UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22781

Goldman Sachs Trust II

(Exact name of registrant as specified in charter)

200 West Street New York, New York	10282
(Address of principal executive offices)	(Zip code)

Caroline Kraus, Esq. Goldman, Sachs & Co. 200 West Street New York, New York 10282 Copies to: Geoffrey R.T. Kenyon, Esq. Dechert LLP One International Place, 40^th Floor 100 Oliver Street Boston, MA 02110-2605

(Name and address of agent for service)

Registrant’s telephone number, including area code: 212-902-1000

Date of fiscal year end: October 31

Date of reporting period: July 31, 2016

Item 1. Schedule of Investments.

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 92.4%
	Australia – 2.1%
	52,842	CSL Ltd. (Biotechnology)	$    4,738,588
	23,343	Orica Ltd. (Chemicals)	252,031
	107,128	Westfield Corp. (Real Estate Investment Trusts)	870,865
			5,861,484
	Belgium* – 0.6%
	29,806	KBC Group NV (Commercial Banks)	1,549,360
	Brazil – 0.4%
	204,031	Ambev SA ADR (Beverages)	1,179,299
	Canada – 3.1%
	13,403	Canadian National Railway Co. (Road & Rail)	847,204
	27,338	Canadian Pacific Railway Ltd. (Road & Rail)	4,094,686
	6,155	Constellation Software, Inc. (Software)	2,505,606
	30,069	Element Financial Corp. (Diversified Financial Services)	322,879
	3,444	Loblaw Cos. Ltd. (Food & Staples Retailing)	192,108
	24,141	Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	649,726
			8,612,209
	China – 4.1%
	5,037	Alibaba Group Holding Ltd. ADR* (Internet Software & Services)	415,452
	11,600	Baidu, Inc. ADR* (Internet Software & Services)	1,851,360
	1,874,000	CNOOC Ltd. (Oil, Gas & Consumable Fuels)	2,258,606
	68,614	Ctrip.com International Ltd. ADR* (Internet & Catalog Retail)	2,996,373
	168,840	Tencent Holdings Ltd. (Internet Software & Services)	4,078,014
			11,599,805
	Denmark – 4.8%
	4,016	Carlsberg A/S Class B (Beverages)	398,841
	41,480	Chr Hansen Holding A/S (Chemicals)	2,608,722
	41,133	Coloplast A/S Class B (Health Care Equipment & Supplies)	3,223,384
	73,967	Novo Nordisk A/S ADR (Pharmaceuticals)	4,213,900
	63,690	Novozymes A/S (Chemicals)	3,125,861
			13,570,708

Shares		Description	Value
	Common Stocks – (continued)
	France – 11.5%
	10,669	Air Liquide SA (Chemicals)	$    1,137,437
	49,761	BNP Paribas SA (Commercial Banks)	2,468,359
	14,768	Bureau Veritas SA (Professional Services)	320,951
	19,089	Danone SA (Food Products)	1,464,006
	5,207	Dassault Systemes (Software)	430,088
	210,283	Engie SA (Multi-Utilities)	3,461,166
	22,283	Essilor International SA (Health Care Equipment & Supplies)	2,854,172
	5,675	Hermes International (Textiles, Apparel & Luxury Goods)	2,442,328
	2,981	L’Oreal SA (Personal Products)	566,403
	36,603	Legrand SA (Electrical Equipment)	2,019,660
	21,229	LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods)	3,635,303
	10,611	Pernod Ricard SA (Beverages)	1,212,425
	26,631	Sanofi (Pharmaceuticals)	2,268,250
	68,139	Schneider Electric SE (Electrical Equipment)	4,445,605
	76,791	TOTAL SA (Oil, Gas & Consumable Fuels)	3,693,173
			32,419,326
	Germany – 5.0%
	9,776	adidas AG (Textiles, Apparel & Luxury Goods)	1,605,921
	29,768	Bayer AG (Pharmaceuticals)	3,199,996
	11,488	Beiersdorf AG (Personal Products)	1,079,296
	22,099	Linde AG (Chemicals)	3,175,952
	6,302	Merck KGaA (Pharmaceuticals)	695,967
	2,746	MTU Aero Engines AG (Aerospace & Defense)	280,604
	7,291	ProSiebenSat.1 Media SE (Media)	333,977
	41,216	SAP SE (Software)	3,607,364
			13,979,077
	Hong Kong – 2.1%
	221,000	AIA Group Ltd. (Insurance)	1,376,651
	309,563	China Merchants Holdings International Co. Ltd. (Transportation Infrastructure)	910,483
	274,000	China Mobile Ltd. (Wireless Telecommunication Services)	3,393,085
	974,000	Global Brands Group Holding Ltd.* (Textiles, Apparel & Luxury Goods)	85,568

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hong Kong – (continued)
	274,000	Li & Fung Ltd. (Textiles, Apparel & Luxury Goods)	$       137,279
			5,903,066
	India – 1.6%
	45,829	HDFC Bank Ltd. ADR (Commercial Banks)	3,174,575
	31,365	Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)	646,785
	14,411	Tata Consultancy Services Ltd. (IT Services)	564,546
			4,385,906
	Ireland – 1.4%
	16,658	Accenture PLC Class A (IT Services)	1,879,189
	27,417	ICON PLC* (Life Sciences Tools & Services)	2,129,478
			4,008,667
	Israel* – 0.1%
	5,224	Check Point Software Technologies Ltd. (Software)	401,621
	Italy – 0.1%
	23,324	Eni SpA (Oil, Gas & Consumable Fuels)	357,791
	Japan – 11.1%
	12,100	Asahi Group Holdings Ltd. (Beverages)	410,762
	5,200	Daikin Industries Ltd. (Building Products)	450,961
	22,500	Denso Corp. (Auto Components)	871,192
	38,300	East Japan Railway Co. (Road & Rail)	3,513,246
	2,700	FANUC Corp. (Machinery)	451,462
	664,000	Hitachi Ltd. (Electronic Equipment, Instruments & Components)	3,033,898
	11,300	Honda Motor Co. Ltd. (Automobiles)	306,092
	36,000	Hoya Corp. (Health Care Equipment & Supplies)	1,277,310
	22,000	Inpex Corp. (Oil, Gas & Consumable Fuels)	174,896
	69,500	Japan Airlines Co. Ltd. (Airlines)	2,142,600
	21,800	Japan Tobacco, Inc. (Tobacco)	850,194
	125,500	KDDI Corp. (Wireless Telecommunication Services)	3,851,232
	4,850	Keyence Corp. (Electronic Equipment, Instruments & Components)	3,421,061
	83,100	Komatsu Ltd. (Machinery)	1,614,779
	24,900	Kubota Corp. (Machinery)	360,730

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	13,400	Kyocera Corp. (Electronic Equipment, Instruments & Components)	$       634,835
	69,100	Nikon Corp. (Household Durables)	976,436
	4,800	Shin-Etsu Chemical Co. Ltd. (Chemicals)	327,547
	87,500	Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)	2,773,690
	35,295	Sysmex Corp. (Health Care Equipment & Supplies)	2,444,946
	28,700	TERUMO Corp. (Health Care Equipment & Supplies)	1,231,080
			31,118,949
	Luxembourg* – 0.2%
	98,340	ArcelorMittal (Metals & Mining)	637,035
	Mexico – 0.6%
	699,065	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)	1,597,597
	Netherlands – 6.2%
	80,348	Akzo Nobel NV (Chemicals)	5,193,926
	27,861	Core Laboratories NV (Energy Equipment & Services)	3,254,443
	902	Heineken NV (Beverages)	85,127
	178,265	ING Groep NV (Commercial Banks)	1,993,004
	212,842	PostNL NV* (Air Freight & Logistics)	817,413
	17,861	Randstad Holding NV (Professional Services)	768,377
	159,625	RELX NV (Professional Services)	2,876,345
	106,711	Yandex NV Class A* (Internet Software & Services)	2,310,293
			17,298,928
	Singapore – 0.4%
	75,200	DBS Group Holdings Ltd. (Commercial Banks)	869,375
	98,700	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)	309,512
			1,178,887
	South Africa – 0.8%
	150,953	Shoprite Holdings Ltd. (Food & Staples Retailing)	2,212,225
	South Korea – 2.5%
	9,344	KT&G Corp. (Tobacco)	1,010,465

