# EDGAR Filing Document

**Accession Number:** 0001557156
**File Stem:** 0001410368-25-007892
**Filing Date:** 2025-9
**Character Count:** 149814
**Document Hash:** a141f3d082382ce72afb1d245ece6c50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-007892.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001410368-25-007892

**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:** 251329122

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

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

---

| | | |
|:---|:---|:---|
| **Shares** | **<br>Description** | **Value** |
| **Common Stocks\*<sup>(a)</sup> – 0.0%** | **Common Stocks\*<sup>(a)</sup> – 0.0%** | **Common Stocks\*<sup>(a)</sup> – 0.0%** |
| **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** | **Oil, Gas & Consumable Fuels – 0.0%** |
| 39366 | Gazprom PJSC | $— |
| 3021 | LUKOIL PJSC |  |
| 27893 | Rosneft Oil Co. PJSC |  |
| **TOTAL COMMON STOCKS**<br> **(Cost $621,979)** | **TOTAL COMMON STOCKS**<br> **(Cost $621,979)** | $— |
| **Exchange Traded Funds – 55.2%** | **Exchange Traded Funds – 55.2%** | **Exchange Traded Funds – 55.2%** |
| 105700 | Goldman Sachs Access U.S. Preferred Stock & Hybrid ETF<sup>(b)</sup> | $5347152 |
| 7000 | iShares Core MSCI Emerging Markets ETF | 422310 |
| 17100 | iShares Global Clean Energy ETF | 229311 |
| 2400 | iShares JP Morgan USD Emerging Markets Bond ETF | 222888 |
| 72300 | SPDR Blackstone Senior Loan ETF | 3011295 |
| 35200 | SPDR Bloomberg Convertible Securities ETF | 2989184 |
| 9900 | Vanguard Real Estate ETF | 882486 |
| 354000 | Vanguard Short-Term Inflation-Protected Securities ETF | 17700000 |
| **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $30,555,140)** | **TOTAL EXCHANGE TRADED FUNDS**<br> **(Cost $30,555,140)** | $30804626 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Investment Company<sup>(b)</sup> – 35.6%** | **Investment Company<sup>(b)</sup> – 35.6%** |  |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 19831518 | 4.191% | $19831518 |
| **(Cost $19,831,518)** | **(Cost $19,831,518)** | **(Cost $19,831,518)** |
| **TOTAL INVESTMENTS – 90.8%**<br> **(Cost $51,008,637)** | **TOTAL INVESTMENTS – 90.8%**<br> **(Cost $51,008,637)** | $50636144 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 9.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 9.2%** | 5153821 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $55789965 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3. |
| (b) | Represents an affiliated issuer. |

---

**ADDITIONAL INVESTMENT INFORMATION** 

**FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** — At 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** |
|  MS & Co. Int. PLC | ILS | 1620000 | USD | 462787 | 09/17/25 | $14282 |
|  | MXN | 9560000 | USD | 499670 | 09/17/25 | 4426 |
|  | USD | 12592783 | AUD | 19360000 | 09/17/25 | 139634 |
|  | USD | 7859720 | CAD | 10650000 | 09/17/25 | 155319 |
|  | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14234865 | CHF | 11490000 | 09/17/25 | 2666 |
|  | USD | 316049 | CLP | 303780000 | 09/17/25 | 3698 |
|  | USD | 131324 | CZK | 2760000 | 09/17/25 | 3010 |
|  | USD | 9957353 | EUR | 8560000 | 09/17/25 | 156878 |
|  | USD | 9096066 | GBP | 6720000 | 09/17/25 | 217048 |
|  | USD | 66474 | HUF | 22780000 | 09/17/25 | 1639 |
|  | USD | 68604 | ILS | 230000 | 09/17/25 | 872 |
|  | USD | 1133244 | INR | 98600000 | 09/17/25 | 9497 |
|  | USD | 9338178 | JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341120000 | 09/17/25 | 396034 |
|  | USD | 366475 | KRW | 505110000 | 09/17/25 | 3440 |
|  | USD | 3348209 | NOK | 33230000 | 09/17/25 | 133046 |
|  | USD | 7222489 | NZD | 11880000 | 09/17/25 | 211745 |
|  | USD | 728736 | PHP | 41750000 | 09/17/25 | 12637 |
|  | USD | 96478 | PLN | 350000 | 09/17/25 | 3158 |
|  | USD | 4598812 | SEK | 43370000 | 09/17/25 | 154401 |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

## Consolidated Schedule of Investments (continued)
*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** |
|  MS & Co. Int. PLC (continued) | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74856 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | 09/17/25 | $1544 |
|  **TOTAL** |  |  |  |  |  | $1624974 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Currency**<br> **Purchased** | **Currency**<br> **Purchased** | **Currency**<br> **Sold** | **Currency**<br> **Sold** | **Settlement<br>Date** | **Unrealized<br>Loss** |
|  MS & Co. Int. PLC | AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20030000 | USD | 13090775 | 09/17/25 | $(206654) |
|  | BRL | 2550000 | USD | 456490 | 09/17/25 | (6690) |
|  | CAD | 11380000 | USD | 8370972 | 09/17/25 | (138475) |
|  | CHF | 12750000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15825770 | 09/17/25 | (32860) |
|  | CLP | 211830000 | USD | 226539 | 09/17/25 | (8733) |
|  | CZK | 14820000 | USD | 692280 | 09/17/25 | (3291) |
|  | EUR | 9740000 | USD | 11203236 | 09/17/25 | (51761) |
|  | GBP | 7260000 | USD | 9852028 | 09/17/25 | (259519) |
|  | HUF | 214530000 | USD | 612137 | 09/17/25 | (1564) |
|  | IDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552580000 | USD | 280060 | 09/17/25 | (4558) |
|  | INR | 73360000 | USD | 851702 | 09/17/25 | (15617) |
|  | JPY | 1291950000 | USD | 9130284 | 09/17/25 | (515988) |
|  | KRW | 550300000 | USD | 404607 | 09/17/25 | (9093) |
|  | NOK | 38930000 | USD | 3867413 | 09/17/25 | (100748) |
|  | NZD | 12520000 | USD | 7575659 | 09/17/25 | (187232) |
|  | PHP | 54520000 | USD | 961281 | 09/17/25 | (26150) |
|  | PLN | 2380000 | USD | 642726 | 09/17/25 | (8154) |
|  | SEK | 46230000 | USD | 4855559 | 09/17/25 | (118065) |
|  | TWD | 9290000 | USD | 322831 | 09/17/25 | (10946) |
|  | USD | 370187 | CHF | 300000 | 09/17/25 | (1411) |
|  | ZAR | 10280000 | USD | 572141 | 09/17/25 | (9717) |
|  **TOTAL** |  |  |  |  |  | $(1717226) |

