SOFR + 2.750%) | Electron BidCo, Inc. (1 mo. USD Term SOFR + 2.750%) |
| 1107425 | 7.106 | 11/01/28 | 1109639 |
| Envision Healthcare Corp.<sup>(l)</sup> | Envision Healthcare Corp.<sup>(l)</sup> | Envision Healthcare Corp.<sup>(l)</sup> | Envision Healthcare Corp.<sup>(l)</sup> |
| 903488 | 0.000 | 12/30/27 | 905368 |
| Envision Healthcare Operating, Inc. (1 mo. USD Term SOFR + 6.500%) | Envision Healthcare Operating, Inc. (1 mo. USD Term SOFR + 6.500%) | Envision Healthcare Operating, Inc. (1 mo. USD Term SOFR + 6.500%) | Envision Healthcare Operating, Inc. (1 mo. USD Term SOFR + 6.500%) |
| 1994817 | 10.856 | 06/25/30 | 2006048 |
| Global Medical Response, Inc. (3 mo. USD Term SOFR + 4.750%) | Global Medical Response, Inc. (3 mo. USD Term SOFR + 4.750%) | Global Medical Response, Inc. (3 mo. USD Term SOFR + 4.750%) | Global Medical Response, Inc. (3 mo. USD Term SOFR + 4.750%) |
| 1208412 | 9.079 | 10/31/28 | 1208980 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Health Care Services – (continued)** | **Health Care Services – (continued)** | **Health Care Services – (continued)** | **Health Care Services – (continued)** |
| HomeVI SAS (3 mo. EUR EURIBOR + 4.750%) | HomeVI SAS (3 mo. EUR EURIBOR + 4.750%) | HomeVI SAS (3 mo. EUR EURIBOR + 4.750%) | HomeVI SAS (3 mo. EUR EURIBOR + 4.750%) |
| 500000 | 6.776% | 10/31/29 | $570423 |
| LifePoint Health, Inc. (3 mo. USD Term SOFR + 3.500%) | LifePoint Health, Inc. (3 mo. USD Term SOFR + 3.500%) | LifePoint Health, Inc. (3 mo. USD Term SOFR + 3.500%) | LifePoint Health, Inc. (3 mo. USD Term SOFR + 3.500%) |
| 92038 | 7.820 | 05/19/31 | 91477 |
| MDVIP, Inc. (1 mo. USD Term SOFR + 2.750%) | MDVIP, Inc. (1 mo. USD Term SOFR + 2.750%) | MDVIP, Inc. (1 mo. USD Term SOFR + 2.750%) | MDVIP, Inc. (1 mo. USD Term SOFR + 2.750%) |
| 911519 | 7.106 | 10/16/28 | 911747 |
| Parexel International Corp. (1 mo. USD Term SOFR + 2.500%) | Parexel International Corp. (1 mo. USD Term SOFR + 2.500%) | Parexel International Corp. (1 mo. USD Term SOFR + 2.500%) | Parexel International Corp. (1 mo. USD Term SOFR + 2.500%) |
| 611987 | 6.856 | 11/15/28 | 612599 |
| Pluto Acquisition I, Inc. (3 mo. USD Term SOFR + 5.500%) | Pluto Acquisition I, Inc. (3 mo. USD Term SOFR + 5.500%) | Pluto Acquisition I, Inc. (3 mo. USD Term SOFR + 5.500%) | Pluto Acquisition I, Inc. (3 mo. USD Term SOFR + 5.500%) |
| 238343 | 9.821 | 06/20/28 | 237747 |
| Precision Medicine Group LLC (1 mo. USD Term SOFR + 3.000%) | Precision Medicine Group LLC (1 mo. USD Term SOFR + 3.000%) | Precision Medicine Group LLC (1 mo. USD Term SOFR + 3.000%) | Precision Medicine Group LLC (1 mo. USD Term SOFR + 3.000%) |
| 788410 | 7.456 | 11/18/27 | 788655 |
| Radiology Partners, Inc.<sup>(l)</sup> | Radiology Partners, Inc.<sup>(l)</sup> | Radiology Partners, Inc.<sup>(l)</sup> | Radiology Partners, Inc.<sup>(l)</sup> |
| 300000 | 0.000 | 06/30/32 | 300048 |
| Radnet Management, Inc. (3 mo. USD Term SOFR + 2.250%) | Radnet Management, Inc. (3 mo. USD Term SOFR + 2.250%) | Radnet Management, Inc. (3 mo. USD Term SOFR + 2.250%) | Radnet Management, Inc. (3 mo. USD Term SOFR + 2.250%) |
| 1076172 | 6.580 | 04/18/31 | 1077345 |
| Surgery Center Holdings, Inc. (1 mo. USD Term SOFR + 2.750%) | Surgery Center Holdings, Inc. (1 mo. USD Term SOFR + 2.750%) | Surgery Center Holdings, Inc. (1 mo. USD Term SOFR + 2.750%) | Surgery Center Holdings, Inc. (1 mo. USD Term SOFR + 2.750%) |
| 1097157 | 7.106 | 12/19/30 | 1099791 |
| Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. | Team Health Holdings, Inc. |
| 830000 | 0.000 <sup>(l)</sup> | 06/23/28 | 829651 |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 2535578 | 9.606 | 03/02/27 | 2530304 |
|  |  |  | 14608751 |
| **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** | **Home Furnishings – 0.5%** |
| AI Aqua Merger Sub, Inc. (1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (1 mo. USD Term SOFR + 3.000%) | AI Aqua Merger Sub, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 2055181 | 7.322 | 07/31/28 | 2053352 |
| Weber-Stephen Products LLC | Weber-Stephen Products LLC | Weber-Stephen Products LLC | Weber-Stephen Products LLC |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 3070877 | 7.721 | 10/30/27 | 3066086 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 2684730 | 8.706 | 10/30/27 | 2674662 |
|  |  |  | 7794100 |
| **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** | **Insurance – 2.8%** |
| Acrisure LLC (1 mo. USD Term SOFR + 3.000%) | Acrisure LLC (1 mo. USD Term SOFR + 3.000%) | Acrisure LLC (1 mo. USD Term SOFR + 3.000%) | Acrisure LLC (1 mo. USD Term SOFR + 3.000%) |
| 3751704 | 7.356 | 11/06/30 | 3747015 |
| Alera Group, Inc. | Alera Group, Inc. | Alera Group, Inc. | Alera Group, Inc. |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 500000 | 7.606 | 05/31/32 | 502095 |
| (1 mo. USD Term SOFR + 5.500%) | (1 mo. USD Term SOFR + 5.500%) | (1 mo. USD Term SOFR + 5.500%) | (1 mo. USD Term SOFR + 5.500%) |
| 3100000 | 9.856 | 05/30/33 | 3212375 |
| Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC | Alliant Holdings Intermediate LLC |
| 1597227 | 0.000 <sup>(l)</sup> | 09/19/31 | 1597227 |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1126086 | 7.103 | 09/19/31 | 1125974 |
| AmWINS Group, Inc. (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (1 mo. USD Term SOFR + 2.250%) | AmWINS Group, Inc. (1 mo. USD Term SOFR + 2.250%) |
| 617836 | 6.606 | 01/30/32 | 618083 |
| Amynta Agency Borrower, Inc. (1 mo. USD Term SOFR + 3.000%) | Amynta Agency Borrower, Inc. (1 mo. USD Term SOFR + 3.000%) | Amynta Agency Borrower, Inc. (1 mo. USD Term SOFR + 3.000%) | Amynta Agency Borrower, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 241579 | 7.356 | 12/29/31 | 241549 |
| Ardonagh Midco 3 PLC (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) | Ardonagh Midco 3 PLC (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) | Ardonagh Midco 3 PLC (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) | Ardonagh Midco 3 PLC (3 mo. USD Term SOFR + 2.750%)–(6 mo. USD Term SOFR + 2.750%) |
| 871875 | 6.950–7.046 | 02/15/31 | 868065 |
| AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) | AssuredPartners, Inc. (1 mo. USD Term SOFR + 3.500%) |
| 2758240 | 7.858 | 02/14/31 | 2763509 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** | **Insurance – (continued)** |
| Asurion LLC | Asurion LLC | Asurion LLC | Asurion LLC |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 184027 | 9.721% | 01/20/29 | $172611 |
| (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) | (1 mo. USD Term SOFR + 3.250%) |
| 165860 | 7.721 | 07/31/27 | 165770 |
| (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) | (1 mo. USD Term SOFR + 4.250%) |
| 625754 | 8.606 | 09/19/30 | 612144 |
| Broadstreet Partners, Inc. (1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (1 mo. USD Term SOFR + 2.750%) | Broadstreet Partners, Inc. (1 mo. USD Term SOFR + 2.750%) |
| 4701172 | 7.106 | 06/13/31 | 4703852 |
| Cross Financial Corp. (1 mo. USD Term SOFR + 2.750%) | Cross Financial Corp. (1 mo. USD Term SOFR + 2.750%) | Cross Financial Corp. (1 mo. USD Term SOFR + 2.750%) | Cross Financial Corp. (1 mo. USD Term SOFR + 2.750%) |
| 639110 | 7.106 | 10/31/31 | 641110 |
| Goosehead Insurance Holdings LLC (1 mo. USD Term SOFR + 3.000%) | Goosehead Insurance Holdings LLC (1 mo. USD Term SOFR + 3.000%) | Goosehead Insurance Holdings LLC (1 mo. USD Term SOFR + 3.000%) | Goosehead Insurance Holdings LLC (1 mo. USD Term SOFR + 3.000%) |
| 1745625 | 7.336 | 01/08/32 | 1754353 |
| Howden Group Holdings Ltd. | Howden Group Holdings Ltd. | Howden Group Holdings Ltd. | Howden Group Holdings Ltd. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 1367591 | 7.356 | 02/15/31 | 1368808 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 3515296 | 7.856 | 04/18/30 | 3522994 |
| HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) | HUB International Ltd. (3 mo. USD Term SOFR + 2.500%) |
| 860963 | 6.826 | 06/20/30 | 861652 |
| IMA Financial Group, Inc. (1 mo. USD Term SOFR + 3.000%) | IMA Financial Group, Inc. (1 mo. USD Term SOFR + 3.000%) | IMA Financial Group, Inc. (1 mo. USD Term SOFR + 3.000%) | IMA Financial Group, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 3834023 | 7.356 | 11/01/28 | 3834981 |
| OneDigital Borrower LLC (1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC (1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC (1 mo. USD Term SOFR + 3.000%) | OneDigital Borrower LLC (1 mo. USD Term SOFR + 3.000%) |
| 572110 | 7.356 | 07/02/31 | 572111 |
| Ryan Specialty Group LLC (1 mo. USD Term SOFR + 2.250%) | Ryan Specialty Group LLC (1 mo. USD Term SOFR + 2.250%) | Ryan Specialty Group LLC (1 mo. USD Term SOFR + 2.250%) | Ryan Specialty Group LLC (1 mo. USD Term SOFR + 2.250%) |
| 768554 | 6.606 | 09/15/31 | 767916 |
| Sedgwick Claims Management Services, Inc. (1 mo. USD Term SOFR + 2.500%) | Sedgwick Claims Management Services, Inc. (1 mo. USD Term SOFR + 2.500%) | Sedgwick Claims Management Services, Inc. (1 mo. USD Term SOFR + 2.500%) | Sedgwick Claims Management Services, Inc. (1 mo. USD Term SOFR + 2.500%) |
| 1036575 | 6.856 | 07/31/31 | 1037435 |
| Trucordia Insurance Holdings LLC (1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (1 mo. USD Term SOFR + 3.250%) | Trucordia Insurance Holdings LLC (1 mo. USD Term SOFR + 3.250%) |
| 2000000 | 7.606 | 06/17/32 | 2010000 |
| Truist Insurance Holdings LLC (3 mo. USD Term SOFR + 4.750%) | Truist Insurance Holdings LLC (3 mo. USD Term SOFR + 4.750%) | Truist Insurance Holdings LLC (3 mo. USD Term SOFR + 4.750%) | Truist Insurance Holdings LLC (3 mo. USD Term SOFR + 4.750%) |
| 5250000 | 9.046 | 05/06/32 | 5353688 |
| USI, Inc. | USI, Inc. | USI, Inc. | USI, Inc. |
| (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) | (3 mo. USD Term SOFR + 2.250%) |
| 854376 | 6.546 | 11/21/29 | 853444 |
| 1263601 | 6.546 | 09/29/30 | 1260833 |
|  |  |  | 44169594 |
| **Internet – 0.7%** | **Internet – 0.7%** | **Internet – 0.7%** | **Internet – 0.7%** |
| Arches Buyer, Inc.<sup>(l)</sup> | Arches Buyer, Inc.<sup>(l)</sup> | Arches Buyer, Inc.<sup>(l)</sup> | Arches Buyer, Inc.<sup>(l)</sup> |
| 250000 | 0.000 | 12/06/27 | 249590 |
| BEP Intermediate Holdco LLC (1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (1 mo. USD Term SOFR + 2.750%) | BEP Intermediate Holdco LLC (1 mo. USD Term SOFR + 2.750%) |
| 706873 | 7.100 | 07/25/31 | 710853 |
| CNT Holdings I Corp. (3 mo. USD Term SOFR + 2.250%) | CNT Holdings I Corp. (3 mo. USD Term SOFR + 2.250%) | CNT Holdings I Corp. (3 mo. USD Term SOFR + 2.250%) | CNT Holdings I Corp. (3 mo. USD Term SOFR + 2.250%) |
| 1685250 | 6.558 | 11/08/32 | 1687457 |
| Diamond Sports Group LLC | Diamond Sports Group LLC | Diamond Sports Group LLC | Diamond Sports Group LLC |
| 1910 | 0.000 | 01/02/28 | 1662 |
| MH Sub I LLC <sup>(l)</sup> | MH Sub I LLC <sup>(l)</sup> | MH Sub I LLC <sup>(l)</sup> | MH Sub I LLC <sup>(l)</sup> |
| 611450 | 0.000 | 05/03/28 | 581795 |
| 342880 | 0.000 | 12/31/31 | 304879 |
| Polaris Purchaser, Inc. (1 mo. USD Term SOFR + 3.500%) | Polaris Purchaser, Inc. (1 mo. USD Term SOFR + 3.500%) | Polaris Purchaser, Inc. (1 mo. USD Term SOFR + 3.500%) | Polaris Purchaser, Inc. (1 mo. USD Term SOFR + 3.500%) |
| 766466 | 7.856 | 03/03/31 | 766466 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** | **Internet – (continued)** |
| Proofpoint, Inc. (1 mo. USD Term SOFR + 3.000%) | Proofpoint, Inc. (1 mo. USD Term SOFR + 3.000%) | Proofpoint, Inc. (1 mo. USD Term SOFR + 3.000%) | Proofpoint, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 3772927 | 7.356% | 08/31/28 | $3777228 |
| PUG LLC (1 mo. USD Term SOFR + 4.750%) | PUG LLC (1 mo. USD Term SOFR + 4.750%) | PUG LLC (1 mo. USD Term SOFR + 4.750%) | PUG LLC (1 mo. USD Term SOFR + 4.750%) |
| 1223723 | 9.106 | 03/15/30 | 1210727 |
| Speedster Bidco GmbH (3 mo. USD Term SOFR + 3.250%) | Speedster Bidco GmbH (3 mo. USD Term SOFR + 3.250%) | Speedster Bidco GmbH (3 mo. USD Term SOFR + 3.250%) | Speedster Bidco GmbH (3 mo. USD Term SOFR + 3.250%) |
| 1032413 | 7.546 | 12/10/31 | 1033269 |
| team.blue Finco SARL (3 mo. USD Term SOFR + 3.250%) | team.blue Finco SARL (3 mo. USD Term SOFR + 3.250%) | team.blue Finco SARL (3 mo. USD Term SOFR + 3.250%) | team.blue Finco SARL (3 mo. USD Term SOFR + 3.250%) |
| 509091 | 7.530 | 07/12/32 | 509412 |
|  |  | 10833338 | 10833338 |
| **Investment Companies<sup>(l)</sup> – 0.1%** | **Investment Companies<sup>(l)</sup> – 0.1%** | **Investment Companies<sup>(l)</sup> – 0.1%** | **Investment Companies<sup>(l)</sup> – 0.1%** |
| Nvent Electric PLC | Nvent Electric PLC | Nvent Electric PLC | Nvent Electric PLC |
| 1000000 | 0.000 | 01/30/32 | 1004380 |
| **Leisure Time – 0.4%** | **Leisure Time – 0.4%** | **Leisure Time – 0.4%** | **Leisure Time – 0.4%** |
| Alterra Mountain Co. | Alterra Mountain Co. | Alterra Mountain Co. | Alterra Mountain Co. |
| (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) | (1 mo. USD Term SOFR + 2.500%) |
| 291570 | 6.853 | 08/18/28 | 292118 |
| 1141982 | 6.853 | 05/31/30 | 1143889 |
| 2797948 | 6.827 | 08/17/28 | 2803207 |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 497500 | 7.327 | 05/31/30 | 498331 |
| Bulldog Purchaser, Inc. (3 mo. USD Term SOFR + 3.750%) | Bulldog Purchaser, Inc. (3 mo. USD Term SOFR + 3.750%) | Bulldog Purchaser, Inc. (3 mo. USD Term SOFR + 3.750%) | Bulldog Purchaser, Inc. (3 mo. USD Term SOFR + 3.750%) |
| 938780 | 8.036 | 06/27/31 | 942770 |
| Life Time Fitness, Inc. (1 mo. USD Term SOFR + 2.250%) | Life Time Fitness, Inc. (1 mo. USD Term SOFR + 2.250%) | Life Time Fitness, Inc. (1 mo. USD Term SOFR + 2.250%) | Life Time Fitness, Inc. (1 mo. USD Term SOFR + 2.250%) |
| 705033 | 6.577 | 11/05/31 | 706147 |
| Recess Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) | Recess Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) | Recess Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) | Recess Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) |
| 832798 | 8.069 | 02/20/30 | 835405 |
| Sabre GLBL, Inc. (1 mo. USD Term SOFR + 5.000%) | Sabre GLBL, Inc. (1 mo. USD Term SOFR + 5.000%) | Sabre GLBL, Inc. (1 mo. USD Term SOFR + 5.000%) | Sabre GLBL, Inc. (1 mo. USD Term SOFR + 5.000%) |
| 94072 | 9.456 | 06/30/28 | 93602 |
|  |  |  | 7315469 |
| **Lodging – 0.2%** | **Lodging – 0.2%** | **Lodging – 0.2%** | **Lodging – 0.2%** |
| Fertitta Entertainment LLC (1 mo. USD Term SOFR + 3.250%) | Fertitta Entertainment LLC (1 mo. USD Term SOFR + 3.250%) | Fertitta Entertainment LLC (1 mo. USD Term SOFR + 3.250%) | Fertitta Entertainment LLC (1 mo. USD Term SOFR + 3.250%) |
| 1603485 | 7.601 | 01/27/29 | 1603806 |
| Four Seasons Hotels Ltd. (1 mo. USD Term SOFR + 1.750%) | Four Seasons Hotels Ltd. (1 mo. USD Term SOFR + 1.750%) | Four Seasons Hotels Ltd. (1 mo. USD Term SOFR + 1.750%) | Four Seasons Hotels Ltd. (1 mo. USD Term SOFR + 1.750%) |
| 715209 | 6.106 | 11/30/29 | 718706 |
| Station Casinos LLC (1 mo. USD Term SOFR + 2.000%) | Station Casinos LLC (1 mo. USD Term SOFR + 2.000%) | Station Casinos LLC (1 mo. USD Term SOFR + 2.000%) | Station Casinos LLC (1 mo. USD Term SOFR + 2.000%) |
| 689052 | 6.356 | 03/14/31 | 689486 |
|  |  |  | 3011998 |
| **Machinery - Construction & Mining – 0.1%** | **Machinery - Construction & Mining – 0.1%** | **Machinery - Construction & Mining – 0.1%** | **Machinery - Construction & Mining – 0.1%** |
| WEC U.S. Holdings Ltd. (1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (1 mo. USD Term SOFR + 2.250%) | WEC U.S. Holdings Ltd. (1 mo. USD Term SOFR + 2.250%) |
| 996211 | 6.579 | 01/27/31 | 996420 |
| **Machinery-Diversified – 1.1%** | **Machinery-Diversified – 1.1%** | **Machinery-Diversified – 1.1%** | **Machinery-Diversified – 1.1%** |
| CD&R Hydra Buyer, Inc. (1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (1 mo. USD Term SOFR + 4.000%) | CD&R Hydra Buyer, Inc. (1 mo. USD Term SOFR + 4.000%) |
| 1016876 | 8.456 | 03/25/31 | 1015290 |
| Chart Industries, Inc. (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (3 mo. USD Term SOFR + 2.500%) | Chart Industries, Inc. (3 mo. USD Term SOFR + 2.500%) |
| 472441 | 6.792 | 03/15/30 | 473769 |
| Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. | Engineered Machinery Holdings, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 748062 | 8.057 | 05/19/28 | 751533 |
| (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) | (3 mo. USD Term SOFR + 6.500%) |
| 1325000 | 11.057 | 05/21/29 | 1326656 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Machinery-Diversified – (continued)** | **Machinery-Diversified – (continued)** | **Machinery-Diversified – (continued)** | **Machinery-Diversified – (continued)** |
| Fortna Group, Inc. (6 mo. USD Term SOFR + 5.500%) | Fortna Group, Inc. (6 mo. USD Term SOFR + 5.500%) | Fortna Group, Inc. (6 mo. USD Term SOFR + 5.500%) | Fortna Group, Inc. (6 mo. USD Term SOFR + 5.500%) |
| 885336 | 9.716% | 06/01/29 | $706499 |
| Oregon Tool, Inc. (3 mo. USD Term SOFR + 4.000%) | Oregon Tool, Inc. (3 mo. USD Term SOFR + 4.000%) | Oregon Tool, Inc. (3 mo. USD Term SOFR + 4.000%) | Oregon Tool, Inc. (3 mo. USD Term SOFR + 4.000%) |
| 561921 | 8.586 | 10/15/29 | 459725 |
| Pro Mach Group, Inc. (1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (1 mo. USD Term SOFR + 2.750%) | Pro Mach Group, Inc. (1 mo. USD Term SOFR + 2.750%) |
| 2107411 | 7.106 | 08/31/28 | 2112448 |
| Roper Industrial Products Investment Co. LLC (3 mo. USD Term SOFR + 2.750%) | Roper Industrial Products Investment Co. LLC (3 mo. USD Term SOFR + 2.750%) | Roper Industrial Products Investment Co. LLC (3 mo. USD Term SOFR + 2.750%) | Roper Industrial Products Investment Co. LLC (3 mo. USD Term SOFR + 2.750%) |
| 3342997 | 7.046 | 11/22/29 | 3347008 |
| SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) | SPX Flow, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 2112562 | 7.356 | 04/05/29 | 2116322 |
| Titan Acquisition Ltd. (3 mo. USD Term SOFR + 4.500%)–(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (3 mo. USD Term SOFR + 4.500%)–(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (3 mo. USD Term SOFR + 4.500%)–(6 mo. USD Term SOFR + 4.500%) | Titan Acquisition Ltd. (3 mo. USD Term SOFR + 4.500%)–(6 mo. USD Term SOFR + 4.500%) |
| 1185069 | 8.666–8.796 | 02/15/29 | 1184227 |
| TK Elevator Midco GmbH (6 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (6 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (6 mo. USD Term SOFR + 3.000%) | TK Elevator Midco GmbH (6 mo. USD Term SOFR + 3.000%) |
| 3952472 | 7.197 | 04/30/30 | 3972234 |
| Victory Buyer LLC (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (1 mo. USD Term SOFR + 3.750%) | Victory Buyer LLC (1 mo. USD Term SOFR + 3.750%) |
| 1021904 | 8.221 | 11/19/28 | 1019901 |
|  |  |  | 18485612 |
| **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** | **Media – 0.5%** |