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	4,363	Samsung Electronics Co. Ltd. GDR (Computers & Peripherals)	$    2,995,199
	130,300	SK Telecom Co. Ltd. ADR (Wireless Telecommunication Services)	2,985,173
			6,990,837
	Spain – 1.3%
	13,490	Amadeus IT Holding SA (IT Services)	633,365
	588,334	CaixaBank SA (Commercial Banks)	1,477,297
	43,663	Industria de Diseno Textil SA (Specialty Retail)	1,510,030
			3,620,692
	Sweden – 0.3%
	3,853	Alfa Laval AB (Machinery)	60,726
	24,870	Hennes & Mauritz AB (Specialty Retail)	751,025
			811,751
	Switzerland – 12.1%
	12,277	ABB Ltd.* (Electrical Equipment)	260,789
	47,382	Aryzta AG* (Food Products)	1,780,094
	34,815	Chubb Ltd. (Insurance)	4,360,927
	30,013	Cie Financiere Richemont SA (Textiles, Apparel & Luxury Goods)	1,824,550
	50,211	Clariant AG* (Chemicals)	873,376
	1,869	Kuehne & Nagel International AG (Marine)	262,157
	82,071	Nestle SA (Food Products)	6,576,561
	56,363	Novartis AG (Pharmaceuticals)	4,674,924
	18,922	Roche Holding AG (Pharmaceuticals)	4,830,180
	1,350	SGS SA (Professional Services)	2,986,528
	2,308	Sonova Holding AG (Health Care Equipment & Supplies)	315,966
	147,375	UBS Group AG (Capital Markets)	2,025,980
	13,932	Zurich Insurance Group AG* (Insurance)	3,344,975
			34,117,007
	Taiwan – 2.5%
	50,538	Hon Hai Precision Industry Co. Ltd. GDR	281,978
	239,150	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)	6,643,587
			6,925,565

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – 17.2%
	583,386	Aviva PLC (Insurance)	$    3,004,168
	411,169	Balfour Beatty PLC* (Construction & Engineering)	1,206,131
	1,491,861	Barclays PLC (Commercial Banks)	3,041,845
	53,625	British American Tobacco PLC (Tobacco)	3,422,605
	51,455	Carnival PLC (Hotels, Restaurants & Leisure)	2,475,004
	271,994	Cobham PLC (Aerospace & Defense)	616,666
	254,144	Compass Group PLC (Hotels, Restaurants & Leisure)	4,828,177
	4,305	Delphi Automotive PLC (Auto Components)	291,965
	101,700	Diageo PLC (Beverages)	2,914,383
	164,435	Experian PLC (Professional Services)	3,216,435
	83,581	GlaxoSmithKline PLC (Pharmaceuticals)	1,866,616
	2,555,831	Lloyds Banking Group PLC (Commercial Banks)	1,797,641
	74,413	Marks & Spencer Group PLC (Multiline Retail)	314,614
	122,390	Prudential PLC (Insurance)	2,157,547
	64,562	Reckitt Benckiser Group PLC (Household Products)	6,259,936
	14,507	Rio Tinto PLC (Metals & Mining)	470,784
	43,717	Rolls-Royce Holdings PLC* (Aerospace & Defense)	457,437
	127,742	Royal Dutch Shell PLC Class B (Oil, Gas & Consumable Fuels)	3,397,773
	59,900	Sky PLC (Media)	729,485
	21,233	Smiths Group PLC (Industrial Conglomerates)	354,916
	84,757	SSE PLC (Electric Utilities)	1,701,335
	656,979	Vodafone Group PLC (Wireless Telecommunication Services)	1,995,824
	75,588	WPP PLC (Media)	1,696,008
			48,217,295
	United States – 0.3%
	10,639	Yum! Brands, Inc. (Hotels, Restaurants & Leisure)	951,339
	TOTAL COMMON STOCKS (Cost $255,757,192)		$259,506,426
	Preferred Stock – 1.6%
	Germany – 1.6%
	32,147	Volkswagen AG	$    4,522,866
	(Cost $4,630,591)

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment(a) – 6.1%
Repurchase Agreements – 6.1%
Joint Repurchase Agreement Account II
$  17,200,000		0.345%		08/01/16	$  17,200,000
(Cost $17,200,000)
TOTAL INVESTMENTS – 100.1% (Cost $277,587,783)					$281,229,292
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.1)%					(213,928)
NET ASSETS – 100.0%					$281,015,364

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)	Joint repurchase agreement was entered into on July 29, 2016. Additional information appears in the Notes to the Schedule of Investments section.

Investment Abbreviations:
ADR	— American Depositary Receipt
GDR	— Global Depository Receipt
PLC	— Public Limited Company
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

MULTI-MANAGER INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At July 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	277,798,933
Gross unrealized gain		17,136,082
Gross unrealized loss		(13,705,723	)
Net unrealized security gain	$	3,430,359

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Schedule of Investments

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 93.7%
	Aerospace & Defense – 0.9%
	2,174	Airbus Group SE	$       128,251
	4,500	TransDigm Group, Inc.*	1,257,840
			1,386,091
	Air Freight & Logistics – 1.6%
	15,335	FedEx Corp.	2,482,736
	Airlines – 0.4%
	8,604	Alaska Air Group, Inc.	578,361
	Beverages – 2.2%
	20,703	Constellation Brands, Inc. Class A	3,408,335
	Biotechnology – 3.2%
	21,238	Amgen, Inc.	3,653,573
	16,394	Gilead Sciences, Inc.	1,302,831
			4,956,404
	Capital Markets – 1.6%
	11,852	Affiliated Managers Group, Inc.*	1,739,637
	9,390	Invesco Ltd.	274,000
	35,814	OM Asset Management PLC	501,396
			2,515,033
	Chemicals – 1.9%
	9,456	The Sherwin-Williams Co.	2,834,247
	Commercial Banks – 9.0%
	328,556	Bank of America Corp.	4,760,777
	28,857	Bank of the Ozarks, Inc.	1,038,563
	40,479	JPMorgan Chase & Co.	2,589,442
	2,112	Signature Bank*	253,947
	79,538	Wells Fargo & Co.	3,815,438
	40,078	Western Alliance Bancorp*	1,363,854
			13,822,021
	Communications Equipment – 0.9%
	13,500	Motorola Solutions, Inc.	936,630
	35,170	Radware Ltd.*	432,943
			1,369,573
	Computers & Peripherals – 2.1%
	65,263	NetApp, Inc.	1,719,680
	30,150	Western Digital Corp.	1,432,426
			3,152,106
	Consumer Finance – 1.7%
	39,524	American Express Co.	2,547,717
	Diversified Financial Services – 4.7%
	45,269	Berkshire Hathaway, Inc. Class B*	6,530,959
	2,271	Intercontinental Exchange, Inc.	599,998
			7,130,957

Shares		Description	Value
	Common Stocks – (continued)
	Diversified Telecommunication Services(a) – 0.8%
	29,293	Cellnex Telecom SAU	$       518,495
	11,596	Sunrise Communications Group AG*	749,223
			1,267,718
	Electronic Equipment, Instruments & Components – 0.6%
	29,000	FLIR Systems, Inc.	944,820
	Food & Staples Retailing – 0.9%
	17,596	Walgreens Boots Alliance, Inc.	1,394,483
	Food Products – 1.0%
	17,267	Nestle SA	1,383,649
	815	The J.M. Smucker Co.	125,641
			1,509,290
	Health Care Equipment & Supplies – 0.6%
	5,484	Becton Dickinson & Co.	965,184
	Health Care Providers & Services – 5.1%
	14,149	Acadia Healthcare Co., Inc.*	799,419
	21,916	Express Scripts Holding Co.*	1,667,150
	14,483	HCA Holdings, Inc.*	1,117,074
	12,600	Laboratory Corp. of America Holdings*	1,758,456
	18,874	Universal Health Services, Inc. Class B	2,444,749
			7,786,848
	Hotels, Restaurants & Leisure – 2.3%
	78,000	Interval Leisure Group, Inc.	1,402,440
	12,985	McDonald’s Corp.	1,527,685
	11,055	Starbucks Corp.	641,743
			3,571,868
	Household Durables* – 2.3%
	2,077	NVR, Inc.	3,541,285
	Insurance – 2.8%
	38,954	Aflac, Inc.	2,815,595
	8,800	Aon PLC	942,216
	4,800	Willis Towers Watson PLC	593,376
			4,351,187
	Internet & Catalog Retail* – 1.2%
	68,500	Liberty Interactive Corp. QVC Group Class A	1,836,485
	Internet Software & Services* – 3.3%
	2,100	Alphabet, Inc. Class C	1,614,459
	91,079	eBay, Inc.	2,838,021
	25,248	Rackspace Hosting, Inc.	591,561
			5,044,041
	IT Services – 3.8%
	14,033	Accenture PLC Class A	1,583,063

