NPORT-EX 2 NPORT_58DK_51875896_0723.htm HTML

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 91.2%  
 

Australia – 0.3%

 
  12,906      Allkem Ltd.* (Metals & Mining)   $       129,210
  5,834      Ampol Ltd. (Oil, Gas & Consumable Fuels)   129,203
  83,083      Bellevue Gold Ltd.* (Metals & Mining)   81,512
  17,820      Challenger Ltd. (Financial Services)   86,131
  89,652      De Grey Mining Ltd.* (Metals & Mining)   81,076
  31,101      Deterra Royalties Ltd. (Metals & Mining)   98,563
  12,997      Eagers Automotive Ltd. (Specialty Retail)   129,273
  8,629      Flight Centre Travel Group Ltd.*
(Hotels, Restaurants & Leisure)
  135,799
  19,685      GrainCorp Ltd. Class A (Consumer Staples Distribution & Retail)   107,151
  86,002      HomeCo Daily Needs REIT (Retail REITs)   69,172
  81,885      Mirvac Group (Diversified REITs)   129,075
  13,596      nib holdings Ltd. (Insurance)   75,715
  71,134      Nine Entertainment Co. Holdings Ltd. (Media)   102,584
  35,163      Orora Ltd. (Containers & Packaging)   84,937
  2,455      Pro Medicus Ltd. (Health Care Technology)   113,699
  7,580      Seven Group Holdings Ltd. (Trading Companies & Distributors)   133,818
  20,516      Steadfast Group Ltd. (Insurance)   80,489
  18,799      Super Retail Group Ltd. (Specialty Retail)   156,025
    

 

     1,923,432

 

 

 

Austria – 0.1%

 
  2,299      ANDRITZ AG (Machinery)   121,383
  3,450      BAWAG Group AG*(a) (Banks)   168,075
  6,414      Erste Group Bank AG (Banks)   242,423
  4,929      Wienerberger AG (Construction Materials)   161,872
    

 

     693,753

 

 

 

Belgium – 0.2%

 
  1,355      Aedifica SA (Health Care REITs)   93,063
  10,671      Anheuser-Busch InBev SA (Beverages)   610,441
  4,804      KBC Group NV (Banks)   361,572
  3,698      Warehouses De Pauw CVA (Industrial REITs)   109,266
    

 

     1,174,342

 

 

 

Bermuda – 0.2%

 
  9,692      Arch Capital Group Ltd.* (Insurance)   752,972
  2,249      Assured Guaranty Ltd. (Insurance)   134,445
  3,551      Axis Capital Holdings Ltd. (Insurance)   195,731

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Bermuda – (continued)

 
  1,200      Seadrill Ltd.* (Energy Equipment & Services)   $         58,692
    

 

     1,141,840

 

 

 

Brazil – 0.7%

 
  57,400      Ambev SA (Beverages)   180,378
  88,700      B3 SA - Brasil Bolsa Balcao (Capital Markets)   279,488
  77,246      Banco Bradesco SA ADR (Banks)   272,678
  44,800      Banco BTG Pactual SA (Capital Markets)   322,209
  56,700      Banco do Brasil SA (Banks)   577,821
  14,750      BB Seguridade Participacoes SA (Insurance)   97,070
  10,100      Cia de Saneamento de Minas Gerais Copasa MG (Water Utilities)   43,230
  38,300      Cogna Educacao SA* (Diversified Consumer Services)   27,133
  6,600      Embraer SA* (Aerospace & Defense)   25,835
  3,700      ERO Copper Corp.* (Metals & Mining)   88,947
  15,800      Hypera SA (Pharmaceuticals)   144,543
  22,400      Localiza Rent a Car SA (Ground Transportation)   318,420
  36,800      NU Holdings Ltd/Cayman Islands Class A* (Banks)   292,928
  57,450      Raia Drogasil SA (Consumer Staples Distribution & Retail)   351,959
  884      Sigma Lithium Corp.* (Metals & Mining)   34,503
  6,650      SLC Agricola SA (Food Products)   61,385
  9,192      StoneCo Ltd. Class A* (Financial Services)   133,192
  24,900      TOTVS SA (Software)   155,706
  15,300      Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)   61,119
  60,100      WEG SA (Electrical Equipment)   507,363
    

 

     3,975,907

 

 

 

Canada – 2.2%

 
  9,400      Alamos Gold, Inc. Class A (Metals & Mining)   116,123
  14,191      Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail)   718,455
  8,900      ARC Resources Ltd. (Oil, Gas & Consumable Fuels)   134,447
  2,600      ATS Corp.* (Machinery)   117,908
  1,860      BRP, Inc. (Leisure Products)   171,112
  3,000      Canadian Apartment Properties REIT (Residential REITs)   116,960
  5,903      Canadian National Railway Co. (Ground Transportation)   715,621
  21,843      Canadian Pacific Kansas City Ltd. (Ground Transportation)   1,797,402

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Canada – (continued)

 
  5,380      Capital Power Corp. (Independent Power and Renewable Electricity Producers)   $       167,848
  15,200      Capstone Mining Corp.* (Metals & Mining)   79,421
  20,600      Crescent Point Energy Corp. (Oil, Gas & Consumable Fuels)   167,000
  3,400      Definity Financial Corp. (Insurance)   85,577
  8,200      Element Fleet Management Corp. (Financial Services)   132,267
  3,850      Empire Co. Ltd. Class A (Consumer Staples Distribution & Retail)   104,553
  3,369      Enerplus Corp. (Oil, Gas & Consumable Fuels)   56,330
  6,820      Filo Corp.* (Metals & Mining)   128,989
  3,910      Gildan Activewear, Inc. (Textiles, Apparel & Luxury Goods)   121,601
  1,900      Granite Real Estate Investment Trust (Industrial REITs)   111,581
  2,504      Intact Financial Corp. (Insurance)   369,927
  6,294      International Petroleum Corp.* (Oil, Gas & Consumable Fuels)   59,324
  4,500      Keyera Corp. (Oil, Gas & Consumable Fuels)   112,649
  1,140      Methanex Corp. (Chemicals)   51,346
  8,100      Osisko Gold Royalties Ltd. (Metals & Mining)   120,089
  2,900      Parkland Corp. (Oil, Gas & Consumable Fuels)   79,194
  4,200      Quebecor, Inc. Class B (Media)   102,814
  2,720      Stantec, Inc. (Construction & Engineering)   184,200
  3,130      Stella-Jones, Inc. (Paper & Forest Products)   158,939
  12,364      Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)   386,864
  930      TFI International, Inc. (Ground Transportation)   119,366
  5,899      The Descartes Systems Group, Inc.* (Software)   459,565
  9,315      The Toronto-Dominion Bank (Banks)   614,289
  4,556      Thomson Reuters Corp. (Professional Services)   614,999
  1,147      Toromont Industries Ltd. (Trading Companies & Distributors)   97,725
  91,455      Wheaton Precious Metals Corp. (Metals & Mining)   4,099,928
  19,700      Whitecap Resources, Inc. (Oil, Gas & Consumable Fuels)   157,313
    

 

     12,831,726

 

 

 

Cayman Islands – 0.2%

 
  705      BeiGene Ltd. ADR* (Biotechnology)   151,025
  19,771      KE Holdings, Inc. ADR* (Real Estate Management & Development)   344,411

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Cayman Islands – (continued)

 
  33,850      Kingsoft Corp. Ltd. (Entertainment)   $       145,696
  4,836      Legend Biotech Corp. ADR* (Biotechnology)   365,215
  72,668      Lufax Holding Ltd. ADR (Consumer Finance)   129,349
  8,694      MINISO Group Holding Ltd. ADR (Broadline Retail)   182,661
  830      Sea Ltd. ADR* (Entertainment)   55,211
    

 

     1,373,568

 

 

 

Chile – 0.0%

 
  32,778      Cencosud SA (Consumer Staples Distribution & Retail)   70,444
  19,037      Enel Chile SA ADR (Electric Utilities)   64,916
    

 

     135,360

 

 

 

China – 3.3%

 
  43,400      3SBio, Inc.*(a) (Biotechnology)   41,809
  18,400      AAC Technologies Holdings, Inc. (Electronic Equipment, Instruments & Components)   42,155
  288,924      Agricultural Bank of China Ltd. Class H (Banks)   105,095
  3,400      Airtac International Group (Machinery)   101,126
  101,900      Alibaba Group Holding Ltd.* (Broadline Retail)   1,302,218
  70,600      Aluminum Corp. of China Ltd. Class H (Metals & Mining)   35,108
  916      Autohome, Inc. ADR (Interactive
Media & Services)
  29,284
  940      Baidu, Inc. ADR* (Interactive Media & Services)   146,631
  35,950      Baidu, Inc. Class A* (Interactive Media & Services)   702,851
  1,407,587      Bank of China Ltd. Class H (Banks)   522,071
  335,513      Bank of Communications Co. Ltd. Class H (Banks)   202,694
  111,800      Baoshan Iron & Steel Co. Ltd. Class A (Metals & Mining)   100,529
  282,000      Beijing Capital International Airport Co. Ltd. Class H* (Transportation Infrastructure)   184,417
  1,024      Beijing Kingsoft Office Software, Inc. Class A (Software)   58,269
  5,400      BYD Co. Ltd. Class H (Automobiles)   192,337
  23,500      BYD Electronic International Co. Ltd. (Communications Equipment)   90,723
  37,100      Centre Testing International Group Co. Ltd. Class A (Professional Services)   104,409
  111,300      China Aoyuan Group Ltd.*(b) (Real Estate Management & Development)   8,420

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

China – (continued)

 
  877,411      China Cinda Asset Management Co. Ltd. Class H (Capital Markets)   $         92,600
  208,000      China CITIC Bank Corp. Ltd. Class H (Banks)   100,588
  231,450      China Construction Bank Corp. Class H (Banks)   134,903
  47,450      China Hongqiao Group Ltd. (Metals & Mining)   45,783
  49,632      China Medical System Holdings Ltd. (Pharmaceuticals)   83,578
  35,000      China Pacific Insurance Group Co. Ltd. Class A (Insurance)   146,894
  572,700      China Petroleum & Chemical Corp. Class H (Oil, Gas & Consumable Fuels)   320,733
  72,500      China Resources Beer Holdings Co. Ltd. (Beverages)   467,108
  193,000      China Resources Pharmaceutical Group Ltd.(a) (Pharmaceuticals)   150,216
  78,200      China Taiping Insurance Holdings Co. Ltd. (Insurance)   87,228
  1,462,950      China Tower Corp. Ltd. Class H(a) (Diversified Telecommunication Services)   165,370
  74,000      China Yongda Automobiles Services Holdings Ltd. (Specialty Retail)   33,907
  73,450      Chinasoft International Ltd.* (IT Services)   46,008
  419,300      CIFI Holdings Group Co. Ltd.*(b)
(Real Estate Management & Development)
  40,861
  94,750      COSCO Shipping Holdings Co. Ltd. Class H (Marine Transportation)   100,285
  352,800      Country Garden Holdings Co. Ltd.*
(Real Estate Management & Development)
  72,479
  81,000      CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)   67,657
  154,700      Dongfeng Motor Group Co. Ltd. Class H (Automobiles)   72,404
  59,100      Dongyue Group Ltd. (Chemicals)   58,306
  5,700      Eastroc Beverage Group Co. Ltd. Class A (Beverages)   146,618
  371,300      Focus Media Information Technology Co. Ltd. Class A (Media)   387,568
  129,500      Foxconn Industrial Internet Co. Ltd. Class A (Electronic Equipment, Instruments & Components)   405,529
  700      G-bits Network Technology Xiamen Co. Ltd. Class A (Entertainment)   42,230
  61,500      Geely Automobile Holdings Ltd. (Automobiles)   89,743
  23,400      Glodon Co. Ltd. Class A (Software)   105,916
  36,300      Gree Electric Appliances, Inc. of Zhuhai Class A (Household Durables)   197,107

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

China – (continued)

 
  90,100      Guotai Junan Securities Co. Ltd. Class A (Capital Markets)   $       196,703
  28,700      Haidilao International Holding Ltd.(a)
(Hotels, Restaurants & Leisure)
  81,062
  21,050      Haier Smart Home Co., Ltd. Class H (Household Durables)   69,223
  7,390      Hello Group, Inc. ADR (Interactive Media & Services)   78,703
  724,550      Industrial & Commercial Bank of China Ltd. Class H (Banks)   353,818
  26,840      JA Solar Technology Co. Ltd. Class A (Semiconductors & Semiconductor Equipment)   125,009
  5,490      JD.com, Inc. Class A (Broadline Retail)   113,663
  4,400      Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A (Beverages)   90,352
  46,300      Jinduicheng Molybdenum Co. Ltd. Class A (Metals & Mining)   74,674
  54,000      Jiumaojiu International Holdings, Ltd.(a) (Hotels, Restaurants & Leisure)   106,571
  1,758      JOYY, Inc. ADR (Interactive Media & Services)   61,108
  33,700      LONGi Green Energy Technology Co. Ltd. Class A (Semiconductors & Semiconductor Equipment)   141,201
  5,900      Luzhou Laojiao Co. Ltd. Class A (Beverages)   199,432
  2,561      Meituan Class B*(a) (Hotels, Restaurants & Leisure)   48,890
  43,100      NetEase, Inc. (Entertainment)   938,732
  21,300      New China Life Insurance Co. Ltd. Class A (Insurance)   135,764
  442,950      PetroChina Co. Ltd. Class H (Oil, Gas & Consumable Fuels)   324,787
  4,702      Pinduoduo, Inc. ADR* (Broadline Retail)   422,334
  115,550      Ping An Insurance Group Co. of China Ltd. Class H (Insurance)   841,982
  4,200      Pony Testing International Group Co. Ltd. Class A (Professional Services)   12,247
  2,184      Qifu Technology, Inc. (Consumer Finance)   43,593
  56,100      Shaanxi Coal Industry Co. Ltd. Class A
(Oil, Gas & Consumable Fuels)
  127,653
  8,200      Shenzhen Inovance Technology Co. Ltd. Class A (Machinery)   81,568
  5,700      Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health Care Equipment & Supplies)   236,529
  15,400      Sichuan Kelun Pharmaceutical Co. Ltd. Class A (Pharmaceuticals)   59,554
  57,000      Sinopec Engineering Group Co. Ltd. Class H (Construction & Engineering)   25,724

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

China – (continued)

 
  9,698      Suzhou Dongshan Precision Manufacturing Co. Ltd. Class A (Electronic Equipment, Instruments & Components)   $         30,494
  24,500      TCL Zhonghuan Renewable Energy Technology Co. Ltd. Class Z (Semiconductors & Semiconductor Equipment)   99,820
  84,316      Tencent Holdings Ltd. (Interactive Media & Services)   3,875,258
  11,471      Tencent Music Entertainment Group* (Entertainment)   80,182
  24,500      Tongwei Co. Ltd. Class A (Semiconductors & Semiconductor Equipment)   119,504
  15,000      Trip.com Group Ltd.* (Hotels, Restaurants & Leisure)   612,642
  16,800      Trip.com Group Ltd. ADR* (Hotels, Restaurants & Leisure)   689,472
  16,650      Tsingtao Brewery Co. Ltd. Class H (Beverages)   149,722
  3,363      Vipshop Holdings Ltd. ADR* (Broadline Retail)   63,325
  29,300      Yadea Group Holdings Ltd.(a) (Automobiles)   66,677
  11,091      Yum China Holdings, Inc. (Hotels, Restaurants & Leisure)   676,773
  25,450      Zhongsheng Group Holdings Ltd. (Specialty Retail)   89,417
    

 

     19,175,927

 

 

 

Denmark – 0.7%

 
  6,029      ALK-Abello A/S* (Pharmaceuticals)   65,647
  3,021      Bavarian Nordic A/S* (Biotechnology)   64,816
  3,077      Carlsberg A/S Class B (Beverages)   461,495
  3,324      DSV A/S (Air Freight & Logistics)   665,265
  1,641      NKT A/S* (Electrical Equipment)   93,761
  14,174      Novo Nordisk A/S Class B (Pharmaceuticals)   2,285,588
  1,510      Royal Unibrew A/S (Beverages)   130,513
  2,130      Sydbank A/S (Banks)   102,151
    

 

     3,869,236

 

 

 

France – 3.9%

 
  11,957      Air Liquide SA (Chemicals)   2,149,797
  40,318      Alstom SA (Machinery)   1,234,547
  839      Alten SA (IT Services)   120,844
  732      Arkema SA (Chemicals)   78,938
  35,659      AXA SA (Insurance)   1,096,117
  5,428      BNP Paribas SA (Banks)   357,965
  6,182      Capgemini SE (IT Services)   1,120,293
  27,908      Carrefour SA (Consumer Staples Distribution & Retail)   557,913

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

France – (continued)

 
  9,448      Cie de Saint-Gobain (Building Products)   $       638,981
  11,442      Cie Generale des Etablissements Michelin SCA (Automobile Components)   374,692
  21,507      Danone SA (Food Products)   1,313,362
  7,133      Dassault Systemes SE (Software)   304,855
  8,100      Elis SA (Commerical Services & Supplies)   167,347
  45,084      Engie SA (Multi-Utilities)   739,618
  4,460      EssilorLuxottica SA (Health Care Equipment & Supplies)   897,241
  7,222      Forvia* (Automobile Components)   181,481
  989      Kering SA (Textiles, Apparel & Luxury Goods)   567,849
  4,150      Klepierre SA (Retail REITs)   110,156
  5,053      Legrand SA (Electrical Equipment)   506,587
  1,006      L’Oreal SA (Personal Products)   467,900
  2,450      LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)   2,275,480
  1,032      Nexans SA (Electrical Equipment)   91,621
  6,793      Pernod Ricard SA (Beverages)   1,497,663
  6,768      Rexel SA (Trading Companies & Distributors)   163,259
  3,294      Rubis SCA (Gas Utilities)   81,225
  8,749      Sanofi (Pharmaceuticals)   933,383
  13,446      Schneider Electric SE (Electrical Equipment)   2,398,390
  3,591      SCOR SE (Insurance)   107,319
  1,008      SOITEC* (Semiconductors & Semiconductor Equipment)   198,102
  763      Sopra Steria Group SACA (IT Services)   165,903
  5,028      SPIE SA (Commerical Services & Supplies)   150,930
  4,474      Technip Energies NV (Energy Equipment & Services)   101,971
  17,788      Valeo SA (Automobile Components)   402,083
  10,549      Vallourec SA* (Energy Equipment & Services)   137,629
  2,428      Verallia SA(a) (Containers & Packaging)   107,622
  5,695      Vinci SA (Construction & Engineering)   668,863
    

 

     22,467,926

 

 

 

Germany – 1.9%

 
  3,560      Allianz SE (Insurance)   850,838
  22,804      Bayer AG (Pharmaceuticals)   1,333,656
  7,518      Beiersdorf AG (Personal Products)   973,621
  2,391      CompuGroup Medical SE & Co KgaA
(Health Care Technology)
  121,429
  1,880      CTS Eventim AG & Co. KGaA (Entertainment)   128,302

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Germany – (continued)

 
  5,157      Deutsche Boerse AG (Capital Markets)   $       988,089
  51,220      Deutsche Telekom AG (Diversified Telecommunication Services)   1,116,659
  577      Gerresheimer AG (Life Sciences Tools & Services)   68,342
  588      KION Group AG (Machinery)   24,639
  7,556      LANXESS AG (Chemicals)   254,835
  4,864      Merck KGaA (Pharmaceuticals)   854,726
  1,397      MTU Aero Engines AG (Aerospace & Defense)   326,216
  16,835      RWE AG (Independent Power and Renewable Electricity Producers)   724,556
  19,402      SAP SE (Software)   2,646,657
  1,876      Scout24 SE(a) (Interactive Media & Services)   124,014
  836      Sixt SE (Ground Transportation)   100,806
  1,645      Stroeer SE & Co. KGaA (Media)   79,555
  12,476      TAG Immobilien AG* (Real Estate Management & Development)   140,237
    

 

     10,857,177

 

 

 

Greece – 0.1%

 
  58,250      Alpha Services & Holdings SA* (Banks)   104,903
  60,600      Eurobank Ergasias Services and Holdings SA Class A* (Banks)   105,862
  1,400      JUMBO SA (Specialty Retail)   41,777
  850      Mytilineos SA (Industrial Conglomerates)   35,373
  20,150      National Bank of Greece SA* (Banks)   138,767
  5,263      OPAP SA (Hotels, Restaurants & Leisure)   92,563
    

 

     519,245

 

 

 

Hong Kong – 0.6%

 
  202,191      AIA Group Ltd. (Insurance)   2,022,867
  53,000      Galaxy Entertainment Group Ltd.*
(Hotels, Restaurants & Leisure)
  386,875
  28,000      Hang Lung Properties Ltd. (Real Estate Management & Development)   43,695
  61,549      Hopson Development Holdings Ltd.*
(Real Estate Management & Development)
  51,651
  23,000      Kingboard Holdings Ltd. (Electronic Equipment, Instruments & Components)   64,001
  133,350      Kunlun Energy Co. Ltd. (Gas Utilities)   109,119
  66,000      Man Wah Holdings Ltd. (Household Durables)   57,278
  5,950      Orient Overseas International Ltd. (Marine Transportation)   99,426
  192,400      Shimao Group Holdings Ltd.* (Real Estate Management & Development)   37,499

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Hong Kong – (continued)

 
  518,550      Sino Biopharmaceutical Ltd. (Pharmaceuticals)   $       235,182
  34,000      Sino Land Co. Ltd. (Real Estate Management & Development)   41,736
  180,100      Truly International Holdings Ltd. (Electronic Equipment, Instruments & Components)   22,503
  37,500      Yue Yuen Industrial Holdings Ltd. (Textiles, Apparel & Luxury Goods)   50,245
  95,550      Yuexiu Property Co. Ltd. (Real Estate Management & Development)   126,095
    

 

     3,348,172

 

 

 

India – 2.1%

 
  1,600      ABB India Ltd. (Electrical Equipment)   88,679
  2,695      Apollo Hospitals Enterprise Ltd. (Health Care Providers & Services)   169,653
  4,540      Asian Paints Ltd. (Chemicals)   186,494
  60,743      Axis Bank Ltd. (Banks)   705,195
  7,678      Bajaj Finance Ltd. (Consumer Finance)   682,573
  146,183      Bharat Electronics Ltd. (Aerospace & Defense)   232,598
  115,600      Coal India Ltd. (Oil, Gas & Consumable Fuels)   322,644
  2,900      Cummins India Ltd. (Machinery)   69,472
  11,400      DLF Ltd. (Real Estate Management & Development)   71,977
  1,200      Dr Reddy’s Laboratories Ltd. (Pharmaceuticals)   82,326
  900      Eicher Motors Ltd. (Automobiles)   36,863
  68,462      HDFC Bank Ltd. (Banks)   1,374,449
  14,787      HDFC Life Insurance Co. Ltd.(a) (Insurance)   116,348
  3,100      Hindustan Aeronautics Ltd. (Aerospace & Defense)   149,565
  70,921      ICICI Bank Ltd. (Banks)   864,347
  57,634      ICICI Bank Ltd. ADR (Banks)   1,416,067
  84,300      IDFC First Bank Ltd.* (Banks)   89,513
  34,072      Indian Hotels Co. Ltd. Class A (Hotels, Restaurants & Leisure)   163,887
  26,800      Indraprastha Gas Ltd. (Gas Utilities)   151,065
  8,400      IndusInd Bank Ltd. (Banks)   145,020
  5,700      Jindal Steel & Power Ltd. (Metals & Mining)   46,461
  10,601      Jio Financial Services Ltd.* (Financial Services)   33,750
  3,550      KPIT Technologies Ltd. (Software)   46,816
  16,637      Larsen & Toubro Ltd.* (Construction & Engineering)   542,844
  7,200      Mahindra & Mahindra Ltd. (Automobiles)   129,272
  10,350      Max Healthcare Institute Ltd. (Health Care Providers & Services)   74,912

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

India – (continued)

 
  14,550      Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)   $         31,379
  3,050      PI Industries Ltd. (Chemicals)   134,177
  28,035      Power Finance Corp. Ltd. (Financial Services)   89,228
  4,850      Rajesh Exports Ltd. (Textiles, Apparel & Luxury Goods)   30,604
  80,354      REC Ltd. (Financial Services)   198,420
  7,685      Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)   238,565
  116,729      Samvardhana Motherson International Ltd. (Automobile Components)   139,709
  4,250      Shriram Transport Finance Co. Ltd. (Consumer Finance)   97,980
  10,800      State Bank of India (Banks)   81,581
  11,502      Sun Pharmaceutical Industries Ltd. (Pharmaceuticals)   159,990
  4,950      Tata Chemicals Ltd. (Chemicals)   63,846
  12,072      Tata Consultancy Services Ltd.
(IT Services)
  502,907
  38,900      Tata Motors Ltd. (Automobiles)   305,227
  321,040      Tata Steel Ltd. (Metals & Mining)   481,650
  7,513      Titan Co. Ltd. (Textiles, Apparel & Luxury Goods)   274,557
  1,100      Tube Investments of India Ltd. (Automobile Components)   41,244
  10,419      TVS Motor Co. Ltd. (Automobiles)   174,643
  37,198      Varun Beverages Ltd. (Beverages)   364,007
  35,800      Vedanta Ltd. (Metals & Mining)   120,475
  38,250      Wipro Ltd. (IT Services)   188,654
  1,443      WNS Holdings Ltd. ADR* (Professional Services)   99,726
    

 

     11,811,359

 

 

 

Indonesia – 0.2%

 
  223,000      Adaro Energy Indonesia Tbk PT (Oil, Gas & Consumable Fuels)   35,673
  482,500      Bank Central Asia Tbk PT (Banks)   292,217
  943,050      Bank Mandiri Persero Tbk PT (Banks)   358,496
  1,420,500      Bank Rakyat Indonesia Persero Tbk PT (Banks)   531,841
  451,850      Sumber Alfaria Trijaya Tbk PT (Consumer Staples Distribution & Retail)   80,907
  29,600      United Tractors Tbk PT (Oil, Gas & Consumable Fuels)   54,076
    

 

     1,353,210

 

 

 

Ireland – 2.0%

 
  1,824      Accenture PLC Class A (IT Services)   577,022
  12,748      Aon PLC Class A (Insurance)   4,060,238
  11,482      Bank of Ireland Group PLC (Banks)   121,144
  36,675      Experian PLC (Professional Services)   1,417,326

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Ireland – (continued)

 
  4      Flutter Entertainment PLC* (Hotels, Restaurants & Leisure)   $              796
  3,560      ICON PLC ADR* (Life Sciences Tools & Services)   895,020
  4,365      Keywords Studios PLC (IT Services)   98,704
  3,418      Linde PLC (Chemicals)   1,335,310
  18,598      Medtronic PLC (Health Care Equipment & Supplies)   1,632,160
  14,551      Ryanair Holdings PLC ADR* (Passenger Airlines)   1,491,914
  1,228      Weatherford International PLC* (Energy Equipment & Services)   102,047
    

 

     11,731,681

 

 

 

Israel – 0.2%

 
  71,228      Bezeq The Israeli Telecommunication Corp. Ltd. (Diversified Telecommunication Services)   94,238
  5,068      Check Point Software Technologies Ltd.* (Software)   670,040
  689      CyberArk Software Ltd.* (Software)   114,381
  0      Isracard Ltd. (Consumer Finance)   1
  1,262      Nova Ltd.* (Semiconductors & Semiconductor Equipment)   156,412
    

 

     1,035,072

 

 

 

Italy – 1.1%

 
  18,193      Banca Mediolanum SpA (Financial Services)   176,780
  11,075      BFF Bank SpA(a) (Financial Services)   125,008
  235,966      Enel SpA (Electric Utilities)   1,627,032
  42,232      Eni SpA (Oil, Gas & Consumable Fuels)   644,750
  3,558      Ferrari NV (Automobiles)   1,140,647
  235,786      Intesa Sanpaolo SpA (Banks)   681,815
  73,572      UniCredit SpA (Banks)   1,862,861
    

 

     6,258,893

 

 

 

Japan – 3.4%

 
  2,400      ABC-Mart, Inc. (Specialty Retail)   132,881
  5,600      ADEKA Corp. (Chemicals)   113,539
  4,400      Advantest Corp. (Semiconductors & Semiconductor Equipment)   608,563
  7,900      Air Water, Inc. (Chemicals)   111,261
  3,214      Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)   165,875
  17,200      Amada Co. Ltd. (Machinery)   169,274
  4,000      Amano Corp. (Electronic Equipment, Instruments & Components)   90,896
  4,800      Amvis Holdings, Inc. (Health Care Providers & Services)   97,444
  5,200      BIPROGY, Inc. (IT Services)   127,629

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Japan – (continued)