| Century De Buyer LLC (3 mo. USD Term SOFR + 3.500%) | Century De Buyer LLC (3 mo. USD Term SOFR + 3.500%) | Century De Buyer LLC (3 mo. USD Term SOFR + 3.500%) | Century De Buyer LLC (3 mo. USD Term SOFR + 3.500%) |
| 1112347 | 7.808 | 10/30/30 | 1113604 |
| EW Scripps Co. (1 mo. USD Term SOFR + 5.750%) | EW Scripps Co. (1 mo. USD Term SOFR + 5.750%) | EW Scripps Co. (1 mo. USD Term SOFR + 5.750%) | EW Scripps Co. (1 mo. USD Term SOFR + 5.750%) |
| 728222 | 10.208 | 06/30/28 | 735504 |
| Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. | Gray Television, Inc. |
| (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) | (1 mo. USD Term SOFR + 3.000%) |
| 149521 | 7.443 | 12/01/28 | 149190 |
| (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) | (1 mo. USD Term SOFR + 5.250%) |
| 5300 | 9.579 | 06/04/29 | 5299 |
| NEP Group, Inc. | NEP Group, Inc. | NEP Group, Inc. | NEP Group, Inc. |
| (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) | (3 mo. USD Term SOFR + 4.000%) |
| 580647 | 8.594 | 08/19/26 | 549193 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 1772417 | 7.844 | 08/19/26 | 1675820 |
| Telenet Financing USD LLC (1 mo. USD Term SOFR + 2.000%) | Telenet Financing USD LLC (1 mo. USD Term SOFR + 2.000%) | Telenet Financing USD LLC (1 mo. USD Term SOFR + 2.000%) | Telenet Financing USD LLC (1 mo. USD Term SOFR + 2.000%) |
| 769231 | 6.456 | 04/30/28 | 753077 |
| Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) | Townsquare Media, Inc.<sup>(h)</sup> (3 mo. USD Term SOFR + 5.000%) |
| 402469 | 9.324 | 02/19/30 | 358197 |
| United Talent Agency LLC (1 mo. USD Term SOFR + 3.500%) | United Talent Agency LLC (1 mo. USD Term SOFR + 3.500%) | United Talent Agency LLC (1 mo. USD Term SOFR + 3.500%) | United Talent Agency LLC (1 mo. USD Term SOFR + 3.500%) |
| 1046975 | 7.843 | 06/10/32 | 1052210 |
| Virgin Media Bristol LLC (6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (6 mo. USD Term SOFR + 3.175%) | Virgin Media Bristol LLC (6 mo. USD Term SOFR + 3.175%) |
| 775000 | 7.373 | 03/31/31 | 759500 |
| WideOpenWest Finance LLC | WideOpenWest Finance LLC | WideOpenWest Finance LLC | WideOpenWest Finance LLC |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 284637 | 7.582 | 12/11/28 | 243314 |
| (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) | (3 mo. USD Term SOFR + 7.000%) |
| 399114 | 11.582 | 12/11/28 | 409690 |
|  |  |  | 7804598 |
| **Metal Fabricate & Hardware – 0.3%** | **Metal Fabricate & Hardware – 0.3%** | **Metal Fabricate & Hardware – 0.3%** | **Metal Fabricate & Hardware – 0.3%** |
| Crosby U.S. Acquisition Corp. (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (1 mo. USD Term SOFR + 3.500%) | Crosby U.S. Acquisition Corp. (1 mo. USD Term SOFR + 3.500%) |
| 4441727 | 7.856 | 08/16/29 | 4461182 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k) –</sup> (continued)** | **Bank Loans<sup>(k) –</sup> (continued)** | **Bank Loans<sup>(k) –</sup> (continued)** | **Bank Loans<sup>(k) –</sup> (continued)** |
| **Mining<sup>(h)</sup> – 0.0%** | **Mining<sup>(h)</sup> – 0.0%** | **Mining<sup>(h)</sup> – 0.0%** | **Mining<sup>(h)</sup> – 0.0%** |
| Dominion Diamond(Fixed + 10.000%) | Dominion Diamond(Fixed + 10.000%) | Dominion Diamond(Fixed + 10.000%) | Dominion Diamond(Fixed + 10.000%) |
| 467153 | 10.000% | 06/30/26 | $467153 |
| **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** | **Miscellaneous Manufacturing – 0.1%** |
| LTI Holdings, Inc. (1 mo. USD Term SOFR + 4.250%) | LTI Holdings, Inc. (1 mo. USD Term SOFR + 4.250%) | LTI Holdings, Inc. (1 mo. USD Term SOFR + 4.250%) | LTI Holdings, Inc. (1 mo. USD Term SOFR + 4.250%) |
| 473308 | 8.606 | 07/29/29 | 473663 |
| Touchdown Acquirer, Inc. (3 mo. USD Term SOFR + 2.750%) | Touchdown Acquirer, Inc. (3 mo. USD Term SOFR + 2.750%) | Touchdown Acquirer, Inc. (3 mo. USD Term SOFR + 2.750%) | Touchdown Acquirer, Inc. (3 mo. USD Term SOFR + 2.750%) |
| 598500 | 7.083 | 02/21/31 | 597752 |
|  |  |  | 1071415 |
| **Oil & Gas – 0.1%** | **Oil & Gas – 0.1%** | **Oil & Gas – 0.1%** | **Oil & Gas – 0.1%** |
| Pasadena Performance Products LLC (3 mo. USD Term SOFR + 3.500%) | Pasadena Performance Products LLC (3 mo. USD Term SOFR + 3.500%) | Pasadena Performance Products LLC (3 mo. USD Term SOFR + 3.500%) | Pasadena Performance Products LLC (3 mo. USD Term SOFR + 3.500%) |
| 1052362 | 7.796 | 02/27/32 | 1058719 |
| **Packaging – 0.8%** | **Packaging – 0.8%** | **Packaging – 0.8%** | **Packaging – 0.8%** |
| Brook & Whittle Holding Corp. (3 mo. USD Term SOFR + 4.000%) | Brook & Whittle Holding Corp. (3 mo. USD Term SOFR + 4.000%) | Brook & Whittle Holding Corp. (3 mo. USD Term SOFR + 4.000%) | Brook & Whittle Holding Corp. (3 mo. USD Term SOFR + 4.000%) |
| 873461 | 8.483 | 12/14/28 | 628350 |
| Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) | Charter NEX U.S., Inc. (1 mo. USD Term SOFR + 2.750%) |
| 2873782 | 7.086 | 11/29/30 | 2879329 |
| LABL, Inc. (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (1 mo. USD Term SOFR + 5.000%) | LABL, Inc. (1 mo. USD Term SOFR + 5.000%) |
| 1758558 | 9.456 | 10/30/28 | 1587890 |
| Pregis TopCo Corp. (1 mo. USD Term SOFR + 3.000%) | Pregis TopCo Corp. (1 mo. USD Term SOFR + 3.000%) | Pregis TopCo Corp. (1 mo. USD Term SOFR + 3.000%) | Pregis TopCo Corp. (1 mo. USD Term SOFR + 3.000%) |
| 2578360 | 8.356 | 02/01/29 | 2601565 |
| Pretium Packaging LLC (3 mo. USD Term SOFR + 3.899%) | Pretium Packaging LLC (3 mo. USD Term SOFR + 3.899%) | Pretium Packaging LLC (3 mo. USD Term SOFR + 3.899%) | Pretium Packaging LLC (3 mo. USD Term SOFR + 3.899%) |
| 1782898 | 8.158 | 10/02/28 | 973908 |
| Proampac PG Borrower LLC (3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (3 mo. USD Term SOFR + 4.000%) | Proampac PG Borrower LLC (3 mo. USD Term SOFR + 4.000%) |
| 1100672 | 8.318–8.324 | 09/15/28 | 1102048 |
| Trident TPI Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) | Trident TPI Holdings, Inc. (3 mo. USD Term SOFR + 3.750%) |
| 2733471 | 8.046 | 09/15/28 | 2669836 |
|  |  |  | 12442926 |
| **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** | **Pharmaceuticals – 0.6%** |
| Bausch Health Cos., Inc. (1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (1 mo. USD Term SOFR + 6.250%) | Bausch Health Cos., Inc. (1 mo. USD Term SOFR + 6.250%) |
| 350000 | 10.606 | 10/08/30 | 342454 |
| Covetrus, Inc. (3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (3 mo. USD Term SOFR + 5.000%) | Covetrus, Inc. (3 mo. USD Term SOFR + 5.000%) |
| 448597 | 9.296 | 10/13/29 | 408506 |
| Curium Bidco SARL (3 mo. USD Term SOFR + 3.500%) | Curium Bidco SARL (3 mo. USD Term SOFR + 3.500%) | Curium Bidco SARL (3 mo. USD Term SOFR + 3.500%) | Curium Bidco SARL (3 mo. USD Term SOFR + 3.500%) |
| 981322 | 7.796 | 07/31/29 | 981940 |
| Gainwell Acquisition Corp. (3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (3 mo. USD Term SOFR + 4.000%) | Gainwell Acquisition Corp. (3 mo. USD Term SOFR + 4.000%) |
| 2453209 | 8.396 | 10/01/27 | 2415651 |
| Grifols Worldwide Operations USA, Inc. (3 mo. USD Term SOFR + 2.000%) | Grifols Worldwide Operations USA, Inc. (3 mo. USD Term SOFR + 2.000%) | Grifols Worldwide Operations USA, Inc. (3 mo. USD Term SOFR + 2.000%) | Grifols Worldwide Operations USA, Inc. (3 mo. USD Term SOFR + 2.000%) |
| 562931 | 6.483 | 11/15/27 | 561788 |
| Lannett Co., Inc.<sup>(h)</sup> | Lannett Co., Inc.<sup>(h)</sup> | Lannett Co., Inc.<sup>(h)</sup> | Lannett Co., Inc.<sup>(h)</sup> |
| 353773 | 0.000 | 06/16/30 | 353773 |
| Option Care Health, Inc. (1 mo. USD Term SOFR + 2.250%) | Option Care Health, Inc. (1 mo. USD Term SOFR + 2.250%) | Option Care Health, Inc. (1 mo. USD Term SOFR + 2.250%) | Option Care Health, Inc. (1 mo. USD Term SOFR + 2.250%) |
| 600565 | 6.606 | 10/27/28 | 603316 |
| Sharp Services LLC (3 mo. USD Term SOFR + 3.250%) | Sharp Services LLC (3 mo. USD Term SOFR + 3.250%) | Sharp Services LLC (3 mo. USD Term SOFR + 3.250%) | Sharp Services LLC (3 mo. USD Term SOFR + 3.250%) |
| 1082697 | 7.546 | 12/31/28 | 1086757 |
| Southern Veterinary Partners LLC (3 mo. USD Term SOFR + 3.250%) | Southern Veterinary Partners LLC (3 mo. USD Term SOFR + 3.250%) | Southern Veterinary Partners LLC (3 mo. USD Term SOFR + 3.250%) | Southern Veterinary Partners LLC (3 mo. USD Term SOFR + 3.250%) |
| 2621250 | 7.536 | 12/04/31 | 2621979 |
|  |  |  | 9376164 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Pipelines – 0.6%** | **Pipelines – 0.6%** | **Pipelines – 0.6%** | **Pipelines – 0.6%** |
| BCP Renaissance Parent LLC (3 mo. USD Term SOFR + 3.000%) | BCP Renaissance Parent LLC (3 mo. USD Term SOFR + 3.000%) | BCP Renaissance Parent LLC (3 mo. USD Term SOFR + 3.000%) | BCP Renaissance Parent LLC (3 mo. USD Term SOFR + 3.000%) |
| 722618 | 7.296% | 10/31/28 | $723651 |
| CPPIB Capital, Inc. (3 mo. USD Term SOFR + 2.750%) | CPPIB Capital, Inc. (3 mo. USD Term SOFR + 2.750%) | CPPIB Capital, Inc. (3 mo. USD Term SOFR + 2.750%) | CPPIB Capital, Inc. (3 mo. USD Term SOFR + 2.750%) |
| 875786 | 7.046 | 08/20/31 | 878344 |
| CQP Holdco LP (3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP (3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP (3 mo. USD Term SOFR + 2.000%) | CQP Holdco LP (3 mo. USD Term SOFR + 2.000%) |
| 632742 | 6.296 | 12/31/30 | 632983 |
| Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP | Freeport LNG Investments LLLP |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 1366654 | 7.587 | 11/16/26 | 1361529 |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 101111 | 7.576 | 12/21/28 | 101153 |
| GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) | GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) | GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) | GIP Pilot Acquisition Partners LP (3 mo. USD Term SOFR + 2.000%) |
| 953877 | 6.286 | 10/04/30 | 952685 |
| M6 ETX Holdings II Midco LLC (1 mo. USD Term SOFR + 3.000%) | M6 ETX Holdings II Midco LLC (1 mo. USD Term SOFR + 3.000%) | M6 ETX Holdings II Midco LLC (1 mo. USD Term SOFR + 3.000%) | M6 ETX Holdings II Midco LLC (1 mo. USD Term SOFR + 3.000%) |
| 539000 | 7.356 | 04/01/32 | 541862 |
| Oryx Midstream Services Permian Basin LLC (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (1 mo. USD Term SOFR + 2.250%) | Oryx Midstream Services Permian Basin LLC (1 mo. USD Term SOFR + 2.250%) |
| 918897 | 6.603 | 10/05/28 | 919871 |
| Prairie Acquiror LP (1 mo. USD Term SOFR + 3.750%) | Prairie Acquiror LP (1 mo. USD Term SOFR + 3.750%) | Prairie Acquiror LP (1 mo. USD Term SOFR + 3.750%) | Prairie Acquiror LP (1 mo. USD Term SOFR + 3.750%) |
| 970139 | 8.106 | 08/01/29 | 975601 |
| TransMontaigne Operating Co. LP (1 mo. USD Term SOFR + 3.250%) | TransMontaigne Operating Co. LP (1 mo. USD Term SOFR + 3.250%) | TransMontaigne Operating Co. LP (1 mo. USD Term SOFR + 3.250%) | TransMontaigne Operating Co. LP (1 mo. USD Term SOFR + 3.250%) |
| 641688 | 6.856 | 11/17/28 | 643189 |
| Traverse Midstream Partners LLC (3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (3 mo. USD Term SOFR + 3.000%) | Traverse Midstream Partners LLC (3 mo. USD Term SOFR + 3.000%) |
| 1234907 | 7.308 | 02/16/28 | 1236450 |
| Venture Global Plaquemines LNG LLC<sup>(l)</sup> | Venture Global Plaquemines LNG LLC<sup>(l)</sup> | Venture Global Plaquemines LNG LLC<sup>(l)</sup> | Venture Global Plaquemines LNG LLC<sup>(l)</sup> |
| 799920 | 0.000 | 05/25/29 | 798424 |
| 100080 | 0.000 <sup>(h)</sup> | 01/30/31 | 99705 |
|  |  |  | 9865447 |
| **Real Estate – 0.4%** | **Real Estate – 0.4%** | **Real Estate – 0.4%** | **Real Estate – 0.4%** |
| CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. | CoreLogic, Inc. |
| (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) | (1 mo. USD Term SOFR + 6.500%) |
| 1375000 | 10.971 | 06/04/29 | 1342344 |
| (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) | (1 mo. USD Term SOFR + 3.500%) |
| 2944823 | 7.971 | 06/02/28 | 2935635 |
| Forest City Enterprises LP (1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (1 mo. USD Term SOFR + 3.500%) | Forest City Enterprises LP (1 mo. USD Term SOFR + 3.500%) |
| 1035960 | 7.971 | 12/08/25 | 1005140 |
| Hill Top Energy Center LLC (3 mo. USD Term SOFR + 3.250%) | Hill Top Energy Center LLC (3 mo. USD Term SOFR + 3.250%) | Hill Top Energy Center LLC (3 mo. USD Term SOFR + 3.250%) | Hill Top Energy Center LLC (3 mo. USD Term SOFR + 3.250%) |
| 550000 | 7.546 | 06/26/32 | 551375 |
|  |  |  | 5834494 |
| **Real Estate Investment Trust – 0.1%** | **Real Estate Investment Trust – 0.1%** | **Real Estate Investment Trust – 0.1%** | **Real Estate Investment Trust – 0.1%** |
| CHPPR Midco, Inc. (3 mo. USD Term SOFR + 8.750%) | CHPPR Midco, Inc. (3 mo. USD Term SOFR + 8.750%) | CHPPR Midco, Inc. (3 mo. USD Term SOFR + 8.750%) | CHPPR Midco, Inc. (3 mo. USD Term SOFR + 8.750%) |
| 847616 | 13.052 | 12/31/29 | 855388 |
| RLJ Lodging Trust LP<sup>(h)</sup> (1 mo. USD Term SOFR + 1.750%) | RLJ Lodging Trust LP<sup>(h)</sup> (1 mo. USD Term SOFR + 1.750%) | RLJ Lodging Trust LP<sup>(h)</sup> (1 mo. USD Term SOFR + 1.750%) | RLJ Lodging Trust LP<sup>(h)</sup> (1 mo. USD Term SOFR + 1.750%) |
| 596230 | 6.188 | 05/10/26 | 572381 |
|  |  |  | 1427769 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Retail – 0.8%** | **Retail – 0.8%** | **Retail – 0.8%** | **Retail – 0.8%** |
| 1011778 BC Unlimited Liability Co. (1 mo. USD Term SOFR + 1.750%) | 1011778 BC Unlimited Liability Co. (1 mo. USD Term SOFR + 1.750%) | 1011778 BC Unlimited Liability Co. (1 mo. USD Term SOFR + 1.750%) | 1011778 BC Unlimited Liability Co. (1 mo. USD Term SOFR + 1.750%) |
| 154888 | 6.106% | 09/20/30 | $154380 |
| Great Outdoors Group LLC (1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC (1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC (1 mo. USD Term SOFR + 3.250%) | Great Outdoors Group LLC (1 mo. USD Term SOFR + 3.250%) |
| 819060 | 7.606 | 01/23/32 | 818855 |
| IRB Holding Corp. (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (1 mo. USD Term SOFR + 2.500%) | IRB Holding Corp. (1 mo. USD Term SOFR + 2.500%) |
| 1056335 | 6.856 | 12/15/27 | 1055849 |
| Johnstone Supply LLC (1 mo. USD Term SOFR + 2.500%) | Johnstone Supply LLC (1 mo. USD Term SOFR + 2.500%) | Johnstone Supply LLC (1 mo. USD Term SOFR + 2.500%) | Johnstone Supply LLC (1 mo. USD Term SOFR + 2.500%) |
| 105096 | 6.851 | 06/09/31 | 105095 |
| K-Mac Holdings Corp<sup>(h)(l)</sup> | K-Mac Holdings Corp<sup>(h)(l)</sup> | K-Mac Holdings Corp<sup>(h)(l)</sup> | K-Mac Holdings Corp<sup>(h)(l)</sup> |
| 500000 | 0.000 | 07/21/28 | 501875 |
| Kodiak Building Partners, Inc. (3 mo. USD Term SOFR + 3.750%) | Kodiak Building Partners, Inc. (3 mo. USD Term SOFR + 3.750%) | Kodiak Building Partners, Inc. (3 mo. USD Term SOFR + 3.750%) | Kodiak Building Partners, Inc. (3 mo. USD Term SOFR + 3.750%) |
| 411344 | 8.041 | 12/04/31 | 396433 |
| LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC | LBM Acquisition LLC |
| (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) | (1 mo. USD Term SOFR + 3.750%) |
| 475616 | 8.206 | 12/17/27 | 473562 |
| 730867 | 8.190 | 06/06/31 | 679824 |
| Les Schwab Tire Centers (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | Les Schwab Tire Centers (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | Les Schwab Tire Centers (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) | Les Schwab Tire Centers (1 mo. USD Term SOFR + 2.500%)–(3 mo. USD Term SOFR + 2.500%) |
| 1059182 | 6.833–6.856 | 04/23/31 | 1059182 |
| Peer Holding III BV(l) | Peer Holding III BV(l) | Peer Holding III BV(l) | Peer Holding III BV(l) |
| 580609 | 0.000 | 10/28/30 | 581514 |
| PetSmart, Inc. (1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc. (1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc. (1 mo. USD Term SOFR + 3.750%) | PetSmart, Inc. (1 mo. USD Term SOFR + 3.750%) |
| 1816493 | 8.206 | 02/11/28 | 1810444 |
| Specialty Building Products Holdings LLC (1 mo. USD Term SOFR + 3.750%) | Specialty Building Products Holdings LLC (1 mo. USD Term SOFR + 3.750%) | Specialty Building Products Holdings LLC (1 mo. USD Term SOFR + 3.750%) | Specialty Building Products Holdings LLC (1 mo. USD Term SOFR + 3.750%) |
| 772364 | 8.206 | 10/15/28 | 746536 |
| Tacala LLC (1 mo. USD Term SOFR + 3.500%) | Tacala LLC (1 mo. USD Term SOFR + 3.500%) | Tacala LLC (1 mo. USD Term SOFR + 3.500%) | Tacala LLC (1 mo. USD Term SOFR + 3.500%) |
| 1994975 | 7.856 | 01/31/31 | 2004172 |
| Whatabrands LLC (1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (1 mo. USD Term SOFR + 2.500%) | Whatabrands LLC (1 mo. USD Term SOFR + 2.500%) |
| 2341625 | 6.856 | 08/03/28 | 2341040 |
|  |  |  | 12728761 |
| **Semiconductors – 0.0%** | **Semiconductors – 0.0%** | **Semiconductors – 0.0%** | **Semiconductors – 0.0%** |
| Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. | Instructure Holdings, Inc. |
| (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) | (6 mo. USD Term SOFR + 3.000%) |
| 200000 | 7.205 | 11/13/31 | 200468 |
| (6 mo. USD Term SOFR + 5.000%) | (6 mo. USD Term SOFR + 5.000%) | (6 mo. USD Term SOFR + 5.000%) | (6 mo. USD Term SOFR + 5.000%) |
| 465832 | 9.205 | 11/12/32 | 471655 |
|  |  |  | 672123 |
| **Software – 3.6%** | **Software – 3.6%** | **Software – 3.6%** | **Software – 3.6%** |
| Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. | Applied Systems, Inc. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 756960 | 6.796 | 02/24/31 | 757225 |
| (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) | (3 mo. USD Term SOFR + 4.500%) |
| 3698000 | 8.796 | 02/23/32 | 3789525 |
| Athenahealth Group, Inc. (1 mo. USD Term SOFR + 2.750%) | Athenahealth Group, Inc. (1 mo. USD Term SOFR + 2.750%) | Athenahealth Group, Inc. (1 mo. USD Term SOFR + 2.750%) | Athenahealth Group, Inc. (1 mo. USD Term SOFR + 2.750%) |
| 4140215 | 7.106 | 02/15/29 | 4134129 |
| Avalara, Inc. (3 mo. USD Term SOFR + 3.250%) | Avalara, Inc. (3 mo. USD Term SOFR + 3.250%) | Avalara, Inc. (3 mo. USD Term SOFR + 3.250%) | Avalara, Inc. (3 mo. USD Term SOFR + 3.250%) |
| 1250000 | 7.546 | 03/26/32 | 1254587 |
| Avaya, Inc. (1 mo. USD Term SOFR + 7.500%) | Avaya, Inc. (1 mo. USD Term SOFR + 7.500%) | Avaya, Inc. (1 mo. USD Term SOFR + 7.500%) | Avaya, Inc. (1 mo. USD Term SOFR + 7.500%) |
| 2670158 | 11.856 | 08/01/28 | 2074152 |
| BCPE Pequod Buyer, Inc. (1 mo. USD Term SOFR + 3.000%) | BCPE Pequod Buyer, Inc. (1 mo. USD Term SOFR + 3.000%) | BCPE Pequod Buyer, Inc. (1 mo. USD Term SOFR + 3.000%) | BCPE Pequod Buyer, Inc. (1 mo. USD Term SOFR + 3.000%) |
| 1250000 | 7.356 | 11/25/31 | 1251563 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| Bending Spoons U.S., Inc. (1 mo. USD Term SOFR + 5.250%) | Bending Spoons U.S., Inc. (1 mo. USD Term SOFR + 5.250%) | Bending Spoons U.S., Inc. (1 mo. USD Term SOFR + 5.250%) | Bending Spoons U.S., Inc. (1 mo. USD Term SOFR + 5.250%) |
| 917561 | 9.577% | 03/07/31 | $915653 |
| Bracket Intermediate Holding Corp. (3 mo. USD Term SOFR + 4.250%) | Bracket Intermediate Holding Corp. (3 mo. USD Term SOFR + 4.250%) | Bracket Intermediate Holding Corp. (3 mo. USD Term SOFR + 4.250%) | Bracket Intermediate Holding Corp. (3 mo. USD Term SOFR + 4.250%) |