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	17,418	CSRA, Inc.	$       468,893
	16,500	MasterCard, Inc. Class A	1,571,460
	58,394	PayPal Holdings, Inc.*	2,174,592
			5,798,008
	Machinery – 1.7%
	35,000	Allison Transmission Holdings, Inc.	1,008,700
	55,500	Colfax Corp.*	1,629,480
			2,638,180
	Media – 17.8%
	27,440	Comcast Corp. Class A	1,845,340
	34,232	Discovery Communications, Inc. Class A*	858,881
	25,500	Discovery Communications, Inc. Class C*	625,770
	36,607	DISH Network Corp. Class A*	1,955,546
	151,169	Gannett Co., Inc.	1,928,916
	48,569	JCDecaux SA	1,660,075
	40,000	Liberty Broadband Corp. Class C*	2,532,400
	12,500	Liberty Global PLC LiLAC Class C*	437,500
	83,500	Liberty Global PLC Series C*	2,584,325
	59,300	Liberty SiriusXM Group Class C*	2,090,325
	102,838	News Corp. Class A	1,333,809
	120,922	TEGNA, Inc.	2,648,192
	17,741	The Walt Disney Co.	1,702,249
	39,857	Time Warner, Inc.	3,055,039
	76,800	Twenty-First Century Fox, Inc. Class A	2,045,952
			27,304,319
	Multiline Retail – 0.7%
	23,002	Nordstrom, Inc.	1,017,378
	Oil, Gas & Consumable Fuels – 1.3%
	6,400	Pioneer Natural Resources Co.	1,040,448
	24,000	Range Resources Corp.	967,440
			2,007,888
	Personal Products – 0.3%
	105,000	Avon Products, Inc.	427,350
	Pharmaceuticals – 7.9%
	19,157	Allergan PLC*	4,845,763
	27,711	Bristol-Myers Squibb Co.	2,073,060
	9,367	Johnson & Johnson	1,173,030
	33,517	Merck & Co., Inc.	1,966,107
	56,725	Pfizer, Inc.	2,092,585
			12,150,545
	Real Estate Investment Trusts – 0.8%
	83,000	Redwood Trust, Inc.	1,184,410
	Semiconductors & Semiconductor Equipment – 1.1%
	7,439	Synaptics, Inc.*	386,456
	18,400	Texas Instruments, Inc.	1,283,400
			1,669,856

Shares		Description	Value
	Common Stocks – (continued)
	Software – 4.5%
	7,820	CommVault Systems, Inc.*	$       404,607
	75,563	Oracle Corp.	3,101,106
	32,669	PTC, Inc.*	1,297,939
	25,311	Verint System, Inc.*	892,719
	17,038	VMware, Inc. Class A*	1,243,433
			6,939,804
	Specialty Retail – 2.1%
	21,443	Cabela’s, Inc.*	1,107,102
	14,847	The Home Depot, Inc.	2,052,449
			3,159,551
	Textiles, Apparel & Luxury Goods* – 0.6%
	30,000	Fossil Group, Inc.	948,000
	TOTAL COMMON STOCKS (Cost $136,915,285)		$143,642,079

Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment(b) – 6.1%
Repurchase Agreements – 6.1%
Joint Repurchase Agreement Account II
$9,300,000		0.345%		08/01/16	$    9,300,000
(Cost $9,300,000)
TOTAL INVESTMENTS – 99.8% (Cost $146,215,285)					$152,942,079
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%					262,937
NET ASSETS – 100.0%					$153,205,016

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. Such securities may be deemed to be liquid by an underlying manager and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $ 1,267,718, which represents approximately 0.8% of net assets as of July 31, 2016.
(b)	Joint repurchase agreement was entered into on July 29, 2016. Additional information appears in the Notes to the Schedule of Investments section.

Currency Abbreviations:
CHF	— Swiss Franc
EUR	— Euro
USD	— U.S. Dollar
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

MULTI-MANAGER U.S. DYNAMIC EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Morgan Stanley & Co.	EUR	478,000	USD	529,237	$	536,919		11/17/16	$	7,682
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Morgan Stanley & Co.	USD	745,592	CHF	732,000	$	759,938		11/17/16	$	(14,346	)
	USD	2,826,888	EUR	2,543,000		2,856,451		11/17/16		(29,563	)
TOTAL									$	(43,909	)

TAX INFORMATION — At July 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	146,969,455
Gross unrealized gain		10,672,213
Gross unrealized loss		(4,699,589	)
Net unrealized security gain	$	5,972,624

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 93.9%
	Aerospace & Defense – 4.0%
	19,020	Astronics Corp.*	$     727,895
	6,561	BE Aerospace, Inc.	313,846
	12,265	Cubic Corp.	500,903
	5,379	Curtiss-Wright Corp.	478,677
	11,960	DigitalGlobe, Inc.*	322,442
	22,679	HEICO Corp.	1,576,417
	18,643	Hexcel Corp.	804,818
	9,794	KLX, Inc.*	316,346
			5,041,344
	Auto Components – 2.9%
	21,957	American Axle & Manufacturing Holdings, Inc.*	382,271
	14,348	Dorman Products, Inc.*	913,968
	24,714	Drew Industries, Inc.	2,264,049
			3,560,288
	Automobiles – 0.5%
	7,548	Thor Industries, Inc.	577,724
	Beverages* – 0.2%
	1,148	The Boston Beer Co., Inc. Class A	209,946
	Biotechnology* – 1.5%
	7,545	Acceleron Pharma, Inc.	255,926
	9,867	Alder Biopharmaceuticals, Inc.	316,731
	6,458	BeiGene Ltd. ADR	169,458
	9,598	Coherus Biosciences, Inc.	243,693
	6,926	Heron Therapeutics, Inc.	115,110
	7,207	Neurocrine Biosciences, Inc.	362,008
	6,971	Ultragenyx Pharmaceutical, Inc.	441,125
			1,904,051
	Building Products* – 0.4%
	8,687	Patrick Industries, Inc.	560,833
	Capital Markets – 0.5%
	1,566	Diamond Hill Investment Group, Inc.	299,091
	10,555	Stifel Financial Corp.*	373,119
			672,210
	Chemicals – 1.6%
	9,137	Balchem Corp.	583,580
	7,415	Cabot Corp.	361,036
	10,560	Ferro Corp.*	136,858
	7,260	Minerals Technologies, Inc.	473,788
	14,425	Olin Corp.	301,482
	2,735	Sensient Technologies Corp.	201,925
			2,058,669

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Banks – 3.9%
	27,597	Bank of the Ozarks, Inc.	$     993,216
	13,374	Columbia Banking System, Inc.	405,500
	20,552	ConnectOne Bancorp, Inc.	347,534
	21,697	Eagle Bancorp, Inc.*	1,118,480
	1,825	First Citizens BancShares, Inc. Class A	474,098
	19,203	Home BancShares, Inc.	400,767
	25,957	LegacyTexas Financial Group, Inc.	740,294
	8,091	Prosperity Bancshares, Inc.	413,369
			4,893,258
	Commercial Services & Supplies – 3.5%
	14,925	ABM Industries, Inc.	555,359
	4,920	G&K Services, Inc. Class A	394,633
	17,070	Healthcare Services Group, Inc.	662,487
	13,578	KAR Auction Services, Inc.	580,731
	15,064	Tetra Tech, Inc.	496,058
	5,125	The Brink’s Co.	168,202
	20,581	Waste Connections, Inc.*	1,532,873
			4,390,343
	Communications Equipment* – 0.4%
	8,869	NETGEAR, Inc.	456,133
	Computers & Peripherals* – 0.5%
	12,700	Electronics for Imaging, Inc.	562,483
	Construction & Engineering – 1.1%
	20,492	Aegion Corp.*	420,496
	12,312	Granite Construction, Inc.	612,891
	12,228	Tutor Perini Corp.*	307,167
			1,340,554
	Consumer Finance – 3.6%
	4,688	Credit Acceptance Corp.*	846,981
	8,408	First Cash Financial Services, Inc.	431,415
	34,521	Navient Corp.	490,198
	15,967	Nelnet, Inc. Class A	645,226
	36,700	PRA Group, Inc.*	1,022,462
	144,971	SLM Corp.*	1,042,342
			4,478,624
	Containers & Packaging – 1.1%
	83,486	Graphic Packaging Holding Co.	1,138,749
	13,207	Multi Packaging Solutions International Ltd.*	191,766
			1,330,515
	Diversified Consumer Services* – 0.8%
	14,972	Bright Horizons Family Solutions, Inc.	1,004,172
	Diversified Telecommunication Services – 1.0%
	28,401	Cogent Communications Holdings, Inc.	1,213,575