 
  5,300      Canon Marketing Japan, Inc. (Electronic Equipment, Instruments & Components)   $       139,095
  6,900      CKD Corp. (Machinery)   104,940
  20,700      Concordia Financial Group Ltd. (Banks)   94,682
  10,000      Credit Saison Co. Ltd. (Consumer Finance)   159,905
  4,500      Daikin Industries Ltd. (Building Products)   909,894
  900      Daito Trust Construction Co. Ltd. (Real Estate Management & Development)   96,812
  9,700      Denso Corp. (Automobile Components)   675,387
  32,300      FANUC Corp. (Machinery)   988,135
  5,300      Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment)   128,240
  1,200      Fuso Chemical Co. Ltd. (Chemicals)   37,839
  13,100      H2O Retailing Corp. (Consumer Staples Distribution & Retail)   141,004
  3,100      Hanwa Co. Ltd. (Trading Companies & Distributors)   106,041
  19,100      Hitachi Ltd. (Industrial Conglomerates)   1,250,372
  4,300      Hoya Corp. (Health Care Equipment & Supplies)   500,775
  6,100      IHI Corp. (Machinery)   149,983
  16,500      INFRONEER Holdings, Inc. (Construction & Engineering)   160,678
  6,700      Internet Initiative Japan, Inc. (Diversified Telecommunication Services)   124,750
  282      Invincible Investment Corp. (Hotel & Resort REITs)   116,828
  12,800      J Front Retailing Co. Ltd. (Broadline Retail)   124,588
  146      Japan Metropolitan Fund Investment Corp. (Retail REITs)   100,141
  7,600      Kajima Corp. (Construction & Engineering)   120,099
  6,100      Kamigumi Co. Ltd. (Transportation Infrastructure)   141,497
  48      Kenedix Office Investment Corp. (Office REITs)   114,132
  1,520      Keyence Corp. (Electronic Equipment, Instruments & Components)   682,088
  17,500      Koito Manufacturing Co. Ltd. (Automobile Components)   321,780
  6,500      KOMEDA Holdings Co. Ltd. (Hotels, Restaurants & Leisure)   125,980
  3,600      Kose Corp. (Personal Products)   352,534
  13,100      Kubota Corp. (Machinery)   197,888

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Japan – (continued)

 
  11,100      Kyocera Corp. (Electronic Equipment, Instruments & Components)   $       597,314
  2,400      MatsukiyoCocokara & Co. (Consumer Staples Distribution & Retail)   140,452
  6,200      Mazda Motor Corp. (Automobiles)   61,507
  43,100      Mebuki Financial Group, Inc. (Banks)   114,503
  21,800      Mitsubishi Electric Corp. (Electrical Equipment)   314,599
  41      Mitsui Fudosan Logistics Park, Inc. (Industrial REITs)   145,916
  19,500      Murata Manufacturing Co. Ltd. (Electronic Equipment, Instruments & Components)   1,158,333
  4,600      Nifco, Inc. (Automobile Components)   137,106
  2,100      Nippon Express Holdings, Inc. (Air Freight & Logistics)   123,125
  3,700      NOF Corp. (Chemicals)   159,668
  2,700      OKUMA Corp. (Machinery)   136,972
  33,400      Olympus Corp. (Health Care Equipment & Supplies)   544,985
  6,500      Persol Holdings Co. Ltd. (Professional Services)   128,574
  9,200      Pola Orbis Holdings, Inc. (Personal Products)   134,930
  15,300      Rengo Co. Ltd. (Containers & Packaging)   97,448
  3,800      Rohto Pharmaceutical Co. Ltd. (Personal Products)   80,995
  3,200      Sankyo Co. Ltd. (Leisure Products)   135,365
  3,500      Sankyu, Inc. (Air Freight & Logistics)   121,370
  1,400      SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)   151,269
  7,500      Sega Sammy Holdings, Inc. (Leisure Products)   163,985
  800      Shimamura Co. Ltd. (Specialty Retail)   79,229
  4,200      Shin Nippon Biomedical Laboratories Ltd. (Life Sciences Tools & Services)   61,969
  8,400      Shin-Etsu Chemical Co. Ltd. (Chemicals)   276,737
  1,300      SMC Corp. (Machinery)   679,332
  1,100      Socionext, Inc. (Semiconductors & Semiconductor Equipment)   130,158
  8,100      Sojitz Corp. (Trading Companies & Distributors)   192,312
  8,500      Sony Group Corp. (Household Durables)   796,163
  8,400      Sumitomo Mitsui Financial Group, Inc. (Banks)   393,554
  4,300      Sumitomo Osaka Cement Co. Ltd. (Construction Materials)   120,727
  3,900      Suzuken Co. Ltd. (Health Care Providers & Services)   113,871

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Japan – (continued)

 
  27,300      Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)   $       834,693
  16,600      Terumo Corp. (Health Care Equipment & Supplies)   543,635
  21,200      The Chiba Bank Ltd. (Banks)   149,065
  4,700      The Monogatari Corp. (Hotels, Restaurants & Leisure)   115,076
  3,100      The Yokohama Rubber Co. Ltd. (Automobile Components)   69,513
  5,000      TIS, Inc. (IT Services)   126,819
  21,500      Tokyu Fudosan Holdings Corp. (Real Estate Management & Development)   127,816
  4,100      Toyo Suisan Kaisha Ltd. (Food Products)   169,585
  4,400      Toyota Boshoku Corp. (Automobile Components)   80,278
    

 

     19,492,397

 

 

 

Jordan – 0.0%

 
  4,890      Hikma Pharmaceuticals PLC (Pharmaceuticals)   131,320

 

 

 

Luxembourg – 0.0%

 
  1,810      Orion SA (Chemicals)   39,675
  2,562      Ternium SA ADR (Metals & Mining)   114,393
    

 

     154,068

 

 

 

Macau* – 0.0%

 
  59,200      MGM China Holdings Ltd. (Hotels, Restaurants & Leisure)   78,959

 

 

 

Malaysia – 0.0%

 
  77,600      CIMB Group Holdings Bhd (Banks)   95,592

 

 

 

Mexico – 0.4%

 
  45,500      Arca Continental SAB de CV (Beverages)   455,842
  8,900      Banco del Bajio SA(a) (Banks)   27,133
  2,160      Fomento Economico Mexicano SAB de CV ADR (Beverages)   244,620
  419      Grupo Aeroportuario del Centro Norte SAB de CV ADR (Transportation Infrastructure)   37,961
  7,700      Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation Infrastructure)   146,712
  6,150      Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure)   173,956
  37,350      Grupo Bimbo SAB de CV Series A (Food Products)   193,631
  44,100      Grupo Financiero Banorte SAB de CV Class O (Banks)   417,982
  51,850      Grupo Financiero Inbursa SAB de CV Class O* (Banks)   125,871
  44,000      Grupo Mexico SAB de CV Series B (Metals & Mining)   228,711

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Mexico – (continued)

 
  45,450      Kimberly-Clark de Mexico SAB de CV Class A (Household Products)   $       106,724
  46,600      Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail)   193,997
    

 

     2,353,140

 

 

 

Netherlands – 1.7%

 
  3,034      Aalberts NV (Machinery)   136,908
  593      Adyen NV*(a) (Financial Services)   1,100,617
  16,949      Akzo Nobel NV (Chemicals)   1,449,953
  2,871      Arcadis NV (Professional Services)   125,870
  1,605      ASM International NV (Semiconductors & Semiconductor Equipment)   762,504
  2,614      ASML Holding NV (Semiconductors & Semiconductor Equipment)   1,872,696
  4,769      ASR Nederland NV (Insurance)   216,176
  1,077      BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)   128,592
  4,189      Expro Group Holdings NV* (Energy Equipment & Services)   92,954
  118,930      ING Groep NV (Banks)   1,735,981
  52,435      Koninklijke Philips NV (Health Care Equipment & Supplies)   1,089,266
  31,800      NEPI Rockcastle NV (Real Estate Management & Development)   190,529
  9,374      QIAGEN NV* (Life Sciences Tools & Services)   439,842
  4,778      Randstad NV (Professional Services)   279,921
    

 

     9,621,809

 

 

 

Poland – 0.1%

 
  9,250      Bank Polska Kasa Opieki SA (Banks)   273,133
  18,000      Orange Polska SA (Diversified Telecommunication Services)   33,134
  2,750      ORLEN SA (Oil, Gas & Consumable Fuels)   49,015
  650      Santander Bank Polska SA* (Banks)   64,487
    

 

     419,769

 

 

 

Portugal – 0.1%

 
  30,822      Galp Energia SGPS SA (Oil, Gas & Consumable Fuels)   409,613
  109,206      Sonae SGPS SA (Consumer Staples Distribution & Retail)   118,735
    

 

     528,348

 

 

 

Qatar – 0.1%

 
  60,664      Barwa Real Estate Co. (Real Estate Management & Development)   46,824
  36,503      Industries Qatar QSC (Industrial Conglomerates)   133,687

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Qatar – (continued)

 
  39,850      Ooredoo QPSC (Diversified Telecommunication Services)   $       125,133
    

 

     305,644

 

 

 

Russia*(b) –0.0%

 
  61,284      Gazprom PJSC (Oil, Gas & Consumable Fuels)  
  5,200      LUKOIL PJSC ADR (Oil, Gas & Consumable Fuels)  
  2,390      Magnit PJSC GDR (Consumer Staples Distribution & Retail)  
  3,393      Novolipetsk Steel PJSC GDR (Metals & Mining)  
  36      PhosAgro PJSC (Chemicals)  
  5,614      PhosAgro PJSC GDR (Chemicals)  
  19,000      Surgutneftegas PJSC ADR (Oil, Gas & Consumable Fuels)  
  23,847      VTB Bank PJSC GDR (Banks)  
    

 

    

 

 

 

Singapore – 0.3%

 
  67,200      CapLand Ascendas REIT (Industrial REITs)   142,103
  26,100      DBS Group Holdings Ltd. (Banks)   673,303
  46,100      Sembcorp Industries Ltd. (Multi-Utilities)   188,981
  21,000      United Overseas Bank Ltd. (Banks)   476,353
    

 

     1,480,740

 

 

 

South Africa – 0.1%

 
  2,200      Bid Corp. Ltd. (Consumer Staples Distribution & Retail)   52,110
  37,735      FirstRand Ltd. (Financial Services)   153,501
  8,815      Investec Ltd. (Capital Markets)   55,023
  2,500      Kumba Iron Ore Ltd. (Metals & Mining)   68,578
  23,350      MTN Group Ltd. (Wireless Telecommunication Services)   182,857
  29,450      Truworths International Ltd. (Specialty Retail)   118,220
    

 

     630,289

 

 

 

South Korea – 2.0%

 
  11,298      BNK Financial Group, Inc. (Banks)   59,920
  25,350      Coupang, Inc.* (Broadline Retail)   460,103
  1,750      DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)   81,086
  550      DB Insurance Co. Ltd. (Insurance)   32,522
  6,656      Hana Financial Group, Inc. (Banks)   205,108
  1,500      Hankook Tire & Technology Co. Ltd. (Automobile Components)   45,497
  5,800      HD Hyundai Infracore Co. Ltd. (Machinery)   56,098
  12,300      HMM Co. Ltd. (Marine Transportation)   168,830

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

South Korea – (continued)

 
  6,000      HPSP Co. Ltd. (Semiconductors & Semiconductor Equipment)   $       175,338
  3,450      Hyundai Engineering & Construction Co. Ltd. (Construction & Engineering)   101,255
  557      Hyundai Mobis Co. Ltd. (Automobile Components)   101,773
  3,100      Hyundai Motor Co. (Automobiles)   476,636
  900      Hyundai Rotem Co. Ltd.* (Machinery)   22,136
  8,500      Hyundai Steel Co. (Metals & Mining)   240,967
  7,967      Industrial Bank of Korea (Banks)   64,952
  2,050      JYP Entertainment Corp. (Entertainment)   219,479
  12,462      KB Financial Group, Inc. (Banks)   499,120
  7,719      Kia Corp. (Automobiles)   500,958
  3,813      Korea Aerospace Industries Ltd. (Aerospace & Defense)   147,214
  2,950      Korea Investment Holdings Co. Ltd. (Capital Markets)   113,041
  350      Krafton, Inc.* (Entertainment)   47,179
  5,418      KT Corp. (Diversified Telecommunication Services)   125,467
  1,050      LG Electronics, Inc. (Household Durables)   89,377
  3,950      LG Uplus Corp. (Diversified Telecommunication Services)   31,003
  1,300      LX Semicon Co. Ltd. (Semiconductors & Semiconductor Equipment)   104,409
  1,000      Orion Corp. (Food Products)   89,005
  350      PharmaResearch Co. Ltd. (Biotechnology)   36,561
  550      POSCO Holdings, Inc. (Metals & Mining)   277,135
  391      Samsung Biologics Co. Ltd.*(a) (Life Sciences Tools & Services)   234,783
  42,479      Samsung Electronics Co. Ltd. (Technology Hardware, Storage & Peripherals)   2,325,837
  1,525      Samsung Electronics Co. Ltd. GDR (Technology Hardware, Storage & Peripherals)   2,077,578
  4,450      Samsung Engineering Co. Ltd.* (Construction & Engineering)   129,081
  988      Samsung SDI Co. Ltd. (Electronic Equipment, Instruments & Components)   515,740
  8,550      SD Biosensor, Inc. (Health Care Equipment & Supplies)   86,877
  13,633      SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)   1,320,287
  1      SK Innovation Co. Ltd.* (Oil, Gas & Consumable Fuels)   170
  22,955      Woori Financial Group, Inc. (Banks)   209,790

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

South Korea – (continued)

 
  1,400      Young Poong Paper Manufacturing Co. Ltd. (Paper & Forest Products)   $         46,549
    

 

     11,518,861

 

 

 

Spain – 0.6%

 
  5,105      Aena SME SA(a) (Transportation Infrastructure)   815,228
  16,955      Amadeus IT Group SA (Hotels, Restaurants & Leisure)   1,216,285
  153,886      Banco de Sabadell SA (Banks)   189,645
  3,351      CIE Automotive SA (Automobile Components)   105,022
  43,804      Iberdrola SA (Electric Utilities)   546,738
  11,776      Industria de Diseno Textil SA (Specialty Retail)   450,760
    

 

     3,323,678

 

 

 

Sweden – 0.5%

 
  7,099      AAK AB (Food Products)   136,452
  29,291      Atlas Copco AB Class A (Machinery)   416,105
  6,223      Evolution AB(a) (Hotels, Restaurants & Leisure)   767,374
  4,183      Loomis AB (Commerical Services & Supplies)   122,029
  1,223      Olink Holding AB ADR* (Life Sciences Tools & Services)   23,237
  2,784      Saab AB Class B (Aerospace & Defense)   146,742
  16,558      Securitas AB Class B (Commerical Services & Supplies)   140,938
  3,424      Spotify Technology SA* (Entertainment)   511,580
  14,965      Swedbank AB Class A (Banks)   274,483
  6,336      Trelleborg AB Class B (Machinery)   168,681
    

 

     2,707,621

 

 

 

Switzerland – 2.5%

 
  849      BKW AG (Electric Utilities)   151,924
  7,057      Cie Financiere Richemont SA Class A (Textiles, Apparel & Luxury Goods)   1,136,408
  507      Comet Holding AG (Electronic Equipment, Instruments & Components)   133,379
  2,275      Georg Fischer AG (Machinery)   155,374
  6,449      Julius Baer Group Ltd. (Capital Markets)   456,767
  653      Lonza Group AG (Life Sciences Tools & Services)   379,416
  20,526      Nestle SA (Food Products)   2,514,828
  18,201      Novartis AG (Pharmaceuticals)   1,905,593
  1,362      PSP Swiss Property AG (Real Estate Management & Development)   160,498
  9,277      Roche Holding AG (Pharmaceuticals)   2,876,346
  4,276      SIG Group AG* (Containers & Packaging)   114,313

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Switzerland – (continued)

 
  4,177      Sika AG (Chemicals)   $    1,300,039
  1,502      Sonova Holding AG (Health Care Equipment & Supplies)   418,675
  391      Tecan Group AG (Life Sciences Tools & Services)   155,591
  53,202      UBS Group AG (Capital Markets)   1,180,492
  289      VAT Group AG(a) (Machinery)   122,839
  2,712      Zurich Insurance Group AG (Insurance)   1,311,248
    

 

     14,473,730

 

 

 

Taiwan – 1.7%

 
  31,150      Accton Technology Corp. (Communications Equipment)   380,041
  3,450      Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment)   219,595
  8,509      Asia Vital Components Co. Ltd. (Technology Hardware, Storage & Peripherals)   87,444
  1,600      ASPEED Technology, Inc. (Semiconductors & Semiconductor Equipment)   118,389
  3,250      Bora Pharmaceuticals Co. Ltd. (Pharmaceuticals)   93,383
  24,800      Chailease Holding Co. Ltd.* (Financial Services)   164,210
  18,600      Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)   217,131
  30,000      E Ink Holdings, Inc. (Electronic Equipment, Instruments & Components)   215,155
  7,400      Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)   128,017
  37,700      Evergreen Marine Corp. Taiwan Ltd. (Marine Transportation)   125,022
  11,000      Fitipower Integrated Technology, Inc. (Semiconductors & Semiconductor Equipment)   49,509
  11,300      Gigabyte Technology Co. Ltd. (Technology Hardware, Storage & Peripherals)   113,271
  2,300      Global Unichip Corp. (Semiconductors & Semiconductor Equipment)   120,300
  5,382      Great Tree Pharmacy Co. Ltd. (Consumer Staples Distribution & Retail)   71,669
  9,600      Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)   33,219
  10,350      International Games System Co. Ltd. Class C (Entertainment)   202,091

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Taiwan – (continued)

 
  8,000      Kaori Heat Treatment Co. Ltd. (Machinery)   $         86,978
  8,000      Lotus Pharmaceutical Co. Ltd.* (Pharmaceuticals)   73,102
  23,450      Makalot Industrial Co. Ltd. (Textiles, Apparel & Luxury Goods)   232,973
  19,400      MediaTek, Inc. (Semiconductors & Semiconductor Equipment)   426,895
  70,000      Nanya Technology Corp. (Semiconductors & Semiconductor Equipment)   161,530
  12,200      Novatek Microelectronics Corp. (Semiconductors & Semiconductor Equipment)   164,987
  2,828      Poya International Co. Ltd. (Broadline Retail)   46,063
  88,092      Quanta Computer, Inc. (Technology Hardware, Storage & Peripherals)   670,191
  9,038      Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)   34,708
  10,250      Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)   140,775
  6,300      Sporton International, Inc. (Professional Services)   48,250
  222,055      Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)   4,009,780
  6,664      Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)   660,736
  7,350      United Integrated Services Co. Ltd. (Construction & Engineering)   51,703
  87,000      United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)   130,735
  4,900      Universal Vision Biotechnology Co. Ltd. (Health Care Providers & Services)   61,142
  48,900      Wan Hai Lines Ltd. (Marine Transportation)   78,598
  37,900      Wistron Corp. (Technology Hardware, Storage & Peripherals)   171,070
  10,200      Wowprime Corp.* (Hotels, Restaurants & Leisure)   95,835
  11,500      XinTec, Inc. (Semiconductors & Semiconductor Equipment)   45,917
    

 

     9,730,414

 

 

 

Thailand – 0.4%

 
  55,500      Airports of Thailand PCL NVDR* (Transportation Infrastructure)   115,958

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Thailand – (continued)

 
  115,200      Amata Corp. PCL (Real Estate Management & Development)   $         79,145
  16,150      Bangkok Bank PCL (Banks)   80,966
  342,200      Bangkok Dusit Medical Services PCL NVDR (Health Care Providers & Services)   287,885
  25,400      Bumrungrad Hospital PCL (Health Care Providers & Services)   160,444
  89,150      Central Pattana PCL (Real Estate Management & Development)   177,298
  100,600      Central Plaza Hotel PCL* (Hotels, Restaurants & Leisure)   138,943
  10,250      Delta Electronics Thailand PCL (Electronic Equipment, Instruments & Components)   33,891
  44,000      Kasikornbank PCL (Banks)   162,177
  166,800      Krung Thai Bank PCL (Banks)   99,979
  47,250      PTT Exploration & Production PCL (Oil, Gas & Consumable Fuels)   220,646
  70,400      PTT Exploration & Production PCL NVDR (Oil, Gas & Consumable Fuels)   328,751
  35,050      SCB X PCL (Banks)   115,297
  21,700      Thonburi Healthcare Group PCL (Health Care Providers & Services)   42,484
  2,371,150      TMBThanachart Bank PCL (Banks)   119,227
  222,600      WHA Corp. PCL (Real Estate Management & Development)   32,280
    

 

     2,195,371

 

 

 

Turkey – 0.0%

 
  62,950      Koza Altin Isletmeleri AS (Metals & Mining)   65,426
  1,400      Pegasus Hava Tasimaciligi AS* (Passenger Airlines)   43,767
  73,229      Turkiye Is Bankasi AS Class C (Banks)   41,111
    

 

     150,304

 

 

 

United Arab Emirates – 0.2%

 
  29,772      Abu Dhabi Commercial Bank PJSC (Banks)   71,169
  35,315      Abu Dhabi Islamic Bank PJSC (Banks)   108,073
  96,354      Americana Restaurants International PLC (Hotels, Restaurants & Leisure)   100,738
  342,740      Emaar Properties PJSC (Real Estate Management & Development)   630,658
  27,647      Emirates NBD Bank PJSC (Banks)   127,926
    

 

     1,038,564

 

 

 

United Kingdom – 5.1%

 
  1,720      4imprint Group PLC (Media)   97,896
  7,779      Anglo American PLC (Metals & Mining)   239,218

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United Kingdom – (continued)

 
  12,816      AstraZeneca PLC (Pharmaceuticals)   $    1,841,354
  16,571      B&M European Value Retail SA (Broadline Retail)   117,702
  28,581      Balfour Beatty PLC (Construction & Engineering)   128,158
  621,343      Barclays PLC (Banks)   1,232,938
  19,391      Beazley PLC (Insurance)   136,622
  5,543      Berkeley Group Holdings PLC (Household Durables)   309,065
  256,868      BP PLC (Oil, Gas & Consumable Fuels)   1,593,724
  18,290      British American Tobacco PLC (Tobacco)   615,058
  97,887      Centrica PLC (Multi-Utilities)   173,470
  85,653      Compass Group PLC (Hotels, Restaurants & Leisure)   2,228,488
  4,035      Computacenter PLC (IT Services)   113,835
  45,689      ConvaTec Group PLC(a) (Health Care Equipment & Supplies)   122,407
  2,057      Cranswick PLC (Food Products)   88,250
  3,731      Derwent London PLC (Office REITs)   101,388
  41,144      Diageo PLC (Beverages)   1,795,617
  2,345      Diploma PLC (Trading Companies & Distributors)   97,534
  45,242      DS Smith PLC (Containers & Packaging)   179,875
  2,380      Endava PLC ADR* (IT Services)   124,855
  6,313      Entain PLC (Hotels, Restaurants & Leisure)   112,444
  10,122      Ferguson PLC (Trading Companies & Distributors)   1,632,486
  23,162      GB Group PLC (Software)   74,402
  53,405      GSK PLC (Pharmaceuticals)   950,670
  7,662      IMI PLC (Machinery)   160,193
  396      Immunocore Holdings PLC ADR* (Biotechnology)   26,128
  6,684      Indivior PLC* (Pharmaceuticals)   150,371
  19,998      J Sainsbury PLC (Consumer Staples Distribution & Retail)   71,202
  83,882      JD Sports Fashion PLC (Specialty Retail)   169,914
  8,735      JET2 PLC (Passenger Airlines)   125,909
  102,816      Legal & General Group PLC (Insurance)   308,126
  6,308      London Stock Exchange Group PLC
(Capital Markets)
  685,016
  25,395      Man Group PLC (Capital Markets)   77,851
  16,584      NatWest Group PLC (Banks)   52,058
  1,832      Noble Corp. PLC (Energy Equipment & Services)   95,759
  123,576      Prudential PLC (Insurance)   1,716,016
  19,658      QinetiQ Group PLC (Aerospace & Defense)   81,396
  23,589      Reckitt Benckiser Group PLC (Household Products)   1,767,100

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United Kingdom – (continued)

 
  56,514      RELX PLC (Professional Services)   $    1,901,161
  19,581      Rio Tinto PLC (Metals & Mining)   1,294,259
  1,273,373      Rolls-Royce Holdings PLC* (Aerospace & Defense)   3,019,342
  27,346      Rotork PLC (Machinery)   108,318
  8,859      Safestore Holdings PLC (Specialized REITs)   100,708
  104      Segro PLC (Industrial REITs)   1,019
  70,357      Serco Group PLC (Commerical Services & Supplies)   140,224
  16,660      Shell PLC (Oil, Gas & Consumable Fuels)   512,476
  8,420      St. James’s Place PLC (Capital Markets)   101,639
  142,223      Tesco PLC (Consumer Staples Distribution & Retail)   471,053
  6,657      The Weir Group PLC (Machinery)   156,784
  1,063      TORM PLC Class A (Oil, Gas & Consumable Fuels)   26,164
  75,072      Tritax Big Box REIT PLC (Industrial REITs)   133,118
  17,256      Unilever PLC (Personal Products)   927,215
  31,020      WH Smith PLC (Specialty Retail)   594,677
  3,097      Whitbread PLC (Hotels, Restaurants & Leisure)   139,121
    

 

     29,221,773

 

 

 

United States – 51.9%

 
  26,475      Abbott Laboratories (Health Care Equipment & Supplies)   2,947,462
  8,729      AbbVie, Inc. (Biotechnology)   1,305,684
  3,634      ABM Industries, Inc. (Commerical Services & Supplies)   168,182
  644      Acuity Brands, Inc. (Electrical Equipment)   106,415
  1,532      Adobe, Inc.* (Software)   836,732
  4,766      Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)   545,230
  6,165      Affirm Holdings, Inc.* (Financial Services)   119,539
  3,790      Agree Realty Corp. (Retail REITs)   245,516
  2,245      Alamo Group, Inc. (Machinery)   434,991
  1,486      Allegiant Travel Co.* (Passenger Airlines)   183,818
  2,018      Allison Transmission Holdings, Inc. (Machinery)   118,436
  84,016      Alphabet, Inc. Class A* (Interactive Media & Services)   11,150,604
  90,402      Amazon.com, Inc.* (Broadline Retail)   12,084,939
  639      Amedisys, Inc.* (Health Care Providers & Services)   58,047
  69,704      American International Group, Inc. (Insurance)   4,201,757
  7,746      Ameris Bancorp (Banks)   338,113

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  3,466      AMERISAFE, Inc. (Insurance)   $       180,648
  871      AMN Healthcare Services, Inc.* (Health Care Providers & Services)   93,328
  12,874      Amphenol Corp. Class A (Electronic Equipment, Instruments & Components)   1,136,903
  2,275      Appfolio, Inc. Class A* (Software)   410,842
  37,603      Apple, Inc. (Technology Hardware, Storage & Peripherals)   7,387,109
  1,764      AppLovin Corp. Class A* (Software)   55,390
  12,848      Arcutis Biotherapeutics, Inc.* (Biotechnology)   140,172
  9,371      Artivion, Inc.* (Health Care Equipment & Supplies)   163,243
  1,211      ASGN, Inc.* (Professional Services)   92,424
  944      Ashland, Inc. (Chemicals)   86,244
  699      Atkore, Inc.* (Electrical Equipment)   110,910
  11,562      Atlassian Corp. Class A* (Software)   2,103,590
  5,850      AtriCure, Inc.* (Health Care Equipment & Supplies)   323,797
  27,460      Aurora Innovation, Inc.* (Software)   90,069
  1,914      Avantax, Inc.* (Capital Markets)   49,534
  10,296      Avient Corp. (Chemicals)   417,297
  3,422      Avnet, Inc. (Electronic Equipment, Instruments & Components)   165,967
  3,589      Azenta, Inc.* (Life Sciences Tools & Services)   168,611
  2,109      Balchem Corp. (Chemicals)   284,167
  87,968      Bank of America Corp. (Banks)   2,814,976
  861      Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)   73,762
  10,201      Becton Dickinson & Co. (Health Care Equipment & Supplies)   2,842,203
  3,315      Belden, Inc. (Electronic Equipment, Instruments & Components)   320,362
  14,755      Berkshire Hathaway, Inc. Class B* (Financial Services)   5,193,170
  2,003      Berkshire Hills Bancorp, Inc. (Banks)   45,688
  22,549      BGC Group, Inc. Class A (Capital Markets)   107,333
  13,573      BioCryst Pharmaceuticals, Inc.* (Biotechnology)   100,304
  2,873      Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure)   77,198
  377      Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)   1,119,992
  2,948      Boot Barn Holdings, Inc.* (Specialty Retail)   276,817
  26,180      BorgWarner, Inc. (Automobile Components)   1,217,370
  8,367      Bowlero Corp.* (Hotels, Restaurants & Leisure)   101,492
  1,086      Cactus, Inc. Class A (Energy Equipment & Services)   55,147