---

**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:** |  |  |  |  |
|  3 Month SOFR | 4 | 03/16/27 | $967250 | $(1675) |
|  3 Month SOFR | 8 | 06/15/27 | 1935400 | (2625) |
|  3 Month SOFR | 9 | 09/14/27 | 2177213 | (1441) |
|  3 Month SOFR | 9 | 12/14/27 | 2176313 | (1114) |
|  3M Euribor | 3 | 09/14/26 | 839338 | (866) |
|  3M Euribor | 2 | 06/15/26 | 559787 | (725) |
|  3M Euribor | 4 | 12/14/26 | 1118375 | (1351) |
|  3M Euribor | 4 | 03/15/27 | 1117577 | (1409) |
|  3M Euribor | 3 | 06/14/27 | 837583 | (888) |
|  3M Euribor | 2 | 09/13/27 | 557989 | (128) |
|  5 Year U.S. Treasury Notes | 22 | 09/30/25 | 2379781 | (9241) |
|  ASX 90 Day Bank Accepted Bills | 2 | 03/12/26 | 1275269 | (390) |
|  ASX 90 Day Bank Accepted Bills | 4 | 06/11/26 | 2550663 | (250) |
|  Brent Crude | 4 | 08/29/25 | 286800 | 11508 |
|  CAC40 Index | 4 | 08/15/25 | 355073 | (91) |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  Coffee | 1 | 12/18/25 | $108263 | $(18469) |
|  Copper | 1 | 03/27/26 | 112063 | (31000) |
|  Corn | 7 | 12/12/25 | 144813 | (9700) |
|  Cotton No.2 | 1 | 03/09/26 | 34300 | (305) |
|  DAX Index | 1 | 09/19/25 | 689313 | 19600 |
|  Dollar Index | 11 | 09/15/25 | 1097173 | 18465 |
|  E-Mini Nasdaq 100 Index | 4 | 09/19/25 | 1869200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112732 |
|  Euro Stoxx 50 Index | 37 | 09/19/25 | 2254782 | 12735 |
|  Euro-Schatz | 6 | 09/08/25 | 732992 | (1598) |
|  French 10 Year Government Bonds | 2 | 09/08/25 | 281397 | 585 |
|  FTSE 100 Index | 10 | 09/19/25 | 1204961 | 28972 |
|  FTSE/JSE Top 40 Index | 6 | 09/18/25 | 300082 | 9882 |
|  FTSE/MIB Index | 2 | 09/19/25 | 469147 | 3338 |
|  Gasoline RBOB | 1 | 09/30/25 | 85126 | 9412 |
|  Gold | 2 | 12/29/25 | 669720 | (8950) |
|  Hang Seng Index | 3 | 08/28/25 | 472854 | (15325) |
|  HSCEI | 6 | 08/28/25 | 339554 | (10389) |
|  IBEX 35 Index | 2 | 08/15/25 | 329037 | 11008 |
|  Ice 3M Sonia Index | 1 | 06/16/26 | 318326 | (429) |
|  Ice 3M Sonia Index | 2 | 09/15/26 | 637114 | (644) |
|  Ice 3M Sonia Index | 2 | 12/15/26 | 637346 | (413) |
|  Ice 3M Sonia Index | 3 | 03/16/27 | 956117 | (171) |
|  Ice 3M Sonia Index | 3 | 06/15/27 | 955919 | (81) |
|  Ice 3M Sonia Index | 3 | 09/14/27 | 955622 | (36) |
|  Ice 3M Sonia Index | 2 | 12/14/27 | 636850 | 281 |
|  Live Cattle | 1 | 12/31/25 | 89570 | 2600 |
|  LME Lead | 31 | 08/18/25 | 1502772 | (71107) |
|  LME Lead | 13 | 09/15/25 | 634403 | (40370) |
|  LME Lead | 7 | 11/17/25 | 345963 | (17410) |
|  LME Lead | 7 | 01/19/26 | 348775 | (9107) |
|  LME Lead | 6 | 05/18/26 | 303075 | (3009) |
|  LME Nickel | 21 | 08/18/25 | 1861375 | (155534) |
|  LME Nickel | 21 | 10/13/25 | 1877721 | (178893) |
|  LME Nickel | 10 | 11/17/25 | 898624 | (89772) |
|  LME Nickel | 9 | 09/15/25 | 801296 | (7859) |
|  LME Nickel | 20 | 01/19/26 | 1812907 | (83161) |
|  LME Nickel | 9 | 02/16/26 | 818832 | (105822) |
|  LME Nickel | 10 | 04/13/26 | 916490 | (61142) |
|  LME Nickel | 9 | 05/18/26 | 828579 | (17152) |
|  LME Primary Aluminum | 55 | 09/15/25 | 3525308 | (74205) |
|  LME Primary Aluminum | 30 | 10/13/25 | 1923383 | (20024) |
|  LME Primary Aluminum | 27 | 01/19/26 | 1736174 | 94539 |
|  LME Primary Aluminum | 28 | 08/18/25 | 1794716 | 29628 |
|  LME Primary Aluminum | 2 | 05/18/26 | 129443 | (1143) |
|  LME Zinc | 47 | 08/18/25 | 3242401 | (127811) |
|  LME Zinc | 28 | 09/15/25 | 1933414 | (103243) |
|  LME Zinc | 26 | 10/13/25 | 1796301 | (180087) |
|  LME Zinc | 12 | 12/15/25 | 830325 | (37878) |
|  LME Zinc | 23 | 01/19/26 | 1593181 | (24171) |
|  LME Zinc | 11 | 05/18/26 | 764019 | 25257 |
|  Low Sulphur Gas Oil | 2 | 09/11/25 | 139900 | 1913 |
|  Natural Gas | 2 | 03/27/26 | 71700 | (7820) |
|  NY Harbor ULSD | 1 | 08/29/25 | 100628 | 84 |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  NY Harbor ULSD | 1 | 11/28/25 | $98822 | $3387 |
|  Omxs30 Index | 11 | 08/15/25 | 290050 | 3037 |
|  S&P 500 E-Mini Index | 59 | 09/19/25 | 18804038 | 834435 |
|  S&P Toronto Stock Exchange 60 Index | 2 | 09/18/25 | 468043 | 11816 |
|  Silver | 2 | 09/26/25 | 367120 | (7690) |
|  Soybean | 3 | 01/14/26 | 151125 | (9937) |
|  Soybean Meal | 1 | 12/12/25 | 27600 | (830) |
|  Soybean Meal | 3 | 01/14/26 | 83910 | (5880) |
|  Soybean Oil | 4 | 01/14/26 | 131640 | (1440) |