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electric Utilities – 0.3%
	9,687	PNM Resources, Inc.	$       332,845
	Electrical Equipment – 1.3%
	26,822	EnerSys	1,672,352
	Electronic Equipment, Instruments & Components – 2.6%
	4,547	Anixter International, Inc.*	278,640
	11,964	Belden, Inc.	875,884
	4,354	Coherent, Inc.*	461,742
	14,487	Insight Enterprises, Inc.*	385,354
	5,591	OSI Systems, Inc.*	332,497
	9,150	SYNNEX Corp.	919,850
			3,253,967
	Energy Equipment & Services – 0.3%
	21,298	Bristow Group, Inc.	230,231
	2,611	Dril-Quip, Inc.*	142,117
			372,348
	Food & Staples Retailing – 0.2%
	3,895	PriceSmart, Inc.	303,343
	Food Products* – 0.9%
	10,348	TreeHouse Foods, Inc.	1,067,810
	Health Care Equipment & Supplies* – 1.9%
	5,638	IDEXX Laboratories, Inc.	528,788
	8,604	Integra LifeSciences Holdings Corp.	725,059
	18,079	Neogen Corp.	997,057
	13,188	Novadaq Technologies, Inc.	140,584
			2,391,488
	Health Care Providers & Services – 3.6%
	7,502	Amsurg Corp.*	562,725
	4,876	Chemed Corp.	717,455
	6,290	CorVel Corp.*	284,308
	11,351	Diplomat Pharmacy, Inc.*	407,841
	3,638	Henry Schein, Inc.*	658,405
	24,931	Kindred Healthcare, Inc.	305,654
	5,954	LifePoint Health, Inc.*	352,358
	14,583	Owens & Minor, Inc.	520,759
	26,738	Select Medical Holdings Corp.*	307,487
	23,424	Teladoc, Inc.*	408,515
			4,525,507
	Health Care Technology* – 1.5%
	16,589	Cotiviti Holdings, Inc.	400,459
	7,088	Inovalon Holdings, Inc. Class A	131,979
	9,516	Medidata Solutions, Inc.	505,775
	20,159	Press Ganey Holdings, Inc.	804,747
			1,842,960

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 1.5%
	37,253	ClubCorp Holdings, Inc.	$       540,169
	7,512	International Speedway Corp. Class A	253,680
	35,404	Lindblad Expeditions Holdings, Inc.*	351,916
	9,613	Papa John’s International, Inc.	710,881
			1,856,646
	Household Durables* – 0.4%
	5,225	Helen of Troy Ltd.	520,462
	Insurance – 5.6%
	4,974	AMERISAFE, Inc.	291,128
	43,498	AmTrust Financial Services, Inc.	1,038,297
	24,163	Assured Guaranty Ltd.	647,327
	22,365	First American Financial Corp.	935,081
	9,619	Global Indemnity PLC*	288,859
	3,426	Infinity Property & Casualty Corp.	281,069
	46,585	Maiden Holdings Ltd.	650,792
	40,075	National General Holdings Corp.	826,747
	13,354	RLI Corp.	910,342
	2,855	Safety Insurance Group, Inc.	181,863
	8,017	The Hanover Insurance Group, Inc.	660,120
	2,465	The Navigators Group, Inc.	230,897
			6,942,522
	Internet & Catalog Retail – 1.8%
	3,206	Expedia, Inc.	373,980
	12,062	FTD Cos., Inc.*	305,289
	10,471	HSN, Inc.	535,696
	45,408	Liberty TripAdvisor Holdings, Inc. Class A*	1,074,808
			2,289,773
	Internet Software & Services* – 1.5%
	20,087	2U, Inc.	702,643
	13,786	Envestnet, Inc.	526,212
	10,486	SPS Commerce, Inc.	663,973
			1,892,828
	IT Services – 4.6%
	13,475	Booz Allen Hamilton Holding Corp.	416,108
	13,040	Broadridge Financial Solutions, Inc.	882,547
	7,560	Convergys Corp.	201,474
	17,052	CoreLogic, Inc.*	686,855
	6,951	Genpact Ltd.*	186,078
	21,309	MAXIMUS, Inc.	1,255,526
	24,931	Sykes Enterprises, Inc.*	765,132
	18,599	TeleTech Holdings, Inc.	530,816
	8,787	WEX, Inc.*	823,166
			5,747,702

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Leisure Equipment & Products* – 0.1%
	30,981	Black Diamond, Inc.	$       130,430
	Life Sciences Tools & Services* – 2.5%
	11,135	Charles River Laboratories International, Inc.	979,101
	7,744	ICON PLC	601,476
	23,899	PAREXEL International Corp.	1,597,648
			3,178,225
	Machinery – 1.9%
	7,774	Colfax Corp.*	228,245
	14,909	ESCO Technologies, Inc.	631,396
	8,665	Hillenbrand, Inc.	280,313
	5,823	IDEX Corp.	522,847
	13,140	Woodward, Inc.	769,215
			2,432,016
	Media – 2.0%
	43,396	Global Eagle Entertainment, Inc.*	355,847
	17,537	Liberty Media Group Class A*	398,090
	16,004	Live Nation Entertainment, Inc.*	438,830
	11,643	MSG Networks, Inc. Class A*	186,870
	3,866	Scholastic Corp.	158,892
	8,921	Starz Class A*	269,682
	3,881	The Madison Square Garden Co. Class A*	709,408
			2,517,619
	Metals & Mining – 0.8%
	49,670	Ferroglobe PLC	462,925
	18,021	Steel Dynamics, Inc.	483,323
			946,248
	Oil, Gas & Consumable Fuels – 2.9%
	19,787	Parsley Energy, Inc. Class A*	564,127
	19,869	RSP Permian, Inc.*	714,291
	13,794	Western Refining, Inc.	287,605
	42,720	World Fuel Services Corp.	2,033,472
			3,599,495
	Paper & Forest Products – 0.8%
	7,451	Neenah Paper, Inc.	562,029
	10,287	Schweitzer-Mauduit International, Inc.	388,951
			950,980
	Personal Products – 0.3%
	8,034	Nu Skin Enterprises, Inc. Class A	429,016
	Pharmaceuticals* – 0.1%
	13,101	Omeros Corp.	154,068

Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – 3.3%
	5,373	CEB, Inc.	$       322,595
	3,869	Exponent, Inc.	196,584
	10,285	FTI Consulting, Inc.*	440,609
	11,408	GP Strategies Corp.*	239,112
	11,765	Heidrick & Struggles International, Inc.	228,947
	9,192	Korn/Ferry International	211,508
	36,481	Navigant Consulting, Inc.*	719,040
	17,472	On Assignment, Inc.*	645,590
	30,228	RPX Corp.*	304,396
	11,268	The Advisory Board Co.*	470,552
	5,928	WageWorks, Inc.*	366,410
			4,145,343
	Real Estate Investment Trusts – 3.8%
	8,533	American Capital Mortgage Investment Corp.	139,600
	23,631	American Homes 4 Rent Class A	512,793
	37,182	Anworth Mortgage Asset Corp.	182,935
	31,315	Ares Commercial Real Estate Corp.	397,700
	16,914	Chatham Lodging Trust	405,598
	6,685	Colony Capital, Inc. Class A	118,859
	89,307	CYS Investments, Inc.	799,298
	10,410	LaSalle Hotel Properties	286,796
	83,441	MFA Financial, Inc.	627,476
	12,336	Silver Bay Realty Trust Corp.	222,295
	17,138	Starwood Property Trust, Inc.	373,608
	76,288	Two Harbors Investment Corp.	667,520
			4,734,478
	Real Estate Management & Development* – 1.0%
	11,473	Colliers International Group, Inc.	473,605
	15,194	FirstService Corp.	747,089
			1,220,694
	Road & Rail – 0.8%
	3,920	Genesee & Wyoming, Inc. Class A*	253,820
	19,983	Knight Transportation, Inc.	596,093
	2,616	Landstar System, Inc.	184,402
			1,034,315
	Semiconductors & Semiconductor Equipment – 1.8%
	31,580	Brooks Automation, Inc.	395,697
	15,489	Cavium, Inc.*	722,872
	19,455	MACOM Technology Solutions Holdings, Inc.*	768,667
	16,478	Teradyne, Inc.	325,440
			2,212,676
	Software – 7.0%
	11,666	Aspen Technology, Inc.*	488,689
	10,964	Blackbaud, Inc.	732,943

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	27,931	BroadSoft, Inc.*	$    1,252,147
	3,442	Fair Isaac Corp.	435,895
	5,675	Guidewire Software, Inc.*	348,842
	19,700	Interactive Intelligence Group, Inc.*	1,062,815
	19,254	Manhattan Associates, Inc.*	1,117,695
	22,869	Monotype Imaging Holdings, Inc.	452,578
	10,526	Open Text Corp.	641,349
	3,299	Pegasystems, Inc.	92,042
	1,998	Proofpoint, Inc.*	151,588
	10,593	Synchronoss Technologies, Inc.*	395,543
	3,614	The Ultimate Software Group, Inc.*	755,687
	4,749	Tyler Technologies, Inc.*	774,182
			8,701,995
	Specialty Retail – 3.8%
	23,811	American Eagle Outfitters, Inc.	426,693
	3,891	Asbury Automotive Group, Inc.*	236,573
	48,344	Ascena Retail Group, Inc.*	393,037
	7,274	Group 1 Automotive, Inc.	453,316
	4,850	Hibbett Sports, Inc.*	169,362
	10,370	Lithia Motors, Inc. Class A	894,827
	12,156	Monro Muffler Brake, Inc.	761,209
	67,861	Office Depot, Inc.*	234,799
	29,707	Tailored Brands, Inc.	435,207
	31,090	The Finish Line, Inc. Class A	675,586
			4,680,609
	Textiles, Apparel & Luxury Goods* – 0.5%
	16,421	Steven Madden Ltd.	575,063
	Thrifts & Mortgage Finance – 2.2%
	31,510	Essent Group Ltd.*	754,980
	23,029	Nationstar Mortgage Holdings, Inc.*	290,856
	38,191	Radian Group, Inc.	492,664
	27,135	Walker & Dunlop, Inc.*	642,285
	22,302	Washington Federal, Inc.	557,550
			2,738,335
	Tobacco – 0.3%
	5,980	Universal Corp.	354,674
	Trading Companies & Distributors – 2.0%
	40,206	Air Lease Corp.	1,158,335
	20,990	BMC Stock Holdings, Inc.*	427,147
	17,433	WESCO International, Inc.*	971,715
			2,557,197
	Transportation Infrastructure* – 0.5%
	44,802	Wesco Aircraft Holdings, Inc.	575,706
	TOTAL COMMON STOCKS (Cost $109,232,538)		$117,136,457