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  4,188      Cadence Design Systems, Inc.* (Software)   $       980,034
  2,182      Caleres, Inc. (Specialty Retail)   59,001
  27,590      CarMax, Inc.* (Specialty Retail)   2,279,210
  17,351      Carrier Global Corp. (Building Products)   1,033,252
  913      Cars.com, Inc.* (Interactive Media & Services)   20,826
  3,387      Castle Biosciences, Inc.* (Health Care Providers & Services)   57,071
  8,495      Caterpillar, Inc. (Machinery)   2,252,619
  6,179      Cathay General Bancorp (Banks)   235,049
  4,638      CBIZ, Inc.* (Professional Services)   245,304
  8,996      Central Garden & Pet Co. Class A* (Household Products)   343,827
  10,696      ChampionX Corp. (Energy Equipment & Services)   380,778
  1,125      Chart Industries, Inc.* (Machinery)   204,930
  4,570      Chemed Corp. (Health Care Providers & Services)   2,381,381
  13,996      Chevron Corp. (Oil, Gas & Consumable Fuels)   2,290,585
  325      Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)   637,741
  4,597      Chuy’s Holdings, Inc.* (Hotels, Restaurants & Leisure)   191,189
  7,289      Cigna Group (Health Care Providers & Services)   2,150,984
  1,013      Clearfield, Inc.* (Communications Equipment)   47,348
  32,930      Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)   2,016,633
  4,677      Cohen & Steers, Inc. (Capital Markets)   300,778
  14,009      CommScope Holding Co., Inc.* (Communications Equipment)   63,041
  31,673      ConocoPhillips (Oil, Gas & Consumable Fuels)   3,728,546
  7,382      CoreCivic, Inc.* (Commerical Services & Supplies)   71,605
  2,950      Cousins Properties, Inc. (Office REITs)   72,068
  18,430      Crown Castle, Inc. (Specialized REITs)   1,995,785
  5,091      CryoPort, Inc.* (Life Sciences Tools & Services)   81,812
  1,398      Curtiss-Wright Corp. (Aerospace & Defense)   267,521
  8,690      Danaher Corp. (Life Sciences Tools & Services)   2,216,471
  1,618      Dave & Buster’s Entertainment, Inc.* (Hotels, Restaurants & Leisure)   74,104
  4,089      Deere & Co. (Machinery)   1,756,634

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  1,536      Delek U.S. Holdings, Inc. (Oil, Gas & Consumable Fuels)   $         42,378
  1,938      Dime Community Bancshares, Inc. (Banks)   43,411
  25,765      Dollar General Corp. (Consumer Staples Distribution & Retail)   4,350,678
  21,076      Dominion Energy, Inc. (Multi- Utilities)   1,128,620
  10,520      Dynatrace, Inc.* (Software)   575,339
  10,070      Ecovyst, Inc.* (Chemicals)   123,760
  2,821      Eli Lilly & Co. (Pharmaceuticals)   1,282,286
  1,361      Employers Holdings, Inc. (Insurance)   52,575
  18,985      Entegris, Inc. (Semiconductors & Semiconductor Equipment)   2,082,844
  7,853      Entravision Communications Corp. Class A (Media)   37,537
  1,477      EPAM Systems, Inc.* (IT Services)   349,768
  2,912      Essent Group Ltd. (Financial Services)   144,435
  1,385      Evercore, Inc. Class A (Capital Markets)   187,058
  5,186      Extreme Networks, Inc.* (Communications Equipment)   137,896
  1,440      Federal Agricultural Mortgage Corp. Class C (Financial Services)   231,480
  2,835      First Merchants Corp. (Banks)   91,060
  1,030      FirstCash Holdings, Inc. (Consumer Finance)   98,138
  19,227      Fiserv, Inc.* (Financial Services)   2,426,640
  14,392      Flywire Corp.* (Financial Services)   491,343
  1,771      Foot Locker, Inc. (Specialty Retail)   47,587
  1,555      Fortrea Holdings, Inc.* (Life Sciences Tools & Services)   49,698
  967      Fox Factory Holding Corp.* (Automobile Components)   108,207
  36,693      Freeport-McMoRan, Inc. (Metals & Mining)   1,638,342
  3,815      Fresh Del Monte Produce, Inc. (Food Products)   101,403
  788      FTI Consulting, Inc.* (Professional Services)   138,026
  61,087      General Motors Co. (Automobiles)   2,343,908
  4,972      Glacier Bancorp, Inc. (Banks)   162,584
  6,887      Global Payments, Inc. (Financial Services)   759,292
  5,504      Globus Medical, Inc. Class A* (Health Care Equipment & Supplies)   331,726
  3,392      Grand Canyon Education, Inc.* (Diversified Consumer Services)   368,202
  1,945      Granite Construction, Inc. (Construction & Engineering)   79,609
  2,089      Haemonetics Corp.* (Health Care Equipment & Supplies)   192,689
  7,749      Halozyme Therapeutics, Inc.* (Biotechnology)   332,897

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  1,911      Hancock Whitney Corp. (Banks)   $         84,103
  7,912      HCA Healthcare, Inc. (Health Care Providers & Services)   2,158,473
  5,885      HealthEquity, Inc.* (Health Care Providers & Services)   399,827
  6,120      Heartland Express, Inc. (Ground Transportation)   100,062
  1,463      Helen of Troy Ltd.* (Household Durables)   206,722
  5,525      Herbalife Nutrition Ltd.* (Personal Products)   89,726
  3,696      Heritage Commerce Corp. (Banks)   35,482
  13,595      Hess Corp. (Oil, Gas & Consumable Fuels)   2,062,769
  6,631      Honeywell International, Inc. (Industrial Conglomerates)   1,287,276
  4,939      Hope Bancorp, Inc. (Banks)   53,638
  8,589      Horace Mann Educators Corp. (Insurance)   258,787
  2,986      Hostess Brands, Inc.* (Food Products)   71,783
  3,815      Houlihan Lokey, Inc. (Capital Markets)   380,928
  1,516      Hub Group, Inc. Class A* (Air Freight & Logistics)   136,637
  5,820      Humana, Inc. (Health Care Providers & Services)   2,658,751
  2,923      IAC, Inc.* (Interactive Media & Services)   203,441
  3,011      ICF International, Inc. (Professional Services)   354,063
  1,135      ICU Medical, Inc.* (Health Care Equipment & Supplies)   202,234
  2,400      IDACORP, Inc. (Electric Utilities)   246,768
  2,902      Independent Bank Corp. (Banks)   174,845
  15,080      Ingersoll Rand, Inc. (Machinery)   984,272
  1,835      Ingevity Corp.* (Chemicals)   117,477
  2,076      Inmode Ltd.* (Health Care Equipment & Supplies)   89,081
  1,508      Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)   221,209
  6,527      Insmed, Inc.* (Biotechnology)   144,181
  377      Insulet Corp.* (Health Care Equipment & Supplies)   104,335
  4,466      Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)   203,069
  40,880      Intercontinental Exchange, Inc. (Capital Markets)   4,693,024
  2,069      InterDigital, Inc. (Software)   191,776
  3,089      International Game Technology PLC (Hotels, Restaurants & Leisure)   104,501
  4,822      Intra-Cellular Therapies, Inc.* (Pharmaceuticals)   298,192
  5,504      Intuit, Inc. (Software)   2,816,397

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  5,448      Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)   $    1,767,331
  2,885      ITT, Inc. (Machinery)   287,346
  6,765      Janus International Group, Inc.* (Building Products)   77,256
  18,480      Johnson & Johnson (Pharmaceuticals)   3,095,954
  3,296      Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)   54,384
  43,207      KKR & Co., Inc. (Capital Markets)   2,565,632
  1,779      Korn Ferry (Professional Services)   93,718
  441,145      Kosmos Energy Ltd.* (Oil, Gas & Consumable Fuels)   3,132,129
  7,530      L3Harris Technologies, Inc. (Aerospace & Defense)   1,426,860
  1,009      Laboratory Corp. of America Holdings (Health Care Providers & Services)   215,855
  1,129      Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)   97,647
  13,043      Laureate Education, Inc. (Diversified Consumer Services)   167,211
  1,423      LCI Industries (Automobile Components)   193,912
  8,397      Lear Corp. (Automobile Components)   1,299,520
  4,610      Legalzoom.com, Inc.* (Professional Services)   70,441
  7,208      Leonardo DRS, Inc.* (Aerospace & Defense)   120,302
  1,125      Lithia Motors, Inc. (Specialty Retail)   349,346
  1,133      Live Nation Entertainment, Inc.* (Entertainment)   99,421
  5,223      MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)   365,192
  14,486      Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels)   320,865
  6,529      Marsh & McLennan Cos., Inc. (Insurance)   1,230,194
  2,601      Martin Marietta Materials, Inc. (Construction Materials)   1,161,242
  7,878      Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)   513,094
  637      Masonite International Corp.* (Building Products)   66,598
  5,760      Mastercard, Inc. Class A (Financial Services)   2,271,053
  8,150      Matador Resources Co. (Oil, Gas & Consumable Fuels)   453,384
  3,986      Mativ Holdings, Inc. (Chemicals)   62,740
  597      MAXIMUS, Inc. (Professional Services)   50,005
  44,500      McCormick & Co., Inc. (Food Products)   3,981,860

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  1,379      Medpace Holdings, Inc.* (Life Sciences Tools & Services)   $       349,121
  9,810      Meta Platforms, Inc. Class A* (Interactive Media & Services)   3,125,466
  357      Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)   448,917
  53,364      Microsoft Corp. (Software)   17,926,035
  4,552      Minerals Technologies, Inc. (Chemicals)   279,265
  425      MongoDB, Inc.* (IT Services)   179,945
  5,475      Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)   3,063,208
  15,177      Monster Beverage Corp.* (Beverages)   872,526
  27,993      Nasdaq, Inc. (Capital Markets)   1,413,367
  7,910      National Energy Services Reunited Corp.* (Energy Equipment & Services)   25,708
  3,190      National Health Investors, Inc. (Health Care REITs)   175,163
  3,674      NCR Corp.* (Software)   98,757
  757      Nelnet, Inc. Class A (Consumer Finance)   74,701
  2,212      Netflix, Inc.* (Entertainment)   971,002
  1,366      Nexstar Media Group, Inc. (Media)   255,060
  55,195      NextEra Energy, Inc. (Electric Utilities)   4,045,793
  7,981      NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)   95,134
  5,556      NorthWestern Corp. (Multi-Utilities)   313,747
  2,642      Novanta, Inc.* (Electronic Equipment, Instruments & Components)   467,370
  4,396      NOW, Inc.* (Trading Companies & Distributors)   50,070
  18,065      NVIDIA Corp. (Semiconductors & Semiconductor Equipment)   8,441,594
  394      NVR, Inc.* (Household Durables)   2,484,737
  17,835      OceanFirst Financial Corp. (Banks)   332,266
  6,066      Old National Bancorp/IN (Banks)   103,304
  2,160      O’Reilly Automotive, Inc.* (Specialty Retail)   1,999,706
  864      OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)   103,015
  2,854      Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)   307,804
  8,782      Pacific Premier Bancorp, Inc. (Banks)   224,292
  3,333      Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)   104,923
  4,577      Parker-Hannifin Corp. (Machinery)   1,876,616
  2,461      Patrick Industries, Inc. (Automobile Components)   213,000
  6,320      Patterson-UTI Energy, Inc. (Energy Equipment & Services)   100,109

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  11,653      Paycor HCM, Inc.* (Professional Services)   $       313,000
  1,953      Paylocity Holding Corp.* (Professional Services)   443,038
  2,673      Peabody Energy Corp. (Oil, Gas & Consumable Fuels)   59,982
  2,406      Peapack-Gladstone Financial Corp. (Banks)   70,327
  26,181      Peloton Interactive, Inc. Class A* (Leisure Products)   254,218
  984      Penumbra, Inc.* (Health Care Equipment & Supplies)   298,506
  14,414      PepsiCo, Inc. (Beverages)   2,702,048
  4,360      PetIQ, Inc.* (Health Care Providers & Services)   72,986
  40,908      Pfizer, Inc. (Pharmaceuticals)   1,475,142
  10,916      Phreesia, Inc.* (Health Care Technology)   346,256
  737      Portland General Electric Co. (Electric Utilities)   35,133
  2,483      PRA Group, Inc.* (Consumer Finance)   59,244
  1,313      Preferred Bank (Banks)   86,763
  13,748      Primoris Services Corp. (Construction & Engineering)   436,636
  5,560      Progyny, Inc.* (Health Care Providers & Services)   232,186
  16,475      Prologis, Inc. (Industrial REITs)   2,055,256
  6,119      ProPetro Holding Corp.* (Energy Equipment & Services)   63,882
  365      QuidelOrtho Corp.* (Health Care Equipment & Supplies)   31,886
  8,690      R1 RCM, Inc.* (Health Care Providers & Services)   150,163
  3,120      Rapid7, Inc.* (Software)   143,239
  2,000      RBC Bearings, Inc.* (Machinery)   452,100
  7,900      Regal Rexnord Corp. (Electrical Equipment)   1,233,822
  1,935      ResMed, Inc. (Health Care Equipment & Supplies)   430,247
  4,581      Revolve Group, Inc.* (Specialty Retail)   90,337
  15,154      Rivian Automotive, Inc. Class A* (Automobiles)   418,857
  12,152      Ross Stores, Inc. (Specialty Retail)   1,393,105
  3,657      Ryman Hospitality Properties, Inc. (Hotel & Resort REITs)   348,476
  1,774      S&T Bancorp, Inc. (Banks)   56,023
  5,575      Saia, Inc.* (Ground Transportation)   2,359,005
  20,282      Salesforce, Inc.* (Software)   4,563,653
  5,524      SBA Communications Corp. (Specialized REITs)   1,209,480
  4,400      Schlumberger NV (Energy Equipment & Services)   256,696

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  2,227      Science Applications International Corp. (Professional Services)   $       270,224
  8,452      Seacoast Banking Corp. of Florida (Banks)   208,849
  6,732      Select Water Solutions, Inc. (Energy Equipment & Services)   56,616
  1,859      ServiceNow, Inc.* (Software)   1,083,797
  7,211      Shoals Technologies Group, Inc. Class A* (Electrical Equipment)   187,198
  6,580      Silgan Holdings, Inc. (Containers & Packaging)   288,533
  1,913      Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)   285,305
  4,641      Skyline Champion Corp.* (Household Durables)   323,292
  19,827      SLM Corp. (Consumer Finance)   320,801
  4,092      Sotera Health Co.* (Life Sciences Tools & Services)   77,666
  1,147      SouthState Corp. (Banks)   89,087
  1,940      Spirit Realty Capital, Inc. (Retail REITs)   78,240
  6,401      SPX Technologies, Inc.* (Machinery)   541,589
  32,633      SS&C Technologies Holdings, Inc. (Professional Services)   1,900,872
  4,758      SSR Mining, Inc. (Metals & Mining)   69,314
  11,576      STAG Industrial, Inc. (Industrial REITs)   420,209
  1,252      Standard Motor Products, Inc. (Automobile Components)   47,789
  3,000      STERIS PLC (Health Care Equipment & Supplies)   676,650
  4,459      Sterling Check Corp.* (Professional Services)   53,553
  5,019      Steven Madden Ltd. (Textiles, Apparel & Luxury Goods)   167,534
  5,142      Stifel Financial Corp. (Capital Markets)   326,723
  808      StoneX Group, Inc.* (Capital Markets)   74,344
  2,637      Stride, Inc.* (Diversified Consumer Services)   100,760
  10,181      Stryker Corp. (Health Care Equipment & Supplies)   2,885,397
  8,866      Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)   272,098
  898      Syneos Health, Inc.* (Life Sciences Tools & Services)   38,084
  8,987      Target Corp. (Consumer Staples Distribution & Retail)   1,226,456
  8,723      TEGNA, Inc. (Media)   147,419
  4,665      Tempur Sealy International, Inc. (Household Durables)   208,199
  8,115      Terex Corp. (Machinery)   475,782

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  12,935      Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)   $    2,328,300
  4,629      Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)   516,365
  19,933      The Allstate Corp. (Insurance)   2,246,050
  3,497      The Brink’s Co. (Commerical Services & Supplies)   255,141
  1,853      The Buckle, Inc. (Specialty Retail)   67,746
  26,315      The Clorox Co. (Household Products)   3,986,196
  2,074      The Hackett Group, Inc. (IT Services)   48,221
  636      The Hanover Insurance Group, Inc. (Insurance)   72,173
  16,636      The Hartford Financial Services Group, Inc. (Insurance)   1,195,796
  5,614      The Home Depot, Inc. (Specialty Retail)   1,874,178
  23,203      The Sherwin-Williams Co. (Chemicals)   6,415,629
  9,620      The Shyft Group, Inc. (Machinery)   138,817
  1,960      The Trade Desk, Inc. Class A* (Media)   178,870
  13,191      The Walt Disney Co.* (Entertainment)   1,172,548
  26,158      Thoughtworks Holding, Inc.* (IT Services)   185,460
  5,332      T-Mobile US, Inc.* (Wireless Telecommunication Services)   734,590
  9,422      Topgolf Callaway Brands Corp.* (Leisure Products)   188,157
  6,957      Tradeweb Markets, Inc. Class A (Capital Markets)   569,013
  2,087      Travel & Leisure Co. (Hotels, Restaurants & Leisure)   85,004
  65,755      Truist Financial Corp. (Banks)   2,184,381
  1,675      U.S. Physical Therapy, Inc. (Health Care Providers & Services)   194,752
  4,200      UFP Industries, Inc. (Building Products)   431,592
  2,567      Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)   97,803
  22,250      Union Pacific Corp. (Ground Transportation)   5,162,445
  5,993      UnitedHealth Group, Inc. (Health Care Providers & Services)   3,034,675
  1,787      Univest Financial Corp. (Banks)   34,847
  3,529      US Silica Holdings, Inc.* (Energy Equipment & Services)   45,912
  9,409      Utz Brands, Inc. (Food Products)   157,601
  10,725      Valley National Bancorp (Banks)   110,038
  6,214      Vector Group Ltd. (Tobacco)   81,528
  6,028      Veracyte, Inc.* (Biotechnology)   165,469
  14,060      VeriSign, Inc.* (IT Services)   2,965,957

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  13,460      Verisk Analytics, Inc. (Professional Services)   $    3,081,532
  7,365      Veritex Holdings, Inc. (Banks)   158,421
  31,588      Verizon Communications, Inc. (Diversified Telecommunication Services)   1,076,519
  1,873      Vertex Pharmaceuticals, Inc.* (Biotechnology)   659,933
  2,052      Viad Corp.* (Commerical Services & Supplies)   57,887
  20,710      Viavi Solutions, Inc.* (Communications Equipment)   225,118
  6,038      Viper Energy Partners LP (Oil, Gas & Consumable Fuels)   163,751
  13,634      Visa, Inc. Class A (Financial Services)   3,241,211
  1,501      Voya Financial, Inc. (Financial Services)   111,464
  3,367      Wabash National Corp. (Machinery)   79,731
  1,351      Walker & Dunlop, Inc. (Financial Services)   122,914
  4,372      Waste Connections, Inc. (Commerical Services & Supplies)   617,195
  8,607      Waste Management, Inc. (Commerical Services & Supplies)   1,409,741
  46,454      Wells Fargo & Co. (Banks)   2,144,317
  1,418      Werner Enterprises, Inc. (Ground Transportation)   66,674
  1,728      Western Alliance Bancorp (Banks)   89,770
  161      White Mountains Insurance Group Ltd. (Insurance)   249,070
  1,990      Wintrust Financial Corp. (Banks)   167,876
  6,992      Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)   88,589
  6,535      World Kinect Corp. (Oil, Gas & Consumable Fuels)   147,299
  20,290      Zoetis, Inc. (Pharmaceuticals)   3,816,346
    

 

     298,609,793

 

 

 

Uruguay* – 0.1%

 
  352      MercadoLibre, Inc. (Broadline Retail)   435,794

 

 

 
TOTAL COMMON STOCKS
(Cost $433,606,896)
  $524,375,804

 

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares     

Dividend

Rate

  Value
  Preferred Stocks – 0.3%  
 

Brazil – 0.2%

 
 

Bradespar SA (Metals & Mining)

 
  38,100      12.473%   $       189,261
 

Gerdau SA (Metals & Mining)

 
  46,140      11.707      285,402
 

Metalurgica Gerdau SA (Metals & Mining)

 
  40,200        9.164     116,891
 

Petroleo Brasileiro SA (Oil, Gas & Consumable
Fuels)

 
  91,600      15.666      602,628
    

 

     1,194,182

 

 

 

South Korea – 0.1%

 
 

Samsung Electronics Co. Ltd. (Technology Hardware, Storage &
Peripherals)

  11,890        2.517      535,535

 

 

 
TOTAL PREFERRED STOCKS
(Cost $1,543,902)
  $    1,729,717

 

 

Shares      Description   Value
  Exchange Traded Funds – 0.3%  
  13,400      iShares Core MSCI Emerging Markets ETF   $       699,882
  19,390      iShares MSCI Saudi Arabia ETF          815,737

 

 

 
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,487,984)
  $    1,515,619

 

 

Shares     

Dividend

Rate

  Value
  Investment Companies(c) – 7.3%  
 

Goldman Sachs Financial Square Government Fund - Class R6

  19,181,754        5.220%   $  19,181,754
 

Goldman Sachs Financial Square Government Fund - Institutional
Shares

  22,858,829        5.220      22,858,829

 

 

 
TOTAL INVESTMENT COMPANIES – 7.3%
(Cost $42,040,583)
  $  42,040,583

 

 

 
TOTAL INVESTMENTS – 99.1%
(Cost $478,679,365)
  $569,661,723

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 0.9%

  5,280,387

 

 

  NET ASSETS – 100.0%   $574,942,110

 

 

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

 

SECTOR ALLOCATION AS OF JULY 31, 2023

 

Sector      % of Total
Market Value
 
Information Technology        16.7
Financials        15.9  
Health Care        12.3  
Industrials        12.1  
Consumer Discretionary        10.6  
Investment Companies        7.4  
Consumer Staples        6.7  
Communication Services        5.5  
Materials        5.1  
Energy        3.7  
Real Estate        1.9  
Utilities        1.8  
Exchange Traded Funds        0.3  
         100.0
 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty     

Currency

Purchased

      

Currency

Sold

      

Settlement

Date

      

Unrealized

Gain

 

 

 

BNP Paribas SA

    

HKD

     12,230,000          USD        1,567,559          08/02/23        $ 614  
    

ILS

     1,040,000          USD        281,850          08/02/23          1,037  
    

NZD

     220,000          USD        136,538          08/02/23          105  
    

USD

     4,856,683          AUD        7,190,000          09/05/23          20,767  
    

USD

     6,896,191          CHF        5,930,000          09/05/23          68,718  
    

USD

     2,053,631          DKK        13,800,000          09/05/23          12,801  
    

USD

     22,064,551          EUR        19,900,000          09/05/23          143,926  
    

USD

     9,782,810          GBP        7,575,000          09/05/23          59,722  
    

USD

     283,304          ILS        1,040,000          08/02/23          417  
    

USD

     14,376,725          JPY        2,008,000,000          09/05/23          177,834  
    

USD

     434,872          NOK        4,400,000          09/05/23          174  
    

USD

     2,160,801          SEK        22,500,000          09/05/23          19,355  
    

USD

     807,781          SGD        1,070,000          09/05/23          1,657  

Brown Brothers Harriman & Co.

    

USD

     8,390          ZAR        147,571          08/02/23          140  

JPMorgan Securities, Inc.

    

HKD

     4,440,000          USD        569,089          08/02/23          223  
    

ILS

     200,000          USD        54,202          08/02/23          199  
    

NZD

     60,000          USD        37,238          08/02/23          29  
    

USD

     1,202,350          AUD        1,780,000          09/05/23          5,141  
    

USD

     1,965,356          CHF        1,690,000          09/05/23          19,584  
    

USD

     458,347          DKK        3,080,000          09/05/23          2,857  
    

USD

     5,754,524          EUR        5,190,000          09/05/23          37,536  
    

USD

     2,486,061          GBP        1,925,000          09/05/23          15,177  
    

USD

     54,482          ILS        200,000          08/02/23          80  
    

USD

     3,408,028          JPY        476,000,000          09/05/23          42,156  
    

USD

     103,776          NOK        1,050,000          09/05/23          41  
    

USD

     590,619          SEK        6,150,000          09/05/23          5,290  
    

USD

     196,283          SGD        260,000          09/05/23          403  

 

 

TOTAL

                          $ 635,983  

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty     

Currency

Purchased

      

Currency

Sold

      

Settlement

Date

      

Unrealized

Loss

 

 

 

BNP Paribas SA

    

AUD

     7,190,000        USD      4,851,012          08/02/23        $ (21,157
    

CHF

     5,930,000        USD      6,871,384          08/02/23          (69,874
    

DKK

     13,800,000        USD      2,049,508          08/02/23          (13,095
    

EUR

     19,900,000        USD      22,028,434          08/02/23          (146,296
    

GBP

     7,575,000        USD      9,781,476          08/02/23          (60,000
    

JPY

     2,008,000,000        USD      14,301,047          08/02/23          (182,203
    

NOK

     4,400,000        USD      434,343          08/02/23          (172
    

SEK

     22,500,000        USD      2,157,291          08/02/23          (19,603
    

SGD

     1,070,000        USD      806,489          08/02/23          (1,739
    

USD

     4,767,919        AUD      7,190,000          08/02/23          (61,936
    

USD

     6,630,460        CHF      5,930,000          08/02/23          (171,051
    

USD

     2,031,640        DKK      13,800,000          08/02/23          (4,774
    

USD

     21,810,633        EUR      19,900,000          08/02/23          (71,505
    

USD

     9,595,565        GBP      7,575,000          08/02/23          (125,911


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

 

Counterparty     

Currency

Purchased

      

Currency

Sold

      

Settlement

Date

      

Unrealized

Loss

 

 

 

BNP Paribas SA (continued)

    

USD

     1,562,416        HKD      12,230,000          08/02/23        $ (5,757
    

USD

     1,567,919        HKD      12,230,000          09/05/23          (689
    

USD

     282,251        ILS      1,040,000          09/05/23          (1,013
    

USD

     13,996,721        JPY      2,008,000,000          08/02/23          (122,123
    

USD

     407,066        NOK      4,400,000          08/02/23          (27,106
    

USD

     133,803        NZD      220,000          08/02/23          (2,839
    

USD

     136,539        NZD      220,000          09/05/23          (111
    

USD

     2,090,697        SEK      22,500,000          08/02/23          (46,990
    

USD

     791,899        SGD      1,070,000          08/02/23          (12,851

JPMorgan Securities, Inc.

    

AUD

     1,780,000        USD      1,200,946          08/02/23          (5,238
    

CHF

     1,690,000        USD      1,958,287          08/02/23          (19,913
    

DKK

     3,080,000        USD      457,427          08/02/23          (2,923
    

EUR

     5,190,000        USD      5,745,104          08/02/23          (38,155
    

GBP

     1,925,000        USD      2,485,722          08/02/23          (15,248
    

JPY

     476,000,000        USD      3,390,089          08/02/23          (43,191
    

NOK

     1,050,000        USD      103,650          08/02/23          (41
    

SEK

     6,150,000        USD      589,660          08/02/23          (5,358
    

SGD

     260,000        USD      195,969          08/02/23          (423
    

USD

     1,180,375        AUD      1,780,000          08/02/23          (15,333
    

USD

     1,889,625        CHF      1,690,000          08/02/23          (48,748
    

USD

     453,438        DKK      3,080,000          08/02/23          (1,065
    

USD

     5,688,301        EUR      5,190,000          08/02/23          (18,649
    

USD

     2,438,477        GBP      1,925,000          08/02/23          (31,997
    

USD

     567,222        HKD      4,440,000          08/02/23          (2,090
    

USD

     569,220        HKD      4,440,000          09/05/23          (250
    

USD

     54,279        ILS      200,000          09/05/23          (195
    

USD

     3,317,948        JPY      476,000,000          08/02/23          (28,950
    

USD

     97,141        NOK      1,050,000          08/02/23          (6,468
    

USD

     36,492        NZD      60,000          08/02/23          (774
    

USD

     37,238        NZD      60,000          09/05/23          (30
    

USD

     571,457        SEK      6,150,000          08/02/23          (12,844
    

USD

     192,424        SGD      260,000          08/02/23          (3,123

State Street Bank and Trust

    

USD

     63,306        QAR      231,009          08/01/23          (157
    

USD

     66,106        QAR      241,215          08/02/23          (159

 

 

TOTAL

                          $ (1,470,117

 

 

FUTURES CONTRACTS — At July 31, 2023, the Fund had the following futures contracts:

 

Description     

Number of

Contracts

    

Expiration

Date

      

Notional

Amount

      

Unrealized

Appreciation/

(Depreciation)

 

 

 

Long position contracts:

                   

S&P 500 E-Mini Index

     127        09/15/23        $ 29,302,075        $ 1,696,424  

S&P Toronto Stock Exchange 60 Index

     95        09/14/23          17,866,758          574,828  

 

 

TOTAL FUTURES CONTRACTS

                    $ 2,271,252  

 

 


GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

CHF  

— Swiss Franc

DKK  

— Denmark Krone

EUR  

— Euro

GBP  

— British Pound

HKD  

— Hong Kong Dollar

ILS  

— Israeli Shekel

JPY  

— Japanese Yen

NOK  

— Norwegian Krone

NZD  

— New Zealand Dollar

QAR  

— Qatar Riyal

SEK  

— Swedish Krona

SGD  

— Singapore Dollar

USD  

— U.S. Dollar

ZAR  

— South African Rand

Investment Abbreviations:
ADR  

— American Depositary Receipt

ETF  

— Exchange Traded Fund

GDR  

— Global Depository Receipt

LP  

— Limited Partnership

MSCI  

— Morgan Stanley Capital International

MTN  

— Medium Term Note

PI  

— Private Investment

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

            

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – 33.4%

Advertising(a)(b) – 0.2%

CMG Media Corp.

$

    2,079,000       8.875   12/15/27   $       1,622,888

Summer BC Holdco A S.a.r.l.

EUR

    98,215       9.250     10/31/27   87,154

Summer BC Holdco B S.a.r.l.

    627,000       5.750     10/31/26   615,492
       

 

        2,325,534

 

Aerospace & Defense(a)(b) – 0.3%

Bombardier, Inc.