| 1098178 | 8.546 | 05/08/28 | 1102988 |
| Cast & Crew Payroll LLC (1 mo. USD Term SOFR + 3.750%) | Cast & Crew Payroll LLC (1 mo. USD Term SOFR + 3.750%) | Cast & Crew Payroll LLC (1 mo. USD Term SOFR + 3.750%) | Cast & Crew Payroll LLC (1 mo. USD Term SOFR + 3.750%) |
| 518656 | 8.106 | 12/29/28 | 492433 |
| CCC Intelligent Solutions, Inc. (1 mo. USD Term SOFR + 2.000%) | CCC Intelligent Solutions, Inc. (1 mo. USD Term SOFR + 2.000%) | CCC Intelligent Solutions, Inc. (1 mo. USD Term SOFR + 2.000%) | CCC Intelligent Solutions, Inc. (1 mo. USD Term SOFR + 2.000%) |
| 936462 | 6.356 | 01/23/32 | 937052 |
| Central Parent, Inc. (3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc. (3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc. (3 mo. USD Term SOFR + 3.250%) | Central Parent, Inc. (3 mo. USD Term SOFR + 3.250%) |
| 1559578 | 7.546 | 07/06/29 | 1267157 |
| Clearwater Analytics LLC (6 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC (6 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC (6 mo. USD Term SOFR + 2.250%) | Clearwater Analytics LLC (6 mo. USD Term SOFR + 2.250%) |
| 497500 | 6.461 | 04/21/32 | 497813 |
| Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 826664 | 7.796 | 03/29/29 | 827788 |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 189050 | 8.046 | 03/21/31 | 189689 |
| ConnectWise LLC (3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (3 mo. USD Term SOFR + 3.500%) | ConnectWise LLC (3 mo. USD Term SOFR + 3.500%) |
| 964488 | 8.057 | 09/29/28 | 967072 |
| Darktrace PLC | Darktrace PLC | Darktrace PLC | Darktrace PLC |
| (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
| 324188 | 7.570 | 10/09/31 | 324457 |
| (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) | (3 mo. USD Term SOFR + 5.250%) |
| 250000 | 9.570 | 10/09/32 | 250235 |
| Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) | Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) | Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) | Databricks, Inc.<sup>(h)</sup> (1 mo. USD Term SOFR + 4.500%) |
| 364754 | 8.827 | 01/03/31 | 361602 |
| DTI Holdco, Inc. (1 mo. USD Term SOFR + 4.000%) | DTI Holdco, Inc. (1 mo. USD Term SOFR + 4.000%) | DTI Holdco, Inc. (1 mo. USD Term SOFR + 4.000%) | DTI Holdco, Inc. (1 mo. USD Term SOFR + 4.000%) |
| 738150 | 8.356 | 04/26/29 | 726923 |
| Dun & Bradstreet Corp. (1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (1 mo. USD Term SOFR + 2.250%) | Dun & Bradstreet Corp. (1 mo. USD Term SOFR + 2.250%) |
| 1025955 | 6.603 | 01/18/29 | 1025627 |
| E2open LLC (1 mo. USD Term SOFR + 3.500%) | E2open LLC (1 mo. USD Term SOFR + 3.500%) | E2open LLC (1 mo. USD Term SOFR + 3.500%) | E2open LLC (1 mo. USD Term SOFR + 3.500%) |
| 650642 | 7.971 | 02/04/28 | 651396 |
| Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. | Ellucian Holdings, Inc. |
| (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) | (1 mo. USD Term SOFR + 2.750%) |
| 1039310 | 7.106 | 10/09/29 | 1039798 |
| (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) | (1 mo. USD Term SOFR + 4.750%) |
| 4645294 | 9.106 | 11/22/32 | 4773040 |
| Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) | Epicor Software Corp. (1 mo. USD Term SOFR + 2.750%) |
| 2957420 | 7.106 | 05/30/31 | 2961117 |
| EverCommerce, Inc. (1 mo. USD Term SOFR + 2.250%) | EverCommerce, Inc. (1 mo. USD Term SOFR + 2.250%) | EverCommerce, Inc. (1 mo. USD Term SOFR + 2.250%) | EverCommerce, Inc. (1 mo. USD Term SOFR + 2.250%) |
| 393872 | 6.605 | 07/07/31 | 394857 |
| Flash Charm, Inc. (3 mo. USD Term SOFR + 3.500%) | Flash Charm, Inc. (3 mo. USD Term SOFR + 3.500%) | Flash Charm, Inc. (3 mo. USD Term SOFR + 3.500%) | Flash Charm, Inc. (3 mo. USD Term SOFR + 3.500%) |
| 450394 | 7.776 | 03/02/28 | 421118 |
| Genesys Cloud Services Holdings II LLC (1 mo. USD Term SOFR + 2.500%) | Genesys Cloud Services Holdings II LLC (1 mo. USD Term SOFR + 2.500%) | Genesys Cloud Services Holdings II LLC (1 mo. USD Term SOFR + 2.500%) | Genesys Cloud Services Holdings II LLC (1 mo. USD Term SOFR + 2.500%) |
| 497500 | 6.856 | 01/30/32 | 496789 |
| Informatica LLC (1 mo. USD Term SOFR + 2.250%) | Informatica LLC (1 mo. USD Term SOFR + 2.250%) | Informatica LLC (1 mo. USD Term SOFR + 2.250%) | Informatica LLC (1 mo. USD Term SOFR + 2.250%) |
| 543595 | 6.606 | 10/27/28 | 546313 |
| Inmar, Inc. (3 mo. USD Term SOFR + 4.500%) | Inmar, Inc. (3 mo. USD Term SOFR + 4.500%) | Inmar, Inc. (3 mo. USD Term SOFR + 4.500%) | Inmar, Inc. (3 mo. USD Term SOFR + 4.500%) |
| 428925 | 8.802 | 10/30/31 | 430889 |
| Marcel Bidco LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) | Marcel Bidco LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) | Marcel Bidco LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) | Marcel Bidco LLC<sup>(h)</sup> (1 mo. USD Term SOFR + 3.000%) |
| 1018327 | 7.310 | 11/12/30 | 1024691 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
| **Software – (continued)** | **Software – (continued)** | **Software – (continued)** | **Software – (continued)** |
| Mitnick Corporate Purchaser, Inc. (3 mo. USD Term SOFR + 4.500%) | Mitnick Corporate Purchaser, Inc. (3 mo. USD Term SOFR + 4.500%) | Mitnick Corporate Purchaser, Inc. (3 mo. USD Term SOFR + 4.500%) | Mitnick Corporate Purchaser, Inc. (3 mo. USD Term SOFR + 4.500%) |
| 353184 | 9.158% | 05/02/29 | $245131 |
| Modena Buyer LLC (3 mo. USD Term SOFR + 4.500%) | Modena Buyer LLC (3 mo. USD Term SOFR + 4.500%) | Modena Buyer LLC (3 mo. USD Term SOFR + 4.500%) | Modena Buyer LLC (3 mo. USD Term SOFR + 4.500%) |
| 644252 | 8.808 | 07/01/31 | 631019 |
| Motus LLC (3 mo. USD Term SOFR + 4.000%) | Motus LLC (3 mo. USD Term SOFR + 4.000%) | Motus LLC (3 mo. USD Term SOFR + 4.000%) | Motus LLC (3 mo. USD Term SOFR + 4.000%) |
| 850698 | 8.046 | 12/11/28 | 849277 |
| Particle Investments SARL (1 mo. USD Term SOFR + 4.000%) | Particle Investments SARL (1 mo. USD Term SOFR + 4.000%) | Particle Investments SARL (1 mo. USD Term SOFR + 4.000%) | Particle Investments SARL (1 mo. USD Term SOFR + 4.000%) |
| 285166 | 8.106 | 03/28/31 | 287128 |
| Planview Parent, Inc. (3 mo. USD Term SOFR + 3.500%) | Planview Parent, Inc. (3 mo. USD Term SOFR + 3.500%) | Planview Parent, Inc. (3 mo. USD Term SOFR + 3.500%) | Planview Parent, Inc. (3 mo. USD Term SOFR + 3.500%) |
| 587043 | 7.796 | 12/17/27 | 573470 |
| PointClickCare Technologies, Inc. (3 mo. USD Term SOFR + 2.750%) | PointClickCare Technologies, Inc. (3 mo. USD Term SOFR + 2.750%) | PointClickCare Technologies, Inc. (3 mo. USD Term SOFR + 2.750%) | PointClickCare Technologies, Inc. (3 mo. USD Term SOFR + 2.750%) |
| 1082711 | 7.082 | 11/03/31 | 1082711 |
| Polaris Newco LLC (3 mo. USD Term SOFR + 3.750%) | Polaris Newco LLC (3 mo. USD Term SOFR + 3.750%) | Polaris Newco LLC (3 mo. USD Term SOFR + 3.750%) | Polaris Newco LLC (3 mo. USD Term SOFR + 3.750%) |
| 3994298 | 8.320 | 06/02/28 | 3912415 |
| Project Alpha Intermediate Holding, Inc. (3 mo. USD Term SOFR + 3.250%) | Project Alpha Intermediate Holding, Inc. (3 mo. USD Term SOFR + 3.250%) | Project Alpha Intermediate Holding, Inc. (3 mo. USD Term SOFR + 3.250%) | Project Alpha Intermediate Holding, Inc. (3 mo. USD Term SOFR + 3.250%) |
| 149054 | 7.546 | 10/26/30 | 149315 |
| Project Boost Purchaser LLC (3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (3 mo. USD Term SOFR + 3.000%) | Project Boost Purchaser LLC (3 mo. USD Term SOFR + 3.000%) |
| 788069 | 7.069 | 07/16/31 | 787580 |
| Project Ruby Ultimate Parent Corp. (1 mo. USD Term SOFR + 2.750%) | Project Ruby Ultimate Parent Corp. (1 mo. USD Term SOFR + 2.750%) | Project Ruby Ultimate Parent Corp. (1 mo. USD Term SOFR + 2.750%) | Project Ruby Ultimate Parent Corp. (1 mo. USD Term SOFR + 2.750%) |
| 1376746 | 7.215 | 03/10/28 | 1378467 |
| PushPay USA, Inc. (3 mo. USD Term SOFR + 4.000%) | PushPay USA, Inc. (3 mo. USD Term SOFR + 4.000%) | PushPay USA, Inc. (3 mo. USD Term SOFR + 4.000%) | PushPay USA, Inc. (3 mo. USD Term SOFR + 4.000%) |
| 370589 | 8.296 | 08/15/31 | 372905 |
| Quickbase, Inc. (1 mo. USD Term SOFR + 3.250%) | Quickbase, Inc. (1 mo. USD Term SOFR + 3.250%) | Quickbase, Inc. (1 mo. USD Term SOFR + 3.250%) | Quickbase, Inc. (1 mo. USD Term SOFR + 3.250%) |
| 378953 | 7.606 | 10/02/28 | 377532 |
| RealPage, Inc. | RealPage, Inc. | RealPage, Inc. | RealPage, Inc. |
| (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) | (3 mo. USD Term SOFR + 3.000%) |
| 2685024 | 7.557 | 04/24/28 | 2681372 |
| (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) | (3 mo. USD Term SOFR + 3.750%) |
| 1845375 | 8.046 | 04/24/28 | 1848457 |
| Rocket Software, Inc. (1 mo. USD Term SOFR + 3.750%) | Rocket Software, Inc. (1 mo. USD Term SOFR + 3.750%) | Rocket Software, Inc. (1 mo. USD Term SOFR + 3.750%) | Rocket Software, Inc. (1 mo. USD Term SOFR + 3.750%) |
| 302651 | 8.106 | 11/28/28 | 303220 |
| SS&C Technologies, Inc. (1 mo. USD Term SOFR + 2.000%) | SS&C Technologies, Inc. (1 mo. USD Term SOFR + 2.000%) | SS&C Technologies, Inc. (1 mo. USD Term SOFR + 2.000%) | SS&C Technologies, Inc. (1 mo. USD Term SOFR + 2.000%) |
| 593748 | 6.356 | 05/09/31 | 595607 |
| UKG, Inc. (3 mo. USD Term SOFR + 2.500%) | UKG, Inc. (3 mo. USD Term SOFR + 2.500%) | UKG, Inc. (3 mo. USD Term SOFR + 2.500%) | UKG, Inc. (3 mo. USD Term SOFR + 2.500%) |
| 4041213 | 6.810 | 02/10/31 | 4039597 |
| VS Buyer LLC (3 mo. USD Term SOFR + 2.250%) | VS Buyer LLC (3 mo. USD Term SOFR + 2.250%) | VS Buyer LLC (3 mo. USD Term SOFR + 2.250%) | VS Buyer LLC (3 mo. USD Term SOFR + 2.250%) |
| 555807 | 6.560 | 04/12/31 | 555807 |
| Waystar Technologies, Inc. (1 mo. USD Term SOFR + 2.250%) | Waystar Technologies, Inc. (1 mo. USD Term SOFR + 2.250%) | Waystar Technologies, Inc. (1 mo. USD Term SOFR + 2.250%) | Waystar Technologies, Inc. (1 mo. USD Term SOFR + 2.250%) |
| 835471 | 6.606 | 10/22/29 | 836867 |
| Zuora, Inc. (1 mo. USD Term SOFR + 3.500%) | Zuora, Inc. (1 mo. USD Term SOFR + 3.500%) | Zuora, Inc. (1 mo. USD Term SOFR + 3.500%) | Zuora, Inc. (1 mo. USD Term SOFR + 3.500%) |
| 352914 | 7.856 | 02/14/32 | 351482 |
|  |  |  | 57747037 |
| **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** | **Telecommunications – 0.5%** |
| Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. | Delta TopCo, Inc. |
| (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) | (3 mo. USD Term SOFR + 2.750%) |
| 229960 | 7.069–7.078 | 11/30/29 | 229321 |
| (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) | (3 mo. USD Term SOFR + 3.500%) |
| 231000 | 9.574 | 11/29/30 | 230538 |
| Ensono LP (1 mo. USD Term SOFR + 4.000%) | Ensono LP (1 mo. USD Term SOFR + 4.000%) | Ensono LP (1 mo. USD Term SOFR + 4.000%) | Ensono LP (1 mo. USD Term SOFR + 4.000%) |
| 1167209 | 8.351–8.471 | 05/26/28 | 1168668 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** | **Bank Loans<sup>(k)</sup> – (continued)** |
|  **Telecommunications – (continued)** | **Telecommunications – (continued)** | **Telecommunications – (continued)** | **Telecommunications – (continued)** | **Telecommunications – (continued)** |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) | (1 mo. USD Term SOFR + 6.000%) |
|  $ | 318186 | 10.356% | 06/01/28 | $324813 |
|  (1 mo. USD Term SOFR + 2.350%) | (1 mo. USD Term SOFR + 2.350%) | (1 mo. USD Term SOFR + 2.350%) | (1 mo. USD Term SOFR + 2.350%) | (1 mo. USD Term SOFR + 2.350%) |
|  | 305301 | 6.821 | 04/16/29 | 303442 |
|  | 306542 | 6.821 | 04/15/30 | 304482 |
|  Nuuday AS (3 mo. EUR EURIBOR + 6.500%) | Nuuday AS (3 mo. EUR EURIBOR + 6.500%) | Nuuday AS (3 mo. EUR EURIBOR + 6.500%) | Nuuday AS (3 mo. EUR EURIBOR + 6.500%) | Nuuday AS (3 mo. EUR EURIBOR + 6.500%) |
|  EUR | 400000 | 8.454 | 02/03/28 | 456480 |
|  Syniverse Holdings, Inc. (3 mo. USD Term SOFR + 7.000%) | Syniverse Holdings, Inc. (3 mo. USD Term SOFR + 7.000%) | Syniverse Holdings, Inc. (3 mo. USD Term SOFR + 7.000%) | Syniverse Holdings, Inc. (3 mo. USD Term SOFR + 7.000%) | Syniverse Holdings, Inc. (3 mo. USD Term SOFR + 7.000%) |
|  $ | 992347 | 11.296 | 05/13/27 | 911719 |
|  Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) | Zayo Group Holdings, Inc. (1 mo. USD Term SOFR + 3.000%) |
|  | 4386161 | 7.471 | 03/09/27 | 4227645 |
|  |  |  |  | 8157108 |
|  **Transportation – 0.2%** | **Transportation – 0.2%** | **Transportation – 0.2%** | **Transportation – 0.2%** | **Transportation – 0.2%** |
|  First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) | First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) | First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) | First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) | First Student Bidco, Inc. (3 mo. USD Term SOFR + 2.500%) |
|  | 890665 | 6.796 | 07/21/28 | $891592 |
|  Kenan Advantage Group, Inc. (1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (1 mo. USD Term SOFR + 3.250%) | Kenan Advantage Group, Inc. (1 mo. USD Term SOFR + 3.250%) |
|  | 775364 | 7.606 | 01/25/29 | 771488 |
|  Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. |
|  (3 mo. USD Term SOFR + 1.625%) | (3 mo. USD Term SOFR + 1.625%) | (3 mo. USD Term SOFR + 1.625%) | (3 mo. USD Term SOFR + 1.625%) | (3 mo. USD Term SOFR + 1.625%) |
|  | 14400 | 7.564 | 06/24/32 | 14611 |
|  (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) | (3 mo. USD Term SOFR + 3.250%) |
|  | 630000 | 7.571 | 06/24/32 | 632558 |
|  Third Coast Infrastructure LLC (1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (1 mo. USD Term SOFR + 4.250%) | Third Coast Infrastructure LLC (1 mo. USD Term SOFR + 4.250%) |
|  | 478937 | 8.606 | 09/25/30 | 478937 |
|  |  |  |  | 2789186 |
| **TOTAL BANK LOANS<br>(Cost $397,712,091)** | **TOTAL BANK LOANS<br>(Cost $397,712,091)** | **TOTAL BANK LOANS<br>(Cost $397,712,091)** | **TOTAL BANK LOANS<br>(Cost $397,712,091)** | $394752034 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 0.4%** | **Common Stocks – 0.4%** | **Common Stocks – 0.4%** |
| **Chemicals<sup>(e)(h)</sup> – 0.1%** | **Chemicals<sup>(e)(h)</sup> – 0.1%** | **Chemicals<sup>(e)(h)</sup> – 0.1%** |
| 80232 | Cornerstone Chemical Reorg Equity | $1540856 |
| **Commercial Services & Supplies<sup>(e)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(e)</sup> – 0.0%** | **Commercial Services & Supplies<sup>(e)</sup> – 0.0%** |
| 1565 | Monitronics International, Inc. | 19824 |
| **Diversified Consumer Services<sup>(e)</sup> – 0.0%** | **Diversified Consumer Services<sup>(e)</sup> – 0.0%** | **Diversified Consumer Services<sup>(e)</sup> – 0.0%** |
| 7679 | Premier Brands Group Holding | 12156 |
| **Energy Equipment & Services<sup>(e)</sup> – 0.1%** | **Energy Equipment & Services<sup>(e)</sup> – 0.1%** | **Energy Equipment & Services<sup>(e)</sup> – 0.1%** |
| 73839 | Enviva, Inc. | 1389133 |
| 8642 | Nabors Industries Ltd. | 300555 |
|  |  | 1689688 |
| **Financial Services<sup>(e)(h)</sup> – 0.0%** | **Financial Services<sup>(e)(h)</sup> – 0.0%** | **Financial Services<sup>(e)(h)</sup> – 0.0%** |
| 240 | Voyager Aviation Holdings LLC |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care Equipment & Supplies<sup>(e)</sup> – 0.1%** | **Health Care Equipment & Supplies<sup>(e)</sup> – 0.1%** |  |
| 47389 | Envision Parent, Inc. | $793766 |
| **Health Care Providers & Services<sup>(e)</sup> – 0.0%** | **Health Care Providers & Services<sup>(e)</sup> – 0.0%** | **Health Care Providers & Services<sup>(e)</sup> – 0.0%** |
| 4117 | Air Methods Corp. | 206634 |
| **Media<sup>(e)</sup> – 0.0%** | **Media<sup>(e)</sup> – 0.0%** | **Media<sup>(e)</sup> – 0.0%** |
| 2505 | Audacy Capital LLC Class A | 31626 |
| 1128 | Beasley Broadcast Group, Inc. Class A<sup>(j)</sup> | 4805 |
|  |  | 36431 |
| **Metals & Mining<sup>(e)</sup> – 0.0%** | **Metals & Mining<sup>(e)</sup> – 0.0%** | **Metals & Mining<sup>(e)</sup> – 0.0%** |
| 627 | Arctic Canadian Diamond Co. Ltd.<sup>(h)</sup> | 44945 |
| 1239530 | Burgundy Diamond Mines Ltd. | 25490 |
| 7732 | Tacora Restructure<sup>(h)</sup> | 7732 |
|  |  | 78167 |
| **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** |
| 85 | Expand Energy Corp. | 8906 |
| **Passenger Airlines<sup>(e)</sup> – 0.0%** | **Passenger Airlines<sup>(e)</sup> – 0.0%** | **Passenger Airlines<sup>(e)</sup> – 0.0%** |
| 32972 | Spirit Aviation Holdings, Inc. | 134855 |
| **Pharmaceuticals<sup>(e)(h)</sup> – 0.0%** | **Pharmaceuticals<sup>(e)(h)</sup> – 0.0%** | **Pharmaceuticals<sup>(e)(h)</sup> – 0.0%** |
| 65267 | Lannett Co., Inc. | 248667 |
| **Professional Services<sup>(e)</sup> – 0.0%** | **Professional Services<sup>(e)</sup> – 0.0%** | **Professional Services<sup>(e)</sup> – 0.0%** |
| 61506 | Avaya Holdings Corp.<sup>(j)</sup> | 417072 |
| 865 | Skillsoft Corp. | 12335 |
|  |  | 429407 |
| **Semiconductors & Semiconductor Equipment<sup>(e)</sup> – 0.0%** | **Semiconductors & Semiconductor Equipment<sup>(e)</sup> – 0.0%** | **Semiconductors & Semiconductor Equipment<sup>(e)</sup> – 0.0%** |
| 18377 | Bright Bidco BV | 4355 |
| **Specialty Retail<sup>(e)(h)</sup> – 0.1%** | **Specialty Retail<sup>(e)(h)</sup> – 0.1%** | **Specialty Retail<sup>(e)(h)</sup> – 0.1%** |
| 7504 | GTRC Reorg Equity | 613077 |
| 343 | Rite Aid Corp. |  |
|  |  | 613077 |
| **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. | 6542 |
| 14518 | Windstream Corp. | 271008 |
|  |  | 277550 |
| **TOTAL COMMON STOCKS<br>(Cost $7,412,630)** | **TOTAL COMMON STOCKS<br>(Cost $7,412,630)** | $6094339 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1%** | **Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1%** | **Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1%** | **Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1%** | **Asset-Backed Securities<sup>(a)(b)(f)</sup> – 0.1%** |
|  **Collateralized Loan Obligations – 0.1%** | **Collateralized Loan Obligations – 0.1%** | **Collateralized Loan Obligations – 0.1%** | **Collateralized Loan Obligations – 0.1%** | **Collateralized Loan Obligations – 0.1%** |
|  Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) | Benefit Street Partners CLO XXXIII Ltd. Series 2023-33A, Class E (3 mo. USD Term SOFR + 6.980%) |
|  $ | 250000 | 11.299% | 01/25/36 | $253963 |
|  Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) | Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) | Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) | Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) | Carlyle U.S. CLO Ltd. Series 2021-4A, Class E (3 mo. USD Term SOFR + 6.862%) |
|  | 250000 | 11.187 | 04/20/34 | 251517 |
|  OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) | OHA Credit Funding 17 Ltd. Series 2024-17A, Class D1 (3 mo. USD Term SOFR + 3.300%) |
|  | 250000 | 7.626 | 04/20/37 | 251181 |
|  |  |  |  | 756661 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $738,788)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $738,788)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $738,788)** | **TOTAL ASSET-BACKED SECURITIES<br>(Cost $738,788)** | $756661 |