Principal Amount	Interest Rate	Maturity Date		Value
Short-term Investment(a) – 5.5%
Repurchase Agreements – 5.5%
Joint Repurchase Agreement Account II
$6,900,000	0.345%		08/01/16	$    6,900,000
(Cost $6,900,000)
TOTAL INVESTMENTS – 99.4% (Cost $116,132,538)				$124,036,457
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%				722,054
NET ASSETS – 100.0%				$124,758,511

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)	Joint repurchase agreement was entered into on July 29, 2016. Additional information appears in the Notes to the Schedule of Investments section.

Investment Abbreviations:
ADR	— American Depositary Receipt
PLC	— Public Limited Company
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

MULTI-MANAGER U.S. SMALL CAP EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At July 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	116,132,538
Gross unrealized gain		9,765,847
Gross unrealized loss		(1,861,928	)
Net unrealized security gain	$	7,903,919

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

ACTIVE EQUITY MULTI-MANAGER FUNDS

Schedule of Investments (continued)

July 31, 2016 (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 — The fair value of a financial instrument is 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). Accounting principles generally accepted in the United States of America (“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 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 Goldman Sachs Asset Management, L.P. (“GSAM”) assumptions in determining fair value measurement).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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. The Trustees have delegated to GSAM
day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio 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 are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter 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.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and 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.

ACTIVE EQUITY MULTI-MANAGER FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

A forward foreign currency 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 at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2016:

MULTI-MANAGER INTERNATIONAL EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	—	$	2,212,225	$	—
Asia		18,468,141		50,036,495		—
Australia and Oceania		—		5,861,484		—
Europe		20,433,199		152,202,300		—
North America		11,161,145		2,475,004		—
South America		1,179,299		—		—
Short-term Investments		—		17,200,000		—
Total	$	51,241,784	$	229,987,508	$	—

ACTIVE EQUITY MULTI-MANAGER FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

MULTI-MANAGER U.S. DYNAMIC EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	432,943	$	—		$	—
Europe		6,641,876		4,439,693			—
North America		132,127,567		—			—
Short-term Investments		—		9,300,000			—
Total	$	139,202,386	$	13,739,693		$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—	$	7,682		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—	$	(43,909	)	$	—
MULTI-MANAGER U.S. SMALL CAP EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	169,458	$	—		$	—
Europe		1,353,260		—			—
North America		115,613,739		—			—
Short-term Investments		—		6,900,000			—
Total	$	117,136,457	$	6,900,000		$	—

(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 principle exchange or system on which they are traded, which may differ from country of domicile noted in table. 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.

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

JOINT REPURCHASE AGREEMENT ACCOUNT II — At July 31, 2016, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of August 1, 2016, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Multi-Manager International Equity	$	17,200,000	$	17,200,165	$	17,544,002
Multi-Manager U.S. Dynamic Equity		9,300,000		9,300,089		9,486,001
Multi-Manager U.S. Small Cap Equity		6,900,000		6,900,066		7,038,001

REPURCHASE AGREEMENTS — At July 31, 2016, the Principal Amount of the Funds’ interest in the Joint Repurchase Agreement Account II was as follows:

Counterparty	Interest Rate			Multi- Manager International Equity		Multi- Manager U.S. Dynamic Equity		Multi- Manager U.S. Small Cap Equity
BNP Paribas Securities Co.		0.350	%	$	222,621	$	120,371	$	89,307
Citigroup Global Markets, Inc.		0.350			4,723,230		2,553,839		1,894,784
Merrill Lynch & Co., Inc.		0.350			8,228,688		4,449,232		3,301,044
Merrill Lynch & Co., Inc.		0.330			4,025,461		2,176,558		1,614,865
TOTAL				$	17,200,000	$	9,300,000	$	6,900,000

At July 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000% to 6.000	%		01/01/19 to 05/01/46
Federal National Mortgage Association		2.500 to 6.500			03/01/19 to 08/01/46
Government National Mortgage Association		4.000 to 4.500			12/20/45 to 06/20/46
U.S. Treasury Notes		0.880 to 1.750			06/15/19 to 09/30/22
U.S. Treasury Bonds		2.880 to 3.130			02/15/42 to 08/15/45

ACTIVE EQUITY MULTI-MANAGER FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Derivatives Risk — Loss may result from the Funds’ investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund that invests in foreign securities 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.

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 may cause the 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 and is required to maintain a larger cash position than it ordinarily would.

Liquidity Risk — The Funds 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 because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have 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.

Non-Diversification Risk — The Multi-Manager U.S. Dynamic Equity Fund is non-diversified, meaning that the Fund is permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Concentration Risk — As a result of the Funds’ ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if their investments were not so concentrated.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 4.8%
Automotive - Parts – 0.1%
Evergreen Skills Lux S.a.r.l.
$	1,237,951		5.750	%	04/28/21	$       1,017,694
Building Materials – 0.4%
Engility Corp.
	420,000		12.000		05/30/21	428,925
Headwaters, Inc.
	148,500		4.000		03/24/22	149,428
Jeld-Wen, Inc.
	1,766,758		5.250		10/15/21	1,777,800
MX Holdings US, Inc.
	195,050		4.000		08/14/20	194,929
Preferred Proppants LLC
	881,667		6.750		07/27/20	599,534
Wilsonart LLC
	1,697,649		4.000		10/31/19	1,694,813
						4,845,429
Chemicals – 0.1%
SK Spice S.a.r.l.
EUR	343,814		7.000		06/12/21	380,060
Styrolution US Holding LLC
$	456,699		6.500		11/07/19	458,412
						838,472
Consumer Cyclical Services – 0.0%
Samsonite International SA
	123,377		4.000		05/12/23	124,559
Consumer Products - Household & Leisure – 0.1%
Calceus Acquisition, Inc.
	434,089		5.000		01/31/20	329,183
Serta Simmons Holdings LLC
	741,947		4.250		10/01/19	745,100
						1,074,283
Consumer Products - Industrial – 0.0%
Harbor Freight Tools USA, Inc.
	129,750		4.750		07/26/19	130,237
Diversified Manufacturing – 0.0%
Emerald US Inc.
	131,826		5.000		05/09/21	119,962
KP Germany Erste GmbH
	184,104		5.000		04/28/20	184,851
						304,813
Energy – 0.2%
Chief Exploration & Development LLC
	138,129		7.500		05/16/21	124,776
Drillships Ocean Ventures, Inc.
	1,003,122		5.500		07/25/21	569,272
Energy Transfer Equity LP
	165,796		4.000		12/02/19	162,238
KCA Deutag US Finance LLC
	1,268,816		6.250		05/15/20	997,835
Penn Products Terminals LLC
	241,500		4.750		04/13/22	240,896