$

    560,000       7.875     04/15/27   558,712
    1,000,000       7.500     02/01/29   989,690

TransDigm, Inc.

    1,890,000       6.250     03/15/26   1,881,136
       

 

        3,429,538

 

Airlines – 0.8%

American Airlines, Inc.(a)(b)

    612,000       7.250     02/15/28   607,269

American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)

    241,083       5.500     04/20/26   237,547
    500,000       5.750     04/20/29   484,665

Avianca Midco 2 Ltd.(a)(b)

    1,743,873       9.000     12/01/28   1,517,501

Azul Secured Finance LLP(b)

    613,000       11.930     08/28/28   613,766

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles
Loyalty Ltd.(a)(b)

    2,317,928       5.750     01/20/26   2,188,912

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.(b)

    669,000       8.000 (a)    09/20/25   675,182
    24,000       8.000     09/20/25   24,259

United Airlines, Inc.(a)(b)

    345,000       4.375     04/15/26   326,780
    755,000       4.625     04/15/29   684,468

VistaJet Malta Finance PLC/Vista Management Holding, Inc.(a)(b)

    140,000       9.500     06/01/28   133,875
    874,000       6.375     02/01/30   739,614
       

 

        8,233,838

 

Apparel(a)(b) – 0.3%

CT Investment GmbH

EUR

    1,145,000       5.500     04/15/26   1,181,428

Hanesbrands, Inc.

$

    700,000       9.000     02/15/31   716,030

Wolverine World Wide, Inc.

    868,000       4.000     08/15/29   681,615
       

 

        2,579,073

 

Automotive(b) – 1.1%

Adient Global Holdings Ltd.(a)

    591,000       8.250     04/15/31   607,253

Allison Transmission, Inc.(a)

    499,000       4.750     10/01/27   472,887

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Automotive(b) – (continued)

Benteler International AG(a)

$

    450,000       10.500   05/15/28   $          458,829

Clarios Global LP/Clarios U.S. Finance Co.

EUR

    375,000       4.375     05/15/26   400,892

$

    569,000       8.500 (a)    05/15/27   576,113

Dana Financing Luxembourg S.a.r.l.(a)

EUR

    600,000       3.000     07/15/29   541,297

Dealer Tire LLC/DT Issuer LLC(a)

$

    661,000       8.000     02/01/28   610,843

Ford Motor Co.

    381,000       6.100     08/19/32   368,671

Ford Motor Credit Co. LLC

    360,000       4.063     11/01/24   349,006
    626,000       4.125     08/17/27   572,890
    145,000       3.815     11/02/27   130,198
    75,000       6.800     05/12/28   75,683
    1,560,000       5.113     05/03/29   1,454,294
    630,000       7.350     03/06/30   652,126
    1,390,000       4.000     11/13/30   1,196,582

Grupo Antolin-Irausa SA(a)

EUR

    166,000       3.375     04/30/26   154,608

IHO Verwaltungs GmbH(a)(c)

$

    335,000       6.000     05/15/27   321,228

EUR

    920,000       8.750     05/15/28   1,061,035

$

    435,000       6.375     05/15/29   405,394

Jaguar Land Rover Automotive PLC(a)

EUR

    685,000       4.500     07/15/28   698,561

$

    729,000       5.500     07/15/29   642,110
       

 

        11,750,500

 

Banks – 1.8%

Banca Monte dei Paschi di Siena SpA(b)(d) (5 year EUR Swap + 5.005%)

EUR

    1,384,000       7.677     01/18/28   1,332,423

Banco Bilbao Vizcaya Argentaria SA(b)(d)

(-1X 5 year EUR Swap + 6.039%)

    600,000       6.000     03/29/24   649,805

(-1X 5 year EUR Swap + 6.456%)

    400,000       6.000     01/15/26   420,559

Banco de Sabadell SA(b)(d) (5 year EUR Swap + 6.830%)

    600,000       9.375     07/18/28   658,783

Barclays PLC(b)(d)

(5 year CMT + 5.867%)

$

    265,000       6.125     12/15/25   242,271

(5 year GBP Swap + 5.639%)

GBP

    578,000       9.250     09/15/28   687,997

(5 year UK Government Bond + 6.579%)

    370,000       7.125     06/15/25   447,536

(5 year USD Swap + 4.842%)

$

    245,000       7.750     09/15/23   245,093

CaixaBank SA(b)(d) (-1X 5 year EUR Swap + 3.857%)

EUR

    600,000       3.625     09/14/28   471,316

Commerzbank AG(b)(d) (-1X 5 year EUR Swap + 6.363%)

    600,000       6.125     10/09/25   610,988

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Banks – (continued)

Deutsche Bank AG(b)(d) (5 year EURIBOR ICE Swap + 6.940%)

EUR

    600,000       10.000   12/01/27   $          673,877

Freedom Mortgage Corp.(a)(b)

$

    200,000       8.125     11/15/24   199,062
    725,000       8.250     04/15/25   716,510
    419,000       6.625     01/15/27   367,136

Ibercaja Banco SA(b)(d) (-1X 5 year EUR Swap + 2.882%)

EUR

    500,000       2.750     07/23/30   499,932

Intesa Sanpaolo SpA

$

    840,000       5.710 (a)    01/15/26   810,869

(5 year EUR Swap + 6.086%)

EUR

    520,000       5.875 (b)(d)    09/01/31   475,974

KeyBank NA/Cleveland OH(b)

$

    856,000       5.850     11/15/27   838,760

Lloyds Banking Group PLC(b)(d)

(1 year UK Government Bond + 5.883%)

GBP

    500,000       8.500     09/27/27   619,107

(5 year USD ICE Swap + 4.496%)

$

    740,000       7.500     09/27/25   699,685

Novo Banco SA/Luxembourg

EUR

    95,000       3.500     01/02/43   76,773
    745,000       3.500     01/23/43   601,789

Popular, Inc.(b)

$

    880,000       7.250     03/13/28   888,483

Societe Generale SA(b)(d)

(5 year CMT + 5.385%)

    402,000       9.375     11/22/27   407,001

(5 year EUR Swap + 5.228%)

 

   

EUR

    400,000       7.875     01/18/29   434,303

UBS Group AG(b)(d)

(1 year EURIBOR ICE Swap + 4.950%)

    783,000       7.750     03/01/29   960,369

(SOFR + 5.020%)

$

    925,000       9.016 (a)    11/15/33   1,123,986

UniCredit SpA(b)(d)

(-1X 5 year EUR Swap + 4.606%)

EUR

    521,000       4.450     12/03/27   470,525

(5 year EURIBOR ICE Swap + 7.334%)

 
    690,000       7.500     06/03/26   763,503

(5 year USD ICE Swap + 3.703%)

$

    1,775,000       5.861 (a)    06/19/32   1,636,319
       

 

        19,030,734

 

Biotechnology(b) – 0.1%

Cidron Aida Finco Sarl

EUR

    839,000       5.000     04/01/28   839,762

 

Building Materials – 0.5%

CEMEX Materials LLC(a)

$

    723,000       7.700     07/21/25   732,038

CP Atlas Buyer, Inc.(a)(b)

    538,000       7.000     12/01/28   446,099

Emerald Debt Merger Sub LLC(a)(b)

    808,000       6.625     12/15/30   804,170

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Building Materials – (continued)

Griffon Corp.(b)

$

    685,000       5.750   03/01/28   $          644,434

Knife River Corp.(a)(b)

    447,000       7.750     05/01/31   457,308

SRM Escrow Issuer LLC(a)(b)

    1,119,000       6.000     11/01/28   1,065,959

Standard Industries, Inc.(a)(b)

    641,000       4.375     07/15/30   557,106

Summit Materials LLC/Summit Materials Finance Corp.(a)(b)

    752,000       5.250     01/15/29   708,910
       

 

        5,416,024

 

Chemicals – 1.5%

ASP Unifrax Holdings, Inc.(a)(b)

    650,000       5.250     09/30/28   483,216

Axalta Coating Systems LLC(a)(b)

    505,000       3.375     02/15/29   435,472

Braskem Netherlands Finance BV(a)(b)

    761,000       7.250     02/13/33   746,655

Cerdia Finanz GmbH(a)(b)

    1,000,000       10.500     02/15/27   996,160

CF Industries, Inc.

    702,000       5.150     03/15/34   672,572

Cornerstone Chemical Co.(a)(b)(c)

    4,330,000       10.250     09/01/27   3,794,422

GPD Cos., Inc.(a)(b)

    731,000       10.125     04/01/26   681,299

Innophos Holdings, Inc.(a)(b)

    715,000       9.375     02/15/28   711,732

Iris Holdings, Inc.(a)(b)(c)

    615,000       8.750     02/15/26   577,639

Nobian Finance BV(a)(b)

EUR

    339,000       3.625     07/15/26   319,885

NOVA Chemicals Corp.(a)(b)

$

    1,500,000       4.250     05/15/29   1,243,455

Rain CII Carbon LLC/CII Carbon Corp.(a)(b)

    610,000       7.250     04/01/25   606,767

Rayonier AM Products, Inc.(a)(b)

    1,418,000       7.625     01/15/26   1,265,579

SCIH Salt Holdings, Inc.(a)(b)

 

   
    210,000       4.875     05/01/28   188,725
    769,000       6.625     05/01/29   673,675

The Chemours Co.(a)(b)

    727,000       5.750     11/15/28   671,021
    384,000       4.625     11/15/29   325,356

Tronox, Inc.(a)(b)

    1,129,000       4.625     03/15/29   935,456

Vibrantz Technologies, Inc.(a)(b)

    509,000       9.000     02/15/30   415,385

WR Grace Holdings LLC(a)(b)

    198,000       5.625     08/15/29   167,193
       

 

        15,911,664

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Commercial Services(b) – 1.2%

Albion Financing 1 S.a.r.l./Aggreko Holdings, Inc.(a)

$

    570,000       6.125   10/15/26   $          538,570

Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)

    750,000       6.625     07/15/26   717,083

BCP V Modular Services Finance II PLC(a)

EUR

    565,000       4.750     11/30/28   526,668

Castor SpA(a)

    691,000       6.000     02/15/29   655,623

CoreLogic, Inc.(a)

$

    425,000       4.500     05/01/28   349,023

CPI CG, Inc.(a)

    538,000       8.625     03/15/26   518,272

GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC(a)

    1,241,000       7.125     07/31/26   1,199,116

House of HR Group B.V.(a)

EUR

    539,000       9.000     11/03/29   586,705

Korn Ferry(a)

$

    765,000       4.625     12/15/27   723,139

Neptune Bidco US, Inc.(a)

    1,372,000       9.290     04/15/29   1,262,075

Paysafe Finance PLC/Paysafe Holdings U.S. Corp.(a)

    493,000       4.000     06/15/29   401,839

Sabre GLBL, Inc.(a)

    740,000       11.250     12/15/27   655,292

StoneMor, Inc.(a)

    975,000       8.500     05/15/29   822,773

Techem Verwaltungsgesellschaft 674 mbH(a)

EUR

    571,479       6.000     07/30/26   619,123

The ADT Security Corp.(a)

$

    461,000       4.125     08/01/29   401,361

United Rentals North America, Inc.

    206,000       6.000 (a)    12/15/29   205,794
    535,000       5.250     01/15/30   509,577

Verisure Holding AB

EUR

    470,000       9.250     10/15/27   554,623
    461,000       7.125 (a)    02/01/28   516,977

WW International, Inc.(a)

$

    530,000       4.500     04/15/29   376,406
       

 

        12,140,039

 

Computers(b) – 0.4%

Ahead DB Holdings LLC(a)

    983,000       6.625     05/01/28   846,697

CA Magnum Holdings(a)

    1,200,000       5.375     10/31/26   1,101,000

Libra Groupco SpA(a)

EUR

    418,000       5.000     05/15/27   400,906

McAfee Corp.(a)

$

    793,000       7.375     02/15/30   685,382

Science Applications International Corp.(a)

    694,000       4.875     04/01/28   653,339

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Computers(b) – (continued)

Seagate HDD Cayman

$

    325,000       3.375   07/15/31   $          236,327
       

 

        3,923,651

 

Distribution & Wholesale(a)(b) – 0.1%

H&E Equipment Services, Inc.

 

   
    1,143,000       3.875     12/15/28   1,003,245

 

Diversified Financial Services – 1.3%

Armor Holdco, Inc.(a)(b)

    890,000       8.500     11/15/29   762,321

Bread Financial Holdings, Inc.(a)(b)

    575,000       7.000     01/15/26   556,347

Coinbase Global, Inc.(a)(b)

    859,000       3.375     10/01/28   601,592

Finance of America Funding LLC(a)(b)

    1,710,000       7.875     11/15/25   1,438,230

Global Aircraft Leasing Co. Ltd.(a)(b) (PIK 7.250%, Cash 6.500%)

    1,180,656       6.500     09/15/24   1,112,780

Jefferies Finance LLC/JFIN Co-Issuer Corp.(a)(b)

    574,000       5.000     08/15/28   490,030

Kane Bidco Ltd.(b)

EUR

    226,000       5.000 (a)    02/15/27   235,106

GBP

    213,000       6.500     02/15/27   250,485

LD Holdings Group LLC(a)(b)

$

    795,000       6.500     11/01/25   660,486
    1,420,000       6.125     04/01/28   931,080

Midcap Financial Issuer Trust(a)(b)

    952,000       6.500     05/01/28   840,559
    720,000       5.625     01/15/30   576,202

NFP Corp.(a)(b)

    1,067,000       6.875     08/15/28   945,554

OneMain Finance Corp.

    125,000       7.125     03/15/26   123,787
    177,000      
3.500
(b) 
 
  01/15/27   153,429
    745,000       3.875 (b)    09/15/28   613,232
    91,000       9.000 (b)    01/15/29   92,464
    275,000       5.375 (b)    11/15/29   237,930

PennyMac Financial Services, Inc.(a)(b)

    555,000       4.250     02/15/29   458,513

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a)(b)

    801,000       3.625     03/01/29   682,051

United Wholesale Mortgage LLC(a)(b)

    345,000       5.500     11/15/25   331,759
    401,000       5.750     06/15/27   375,111
    80,000       5.500     04/15/29   70,337

Voyager Aviation Holdings LLC(a)(b)(e)

    1,020,000       8.500     05/09/26   820,243
       

 

        13,359,628

 

Electrical – 0.8%

Calpine Corp.(a)(b)

    443,000       4.500     02/15/28   406,962
    617,000       4.625     02/01/29   531,712

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Electrical – (continued)

Electricite de France SA(b)(d)

(-1X 5 year EUR Swap + 3.198%)

EUR

    1,000,000       3.000   09/03/27   $          948,319

(-1X 5 year EUR Swap + 3.970%)

    1,400,000       3.375     06/15/30   1,216,047

Eskom Holdings SOC Ltd.(f)

$

    667,000       4.314     07/23/27   599,079

Mercury Chile Holdco LLC(b)

    1,479,000       6.500     01/24/27   1,368,075

NPC Ukrenergo(f)

    263,000       6.875     11/09/28   74,297

NRG Energy, Inc.(a)(b)

    665,000       3.625     02/15/31   521,766
    500,000       7.000     03/15/33   500,345

(5 year CMT + 5.920%)

    450,000       10.250 (d)    03/15/28   437,490

Pattern Energy Operations LP/Pattern Energy Operations, Inc.(a)(b)

    733,000       4.500     08/15/28   666,766

Talen Energy Supply LLC(a)(b)

    603,000       8.625     06/01/30   626,240

Vistra Operations Co. LLC(a)(b)

    555,000       5.625     02/15/27   536,652
    200,000       5.000     07/31/27   188,172
    29,000       4.300     07/15/29   25,860
       

 

        8,647,782

 

Electrical Components & Equipment(a)(b) – 0.1%

Belden, Inc.

EUR

    756,000       3.375     07/15/31   723,596

 

Electronics(a)(b) – 0.1%

Coherent Corp.

$

    556,000       5.000     12/15/29   500,617

 

Energy-Alternate Sources(a)(b) – 0.2%

Cullinan Holdco Scsp

EUR

    500,000       4.625     10/15/26   456,425

Enviva Partners LP/Enviva Partners Finance Corp.

$

    901,000       6.500     01/15/26   764,480

TerraForm Power Operating LLC

    827,000       5.000     01/31/28   768,357
       

 

        1,989,262

 

Engineering & Construction – 0.2%

Abertis Infraestructuras Finance BV(b)(d) (-1X 5 year EUR Swap + 3.694%)

EUR

    900,000       3.248     11/24/25   907,190

Bioceanico Sovereign Certificate Ltd.(g)

$

    162,969       0.000     06/05/34   114,147

Global Infrastructure Solutions, Inc.(a)(b)

    866,000       5.625     06/01/29   729,216

Tutor Perini Corp.(a)(b)

    858,000       6.875     05/01/25   735,040
       

 

        2,485,593

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Entertainment(b) – 1.3%

888 Acquisitions Ltd.(a)

EUR

    753,000       7.558   07/15/27   $          774,109

Allwyn Entertainment Financing U.K. PLC(a)

    750,000       7.250     04/30/30   840,087

Banijay Group SAS

    605,000       6.500     03/01/26   655,599

Caesars Entertainment, Inc.(a)

$

    1,675,000       8.125     07/01/27   1,719,806
    339,000       4.625     10/15/29   298,401

Cirsa Finance International S.a.r.l.(a)

EUR

    600,000       4.750     05/22/25   651,665
    1,280,000       4.500     03/15/27   1,298,825

Empire Resorts, Inc.(a)

$

    1,515,000       7.750     11/01/26   1,222,484

International Game Technology PLC(a)

    335,000       6.250     01/15/27   334,632

EUR

    600,000       2.375     04/15/28   590,537

$

    190,000       5.250     01/15/29   180,591

Jacobs Entertainment, Inc.(a)

    670,000       6.750     02/15/29   611,991
    150,000       6.750     02/15/29   133,340

LHMC Finco 2 S.a.r.l.(a)(c)

EUR

    100,000       7.250     10/02/25   108,546

Live Nation Entertainment, Inc.(a)

$

    790,000       4.750     10/15/27   733,720

Loarre Investments S.a.r.l.(a)

EUR

    600,000       6.500     05/15/29   630,014

Merlin Entertainments Ltd.(a)

$

    250,000       5.750     06/15/26   243,248

Motion Finco S.a.r.l.(a)

EUR

    206,000       7.375     06/15/30   224,289

Raptor Acquisition Corp./Raptor Co.-Issuer LLC(a)

$

    640,000       4.875     11/01/26   600,006

Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.(a)

    234,000       6.625     03/01/30   207,464

WMG Acquisition Corp.(a)

EUR

    769,000       2.250     08/15/31   685,451

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.(a)

$

    1,182,000       7.125     02/15/31   1,181,917
       

 

        13,926,722

 

Food & Drug Retailing – 0.5%

Chobani LLC/Chobani Finance Corp., Inc.(a)(b)

    994,000       7.500     04/15/25   994,696

Iceland Bondco PLC(a)(b)

GBP

    596,000       4.625     03/15/25   758,092

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a)(b)

$

    603,000       5.500     01/15/30   583,222

Lamb Weston Holdings, Inc.(a)(b)

    425,000       4.125     01/31/30   375,075

MARB BondCo PLC(b)

    1,028,000       3.950     01/29/31   755,066

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Food & Drug Retailing – (continued)

New Albertsons LP

$

    800,000       8.700   05/01/30   $          858,728
    175,000       8.000     05/01/31   181,835

Nomad Foods Bondco PLC(a)(b)

EUR

    407,000       2.500     06/24/28   394,902

Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed(a)(b)

$

    277,000       4.625     03/01/29   230,542
       

 

        5,132,158

 

Forest Products & Paper(a)(b) – 0.2%

Domtar Corp.

    2,577,000       6.750     10/01/28   2,265,724

 

Gaming(b) – 0.2%

MGM Resorts International

    704,000       4.750     10/15/28   649,693

Ontario Gaming GTA LP

    291,000       8.000     08/01/30   294,044

Station Casinos LLC(a)

    725,000       4.500     02/15/28   658,003

Wynn Macau Ltd.(a)

    165,000       5.500     01/15/26   154,423
    135,000       5.500     10/01/27   122,006
    35,000       5.625     08/26/28   31,150
    730,000       5.125     12/15/29   612,266
       

 

        2,521,585

 

Hand/Machine Tools(a)(b) – 0.0%

IMA Industria Macchine Automatiche SpA

EUR

    360,000       3.750     01/15/28   360,628

 

Healthcare Providers & Services(b) – 1.4%

Air Methods Corp.(a)

$

    245,000       8.000     05/15/25   3,018

Akumin, Inc.(a)

    2,836,000       7.000     11/01/25   2,439,300

Avantor Funding, Inc.(a)

EUR

    504,000       2.625     11/01/25   530,575
    195,000       3.875     07/15/28   199,051

CAB SELAS(a)

    835,000       3.375     02/01/28   782,959

Catalent Pharma Solutions, Inc.(a)

$

    141,000       5.000     07/15/27   132,131
    125,000       3.125     02/15/29   104,375

Envision Healthcare Corp.(a)(e)

    835,000       8.750     10/15/26   26,136

Global Medical Response, Inc.(a)

    2,255,000       6.500     10/01/25   1,341,906

HCA, Inc.

    961,000       3.500     09/01/30   844,882

IQVIA, Inc.(a)

EUR

    700,000       2.875     06/15/28   706,770

Legacy LifePoint Health LLC(a)

$

    100,000       4.375     02/15/27   86,275

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Healthcare Providers & Services(b) – (continued)

LifePoint Health, Inc.(a)

$

    581,000       5.375   01/15/29   $          411,342
    800,000       9.875     08/15/30   800,000

Medline Borrower LP(a)

    1,061,000       3.875     04/01/29   929,701

Molina Healthcare, Inc.(a)

    893,000       4.375     06/15/28   818,676

Radiology Partners, Inc.(a)

    645,000       9.250     02/01/28   262,825

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.(a)

    520,000       9.750     12/01/26   487,485

RP Escrow Issuer LLC(a)

    2,265,000       5.250     12/15/25   1,563,280

Team Health Holdings, Inc.(a)

    1,106,000       6.375     02/01/25   571,647

Tenet Healthcare Corp.

    1,207,000       6.125     10/01/28   1,150,102
       

 

        14,192,436

 

Home Builders(a)(b) – 0.1%

Ashton Woods USA LLC/Ashton Woods Finance Co.

    350,000       6.625     01/15/28   336,812
    321,000       4.625     08/01/29   277,758
       

 

        614,570

 

Home Furnishings(a)(b) – 0.0%

International Design Group SpA

EUR

    300,000       6.500     11/15/25   320,238

 

Household Products(a)(b) – 0.0%

Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.

$

    491,000       7.000     12/31/27   432,055

 

Insurance(b) – 0.5%

Acrisure LLC/Acrisure Finance, Inc.(a)

    500,000       7.000     11/15/25   483,495
    525,000       10.125     08/01/26   541,312
    401,000       4.250     02/15/29   345,221

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(a)

    440,000       6.750     10/15/27   418,462

AssuredPartners, Inc.(a)

    1,875,000       7.000     08/15/25   1,853,719

Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co.-Issuer, Inc.(a)(c)

    1,391,875       7.625     10/15/25   1,316,950

Ryan Specialty LLC(a)

    500,000       4.375     02/01/30   443,300

Sagicor Financial Co. Ltd.

    235,000       5.300     05/13/28   220,900
       

 

        5,623,359

 

Internet(a)(b) – 0.4%

ANGI Group LLC

    679,000       3.875     08/15/28   570,964

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Internet(a)(b) – (continued)

Arches Buyer, Inc.

$

    200,000       4.250   06/01/28   $          174,036

Cablevision Lightpath LLC

    550,000       5.625     09/15/28   421,872

Engineering - Ingegneria Informatica - SpA

EUR

    650,000       5.875     09/30/26   656,437

Gen Digital, Inc.

$

    580,000       7.125     09/30/30   584,217

Go Daddy Operating Co. LLC/GD Finance Co., Inc.

    746,000       5.250     12/01/27   716,205
    207,000       3.500     03/01/29   178,134

HSE Finance S.a.r.l

EUR

    150,000       5.625     10/15/26   90,781

Netflix, Inc.

    323,000       3.625     06/15/30   341,533

United Group B.V.

    870,000       5.250     02/01/30   769,700
       

 

        4,503,879

 

Investment Companies – 0.4%

Blackstone Private Credit Fund(b)

$

    1,000,000       2.625     12/15/26   857,800

Blue Owl Capital Corp.(b)

    962,000       3.400     07/15/26   867,551

Gaci First Investment Co.(b)

    479,000       5.125     02/14/53   429,155

Khazanah Capital Ltd.

    1,471,000       4.876     06/01/33   1,464,160

MDGH GMTN RSC Ltd.(b)

    556,000       5.500 (a)    04/28/33   584,262
    264,000       5.500     04/28/33   277,419
       

 

        4,480,347

 

Iron/Steel – 0.7%

Baffinland Iron Mines Corp./Baffinland Iron Mines LP(a)(b)

    3,085,000       8.750     07/15/26   3,010,282

CSN Resources SA(b)

    558,000       5.875     04/08/32   461,745

Mineral Resources Ltd.(a)(b)

    2,150,000       8.125     05/01/27   2,153,354
    387,000       8.000     11/01/27   388,169
    439,000       8.500     05/01/30   445,497

Tacora Resources, Inc.

    45,150       13.000     09/08/23   44,804
    615,000       8.250 (a)(b)    05/15/26   463,599
       

 

        6,967,450

 

Leisure Time(b) – 0.3%

Carnival Corp.(a)

    1,125,000       5.750     03/01/27   1,040,355
    1,079,000       9.875     08/01/27   1,125,882

Deuce Finco PLC

GBP

    150,000       5.500     06/15/27   165,652

TUI Cruises GmbH(a)

EUR

    450,000       6.500     05/15/26   465,381

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Leisure Time(b) – (continued)

Viking Cruises Ltd.

$

    681,000       5.875 %(a)    09/15/27   $          636,367
    149,000       9.125     07/15/31   152,931
       

 

        3,586,568

 

Lodging(a)(b) – 0.2%

Hilton Domestic Operating Co., Inc.

    1,020,000       3.750     05/01/29   909,524
    575,000       4.000     05/01/31   501,676

NH Hotel Group SA

EUR

    500,000       4.000     07/02/26   531,372
       

 

        1,942,572

 

Machinery - Construction & Mining(a)(b) – 0.1%

BWX Technologies, Inc.

$

    645,000       4.125     06/30/28   590,975

 

Machinery-Diversified(a)(b) – 0.3%

Chart Industries, Inc.

    790,000       7.500     01/01/30   810,524
    1,048,000       9.500     01/01/31   1,130,268

Novafives SAS

EUR

    300,000       5.000     06/15/25   312,252

OT Merger Corp.

$

    614,000       7.875     10/15/29   398,910
       

 

        2,651,954

 

Media – 3.5%

Altice Financing SA(a)(b)

EUR

    400,000       2.250     01/15/25   395,820

$

    417,000       5.000     01/15/28   322,445
    2,700,000       5.750     08/15/29   2,020,491

Altice Finco SA(a)(b)

EUR

    242,000       4.750     01/15/28   145,428

Audacy Capital Corp.(a)(b)

$

    745,000       6.500     05/01/27   14,721
    925,000       6.750     03/31/29   18,260

Beasley Mezzanine Holdings LLC(a)(b)

    1,610,000       8.625     02/01/26   1,052,988

CCO Holdings LLC/CCO Holdings Capital Corp.(a)(b)

    555,000       5.375     06/01/29   507,742
    1,400,000       6.375     09/01/29   1,338,596
    1,855,000       4.500     08/15/30   1,569,256
    650,000       4.250     02/01/31   533,624
    1,000,000       7.375     03/01/31   992,750

CSC Holdings LLC(a)(b)

    847,000       5.500     04/15/27   725,871
    445,000       7.500     04/01/28   275,548
    330,000       6.500     02/01/29   280,342
    1,056,000       5.750     01/15/30   547,367

Diamond Sports Group LLC/Diamond Sports Finance Co.(a)(b)(e)

    2,069,000       5.375     08/15/26   64,284
    1,274,000       6.625     08/15/27   36,971

DISH DBS Corp.