---

---

| | | |
|:---|:---|:---|
| **Units** | **Expiration**<br> **Date** | **Value** |
| **Warrants<sup>(e)</sup> – 0.0%** | **Warrants<sup>(e)</sup> – 0.0%** | **Warrants<sup>(e)</sup> – 0.0%** |
|  Audacy, Inc.<sup>(h)</sup> | Audacy, Inc.<sup>(h)</sup> | Audacy, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3036 | 12/31/99 | $303 |
|  Avation PLC | Avation PLC | Avation PLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20510 | 10/31/26 | 10835 |
|  Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 | 02/09/26 | 14279 |
|  Guitar Center, Inc.<sup>(h)</sup> | Guitar Center, Inc.<sup>(h)</sup> | Guitar Center, Inc.<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3972 | 12/31/99 | 82184 |
|  Spirit Aviation Holdings, Inc. | Spirit Aviation Holdings, Inc. | Spirit Aviation Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3972 | 12/31/99 | 16881 |
| **TOTAL WARRANTS<br>(Cost $207,713)** | **TOTAL WARRANTS<br>(Cost $207,713)** | $124482 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Preferred Stocks<sup>(e)(h)</sup> – 0.0%** | **Preferred Stocks<sup>(e)(h)</sup> – 0.0%** | **Preferred Stocks<sup>(e)(h)</sup> – 0.0%** |
|  **Financial Services – 0.0%** | **Financial Services – 0.0%** | **Financial Services – 0.0%** |
|  Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC | Voyager Aviation Holdings LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1441 | 0.000% | $— |
|  **Specialty Retail – 0.0%** | **Specialty Retail – 0.0%** | **Specialty Retail – 0.0%** |
|  Guitar Center, Inc. | Guitar Center, Inc. | Guitar Center, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | 0.000 | 9652 |
| **TOTAL PREFERRED STOCKS<br>(Cost $84,145)** | **TOTAL PREFERRED STOCKS<br>(Cost $84,145)** | $9652 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| **U.S. Treasury Obligations<sup>(c)</sup> – 0.0%** | **U.S. Treasury Obligations<sup>(c)</sup> – 0.0%** | **U.S. Treasury Obligations<sup>(c)</sup> – 0.0%** | **U.S. Treasury Obligations<sup>(c)</sup> – 0.0%** | **U.S. Treasury Obligations<sup>(c)</sup> – 0.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
|  $ | 722000 | 0.000% | 09/18/25 | $717895 |
| **(Cost $717,902)** | **(Cost $717,902)** |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Exchange Traded Funds – 0.3%** | **Exchange Traded Funds – 0.3%** | **Exchange Traded Funds – 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000 | iShares iBoxx $High Yield<br>Corporate Bond ETF | $4581660 |
| **(Cost $4,511,550)** | **(Cost $4,511,550)** |  |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(m)</sup> – 5.6%** | **Investment Company<sup>(m)</sup> – 5.6%** | **Investment Company<sup>(m)</sup> – 5.6%** |
|  Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares | Goldman Sachs Financial Square Government Fund — Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88826154 | 4.191% | $88826154 |
| **(Cost $88,826,154)** | **(Cost $88,826,154)** |  |
| **TOTAL INVESTMENTS – 100.3%<br>(Cost $1,577,582,568)** | **TOTAL INVESTMENTS – 100.3%<br>(Cost $1,577,582,568)** | $1601904366 |
| **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.3)%** | **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.3)%** | (4414682) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1597489684 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (d) | Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on July 31, 2025. |
| (e) | Security is currently in default and/or non-income producing. |
| (f) | Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on July 31, 2025. |
| (g) | Pay-in-kind securities. |
| (h) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (i) | Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $776,459, which represents approximately 0.0% of the Fund's net assets as of July 31, 2025. |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

(j) 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 $425,493, which represents approximately 0.0% of the Fund's net assets as of July 31, 2025. See additional details below:

---

| | | |
|:---|:---|:---|
| **Restricted Security** | **Acquisition Date** | **Cost** |
|  Avaya Holdings Corp. | 05/01/23 | $132475 |
|  Avaya Holdings Corp. | 05/01/23 | 668883 |
|  Beasley Broadcast Group, Inc. | 10/08/24 | 11880 |
|  Chesapeake Energy Corp. | 12/06/19 | 42991 |
|  Chesapeake Energy Corp. | 06/21/19 | 316924 |
|  Neiman Marcus Group Ltd. LLC | 04/23/18 | 605000 |
|  Par Pharmaceutical, Inc. | 04/23/24 |  |
|  Rite Aid Corp. | 09/04/24 |  |
|  Rite Aid Corp. | 09/04/24 |  |

---

(k) Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on July 31, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate ("SOFR"), and secondarily the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders.

(l) This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(m) Represents an affiliated issuer.