|  Sugar 11 | 4 | 02/27/26 | 76026 | (7030) |
|  TOPIX Futures | 6 | 09/11/25 | 1173342 | 59881 |
|  VSTOXX Index | 36 | 08/20/25 | 73333 | (3064) |
|  Wheat | 5 | 12/12/25 | 135850 | (7438) |
|  WTI Crude | 3 | 08/20/25 | 207780 | 6147 |
|  **Total** |  |  |  | $(268491) |
|  **Short position contracts:** |  |  |  |  |
|  10 Year U.K. Long Gilt | (31) | 09/26/25 | (3773044) | (21938) |
|  10 Year U.S. Treasury Notes | (20) | 09/19/25 | (2221250) | (5062) |
|  2 Year U.S. Treasury Notes | (4) | 09/30/25 | (827938) | 844 |
|  20 Year U.S. Treasury Bonds | (2) | 09/19/25 | (228375) | (3563) |
|  3 Month SOFR | (2) | 12/15/26 | (483075) | 63 |
|  3 Month SOFR | (17) | 06/16/26 | (4087650) | 7089 |
|  3 Month SOFR | (10) | 09/15/26 | (2410750) | 2868 |
|  3 Month SOFR | (19) | 03/17/26 | (4558575) | 6931 |
|  30 Year German Euro-Buxl | (3) | 09/08/25 | (401862) | 3161 |
|  3M CORRA | (4) | 03/17/26 | (702981) | 117 |
|  3M CORRA | (2) | 06/16/26 | (351563) | 27 |
|  3M CORRA | (2) | 09/15/26 | (351490) | (36) |
|  3M Euribor | (4) | 12/15/25 | (1119288) | 207 |
|  5 Year German Euro-Bobl | (4) | 09/08/25 | (535314) | (18) |
|  5 Year German Euro-Bund | (39) | 09/08/25 | (5772529) | (13344) |
|  ASX 90 Day Bank Accepted Bills | (8) | 12/11/25 | (5099953) | 326 |
|  Australian 10 Year Government Bonds | (38) | 09/15/25 | (2778753) |  |
|  Brent Crude | (3) | 09/30/25 | (212400) | (10304) |
|  Canada 10 Year Government Bonds | (53) | 09/18/25 | (4609960) | 5298 |
|  CBOE Volatility Index | (8) | 08/20/25 | (143653) | 17460 |
|  CBOE Volatility Index | (12) | 09/17/25 | (238450) | 6357 |
|  CBOE Volatility Index | (4) | 10/22/25 | (83461) | 2187 |
|  Corn | (19) | 09/12/25 | (374300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25303 |
|  Cotton No.2 | (4) | 12/08/25 | (134500) | 1404 |
|  E-Mini Russell 2000 Index | (1) | 09/19/25 | (111010) | 3760 |
|  Euro BTP | (21) | 09/08/25 | (2894036) | (1287) |
|  Ice 3M Sonia Index | (2) | 03/17/26 | (635794) |  |
|  Japan 10 Year Government Bond | (5) | 09/12/25 | (4576592) | (8687) |
|  Korea 10 Year Government Bonds | (64) | 09/16/25 | (5470551) | (27142) |
|  Lean Hogs | (2) | 10/14/25 | (71660) | (1660) |
|  LME Lead | (31) | 08/18/25 | (1502771) | 71229 |
|  LME Lead | (18) | 09/15/25 | (878405) | 28171 |
|  LME Lead | (7) | 11/17/25 | (345963) | 10664 |
|  LME Lead | (7) | 01/19/26 | (348775) | 5111 |
|  LME Lead | (6) | 05/18/26 | (303075) | 3158 |
|  LME Nickel | (21) | 08/18/25 | (1861375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111365 |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**FUTURES CONTRACTS (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **Unrealized**<br> **Appreciation/<br>(Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  LME Nickel | (21) | 10/13/25 | $(1877721) | $152696 |
|  LME Nickel | (10) | 11/17/25 | (898624) | 87073 |
|  LME Nickel | (12) | 09/15/25 | (1068395) | 21555 |
|  LME Nickel | (19) | 01/19/26 | (1722262) | 165684 |
|  LME Nickel | (9) | 02/16/26 | (818832) | 29485 |
|  LME Nickel | (10) | 04/13/26 | (916490) | 19011 |
|  LME Nickel | (9) | 05/18/26 | (828579) | 6284 |
|  LME Primary Aluminum | (53) | 09/15/25 | (3397114) | (10087) |
|  LME Primary Aluminum | (30) | 10/13/25 | (1923382) | 41290 |
|  LME Primary Aluminum | (27) | 01/19/26 | (1736174) | (47492) |
|  LME Primary Aluminum | (28) | 08/18/25 | (1794716) | (6538) |
|  LME Zinc | (47) | 08/18/25 | (3242401) | 244811 |
|  LME Zinc | (29) | 09/15/25 | (2002464) | 49265 |
|  LME Zinc | (26) | 10/13/25 | (1796301) | 20480 |
|  LME Zinc | (12) | 12/15/25 | (830325) | 36438 |
|  LME Zinc | (23) | 01/19/26 | (1593181) | 22611 |
|  LME Zinc | (10) | 05/18/26 | (694563) | (25687) |
|  MSCI EAFE Index | (8) | 09/19/25 | (1045360) | 23514 |
|  MSCI Emerging Markets Index | (4) | 09/19/25 | (247660) | (4490) |
|  Natural Gas | (6) | 08/27/25 | (186360) | 27580 |
|  S&P Mid 400 Emini | (5) | 09/19/25 | (1582550) | (63269) |
|  Soybean | (9) | 11/14/25 | (445163) | 22131 |
|  Soybean Oil | (4) | 12/12/25 | (131376) | (2706) |
|  Sugar 11 | (7) | 09/30/25 | (128184) | 1210 |
|  Wheat | (11) | 09/12/25 | (288088) | 14890 |
|  **Total** |  |  |  | $1045798 |
|  **TOTAL FUTURES CONTRACTS** |  |  |  | $777307 |