    180,000       5.875     11/15/24   164,250
    1,408,000       7.750     07/01/26   910,751

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Media – (continued)

DISH DBS Corp. – (continued)

$

    1,850,000       5.250 %(a)(b)    12/01/26   $       1,516,704
    908,000       5.750 (a)(b)    12/01/28   700,576
    768,000       5.125     06/01/29   387,180

DISH Network Corp.(a)(b)

    417,000       11.750     11/15/27   419,748

Gray Escrow II, Inc.(a)(b)

    665,000       5.375     11/15/31   459,249

Gray Television, Inc.(a)(b)

    1,908,000       7.000     05/15/27   1,650,935

LCPR Senior Secured Financing DAC(a)(b)

    1,474,000       6.750     10/15/27   1,384,278

Liberty Interactive LLC(b)

    3,632,858       4.000     11/15/29   854,630
    341,038       3.750     02/15/30   75,028

McGraw-Hill Education, Inc.(a)(b)

    600,000       5.750     08/01/28   526,806

Nexstar Media, Inc.(a)(b)

    583,000       5.625     07/15/27   548,906
    545,000       4.750     11/01/28   480,608

Paramount Global(b)(d) (5 year CMT + 3.999%)

    1,347,000       6.375     03/30/62   1,110,857

Radiate Holdco LLC/Radiate Finance, Inc.(a)(b)

    1,550,000       4.500     09/15/26   1,259,142

Scripps Escrow II, Inc.(a)(b)

    898,000       3.875     01/15/29   746,346

Sinclair Television Group, Inc.(a)(b)

    805,000       5.500     03/01/30   423,076
    1,117,000       4.125     12/01/30   726,698

Sirius XM Radio, Inc.(a)(b)

    692,000       5.000     08/01/27   642,937
    60,000       5.500     07/01/29   54,865
    460,000       3.875     09/01/31   360,129

Spanish Broadcasting System, Inc.(a)(b)

    1,225,000       9.750     03/01/26   847,871

Summer BidCo B.V.(a)(b)(c)

EUR

    816,675       9.000     11/15/25   822,625

TEGNA, Inc.(b)

$

    1,392,000       4.625     03/15/28   1,253,301
    721,000       5.000     09/15/29   642,433

Tele Columbus AG(a)(b)

EUR

    200,000       3.875     05/02/25   135,469

Telenet Finance Luxembourg Notes S.a.r.l.(a)(b)

$

    2,000,000       5.500     03/01/28   1,839,980

Univision Communications, Inc.(a)(b)

    777,000       6.625     06/01/27   755,873
    450,000       7.375     06/30/30   438,201

Urban One, Inc.(a)(b)

    1,215,000       7.375     02/01/28   1,074,753

Virgin Media Secured Finance PLC(a)(b)

GBP

    470,000       5.000     04/15/27   551,983

VTR Comunicaciones SpA(a)(b)

$

    75,000       4.375     04/15/29   43,313

VTR Finance NV(a)(b)

    1,145,000       6.375     07/15/28   483,762

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Media – (continued)

VZ Secured Financing B.V.(a)(b)

$

    1,005,000       5.000   01/15/32   $          816,794
       

 

        35,952,561

 

Mining(b) – 0.6%

Arsenal AIC Parent LLC

    403,000       8.000     10/01/30   411,060

Compass Minerals International, Inc.

    350,000       6.750     12/01/27   342,160

First Quantum Minerals Ltd.(a)

    346,000       7.500     04/01/25   344,246
    700,000       6.875     03/01/26   685,510
    200,000       6.875     10/15/27   195,625
    124,000       8.625     06/01/31   126,945

FMG Resources August 2006 Pty. Ltd.(a)

    521,000       5.875     04/15/30   499,821

Freeport-McMoRan, Inc.

    320,000       4.625     08/01/30   301,453
    420,000       5.400     11/14/34   407,769

Mountain Province Diamonds, Inc.(a)(h)

    2,958,000       9.000     12/15/25   2,884,050

Northwest Acquisitions ULC/Dominion Finco, Inc.(a)(e)

    1,260,000       7.125     11/01/22   13
       

 

        6,198,652

 

Miscellaneous Manufacturing(a)(b) – 0.1%

LSB Industries, Inc.

    530,000       6.250     10/15/28   487,208

 

Office & Business Equipment(a)(b) – 0.1%

Pitney Bowes, Inc.

    420,000       6.875     03/15/27   319,494
    455,000       7.250     03/15/29   310,842
       

 

        630,336

 

Oil Field Services – 3.5%

Antero Resources Corp.(a)(b)

    182,000       7.625     02/01/29   186,421
    873,000       5.375     03/01/30   813,584

Apache Corp.(b)

    820,000       5.100     09/01/40   696,205

Archrock Partners LP/Archrock Partners Finance Corp.(a)(b)

    604,000       6.250     04/01/28   573,474

Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a)(b)

    230,000       7.000     11/01/26   225,011

Baytex Energy Corp.(a)(b)

    735,000       8.500     04/30/30   744,996

Callon Petroleum Co.(a)(b)

    125,000       8.000     08/01/28   126,998
    390,000       7.500     06/15/30   378,518

Chesapeake Energy Corp.(g)(i)

    195,000       0.000     10/01/24   3,900
    935,000       0.000     10/01/26   16,363

Citgo Holding, Inc.(a)(b)

    905,000       9.250     08/01/24   904,502

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Oil Field Services – (continued)

CITGO Petroleum Corp.(a)(b)

$

    1,171,000       7.000   06/15/25   $       1,156,971
    174,000       6.375     06/15/26   169,876

Civitas Resources, Inc.(a)(b)

    623,000       8.375     07/01/28   640,899
    623,000       8.750     07/01/31   644,780

Earthstone Energy Holdings LLC(a)(b)

    1,148,000       8.000     04/15/27   1,141,376
    439,000       9.875     07/15/31   453,979

Ecopetrol SA(b)

    427,000       8.625     01/19/29   439,063
    844,000       8.875     01/13/33   862,251

Energian Israel Finance Ltd.(a)(b)

    850,000       8.500     09/30/33   852,975

Guara Norte S.a.r.l.(a)

    627,825       5.198     06/15/34   559,156

KazMunayGas National Co. JSC(b)

    462,000       3.500     04/14/33   364,587

Kosmos Energy Ltd.(b)

    461,000       7.125     04/04/26   429,823
    742,000       7.750 (a)    05/01/27   677,290

Matador Resources Co.(a)(b)

    618,000       6.875     04/15/28   615,139

Moss Creek Resources Holdings, Inc.(a)(b)

    1,001,000       7.500     01/15/26   935,625

Noble Finance II LLC(a)(b)

    485,000       8.000     04/15/30   499,565

Northern Oil & Gas, Inc.(a)(b)

    345,000       8.125     03/01/28   344,344

NuVista Energy Ltd.(a)(b)

CAD

    775,000       7.875     07/23/26   598,007

Permian Resources Operating LLC(a)(b)

$

    359,000       7.750     02/15/26   363,046
    693,000       5.875     07/01/29   660,879

Petrobras Global Finance B.V.(b)

    650,000       6.500     07/03/33   637,812

Petroleos de Venezuela SA(e)

    700,000       6.000     11/15/26   24,500

Petroleos del Peru SA

    1,492,000       5.625     06/19/47   985,914

Petroleos Mexicanos

    1,031,000       6.700 (b)    02/16/32   793,767
    4,039,000       10.000 (b)    02/07/33   3,737,085
    2,299,000       6.750     09/21/47   1,473,659

Petronas Capital Ltd.(b)

    1,400,000       3.500     04/21/30   1,287,720
    694,000       2.480     01/28/32   578,498

Qatar Energy(b)

    2,353,000       2.250     07/12/31   1,958,096

Rockcliff Energy II LLC(a)(b)

    967,000       5.500     10/15/29   888,518

Strathcona Resources Ltd.(a)(b)

    2,365,000       6.875     08/01/26   2,078,669

Transocean Titan Financing Ltd.(a)(b)

    370,000       8.375     02/01/28   383,664

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Corporate Obligations – (continued)

Oil Field Services – (continued)

Transocean, Inc.(a)(b)

$

    583,000       7.250   11/01/25   $          574,960
    982,000       11.500     01/30/27   1,030,344
    290,000       8.000     02/01/27   279,699
    947,000       8.750     02/15/30   982,882

Wintershall Dea Finance 2 BV Series NC8(b)(d) (-1X 5 year EUR Swap + 3.319%)

EUR

    1,200,000       3.000     07/20/28   1,054,465
       

 

        35,829,855

 

Packaging(b) – 0.6%

ARD Finance SA(a)(c)

    271,000       5.000     06/30/27   232,412

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(a)

    400,000       2.000     09/01/28   368,649

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)

$

    610,000       5.250     04/30/25   598,977
    362,000       5.250     08/15/27   312,193
    130,000       5.250     08/15/27   111,492

Ball Corp.

    1,000,000       2.875     08/15/30   825,060

Canpack SA / Canpack US LLC(a)

EUR

    307,000       2.375     11/01/27   288,494

Fiber Bidco Spa(a)

    266,000       11.000     10/25/27   315,329

Guala Closures SpA(a)

    725,000       3.250     06/15/28   692,099

Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC(a)

$

    1,138,000       6.000     09/15/28   1,009,156

Kleopatra Finco S.a.r.l.(a)

EUR

    250,000       4.250     03/01/26   232,412

Kleopatra Holdings 2 SCA(a)

    156,000       6.500     09/01/26   111,234

OI European Group BV

    450,000       2.875     02/15/25   483,044

Owens-Brockway Glass Container, Inc.(a)

$

    556,000       6.625     05/13/27   553,921

Trident TPI Holdings, Inc.(a)

    535,000       12.750     12/31/28   567,550
       

 

        6,702,022

 

Pharmaceuticals – 0.6%

Almirall SA(a)(b)

EUR

    554,000       2.125     09/30/26   566,881

Bausch Health Cos., Inc.(a)(b)

$

    230,000       4.875     06/01/28   139,548
    965,000       5.250     01/30/30   433,478

Cheplapharm Arzneimittel GmbH(a)(b)

EUR

    200,000       4.375     01/15/28   203,682

$

    1,341,000       5.500     01/15/28   1,221,088

Endo Dac/Endo Finance LLC/Endo Finco, Inc.(a)(b)(e)

    1,183,000       9.500     07/31/27   63,669
    946,000       6.000     06/30/28   52,910

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Pharmaceuticals – (continued)

Grifols SA(a)(b)

EUR

    700,000       2.250   11/15/27   $          698,681

$

    359,000       4.750     10/15/28   316,164

Lannett Co., Inc.(g)(h)

2,355,000

 

    0.000     04/15/26  

Nidda BondCo GmbH(a)(b)

EUR

    450,000       5.000     09/30/25   490,129

Nidda Healthcare Holding GmbH(a)(b)

    300,000       7.500     08/21/26   329,916

Option Care Health, Inc.(a)(b)

 

   

$

    566,000       4.375     10/31/29   503,938

Organon & Co./Organon Foreign Debt Co.-Issuer BV(a)(b)

    435,000       5.125     04/30/31   368,662

Par Pharmaceutical, Inc.(a)(b)(e)

    344,000       7.500     04/01/27   254,880

Teva Pharmaceutical Finance Netherlands II BV(b)

EUR

    340,000       7.375     09/15/29   381,322
    400,000       4.375     05/09/30   376,689
       

 

        6,401,637

 

Pipelines – 1.8%

 

     

Blue Racer Midstream LLC/Blue Racer Finance Corp.(a)(b)

$

    989,000       7.625     12/15/25   996,042

Cheniere Energy Partners LP(b)

    321,000       4.500     10/01/29   298,459

EIG Pearl Holdings S.a.r.l(a)

    360,000       3.545     08/31/36   303,574

EnLink Midstream LLC(b)

    1,097,000       5.375     06/01/29   1,042,731

EQM Midstream Partners LP(a)(b)

    305,000       7.500     06/01/27   309,734
    802,000       7.500     06/01/30   826,830

Galaxy Pipeline Assets Bidco Ltd.

    818,793       2.160     03/31/34   695,950
    2,049,777       2.940     09/30/40   1,649,332

Genesis Energy LP/Genesis Energy Finance Corp.(b)

    825,000       7.750     02/01/28   799,252

Global Partners LP/GLP Finance Corp.(b)

    992,000       7.000     08/01/27   971,009

Howard Midstream Energy Partners LLC(a)(b)

    385,000       6.750     01/15/27   372,665

ITT Holdings LLC(a)(b)

    2,478,000       6.500     08/01/29   2,134,103

KazTransGas JSC

 

     
    390,000       4.375     09/26/27   363,285

New Fortress Energy, Inc.(a)(b)

 

   
    993,000       6.500     09/30/26   911,147

NGL Energy Partners LP/NGL Energy Finance Corp.(b)

    851,000       6.125     03/01/25   833,461

Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(b)

    701,000       5.750     04/15/25   636,992
    210,000       9.000 (a)(j)    10/15/26   206,722

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a)(b)

    800,000       6.000     03/01/27   760,704
    1,512,000       6.000     12/31/30   1,346,602

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Pipelines – (continued)

Venture Global Calcasieu Pass LLC(a)(b)

$

    590,000       4.125   08/15/31   $          500,568

Venture Global LNG, Inc.(a)(b)

    609,000       8.125     06/01/28   619,121
    610,000       8.375     06/01/31   619,107

Western Midstream Operating LP(b)

    1,369,000       5.250     02/01/50   1,163,362
       

 

        18,360,752

 

Real Estate(b) – 0.3%

Country Garden Holdings Co. Ltd.

    700,000       5.125     01/14/27   108,682
    700,000       5.625     01/14/30   106,764

Heimstaden Bostad Treasury BV

EUR

    994,000       1.625     10/13/31   689,939

Samhallsbyggnadsbolaget i Norden AB

    450,000       1.750     01/14/25   380,541
    500,000       1.125     09/04/26   369,685

WeWork Cos LLC

 

     

$

    1,335,000       11.000     08/15/27   538,685
    1,064,106       15.000     08/15/27   856,648
       

 

        3,050,944

 

Real Estate Investment Trust – 1.0%

Brandywine Operating Partnership LP(b)

    767,000       7.550     03/15/28   705,847

Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL(a)(b)

    966,000       4.500     04/01/27   834,991

Diversified Healthcare Trust(b)

    725,000       4.750     05/01/24   695,253
    200,000       9.750     06/15/25   197,904
    300,000       4.750     02/15/28   219,813
    1,020,000       4.375     03/01/31   743,774

HAT Holdings I LLC/HAT Holdings II LLC(a)

    251,000      
6.000
(b) 
 
  04/15/25   247,205
    251,000      
3.375
(b) 
 
  06/15/26   226,553
    275,000       3.750     09/15/30   219,940

Iron Mountain U.K. PLC(a)(b)

GBP

    400,000       3.875     11/15/25   480,419

Iron Mountain, Inc.(a)(b)

$

    605,000       5.250     03/15/28   568,156
    550,000       7.000     02/15/29   552,167

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(a)(b)

    287,000       5.250     10/01/25   274,848
    717,000       4.250     02/01/27   645,415

Piedmont Operating Partnership LP(b)

    488,000       9.250     07/20/28   500,698

Service Properties Trust(b)

    490,000       4.950     02/15/27   420,033
    445,000       5.500     12/15/27   390,594
    125,000       4.950     10/01/29   96,359
    770,000       4.375     02/15/30   574,073

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Real Estate Investment Trust – (continued)

Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC(a)(b)

$

    447,000       10.500   02/15/28   $          444,300

VICI Properties LP/VICI Note Co., Inc.(a)(b)

    898,000       3.750     02/15/27   830,614
       

 

        9,868,956

 

Retailing – 1.5%

1011778 BC ULC/New Red Finance, Inc.(a)(b)

    250,000       3.875     01/15/28   228,800
    460,000       4.375     01/15/28   424,782

Asbury Automotive Group, Inc.(b)

    782,000       4.500     03/01/28   716,554
    833,000       4.625 (a)    11/15/29   738,646

Bath & Body Works, Inc.

    256,000       9.375 (a)    07/01/25   270,126
    145,000       5.250     02/01/28   138,282
    395,000       6.875     11/01/35   366,406
    590,000       6.750     07/01/36   536,570

BCPE Ulysses Intermediate, Inc.(a)(b)(c)

    632,667       7.750     04/01/27   572,500

Carvana Co.(a)(b)

    90,000       5.625     10/01/25   80,662

Constellation Automotive Financing PLC(a)(b)

GBP

    525,000       4.875     07/15/27   539,067

Doman Building Materials Group Ltd.(a)(b)

CAD

    1,590,000       5.250     05/15/26   1,092,737

eG Global Finance PLC(a)(b)

$

    257,000       6.750     02/07/25   253,150

Ferrellgas LP/Ferrellgas Finance Corp.(a)(b)

    1,320,000       5.375     04/01/26   1,243,348

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.(a)(b)

    521,000       6.750     01/15/30   447,357

LBM Acquisition LLC(a)(b)

    1,704,000       6.250     01/15/29   1,468,149

LCM Investments Holdings II LLC(a)(b)

    1,048,000       4.875     05/01/29   914,590

Macy’s Retail Holdings LLC(a)(b)

    600,000       6.125     03/15/32   537,696

Neiman Marcus Group Ltd. LLC(h)(i)

    605,000       8.000     10/15/21   81,023

QVC, Inc.(b)

 

     
    960,000       4.750     02/15/27   620,755

Rite Aid Corp.(a)(b)

    445,000       7.500     07/01/25   262,292

Shiba Bidco SpA(a)(b)

EUR

    343,000       4.500     10/31/28   337,734

Specialty Building Products Holdings LLC/SBP Finance Corp.(a)(b)

$

    1,709,000       6.375     09/30/26   1,632,078

SRS Distribution, Inc.(a)(b)

    542,000       6.125     07/01/29   477,134
    544,000       6.000     12/01/29   471,594

Stonegate Pub Co. Financing 2019 PLC(b)

GBP

    436,000       8.250     07/31/25   523,433

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Retailing – (continued)

White Cap Parent LLC(a)(b)(c)

$

    574,000       8.250   03/15/26   $          555,374

Yum! Brands, Inc.

    465,000       6.875     11/15/37   501,865
       

 

        16,032,704

 

Semiconductors(a)(b) – 0.1%

Entegris Escrow Corp.

    435,000       4.750     04/15/29   406,051

Entegris, Inc.

    145,000       3.625     05/01/29   126,450

Synaptics, Inc.

    972,000       4.000     06/15/29   838,622
       

 

        1,371,123

 

Software(a)(b) – 0.2%

Central Parent, Inc./CDK Global, Inc.

    1,250,000       7.250     06/15/29   1,235,963

Elastic NV

    546,000       4.125     07/15/29   473,043

Open Text Holdings, Inc.

    567,000       4.125     02/15/30   486,911
       

 

        2,195,917

 

Telecommunication Services – 1.7%

Altice France Holding SA(a)(b)

EUR

    365,000       8.000     05/15/27   155,214

$

    1,231,000       10.500     05/15/27   520,959

Altice France SA(a)(b)

EUR

    100,000       2.500     01/15/25   97,505
    500,000       2.125     02/15/25   482,961

$

    2,805,000       5.500     10/15/29   1,991,017

Ciena Corp.(a)(b)

    500,000       4.000     01/31/30   439,440

CommScope, Inc.(a)(b)

    2,329,000       8.250     03/01/27   1,765,661
    395,000       7.125     07/01/28   262,896

Iliad Holding SASU(a)(b)

    555,000       6.500     10/15/26   531,246
    2,810,000       7.000     10/15/28   2,638,084

Kenbourne Invest SA(a)(b)

    85,000       6.875     11/26/24   73,807

Level 3 Financing, Inc.(a)(b)

    392,000       4.625     09/15/27   297,779
    270,000       4.250     07/01/28   191,074
    626,000       3.625     01/15/29   413,348
    300,000       3.875     11/15/29   255,777
    747,000       10.500     05/15/30   773,847

Lorca Telecom Bondco SA(a)(b)

EUR

    400,000       4.000     09/18/27   412,414

Lumen Technologies, Inc.(a)(b)

$

    350,000       4.000     02/15/27   229,929

SoftBank Group Corp.(b)

EUR

    894,000       3.375     07/06/29   849,773

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Corporate Obligations – (continued)

Telecommunication Services – (continued)

TDC Net A/S(b)

EUR

    584,000       5.056   05/31/28   $          629,497

Telecom Italia Capital SA

$

    326,000       6.000     09/30/34   263,414

Telecom Italia SpA

    230,000       5.303 (a)    05/30/24   225,147

EUR

    991,000       2.375 (b)    10/12/27   920,716

Telesat Canada/Telesat LLC(a)(b)

$

    470,000       5.625     12/06/26   283,885
    290,000       6.500     10/15/27   115,690

Vmed O2 U.K. Financing I PLC(a)(b)

    1,295,000       4.250     01/31/31   1,074,928

Windstream Escrow LLC/Windstream Escrow Finance Corp.(a)(b)

    1,850,000       7.750     08/15/28   1,554,869

Zayo Group Holdings, Inc.(a)(b)

    370,000       4.000     03/01/27   264,587
       

 

  17,715,464

 

Transportation(a) – 0.1%

Rand Parent LLC(b)

    744,000       8.500     02/15/30   699,174

Transnet SOC Ltd.

    727,000       8.250     02/06/28   722,696
       

 

  1,421,870

 

Water Utilities(a)(b) – 0.1%

Aegea Finance S.a.r.l.

    906,000       6.750     05/20/29   851,966

 

TOTAL CORPORATE OBLIGATIONS
(Cost $377,150,852)
  $   347,475,267

 

       
Sovereign Debt Obligations – 33.4%

Brazil Real – 2.5%

Brazil Notas do Tesouro Nacional

BRL

    72,945,000       10.000   01/01/25   $     15,283,668
    49,981,000       10.000     01/01/29   10,333,787
    4,009,000       10.000     01/01/31   818,753
       

 

  26,436,208

 

Chilean Peso – 0.6%

Bonos de la Tesoreria de la Republica en pesos

CLP

    560,000,000       5.000 (a)    10/01/28   658,881
    1,860,000,000       4.700 (a)    09/01/30   2,138,353
    895,000,000       6.000     04/01/33   1,123,863
    72,098,100       2.000     03/01/35   84,364
    550,000,000       5.000     03/01/35   642,780
    1,205,000,000       4.500     03/01/26   1,409,668
       

 

  6,057,909

 

Chinese Yuan Renminbi – 1.0%

Agricultural Development Bank of China

CNY

    7,400,000       2.250     04/22/25   1,033,060

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

Chinese Yuan Renminbi – (continued)

China Government Bonds

CNY

    18,330,000       2.750   06/15/29   $       2,586,935
    46,300,000       3.270     11/19/30   6,794,435
       

 

        10,414,430

 

Colombia Peso – 1.2%

Colombian TES

COP

    3,849,900,000       6.250     07/09/36   701,421

Republic of Colombia

    16,835,400,000       7.000     06/30/32   3,516,767
    7,493,800,000       7.500     08/26/26   1,790,552
    7,786,100,000       6.000     04/28/28   1,694,708
    10,905,700,000       7.750     09/18/30   2,461,501
    9,096,100,000       5.750     11/03/27   1,989,264
       

 

        12,154,213

 

Czech Republic Koruna – 1.4%

Czech Republic Government Bonds

CZK

    76,640,000       5.500     12/12/28   3,747,316
    47,530,000       1.000     06/26/26   1,967,274
    34,680,000       0.950     05/15/30   1,297,183
    78,680,000       2.000     10/13/33   2,996,461
    17,320,000       3.500     05/30/35   750,565
    88,820,000       1.750     06/23/32   3,395,389
       

 

        14,154,188

 

Hungarian Forint – 0.9%

Hungary Government Bonds

HUF

    275,190,000       3.250     10/22/31   598,058
    2,511,100,000       2.500     10/24/24   6,512,870
    263,510,000       3.000     10/27/27   621,842
    188,730,000       1.000     11/26/25   448,890
    310,030,000       2.750     12/22/26   731,806
       

 

        8,913,466

 

Indonesia Rupiah – 2.4%

Indonesia Treasury Bonds

IDR

    40,311,000,000       8.375     09/15/26   2,850,907
    54,932,000,000       7.000     09/15/30   3,773,843
    52,204,000,000       7.500     08/15/32   3,721,439
    6,343,000,000       7.000     02/15/33   442,916
    3,650,000,000       7.125     06/15/38   257,775
    97,085,000,000       6.125     05/15/28   6,454,092
    47,058,000,000       9.000     03/15/29   3,538,712
    18,457,000,000       8.375     03/15/34   1,406,306
    36,605,000,000       6.375     04/15/32   2,429,815
    6,810,000,000       7.500     06/15/35   489,977
       

 

        25,365,782

 

Malaysia Ringgit – 2.6%

Malaysia Government Bonds

MYR

    15,830,000       3.885     08/15/29   3,537,192
    2,403,000       2.632     04/15/31   489,409
    27,336,000       3.582     07/15/32   5,927,892
    28,381,000       4.762     04/07/37   6,768,576

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

Malaysia Ringgit – (continued)

Malaysia Government Bonds – (continued)

MYR

    17,638,000       4.893   06/08/38   $       4,288,980
    5,250,000       3.757     05/22/40   1,118,056
    5,165,000       4.065     06/15/50   1,110,080
    12,788,000       3.733     06/15/28   2,843,678

Malaysia Government Investment Issue

    6,994,000       3.465     10/15/30   1,512,730
       

 

  27,596,593

 

Mexican Peso – 2.9%

Mexican Bonos

MXN

    28,627,100       5.000     03/06/25   1,581,303
    81,690,000       7.500     05/26/33   4,451,751

United Mexican States

    51,280,700       10.000     12/05/24   3,043,339
    60,711,000       5.750     03/05/26   3,304,788
    102,542,300       8.500     05/31/29   6,025,531
    95,649,900       7.750     05/29/31   5,360,907
    31,218,500       10.000     11/20/36   2,037,583
    74,466,700       8.500     11/18/38   4,307,640
       

 

  30,112,842

 

Peru Nuevo Sol – 0.7%

Republic of Peru

$

    286,000       3.300 (b)    03/11/41   216,585

PEN

    6,916,000       6.950     08/12/31   1,965,650
    3,983,000       6.150     08/12/32   1,067,232
    2,422,000       7.300     08/12/33   698,647
    8,912,000       5.400     08/12/34   2,216,197
    2,833,000       6.900     08/12/37   789,706
       

 

  6,954,017

 

Polish Zloty – 2.0%

Republic of Poland

PLN

    17,775,000       2.500     07/25/26   4,103,162
    7,081,000       2.500     07/25/27   1,596,069
    29,851,000       1.250     10/25/30   5,695,139
    7,866,000       2.750     10/25/29   1,709,443

$

    842,000       4.875 (b)    10/04/33   830,633
    700,000       5.500 (b)    04/04/53   708,811

PLN

    30,988,000       1.750     04/25/32   5,809,791
    3,420,000       0.750     04/25/25   789,742
       

 

  21,242,790

 

Romania New Leu – 0.9%

Republic of Romania

RON

    6,405,000       3.250     06/24/26   1,312,287
    12,865,000       4.150     01/26/28   2,618,641
    4,460,000       4.750     02/24/25   971,601
    21,810,000       6.700     02/25/32   4,915,391
       

 

  9,817,920

 

South African Rand – 2.2%

Republic of South Africa

ZAR

    26,000,000       10.500     12/21/26   1,519,138
    13,322,429       8.000     01/31/30   667,707

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

South African Rand – (continued)

Republic of South Africa – (continued)

ZAR

    92,394,578       7.000   02/28/31   $       4,202,010
    84,350,231       8.250     03/31/32   4,029,619
    133,393,019       8.875     02/28/35   6,207,427
    72,861,332       6.250     03/31/36   2,648,132
    77,887,587       8.500     01/31/37   3,379,796
       

 

  22,653,829

 

Thailand Baht – 1.9%

Thailand Government Bonds

THB

    87,913,000       1.600     12/17/29   2,424,361
    206,722,000       2.000     12/17/31   5,768,799
    39,497,000       3.350     06/17/33   1,222,467
    8,577,000       3.390     06/17/37   265,355
    16,409,000       3.775     06/25/32   523,132
    152,842,000       2.875     12/17/28   4,547,428
    132,209,000       1.585     12/17/35   3,391,905
    45,283,000       3.300     06/17/38   1,386,904
       

 

  19,530,351

 

United States Dollar – 10.2%

Abu Dhabi Government International Bonds

$

    400,000       1.700     03/02/31   331,452
    980,000       1.625     06/02/28   857,549
    730,000       3.125     09/30/49   530,630
    454,000       3.000 (a)    09/15/51   320,288

Bahrain Government International Bond

    1,046,000       4.250     01/25/28   969,579

Brazil Notas do Tesouro Nacional

BRL

    39,364,000       10.000     01/01/27   8,266,059

CBB International Sukuk Programme Co. WLL

$

    348,000       3.875     05/18/29   313,670

China Government Bonds

    987,000       3.250     10/19/23   983,101
    1,227,000       0.400     10/21/23   1,213,159
    688,000       0.550     10/21/25   622,716

Dominican Republic International Bonds(b)

    1,253,000       7.050     02/03/31   1,265,267
    1,392,000       7.050 (a)    02/03/31   1,405,628
    875,000       6.000     02/22/33   821,450

Ethiopia International Bond

    200,000       6.625     12/11/24   136,634

Export-Import Bank of India

    832,000       2.250     01/13/31   669,103

Honduras Government International Bond(b)

    259,000       5.625     06/24/30   211,712

Hungary Government Bonds

    1,650,000       3.125     09/21/51   1,054,795

Hungary Government International Bonds

    200,000       6.125 (a)    05/22/28   203,542
    1,708,000       6.125     05/22/28   1,738,249

Ivory Coast Government International Bond

    400,000       6.125     06/15/33   358,200

Jordan Government International Bonds

    811,000       7.500 (a)    01/13/29   816,661
    591,000       7.375     10/10/47   523,520

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

United States Dollar – (continued)

Kingdom of Bahrain

$

    566,000       7.750 %(a)    04/18/35   $          585,538
    1,542,000       5.450     09/16/32   1,411,192

KSA Sukuk Ltd.