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

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**UNFUNDED LOAN COMMITMENTS** — At July 31, 2025, 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)** |
|  Air Comm Corp. LLC due 12/11/31 | $88461 | $88867 | $— |
|  Amspec Parent LLC due 12/22/31 | 24000 | 24241 | 90 |
|  Archkey Solutions LLC due 11/01/31 | 74483 | 74867 | 1068 |
|  Citrin Cooperman Advisors LLC due 04/01/32 | 30303 | 30303 | 145 |
|  Databricks, Inc. due 01/03/31 | 80246 | 79552 | (318) |
|  Kaman Corp. due 02/26/32 | 154636 | 154773 | 48 |
|  Student Transportation of America Holdings, Inc. due 06/24/32 | 30600 | 30571 | 124 |
|  **TOTAL** | $482729 | $483174 | $1157 |

---

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At July 31, 2025, the Fund had the following forward foreign currency exchange contracts:

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  Barclays Bank PLC | KRW | 8405402222 | USD | 5960433 | 09/16/25 | $80277 |
|  | MXN | 58900000 | USD | 3044810 | 09/17/25 | 60967 |
|  | MYR | 10615073 | USD | 2485674 | 08/18/25 | 1988 |
|  | TRY | 115440000 | USD | 2670600 | 09/17/25 | 53485 |
|  | USD | 32051 | AUD | 49000 | 09/18/25 | 531 |
|  | USD | 5222006 | BRL | 29736715 | 10/27/25 | 27875 |
|  | USD | 1281093 | COP | 5245894640 | 09/26/25 | 35503 |
|  | USD | 1261597 | IDR | 20663952627 | 09/17/25 | 11103 |
|  | USD | 4965190 | PHP | 277375361 | 08/29/25 | 205008 |
|  | USD | 1131867 | PLN | 4192469 | 09/17/25 | 14041 |
|  | USD | 2634431 | SGD | 3350685 | 10/14/25 | 38746 |
|  BNP Paribas SA | EGP | 194721426 | USD | 3680934 | 08/13/25 | 292526 |
|  | MXN | 121618100 | USD | 6123900 | 08/11/25 | 314890 |
|  | MXN | 16536300 | USD | 824531 | 10/27/25 | 43716 |
|  | USD | 1054000 | COP | 4363254340 | 09/26/25 | 17985 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  BNP Paribas SA (continued) | USD | 1702204 | PHP | 96289006 | 08/29/25 | $49739 |
|  BofA Securities LLC | EGP | 36000000 | USD | 718563 | 09/23/25 | 713 |
|  | USD | 5271500 | COP | 21418104500 | 10/07/25 | 192457 |
|  | USD | 7163470 | HUF | 2443566300 | 08/14/25 | 196705 |
|  | USD | 2485645 | SGD | 3215913 | 08/18/25 | 5300 |
|  | USD | 2610867 | SGD | 3337077 | 10/14/25 | 25724 |
|  | USD | 5112118 | THB | 165837100 | 09/16/25 | 18241 |
|  Citibank NA | BRL | 7614400 | USD | 1330760 | 09/03/25 | 17007 |
|  | EUR | 1700000 | USD | 1949044 | 10/16/25 | 1057 |
|  | HUF | 127710000 | USD | 363225 | 09/17/25 | 250 |
|  | MXN | 208380000 | USD | 10925793 | 09/17/25 | 62011 |
|  | NGN | 2012050000 | USD | 1252054 | 08/12/25 | 51501 |
|  | NGN | 1180000000 | USD | 670455 | 01/28/26 | 39170 |
|  | TRY | 47010000 | USD | 1145079 | 08/11/25 | 1550 |
|  | TRY | 46500000 | USD | 1094851 | 09/17/25 | 2429 |
|  | TWD | 128482368 | USD | 4309320 | 09/17/25 | 4099 |
|  | USD | 2756052 | BRL | 15300000 | 09/03/25 | 47914 |
|  | USD | 1088563 | CAD | 1486198 | 10/16/25 | 11856 |
|  | USD | 5730842 | EUR | 4860000 | 09/17/25 | 166554 |
|  | USD | 6784264 | EUR | 5788008 | 10/16/25 | 144735 |
|  | USD | 2244331 | GBP | 1658783 | 10/16/25 | 52025 |
|  | USD | 1075259 | INR | 92418718 | 09/17/25 | 21960 |
|  | USD | 482373 | PEN | 1723663 | 09/17/25 | 3272 |
|  | USD | 9133220 | PHP | 516083342 | 09/17/25 | 281328 |
|  | USD | 650832 | RON | 2819411 | 09/17/25 | 18643 |
|  | USD | 2358693 | SGD | 2990000 | 09/17/25 | 47172 |
|  | USD | 606423 | THB | 19670668 | 09/17/25 | 2163 |
|  | USD | 5587965 | ZAR | 99610000 | 09/17/25 | 138250 |
|  HSBC Bank PLC | BRL | 77278060 | USD | 13299490 | 09/03/25 | 378914 |
|  | COP | 2502542665 | USD | 592298 | 09/17/25 | 2584 |
|  | CZK | 238600000 | USD | 10934050 | 09/17/25 | 158569 |
|  | HUF | 733045483 | USD | 2085608 | 09/17/25 | 709 |
|  | TRY | 32650000 | USD | 747487 | 09/17/25 | 22969 |
|  | USD | 9515879 | BRL | 53210000 | 09/03/25 | 97579 |
|  | USD | 5238720 | CNH | 37475511 | 09/17/25 | 21205 |
|  | USD | 4724119 | COP | 19309269769 | 09/17/25 | 134091 |
|  | USD | 620413 | CZK | 13186307 | 09/17/25 | 7376 |
|  | USD | 1864386 | IDR | 30392621583 | 09/17/25 | 25155 |
|  | USD | 899379 | MXN | 16870000 | 09/17/25 | 9829 |
|  | USD | 2850694 | PHP | 164200000 | 09/17/25 | 34326 |
|  | USD | 15131612 | PLN | 56382154 | 09/17/25 | 98602 |
|  | USD | 3452810 | SGD | 4440000 | 09/17/25 | 20317 |
|  | USD | 1003604 | THB | 32440000 | 09/17/25 | 7086 |
|  | USD | 17495579 | ZAR | 313110000 | 09/17/25 | 365170 |
|  JPMorgan Securities, Inc. | BRL | 48546283 | USD | 8143300 | 10/27/25 | 336311 |
|  MS & Co. Int. PLC | EGP | 156900000 | USD | 3000000 | 08/27/25 | 171331 |
|  | EGP | 64669440 | USD | 1224800 | 09/23/25 | 67288 |
|  | TRY | 111087234 | USD | 2620600 | 09/08/25 | 21662 |
|  | USD | 1872992 | EUR | 1600000 | 08/15/25 | 45218 |
|  | USD | 539412 | GBP | 400000 | 08/15/25 | 11078 |
|  | USD | 4648082 | HUF | 1587384700 | 08/07/25 | 120606 |
|  Standard Chartered Bank | TRY | 8700000 | USD | 191796 | 09/17/25 | 13502 |
|  | USD | 4300199 | EUR | 3754701 | 09/17/25 | 1384 |
|  | USD | 142569 | HUF | 48780620 | 09/17/25 | 3735 |
|  | USD | 15277687 | IDR | 249654590392 | 09/17/25 | 169661 |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Gain** |
|  Standard Chartered Bank (continued) | USD | 7626869 | MYR | 32249500 | 09/17/25 | $60412 |
|  | USD | 11905457 | PEN | 42530000 | 09/17/25 | 84016 |
|  | USD | 2946529 | PHP | 168070000 | 09/17/25 | 63782 |
|  | USD | 781895 | PLN | 2837990 | 09/17/25 | 25210 |
|  | USD | 967619 | RON | 4230000 | 09/17/25 | 19136 |
|  | USD | 1076428 | THB | 34981000 | 09/17/25 | 1853 |
|  | USD | 1286959 | ZAR | 22990000 | 09/17/25 | 29165 |
|  **TOTAL** |  |  |  |  |  | $5432297 |
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS** |
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  Barclays Bank PLC | CLP | 388570000 | USD | 413364 | 09/17/25 | $(13830) |
|  | CNH | 3309794 | USD | 463811 | 09/17/25 | (3005) |
|  | CNH | 12635126 | USD | 1775349 | 10/27/25 | (11155) |
|  | COP | 996650000 | USD | 245989 | 09/17/25 | (9074) |
|  | COP | 9609148980 | USD | 2349431 | 09/26/25 | (67827) |
|  | CZK | 7490000 | USD | 357610 | 09/17/25 | (9397) |
|  | EUR | 25826000 | USD | 30358992 | 10/16/25 | (733518) |
|  | HUF | 648740601 | USD | 1894161 | 09/17/25 | (47783) |
|  | IDR | 36437387008 | USD | 2211409 | 08/22/25 | (4438) |
|  | INR | 449616219 | USD | 5215098 | 10/14/25 | (97876) |
|  | JPY | 878098192 | USD | 6025312 | 09/16/25 | (171141) |
|  | PLN | 1280000 | USD | 352985 | 09/17/25 | (11702) |
|  | RON | 634277 | USD | 146335 | 09/17/25 | (4112) |
|  | THB | 84324414 | USD | 2602445 | 09/08/25 | (14126) |
|  | TWD | 204770000 | USD | 6953613 | 09/17/25 | (79061) |
|  | USD | 2254372 | BRL | 12792007 | 09/03/25 | (9844) |
|  | USD | 799252 | MXN | 15540000 | 09/17/25 | (20166) |
|  | USD | 211214 | TRY | 9700000 | 09/17/25 | (17681) |
|  | ZAR | 5130000 | USD | 287946 | 09/17/25 | (7281) |
|  BNP Paribas SA | CZK | 67000000 | USD | 3207890 | 10/07/25 | (91267) |
|  | EUR | 6043000 | USD | 7091005 | 08/14/25 | (188211) |
|  | PHP | 90158200 | USD | 1582982 | 08/29/25 | (35731) |
|  | USD | 6798507 | BRL | 40252819 | 10/27/25 | (232479) |
|  | USD | 11881976 | THB | 393151173 | 09/16/25 | (194113) |
|  BofA Securities LLC | JPY | 366333700 | USD | 2561452 | 09/16/25 | (119151) |
|  | KRW | 3467119600 | USD | 2551229 | 09/16/25 | (59514) |
|  | THB | 204751137 | USD | 6293258 | 09/16/25 | (4092) |
|  Citibank NA | BRL | 18150000 | USD | 3249181 | 09/03/25 | (36587) |
|  | CAD | 1464705 | USD | 1071393 | 10/16/25 | (10259) |
|  | CLP | 7164888000 | USD | 7615492 | 09/17/25 | (248452) |
|  | CNH | 88833311 | USD | 12456834 | 09/17/25 | (89046) |
|  | CZK | 9340000 | USD | 446490 | 09/17/25 | (12270) |
|  | EUR | 6785220 | USD | 7955619 | 10/16/25 | (172170) |
|  | GBP | 35000 | USD | 47229 | 10/16/25 | (970) |
|  | HUF | 1448483677 | USD | 4231116 | 09/17/25 | (108595) |
|  | IDR | 9049401713 | USD | 555213 | 09/17/25 | (7583) |
|  | INR | 972270000 | USD | 11314276 | 09/17/25 | (233287) |
|  | KZT | 1290010000 | USD | 2442218 | 09/17/25 | (89612) |
|  | PEN | 2567614 | USD | 720208 | 09/17/25 | (6526) |
|  | THB | 13690000 | USD | 422346 | 09/17/25 | (1806) |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  Citibank NA (continued) | TWD | 110120000 | USD | 3764310 | 09/17/25 | $(67354) |
|  | USD | 826653 | BRL | 4795036 | 09/03/25 | (22080) |
|  | USD | 14308605 | PEN | 52271586 | 09/17/25 | (220562) |
|  | USD | 2898192 | THB | 94588289 | 09/17/25 | (7449) |
|  | ZAR | 50151244 | USD | 2820151 | 09/17/25 | (76350) |
|  HSBC Bank PLC | COP | 22839378932 | USD | 5569893 | 09/17/25 | (140720) |
|  | EUR | 5532639 | USD | 6367205 | 09/17/25 | (32802) |
|  | HUF | 1466405722 | USD | 4243434 | 09/17/25 | (69905) |
|  | IDR | 5313080000 | USD | 326478 | 09/17/25 | (4953) |
|  | INR | 158490000 | USD | 1845092 | 09/17/25 | (38777) |
|  | KRW | 11918660000 | USD | 8813689 | 09/17/25 | (247457) |
|  | PLN | 45050000 | USD | 12195464 | 09/17/25 | (183913) |
|  | THB | 135876000 | USD | 4187242 | 09/17/25 | (13291) |
|  | USD | 782772 | HUF | 278740000 | 09/17/25 | (10549) |
|  | USD | 12603000 | MXN | 241980000 | 09/17/25 | (156520) |
|  | USD | 1562703 | PLN | 5880000 | 09/17/25 | (5064) |
|  | USD | 268539 | RON | 1200000 | 09/17/25 | (533) |
|  | ZAR | 51300000 | USD | 2876253 | 09/17/25 | (69603) |
|  JPMorgan Securities, Inc. | CLP | 3684168278 | USD | 3873994 | 10/10/25 | (85919) |
|  | MXN | 57031043 | USD | 3027094 | 10/27/25 | (32650) |
|  | USD | 2437193 | TRY | 111087234 | 09/08/25 | (205069) |
|  MS & Co. Int. PLC | CLP | 494163200 | USD | 523151 | 10/10/25 | (15051) |
|  | COP | 6346616152 | USD | 1549849 | 10/07/25 | (44826) |
|  | EUR | 3905500 | USD | 4589817 | 08/07/25 | (130808) |
|  | EUR | 5235471 | USD | 6126311 | 08/15/25 | (145527) |
|  | GBP | 738009 | USD | 992639 | 08/15/25 | (17851) |
|  | MYR | 21172900 | USD | 5008374 | 09/08/25 | (42484) |
|  | PLN | 16468910 | USD | 4398302 | 09/09/25 | (6717) |
|  | USD | 757396 | BRL | 4452200 | 10/27/25 | (20273) |
|  | USD | 1261597 | EGP | 64669440 | 09/23/25 | (30492) |
|  | USD | 8143200 | MXN | 163474740 | 10/27/25 | (440125) |
|  Standard Chartered Bank | BRL | 18888700 | USD | 3347873 | 09/03/25 | (4527) |
|  | HUF | 826220000 | USD | 2355916 | 09/17/25 | (4416) |
|  | KRW | 474940000 | USD | 348176 | 09/17/25 | (6825) |
|  | MXN | 21460720 | USD | 1141914 | 09/17/25 | (10298) |
|  | MYR | 35360517 | USD | 8361202 | 09/17/25 | (64832) |
|  | SGD | 7450000 | USD | 5842377 | 09/17/25 | (82901) |
|  | THB | 141463801 | USD | 4362128 | 09/17/25 | (16527) |
|  | USD | 3642722 | MXN | 70680000 | 09/17/25 | (84209) |
|  | ZAR | 31055435 | USD | 1729691 | 09/17/25 | (30632) |
|  **TOTAL** |  |  |  |  |  | $(6165579) |

---

**SWAP CONTRACTS** — At July 31, 2025, the Fund had the following swap contracts:

**OVER THE COUNTER INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  1M BID Average<sup>(a)</sup> <br> 13.430%<sup>(a)</sup> | Citibank NA | 01/02/29 | BRL | 28694 | $(10556) |
|  1M BID Average<sup>(a)</sup> <br> 13.435<sup>(a)</sup> | Citibank NA | 01/02/29 |  | 22500 | (7739) |
|  1M BID Average<sup>(a)</sup> <br> 13.003<sup>(a)</sup> | Citibank NA | 01/02/29 |  | 29900 | (56424) |
| 8.760<sup>(b)</sup> <br> 3M CPIBR<sup>(b)</sup> | Citibank NA | 09/17/30 |  | 16061500 <sup>(c)</sup> | (18995) |

---

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payments Made**<br> **by the Fund** | **Counterparty** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Notional<br>Amount<br>(000s)** | **Unrealized<br>Appreciation/<br>(Depreciation)\*** |
|  12M CNRR<sup>(b)</sup> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.447%<sup>(b)</sup> | Citibank NA | 09/17/30 | CNY | 190580 <sup>(c)</sup> | $(154816) |
|  12M CNRR<sup>(b)</sup> <br> 1.460<sup>(b)</sup> | Citibank NA | 09/17/30 |  | 47681 <sup>(c)</sup> | (34800) |
| 3.614<sup>(d)</sup> <br> 6M PRIBO<sup>(e)</sup> | Citibank NA | 09/17/30 |  | 136470 <sup>(c)</sup> | 76524 |
| 6.094<sup>(d)</sup> <br> 6M BUBOR<sup>(e)</sup> | Citibank NA | 09/17/30 |  | 1488850 <sup>(c)</sup> | 53857 |
|  1M BID Average<sup>(a)</sup> <br> 13.445<sup>(a)</sup> | Citibank NA | 01/03/33 |  | 5320 | (5920) |
| 6.685<sup>(d)</sup> <br> 6M BUBOR<sup>(e)</sup> | Citibank NA | 09/17/35 |  | 1545250 <sup>(c)</sup> | 32616 |
|  3M KWCDC<sup>(b)</sup> <br> 2.470<sup>(b)</sup> | HSBC Bank PLC | 09/17/28 |  | 30719869 <sup>(c)</sup> | 34663 |
|  1M BID Average<sup>(a)</sup> <br> 13.438<sup>(a)</sup> | HSBC Bank PLC | 01/02/29 |  | 21000 | (3035) |
|  12M CNRR<sup>(b)</sup> <br> 1.470<sup>(b)</sup> | HSBC Bank PLC | 09/17/30 |  | 5000 <sup>(c)</sup> | (3303) |
|  6M MIBOR<sup>(e)</sup> <br> 5.700<sup>(e)</sup> | HSBC Bank PLC | 09/17/30 |  | 691600 <sup>(c)</sup> | (6619) |
| 2.690<sup>(b)</sup> <br> 3M KWCDC<sup>(b)</sup> | HSBC Bank PLC | 09/17/35 |  | 15160540 <sup>(c)</sup> | (44967) |
|  6M MIBOR<sup>(e)</sup> <br> 5.748<sup>(e)</sup> | Standard Chartered Bank | 09/17/30 |  | 852520 <sup>(c)</sup> | 11488 |
|  3M THOR<sup>(b)</sup> <br> 1.330<sup>(b)</sup> | Standard Chartered Bank | 09/17/30 |  | 85360 <sup>(c)</sup> | 3752 |
|  3M THOR<sup>(b)</sup> <br> 1.268<sup>(b)</sup> | Standard Chartered Bank | 09/17/30 |  | 401420 <sup>(c)</sup> | (18964) |
|  6M MIBOR<sup>(e)</sup> <br> 5.715<sup>(e)</sup> | Standard Chartered Bank | 09/17/30 |  | 101850 <sup>(c)</sup> | (241) |
|  3M THOR<sup>(b)</sup> <br> 1.277<sup>(b)</sup> | Standard Chartered Bank | 09/17/30 |  | 30750 <sup>(c)</sup> | (1046) |
|  **TOTAL** |  |  |  |  | $(154525) |

---

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to July 31, 2025.

(d) Payments made annually.

(e) Payments made semi-annually.

\* There are no upfront payments on the swap contracts, therefore the unrealized gain (loss) on the swap contracts is equal to their market value.

**OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid) by<br>the Fund<sup>(a)</sup>** | **Credit**<br> **Spread at**<br> **July 31,**<br> **2025<sup>(b)</sup>** | **Counterparty** | **Termination<br>Date** | **Notional**<br> **Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |  |
|  American Airlines Group, Inc., 3.750%, 03/01/25 | 5.000% | 5.050% | Citibank NA | 06/20/28 | $630 | $2884 | $(28669) | $31553 |

---

(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.

**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>July 31,<br>2025<sup>(b)</sup>** | **Termination<br>Date** | **Notional<br>Amount<br>(000s)** | **Value** | **Upfront<br>Premiums<br>(Received)<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 44 | 5.000% | 3.214% | 06/20/30 | $20960 | $1641915 | $748634 | $893281 |

---

(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.