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Energy – (continued)
Seadrill Partners Finco LLC
$	1,037,209		4.000	%	02/21/21	$          452,483
Templar Energy LLC
	1,469,884		8.500		11/25/20	341,748
						2,889,248
Energy - Exploration & Production – 0.0%
Energy & Exploration Partners, Inc.
	113,655		0.000	(b)	11/10/21	107,973
	45,763		5.000		05/13/22	45,763
Murray Energy Corp.
	362,748		7.500		04/16/20	267,526
						421,262
Finance – 0.1%
CeramTec Acquisition Corp.
	215,081		4.250		08/30/20	214,812
	704,771		4.250		08/30/20	703,890
	76,480		4.250		08/30/20	76,384
New Millennium Holdco, Inc.
	696,690		7.500		12/21/20	491,167
						1,486,253
Finance Insurance – 0.1%
Hub International Ltd.
	835,063		4.250		10/02/20	832,524
Gaming – 0.4%
AMF Bowling Centers, Inc.
	855,960		7.250		09/18/21	855,960
Boyd Gaming Corp.
	161,389		4.000		08/14/20	161,918
Cowlitz Tribal Gaming Authority
	1,145,386		11.500		12/04/21	1,139,659
Mashantucket (Western) Pequot Tribe
	432,050		5.000		07/01/18	375,884
	2,487,638		9.375		06/30/20	2,143,523
Mohegan Tribal Gaming Authority
	964,285		5.500		06/15/18	962,356
						5,639,300
Health Care - Medical Products – 0.2%
Carestream Health, Inc.
	2,459,465		9.500		12/07/19	2,367,235
Health Care - Services – 0.5%
Air Medical Group Holdings, Inc.
	867,245		4.250		04/28/22	852,068
American Renal Holdings, Inc.
	1,454,465		4.750		09/20/19	1,433,565
BPA Laboratories, Inc.
	160,673		2.500		07/01/17	70,696
Community Health Systems, Inc.
	105,388		3.924		12/31/18	104,353
	68,847		3.750		12/31/19	67,696
	126,678		4.000		01/27/21	125,055
Envision Healthcare Corp.
	489,685		4.250		05/25/18	490,033
Ortho-Clinical Diagnostics, Inc.
	1,736,033		4.750		06/30/21	1,678,883

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Health Care - Services – (continued)
U.S. Renal Care, Inc.
$	1,715,553		5.250	%	12/31/22	$       1,698,398
						6,520,747
Media - Broadcasting & Radio – 0.3%
AP NMT Acquisition BV
	516,229		6.750		08/13/21	428,898
Cumulus Media Holdings, Inc.
	1,411,602		4.250		12/23/20	999,597
EIG Investors Corp.
	458,015		6.480		11/09/19	441,985
iHeart Communications, Inc.
	2,072,021		7.246		01/30/19	1,594,814
						3,465,294
Media - Non Cable – 0.1%
Affinion Group, Inc.
	922,740		6.750		04/30/18	874,555
Media General, Inc.
	62,486		4.000		07/31/20	62,479
						937,034
Packaging – 0.1%
Ardagh Holdings USA, Inc.
	278,269		4.000		12/17/19	278,793
Klockner-Pentaplast of America, Inc.
	430,803		5.000		04/28/20	432,552
						711,345
Pharmaceuticals – 0.1%
Lantheus Medical Imaging, Inc.
	683,075		7.000		06/30/22	621,598
Valeant Pharmaceuticals International, Inc.
	919,334		5.000		04/01/22	912,347
						1,533,945
Property/Casualty Insurance – 0.1%
York Risk Services Holding Corp.
	907,313		4.750		10/01/21	802,410
Real Estate – 0.1%
Empire Generating Co. LLC
	1,291,840		5.250		03/14/21	1,098,064
	102,765		5.250		03/14/21	87,351
						1,185,415
Restaurants – 0.1%
Red Lobster Management LLC
	765,149		6.250		07/28/21	766,427
Retailers – 0.2%
Container Store, Inc.
	300,914		4.250		04/06/19	259,162
Dollar Tree, Inc.
	82,307		4.250		07/06/22	82,513
Gymboree Corp.
	2,398,836		5.000		02/23/18	1,863,751

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Retailers – (continued)
Leslie’s Poolmart, Inc.
$	194,445		4.250	%	10/16/19	$          194,202
Mattress Holding Corp.
	200,000		6.250		10/20/21	197,500
The Talbots, Inc.
	154,900		9.500		03/19/21	143,670
True Religion Apparel, Inc.
	96,500		5.875		07/30/19	40,691
						2,781,489
Services Cyclical - Business Services – 0.2%
Koosharem LLC
	1,159,366		7.500		05/16/20	996,093
Redtop Acquisition Ltd.
	97,500		4.500		12/03/20	97,500
Tribune Publishing Co.
	1,291,549		5.750		07/07/21	1,270,562
Weight Watchers International, Inc.
	230,236		4.000		04/02/20	173,699
						2,537,854
Technology - Hardware – 0.1%
Diebold, Inc.
	515,000		5.250		11/06/23	513,929
MKS Instruments, Inc.
	327,469		4.250		05/01/23	329,515
ON Semiconductor Corp.
	1,036,000		5.250		03/31/23	1,047,655
						1,891,099
Technology - Software – 0.0%
Aricent Technologies Ltd.
	444,471		5.500		04/14/21	386,134
Technology - Software/Services – 0.4%
Applied Systems, Inc.
	908,039		4.000		01/25/21	908,946
Avago Technologies Cayman Ltd.
	2,056,859		4.250		02/01/23	2,056,530
Black Knight InfoServ LLC
	151,145		3.750		05/27/22	152,090
BMC Software, Inc.
	329,592		5.000		09/10/20	302,236
Equinix, Inc.
	58,853		4.000		01/08/23	59,000
MModal Inc.
	1,655,615		9.000		01/31/20	1,393,481
Syniverse Holdings, Inc.
	380,443		4.000		04/23/19	306,256
Western Digital Corp.
	270,000		6.250		04/29/23	272,476
						5,451,015
Telecommunications - Internet & Data – 0.2%
Asurion LLC
	471,398		5.000		05/24/19	471,888
	484,217		4.250		07/08/20	482,101
	1,575,000		8.500		03/03/21	1,559,581

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Telecommunications - Internet & Data – (continued)
Level 3 Financing, Inc.
$	650,000		4.000	%	01/15/20	$          652,600
						3,166,170
Textiles – 0.1%
Indra Holdings Corp.
	638,043		5.250		04/29/21	526,385
Nine West Holdings, Inc.
	480,101		4.750		10/08/19	265,496
						791,881
Transportation – 0.1%
Syncreon Group Holdings B.V.
	739,285		5.250		10/28/20	628,392
Utilities – 0.4%
Longview Power LLC
	1,366,200		7.000		04/13/21	1,205,672
Texas Competitive Electric Holdings Co.
	6,702,563		4.500		10/10/16	2,185,770
	1,687,140		4.500		10/10/17	557,596
	1,086,829		5.000		10/31/17	1,088,644
	247,873		5.000		07/27/23	248,287
						5,285,969
Wireless Telecommunications – 0.0%
Intelsat Jackson Holdings SA
	400,000		3.750		06/30/19	378,752
TOTAL BANK LOANS (Cost $67,201,167)						$      61,192,681

Shares		Description	Value
	Common Stocks – 17.4%
	Aerospace & Defense – 0.7%
	3,810	Airbus Group SE	$            224,764
	26,238	BWX Technologies, Inc.	965,821
	15,730	Esterline Technologies Corp.*(c)	956,856
	725	Honeywell International, Inc.	84,339
	233,270	Meggitt PLC	1,351,083
	25,803	Orbital ATK, Inc.(c)	2,247,957
	28,040	United Technologies Corp.	3,018,506
			8,849,326
	Air Freight & Logistics(c) – 0.2%
	17,992	FedEx Corp.	2,912,905
	Airlines – 0.0%
	11,096	Delta Air Lines, Inc.	429,970
	Automobiles – 0.0%
	9,144	Fiat Chrysler Automobiles NV	58,613
	603	General Motors Co.	19,019
			77,632

Shares		Description	Value
	Common Stocks – (continued)
	Beverages – 0.3%
	24,495	Constellation Brands, Inc. Class A	$       4,032,612
	Biotechnology – 0.3%
	18,790	Shire PLC ADR	3,647,515
	Capital Markets – 0.7%
	13,905	Affiliated Managers Group, Inc.*(c)	2,040,976
	89,950	Apollo Global Management LLC Class A	1,542,642
	15,960	Invesco Ltd.	465,713
	20,160	Legg Mason, Inc.	688,262
	22,890	LPL Financial Holdings, Inc.	616,886
	211,144	NorthStar Asset Management Group, Inc.	2,504,168
	41,512	OM Asset Management PLC	581,168
	6,276	State Street Corp.	412,835
			8,852,650
	Chemicals – 0.4%
	54,533	Axalta Coating Systems Ltd.*(c)	1,556,917
	392	LyondellBasell Industries NV Class A	29,502
	42,747	Olin Corp.(c)	893,412
	11,085	The Sherwin-Williams Co.(c)	3,322,507
			5,802,338
	Commercial Banks – 1.3%
	417,749	Bank of America Corp.	6,053,183
	33,915	Bank of the Ozarks, Inc.(c)	1,220,601
	65,456	CIT Group, Inc.(c)	2,262,159
	73,570	Citigroup, Inc.(c)	3,223,102
	118,154	Citizens Financial Group, Inc.	2,638,379
	2,478	Signature Bank*	297,955
	47,117	Western Alliance Bancorp*(c)	1,603,391
			17,298,770
	Commercial Services & Supplies(c) – 0.1%
	29,539	KAR Auction Services, Inc.	1,263,383
	Communications Equipment – 0.3%
	84,850	Cisco Systems, Inc.(c)	2,590,470
	34,329	CommScope Holding Co., Inc.*	1,028,154
	39,428	Radware Ltd.*	485,359
			4,103,983
	Computers & Peripherals(c) – 0.3%
	77,417	NetApp, Inc.	2,039,938
	35,496	Western Digital Corp.	1,686,415
			3,726,353
	Construction & Engineering* – 0.2%
	61,290	AECOM	2,175,182