---

**CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Referenced**<br> **Obligation/Index** | **Financing Rate<br>Received/(Paid)<br>by 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 Purchased:** |  |  |  |  |  |  |  |
|  CDX.NA.IG Index 44 | (1.000)% | 0.512% | 06/20/30 | $4500 | $(102555) | $(89914) | $(12641) |
|  **Protection Sold:** |  |  |  |  |  |  |  |
|  CDX.NA.HY Index 44 | 5.000 | 3.214 | 06/20/30 | 5450 | 426929 | 343968 | 82961 |
|  ICE CD ITXEB 43 | 1.000 | 0.537 | 06/20/30 | &nbsp;&nbsp;&nbsp;&nbsp;7750 | 199229 | 181324 | 17905 |
|  ICE CD ITXEX 43 | 5.000 | 2.685 | 06/20/30 | 4800 | 568727 | 470704 | 98023 |
|  **TOTAL** |  |  |  |  | $1092330 | $906082 | $186248 |

---

(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-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

**OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference**<br> **Obligation/Index** | **Financing Rate<br>Paid/(Received)<br>by the Fund<sup>(a)</sup>**  | **Counterparty** | **Termination**<br> **Date<sup>#</sup>**  | **Notional<br>Amount<br>(000s)** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)\*** |
|  JPOSSVHY Index | 0.000% | JPMorgan Securities, Inc. | 08/11/25 | $2214 | $333 |
|  JPOSSVTY Index | 0.000 | JPMorgan Securities, Inc. | 08/11/25 | 1375 | 340 |
|  JPOSSVUA Index | 0.000 | JPMorgan Securities, Inc. | 08/11/25 | 449 | 1306 |
|  **TOTAL** |  |  |  |  | $1979 |

---

(a) Payments made at maturity.

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

\* There is no upfront payment on the swap contracts, therefore the unrealized gain (loss) of the swap contracts is equal to its market value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **A basket (JPOSSVTY) of Futures Contracts** | **A basket (JPOSSVTY) of Futures Contracts** | | | |
| **Corporate Obligations** | **Sector** | **Shares** | **Value** | **Weight** |
|  10 Year U.S. Treasury Notes | Financials | 3 | $289 | 85.1 |
|  10 Year U.S. Treasury Notes | Financials |  |  | (0.1) |
|  Micro E-mini Nasdaq-100 index | Technology |  |  | (0.1) |
|  Micro E-mini Nasdaq-100 index | Technology |  |  | (0.1) |
| **A basket (JPOSSVHY) of Exchange Traded Funds** |  |  |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services | (5) | (3) | (1.0) |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services | (5) | (2) | (0.6) |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services | (5) | (1) | (0.2) |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services | (9) | (1) | (0.2) |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services |  |  | (0.1) |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services |  |  | (0.1) |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services |  |  | (0.1) |
|  iShares iBoxx $ High Yield Corporate Bond ETF | Communication Services |  |  | (0.1) |

---

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| AUD | — Australian Dollar |
| BRL | — Brazil Real |
| CAD | — Canadian Dollar |
| CHF | — Swiss Franc |
| CLP | — Chilean Peso |
| CZK | — Czech Republic Koruna |
| EUR | — Euro |
| GBP | — British Pound |
| HUF | — Hungarian Forint |
| IDR | — Indonesia Rupiah |
| ILS | — Israeli Shekel |
| INR | — Indian Rupee |
| JPY | — Japanese Yen |
| KRW | — South Korean Won |
| MXN | — Mexican Peso |
| NOK | — Norwegian Krone |
| NZD | — New Zealand Dollar |
| PHP | — Philippines Peso |
| PLN | — Polish Zloty |
| SEK | — Swedish Krona |
| TWD | — Taiwan Dollar |
| USD | — U.S. Dollar |
| ZAR | — South African Rand |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

**ADDITIONAL INVESTMENT INFORMATION (continued)** 

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ETF | — Exchange Traded Fund |
| MSCI | — Morgan Stanley Capital International |
| **Abbreviations:** | **Abbreviations:** |
| CDX.NA.HY Ind 44 | — CDX North America High Yield Index 44 |
| CDX.NA.IG Ind 44 | — CDX North America Investment Grade Index 44 |
| ICE | — Inter-Continental Exchange |
| ICE CD ITXEB | — iTraxx Europe Index |
| ICE CD ITXEX | — iTraxx Europe Crossover Index |
| MS & Co. Int. PLC | — Morgan Stanley & Co. International PLC |

---

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

**NOTES TO THE CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**Basis of Consolidation for the Goldman Sachs Multi-Strategy Alternatives Fund** — The Cayman Commodity — MMA IV, LLC (the "Subsidiary"), a Cayman Islands exempted company, is currently a wholly-owned subsidiary of the Fund. The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of July 31, 2025, the Fund's net assets were $55,789,965 of which, $10,893,156 or 19.5%, represented the Subsidiary's net assets.