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**PURCHASED OPTIONS CONTRACTS** — At July 31, 2025, the Fund had the following purchased options:

**OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Market<br>Value** | **Premiums Paid<br>(Received)**<br> **by Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased option contracts** | **Purchased option contracts** |  |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  Put USD/Call EUR | BNP Paribas SA | $1.180 | 11/05/2025 | 13000000 | $13000000 | $71058 | $298364 | $(227306) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CLP | — Chilean Peso |
| CNH | — Chinese Yuan Renminbi Offshore |
| CNY | — Chinese Yuan Renminbi |
| COP | — Colombia Peso |
| CZK | — Czech Republic Koruna |
| DOP | — Dominican Republic Peso |
| EGP | — Egypt Pound |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| IDR | — Indonesia Rupiah |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| KZT | — Kazakhstan Tenge |
| MXN | — Mexican Peso |
| MYR | — Malaysia Ringgit |
| NGN | — Nigeria Naira |
| PEN | — Peru Nuevo Sol |
| PHP | — Philippines Peso |
| PLN | — Polish Zloty |
| RON | — Romania New Leu |
| SGD | — Singapore Dollar |
| THB | — Thailand Baht |
| TRY | — Turkish Lira |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| UYU | — Uruguay Peso |
| ZAR | — South African Rand |
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | — Collateralized Loan Obligation |
| CMT | — Constant Maturity Treasury Indexes |
| CP | — Commercial Paper |
| ETF | — Exchange Traded Fund |
| EURIBOR | — Euro Interbank Offered Rate |
| ICE | — Inter-Continental Exchange |
| LLC | — Limited Liability Company |
| LP | — Limited Partnership |
| PIK | — Payment in kind |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |
| SOFR | — Secured Overnight Financing Rate |

---

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

------

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| 1M BID Avg | — 1 Month Brazilian Interbank Deposit Average |
| BofA Securities LLC | — Bank of America Securities LLC |
| BUBOR | — Budapest Interbank Offered Rate |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| CNRR | — China Fixing Repo Rate |
| KWCDC | — South Korean Won Certificate of Deposit |
| MIBOR | — Mumbai Interbank Offered Rate |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |

---

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

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 95.5%** | **Common Stocks – 95.5%** | **Common Stocks – 95.5%** |
| **Australia – 4.2%** | **Australia – 4.2%** | **Australia – 4.2%** |
| 1043591 | Cleanaway Waste Management Ltd. (Commercial Services & Supplies) | $1923254 |
| 200610 | Dexus (Office REITs) | 905675 |
| 127100 | DigiCo Infrastructure REIT (Specialized REITs) | 267427 |
| 685049 | Goodman Group (Industrial REITs) | 15316646 |
| 259167 | GPT Group (Diversified REITs) | 844264 |
| 2324647 | Mirvac Group (Diversified REITs) | 3335379 |
| 2209665 | National Storage REIT (Specialized REITs) | 3388213 |
| 494151 | NEXTDC Ltd.\* (IT Services) | 4550189 |
| 545390 | Region Group (Retail REITs) | 816214 |
| 2103875 | Scentre Group (Retail REITs) | 5035075 |
| 1927549 | Stockland (Diversified REITs) | 6833711 |
| 226854 | Transurban Group (Transportation Infrastructure) | 2007618 |
|  |  | 45223665 |
| **Belgium – 0.5%** | **Belgium – 0.5%** | **Belgium – 0.5%** |
| 9740 | Aedifica SA (Health Care REITs) | 716747 |
| 4820 | Cofinimmo SA (Health Care REITs) | 418387 |
| 21223 | Elia Group SA (Electric Utilities) | 2448565 |
| 11492 | Shurgard Self Storage Ltd. (Specialized REITs) | 456029 |
| 75120 | Warehouses De Pauw CVA (Industrial REITs) | 1753012 |
|  |  | 5792740 |
| **Brazil – 0.6%** | **Brazil – 0.6%** | **Brazil – 0.6%** |
| 166596 | Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR (Water Utilities) | 3211971 |
| 1064295 | Cia Paranaense de Energia - Copel (Electric Utilities) | 2098350 |
| 147806 | Equatorial Energia SA (Electric Utilities) | 899313 |
|  |  | 6209634 |
| **Canada – 6.9%** | **Canada – 6.9%** | **Canada – 6.9%** |
| 21900 | Allied Properties Real Estate Investment Trust (Office REITs) | 273434 |
| 42460 | Canadian Apartment Properties REIT (Residential REITs) | 1355987 |
| 344181 | Chartwell Retirement Residences (Health Care Providers & Services) | 4399138 |
| 478023 | Enbridge, Inc. (Oil, Gas & Consumable Fuels) | 21648342 |
| 37760 | First Capital Real Estate Investment Trust (Retail REITs) | 506610 |
| 35126 | GFL Environmental, Inc. (Commercial Services & Supplies) | 1768243 |
| 40930 | H&R Real Estate Investment Trust (Diversified REITs) | 342363 |
| 82940 | InterRent Real Estate Investment Trust (Residential REITs) | 793126 |
| 235301 | Keyera Corp.\* (Oil, Gas & Consumable Fuels) | 7344908 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Canada – (continued)** | **Canada – (continued)** | **Canada – (continued)** |
| 95154 | Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels) | $3536685 |
| 109450 | RioCan Real Estate Investment Trust (Retail REITs) | 1394192 |
| 110529 | South Bow Corp. (Oil, Gas & Consumable Fuels) | 2902822 |
| 562020 | TC Energy Corp. (Oil, Gas & Consumable Fuels) | 26835482 |
|  |  | 73101332 |
| **China – 0.5%** | **China – 0.5%** | **China – 0.5%** |
| 68000 | China Merchants Port Holdings Co. Ltd. (Transportation Infrastructure) | 133921 |
| 1257600 | China Tower Corp. Ltd. Class H<sup>(a)</sup> (Diversified Telecommunication Services) | 1759778 |
| 485000 | ENN Energy Holdings Ltd. (Gas Utilities) | 3952758 |
|  |  | 5846457 |
| **Denmark\*<sup>(a)</sup> – 0.1%** | **Denmark\*<sup>(a)</sup> – 0.1%** | **Denmark\*<sup>(a)</sup> – 0.1%** |
| 26610 | Orsted AS (Independent Power and Renewable Electricity Producers) | 1254169 |
| **France – 5.1%** | **France – 5.1%** | **France – 5.1%** |
| 19364 | Aeroports de Paris SA (Transportation Infrastructure) | 2350295 |
| 38770 | Eiffage SA (Construction & Engineering) | 5204306 |
| 27687 | Gecina SA (Office REITs) | 2720874 |
| 133018 | Klepierre SA (Retail REITs) | 5077553 |
| 91222 | Unibail-Rodamco-Westfield\* (Retail REITs) | 8842994 |
| 216694 | Vinci SA (Construction & Engineering) | 30100696 |
|  |  | 54296718 |
| **Germany – 1.3%** | **Germany – 1.3%** | **Germany – 1.3%** |
| 44398 | Fraport AG Frankfurt Airport Services Worldwide\* (Transportation Infrastructure) | 3303918 |
| 20620 | LEG Immobilien SE (Real Estate Management & Development) | 1636681 |
| 108400 | TAG Immobilien AG (Real Estate Management & Development) | 1742860 |
| 228113 | Vonovia SE (Real Estate Management & Development) | 7079617 |
|  |  | 13763076 |
| **Hong Kong – 2.2%** | **Hong Kong – 2.2%** | **Hong Kong – 2.2%** |
| 114800 | China Resources Gas Group Ltd. (Gas Utilities) | 290594 |
| 2604200 | Hong Kong & China Gas Co. Ltd. (Gas Utilities) | 2324413 |
| 38500 | Hongkong Land Holdings Ltd. (Real Estate Management & Development) | 232925 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hong Kong – (continued)** | **Hong Kong – (continued)** | **Hong Kong – (continued)** |
| 1128000 | Kunlun Energy Co. Ltd. (Gas Utilities) | $1086659 |
| 718318 | Link REIT (Retail REITs) | 4002292 |
| 181500 | Power Assets Holdings Ltd. (Electric Utilities) | 1195014 |
| 671013 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 7969934 |
| 1688007 | Swire Properties Ltd. (Real Estate Management & Development) | 4524214 |
| 470000 | Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development) | 1492162 |
|  |  | 23118207 |
| **Italy – 0.9%** | **Italy – 0.9%** | **Italy – 0.9%** |
| 349227 | Infrastrutture Wireless Italiane SpA<sup>(a)</sup> (Diversified Telecommunication Services) | 4128664 |
| 389341 | Italgas SpA (Gas Utilities) | 3230505 |
| 281260 | Terna - Rete Elettrica Nazionale (Electric Utilities) | 2721456 |
|  |  | 10080625 |
| **Japan – 5.1%** | **Japan – 5.1%** | **Japan – 5.1%** |
| 700 | Activia Properties, Inc. (Diversified REITs) | 598044 |
| 703 | Advance Residence Investment Corp. (Residential REITs) | 725044 |
| 520 | Comforia Residential REIT, Inc. (Residential REITs) | 1021409 |
| 614 | Daiwa House REIT Investment Corp. (Diversified REITs) | 1026806 |
| 240 | Daiwa Office Investment Corp. (Office REITs) | 557587 |
| 54600 | East Japan Railway Co. (Ground Transportation) | 1170305 |
| 5887 | GLP J-Reit (Industrial REITs) | 5158810 |
| 4919 | Invincible Investment Corp. (Hotel & Resort REITs) | 2187819 |
| 1714 | Japan Real Estate Investment Corp. (Office REITs) | 1390234 |
| 984 | KDX Realty Investment Corp. (Diversified REITs) | 1057468 |
| 468995 | Mitsubishi Estate Co. Ltd. (Real Estate Management & Development) | 8780719 |
| 1151208 | Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) | 10289842 |
| 700 | Mitsui Fudosan Logistics Park, Inc. (Industrial REITs) | 469271 |
| 515 | Nippon Accommodations Fund, Inc. (Residential REITs) | 403477 |
| 8991 | Nippon Building Fund, Inc. (Office REITs) | 8247692 |
| 2726 | Nippon Prologis REIT, Inc. (Industrial REITs) | 1471119 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** | **Japan – (continued)** |
| 1175 | Nomura Real Estate Master Fund, Inc. (Diversified REITs) | $1237493 |
| 170 | Orix JREIT, Inc. (Office REITs) | 222229 |
| 48100 | Osaka Gas Co. Ltd. (Gas Utilities) | 1216994 |
| 1965 | Sekisui House Reit, Inc. (Diversified REITs) | 1020806 |
| 49200 | Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development) | 1797235 |
| 128300 | Tokyo Gas Co. Ltd. (Gas Utilities) | 4296587 |
|  |  | 54346990 |
| **Luxembourg – 0.1%** | **Luxembourg – 0.1%** | **Luxembourg – 0.1%** |
| 185036 | SES SA (Media) | 1272436 |
| **Malaysia – 0.2%** | **Malaysia – 0.2%** | **Malaysia – 0.2%** |
| 623200 | Tenaga Nasional Bhd. (Electric Utilities) | 1898234 |
| **Mexico – 0.8%** | **Mexico – 0.8%** | **Mexico – 0.8%** |
| 29740 | Corp. Inmobiliaria Vesta SAB de CV (Real Estate Management & Development) | 835396 |
| 8560 | Grupo Aeroportuario del Centro Norte SAB de CV ADR (Transportation Infrastructure) | 911041 |
| 17340 | Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation Infrastructure) | 3984558 |
| 85798 | Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure) | 2600728 |
| 105774 | Prologis Property Mexico SA de CV (Industrial REITs) | 397585 |
|  |  | 8729308 |
| **Netherlands – 0.3%** | **Netherlands – 0.3%** | **Netherlands – 0.3%** |
| 11679 | CTP NV<sup>(a)</sup> (Real Estate Management & Development) | 247696 |
| 54381 | Koninklijke Vopak NV (Oil, Gas & Consumable Fuels) | 2597833 |
|  |  | 2845529 |
| **New Zealand – 0.2%** | **New Zealand – 0.2%** | **New Zealand – 0.2%** |
| 464082 | Auckland International Airport Ltd. (Transportation Infrastructure) | 2058632 |
| **Philippines – 0.2%** | **Philippines – 0.2%** | **Philippines – 0.2%** |
| 255860 | International Container Terminal Services, Inc. (Transportation Infrastructure) | 1964599 |
| **Singapore – 1.4%** | **Singapore – 1.4%** | **Singapore – 1.4%** |
| 2562134 | CapitaLand Ascendas REIT (Industrial REITs) | 5485854 |
| 1117300 | CapitaLand Integrated Commercial Trust (Diversified REITs) | 1886517 |
| 1359817 | CapitaLand Investment Ltd. (Real Estate Management & Development) | 2896141 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Singapore – (continued)** | **Singapore – (continued)** | **Singapore – (continued)** |
| 71100 | City Developments Ltd. (Real Estate Management & Development) | $336600 |
| 1200700 | Frasers Logistics & Commercial Trust (Industrial REITs) | 810906 |
| 796697 | Keppel DC REIT (Specialized REITs) | 1449846 |
| 113600 | Keppel Ltd. (Industrial Conglomerates) | 738041 |
| 1662139 | Mapletree Logistics Trust (Industrial REITs) | 1478082 |
| 340000 | NTT DC REIT\* (Specialized REITs) | 319600 |
|  |  | 15401587 |
| **Spain – 2.7%** | **Spain – 2.7%** | **Spain – 2.7%** |
| 131637 | Aena SME SA<sup>(a)</sup> (Transportation Infrastructure) | 3544736 |
| 389537 | Cellnex Telecom SA\*<sup>(a)</sup> (Diversified Telecommunication Services) | 13746573 |
| 411976 | Merlin Properties Socimi SA (Diversified REITs) | 5704238 |
| 37853 | Naturgy Energy Group SA (Gas Utilities) | 1187076 |
| 154445 | Redeia Corp. SA (Electric Utilities) | 2994068 |
| 284634 | Sacyr SA (Construction & Engineering) | 1165507 |
|  |  | 28342198 |
| **Sweden – 0.8%** | **Sweden – 0.8%** | **Sweden – 0.8%** |
| 70430 | Castellum AB (Real Estate Management & Development) | 801744 |
| 46306 | Catena AB (Real Estate Management & Development) | 2091837 |
| 568002 | Fastighets AB Balder Class B\* (Real Estate Management & Development) | 3835202 |
| 145139 | Wihlborgs Fastigheter AB (Real Estate Management & Development) | 1426290 |
|  |  | 8155073 |
| **Switzerland – 0.3%** | **Switzerland – 0.3%** | **Switzerland – 0.3%** |
| 21050 | PSP Swiss Property AG (Real Estate Management & Development) | 3571434 |
| **United Kingdom – 5.2%** | **United Kingdom – 5.2%** | **United Kingdom – 5.2%** |
| 282563 | British Land Co. PLC (Diversified REITs) | 1298640 |
| 238060 | Empiric Student Property PLC (Residential REITs) | 303076 |
| 971786 | Grainger PLC (Real Estate Management & Development) | 2627295 |
| 1853039 | LondonMetric Property PLC (Diversified REITs) | 4663483 |
| 1815446 | National Grid PLC (Multi-Utilities) | 25510773 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United Kingdom – (continued)** | **United Kingdom – (continued)** | **United Kingdom – (continued)** |
| 883852 | Pennon Group PLC (Water Utilities) | $5839096 |
| 181800 | Safestore Holdings PLC (Specialized REITs) | 1617034 |
| 166571 | Segro PLC REIT (Industrial REITs) | 1419640 |
| 102033 | Severn Trent PLC (Water Utilities) | 3578023 |
| 655440 | Tritax Big Box REIT PLC (Industrial REITs) | 1219197 |
| 489939 | UNITE Group PLC (Residential REITs) | 4830500 |
| 195390 | United Utilities Group PLC (Water Utilities) | 2916753 |
|  |  | 55823510 |
| **United States – 55.9%** | **United States – 55.9%** | **United States – 55.9%** |
| 134446 | Agree Realty Corp. (Retail REITs) | 9639778 |
| 26682 | Alliant Energy Corp. (Electric Utilities) | 1734597 |
| 34706 | Ameren Corp. (Multi-Utilities) | 3509818 |
| 215418 | American Healthcare REIT, Inc. (Health Care REITs) | 8323752 |
| 170120 | American Homes 4 Rent Class A (Residential REITs) | 5901463 |
| 149350 | American Tower Corp. (Specialized REITs) | 31123046 |
| 22134 | American Water Works Co., Inc. (Water Utilities) | 3104072 |
| 82351 | Americold Realty Trust, Inc. (Industrial REITs) | 1324204 |
| 33424 | Atmos Energy Corp. (Gas Utilities) | 5211470 |
| 28954 | AvalonBay Communities, Inc. (Residential REITs) | 5393551 |
| 299304 | Brixmor Property Group, Inc. (Retail REITs) | 7820814 |
| 84990 | Broadstone Net Lease, Inc. (Diversified REITs) | 1380238 |
| 21750 | BXP, Inc. (Office REITs) | 1423103 |
| 36160 | Camden Property Trust (Residential REITs) | 3948672 |
| 374487 | CenterPoint Energy, Inc. (Multi-Utilities) | 14537585 |
| 18772 | Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 4427939 |
| 33310 | Consolidated Edison, Inc. (Multi-Utilities) | 3447585 |
| 29802 | COPT Defense Properties (Office REITs) | 812999 |
| 141461 | Cousins Properties, Inc. (Office REITs) | 3833593 |
| 139749 | Crown Castle, Inc. (Specialized REITs) | 14686222 |
| 81703 | CSX Corp. (Ground Transportation) | 2903725 |
| 148229 | Curbline Properties Corp. (Retail REITs) | 3275861 |
| 94220 | DiamondRock Hospitality Co. (Hotel & Resort REITs) | 727378 |
| 119787 | Digital Realty Trust, Inc. (Specialized REITs) | 21135218 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 20912 | Dominion Energy, Inc. (Multi-Utilities) | $1222306 |
| 36380 | Douglas Emmett, Inc. (Office REITs) | 551521 |
| 94084 | DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 9665249 |
| 14497 | EastGroup Properties, Inc. (Industrial REITs) | 2366490 |
| 86040 | Empire State Realty Trust, Inc. Class A (Office REITs) | 622930 |
| 28843 | Entergy Corp. (Electric Utilities) | 2608272 |
| 113378 | EPR Properties (Specialized REITs) | 6240325 |
| 33944 | Equinix, Inc. (Specialized REITs) | 26651810 |
| 42299 | Equity LifeStyle Properties, Inc. (Residential REITs) | 2534556 |
| 85137 | Equity Residential (Residential REITs) | 5380658 |
| 38512 | Essex Property Trust, Inc. (Residential REITs) | 10020052 |
| 54101 | Evergy, Inc. (Electric Utilities) | 3830351 |
| 365318 | Exelon Corp. (Electric Utilities) | 16417391 |
| 81581 | Extra Space Storage, Inc. (Specialized REITs) | 10961223 |
| 16850 | Federal Realty Investment Trust (Retail REITs) | 1552896 |
| 206663 | First Industrial Realty Trust, Inc. (Industrial REITs) | 10068621 |
| 45109 | Gaming & Leisure Properties, Inc. (Specialized REITs) | 2056068 |
| 45766 | Global Medical REIT, Inc. (Health Care REITs) | 305717 |
| 297194 | Healthcare Realty Trust, Inc. (Health Care REITs) | 4564900 |
| 399031 | Healthpeak Properties, Inc. (Health Care REITs) | 6759585 |
| 155170 | Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 2439272 |
| 677476 | Hudson Pacific Properties, Inc.\* (Office REITs) | 1659816 |
| 6009 | Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure) | 847089 |
| 202862 | Invitation Homes, Inc. (Residential REITs) | 6217720 |
| 131061 | Iron Mountain, Inc. (Specialized REITs) | 12760099 |
| 30210 | Kilroy Realty Corp. (Office REITs) | 1113541 |
| 149950 | Kimco Realty Corp. (Retail REITs) | 3183439 |
| 310174 | Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 8703482 |
| 67119 | Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels) | 2911622 |
| 107970 | Kite Realty Group Trust (Retail REITs) | 2373181 |
| 15500 | Lineage, Inc. (Industrial REITs) | 668825 |
| 14620 | National Health Investors, Inc. (Health Care REITs) | 1021353 |
| 141423 | National Storage Affiliates Trust (Specialized REITs) | 4166322 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 217871 | NETSTREIT Corp. (Retail REITs) | $3971788 |
| 33400 | NextEra Energy, Inc. (Electric Utilities) | 2373404 |
| 264127 | NiSource, Inc. (Multi-Utilities) | 11212191 |
| 23960 | NNN REIT, Inc. (Retail REITs) | 988590 |
| 13969 | Norfolk Southern Corp. (Ground Transportation) | 3883382 |
| 49890 | Omega Healthcare Investors, Inc. (Health Care REITs) | 1940721 |
| 21608 | ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 1774233 |
| 955606 | PG&E Corp. (Electric Utilities) | 13397596 |
| 50231 | Pinnacle West Capital Corp. (Electric Utilities) | 4551933 |
| 84143 | PPL Corp. (Electric Utilities) | 3003064 |
| 210646 | Prologis, Inc. (Industrial REITs) | 22492780 |
| 12290 | Public Storage (Specialized REITs) | 3342143 |
| 52690 | Realty Income Corp. (Retail REITs) | 2957490 |
| 52767 | Regency Centers Corp. (Retail REITs) | 3767564 |
| 89855 | Rexford Industrial Realty, Inc. (Industrial REITs) | 3282403 |
| 37037 | Ryman Hospitality Properties, Inc. (Hotel & Resort REITs) | 3520737 |
| 132487 | Sabra Health Care REIT, Inc. (Health Care REITs) | 2388741 |
| 21573 | SBA Communications Corp. (Specialized REITs) | 4847885 |
| 234332 | Sempra (Multi-Utilities) | 19140238 |
| 79853 | Simon Property Group, Inc. (Retail REITs) | 13079123 |
| 106686 | SL Green Realty Corp. (Office REITs) | 6107774 |
| 247882 | Smartstop Self Storage REIT, Inc. (Specialized REITs) | 8398242 |
| 38635 | Spire, Inc. (Gas Utilities) | 2877148 |
| 57771 | Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 9613672 |
| 21590 | TXNM Energy, Inc. (Electric Utilities) | 1226096 |
| 270666 | UDR, Inc. (Residential REITs) | 10634467 |
| 187671 | Ventas, Inc. (Health Care REITs) | 12607738 |
| 163056 | Venture Global, Inc. Class A (Oil, Gas & Consumable Fuels) | 2499648 |
| 294910 | Veris Residential, Inc. (Residential REITs) | 4152333 |
| 197240 | VICI Properties, Inc. (Specialized REITs) | 6430024 |
| 80583 | Vornado Realty Trust (Office REITs) | 3095999 |
| 7284 | Waste Connections, Inc. (Commercial Services & Supplies) | 1360178 |
| 12084 | WEC Energy Group, Inc. (Multi-Utilities) | 1318123 |
| 229461 | Welltower, Inc. (Health Care REITs) | 37877127 |