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – 0.5%
	149,374	Ally Financial, Inc.	$       2,694,707
	26,340	American Express Co.	1,697,876
	2,100	Capital One Financial Corp.	140,868
	8,013	Discover Financial Services	455,459
	3,176	Encore Capital Group, Inc.*	77,526
	33,184	Synchrony Financial*	925,170
			5,991,606
	Containers & Packaging – 0.2%
	61,719	Orora Ltd.	135,225
	51,690	Owens-Illinois, Inc.*	971,255
	26,062	Sealed Air Corp.	1,229,605
			2,336,085
	Diversified Financial Services – 0.6%
	5,252	Berkshire Hathaway, Inc. Class B*	757,706
	46,400	Element Financial Corp.	498,241
	15,660	Groupe Bruxelles Lambert SA	1,321,078
	9,367	Intercontinental Exchange, Inc.	2,474,761
	97,990	Leucadia National Corp.	1,789,297
	57,058	Voya Financial, Inc.(c)	1,462,397
			8,303,480
	Diversified Telecommunication Services(d) – 0.1%
	41,241	Cellnex Telecom SAU	729,977
	15,409	Sunrise Communications Group AG*	995,583
			1,725,560
	Electrical Equipment* – 0.0%
	5,636	Babcock & Wilcox Enterprises, Inc.	86,569
	Electronic Equipment, Instruments & Components – 0.3%
	43,015	CDW Corp.	1,846,634
	30,050	TE Connectivity Ltd.	1,811,414
			3,658,048
	Energy Equipment & Services – 0.1%
	16,080	Halliburton Co.	702,053
	Food & Staples Retailing – 0.1%
	5,051	CVS Health Corp.	468,329
	44,800	Lenta Ltd.*(d)	336,441
	8,805	Walgreens Boots Alliance, Inc.	697,796
			1,502,566
	Food Products – 0.2%
	29,357	Nestle SA	2,352,452
	962	The J.M. Smucker Co.	148,302
			2,500,754

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 0.1%
	6,254	Becton Dickinson & Co.(c)	$       1,100,704
	1,900	Integer Holdings Corp.*	42,199
			1,142,903
	Health Care Providers & Services – 1.4%
	16,735	Acadia Healthcare Co., Inc.*	945,528
	22,898	Aetna, Inc.(e)	2,638,079
	131,496	Brookdale Senior Living, Inc.*	2,428,731
	50,955	HCA Holdings, Inc.*(c)(e)	3,930,159
	2,617	Humana, Inc.	451,563
	14,302	McKesson Corp.(e)	2,782,597
	17,692	Millennium Health LLC	61,922
	31,845	Universal Health Services, Inc. Class B(c)(e)	4,124,883
			17,363,462
	Health Care Technology*(c) – 0.2%
	74,112	IMS Health Holdings, Inc.	2,224,842
	Hotels, Restaurants & Leisure – 0.7%
	117,858	Aramark(c)(e)	4,225,209
	65,571	Diamond Resorts International, Inc.*(c)	1,978,933
	163,840	Genting Malaysia Bhd	172,990
	778	Interval Leisure Group, Inc.	13,988
	2,786	Marriott International, Inc. Class A	199,756
	15,215	McDonald’s Corp.(c)	1,790,045
	12,956	Six Flags Entertainment Corp.	730,589
			9,111,510
	Household Products – 0.0%
	3,983	Henkel AG & Co. KGaA	432,365
	Independent Power Producers & Energy Traders* – 0.1%
	65,835	Calpine Corp.	904,573
	Industrial Conglomerates – 0.1%
	39,820	General Electric Co.(c)	1,239,995
	14,690	Jardine Strategic Holdings Ltd.	450,322
			1,690,317
	Insurance – 1.0%
	990	Alleghany Corp.*	538,065
	100,660	American International Group, Inc.(c)(e)	5,479,930
	7,005	AmTrust Financial Services, Inc.	167,209
	49,522	Aon PLC(c)	5,302,321
	3,622	Endurance Specialty Holdings Ltd.	244,956
	1,712	Loews Corp.	70,757
	5,011	MetLife, Inc.	214,170

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	7,381	Willis Towers Watson PLC	$           912,439
			12,929,847
	Internet & Catalog Retail* – 0.2%
	72,815	Liberty Interactive Corp. QVC Group Class A(c)	1,952,170
	6,909	Liberty Ventures Series A	260,538
	511	The Priceline Group, Inc.	690,264
			2,902,972
	Internet Software & Services – 0.6%
	4,176	Alphabet, Inc. Class A*(e)	3,304,636
	1,213	Alphabet, Inc. Class C*	932,542
	3,530	Baidu, Inc. ADR*	563,388
	691	CommerceHub, Inc. Class A*	9,742
	1,382	CommerceHub, Inc. Class C*	19,345
	40,065	IAC/InterActiveCorp.(c)	2,322,167
	27,101	Rackspace Hosting, Inc.*	634,977
			7,786,797
	IT Services – 0.1%
	28,339	CSRA, Inc.	762,886
	Life Sciences Tools & Services – 0.3%
	14,957	Quintiles Transnational Holdings, Inc.*	1,161,262
	7,780	Thermo Fisher Scientific, Inc.	1,235,775
	32,866	VWR Corp.*	1,029,363
			3,426,400
	Machinery – 0.1%
	1,779	Fortive Corp.*	85,765
	3,147	Joy Global, Inc.	86,952
	13,804	Pentair PLC	880,971
			1,053,688
	Media – 2.3%
	9,738	Charter Communications, Inc. Class A*	2,287,164
	40,606	Discovery Communications, Inc. Class A*(c)	1,018,805
	43,110	DISH Network Corp. Class A*(c)	2,302,936
	82,473	JCDecaux SA	2,818,905
	31,575	Liberty Global PLC Class A*	1,001,243
	41,922	Liberty Global PLC LiLAC Class A*	1,440,021
	8,720	Liberty Global PLC LiLAC Class C*	305,200
	59,821	Liberty Global PLC Series C*	1,851,460
	36,014	Liberty Media Group Class A*	817,518
	78,142	Liberty SiriusXM Group Class A*	2,793,576
	17,958	Naspers Ltd.	2,818,028
	80,395	News Corp. Class A	1,042,723
	1,063	Quebecor, Inc. Class B	32,745
	31,004	Regal Entertainment Group Class A	729,214

Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	29,501	Sinclair Broadcast Group, Inc. Class A	$           820,718
	9,882	The Madison Square Garden Co. Class A*	1,806,331
	46,844	Time Warner, Inc.(c)	3,590,593
	60,120	WPP PLC	1,348,944
			28,826,124
	Metals & Mining – 0.3%
	256,760	Alcoa, Inc.(c)	2,726,791
	18,247	Ferroglobe PLC	170,062
	24,050	MMC Norilsk Nickel PJSC ADR	354,016
			3,250,869
	Multiline Retail* – 0.1%
	10,326	Dollar Tree, Inc.	994,291
	Oil, Gas & Consumable Fuels – 0.2%
	7,870	CONSOL Energy, Inc.	152,521
	118	Energy & Exploration Partners, Inc.*	41,300
	69,720	Gazprom PJSC ADR	286,549
	7,990	Lukoil PJSC ADR	343,908
	3,410	Occidental Petroleum Corp.	254,829
	1,455	Phillips 66	110,667
	31,380	Rosneft PJSC GDR	151,660
	216,030	Surgutneftegas OJSC	106,768
	27,167	TransCanada, Corp.	1,259,190
			2,707,392
	Paper & Forest Products* – 0.0%
	4,846	Clearwater Paper Corp.	304,862
	Personal Products – 0.0%
	10,620	Unilever NV	491,965
	Pharmaceuticals – 0.9%
	33,899	Allergan PLC*(e)	8,574,752
	32,871	Bristol-Myers Squibb Co.(c)	2,459,080
			11,033,832
	Real Estate Investment Trusts – 0.3%
	17,911	Equity Commonwealth*	537,688
	73,853	NorthStar Realty Finance Corp.	989,630
	36,368	Ryman Hospitality Properties, Inc.(c)	2,045,337
	16,371	Xenia Hotels & Resorts, Inc.	294,023
			3,866,678
	Real Estate Management & Development – 0.0%
	46,411	Countrywide PLC	152,423
	Semiconductors & Semiconductor Equipment – 0.2%
	20,500	Analog Devices, Inc.	1,308,515
	1,646	MModal, Inc.	18,512
	9,660	QUALCOMM, Inc.	604,523