    3,554,000       4.274     05/22/29   3,460,707

Mongolia Government International Bond

    543,000       3.500     07/07/27   465,536

Morocco Government International Bond

    238,000       4.000     12/15/50   162,544

Nigeria Government International Bond

    1,182,000       8.375     03/24/29   1,107,900

Oman Government International Bond

    401,000       7.000     01/25/51   408,511

Republic of Angola(a)

    349,000       8.750     04/14/32   305,563

Republic of Angolan

    1,359,000       8.750     04/14/32   1,189,859

Republic of Argentina(b)(j)

    4,962,131       3.500     07/09/41   1,602,520

Republic of Armenia International Bond

    431,000       3.600     02/02/31   341,576

Republic of Azerbaijan

    202,000       5.125     09/01/29   192,756
    835,000       5.125     09/01/29   796,790

Republic of Bolivian

    409,000       4.500     03/20/28   279,359

Republic of Brazil

    786,000       2.875     06/06/25   747,455
    1,568,000       4.750 (b)    01/14/50   1,199,692

Republic of Chile(b)

    2,354,000       2.550     07/27/33   1,909,894

Republic Of Chile(b)

    2,405,000       4.950     01/05/36   2,369,262

Republic of Colombia(b)

    2,760,000       8.000     04/20/33   2,897,227
    803,000       7.500     02/02/34   810,492

Republic of Costa Rica(b)

    1,271,000       6.550     04/03/34   1,285,858

Republic of Ecuador(j)

    2,926,178       3.500     07/31/35   1,002,538
    863,159       6.000     07/31/30   409,431

Republic of Egypt

    710,000       7.300     09/30/33   437,619
    3,095,000       7.625     05/29/32   1,994,387

Republic of El Salvador(b)

    991,000       9.500     07/15/52   692,313

Republic of Gabon(a)(b)

    435,000       7.000     11/24/31   367,392

Republic of Ghana

    1,351,000       8.625     04/07/34   611,719
    995,000       7.875     02/11/35   453,422
    223,000       10.750     10/14/30   157,565

Republic of Guatemala(b)

    2,319,000       6.600     06/13/36   2,373,496

 

Principal
Amount
    Interest
Rate
    Maturity
Date
  Value
Sovereign Debt Obligations – (continued)

United States Dollar – (continued)

Republic of Indonesia

$

    299,000       4.150 %(b)    09/20/27   $          289,474
    554,000       3.500     01/11/28   521,685
    1,474,000       4.550 (b)    01/11/28   1,453,290
    1,046,000       2.850     02/14/30   932,268
    813,000       4.850 (b)    01/11/33   810,195
    1,765,000       5.650 (b)    01/11/53   1,862,587

Republic of Kazakhstan

    799,000       4.875     10/14/44   726,219

Republic of Kenya

    1,290,000       7.000     05/22/27   1,162,032

Republic of Lebanon(e)

    464,000       7.000     03/20/28   32,452
    1,259,000       6.650     11/03/28   89,578
    3,668,000       6.100     10/04/22   265,930

Republic of Morocco(a)

    808,000       5.950     03/08/28   812,662

Republic of Mozambique(j)

    269,000       5.000     09/15/31   211,361

Republic of Nigeria

    1,787,000       7.375     09/28/33   1,475,597

Republic of Oman

    2,598,000       6.750     10/28/27   2,694,750
    307,000       6.250     01/25/31   314,773

Republic of Pakistan

    400,000       8.250     09/30/25   241,968
    429,000       6.875     12/05/27   227,958
    400,000       6.000     04/08/26   213,752
    388,000       7.375     04/08/31   188,603

Republic of Panama(b)

    2,066,000       6.400     02/14/35   2,155,478
    1,504,000       6.853     03/28/54   1,574,071

Republic of Paraguay(b)

    346,000       2.739     01/29/33   277,087
    291,000       3.849     06/28/33   253,091
    1,146,000       5.850     08/21/33   1,148,865

Republic of Peru(b)

    2,285,000       2.783     01/23/31   1,939,851
    419,000       3.230 (k)    07/28/21   250,646

Republic of Philippines

    724,000       1.648     06/10/31   577,318
    2,843,000       1.950     01/06/32   2,286,397
    951,000       5.000     07/17/33   966,045

Republic of Poland(b)

    685,000       5.500     11/16/27   697,577

Republic of Qatar

    653,000       4.500     04/23/28   652,491
    1,556,000       4.817     03/14/49   1,495,534
    561,000       4.400     04/16/50   507,043

Republic of Senegal

    437,000       6.750     03/13/48   326,146

Republic of Serbia

    351,000       6.500 (a)    09/26/33   351,137
    200,000       6.500     09/26/33   200,078

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Sovereign Debt Obligations – (continued)

United States Dollar – (continued)

Republic of South Africa

$

    1,114,000       5.875   04/20/32   $       1,020,257
    1,440,000       5.750     09/30/49   1,076,933

Republic of Sri Lanka

    339,000       5.750     04/18/23   151,279
    1,825,000       6.750     04/18/28   809,387

Republic of Turkey

    2,181,000       9.125     07/13/30   2,265,172
    1,731,000       5.950     01/15/31   1,524,942

Republic of Uruguay

    1,931,531       5.750 (b)    10/28/34   2,080,800
    962,561       4.975     04/20/55   937,862

Republic of Uzbekistan

    420,000       3.900     10/19/31   344,589

Republic of Venezuela(e)

    110,000       7.750     10/13/19   6,325
    85,000       6.000     12/09/20   4,888
    175,000       8.250     10/13/24   14,000
    165,000       9.250     09/15/27   13,200
    145,000       9.250     05/07/28   11,600
    152,000       9.375     01/13/34   12,160
    140,000       12.750     08/23/22   11,200
    203,000       9.000     05/07/23   16,240
    199,000       7.650     04/21/25   15,920
    205,000       11.750     10/21/26   16,400
    205,000       11.950     08/05/31   16,400
    190,000       7.000     03/31/38   15,200

Republic of Zambia

    684,000       5.375     09/20/22   360,721

Romanian Government International Bonds

    490,000       5.250 (a)    11/25/27   478,632
    124,000       5.250     11/25/27   121,123
    918,000       7.125 (a)    01/17/33   984,804
    186,000       7.625 (a)    01/17/53   209,163
    794,000       7.625     01/17/53   892,877

Russian Federation Bond

    1,800,000       4.375     03/21/29   801,000

Saudi Government International Bonds

    364,000       5.000     01/18/53   334,804
    1,282,000       5.000 (a)    01/18/53   1,179,171

State Agency of Roads of Ukraine(f)

    901,000       6.250     06/24/30   238,477

State of Israel

    388,000       4.500     01/17/33   376,077
    493,000       4.500 (l)    04/03/20   388,420

Tunisian Republic

    200,000       5.750     01/30/25   139,302

Turkiye Ihracat Kredi Bankasi AS(a)

    357,000       9.375     01/31/26   361,909

Ukraine Government Bonds

    494,000       9.750     11/01/30   155,610
    245,000       7.375     09/25/34   72,275
    390,000       7.750     09/01/24   131,235
    1,715,000       6.876     05/21/31   505,925
    250,000       7.253     03/15/35   74,808

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Sovereign Debt Obligations – (continued)

United States Dollar – (continued)

United Mexican States(b)

$

    1,068,000       2.659   05/24/31   $          886,483
    615,000       6.338     05/04/53   626,378

Uzbekneftegaz JSC(a)(b)

    222,000       4.750     11/16/28   187,257
       

 

        105,700,271

 

TOTAL SOVEREIGN DEBT OBLIGATIONS

(Cost $339,415,262)

  $   347,104,809

 

       
Bank Loans(m) – 27.2%

Advertising(d) – 0.2%

Clear Channel Outdoor Holdings, Inc. (1M USD SOFR + 3.500%)

$

    1,880,425       9.032   08/21/26   $       1,818,427

Dotdash Meredith, Inc.(h) (1M USD SOFR + 4.000%)

    64,183       9.418     12/01/28   60,493
       

 

        1,878,920

 

Aerospace & Defense(d) – 1.0%

Dynasty Acquisition Co., Inc.

(1M USD SOFR + 3.500%)

    2,554,229       8.919     04/06/26   2,548,457

(1M USD SOFR + 3.500%)

    1,372,793       8.919     04/06/26   1,369,690

TransDigm, Inc.

(3M USD SOFR + 3.250%)

    4,532,362       8.492     02/22/27   4,537,801

(3M USD SOFR + 3.250%)

    239,432       8.492     02/22/27   239,719

(3M USD SOFR + 3.250%)

    1,496,250       8.492     08/24/28   1,496,714

(3M USD SOFR + 3.250%)

    12,763       8.492     08/24/28   12,767
       

 

        10,205,148

 

Airlines(d) – 0.8%

Air Canada (3M USD LIBOR + 3.500%)

    740,630       8.839     08/11/28   739,704

American Airlines, Inc. (3M USD SOFR + 4.750%)

    1,912,350       10.338     04/20/28   1,978,479

Kestrel Bidco, Inc. (3M USD SOFR + 3.000%)

    1,856,741       8.251     12/11/26   1,813,424

Mileage Plus Holdings LLC (3M USD LIBOR + 5.250%)

    714,353       10.764     06/21/27   744,192

SkyMiles IP Ltd. (3M USD SOFR + 3.750%)

    569,972       9.076     10/20/27   592,121

United Airlines, Inc.

(1M USD LIBOR + 3.750%)

    1,280,539       8.770     04/21/28   1,280,833

(3M USD LIBOR + 3.750%)

    963,537       9.292     04/21/28   963,758
       

 

        8,112,511

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Bank Loans(m) – (continued)

Apparel(d) – 0.1%

Birkenstock GmbH & Co. KG (3M USD SOFR + 3.250%)

$

    912,286       8.877   04/28/28   $          910,689

Boardriders, Inc.(h) (3M USD LIBOR + 8.000%)

    420,725       13.337     04/23/24   420,725
       

 

        1,331,414

 

Beverages(d) – 0.1%

City Brewing Company, LLC (3M USD SOFR + 3.500%)

    237,189       9.070     04/05/28   151,604

Naked Juice LLC (3M USD SOFR + 3.250%)

    622,173       8.248     01/24/29   585,832

Triton Water Holdings, Inc. (3M USD SOFR + 3.250%)

    311,173       8.754     03/31/28   300,637
       

 

        1,038,073

 

Building Materials – 0.1%

Emrld Borrower LP(n)

    250,000       0.000     05/31/30   249,970

Flynn Canada(d)(h) (1M USD SOFR + 4.500%)

    217,250       9.563     07/31/28   202,043

Ingersoll-Rand Services Co.(d) (1M USD SOFR + 1.750%)

    93,094       7.055     03/01/27   93,013

Solis IV B.V.(d) (3M USD SOFR + 3.500%)

    392,065       8.373     02/26/29   371,971
       

 

        916,997

 

Chemicals(d) – 0.4%

Ascend Performance Materials Operations LLC (3M USD SOFR + 4.750%)

    40,000       9.715     08/27/26   38,650

Avient Corp. (3M USD SOFR + 3.250%)

    41,919       8.616     08/29/29   41,971

Axalta Coating Systems U.S. Holdings, Inc. (3M USD SOFR + 3.000%)

    338,250       8.242     12/20/29   339,041

Discovery Purchaser Corp. (3M USD SOFR + 4.375%)

    249,373       9.617     10/04/29   242,862

Lonza Group AG

(3M USD SOFR + 3.925%)

    636,573       9.084     07/03/28   545,333

(3M USD SOFR + 3.925%)

    429,800       9.267     07/03/28   368,197

Messer Industries GmbH (3M USD SOFR + 2.500%)

    201,328       8.004     03/02/26   201,074

PQ Corp. (3M USD SOFR + 2.500%)

    204,096       7.969     06/09/28   202,878

Starfruit Finco B.V. (3M USD SOFR + 4.000%)

    1,500,000       8.990     04/03/28   1,485,000

Trinseo Materials Operating SCA (1M USD LIBOR + 2.000%)

    498,645       7.538     09/06/24   486,349
       

 

        3,951,355

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Bank Loans(m) – (continued)

Commercial Services(d) – 1.6%

Allied Universal Holdco LLC

(1M USD SOFR + 3.750%)

$

    2,104,261       9.169   05/12/28   $       2,024,994

(3M USD SOFR + 4.750%)

    1,500,000       9.881     05/12/28   1,465,080

Avis Budget Car Rental, LLC

(1M USD SOFR + 1.750%)

    499,623       7.183     08/06/27   496,890

(1M USD SOFR + 3.500%)

    59,399       8.919     03/16/29   59,324

Belron Finance U.S. LLC (3M USD SOFR + 2.750%)

    250,000       8.160     04/18/29   249,845

CHG Healthcare Services, Inc. (1M USD SOFR + 3.250%)

    364,113       8.683     09/29/28   363,144

CoreLogic, Inc.

(1M USD SOFR + 6.500%)

    875,000       11.933     06/04/29   714,219

(1M USD SOFR + 3.500%)

    1,117,610       8.933     06/02/28   1,024,882

Fly Funding II S.a.r.l. (3M USD LIBOR + 1.750%)

    713,852       7.090     08/11/25   675,661

Mavis Tire Express Services Corp. (1M USD SOFR + 4.000%)

    1,728,583       9.433     05/04/28   1,723,552

PECF USS Intermediate Holding III Corp. (3M USD SOFR + 4.250%)

    461,047       9.542     12/15/28   368,321

Prime Security Services Borrower, LLC (1M USD SOFR + 2.750%)

    1,704,386       8.182     09/23/26   1,701,540

Sabert Corp. (1M USD SOFR + 4.500%)

    159,626       9.933     12/10/26   159,227

Spin Holdco, Inc.

(3M USD LIBOR + 4.000%)

    1,459,204       8.986     03/04/28   1,230,795

(3M USD LIBOR + 4.000%)

    384,040       9.230     03/04/28   323,926

Syniverse Holdings, Inc. (3M USD SOFR + 7.000%)

    595,500       12.242     05/13/27   544,138

Team Health Holdings, Inc.

(1M USD LIBOR + 2.750%)

    926,899       8.183     02/06/24   812,835

(1M USD SOFR + 5.250%)

    1,902,121       10.569     03/02/27   1,297,513

Wand NewCo 3, Inc. (1M USD SOFR + 2.750%)

    1,872,739       8.169     02/05/26   1,869,106
       

 

        17,104,992

 

Computers(d) – 0.4%

Ahead DB Holdings, LLC (3M USD SOFR + 3.750%)

    373,591       9.092     10/18/27   363,007

iQor US, Inc.

(1M USD SOFR + 7.600%)

    59,373       12.919     11/19/24   58,581

(1M USD SOFR + 7.600%)

    163,948       12.919     11/19/25   107,181

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Bank Loans(m) – (continued)

Computers(d) – (continued)

Magenta Buyer LLC (3M USD SOFR + 5.000%)

$

    114,708       10.631   07/27/28   $            86,445

McAfee, LLC (1M USD SOFR + 3.750%)

    268,478       9.168     03/01/29   259,272

NCR Corp. (1M USD SOFR + 2.500%)

    486,489       7.933     08/28/26   484,786

Peraton Corp.

(1M USD SOFR + 3.750%)

    605,860       8.832     02/01/28   600,184

(3M USD SOFR + 7.750%)

    992,702       12.979     02/01/29   965,711

Perforce Software, Inc. (1M USD SOFR + 3.750%)

    241,250       9.183     07/01/26   231,566

Tempo Acquisition LLC (1M USD SOFR + 3.000%)

    1,246,835       8.319     08/31/28   1,248,107

Virtusa Corp. (3M USD LIBOR + 3.750%)

    1,850       9.331     02/11/28   1,839

Vision Solutions, Inc. (3M USD SOFR + 4.000%)

    249,956       9.863     04/24/28   238,663
       

 

        4,645,342

 

Consumer Cyclical Services(d) – 0.1%

The Hertz Corp.

(1M USD SOFR + 3.250%)

    1,256,691       8.683     06/30/28   1,254,768

(1M USD SOFR + 3.250%)

    241,571       8.683     06/30/28   241,202
       

 

        1,495,970

 

Distribution & Wholesale(d) – 0.2%

BCPE Empire Holdings, Inc. (1M USD SOFR + 4.750%)

    1,882,562       10.069     12/11/28   1,886,873

Core & Main LP (1M USD SOFR + 2.500%)

    362,242       7.803     07/27/28   360,659
       

 

        2,247,532

 

Diversified Financial Services – 0.7%

Apex Group Treasury LLC(d)

(3M USD SOFR + 5.000%)

    870,937       10.308     07/27/28   867,670

(3M USD LIBOR + 3.750%)

    1,606,470       9.074     07/27/28   1,586,389

Deerfield Dakota Holding, LLC(d)

(3M USD SOFR + 3.750%)

    2,445,317       8.992     04/09/27   2,349,412

(3M USD LIBOR + 6.750%)

    1,750,000       12.288     04/07/28   1,627,500

Delos Finance S.a.r.l.(d) (3M USD LIBOR + 1.750%)

    130,000       7.288     10/06/23   129,884

Ditech Holding Corp.(e)(h)

    188,851       0.000     06/30/24   18,885

Vida Capital, Inc.(d) (1M USD SOFR + 6.000%)

    742,635       11.433     10/01/26   608,961
       

 

        7,188,701

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Bank Loans(m) – (continued)

Electrical(d) – 0.3%

Pacific Gas & Electric Co.

(1M USD SOFR + 3.000%)

$

    248,078       8.063   06/23/25   $          247,218

(1M USD SOFR + 3.000%)

    1,237,261       8.433     06/23/25   1,232,967

Talen Energy Supply, LLC

(3M USD SOFR + 4.500%)

    895,238       9.590     05/17/30   892,382

(3M USD SOFR + 4.500%)

    1,104,762       9.590     05/17/30   1,101,238
       

 

        3,473,805

 

Electronics(d) – 0.2%

Ingram Micro, Inc. (3M USD LIBOR + 3.500%)

    260,869       9.038     06/30/28   259,825

Roper Industrial Products Investment Co. LLC (3M USD SOFR + 4.500%)

    2,244,375       9.742     11/22/29   2,242,198
       

 

        2,502,023

 

Energy(d) – 0.0%

Oryx Midstream Services Permian Basin LLC (1M USD SOFR + 3.250%)

    234,394       8.682     10/05/28   234,249

 

Engineering & Construction(d) – 0.5%

Brown Group Holding, LLC

(1M USD SOFR + 2.500%)

    243,350       7.819     06/07/28   241,119

(3M USD SOFR + 3.750%)

    1,241,872       9.067     07/02/29   1,240,059

KKR Apple Bidco, LLC

(1M USD SOFR + 2.750%)

    246,250       8.183     09/23/28   244,184

(1M USD SOFR + 4.000%)

    2,987,494       9.319     09/22/28   2,981,101

USIC Holdings, Inc. (1M USD SOFR + 6.500%)

    353,984       11.933     05/14/29   325,665
       

 

        5,032,128

 

Entertainment – 0.6%

AMC Entertainment Holdings, Inc.(d) (1M USD LIBOR + 3.000%)

    1,380,781       8.202     04/22/26   1,073,419

Caesars Entertainment Corp.(d) (1M USD SOFR + 3.250%)

    399,000       8.669     02/06/30   398,729

Churchill Downs, Inc.(d) (1M USD SOFR + 2.000%)

    33,656       7.419     03/17/28   33,551

Crown Finance US, Inc.

    1,278,461       0.000 (e)    02/28/25   315,358
    223,853       0.000 (e)    09/30/26   55,218

(3M USD SOFR + 10.000%)

    929,451       15.286 (d)    09/07/23   936,654

East Valley Tourist Development Authority(d)(h) (3M USD LIBOR + 7.500%)

    1,090,532       12.365     11/23/26   1,061,088

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Bank Loans(m) – (continued)

Entertainment – (continued)

Everi Holdings, Inc.(d) (1M USD SOFR + 2.500%)

$

    606,900       7.933   08/03/28   $       605,802

GVC Holdings (Gibraltar) Ltd.(d) (6M USD SOFR + 3.500%)

    149,250       8.437     10/31/29   148,958

Motion Finco S.a.r.l.(d)

(3M USD LIBOR + 3.250%)

    220,052       8.788     11/12/26   218,998

(3M USD LIBOR + 3.250%)

    31,353       8.788     11/12/26   31,202

NASCAR Holdings, LLC(d) (1M USD SOFR + 2.500%)

    510,165       7.933     10/19/26   510,823

Scientific Games Holdings LP(d) (3M USD SOFR + 3.500%)

    248,125       8.768     04/04/29   244,832

Scientific Games International, Inc.(d) (1M USD SOFR + 3.000%)

    64,350       8.302     04/14/29   64,159

SeaWorld Parks & Entertainment, Inc.(d) (1M USD SOFR + 3.000%)

    241,884       8.433     08/25/28   241,582

William Morris Endeavor Entertainment, LLC(d) (1M USD SOFR + 2.750%)

    183,622       8.183     05/18/25   183,111
       

 

        6,123,484

 

Environmental(d) – 0.4%

Covanta Holding Corp.

(1M USD SOFR + 2.500%)

    73,433       7.819     11/30/28   73,239

(1M USD SOFR + 2.500%)

    6,009       7.819     11/30/28   5,993

Filtration Group Corp. (1M USD SOFR + 4.250%)

    1,745,625       8.025     10/21/28   1,749,989

GFL Environmental Inc. (3M USD SOFR + 3.000%)

    489,829       8.469     05/31/27   490,275

GFL Environmental, Inc. (1M USD SOFR + 3.000%)

    1,277,927       8.145     05/31/27   1,279,089

Madison IAQ LLC (6M USD LIBOR + 3.250%)

    147,368       8.302     06/21/28   144,393

WIN Waste Innovations Holdings, Inc. (1M USD SOFR + 2.750%)

    154,898       8.183     03/24/28   136,670
       

 

        3,879,648

 

Food & Drug Retailing(d) – 0.1%

8th Avenue Food & Provisions, Inc.

(1M USD SOFR + 7.750%)

    280,000       13.183     10/01/26   184,800

(1M USD SOFR + 3.750%)

    792,886       9.183     10/01/25   732,428

US Foods, Inc. (1M USD SOFR + 2.000%)

    110,643       7.433     09/13/26   110,611

UTZ Quality Foods, LLC (1M USD SOFR + 3.000%)

    8,936       8.433     01/20/28   8,920
       

 

        1,036,759

 

Principal

Amount

   

Interest

Rate

   

Maturity

Date

  Value
Bank Loans(m) – (continued)

Forest Products & Paper(d) – 0.0%

Asplundh Tree Expert, LLC (1M USD SOFR + 1.750%)

$

    62,518       7.169   09/07/27   $         62,445

 

Gaming(d) – 0.4%

Fertitta Entertainment, LLC

(1M USD SOFR + 4.000%)

    1,134,044       9.319     01/27/29   1,120,787

(1M USD SOFR + 4.000%)

    1,564,095       9.319     01/27/29   1,545,811

Station Casinos LLC

(1M USD LIBOR + 2.250%)

    220,000       7.669     02/08/27   219,047

(1M USD SOFR + 2.250%)

    94,864       7.669     02/08/27   94,453

The Stars Group Holdings B.V.

(3M USD SOFR + 2.250%)

    389,094       7.754     07/21/26   388,608

(3M USD SOFR + 3.250%)

    867,814       8.754     07/22/28   867,493
       

 

        4,236,199

 

Hand/Machine Tools(d) – 0.0%

Alliance Laundry Systems LLC (1M USD SOFR + 3.500%)

    222,627       8.849     10/08/27   222,126

 

Health Care Products(d) – 0.5%

Bausch & Lomb, Inc.

(3M USD SOFR + 3.250%)

    1,612,168       8.457     05/10/27   1,573,282

(3M USD SOFR + 3.250%)

    1,483,378       8.592     05/10/27   1,447,599

Carestream Dental Equipment, Inc. (3M USD LIBOR + 3.250%)

    241,377       8.981     09/01/24   210,452

Carestream Health, Inc. (3M USD SOFR + 7.500%)

    1,253,198       12.842     09/30/27   926,589

Viant Medical Holdings, Inc. (1M USD LIBOR + 3.750%)

    624,366       9.183     07/02/25   608,239

Vyaire Medical, Inc. (3M USD LIBOR + 4.750%)

    366,802       10.259     04/16/25   260,954
       

 

        5,027,115

 

Health Care Services(d) – 0.2%

Envision Healthcare Corp.

(3M USD SOFR + 4.250%)

    2,300,294       9.492     03/31/27   542,731

(3M USD SOFR + 7.875%)

    329,959       13.267     03/31/27   380,277

ICON Luxembourg S.a.r.l. (3M USD SOFR + 2.250%)

    316,541       7.754     07/03/28   316,649

Verscend Holding Corp.

(1M USD SOFR + 4.000%)

    746,193       9.025     08/27/25   744,947

(1M USD SOFR + 4.000%)

    226,822       9.433     08/27/25   226,444
       

 

        2,211,048

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)    

Healthcare Providers & Services – 1.1%

 

DaVita, Inc.(d) (1M USD SOFR + 1.750%)

 

$

    183,373       7.183   08/12/26   $          181,066

EyeCare Partners LLC(n)

    375,000       0.000     11/15/28   293,813

Global Medical Response, Inc.(d)

(3M USD SOFR + 4.250%)

 

   
    107,658       9.881     03/14/25   65,537

(3M USD SOFR + 4.250%)

 

   
    1,968,726       9.780     10/02/25   1,198,462

Heartland Dental, LLC(d) (1M USD SOFR + 5.000%)

    587,695       10.222     04/28/28   569,958

Lifescan Global Corp.(d) (3M USD SOFR + 6.000%)

    3,323,021       11.567     12/31/26   2,670,878

Medline Borrower, LP(d) (1M USD SOFR + 3.250%)

    1,914,407       8.683     10/23/28   1,893,521

Onex TSG Intermediate Corp.(d) (3M USD SOFR + 4.750%)

    365,318       10.381     02/28/28   326,350

Parexel International Corp.(d) (1M USD SOFR + 3.250%)

    1,312,013       8.683     11/15/28   1,305,729

Phoenix Guarantor, Inc.(d)

 

(1M USD SOFR + 3.250%)

 

   
    337,750       8.683     03/05/26   335,078

(1M USD SOFR + 3.500%)

 

   
    231,742       8.933     03/05/26   230,196

Pluto Acquisition I, Inc.(d) (3M USD LIBOR + 4.000%)

    166,159       9.476     06/22/26   135,973

PRA Health Sciences, Inc.(d) (3M USD SOFR + 2.250%)

    78,866       7.754     07/03/28   78,893

RegionalCare Hospital Partners Holdings, Inc.(d) (3M USD LIBOR + 3.750%)

    261,659       9.116     11/16/25   257,815

Select Medical Corp.(d) (1M USD SOFR + 3.000%)

 
    164,077       8.319     03/06/25   163,626

Surgery Center Holdings, Inc.(d) (1M USD SOFR + 3.750%)

    1,786,046       9.119     08/31/26   1,785,242
       

 

        11,492,137

 

Home Construction(d) – 0.1%

 

Chamberlain Group, Inc. (1M USD SOFR + 3.250%)

    998,734       8.669     11/03/28   983,064

 

Home Furnishings(d) – 0.2%

 

AI Aqua Merger Sub, Inc. (1M USD SOFR + 3.750%)

    616,880       8.944     07/31/28   608,243

Herman Miller, Inc. (1M USD SOFR + 2.000%)

    365,025       7.433     07/19/28   356,071

Weber-Stephen Products LLC (1M USD SOFR + 3.250%)

    765,868       8.683     10/30/27   682,496
       

 

        1,646,810

 

Household Products(d) – 0.1%

 

   

Kronos Acquisition Holdings, Inc.

(3M USD LIBOR + 3.750%)

 

   
    324,271       9.098     12/22/26   317,455

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Household Products(d) – (continued)

 

(3M USD SOFR + 6.000%)

 

   

$

    273,611       11.375   12/22/26   $          270,533
       

 

        587,988

 

Housewares(d) – 0.2%

 

Southern Veterinary Partners, LLC (1M USD SOFR + 4.000%)

    835,551       9.433     10/05/27   824,588

Springs Windows Fashions, LLC (1M USD SOFR + 4.000%)

    1,365,284       9.433     10/06/28   1,133,677
       

 

        1,958,265

 

Industrial Services(d) – 0.1%

 

LaserShip, Inc. (3M USD SOFR + 4.500%)

 
    1,337,930       10.131     05/07/28   1,142,592

 

Insurance(d) – 2.2%

 

     

Acrisure, LLC

 

     

(1M USD LIBOR + 3.350%)

 

   
    748,711       8.933     02/15/27   728,594

(1M USD LIBOR + 4.250%)

 

   
    3,848,592       9.683     02/15/27   3,814,917

Alliant Holdings Intermediate, LLC

 

(1M USD LIBOR + 3.500%)

 

   
    245,622       8.920     11/06/27   244,843

(1M USD SOFR + 3.500%)

 

   
    1,341,552       8.722     11/05/27   1,338,198

(1M USD SOFR + 3.500%)

 

   
    497,657       8.722     11/05/27   496,413

AssuredPartners, Inc.

 

(1M USD SOFR + 3.500%)

 

   
    369,066       8.819     02/12/27   366,759

(1M USD SOFR + 3.500%)

 

   
    493,596       8.933     02/12/27   490,047

(1M USD SOFR + 3.500%)

 

   
    1,614,551       8.933     02/12/27   1,603,781

(1M USD SOFR + 4.250%)

 

   
    1,812,668       9.569     02/12/27   1,810,402

Asurion LLC

 

     

(1M USD SOFR + 5.250%)

 

   
    276,000       10.683     01/20/29   240,551

(3M USD LIBOR + 3.000%)

 

   
    863,829       8.538     11/03/24   862,818

(3M USD LIBOR + 3.250%)

 

   
    376,411       8.788     07/31/27   359,356

Broadstreet Partners, Inc.