---

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*July 31, 2025 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **United States – (continued)** | **United States – (continued)** |  |
| 507924 | Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | $30450044 |
|  |  | 596637984 |
| **TOTAL COMMON STOCKS**<br> **(Cost $895,394,538)** | **TOTAL COMMON STOCKS**<br> **(Cost $895,394,538)** | $1019734137 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(b)</sup> – 2.5%** | **Investment Company<sup>(b)</sup> – 2.5%** |  |
| 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 |
| 26606872 | 4.191% | $26606872 |
| **(Cost $26,606,872)** | **(Cost $26,606,872)** |  |
| **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $922,001,410)** | **TOTAL INVESTMENTS – 98.0%**<br> **(Cost $922,001,410)** | $1046341009 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 2.0%** | 21189892 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $1067530901 |

---

---

| | |
|:---|:---|
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECTOR ALLOCATION AS OF JULY 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SECTOR ALLOCATION AS OF JULY 31, 2025** |
| **Sector** | **% of Total<br>Market Value** |
| Real Estate | 56.6% |
| Utilities | 18.1 |
| Energy | 12.9 |
| Industrials | 7.0 |
| Investment Company | 2.5 |
| Communication Services | 2.0 |
| Information Technology | 0.4 |
| Health Care | 0.4 |
| Consumer Discretionary | 0.1 |
|  | 100.0% |

---

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

------

GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION** 

**FUTURES CONTRACTS** — At July 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Dow Jones U.S. Real Estate Index | 584 | 09/19/25 | $21134960 | $(131569) |

---

---

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

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

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

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

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

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

**Debt Securities** — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

**i. Bank Loans** — Bank loans ("Loans") are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions ("Lenders"). A Fund's investments in Loans are in the form of either participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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

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

**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.

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii. Options** — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

An *interest rate swap* is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to 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. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

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

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER GLOBAL EQUITY FUND**<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 | $1215993 | $2819451 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 25685349 | &nbsp;&nbsp;&nbsp;&nbsp;210963077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 3160855 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 19952045 | 237669783 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 428568504 | 14640269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 10261381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Preferred Stocks |  | 2753142 |  |
|  Exchange Traded Funds | 523467455 |  |  |
|  Investment Companies | 127747145 |  |  |
| **Total** | $1136897872 | $472006577 | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $7107543 | $— |
|  Futures Contracts | 4818721 |  |  |
| **Total** | $4818721 | $7107543 | $— |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(3085589) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

---

| | | | |
|:---|:---|:---|:---|
| **MULTI-MANAGER NON-CORE FIXED INCOME FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | $— | $619862040 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 480754775 | 5424674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 388076899 | 6675135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 756661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | 717895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 25490 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 461456 | 3152116 | 2455277 |
|  Warrants |  | 41995 | 82487 |
|  Preferred Stocks |  |  | 9652 |
|  Exchange Traded Funds | 4581660 |  |  |
|  Investment Company | 88826154 |  |  |
| **Total** | $94612655 | $1492644486 | $14647225 |
| **Liabilities** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unfunded Loan Committments<sup>(b)</sup>  | $— | $1475 | $(318) |
| **Derivative Type** |  |  |  |
| **Assets** |  |  |  |
|  Forward Foreign Currency Exchange Contracts<sup>(b)</sup>  | $— | $5432297 | $— |
|  Interest Rate Swap Contracts<sup>(b)</sup>  |  | 212900 |  |
|  Credit Default Swap Contracts<sup>(b)</sup>  |  | 924834 |  |
|  Purchased Option Contracts |  | 71058 |  |
| **Total** | $— | $6641089 | $— |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(6165579) | $— |
|  Interest Rate Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (367425) |  |
| **Total** | $— | $(6533004) | $— |
| **MULTI-MANAGER REAL ASSETS STRATEGY FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $686446 | $101889628 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia and Oceania | 2058632 | 45223665 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3107186 | 182090322 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 678468624 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 6209634 |  |  |
|  Investment Company | 26606872 |  |  |
| **Total** | $717137394 | $329203615 | $— |
| **Derivative Type** |  |  |  |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(131569) | $— | $— |

---

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

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

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

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

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

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

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

**Floating and Variable Rate Obligations Risk** — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semi-annually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate ("SOFR"), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets ("Term SOFR"), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, 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.

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

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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

**Interest Rate Risk** — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

**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.

**Leverage Risk** — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund's investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund's investment portfolio may be subject.

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

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

**Loan-Related Investments Risk** — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet 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, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

**MAS Transactions Risk** — MAS, a business unit within GSAM, currently provides investment advisory services to certain client accounts in respect of which it has discretionary authority to effect investment decisions, as well as client accounts in respect of which it provides investment advice but does not have the discretion to effect investment decisions without the specific instruction of the clients. It is currently expected that certain MAS client accounts will invest in the Fund. Investments by MAS client accounts in the Fund may be made at any time and from time to time, could be substantial and could represent a substantial proportion of the Fund's capital. As a result of GSAM's position as Investment Adviser to the Fund and the investment advisory services provided to client accounts through MAS, GSAM may possess information relating to the Fund and MAS client accounts that it would not otherwise possess. Discretionary client accounts advised by MAS may, to the extent permitted by applicable law, purchase and redeem shares from the Fund on the basis of such knowledge, and other shareholders of the Fund, including non-discretionary client accounts advised by MAS, will not be informed of such purchases or redemptions. Redemptions by discretionary client accounts advised by MAS could have an adverse effect on the Fund and its other shareholders, including non-discretionary client

------

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

*July 31, 2025 (Unaudited)* 

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

accounts advised by MAS. In addition, MAS may effect subscriptions to and full or partial redemptions from the Fund for discretionary client accounts in advance of receiving directions from non-discretionary client accounts regarding such clients' investments in the Fund, and non-discretionary client accounts may be adversely affected. See also "Large Shareholder Transactions Risk".