**Investment Valuation** — The Fund's 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 Fund, including investments for which market quotations are not readily available. With respect to the Fund's investments that do not have readily available market quotations, the Trustees have designated GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 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 Fund's investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

**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.

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

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

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

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

**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 Consolidated 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 including future contracts typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

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

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

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

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

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

As a seller of protection, the Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

A *total return swap* is an agreement that gives the Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices, or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

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

**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 Fund's investments and derivatives classified in the fair value hierarchy as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $— | $— | $— |
|  Exchange Traded Funds | 30804626 |  |  |
|  Investment Company | 19831518 |  |  |
| **Total** | $50636144 | $— | $— |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $1624974 | $— |
|  Futures Contracts | 2610350 |  |  |
|  Credit Default Swap Contracts |  | 198889 |  |
|  Total Return Swap Contracts |  | 1979 |  |
| **Total** | $2610350 | $1825842 | $— |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Forward Foreign Currency Exchange Contracts | $— | $(1717226) | $— |
|  Futures Contracts | (1833043) |  |  |
|  Credit Default Swap Contracts |  | (12641) |  |
| **Total** | $(1833043) | $(1729867) | $— |

---

(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 Fund utilizes 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.

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

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

**Derivatives Risk** — The Fund's use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to exit the derivative when it is advantageous to do

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

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

so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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

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

**Interest Rate Risk** — When interest rates increase, fixed income securities or instruments held by 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 Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

**Large Shareholder Transactions Risk** — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment

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GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

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

model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

**Liquidity Risk** — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, 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 the Fund's NAV and dilute remaining investors' interests. These risks may be more pronounced in connection with the Funds' investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

**Market and Credit Risks** — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

**Short Position Risk** — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund's assets and presents various risks, including counterparty risk. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited. To the extent that a Fund uses the proceeds it receives from a short position to take additional long positions, the risks associated with the short position, including leverage risks, may be heightened, because doing so increases the exposure of a Fund to the markets and therefore could magnify changes to a Fund's NAV.

**Tax Risk** — The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service ("IRS") issued private letter rulings ("PLRs") in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes (the "Notes Rulings") or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are "qualifying income" for purposes of compliance with Subchapter M of the Code. However, the Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Treasury regulations generally treat the Fund's income inclusion with respect to a subsidiary as qualifying income either if (A) there is a current distribution out of the earnings and profits of the subsidiary that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies.

The IRS also issued a revenue procedure, which states that the IRS will not in the future issue PLRs that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Investment Company Act of

------

GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES FUND

*July 31, 2025 (Unaudited)* 

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

1940. In connection with issuing such revenue procedure, the IRS has revoked the Notes Ruling on a prospective basis. In light of the revocation of the Notes Rulings, the Fund has limited its investments in commodity index-linked structured notes. The Fund has obtained an opinion of counsel that the Fund's income from investments in the Subsidiary should constitute "qualifying income." However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund's income from such investments was not "qualifying income," in which case the Fund would fail to qualify as a regulated investment company ("RIC") under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