 

(1M USD SOFR + 3.000%)

 

   
    738,410       8.433     01/27/27   733,337

(1M USD SOFR + 3.250%)

 

   
    332,977       8.683     01/27/27   331,146

(1M USD SOFR + 4.000%)

 

   
    1,500,000       9.319     01/27/29   1,494,000

Howden Group Holdings Ltd. (1M USD SOFR + 4.000%)

    1,122,188       9.319     04/18/30   1,118,686

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Insurance(d) – (continued)

HUB International Limited

(3M USD SOFR + 4.250%)

$

    4,750,000       9.584   06/20/30   $       4,767,813

(3M USD SOFR + 4.250%)

    846,645       9.584     06/20/30   849,820

Hyperion Insurance Group Ltd. (1M USD LIBOR + 3.250%)

    750,110       8.688     11/12/27   743,209

USI, Inc. (3M USD LIBOR + 3.250%)

    243,697       8.788     12/02/26   243,636
       

 

  22,638,326

 

Internet(d) – 0.5%

CNT Holdings I Corp.

(3M USD SOFR + 3.500%)

    617,472       8.800     11/08/27   615,706

(3M USD SOFR + 3.500%)

    122,802       8.800     11/08/27   122,450

(3M USD SOFR + 6.750%)

    1,368,000       11.709     11/06/28   1,340,640

IU Finance Management GmbH (3M EURIBOR + 4.750%)

EUR

    192,307       8.226     12/08/28   208,429

MH Sub I, LLC

(1M USD SOFR + 3.750%)

$

    216,602       9.183     09/13/24   216,485

(1M USD SOFR + 3.750%)

    564,092       9.183     09/13/24   563,856

Proofpoint, Inc. (1M USD SOFR + 3.250%)

    250,506       8.683     08/31/28   246,573

PUG LLC

(1M USD SOFR + 3.500%)

    614,150       8.933     02/12/27   566,553

(1M USD SOFR + 3.500%)

    524,652       8.933     02/12/27   483,991

(1M USD SOFR + 4.250%)

    1,364,899       9.669     02/12/27   1,276,181
       

 

  5,640,864

 

Leisure Time(d) – 1.1%

Alterra Mountain Co.

(1M USD SOFR + 3.500%)

    367,798       8.933     08/17/28   367,034

(1M USD SOFR + 3.750%)

    449,669       9.169     05/31/30   448,266

Carnival Corp.

(1M USD SOFR + 3.000%)

    1,734,072       8.433     06/30/25   1,731,471

(1M USD SOFR + 3.000%)

    1,311,581       8.433     06/30/25   1,309,614

(1M USD SOFR + 3.250%)

    1,234,972       8.683     10/18/28   1,229,575

(1M USD SOFR + 3.250%)

    260,506       8.683     10/18/28   259,368

ClubCorp Holdings, Inc.

(3M USD LIBOR + 2.750%)

    2,726,054       8.288     09/18/24   2,654,931

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Leisure Time(d) – (continued)

(3M USD LIBOR + 2.750%)

$

    2,053,075       8.288   09/18/24   $       1,999,510

Equinox Holdings, Inc. (6M USD LIBOR + 3.000%)

    1,101,773       8.634     03/08/24   1,033,143

Hornblower Sub, LLC (3M USD LIBOR + 4.500%)

    45,336       10.481     04/27/25   22,366

Life Time Fitness, Inc. (3M USD SOFR + 4.750%)

    357,868       10.611     01/15/26   358,913
       

 

  11,414,191

 

Machinery-Diversified(d) – 0.9%

Ali Group North America Corp. (1M USD SOFR + 2.000%)

    292,852       7.433     07/30/29   292,762

Chart Industries, Inc.

(1M USD SOFR + 3.750%)

    500,000       9.105     03/15/30   500,000

(1M USD SOFR + 3.750%)

    249,375       9.105     03/15/30   249,375

Engineered Machinery Holdings, Inc.

(3M USD LIBOR + 6.000%)

    250,000       11.159     05/21/29   236,250

(3M USD LIBOR + 6.500%)

    585,000       11.659     05/21/29   552,825

Pro Mach Group, Inc.

(1M USD SOFR + 4.000%)

    287,051       9.433     08/31/28   287,180

(1M USD SOFR + 5.000%)

    1,500,000       10.419 (h)    08/31/28   1,503,750

SPX Flow, Inc. (1M USD SOFR + 4.500%)

    1,448,420       9.582     04/05/29   1,431,980

Star US Bidco LLC (1M USD SOFR + 4.250%)

    490,949       9.669     03/17/27   486,806

Titan Acquisition Ltd. (3M USD LIBOR + 3.000%)

    3,041,457       8.731     03/28/25   2,971,777

Vertical US Newco, Inc. (6M USD SOFR + 3.500%)

    52,671       9.381     07/30/27   52,440

Victory Buyer LLC (3M USD SOFR + 3.750%)

    483,722       9.258     11/19/28   440,792
       

 

  9,005,937

 

Media – 0.7%

Cengage Learning, Inc.(d) (3M USD LIBOR + 4.750%)

    964,591       10.323     07/14/26   953,412

CSC Holdings, LLC(d)

(1M USD LIBOR + 2.250%)

    32,477       7.586     01/15/26   30,577

(1M USD LIBOR + 4.500%)

    183,723       7.586     07/17/25   174,629

(1M USD SOFR + 4.500%)

    510,621       9.722     01/18/28   468,622

Diamond Sports Group, LLC(n)

    1,261,611       0.000     08/24/26   34,240

DirecTV Financing, LLC(d) (1M USD SOFR + 5.000%)

    995,061       10.433     08/02/27   987,757

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Media – (continued)

iHeartCommunications, Inc.(d) (1M USD SOFR + 3.000%)

$

    1,245,431       8.433   05/01/26   $       1,119,642

LCPR Loan Financing LLC(d) (1M USD SOFR + 3.750%)

    329,208       9.086     10/16/28   323,611

McGraw-Hill Global Education Holdings, LLC(d) (3M USD SOFR + 4.750%)

    141,328       10.257     07/28/28   137,124

NEP Group, Inc.(d) (1M USD SOFR + 3.250%)

    579,152       8.683     10/20/25   532,964

Radiate Holdco, LLC(d) (1M USD SOFR + 3.250%)

    219,443       8.683     09/25/26   184,295

Univision Communications, Inc.(d) (1M USD SOFR + 3.250%)

    647,242       8.683     03/15/26   643,398

UPC Financing Partnership(d) (1M USD SOFR + 2.925%)

    250,000       8.261     01/31/29   243,250

Virgin Media Bristol LLC(d) (6M USD SOFR + 3.250%)

    775,000       8.311     03/31/31   761,438

Ziggo Financing Partnership(d) (1M USD SOFR + 2.500%)

    615,000       7.836     04/30/28   597,577
       

 

  7,192,536

 

Media - Broadcasting & Radio(d) – 0.0%

Grinding Media, Inc. (3M USD SOFR + 4.000%)

    367,498       9.530     10/12/28   359,230

 

Media - Non Cable(d) – 0.0%

Lions Gate Capital Holdings LLC (1M USD SOFR + 2.250%)

    369,875       7.669     03/24/25   368,795

 

Metal Fabricate & Hardware(d) – 0.2%

Crosby U.S. Acquisition Corp. (1M USD SOFR + 5.000%)

    749,063       10.291     06/27/26   745,789

Crosby US Acquisition Corp. (1M USD SOFR + 4.750%)

    1,758,562       10.141     06/26/26   1,751,229
       

 

  2,497,018

 

Mining(h) – 0.1%

Arctic Canadian Diamond Co. Ltd.(d) (3M USD LIBOR + 10.000%)

    23,978       10.000     12/31/27   23,738

Dominion Diamond(n)

    467,153       0.000     06/30/26   467,153
       

 

  490,891

 

Miscellaneous Manufacturing(d) – 0.1%

Gates Global LLC (1M USD SOFR + 2.500%)

    238,206       7.919     03/31/27   237,498

LTI Holdings, Inc. (1M USD SOFR + 3.500%)

    860,417       8.933     09/06/25   827,618

Spectrum Holdings III Corp. (3M USD LIBOR + 3.250%)

    223,819       8.831     01/31/25   222,420
       

 

  1,287,536

 

Oil Field Services(d) – 0.4%

Gulf Finance, LLC (1M USD SOFR + 6.750%)

    2,690,569       12.330     08/25/26   2,692,264

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Oil Field Services(d) – (continued)

QuarterNorth Energy Holding, Inc. (1M USD SOFR + 8.000%)

$

    1,002,843       13.433   08/27/26   $          996,997
       

 

  3,689,261

 

Packaging(d) – 0.9%

Charter NEX US, Inc. (1M USD SOFR + 3.750%)

    2,107,894       9.183     12/01/27   2,097,059

Clydesdale Acquisition Holdings, Inc. (1M USD SOFR + 4.175%)

    187,217       9.594     04/13/29   185,361

Klockner-Pentaplast of America, Inc. (6M USD SOFR + 4.725%)

    345,517       10.104     02/12/26   325,649

LABL, Inc.

(1M USD LIBOR + 5.100%)

    149,620       10.419     10/29/28   148,722

(1M USD SOFR + 5.100%)

    1,731,823       10.419     10/29/28   1,721,432

Pregis TopCo Corp. (1M USD SOFR + 3.750%)

    492,347       9.069     07/31/26   490,294

Pretium PKG Holdings, Inc.

(3M USD LIBOR + 6.750%)

    250,000       12.272     10/01/29   126,740

(3M USD LIBOR + 4.000%)

    1,214,468       4.765     10/02/28   813,694

(3M USD LIBOR + 4.000%)

    149,620       9.530     10/02/28   100,246

Proampac PG Borrower LLC (3M USD SOFR + 3.750%)

    2,107,080       9.240     11/03/25   2,095,660

Reynolds Group Holdings, Inc.

(1M USD SOFR + 3.250%)

    434,472       8.683     02/05/26   433,812

(1M USD SOFR + 3.250%)

    64,734       8.683     09/24/28   64,577

TricorBraun Holdings, Inc. (1M USD SOFR + 3.250%)

    302,624       8.683     03/03/28   298,527
       

 

  8,901,773

 

Pharmaceuticals(d) – 2.1%

Curium BidCo S.a r.l. (3M USD LIBOR + 4.250%)

    370,313       9.409     12/02/27   369,850

Gainwell Acquisition Corp.

(3M USD SOFR + 4.000%)

    1,331,158       9.342     10/01/27   1,307,529

(3M USD SOFR + 4.000%)

    308,589       9.342     10/01/27   303,112

Grifols Worldwide Operations USA, Inc. (3M USD SOFR + 2.000%)

    323,754       7.414     11/15/27   319,193

Jazz Financing Lux S.a.r.l.

(1M USD SOFR + 3.500%)

    667,425       8.933     05/05/28   666,591

(1M USD SOFR + 3.500%)

    1,786,835       8.933     05/05/28   1,784,602

Lannett Co., Inc.(h) (3M USD SOFR + 0.000%)

    391,603       5.508     06/16/30   391,603

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Pharmaceuticals(d) – (continued)

Mallinckrodt International Finance S.A. (1M USD SOFR + 5.500%)

$

    32,153       10.869   09/30/27   $            24,245

Midwest Veterinary Partners, LLC (1M USD SOFR + 4.000%)

    1,729,227       9.433     04/27/28   1,691,754

Organon & Co. (1M USD SOFR + 3.000%)

    951,330       8.431     06/02/28   947,287

Packaging Coordinators Midco, Inc. (3M USD SOFR + 3.500%)

    360,829       9.003     11/30/27   357,502

Pathway Vet Alliance LLC (1M USD LIBOR + 3.750%)

    3,209,003       9.183     03/31/27   2,858,291

Pearl Intermediate Parent LLC

(1M USD SOFR + 2.750%)

    498,684       8.169     02/14/25   483,973

(1M USD SOFR + 3.250%)

    498,691       8.669     02/14/25   485,915

(1M USD SOFR + 6.250%)

    1,750,000       11.669     02/13/26   1,634,500

PetVet Care Centers, LLC (1M USD SOFR + 3.500%)

    2,839,160       8.919     02/14/25   2,773,518

Sunshine Luxembourg VII S.a.r.l. (3M USD SOFR + 3.750%)

    5,306,000       9.092     10/01/26   5,296,980
       

 

  21,696,445

 

Pipelines(d) – 0.6%

Epic Y-Grade Services, LP (1M USD SOFR + 6.000%)

    2,175,229       11.364     06/30/27   1,979,458

Freeport LNG Investments LLLP (3M USD SOFR + 3.000%)

    1,622,641       8.588     11/17/26   1,594,244

Freeport LNG Investments, LLLP (3M USD SOFR + 3.500%)

    114,542       9.088     12/21/28   113,062

TransMontaigne Operating Co. LP (1M USD SOFR + 3.500%)

    859,553       8.926     11/17/28   852,643

Traverse Midstream Partners LLC

(3M USD SOFR + 3.750%)

    966,054       9.216     02/16/28   959,417

(3M USD SOFR + 3.750%)

    940,786       9.216     02/16/28   934,323
       

 

  6,433,147

 

Real Estate(d) – 0.2%

Cushman & Wakefield U.S. Borrower, LLC

(1M USD SOFR + 2.750%)

    1,050,992       7.774     08/21/25   1,047,576

(1M USD SOFR + 2.750%)

    415,665       8.183     08/21/25   414,314

(1M USD SOFR + 3.250%)

    564,301       8.669     01/31/30   544,551
       

 

  2,006,441

 

Retailers(d) – 0.0%

Jo-Ann Stores, Inc. (3M USD SOFR + 4.750%)

    289,050       10.362     07/07/28   142,791

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Retailing – 0.7%

1011778 B.C. Unlimited Liability Co.(d) (1M USD LIBOR + 1.750%)

$

    104,226       7.183   11/19/26   $          103,462

Academy Ltd.(d) (1M USD SOFR + 3.750%)

    681,096       9.183     11/05/27   682,799

Belk, Inc.(d)

(3M USD LIBOR + 10.000%)

    555,686       10.000     07/31/25   59,736

(3M USD LIBOR + 7.500%)

    112,852       12.976     07/31/25   95,924

EG Group Ltd.

GBP

    255,000       0.000 (n)    02/07/25   320,640

(3M USD SOFR + 4.000%)

$

    357,508       9.165 (d)    02/07/25   355,384

IRB Holding Corp(d) (1M USD SOFR + 3.000%)

    820,529       8.419     12/15/27   815,606

PetSmart, Inc.(d) (1M USD SOFR + 3.750%)

    1,311,963       9.169     02/11/28   1,309,850

Pilot Travel Centers LLC(n)

    500,000       0.000     08/04/28   499,020

Restoration Hardware, Inc.(d) (1M USD SOFR + 2.500%)

    219,960       7.933     10/20/28   213,007

SRS Distribution, Inc.(d) (1M USD SOFR + 3.500%)

    2,225,971       8.933     06/02/28   2,192,581

Staples, Inc.(d) (3M USD LIBOR + 5.000%)

    120,700       10.634     04/16/26   103,420

Whatabrands LLC(d) (1M USD SOFR + 3.250%)

    750,000       8.683     08/03/28   746,250
       

 

  7,497,679

 

Semiconductors(d) – 0.0%

Bright Bidco B.V. (3M USD SOFR + 1.000%)

    568,238       6.366     10/31/27   286,960

MACOM Technology Solutions Holdings, Inc. (1M USD LIBOR + 2.250%)

    89,956       7.683     05/17/24   89,563
       

 

  376,523

 

Services Cyclical - Business Services(d) – 0.0%

Travelport Finance (Luxembourg) S.a.r.l. (3M USD LIBOR + 1.600%)

    529       7.231     02/28/25   517

 

Software(d) – 4.7%

Applied Systems, Inc.

(3M USD SOFR + 4.500%)

    3,491,250       9.742     09/18/26   3,495,300

(3M USD SOFR + 6.750%)

    1,847,036       11.992     09/17/27   1,847,036

Apttus Corp. (1M USD SOFR + 4.000%)

    213,520       9.433     05/08/28   210,117

Athenahealth Group, Inc.

(1M USD SOFR + 3.500%)

    690       7.821     02/15/29   668

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Software(d) – (continued)

(1M USD SOFR + 3.500%)

$

    5,599       8.805   02/15/29   $              5,427

Banff Merger Sub, Inc. (1M USD SOFR + 3.750%)

    1,089,566       9.183     10/02/25   1,086,439

Camelot U.S. Acquisition LLC

(1M USD SOFR + 3.000%)

    209,248       8.433     10/30/26   209,051

(1M USD SOFR + 3.000%)

    746,301       8.433     10/30/26   745,368

CDK Global, Inc. (3M USD SOFR + 4.250%)

    1,517,375       9.492     07/06/29   1,517,314

Ceridian HCM Holding, Inc. (3M USD LIBOR + 2.500%)

    1,447,598       7.976     04/30/25   1,445,788

Epicor Software Corp.

(1M USD SOFR + 3.250%)

    1,762,537       8.683     07/30/27   1,749,547

(1M USD SOFR + 7.750%)

    3,625,000       13.169     07/31/28   3,630,655

Finastra USA, Inc.

(3M USD LIBOR + 3.500%)

    2,530,412       1.506     06/13/24   2,448,756

(3M USD LIBOR + 3.500%)

    3,098,756       3.013     06/13/24   2,998,759

Greenway Health, LLC(h) (3M USD LIBOR + 3.750%)

    121,841       9.271     02/16/24   98,691

Hyland Software, Inc. (1M USD SOFR + 3.500%)

    1,088,462       8.933     07/01/24   1,083,814

Informatica LLC (1M USD SOFR + 2.750%)

    985,006       8.183     10/27/28   978,239

Mavenir Systems, Inc. (3M USD LIBOR + 4.750%)

    742,338       10.143     08/18/28   544,876

Open Text Corp. (1M USD SOFR + 3.500%)

    1,536,091       8.919     01/31/30   1,537,627

Polaris Newco LLC (3M USD LIBOR + 4.000%)

    1,547,377       9.538     06/02/28   1,458,650

Quest Software US Holdings, Inc. (3M USD SOFR + 7.500%)

    312,603       13.019     02/01/30   203,817

Rackspace Technology Global, Inc. (1M USD SOFR + 2.750%)

    2,675,625       8.029     02/15/28   1,173,609

RealPage, Inc. (1M USD SOFR + 6.500%)

    3,739,000       11.805     04/23/29   3,709,088

Rocket Software, Inc. (3M USD SOFR + 4.250%)

    124,674       9.601     11/28/25   124,161

Sophia, LP

(1M USD SOFR + 8.000%)

    2,000,000       13.419     10/09/28   1,995,000

(3M USD LIBOR + 3.500%)

    1,092,994       9.038     10/07/27   1,086,163

Sovos Compliance, LLC (1M USD SOFR + 4.500%)

    1,376,546       9.933     08/11/28   1,335,566

SS&C Holdings Europe S.a.r.l. (1M USD SOFR + 1.750%)

    433,832       7.183     04/16/25   433,433

SS&C Technologies, Inc. (1M USD SOFR + 1.750%)

    452,678       7.183     04/16/25   452,261

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Software(d) – (continued)

The Dun & Bradstreet Corp. (1M USD SOFR + 3.000%)

$

    3,079,392       8.666   02/06/26   $       3,078,006

The Ultimate Software Group, Inc.

(3M USD SOFR + 3.250%)

    743,052       8.618     05/04/26   738,505

(3M USD SOFR + 3.250%)

    1,087,022       8.618     05/04/26   1,080,370

(3M USD SOFR + 3.750%)

    2,979,451       9.219     05/04/26   2,973,879

(3M USD SOFR + 4.500%)

    1,250,000       9.776     05/04/26   1,252,600

(3M USD SOFR + 5.250%)

    772,530       10.618     05/03/27   761,429

West Corp. (3M USD SOFR + 4.000%)

    681,639       9.351     04/10/27   648,975

Zelis Healthcare Corp. (1M USD SOFR + 3.500%)

    241,823       8.933     09/30/26   241,446
       

 

  48,380,430

 

Technology - Software(d) – 0.1%

Quartz Acquireco LLC(h) (1M USD SOFR + 3.500%)

    250,000       8.817     06/28/30   249,375

Riverbed Technology, Inc. (3M USD SOFR + 4.500%)

    504,006       9.742     07/01/28   292,324
       

 

  541,699

 

Telecommunication Services – 0.8%

Altice France SA(d)

(3M USD LIBOR + 3.688%)

    233,086       9.257     01/31/26   206,572

(3M USD LIBOR + 4.000%)

    214,340       9.321     08/14/26   189,558

Avaya, Inc.(d)

(1M USD SOFR + 8.000%)

    265,386       12.890     08/01/28   219,987

(1M USD SOFR + 8.500%)

    1,501,408       13.805     08/01/28   1,244,562

Cincinnati Bell, Inc.(d) (1M USD SOFR + 3.250%)

    193,841       8.669     11/22/28   184,599

CommScope, Inc.(d) (1M USD SOFR + 3.250%)

    526,395       8.683     04/06/26   489,284

Cyxtera DC Holdings, Inc.

(1M USD SOFR + 8.500%)

    386,391       13.931 (d)    12/07/23   384,219
    1,157,898       0.000 (e)(n)    05/01/24   628,646

Dawn Acquisition LLC(d) (3M USD SOFR + 3.750%)

    1,462,095       9.254     12/31/25   1,093,150

Delta TopCo, Inc.(d) (6M USD LIBOR + 3.750%)

    464,458       9.069     12/01/27   453,167

EOS Finco Sarl(d) (3M USD SOFR + 6.000%)

    369,536       11.268     10/08/29   363,993

Frontier Communications Corp.(d) (1M USD SOFR + 3.750%)

    972,462       9.183     05/01/28   921,865

GOGO Intermediate Holdings LLC(d) (1M USD SOFR + 3.750%)

    803,854       9.183     04/30/28   804,023

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Principal

Amount

    Interest
Rate
    Maturity
Date
  Value
Bank Loans(m) – (continued)

Telecommunication Services – (continued)

Level 3 Financing, Inc.(d) (1M USD SOFR + 1.750%)

$

    95,000       7.183   03/01/27   $           89,132

MLN US HoldCo LLC(d)

(3M USD SOFR + 6.700%)

    547,835       12.110     11/01/27   182,610

(3M USD SOFR + 8.750%)

    250,000       14.088     11/30/26   27,083

MLN US Holding Co. LLC(d) (3M USD SOFR + 9.250%)

    889,178       9.838     11/30/25   106,701

Nuuday A/S(n)

EUR

    400,000       0.000     02/03/28   435,129
       

 

  8,024,280

 

Telecommunications(d) – 0.1%

Intelsat Jackson Holdings S.A. (3M USD SOFR + 4.250%)

$

    1,181,718       7.445     02/01/29   1,178,598

Zayo Group Holdings, Inc. (1M USD SOFR + 3.000%)

    75,000       8.433     03/09/27   56,969
       

 

  1,235,567

 

Transportation(d) – 0.1%

Kenan Advantage Group, Inc.

(3M USD SOFR + 4.000%)

    500,000       9.727     03/24/26   499,690

(3M USD SOFR + 3.750%)

    248,092       8.775     03/24/26   247,409
       

 

  747,099

 

TOTAL BANK LOANS
(Cost $291,695,882)
  $  282,537,816

 

    Shares      Description   Value
Common Stocks – 0.6%

Broadline Retail(e)(h) – 0.0%

           68      Belk, Inc.   $                544

 

 

 

 

Commerical Services & Supplies(e)(i) – 0.0%

                65,182      Monitronics International, Inc.   7

 

 

 

 

Diversified Consumer Services(e) – 0.0%

    7,679      Premier Brands Group Holdings LLC   4,354

 

 

 

 

Energy Equipment & Services(e) – 0.0%

    17,933      Parker Drilling Co.   201,746

 

 

 

 

Financial Services(e)(h) – 0.0%

    5,500      Copper Earnout Trust(i)   15,125
    240      Voyager Aviation Holdings LLC  
      

 

       15,125

 

 

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Media(e) – 0.0%

 
  24,753      Clear Channel Outdoor Holdings, Inc.   $            44,555

 

 

 

Metals & Mining(e) – 0.1%

 
  627      Arctic Canadian Diamond Co. Ltd(h)   266,540
  1,239,530      Burgundy Diamond Mines Ltd.   199,822
    

 

     466,362

 

 

 

Oil, Gas & Consumable Fuels – 0.2%

 
  304      California Resources Corp.   16,218
  18,456      Fieldwood Energy, Inc.(e)   2,076,300
    

 

     2,092,518

 

 

 

Pharmaceuticals(e)(h) – 0.0%

 
  65,267      Lannett Co., Inc.   48,546

 

 

 

Professional Services(e) – 0.1%

 
                      61,506      Avaya Holdings Corp.   440,813
  17,300      Skillsoft Corp.   22,836
    

 

     463,649

 

 

 

Real Estate – 0.0%

 
  41,250      Copper Property CTL Pass Through Trust   433,538

 

 

 

Real Estate Management & Development(e) – 0.0%

 
  288,360      WeWork, Inc. Class A   62,430

 

 

 

Semiconductors & Semiconductor Equipment – 0.0%

 
  7,767      Bright Bidco B.V.   3,689
  10,610      Bright Bidco B.V.(i)   4,377
    

 

     8,066

 

 

 

Specialty Retail(e)(h) – 0.1%

 
  7,504      Guitar Center, Inc.   1,371,506

 

 

 

Wireless Telecommunication Services(e) – 0.1%

 
  5,606      IQOR US, Inc.   3,739
  45,384      Windstream Corp.   431,148
    

 

     434,887

 

 

 
TOTAL COMMON STOCKS
(Cost $7,929,545)
  $       5,647,833

 

 

Units     

Expiration

Date

  Value
  Warrants(e) – 0.0%
 

Avation PLC(b)

 
  20,510      10/31/26   $            13,161
 

California Resources Corp.(b)

 
  670      10/27/24   12,127
 

Fieldwood Energy, Inc.(b)

 
  6,687      08/01/29   48,669
 

Guitar Center, Inc.(h)

 
  3,972      12/31/99   251,340
 

Intelsat SA(b)

  1      02/17/27   1

 

 

 
TOTAL WARRANTS
(Cost $427,767)
  $          325,298

 

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares     

Dividend

Rate

  Value
  Preferred Stocks(e)(h) – 0.0%
 

Post Secondary Education – 0.0%

 
 

Riverbed Technology, Inc.

  10,686      0.000%   $                   —
 

Voyager Aviation Holdings LLC

                        1,441      0.000      180,125
    
     180,125

 

 

 

Specialty Retail – 0.0%

 

Guitar Center, Inc.

  103      0.000      9,632

 

 

 
TOTAL PREFERRED STOCKS
(Cost $319,237)
  $          189,757

 

 

    
  Investment Company(o) – 6.3%  
 

Goldman Sachs Financial Square Government Fund - Institutional
Shares

  65,681,525      5.220%   $     65,681,525
  (Cost $65,681,525)  

 

 

  TOTAL INVESTMENTS – 100.9%  
  (Cost $1,082,620,070)   $1,048,962,305

 

 

 

LIABILITIES IN EXCESS OF OTHER

    ASSETS – (0.9)%

  (9,703,668)

 

 

  NET ASSETS – 100.0%   $1,039,258,637

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)   Pay-in-kind securities.
(d)   Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on July 31, 2023.
(e)   Security is currently in default and/or non-income producing.
(f)   Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $911,853, which represents approximately 0of the Fund’s net assets as of July 31, 2023.
(g)   Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)   Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(i)   Restricted securities are not registered under the Securities Act of 1933, as amended, and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of Restricted securities amounts to $84,284, which represents approximately 0.0% of the Fund’s net assets as of May 31, 2021. See additional details below:
    Restricted Security   Acquisition Date     Cost  
 

 

 

   

 

Bright Bidco B.V.

    02/14/23     $ 280,407  
 

Chesapeake Energy Corp.

    06/21/19       42,991  
 

Chesapeake Energy Corp.

    06/21/19       316,924  
 

Copper Earnout Trust

    12/07/20       39,600  
 

Monitronics International, Inc.

    04/01/20       1,069,076  
 

Neiman Marcus Group Ltd. LLC

    10/15/21       605,000  
 

 

 
(j)   Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on July 31, 2023.
(k)   Actual maturity date is July 28, 2121.
(l)   Actual maturity date is April 03, 2120.
(m)   Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on July 31, 2023. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(n)   This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(o)   Represents an affiliated Issuer.
 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

 

Counterparty     

Currency

Purchased

      

Currency

Sold

      

Settlement

Date

      

Unrealized

Gain

 

 

 

Barclays Bank PLC

    

GBP

     2,505,000          USD        3,214,745          10/26/23        $ 717  
    

MYR

     23,857,146          USD        5,192,600          08/11/23          109,936  

BNP Paribas SA

    

CNH

     6,901,536          USD        956,000          09/14/23          13,964  
    

HUF

     2,084,295,457          USD        5,804,220          10/11/23          24,511  
    

NGN

     552,080,000          USD        670,000          10/10/23          30,017  
    

NGN

     266,899,500          USD        333,000          11/02/23          2,076  

BofA Securities LLC

    

CNH

     59,753,916          USD        8,275,879          09/14/23          122,132  
    

COP

     6,287,700,600          USD        1,391,700          09/05/23          194,385  
    

NGN

     534,180,464          USD        667,726          10/03/23          11,807  

Citibank NA

    

CAD

     1,464,705          USD        1,109,805          10/19/23          2,150  
    

USD

     1,475,044          EUR        1,333,979          10/19/23          2,551  
    

USD

     312,094          GBP        241,676          10/19/23          1,871  

JPMorgan Securities, Inc.