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

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

## 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 Real Assets Strategy Fund

- **b. EDGAR series identifier (if any):** S000049147

- **c. LEI of Series:** 549300BU16GEI7JWOM31

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1789612897.58

**Total Liabilities:** $740300616.31

**Net Assets:** $1049312281.27

**Cash Not Reported:** $2953321.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154943 | 1.37%                | 1.16%                | -1.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3861976.96              | $4516133.89                                |
| Month 2  | $6214133.46              | $1197768.77                                |
| Month 3  | $4304866.25              | $-22753759.73                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LondonMetric Property PLC                              | LondonMetric Property PLC                              | CUSIP: 000000000<br>LEI: 213800OCERWWPQDURL87 | Long             | EC               |  | GB        |   1853039 | NS      | $4663482.59   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Global Medical REIT Inc                                | Global Medical REIT Inc                                | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               |  | US        |     45766 | NS      | $305716.88    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                         | Omega Healthcare Investors Inc                         | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               |  | US        |     49890 | NS      | $1940721.00   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LEG Immobilien SE                                      | LEG Immobilien SE                                      | CUSIP: 000000000<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |     18729 | NS      | $1486585.87   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyatt Hotels Corp                                      | Hyatt Hotels Corp                                      | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |      6009 | NS      | $847088.73    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Castellum AB                                           | Castellum AB                                           | CUSIP: 000000000<br>LEI: 549300GU5OHTR1T5IY68 | Long             | EC               | CORP              | SE        |     70430 | NS      | $801744.02    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Equity Residential                                     | Equity Residential                                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               |  | US        |    106125 | NS      | $6707100.00   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Orix JREIT Inc                                         | Orix JREIT Inc                                         | CUSIP: 000000000<br>LEI: 353800WVNTBIU65TA247 | Long             | EC               |  | JP        |       170 | NS      | $222229.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wihlborgs Fastigheter AB                               | Wihlborgs Fastigheter AB                               | CUSIP: 000000000<br>LEI: 549300RC1YDJPITF8X06 | Long             | EC               | CORP              | SE        |    145139 | NS      | $1426289.84   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Welltower Inc                                          | Welltower Inc                                          | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               |  | US        |    229461 | NS      | $37877127.27  | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Centro Norte SAB de CV         | Grupo Aeroportuario del Centro Norte SAB de CV         | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |      8560 | NS      | $911040.80    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chartwell Retirement Residences                        | Chartwell Retirement Residences                        | CUSIP: 16141A103<br>LEI: 549300M7UBEIZBWP4069 | Long             | EC               | CORP              | CA        |    344181 | NS      | $4399137.93   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc                            | American Water Works Co Inc                            | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |     22134 | NS      | $3104072.16   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                    | Dominion Energy Inc                                    | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |     20912 | NS      | $1222306.40   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Swire Properties Ltd                                   | Swire Properties Ltd                                   | CUSIP: 000000000<br>LEI: 5299001L12PHYVQ92465 | Long             | EC               | CORP              | HK        |   1684007 | NS      | $4513493.59   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Realty Income Corp                                     | Realty Income Corp                                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               |  | US        |     52690 | NS      | $2957489.70   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Catena AB                                              | Catena AB                                              | CUSIP: 000000000<br>LEI: 549300EMLM7AH5LDLY65 | Long             | EC               | CORP              | SE        |     46306 | NS      | $2091837.03   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Real Estate Master Fund Inc                     | Nomura Real Estate Master Fund Inc                     | CUSIP: 000000000<br>LEI: 353800TNNZOQ1CPZE086 | Long             | EC               |  | JP        |      1175 | NS      | $1237493.34   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Scentre Group                                          | Scentre Group                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |   2103875 | NS      | $5035075.30   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| NextEra Energy Inc                                     | NextEra Energy Inc                                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     33400 | NS      | $2373404.00   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                                | UDR Inc                                                | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               |  | US        |    231064 | NS      | $9078504.56   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Terna - Rete Elettrica Nazionale                       | Terna - Rete Elettrica Nazionale                       | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |    281260 | NS      | $2721456.30   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventas Inc                                             | Ventas Inc                                             | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               |  | US        |    187671 | NS      | $12607737.78  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House REIT Investment Corp                       | Daiwa House REIT Investment Corp                       | CUSIP: 000000000<br>LEI: 3538001FWU534P8JMO05 | Long             | EC               |  | JP        |       614 | NS      | $1026806.32   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Italgas SpA                                            | Italgas SpA                                            | CUSIP: 000000000<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |    389341 | NS      | $3230504.68   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris SA                                  | Aeroports de Paris SA                                  | CUSIP: 000000000<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |     18263 | NS      | $2216661.52   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyera Corp                                            | Keyera Corp                                            | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |    137820 | NS      | $4326768.19   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Sureste SAB de CV              | Grupo Aeroportuario del Sureste SAB de CV              | CUSIP: 000000000<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |     85798 | NS      | $2600727.71   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc                                   | WEC Energy Group Inc                                   | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     12084 | NS      | $1318122.72   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| KDX Realty Investment Corp                             | KDX Realty Investment Corp                             | CUSIP: 000000000<br>LEI: 353800FFT483NCIHFY42 | Long             | EC               |  | JP        |       984 | NS      | $1057468.11   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Americold Realty Trust Inc                             | Americold Realty Trust Inc                             | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |     82351 | NS      | $1324204.08   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                                   | Regency Centers Corp                                   | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |     52767 | NS      | $3767563.80   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The                                   | Williams Cos Inc/The                                   | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    507924 | NS      | $30450043.80  | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Co Ltd                                  | Mitsui Fudosan Co Ltd                                  | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |   1151208 | NS      | $10289841.77  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| TAG Immobilien AG                                      | TAG Immobilien AG                                      | CUSIP: 000000000<br>LEI: 529900TAE68USJNXLR59 | Long             | EC               | CORP              | DE        |     77790 | NS      | $1250711.25   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Severn Trent PLC                                       | Severn Trent PLC                                       | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |    102033 | NS      | $3578022.80   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaga Nasional Bhd                                    | Tenaga Nasional Bhd                                    | CUSIP: 000000000<br>LEI: 549300FV8X6UID6I1413 | Long             | EC               | CORP              | MY        |    623200 | NS      | $1898234.32   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyera Corp                                            | Keyera Corp                                            | CUSIP: 493271118<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |     97481 | NS      | $3018140.08   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| British Land Co PLC/The                                | British Land Co PLC/The                                | CUSIP: 000000000<br>LEI: RV5B68J2GV3QGMRPW209 | Long             | EC               |  | GB        |    282563 | NS      | $1298640.52   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Cheniere Energy Inc                                    | Cheniere Energy Inc                                    | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     18772 | NS      | $4427939.36   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel DC REIT                                         | Keppel DC REIT                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | SG        |    796697 | NS      | $1449846.19   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Mapletree Logistics Trust                              | Mapletree Logistics Trust                              | CUSIP: 000000000<br>LEI: 549300M9EBZIYH387075 | Long             | EC               |  | SG        |   1662139 | NS      | $1478082.46   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Atmos Energy Corp                                      | Atmos Energy Corp                                      | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |     33424 | NS      | $5211470.08   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dexus                                                  | Dexus                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    200610 | NS      | $905675.20    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| CTP NV                                                 | CTP NV                                                 | CUSIP: 000000000<br>LEI: 3157000YTVO4TN65UM14 | Long             | EC               | CORP              | NL        |      8846 | NS      | $187611.37    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NTT DC REIT                                            | NTT DC REIT                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | SG        |    340000 | NS      | $319600.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                                               | PPL Corp                                               | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     84143 | NS      | $3003063.67   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                                    | Sun Communities Inc                                    | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               |  | US        |      4350 | NS      | $539530.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                                            | Exelon Corp                                            | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |    425904 | NS      | $19140125.76  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Merlin Properties Socimi SA                            | Merlin Properties Socimi SA                            | CUSIP: 000000000<br>LEI: 959800L8KD863DP30X04 | Long             | EC               |  | ES        |    411976 | NS      | $5704237.90   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Venture Global Inc                                     | Venture Global Inc                                     | CUSIP: 92333F101<br>LEI: 2549007XC91CAB3E0N98 | Long             | EC               | CORP              | US        |    163056 | NS      | $2499648.48   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: 20441A102<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |    166596 | NS      | $3211970.88   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                                | BXP Inc                                                | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               |  | US        |     21750 | NS      | $1423102.50   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                           | Prologis Inc                                           | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               |  | US        |    210646 | NS      | $22492779.88  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong & China Gas Co Ltd                           | Hong Kong & China Gas Co Ltd                           | CUSIP: 000000000<br>LEI: 254900P7BETXGC7YU827 | Long             | EC               | CORP              | HK        |   2604200 | NS      | $2324413.05   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Enbridge Inc                                           | Enbridge Inc                                           | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    478023 | NS      | $21648342.42  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                                  | American Homes 4 Rent                                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               |  | US        |    170120 | NS      | $5901462.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Property Mexico SA de CV                      | Prologis Property Mexico SA de CV                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | MX        |    105774 | NS      | $397584.65    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Gas Co Ltd                                       | Tokyo Gas Co Ltd                                       | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |    128300 | NS      | $4296587.04   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Gaming and Leisure Properties Inc                      | Gaming and Leisure Properties Inc                      | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               |  | US        |     45109 | NS      | $2056068.22   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Realty & Development Co Ltd                   | Sumitomo Realty & Development Co Ltd                   | CUSIP: 000000000<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |     49200 | NS      | $1797235.01   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| DiamondRock Hospitality Co                             | DiamondRock Hospitality Co                             | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               |  | US        |     94220 | NS      | $727378.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield                              | Unibail-Rodamco-Westfield                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | FR        |     84592 | NS      | $8200286.52   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Empire State Realty Trust Inc                          | Empire State Realty Trust Inc                          | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               |  | US        |     80317 | NS      | $581495.08    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                                       | DT Midstream Inc                                       | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94084 | NS      | $9665249.32   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodman Group                                          | Goodman Group                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    685049 | NS      | $15316645.43  | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| South Bow Corp                                         | South Bow Corp                                         | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    110529 | NS      | $2902822.11   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Norfolk Southern Corp                                  | Norfolk Southern Corp                                  | CUSIP: 655844108<br>LEI: 54930036C8MWP850MI84 | Long             | EC               | CORP              | US        |     13969 | NS      | $3883382.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Ltd                                | ENN Energy Holdings Ltd                                | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |    485000 | NS      | $3952757.60   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Targa Resources Corp                                   | Targa Resources Corp                                   | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     57771 | NS      | $9613672.11   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                                    | American Tower Corp                                    | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |    149350 | NS      | $31123046.50  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Residence Investment Corp                      | Advance Residence Investment Corp                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | JP        |       703 | NS      | $725044.15    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Pembina Pipeline Corp                                  | Pembina Pipeline Corp                                  | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |     95154 | NS      | $3536685.19   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                                | Kite Realty Group Trust                                | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               |  | US        |    104160 | NS      | $2289436.80   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Properties Real Estate Investment Trust         | Allied Properties Real Estate Investment Trust         | CUSIP: 019456102<br>LEI: 549300AMZMPKVHA0MY77 | Long             | EC               |  | CA        |     21900 | NS      | $273433.89    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Keppel Ltd                                             | Keppel Ltd                                             | CUSIP: 000000000<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |    113600 | NS      | $738040.67    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Federal Realty Investment Trust                        | Federal Realty Investment Trust                        | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |     16480 | NS      | $1518796.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp                             | Pinnacle West Capital Corp                             | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |     50231 | NS      | $4551933.22   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CapitaLand Investment Ltd/Singapore                    | CapitaLand Investment Ltd/Singapore                    | CUSIP: 000000000<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |   1359817 | NS      | $2896141.05   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Shurgard Self Storage Ltd                              | Shurgard Self Storage Ltd                              | CUSIP: 000000000<br>LEI: 549300J0UEIKU81XO336 | Long             | EC               |  | GG        |     11492 | NS      | $456028.66    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Assets Holdings Ltd                              | Power Assets Holdings Ltd                              | CUSIP: 000000000<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |    181500 | NS      | $1195013.62   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryman Hospitality Properties Inc                       | Ryman Hospitality Properties Inc                       | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |     37037 | NS      | $3520737.22   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Inc                                              | Spire Inc                                              | CUSIP: 84857L101<br>LEI: 549300NXSY15DRY2R511 | Long             | EC               | CORP              | US        |     33447 | NS      | $2490798.09   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                                           | Entergy Corp                                           | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |     28843 | NS      | $2608272.49   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Safestore Holdings PLC                                 | Safestore Holdings PLC                                 | CUSIP: 000000000<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               |  | GB        |    181800 | NS      | $1617034.01   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Stockland                                              | Stockland                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |   1927549 | NS      | $6833711.13   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Lineage Inc                                            | Lineage Inc                                            | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               |  | US        |     15500 | NS      | $668825.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                                                 | Sempra                                                 | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    214181 | NS      | $17494304.08  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cofinimmo SA                                           | Cofinimmo SA                                           | CUSIP: 000000000<br>LEI: 549300TM914CSF6KI389 | Long             | EC               |  | BE        |      4820 | NS      | $418387.36    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| GLP J-Reit                                             | GLP J-Reit                                             | CUSIP: 000000000<br>LEI: 353800E27V9KA51K2I90 | Long             | EC               |  | JP        |      5887 | NS      | $5158809.76   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Crown Castle Inc                                       | Crown Castle Inc                                       | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               |  | US        |    139749 | NS      | $14686222.41  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                             | Brixmor Property Group Inc                             | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |    299304 | NS      | $7820813.52   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd                    | Wharf Real Estate Investment Co Ltd                    | CUSIP: 000000000<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | KY        |    470000 | NS      | $1492161.99   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Accommodations Fund Inc                         | Nippon Accommodations Fund Inc                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | JP        |       515 | NS      | $403477.14    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DigiCo Infrastructure REIT                             | DigiCo Infrastructure REIT                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    127100 | NS      | $267427.39    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Hung Kai Properties Ltd                            | Sun Hung Kai Properties Ltd                            | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |    671013 | NS      | $7969933.91   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                               | CapitaLand Ascendas REIT                               | CUSIP: 000000000<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               |  | SG        |   2562134 | NS      | $5485853.70   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| COPT Defense Properties                                | COPT Defense Properties                                | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               |  | US        |     29802 | NS      | $812998.56    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                         | Public Storage                                         | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               |  | US        |     11990 | NS      | $3260560.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                           | American Healthcare REIT Inc                           | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |    215418 | NS      | $8323751.52   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellnex Telecom SA                                     | Cellnex Telecom SA                                     | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |    389537 | NS      | $13746573.32  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXTDC Ltd                                             | NEXTDC Ltd                                             | CUSIP: 000000000<br>LEI: 529900RTERU3X7G3D672 | Long             | EC               | CORP              | AU        |    494151 | NS      | $4550189.13   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Host Hotels & Resorts Inc                              | Host Hotels & Resorts Inc                              | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               |  | US        |    155170 | NS      | $2439272.40   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Elia Group SA/NV                                       | Elia Group SA/NV                                       | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             | EC               | CORP              | BE        |     21223 | NS      | $2448565.49   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Comforia Residential REIT Inc                          | Comforia Residential REIT Inc                          | CUSIP: 000000000<br>LEI: 353800BJ2SV3UPG9JU05 | Long             | EC               |  | JP        |       520 | NS      | $1021408.60   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                                       | Osaka Gas Co Ltd                                       | CUSIP: 000000000<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |     48100 | NS      | $1216994.01   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Waste Connections Inc                                  | Waste Connections Inc                                  | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |      7284 | NS      | $1360177.66   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison Inc                                | Consolidated Edison Inc                                | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |     33310 | NS      | $3447585.00   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Vopak NV                                   | Koninklijke Vopak NV                                   | CUSIP: 000000000<br>LEI: 724500UL634GFV1KYF10 | Long             | EC               | CORP              | NL        |     54381 | NS      | $2597833.14   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| EPR Properties                                         | EPR Properties                                         | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               |  | US        |    113378 | NS      | $6240325.12   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                               | Broadstone Net Lease Inc                               | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               |  | US        |     84990 | NS      | $1380237.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                     | Douglas Emmett Inc                                     | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               |  | US        |     36380 | NS      | $551520.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Link REIT                                              | Link REIT                                              | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               |  | HK        |    758318 | NS      | $4225161.65   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| City Developments Ltd                                  | City Developments Ltd                                  | CUSIP: 000000000<br>LEI: 254900BPLPJS0RJ72373 | Long             | EC               | CORP              | SG        |     71100 | NS      | $336599.58    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sabra Health Care REIT Inc                             | Sabra Health Care REIT Inc                             | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               |  | US        |    132487 | NS      | $2388740.61   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| East Japan Railway Co                                  | East Japan Railway Co                                  | CUSIP: 000000000<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |     54600 | NS      | $1170305.32   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Equatorial Energia SA                                  | Equatorial Energia SA                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    147806 | NS      | $899313.41    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Real Estate Investment Corp                      | Japan Real Estate Investment Corp                      | CUSIP: 000000000<br>LEI: 3538003YAIR3CBGJJ928 | Long             | EC               |  | JP        |      1714 | NS      | $1390233.89   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Grainger PLC                                           | Grainger PLC                                           | CUSIP: 000000000<br>LEI: 2138007CEIRKZMNI2979 | Long             | EC               | CORP              | GB        |    971786 | NS      | $2627294.93   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Kimco Realty Corp                                      | Kimco Realty Corp                                      | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               |  | US        |    146030 | NS      | $3100216.90   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investment Trust                 | InterRent Real Estate Investment Trust                 | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               |  | CA        |     82940 | NS      | $793125.72    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Aena SME SA                                            | Aena SME SA                                            | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |    132341 | NS      | $3563692.87   | 0.34%             |  |  |  | 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        |  26506765 | NS      | $26506765.37  | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Gas Group Ltd                          | China Resources Gas Group Ltd                          | CUSIP: 000000000<br>LEI: 529900A0E1J5JSOKEK83 | Long             | EC               | CORP              | BM        |    127500 | NS      | $322741.30    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| First Industrial Realty Trust Inc                      | First Industrial Realty Trust Inc                      | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |    206663 | NS      | $10068621.36  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                          | National Health Investors Inc                          | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               |  | US        |     14620 | NS      | $1021353.20   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Aedifica SA                                            | Aedifica SA                                            | CUSIP: 000000000<br>LEI: 529900DTKNXL0AXQFN28 | Long             | EC               |  | BE        |      9740 | NS      | $716746.74    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Hudson Pacific Properties Inc                          | Hudson Pacific Properties Inc                          | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               |  | US        |    677476 | NS      | $1659816.20   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Frasers Logistics & Commercial Trust                   | Frasers Logistics & Commercial Trust                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | SG        |   1200700 | NS      | $810906.21    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Essex Property Trust Inc                               | Essex Property Trust Inc                               | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               |  | US        |     37964 | NS      | $9877473.52   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Building Fund Inc                               | Nippon Building Fund Inc                               | CUSIP: 000000000<br>LEI: 52990053R8NL2MB32172 | Long             | EC               |  | JP        |      8991 | NS      | $8247692.31   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| GPT Group/The                                          | GPT Group/The                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    259167 | NS      | $844264.20    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Prologis REIT Inc                               | Nippon Prologis REIT Inc                               | CUSIP: 000000000<br>LEI: 353800PHBMSDLAFURY41 | Long             | EC               |  | JP        |      2726 | NS      | $1471118.86   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Alliant Energy Corp                                    | Alliant Energy Corp                                    | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |     26682 | NS      | $1734596.82   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SES SA                                                 | SES SA                                                 | CUSIP: 000000000<br>LEI: 5493008JPA4HYMH1HX51 | Long             | EC               | CORP              | LU        |    185036 | NS      | $1272436.27   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Camden Property Trust                                  | Camden Property Trust                                  | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               |  | US        |     36160 | NS      | $3948672.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PSP Swiss Property AG                                  | PSP Swiss Property AG                                  | CUSIP: 000000000<br>LEI: 50670042Y437P8X44F56 | Long             | EC               | CORP              | CH        |     19023 | NS      | $3227524.53   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commercial Trust                 | CapitaLand Integrated Commercial Trust                 | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               |  | SG        |   1117300 | NS      | $1886516.82   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergy Inc                                             | Evergy Inc                                             | CUSIP: 30034W106<br>LEI: 549300PGTHDQY6PSUI61 | Long             | EC               | CORP              | US        |     54101 | NS      | $3830350.80   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Empiric Student Property PLC                           | Empiric Student Property PLC                           | CUSIP: 000000000<br>LEI: 213800FPF38IBPRFPU87 | Long             | EC               |  | GB        |    238060 | NS      | $303075.71    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                      | Iron Mountain Inc                                      | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               |  | US        |    131061 | NS      | $12760098.96  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                                   | Vornado Realty Trust                                   | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               |  | US        |     80583 | NS      | $3095998.86   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E Corp                                              | PG&E Corp                                              | CUSIP: 69331C108<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EC               | CORP              | US        |    955606 | NS      | $13397596.12  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp                               | Curbline Properties Corp                               | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               |  | US        |    148229 | NS      | $3275860.90   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy Inc                                        | TXNM Energy Inc                                        | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |     21590 | NS      | $1226096.10   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                                | SBA Communications Corp                                | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               |  | US        |     21573 | NS      | $4847884.56   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| First Capital Real Estate Investment Trust             | First Capital Real Estate Investment Trust             | CUSIP: 31890B103<br>LEI: 54930042UG2WCIIAQZ39 | Long             | EC               |  | CA        |     37760 | NS      | $506609.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui Fudosan Logistics Park Inc                      | Mitsui Fudosan Logistics Park Inc                      | CUSIP: 000000000<br>LEI: 353800DN63EIYS760S59 | Long             | EC               |  | JP        |       700 | NS      | $469271.47    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Mirvac Group                                           | Mirvac Group                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |   2324647 | NS      | $3335378.74   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| CSX Corp                                               | CSX Corp                                               | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |     81703 | NS      | $2903724.62   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC                             | United Utilities Group PLC                             | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |    195390 | NS      | $2916752.67   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| GFL Environmental Inc                                  | GFL Environmental Inc                                  | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |     35126 | NS      | $1768242.84   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                                      | Kinder Morgan Inc                                      | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    310174 | NS      | $8703482.44   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CenterPoint Energy Inc                                 | CenterPoint Energy Inc                                 | CUSIP: 15189T107<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | EC               | CORP              | US        |    369726 | NS      | $14352763.32  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Estate Co Ltd                               | Mitsubishi Estate Co Ltd                               | CUSIP: 000000000<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |    468995 | NS      | $8780718.76   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc                              | AvalonBay Communities Inc                              | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               |  | US        |     28954 | NS      | $5393551.12   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                           | NiSource Inc                                           | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    264127 | NS      | $11212191.15  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastighets AB Balder                                   | Fastighets AB Balder                                   | CUSIP: 000000000<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |    568002 | NS      | $3835201.78   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Ameren Corp                                            | Ameren Corp                                            | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |     34706 | NS      | $3509817.78   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa Office Investment Corp                           | Daiwa Office Investment Corp                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | JP        |       240 | NS      | $557586.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Gecina SA                                              | Gecina SA                                              | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               |  | FR        |     27687 | NS      | $2720874.27   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| National Storage Affiliates Trust                      | National Storage Affiliates Trust                      | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               |  | US        |    141423 | NS      | $4166321.58   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Eiffage SA                                             | Eiffage SA                                             | CUSIP: 000000000<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |     38770 | NS      | $5204306.41   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted AS                                              | Orsted AS                                              | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |     26610 | NS      | $1254169.12   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Corp Inmobiliaria Vesta SAB de CV                      | Corp Inmobiliaria Vesta SAB de CV                      | CUSIP: 92540K109<br>LEI: 4469000001BIRIFZJ959 | Long             | EC               | CORP              | MX        |     29740 | NS      | $835396.60    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Redeia Corp SA                                         | Redeia Corp SA                                         | CUSIP: 000000000<br>LEI: 5493009HMD0C90GUV498 | Long             | EC               | CORP              | ES        |    154445 | NS      | $2994068.02   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Tritax Big Box REIT PLC                                | Tritax Big Box REIT PLC                                | CUSIP: 000000000<br>LEI: 213800L6X88MIYPVR714 | Long             | EC               |  | GB        |    655440 | NS      | $1219197.53   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Kilroy Realty Corp                                     | Kilroy Realty Corp                                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               |  | US        |     30210 | NS      | $1113540.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITE Group PLC/The                                    | UNITE Group PLC/The                                    | CUSIP: 000000000<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               |  | GB        |    489939 | NS      | $4830500.53   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| VICI Properties Inc                                    | VICI Properties Inc                                    | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               |  | US        |    197240 | NS      | $6430024.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                         | NETSTREIT Corp                                         | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |    217871 | NS      | $3971788.33   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                                               | Vinci SA                                               | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |    216694 | NS      | $30100695.57  | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Simon Property Group Inc                               | Simon Property Group Inc                               | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               |  | US        |     79853 | NS      | $13079122.87  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                                         | TC Energy Corp                                         | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    562020 | NS      | $26835481.52  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc                        | Smartstop Self Storage REIT Inc                        | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               |  | US        |    247882 | NS      | $8398242.16   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                 | DJ US REAL ESTATE SEP25                                | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               |  | US        |       584 | NC      | $-131568.80   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc                                   | Kinetik Holdings Inc                                   | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67119 | NS      | $2911622.22   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifico SAB de CV             | Grupo Aeroportuario del Pacifico SAB de CV             | CUSIP: 400506101<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |     17340 | NS      | $3984558.60   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                   | Infrastrutture Wireless Italiane SpA                   | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |    349227 | NS      | $4128664.11   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                                           | Klepierre SA                                           | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               |  | FR        |    145104 | NS      | $5538898.69   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| RioCan Real Estate Investment Trust                    | RioCan Real Estate Investment Trust                    | CUSIP: 766910103<br>LEI: 549300S8HVUSEU3JBY60 | Long             | EC               |  | CA        |    109450 | NS      | $1394192.05   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleanaway Waste Management Ltd                         | Cleanaway Waste Management Ltd                         | CUSIP: 000000000<br>LEI: 549300D5C72CV6CIBS66 | Long             | EC               | CORP              | AU        |   1043591 | NS      | $1923254.35   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Activia Properties Inc                                 | Activia Properties Inc                                 | CUSIP: 000000000<br>LEI: 353800RPGYN3ML8CXV54 | Long             | EC               |  | JP        |       700 | NS      | $598043.62    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| China Tower Corp Ltd                                   | China Tower Corp Ltd                                   | CUSIP: 000000000<br>LEI: 300300T6BNNP0L7O7H91 | Long             | EC               | CORP              | CN        |   1257600 | NS      | $1759778.42   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group                                       | Transurban Group                                       | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |    226854 | NS      | $2007617.60   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Agree Realty Corp                                      | Agree Realty Corp                                      | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               |  | US        |    134446 | NS      | $9639778.20   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                           | NNN REIT Inc                                           | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |     23960 | NS      | $988589.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Apartment Properties REIT                     | Canadian Apartment Properties REIT                     | CUSIP: 134921105<br>LEI: 549300B1MYVTQEB2DI90 | Long             | EC               |  | CA        |     42460 | NS      | $1355986.58   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage REIT                                  | National Storage REIT                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |   2062869 | NS      | $3163121.40   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| EastGroup Properties Inc                               | EastGroup Properties Inc                               | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |     13415 | NS      | $2189864.60   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Auckland International Airport Ltd                     | Auckland International Airport Ltd                     | CUSIP: 000000000<br>LEI: 549300HFZIZDJWB7AK60 | Long             | EC               | CORP              | NZ        |    464082 | NS      | $2058631.62   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hongkong Land Holdings Ltd                             | Hongkong Land Holdings Ltd                             | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |     40200 | NS      | $243210.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Real Estate Investment Trust                       | H&R Real Estate Investment Trust                       | CUSIP: 403925407<br>LEI: 549300TGNP6B6GUVGW10 | Long             | EC               |  | CA        |     40930 | NS      | $342363.38    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sekisui House Reit Inc                                 | Sekisui House Reit Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | JP        |      1965 | NS      | $1020805.81   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kunlun Energy Co Ltd                                   | Kunlun Energy Co Ltd                                   | CUSIP: 000000000<br>LEI: 5299007GRIKP15GM4927 | Long             | EC               | CORP              | BM        |   1128000 | NS      | $1086659.30   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Vonovia SE                                             | Vonovia SE                                             | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |    267451 | NS      | $8300493.64   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Realty Trust Inc                               | Digital Realty Trust Inc                               | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               |  | US        |    119787 | NS      | $21135218.28  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                                  | Veris Residential Inc                                  | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               |  | US        |    294910 | NS      | $4152332.80   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Naturgy Energy Group SA                                | Naturgy Energy Group SA                                | CUSIP: 000000000<br>LEI: TL2N6M87CW970S5SV098 | Long             | EC               | CORP              | ES        |     37853 | NS      | $1187076.19   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Invincible Investment Corp                             | Invincible Investment Corp                             | CUSIP: 000000000<br>LEI: 353800JY6M2692VAV685 | Long             | EC               |  | JP        |      4919 | NS      | $2187819.12   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Warehouses De Pauw CVA                                 | Warehouses De Pauw CVA                                 | CUSIP: 000000000<br>LEI: 549300HWDYC5JXC85138 | Long             | EC               |  | BE        |     71600 | NS      | $1670868.62   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Segro PLC                                              | Segro PLC                                              | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               |  | GB        |    184112 | NS      | $1569137.18   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                      | National Grid PLC                                      | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |   1815446 | NS      | $25510772.94  | 2.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                                | Extra Space Storage Inc                                | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               |  | US        |     78608 | NS      | $10561770.88  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sacyr SA                                               | Sacyr SA                                               | CUSIP: 000000000<br>LEI: 959800XKAB9VNAVN9425 | Long             | EC               | CORP              | ES        |    277098 | NS      | $1134649.35   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc                          | Rexford Industrial Realty Inc                          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               |  | US        |     89855 | NS      | $3282403.15   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                                   | SL Green Realty Corp                                   | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               |  | US        |    106686 | NS      | $6107773.50   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fraport AG Frankfurt Airport Services Worldwide        | Fraport AG Frankfurt Airport Services Worldwide        | CUSIP: 000000000<br>LEI: 5299001ERX0K10IZUL40 | Long             | EC               | CORP              | DE        |     44398 | NS      | $3303918.24   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Healthcare Realty Trust Inc                            | Healthcare Realty Trust Inc                            | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |    297194 | NS      | $4564899.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                            | Equinix Inc                                            | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               |  | US        |     33944 | NS      | $26651810.48  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| International Container Terminal Services Inc          | International Container Terminal Services Inc          | CUSIP: 000000000<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |    255860 | NS      | $1964598.60   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Healthpeak Properties Inc                              | Healthpeak Properties Inc                              | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               |  | US        |    399031 | NS      | $6759585.14   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                                 | Cousins Properties Inc                                 | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               |  | US        |    141461 | NS      | $3833593.10   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                        | Equity LifeStyle Properties Inc                        | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               |  | US        |     38549 | NS      | $2309856.08   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Region Group                                           | Region Group                                           | CUSIP: 000000000<br>LEI: 549300MS6NZV0B7K7D28 | Long             | EC               |  | AU        |    545390 | NS      | $816213.53    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| China Merchants Port Holdings Co Ltd                   | China Merchants Port Holdings Co Ltd                   | CUSIP: 000000000<br>LEI: 529900GA4UH90FUOR048 | Long             | EC               | CORP              | HK        |     50000 | NS      | $98471.34     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                                              | ONEOK Inc                                              | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     21608 | NS      | $1774232.88   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                                   | Invitation Homes Inc                                   | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               |  | US        |    202862 | NS      | $6217720.30   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group PLC                                       | Pennon Group PLC                                       | CUSIP: 000000000<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |    883852 | NS      | $5839096.31   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Cia Paranaense de Energia - Copel                      | Cia Paranaense de Energia - Copel                      | CUSIP: 000000000<br>LEI: 2549001AS1I9A71VG663 | Long             | EC               | CORP              | BR        |   1064295 | NS      | $2098350.19   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President