## 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-Strategy Alternatives Fund

- **b. EDGAR series identifier (if any):** S000040071

- **c. LEI of Series:** 549300MY78M7TQEMXI71

**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:** $62298725.89

**Total Liabilities:** $6466935.28

**Net Assets:** $55831790.61

**Amount of Assets Invested in Other Investment Companies:** $10872233.70

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

- **3-Month:** -4.21000000 | **1-Year:** -275.20000000 | **5-Year:** -6678.70000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201711 | -0.18%               | 0.64%                | 0.64%                |
| Class ID C000124401 | -0.29%               | 0.58%                | 0.57%                |
| Class ID C000198936 | -0.18%               | 0.64%                | 0.64%                |
| Class ID C000124403 | -0.18%               | 0.65%                | 0.64%                |
| Class ID C000124402 | -0.18%               | 0.64%                | 0.64%                |
| Class ID C000124400 | -0.19%               | 0.56%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $-0.02                   | $126704.50                                 |
| Month 3  | $462.93                  | $122781.95                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD AUD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $2275.58      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD ILS                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $871.85       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED GBP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | GB        |         1 | NC      | $-259518.52   | -0.46%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU DEC26                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         3 | NC      | $-269.64      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares J.P. Morgan USD Emerging Markets Bond ETF        | iShares J.P. Morgan USD Emerging Markets Bond ETF                                              | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             | EC               | RF                | US        |      2400 | NS      | $222888.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED NOK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |         1 | NC      | $-594.35      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED SEK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | SE        |         1 | NC      | $-118064.68   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE FEB26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -9 | NC      | $29485.08     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                       | BRENT CRUDE FUTR OCT25                                                                         | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         3 | NC      | $11150.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                              | SILVER FUTURE SEP25                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         2 | NC      | $-7110.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED CLP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CL        |         1 | NC      | $-8732.58     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3713.50      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE JAN26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         7 | NC      | $-9107.25     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                                      | 90-DAY BANK BILL MAR26                                                                         | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         2 | NC      | $-452.56      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR SEP26                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         4 | NC      | $-1179.51     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Global Clean Energy ETF                          | iShares Global Clean Energy ETF                                                                | CUSIP: 464288224<br>LEI: 549300WONOCNDW382894 | Long             | EC               | RF                | US        |     17100 | NS      | $229311.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD NZD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1815.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED INR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |         1 | NC      | $-8019.92     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED CAD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-9642.30     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                                              | CAC40 10 EURO FUT AUG25                                                                        | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | N/A              | DE               |  | FR        |         4 | NC      | $-91.30       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: SX003288  CDS EUR R F  1.00000 2 CCPCDX / Short: SX003288  CDS EUR P V 03MEVENT 1 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |   7750000 | OU      | $188910.62    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED CAD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-4739.31     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                        | EURO-BTP FUTURE SEP25                                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -20 | NC      | $-1058.93     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | SOYBEAN OIL FUTR DEC25                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -4 | NC      | $-2730.38     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                             | NATURAL GAS FUTR SEP25                                                                         | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |        -6 | NC      | $28360.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE OCT25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        26 | NC      | $-180087.00   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                                      | AUST 10Y BOND FUT SEP25                                                                        | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |       -39 | NC      | $4368.79      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                          | HANG SENG IDX FUT AUG25                                                                        | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |         3 | NC      | $-15324.84    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                              | GOLD 100 OZ FUTR DEC25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         3 | NC      | $-12610.26    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT MAR27                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         8 | NC      | $-2525.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: SX003291  CDS EUR R F  5.00000 2 CCPCDX / Short: SX003291  CDS EUR P V 03MEVENT 1 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   4800000 | OU      | $536773.67    | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR OCT25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        30 | NC      | $-20024.00    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO STOXX 50 SEP25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        36 | NC      | $12723.68     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT SEP26                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        -1 | NC      | $25.00        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD NZD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $9360.04      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal               | 3M CORRA FUTURES DEC25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        -4 | NC      | $81.19        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED TWD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | TW        |         1 | NC      | $-10946.11    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED HUF / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | HU        |         1 | NC      | $-1564.34     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CAD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1125.54      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Meff Financial Derivatives                               | IBEX 35 INDX FUTR AUG25                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | ES        |         2 | NC      | $11008.01     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                             | WTI CRUDE FUTURE SEP25                                                                         | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         2 | NC      | $5990.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT MAR26                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       -17 | NC      | $6664.46      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD SEK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $149270.08    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE SEP25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         9 | NC      | $-7859.32     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE AUG25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -31 | NC      | $71229.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU JUN27                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         3 | NC      | $-135.37      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal               | CAN 10YR BOND FUT SEP25                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |       -53 | NC      | $4915.65      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US LONG BOND(CBT) SEP25                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -2 | NC      | $-3312.50     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | MSCI EAFE SEP25                                                                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        -8 | NC      | $23514.38     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | COFFEE 'C' FUTURE DEC25                                                                        | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         1 | NC      | $-18900.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE JAN26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -23 | NC      | $22611.25     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU SEP26                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         3 | NC      | $-406.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | S+P MID 400 EMINI SEP25                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        -5 | NC      | $-63268.75    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-BOBL FUTURE SEP25                                                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         1 | NC      | $-164.53      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE DEC25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -12 | NC      | $36438.25     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Commodities Exchange Center                              | COPPER FUTURE MAR26                                                                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              |  | US        |         1 | NC      | $-29437.50    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Italian Derivatives Market                               | FTSE/MIB IDX FUT SEP25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | IT        |         2 | NC      | $3338.01      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE AUG25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        21 | NC      | $-155533.92   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | S+P500 EMINI FUT SEP25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        59 | NC      | $834435.36    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR JAN26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        27 | NC      | $94539.25     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE SEP25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -29 | NC      | $49264.75     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR MAY26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         2 | NC      | $-1143.26     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation-Protected Securities ETF   | Vanguard Short-Term Inflation-Protected Securities ETF                                         | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |    354000 | NS      | $17700000.00  | 31.70%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | FTSE 100 IDX FUT SEP25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |        10 | NC      | $28972.48     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED CHF / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CH        |         1 | NC      | $-32860.07    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal               | 3M CORRA FUTURES MAR26                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        -2 | NC      | $9.02         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | SUGAR 11 (WORLD) OCT25                                                                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -7 | NC      | $1209.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE NOV25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -10 | NC      | $87073.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE AUG25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -21 | NC      | $111365.22    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | KC HRW WHEAT FUT DEC25                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         2 | NC      | $-2725.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                                      | 90-DAY BANK BILL DEC25                                                                         | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |        -7 | NC      | $559.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-50627.05    | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE MAY26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -9 | NC      | $6283.80      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $149936.66    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | COTTON NO.2 FUTR MAR26                                                                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         1 | NC      | $-305.