    

THB

     225,116,994          USD        6,454,042          10/03/23          162,911  
    

USD

     689,239          IDR        10,397,165,450          09/06/23          1,008  
    

USD

     2,735,267          TRY        65,950,817          08/04/23          292,302  

MS & Co. Int. PLC

    

HUF

     1,223,014,800          USD        3,408,377          10/11/23          11,784  
    

USD

     186,832          EUR        167,540          08/14/23          2,488  
    

USD

     87,917          GBP        67,918          08/14/23          748  

 

 

TOTAL

                          $ 987,358  

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

 

Counterparty     

Currency

Purchased

      

Currency

Sold

      

Settlement

Date

      

Unrealized

Loss

 

 

 

Barclays Bank PLC

    

CNH

     46,104,392          USD        6,492,000          09/14/23        $ (12,338
    

EUR

     21,158,000          USD        23,467,108          10/26/23          (103,966
    

USD

     342,048          AUD        512,000          09/28/23          (2,565
    

USD

     3,400,000          EUR        3,084,495          10/11/23          (3,406

BNP Paribas SA

    

IDR

     10,397,165,450          USD        695,800          09/06/23          (7,570
    

TRY

     32,930,037          USD        1,412,700          08/04/23          (192,898
    

USD

     1,474,947          COP        6,287,700,600          09/05/23          (111,137
    

USD

     5,804,219          EUR        5,280,307          10/11/23          (22,029

BofA Securities LLC

    

TRY

     33,131,013          USD        1,331,900          09/22/23          (139,886

Citibank NA

    

EUR

     2,782,010          USD        3,080,350          10/19/23          (9,471
    

GBP

     865,208          USD        1,117,792          10/19/23          (7,186

JPMorgan Securities, Inc.

    

TRY

     33,020,780          USD        1,427,000          08/04/23          (203,836

MS & Co. Int. PLC

    

CAD

     1,393,594          USD        1,057,355          08/14/23          (311
    

EUR

     2,271,433          USD        2,517,580          08/14/23          (18,325
    

EUR

     8,364,802          USD        9,230,057          10/11/23          (403
    

GBP

     450,000          USD        579,029          08/14/23          (1,478

 

 

TOTAL

                          $ (836,805

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

FUTURES CONTRACTS — At July 31, 2023, the Fund had the following futures contracts:

 

Description     

Number of

Contracts

    

Expiration

Date

      

Notional

Amount

      

Unrealized

Appreciation/

(Depreciation)

 

 

 

Long position contracts:

                   

10 Year U.S. Treasury Notes

    

23

       09/20/23        $ 2,562,344        $ (41,688

2 Year U.S. Treasury Notes

    

3

       09/29/23          609,094          (4,359

 

 

TOTAL FUTURES CONTRACTS

                    $ (46,047

 

 

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

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Reference

Obligation/Index

 

Financing Rate
Paid by

the Fund(a)

   

Credit
Spread at
July 31,
2023(b)

    Counterparty     Termination
Date
    Notional
Amount
(000s)
    Value     Upfront
Premiums
(Received)
Paid
    Unrealized
Appreciation/
(Depreciation)
 

 

 

Protection Sold:

               

American Airlines Group, Inc.

    5.000%       6.657%       Citibank NA       06/20/28     $ 630     $ (34,420   $ (49,613   $ 15,193  

Ford Motor Co.

    5.000          2.336          Citibank NA       12/20/27       1,490       1,007,976       109,434       898,542  

 

 

TOTAL

            $ 973,556     $ 59,821     $ 913,735  

 

 

 

(a)   Payments made quarterly.
(b)   Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

 

Referenced

Obligation/Index

 

Financing Rate

Received/(Paid) by

the Fund(a)

    Credit
Spread at
July 31,
2023(b)
   

Termination

Date

   

Notional

Amount
(000s)

    Value    

Upfront
Premiums

(Received)
Paid

   

Unrealized

Appreciation/

(Depreciation)

 

 

 

Protection Sold:

             

CDX.NA.HY Index 54

    5.000%       4.096%       06/20/28     $ 30,520     $ 1,276,495     $ 434,910     $ 841,585  

 

 

 

(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.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At July 31, 2023, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

 

Description    Counterparty   Exercise
Rate
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
   

Premiums
Paid
(Received)
by Fund

    Unrealized
Appreciation/
(Depreciation)
 

 

 

Purchased option contracts

                

Calls

                

Call USD/Put ZAR

   Barclays Bank PLC     18.500     09/11/2023       6,625,000     $ 6,625,000     $ 66,283     $ 81,752     $ (15,469

Call USD/Put ZAR

   Standard Chartered Bank     18.500       09/11/2023       1,191,000       1,191,000       11,916       15,170       (3,254

 

 
           7,816,000     $ 7,816,000     $ 78,199     $ 96,922     $ (18,723

 

 


GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION (continued)

 

 

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

 

Description    Counterparty   Exercise
Rate
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Market
Value
   

Premiums Paid
(Received)

by Fund

    Unrealized
Appreciation/
(Depreciation)
 

 

 

Purchased option contracts – (continued)

 

Puts

                

Put USD/Call KRW

   Capital Securities Corp.     1,285.000     09/27/2023       3,800,000     $ 3,800,000     $ 73,074     $ 65,360     $ 7,714  

Put USD/Call THB

   JPMorgan Securities, Inc.     35.000       09/27/2023       6,400,000       6,400,000       211,738       106,336       105,402  

 

 
           10,200,000     $ 10,200,000     $ 284,812     $ 171,696     $ 113,116  

 

 

Total purchased option contracts

        18,016,000     $ 18,016,000     $ 363,011     $ 268,618     $ 94,393  

 

 

Written option contracts

             

Calls

                

Call USD/Put ZAR

   Barclays Bank PLC     20.000       09/11/2023       (6,625,000     (6,625,000     (10,699     (13,051     2,352  

Call USD/Put ZAR

   Standard Chartered Bank     20.000       09/11/2023       (1,191,000     (1,191,000     (1,924     (2,392     468  

 

 

Total written option contracts

        (7,816,000   $ (7,816,000   $ (12,623   $ (15,443   $ 2,820  

 

 

TOTAL

        10,200,000     $ 10,200,000     $ 350,388     $ 253,175     $ 97,213  

 

 

 

 

Currency Abbreviations:
AUD  

— Australian Dollar

BRL  

— Brazil Real

CAD  

— Canadian Dollar

CLP  

— Chilean Peso

CNH  

— Chinese Yuan Renminbi Offshore

CNY  

— Chinese Yuan Renminbi

COP  

— Colombia Peso

CZK  

— Czech Republic Koruna

EUR  

— Euro

GBP  

— British Pound

HUF  

— Hungarian Forint

IDR  

— Indonesia Rupiah

MXN  

— Mexican Peso

MYR  

— Malaysia Ringgit

NGN  

— Nigeria Naira

PEN  

— Peru Nuevo Sol

PLN  

— Polish Zloty

RON  

— Romania New Leu

THB  

— Thailand Baht

TRY  

— Turkish Lira

USD  

— U.S. Dollar

ZAR  

— South African Rand

Investment Abbreviations:
CMT  

— Constant Maturity Treasury Indexes

CPI  

— Consumer Price Index

ICE  

— Inter-Continental Exchange

LIBOR  

— London Interbank Offered Rate

LLC  

— Limited Liability Company

LP  

— Limited Partnership

PIK  

— Payment in kind

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

SOFR  

— Secured Overnight Funding Rate

WR  

— Withdrawn Rating

Abbreviation:
CDX.NA.HY Ind 54  

— CDX North America Investment Grade Index 54

 

 


GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

 

Schedule of Investments

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 93.6%  
 

Australia – 3.6%

 
  220,617      APA Group (Gas Utilities)   $    1,484,118
  201,871      Atlas Arteria Ltd. (Transportation Infrastructure)   853,339
  531,660      Cleanaway Waste Management Ltd. (Commerical Services & Supplies)   986,802
  135,193      Goodman Group (Industrial REITs)   1,869,334
  274,815      Ingenia Communities Group (Residential REITs)   755,651
  1,366,476      National Storage REIT (Specialized REITs)   2,134,352
  106,721      NEXTDC Ltd.* (IT Services)   915,934
  534,642      Qube Holdings Ltd. (Transportation Infrastructure)   1,058,257
  330,382      Region RE Ltd. (Retail REITs)   538,203
  1,718,081      Scentre Group (Retail REITs)   3,251,110
  879,818      Stockland (Diversified REITs)   2,500,470
  322,672      Transurban Group (Transportation Infrastructure)   3,115,412
    

 

     19,462,982

 

 

 

Belgium – 0.5%

  25,157      Aedifica SA (Health Care REITs)   1,727,806
  26,371      Shurgard Self Storage Ltd. (Real Estate Management & Development)   1,203,325
    

 

     2,931,131

 

 

 

Brazil – 0.3%

  174,618      CCR SA (Transportation Infrastructure)   490,759
  518,030      Santos Brasil Participacoes SA (Transportation Infrastructure)   1,052,766
    

 

     1,543,525

 

 

 

Canada – 6.6%

  70,120      Allied Properties Real Estate Investment Trust (Office REITs)   1,166,673
  32,910      Boardwalk Real Estate Investment Trust (Residential REITs)   1,634,955
  39,025      Canadian Apartment Properties REIT (Residential REITs)   1,521,462
  93,380      Chartwell Retirement Residences (Health Care Providers & Services)   708,857
  296,630      Enbridge, Inc. (Oil, Gas & Consumable Fuels)   10,905,564
  78,810      Gibson Energy, Inc. (Oil, Gas & Consumable Fuels)   1,283,169
  48,129      Hydro One Ltd.(a) (Electric Utilities)   1,357,751
  185,292      InterRent Real Estate Investment Trust (Residential REITs)   1,800,016
  168,138      Keyera Corp. (Oil, Gas & Consumable Fuels)   4,209,028
  71,915      Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)   2,276,913
  42,290      RioCan Real Estate Investment Trust (Retail REITs)   643,017

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

Canada – (continued)

 
  229,424      TC Energy Corp. (Oil, Gas & Consumable Fuels)   $    8,222,484
    

 

     35,729,889

 

 

 

China – 1.0%

  12,820,000      China Tower Corp. Ltd. Class H(a) (Diversified Telecommunication Services)   1,449,154
  279,300      ENN Energy Holdings Ltd. (Gas Utilities)   3,394,833
  726,000      Zhejiang Expressway Co. Ltd. Class H (Transportation Infrastructure)   583,122
    

 

     5,427,109

 

 

 

Denmark(a) – 0.4%

 
  27,307      Orsted A/S (Electric Utilities)   2,376,241

 

 

 

France – 3.4%

  10,224      Gecina SA (Office REITs)   1,105,342
  27,101      Getlink SE (Transportation Infrastructure)   476,364
  126,225      Klepierre SA (Retail REITs)   3,350,474
  31,001      Unibail-Rodamco-Westfield* (Retail REITs)   1,756,605
  100,078      Vinci SA (Construction & Engineering)   11,753,900
    

 

     18,442,685

 

 

 

Germany – 0.4%

 
  7,734      LEG Immobilien SE* (Real Estate Management & Development)   546,814
  52,540      TAG Immobilien AG* (Real Estate Management & Development)   590,579
  45,721      Vonovia SE (Real Estate Management & Development)   1,065,298
    

 

     2,202,691

 

 

 

Hong Kong – 2.9%

 
  237,200      China Gas Holdings Ltd. (Gas Utilities)   265,710
  88,400      China Resources Gas Group Ltd. (Gas Utilities)   306,238
  359,195      CK Asset Holdings Ltd. (Real Estate Management & Development)   2,080,124
  424,365      Guangdong Investment Ltd. (Water Utilities)   367,380
  945,200      Hong Kong & China Gas Co. Ltd. (Gas Utilities)   810,847
  730,000      Kunlun Energy Co. Ltd. (Gas Utilities)   597,355
  605,194      Link REIT (Retail REITs)   3,401,889
  73,500      Power Assets Holdings Ltd. (Electric Utilities)   385,230
  347,892      Sun Hung Kai Properties Ltd. (Real Estate Management & Development)   4,368,347
  112,958      Swire Properties Ltd. (Real Estate Management & Development)   283,448

 

 

 


GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hong Kong – (continued)

  482,426      Wharf Real Estate Investment Co. Ltd. (Real Estate Management & Development)   $    2,588,923
    

 

  15,455,491

 

 

 

Italy – 1.5%

  99,014      Enel SpA (Electric Utilities)   682,721
  223,850      Snam SpA (Gas Utilities)   1,176,727
  716,471      Terna - Rete Elettrica Nazionale (Electric Utilities)   6,053,465
    

 

  7,912,913

 

 

 

Japan – 5.6%

  521      Daiwa House REIT Investment Corp. (Diversified REITs)   1,025,761
  12,800      East Japan Railway Co. (Ground Transportation)   724,661
  2,537      GLP J-REIT (Industrial REITs)   2,499,361
  173      Hoshino Resorts REIT, Inc. (Hotel & Resort REITs)   757,939
  977      Industrial & Infrastructure Fund Investment Corp. (Industrial REITs)   1,022,564
  5,024      Invincible Investment Corp. (Hotel & Resort REITs)   2,081,369
  3,652      Japan Hotel REIT Investment Corp. (Hotel & Resort REITs)   1,813,420
  99,239      Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)   1,216,242
  278,015      Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)   5,711,800
  160      Nippon Accommodations Fund, Inc. (Residential REITs)   758,400
  624      Nippon Building Fund, Inc. (Office REITs)   2,615,690
  880      Nippon Prologis REIT, Inc. (Industrial REITs)   1,799,519
  863      Nomura Real Estate Master Fund, Inc. (Diversified REITs)   1,026,744
  45,500      Osaka Gas Co. Ltd. (Gas Utilities)   715,935
  1,773      Sekisui House Reit, Inc. (Diversified REITs)   1,052,402
  103,800      Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)   2,781,779
  34,400      Tokyo Gas Co. Ltd. (Gas Utilities)   780,056
  148,079      Tokyu Fudosan Holdings Corp. (Real Estate Management & Development)   880,321
  19,700      West Japan Railway Co. (Ground Transportation)   809,362
    

 

  30,073,325

 

 

 

Mexico – 0.5%

  4,595      Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation Infrastructure)   874,704

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Mexico – (continued)

  57,895      Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure)   $    1,637,586
  98,225      Prologis Property Mexico SA de CV (Industrial REITs)   363,864
    

 

  2,876,154

 

 

 

Netherlands – 0.8%

  80,667      Ferrovial SE (Construction & Engineering)   2,673,219
  45,082      Koninklijke Vopak NV (Oil, Gas & Consumable Fuels)   1,699,673
    

 

  4,372,892

 

 

 

Singapore – 2.0%

  1,663,726      CapitaLand Ascott Trust (Hotel & Resort REITs)   1,401,313
  791,701      CapitaLand Integrated Commercial Trust (Retail REITs)   1,215,486
  1,207,273      CapitaLand Investment Ltd. (Real Estate Management & Development)   3,089,991
  886,982      CapLand Ascendas REIT (Industrial REITs)   1,875,634
  866,945      Frasers Logistics & Commercial Trust (Industrial REITs)   796,141
  814,200      Mapletree Industrial Trust (Industrial REITs)   1,372,002
  694,500      Mapletree Logistics Trust (Industrial REITs)   882,907
    

 

  10,633,474

 

 

 

Spain – 2.5%

  9,147      Aena SME SA(a) (Transportation Infrastructure)   1,460,704
  237,186      Cellnex Telecom SA*(a) (Diversified Telecommunication Services)   9,686,457
  149,567      Inmobiliaria Colonial Socimi SA (Office REITs)   965,494
  130,500      Merlin Properties Socimi SA (Diversified REITs)   1,216,126
    

 

  13,328,781

 

 

 

Sweden – 0.6%

  99,156      Castellum AB (Real Estate Management & Development)   1,129,200
  10,043      Catena AB (Real Estate Management & Development)   385,805
  35,957      Sagax AB Class B (Real Estate Management & Development)   798,449
  143,066      Wihlborgs Fastigheter AB (Real Estate Management & Development)   1,118,753
    

 

  3,432,207

 

 

 

United Kingdom – 5.1%

  132,265      Big Yellow Group PLC (Specialized REITs)   1,820,252

 

 

 


GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United Kingdom – (continued)

 
  408,530      Grainger PLC (Real Estate Management & Development)   $    1,320,154
  129,303      Great Portland Estates PLC (Office REITs)   709,563
  89,168      Land Securities Group PLC (Diversified REITs)   740,522
  915,516      National Grid PLC (Multi-Utilities)   12,134,993
  108,483      Safestore Holdings PLC (Specialized REITs)   1,233,218
  464,932      Segro PLC (Industrial REITs)   4,556,126
  10,000      Severn Trent PLC (Water Utilities)   327,739
  57,680      SSE PLC (Electric Utilities)   1,247,222
  169,099      The UNITE Group PLC (Residential REITs)   2,111,296
  421,125      Tritax Big Box REIT PLC (Industrial REITs)   746,742
  26,779      United Utilities Group PLC (Water Utilities)   343,402
    

 

     27,291,229

 

 

 

United States – 55.9%

 
  19,677      Agree Realty Corp. (Retail REITs)   1,274,676
  27,665      Alexandria Real Estate Equities, Inc. (Office REITs)   3,476,937
  22,304      Alliant Energy Corp. (Electric Utilities)   1,198,617
  25,815      Ameren Corp. (Multi-Utilities)   2,211,571
  120,472      American Homes 4 Rent Class A (Residential REITs)   4,515,290
  113,961      American Tower Corp. (Specialized REITs)   21,687,918
  21,892      American Water Works Co., Inc. (Water Utilities)   3,227,538
  50,680      Americold Realty Trust, Inc. (Industrial REITs)   1,643,046
  100,672      Apartment Income REIT Corp. (Residential REITs)   3,477,211
  63,842      Apple Hospitality REIT, Inc. (Hotel & Resort REITs)   989,551
  22,075      Atmos Energy Corp. (Gas Utilities)   2,686,748
  25,392      AvalonBay Communities, Inc. (Residential REITs)   4,790,201
  43,282      Boston Properties, Inc. (Office REITs)   2,883,880
  71,445      Brixmor Property Group, Inc. (Retail REITs)   1,624,659
  106,370      Broadstone Net Lease, Inc. (Diversified REITs)   1,733,831
  16,486      Camden Property Trust (Residential REITs)   1,798,458
  223,886      CenterPoint Energy, Inc. (Multi-Utilities)   6,736,730
  44,694      Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels)   7,234,171
  49,392      Community Healthcare Trust, Inc. (Health Care REITs)   1,740,574
  4,768      Constellation Energy Corp. (Electric Utilities)   460,827

 

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  44,909      Cousins Properties, Inc. (Office REITs)   $    1,097,127
  37,947      Crown Castle, Inc. (Specialized REITs)   4,109,281
  32,561      CSX Corp. (Ground Transportation)   1,084,932
  84,011      CubeSmart (Specialized REITs)   3,642,717
  80,491      Digital Realty Trust, Inc. (Specialized REITs)   10,030,788
  9,854      Dominion Energy, Inc. (Multi- Utilities)   527,682
  15,063      DTE Energy Co. (Multi-Utilities)   1,721,701
  9,082      DTE Midstream, Inc. (Oil, Gas & Consumable Fuels)   486,069
  4,621      Entergy Corp. (Electric Utilities)   474,577
  12,624      Equinix, Inc. (Specialized REITs)   10,224,430
  32,658      Equity LifeStyle Properties, Inc. (Residential REITs)   2,324,596
  73,029      Equity Residential (Residential REITs)   4,815,532
  62,954      Essential Properties Realty Trust, Inc. (Diversified REITs)   1,545,521
  42,598      Essential Utilities, Inc. (Water Utilities)   1,801,469
  15,430      Essex Property Trust, Inc. (Residential REITs)   3,757,976
  13,460      Evergy, Inc. (Electric Utilities)   807,196
  7,990      Eversource Energy (Electric Utilities)   577,917
  219,580      Exelon Corp. (Electric Utilities)   9,191,619
  53,538      Extra Space Storage, Inc. (Specialized REITs)   7,472,301
  78,734      First Industrial Realty Trust, Inc. (Industrial REITs)   4,070,548
  38,992      Gaming & Leisure Properties, Inc. (Specialized REITs)   1,850,560
  68,474      Healthcare Realty Trust, Inc. (Health Care REITs)   1,337,297
  1,936      Hess Midstream LP Class A (Oil, Gas & Consumable Fuels)   60,384
  95,742      Host Hotels & Resorts, Inc. (Hotel & Resort REITs)   1,761,653
  97,001      Independence Realty Trust, Inc. (Residential REITs)   1,652,897
  137,318      Invitation Homes, Inc. (Residential REITs)   4,874,789
  15,004      Iron Mountain, Inc. (Specialized REITs)   921,246
  69,197      Kilroy Realty Corp. (Office REITs)   2,470,333
  473,368      Kinder Morgan, Inc. Class A (Oil, Gas & Consumable Fuels)   8,383,347
  5,921      Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)   760,908
  64,048      NETSTREIT Corp. (Retail REITs)   1,145,819
  10,891      NextEra Energy, Inc. (Electric Utilities)   798,310
  203,483      NiSource, Inc. (Multi-Utilities)   5,664,967
  2,507      Norfolk Southern Corp. (Ground Transportation)   585,610

 

 

 


GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)  
 

United States – (continued)

 
  65,425      Omega Healthcare Investors, Inc. (Health Care REITs)   $    2,087,057
  82,001      ONEOK, Inc. (Oil, Gas & Consumable Fuels)   5,497,347
  428,810      PG&E Corp.* (Electric Utilities)   7,551,344
  77,058      PPL Corp. (Electric Utilities)   2,121,407
  137,701      Prologis, Inc. (Industrial REITs)   17,178,200
  14,667      Public Service Enterprise Group, Inc. (Multi-Utilities)   925,781
  5,899      Public Storage (Specialized REITs)   1,662,043
  44,444      Realty Income Corp. (Retail REITs)   2,709,751
  56,241      Regency Centers Corp. (Retail REITs)   3,685,473
  111,036      Rexford Industrial Realty, Inc. (Industrial REITs)   6,116,973
  107,353      Sabra Health Care REIT, Inc. (Health Care REITs)   1,394,515
  43,295      SBA Communications Corp. (Specialized REITs)   9,479,440
  65,190      Sempra (Multi-Utilities)   9,714,614
  28,947      Simon Property Group, Inc. (Retail REITs)   3,606,796
  104,214      SITE Centers Corp. (Retail REITs)   1,464,207
  33,810      Spirit Realty Capital, Inc. (Retail REITs)   1,363,557
  49,159      Sun Communities, Inc. (Residential REITs)   6,405,418
  114,800      Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)   1,169,812
  76,144      Targa Resources Corp. (Oil, Gas & Consumable Fuels)   6,243,046
  12,402      Terreno Realty Corp. (Industrial REITs)   735,935
  78,523      The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)   2,705,117
  50,144      UDR, Inc. (Residential REITs)   2,049,887
  11,000      Union Pacific Corp. (Ground Transportation)   2,552,220
  173,809      Ventas, Inc. (Health Care REITs)   8,433,213
  93,044      Veris Residential, Inc.* (Residential REITs)   1,738,062
  195,403      VICI Properties, Inc. (Specialized REITs)   6,151,286
  123,039      Welltower, Inc. (Health Care REITs)   10,107,654
    

 

     302,274,688

 

 

 
TOTAL COMMON STOCKS
(Cost $470,355,885)
  $505,767,407

 

 

Shares     

Dividend

Rate

  Value
  Investment Company(b) – 2.8%  
 

Goldman Sachs Financial Square Government Fund - Institutional
Shares

  14,850,926      5.220%   $  14,850,926
  (Cost $ 14,850,926)

 

 

 

TOTAL INVESTMENTS – 96.4%

(Cost $485,206,811)

 

$520,618,333

 

 

 

OTHER ASSETS IN EXCESS OF

    LIABILITIES – 3.6%

  19,655,507

 

 

  NET ASSETS – 100.0%   $540,273,840

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Non-income producing security.
(a)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)   Represents an affiliated Issuer.

 

    SECTOR ALLOCATION AS OF JULY 31, 2023

 

 

Sector      % of Total
Market Value
 
Real Estate        59.0
Utilities        17.9  
Energy        11.4  
Industrials        6.3  
Investment Company        2.9  
Communication Services        2.1  
Information Technology        0.2  
Consumer Discretionary        0.1  
Health Care        0.1  
         100.0
 


GOLDMAN SACHS MULTI-MANAGER REAL ASSETS STRATEGY FUND

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2023, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

 

Counterparty

    

Currency

Purchased

      

Currency

Sold

      

Settlement

Date

      

Unrealized

Loss

 

 

 

State Street Bank and Trust

    

JPY

     6,723,486        USD      47,935          08/01/23        $ (668

 

 

FUTURES CONTRACTS — At July 31, 2023, the Fund had the following futures contracts:

 

Description

    

Number of

Contracts

    

Expiration

Date

      

Notional

Amount

      

Unrealized

Appreciation/

(Depreciation)

 

 

 

Long position contracts:

                   

Dow Jones U.S. Real Estate Index

    

299

       09/15/23          $10,192,910        $ 370,177  

 

 

 

 

Currency Abbreviations:
JPY  

— Japanese Yen

USD  

— U.S. Dollar

Investment Abbreviations:
ADR  

— American Depositary Receipt

LP  

— Limited Partnership

PLC  

— Public Limited Company

REIT  

— Real Estate Investment Trust

 

 


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS

 

 

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

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

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

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

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

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

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

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

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


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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

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

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


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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.

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

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

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

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


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE 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 Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2023:

 

                                                                    
MULTI-MANAGER GLOBAL EQUITY             
Investment Type      Level 1        Level 2      Level 3  
Assets             

Common Stock and/or Other Equity Investments(a)

            

Africa

     $ 408,210        $ 222,079      $  

Asia

       6,253,986          71,960,282        49,281  

Australia and Oceania

                1,923,432         

Europe

       15,302,766          103,624,928         

North America

       316,282,511          4,237,062         

South America

       4,111,267                  

Preferred Stocks

                1,729,717         

Exchange Traded Funds

       1,515,619                  

Investment Companies

       42,040,583                  
Total      $ 385,914,942        $ 183,697,500      $ 49,281  
Derivative Type                            
Assets             

Forward Foreign Currency Exchange Contracts(b)

     $        $ 635,983      $  

Futures Contracts(b)

       2,271,252                  
Total      $ 2,271,252        $ 635,983      $  
Liabilities             

Forward Foreign Currency Exchange Contracts(b)

     $        $ (1,470,117    $  

 

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


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
MULTI-MANAGER NON-CORE FIXED INCOME           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Fixed Income

          

Corporate Obligations

     $      $ 344,510,194      $ 2,965,073  

Sovereign Debt Obligations

              347,104,809         

Bank Loans

              278,040,272        4,497,544  

Common Stock and/or Other Equity Investments(a)

          

Europe

       199,822                

North America

       579,577        3,166,173        1,702,261  

Warrants

              73,958        251,340  

Preferred Stocks

                     189,757  

Investment Company

       65,681,525                
Total      $ 66,460,924      $ 972,895,406      $ 9,605,975  
Derivative Type                          
Assets           

Forward Foreign Currency Exchange Contracts(b)

     $      $ 987,358      $  

Credit Default Swap Contracts(b)

              1,755,320         

Purchased Option Contracts

              363,011         
Total      $      $ 3,105,689      $  
Liabilities           

Forward Foreign Currency Exchange Contracts(b)

     $      $ (836,805    $  

Futures Contracts(b)

       (46,047              

Written Option Contracts

              (12,623       
Total      $ (46,047    $ (849,428    $  

 

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

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

 

  

    

MULTI-MANAGER REAL ASSETS STRATEGY           
Investment Type      Level 1      Level 2      Level 3  
Assets           

Common Stock and/or Other Equity Investments(a)

          

Asia

     $      $ 61,589,399      $  

Australia and Oceania

              19,462,982         

Europe

       6,814,232        75,476,538         

North America

       340,880,731                

South America

       1,543,525                

Investment Company

       14,850,926                
Total      $ 364,089,414      $ 156,528,919      $  


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

                                                                    
MULTI-MANAGER REAL ASSETS STRATEGY (continued)             
Derivative Type      Level 1        Level 2      Level 3  
Assets             

Futures Contracts(b)

     $        370,177        $      $  
Liabilities             

Forward Foreign Currency Exchange Contracts(b)

     $        $              (668    $             —  

 

(a)   Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile.
(b)   Amount shown represents unrealized gain (loss) at period end.

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

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

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

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. 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 the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

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

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

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

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the


GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

 

Schedule of Investments (continued)

July 31, 2023 (Unaudited)

 

 

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

 

 

Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

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

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