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                             | GASOLINE RBOB FUT OCT25                                                                        | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         1 | NC      | $9198.00      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE MAY26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -10 | NC      | $-25687.50    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| CBOE Futures Exchange LLC                                | CBOE VIX FUTURE SEP25                                                                          | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               |  | US        |       -12 | NC      | $6357.36      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | SUGAR 11 (WORLD) MAR26                                                                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |         4 | NC      | $-6985.07     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | WHEAT FUTURE(CBT) DEC25                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         3 | NC      | $-4575.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | LIVE CATTLE FUTR DEC25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |         1 | NC      | $2700.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | SOYBEAN FUTURE NOV25                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -9 | NC      | $21680.90     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Access U.S. Preferred Stock and Hybrid ETF | Goldman Sachs Access U.S. Preferred Stock and Hybrid ETF                                       | CUSIP: 38149W127<br>LEI: 98450007D46A49ED8684 | Long             | EC               | RF                | US        |    105700 | NS      | $5347151.60   | 9.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED JPY / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |         1 | NC      | $-500775.90   | -0.90%            |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                        | VSTOXX FUTURE AUG25                                                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |        36 | NC      | $-3063.57     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CAD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1160.88      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT DEC26                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |         5 | NC      | $-2162.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | SOYBEAN OIL FUTR JAN26                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         4 | NC      | $-1440.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD NZD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $200569.49    | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED EUR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | XX        |         1 | NC      | $-1134.40     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD ZAR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1543.71      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                             | NY HARB ULSD FUT SEP25                                                                         | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         1 | NC      | $-105.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED MXN / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | MX        |         1 | NC      | $4425.88      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED PLN / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PL        |         1 | NC      | $-8153.79     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                   | SOYBEAN FUTURE JAN26                                                                           | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         3 | NC      | $-9825.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $8402.41      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD JPY                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $377112.09    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD HUF                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1639.47      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| South African Futures Exchange                           | FTSE/JSE TOP 40 SEP25                                                                          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | ZA        |         6 | NC      | $9881.84      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CHF                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $-1410.96     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CZK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3009.96      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED IDR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ID        |         1 | NC      | $-4557.73     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Nasdaq Stockholm AB                                      | OMXS30 IND FUTURE AUG25                                                                        | CUSIP: 000000000<br>LEI: 549300KBQIVNEJEZVL96 | N/A              | DE               |  | SE        |        11 | NC      | $3037.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED NZD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |         1 | NC      | $-3180.82     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                   | CORN FUTURE DEC25                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         7 | NC      | $-9700.00     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED NOK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |         1 | NC      | $-74470.31    | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD PLN                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3158.02      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE AUG25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -47 | NC      | $244811.25    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED ILS / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IL        |         1 | NC      | $14282.00     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR JUN27                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         4 | NC      | $-1319.37     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU SEP27                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         2 | NC      | $247.62       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | NASDAQ 100 E-MINI SEP25                                                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |         4 | NC      | $112732.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED KRW / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | KR        |         1 | NC      | $-9092.67     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU JUN26                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         2 | NC      | $-676.83      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund           | Goldman Sachs Financial Square Government Fund                                                 | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | EC               | RF                | US        |  19721169 | NS      | $19721169.27  | 35.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: BX003290  CDS USD R V 03MEVENT 1 CCPCDX / Short: BX003290  CDS USD P F  1.00000 2 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   4500000 | OU      | $-97304.85    | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | E-MINI RUSS 2000 SEP25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               |  | US        |        -1 | NC      | $3760.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | DAX INDEX FUTURE SEP25                                                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         1 | NC      | $19600.10     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Blackstone Senior Loan ETF                          | SPDR Blackstone Senior Loan ETF                                                                | CUSIP: 78467V608<br>LEI: 549300ME4SR63Y3TRD06 | Long             | EC               | RF                | US        |     72300 | NS      | $3011295.00   | 5.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CLP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3698.11      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD INR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1577.23      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU MAR27                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         3 | NC      | $-179.77      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe                                       | BRENT CRUDE FUTR NOV25                                                                         | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |        -3 | NC      | $-10034.02    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD JPY                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $4969.14      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE OCT25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -26 | NC      | $20480.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE DEC25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        12 | NC      | $-37878.50    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED CAD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-5181.49     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE AUG25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        47 | NC      | $-127811.25   | -0.23%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES128245  TRS USD R E JPOSSVHY INDEX / Short: ES128245  TRS USD P F   .00000             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |   2213650 | OU      | $333.08       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CHF                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $2155.40      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR DEC26                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         5 | NC      | $-1707.58     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | LONG GILT FUTURE SEP25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |       -31 | NC      | $-19890.57    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED CZK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CZ        |         1 | NC      | $-3291.44     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD INR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $4315.05      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal               | 3M CORRA FUTURES JUN26                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | CA        |        -2 | NC      | $-54.13       | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | CORN FUTURE SEP25                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |       -19 | NC      | $25302.60     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Exchange                                           | JPN 10Y BOND(OSE) SEP25                                                                        | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              |  | JP        |        -5 | NC      | $-8023.87     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR SEP25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -53 | NC      | $-10087.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE APR26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        10 | NC      | $-61142.40    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED PHP / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | PH        |         1 | NC      | $-26150.43    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR AUG25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        28 | NC      | $29627.50     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE APR26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -10 | NC      | $19011.12     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE Futures Exchange LLC                                | CBOE VIX FUTURE AUG25                                                                          | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               |  | US        |        -8 | NC      | $17459.70     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT SEP27                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        10 | NC      | $-1112.50     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-BUND FUTURE SEP25                                                                         | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |       -36 | NC      | $-7558.19     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD NOK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $133046.42    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Real Estate ETF                                 | Vanguard Real Estate ETF                                                                       | CUSIP: 922908553<br>LEI: B1HNOZOSPCLXHIVBEI82 | Long             | EC               | RF                | US        |      9900 | NS      | $882486.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES128240  TRS USD R E JPOSSVUA INDEX / Short: ES128240  TRS USD P F   .00000             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |    449420 | OU      | $1306.26      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE MAY26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        11 | NC      | $25256.75     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU MAR26                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         1 | NC      | $-462.23      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE MAY26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         6 | NC      | $-3009.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT JUN26                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       -10 | NC      | $2617.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-SCHATZ FUT SEP25                                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        14 | NC      | $-3703.19     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| The Montreal Exchange / Bourse De Montreal               | S+P/TSX 60 IX FUT SEP25                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | CA        |         2 | NC      | $11815.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | COTTON NO.2 FUTR DEC25                                                                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              |  | US        |        -4 | NC      | $1463.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD JPY                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $13953.22     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $6732.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                   | WHEAT FUTURE(CBT) SEP25                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -9 | NC      | $12102.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | SOYBEAN MEAL FUTR DEC25                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         1 | NC      | $-800.00      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED NZD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |         1 | NC      | $-181551.15   | -0.33%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED BRL / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | BR        |         1 | NC      | $-6690.20     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR JUN26                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         3 | NC      | $-1010.10     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED INR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | IN        |         1 | NC      | $-7596.57     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Exchange                                           | TOPIX INDX FUTR SEP25                                                                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               |  | JP        |         6 | NC      | $59880.64     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD EUR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $6941.45      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                   | SOYBEAN MEAL FUTR JAN26                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |         3 | NC      | $-5820.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR SEP25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        55 | NC      | $-74204.51    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR JAN26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -27 | NC      | $-47492.25    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange, Inc.                          | Long: SX003297  CDS USD R F  5.00000 2 CCPCDX / Short: SX003297  CDS USD P V 03MEVENT 1 CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | GB        |   5450000 | OU      | $395137.54    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                        | EURO-OAT FUTURE SEP25                                                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |         3 | NC      | $-677.80      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED JPY / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |         1 | NC      | $-13087.46    | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE MAY26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         9 | NC      | $-17151.78    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD SEK                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $5130.80      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE NOV25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -7 | NC      | $10664.25     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE SEP25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        28 | NC      | $-103243.27   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | MSCI EMGMKT SEP25                                                                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               |  | US        |        -4 | NC      | $-4490.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD PHP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $8846.92      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE OCT25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -21 | NC      | $152696.16    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Emerging Markets ETF                   | iShares Core MSCI Emerging Markets ETF                                                         | CUSIP: 46434G103<br>LEI: 5493007C24Z3ZDJ0VD06 | Long             | EC               | RF                | US        |      7000 | NS      | $422310.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED JPY / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | JP        |         1 | NC      | $-2125.26     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                                   | US 10YR NOTE (CBT)SEP25                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |       -19 | NC      | $-4765.63     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CAD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $4006.71      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CHF                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $511.20       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD AUD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $137357.63    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| New York Mercantile Exchange                             | NY HARB ULSD FUT DEC25                                                                         | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         1 | NC      | $3168.24      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD KRW                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $2231.87      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED ZAR / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | ZA        |         1 | NC      | $-9716.97     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | LEAN HOGS FUTURE OCT25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              |  | US        |        -2 | NC      | $-1640.00     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE JAN26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        20 | NC      | $-83160.96    | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE MAY26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -6 | NC      | $3158.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE SEP25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -18 | NC      | $28170.96     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASX Clear (Futures)                                      | 90-DAY BANK BILL JUN26                                                                         | CUSIP: 000000000<br>LEI: 549300ZD7BBOVZFVHK49 | N/A              | DIR              |  | AU        |         4 | NC      | $-436.85      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED AUD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |         1 | NC      | $-169001.47   | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $9517.82      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CBOE Futures Exchange LLC                                | CBOE VIX FUTURE OCT25                                                                          | CUSIP: 000000000<br>LEI: 254900O9GJPIWCP8RH13 | N/A              | DE               |  | US        |        -4 | NC      | $2187.01      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED CAD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | CA        |         1 | NC      | $-118913.33   | -0.21%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CAD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1174.13      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank NA                                   | Long: ES128242  TRS USD R E JPOSSVTY INDEX / Short: ES128242  TRS USD P F   .00000             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DE               |  | US        |   1375129 | OU      | $339.51       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe                                       | LOW SU GASOIL G SEP25                                                                          | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              |  | GB        |         2 | NC      | $2062.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT JUN27                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |        10 | NC      | $-1241.22     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD CAD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $147386.22    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR SEP27                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         3 | NC      | $-278.17      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Convertible Securities ETF                | SPDR Bloomberg Convertible Securities ETF                                                      | CUSIP: 78464A359<br>LEI: 549300IXKU3G7R6DMX93 | Long             | EC               | RF                | US        |     35200 | NS      | $2989184.00   | 5.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR MAR26                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         1 | NC      | $-456.48      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR AUG25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -28 | NC      | $-6538.50     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE NOV25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         7 | NC      | $-17410.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD PHP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3790.30      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE SEP25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -12 | NC      | $21555.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE SEP25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        13 | NC      | $-40370.50    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE OCT25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        21 | NC      | $-178893.12   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | KC HRW WHEAT FUT SEP25                                                                         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              |  | US        |        -2 | NC      | $2450.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME PRI ALUM FUTR OCT25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -30 | NC      | $41290.25     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | ICE 3MTH SONIA FU DEC25                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        -2 | NC      | $33.02        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE AUG25                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        31 | NC      | $-71106.75    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| New York Mercantile Exchange                             | NATURAL GAS FUTR APR26                                                                         | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              |  | US        |         2 | NC      | $-8220.00     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Eurex Deutschland                                        | EURO-BUXL 30Y BND SEP25                                                                        | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              |  | DE        |        -3 | NC      | $4599.03      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $183994.21    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME ZINC FUTURE JAN26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        23 | NC      | $-24170.75    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 5YR NOTE (CBT) SEP25                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        23 | NC      | $-9001.73     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE JAN26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |       -19 | NC      | $165684.06    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Futures Exchange Ltd.                          | HSCEI FUTURES AUG25                                                                            | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | N/A              | DE               |  | HK        |         6 | NC      | $-10388.54    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                                   | US 2YR NOTE (CBT) SEP25                                                                        | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        -4 | NC      | $718.76       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED NZD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NZ        |         1 | NC      | $-2499.68     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD INR                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $3605.41      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Mercantile Exchange                              | 3 MONTH SOFR FUT DEC25                                                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DIR              |  | US        |       -19 | NC      | $6456.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED NOK / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | NO        |         1 | NC      | $-25683.73    | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR DEC25                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |        -3 | NC      | $263.90       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME LEAD FUTURE JAN26                                                                          | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        -7 | NC      | $5111.25      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED AUD / SOLD USD                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | AU        |         1 | NC      | $-37653.16    | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| Korea Exchange (Futures Market)                          | KOREA 10YR BND FU SEP25                                                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | KR        |       -64 | NC      | $-25295.64    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE Futures Europe - Financial Products Division         | 3MO EURO EURIBOR MAR27                                                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              |  | GB        |         5 | NC      | $-1859.21     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD KRW                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $1208.22      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures U.S., Inc.                                   | DOLLAR INDEX SEP25                                                                             | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DFE              |  | US        |        12 | NC      | $21154.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE FEB26                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |         9 | NC      | $-105822.06   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley & Co. LLC                                 | PURCHASED USD / SOLD GBP                                                                       | CUSIP: 000000000<br>LEI: 9R7GPTSO7KV3UQJZQ078 | N/A              | DFE              |  | US        |         1 | NC      | $4047.78      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| London Metal Exchange                                    | LME NICKEL FUTURE NOV25                                                                        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              |  | GB        |        10 | NC      | $-89771.52    | -0.16%            |  |  |  | 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