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	8,713	Synaptics, Inc.*	$          452,640
			2,384,190
	Software – 1.0%
	8,889	CommVault Systems, Inc.*	459,917
	35,610	Microsoft Corp.	2,018,375
	139,656	Oracle Corp.(c)	5,731,482
	40,513	PTC, Inc.*(c)	1,609,582
	29,820	Verint System, Inc.*(c)	1,051,751
	20,208	VMware, Inc. Class A*(c)	1,474,780
			12,345,887
	Specialty Retail* – 0.0%
	6,906	Asbury Automotive Group, Inc.	419,885
	Trading Companies & Distributors* – 0.1%
	2,229	AerCap Holdings NV	81,381
	38,305	HD Supply Holdings, Inc.	1,386,258
			1,467,639
	Transportation Infrastructure – 0.2%
	35,170	Macquarie Infrastructure Corp.	2,695,780
	TOTAL COMMON STOCKS (Cost $198,469,514)		$   222,653,719

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 22.5%
Aerospace & Defense – 0.2%
Bombardier, Inc.(d)
$	277,000		7.750	%	03/15/20	$          280,463
	100,000		5.750		03/15/22	87,750
	200,000		6.125		01/15/23	174,000
	650,000		7.500	(f)	03/15/25	569,562
Moog, Inc.(d)(f)
	273,000		5.250		12/01/22	281,190
Orbital ATK, Inc.(f)
	200,000		5.250		10/01/21	208,500
Oshkosh Corp.(f)
	300,000		5.375		03/01/22	313,500
	27,000		5.375		03/01/25	28,148
Spirit AeroSystems, Inc.(f)
	510,000		5.250		03/15/22	538,050
						2,481,163
Automotive(d)(f) – 0.1%
Deck Chassis Acquisition, Inc.
	960,000		10.000		06/15/23	1,005,600
Schaeffler Holding Finance BV(g)
	424,841		6.750		11/15/22	470,511
						1,476,111
Banks(f)(h) – 0.3%
Citigroup, Inc.
	315,000		6.250		08/15/49	338,625

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks(f)(h) – (continued)
JPMorgan Chase & Co.
$	1,690,000		5.150	%	05/01/49	$       1,690,000
	1,135,000		6.000		08/01/49	1,187,210
						3,215,835
Building Materials – 0.2%
Gibraltar Industries, Inc.(f)
	1,600,000		6.250		02/01/21	1,646,000
Norbord, Inc.(d)
	300,000		5.375		12/01/20	315,750
						1,961,750
Chemicals(f) – 0.7%
Aruba Investments, Inc.(d)
	670,000		8.750		02/15/23	658,275
Blue Cube Spinco, Inc.(d)
	1,000,000		9.750		10/15/23	1,145,000
Cornerstone Chemical Co.(d)
	2,450,000		9.375		03/15/18	2,401,000
Hexion, Inc.
	1,440,000		10.000		04/15/20	1,411,200
Rain CII Carbon LLC/CII Carbon Corp.(d)
	1,820,000		8.000		12/01/18	1,674,400
	1,800,000		8.250		01/15/21	1,516,500
						8,806,375
Commercial Services(d)(f) – 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc.
	1,330,000		9.250		05/15/23	1,421,438
Construction Machinery(d)(f) – 0.0%
Accudyne Industries Borrower/Accudyne Industries LLC
	570,000		7.750		12/15/20	480,225
Consumer Cyclical Services(f) – 0.9%
APX Group, Inc.
	3,125,000		8.750		12/01/20	2,976,562
Ashtead Capital, Inc.(d)
	615,000		6.500		07/15/22	648,825
CEB, Inc.(d)
	120,000		5.625		06/15/23	121,500
Cenveo Corp.(d)
	1,065,000		6.000		08/01/19	929,213
	2,195,000		8.500		09/15/22	1,317,000
Ceridian HCM Holding, Inc.(d)
	35,000		11.000		03/15/21	35,525
First Data Corp.(d)
	600,000		5.000		01/15/24	604,500
Iron Mountain, Inc.
	750,000		6.000		08/15/23	796,875
Monitronics International, Inc.
	3,215,000		9.125		04/01/20	2,829,200
Multi-Color Corp.(d)
	1,000,000		6.125		12/01/22	1,037,500
United Rentals North America, Inc.
	695,000		4.625		07/15/23	708,900
						12,005,600

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Consumer Noncyclical(f) – 0.1%
NeuStar, Inc.
$	1,445,000		4.500	%	01/15/23	$       1,277,019
Consumer Products - Household & Leisure(f) – 0.1%
Elizabeth Arden, Inc.
	703,000		7.375		03/15/21	723,211
Diversified Financial Services(f) – 0.2%
Bankrate, Inc.(d)
	1,500,000		6.125		08/15/18	1,518,750
Credit Acceptance Corp.
	1,030,000		6.125		02/15/21	1,009,400
						2,528,150
Energy – 0.7%
Basic Energy Services, Inc.(f)
	350,000		7.750		10/15/22	124,250
Blue Racer Midstream LLC/Blue Racer Finance Corp.(d)(f)
	2,500,000		6.125		11/15/22	2,350,000
CITGO Holding, Inc.(d)
	500,000		10.750		02/15/20	492,500
CITGO Petroleum Corp.(d)(f)
	2,000,000		6.250		08/15/22	1,920,000
Energy Transfer Equity LP(f)
	580,000		5.875		01/15/24	580,000
EXCO Resources, Inc.(f)
	335,000		8.500		04/15/22	107,200
Parker Drilling Co.(f)
	2,090,000		6.750		07/15/22	1,567,500
Petrobras Global Finance BV
	380,000		6.750		01/27/41	311,600
	620,000		6.850		06/05/15	470,270
Seventy Seven Energy, Inc.(f)(i)
	205,000		6.500		07/15/22	12,300
Southern Star Central Corp.(d)(f)
	180,000		5.125		07/15/22	178,650
Weatherford International Ltd.(f)
	300,000		8.250		06/15/23	279,750
	530,000		5.950		04/15/42	365,700
Western Refining Logistics LP/WNRL Finance Corp.(f)
	285,000		7.500		02/15/23	282,150
Western Refining, Inc.(f)
	333,000		6.250		04/01/21	308,025
						9,349,895
Energy - Exploration & Production – 1.4%
California Resources Corp.(f)
	7,500		5.000		01/15/20	3,413
	24,000		5.500		09/15/21	10,680
	593,000		8.000	(d)	12/15/22	376,555
	7,500		6.000		11/15/24	3,281
CONSOL Energy, Inc.(f)
	2,145,000		5.875		04/15/22	1,962,675
	600,000		8.000		04/01/23	574,500
Continental Resources, Inc.(f)
	190,000		5.000		09/15/22	177,175
	466,000		4.500		04/15/23	419,400
Halcon Resources Corp.(d)(f)(i)
	1,000,000		8.625		02/01/20	920,000

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy - Exploration & Production – (continued)
Jupiter Resources, Inc.(d)(f)
$	2,285,000		8.500	%	10/01/22	$       1,713,750
Kosmos Energy Ltd.(d)(f)
	1,405,000		7.875		08/01/21	1,366,362
Linn Energy LLC/Linn Energy Finance Corp.(f)(i)
	2,660,000		6.250		11/01/19	438,900
MEG Energy Corp.(d)(f)
	600,000		6.500		03/15/21	441,000
	450,000		6.375		01/30/23	315,000
	1,875,000		7.000		03/31/24	1,354,687
Memorial Production Partners LP/Memorial Production Finance Corp.(f)
	765,000		7.625		05/01/21	382,500
	1,765,000		6.875		08/01/22	847,200
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC(f)(i)
	100,000		10.000		06/01/20	57,500
	951,000		10.750		10/01/20	11,888
	245,000		9.250		06/01/21	3,063
Murray Energy Corp.(d)(f)
	1,990,000		11.250		04/15/21	512,425
Newfield Exploration Co.(f)
	1,400,000		5.375		01/01/26	1,330,000
PDC Energy, Inc.(f)
	1,500,000		7.750		10/15/22	1,552,500
Peabody Energy Corp.(i)
	95,000		6.250		11/15/21	12,112
Rice Energy, Inc.(f)
	150,000		6.250		05/01/22	146,250
	365,000		7.250		05/01/23	365,000
SandRidge Energy, Inc.(f)(i)
	885,000		7.500		02/15/23	43,144
SM Energy Co.(f)
	117,000		6.125		11/15/22	98,572
Southwestern Energy Co.(f)
	480,000		4.950		01/23/25	464,400
Walter Energy, Inc.(f)(i)
	40,000		9.875		12/15/20	4
	125,000		8.500		04/15/21	13
Whiting Petroleum Corp.(f)
	300,000		6.500		10/01/18	273,000
	2,300,000		6.250		04/01/23	1,880,250
WPX Energy, Inc.(f)
	410,000		6.000		01/15/22	371,050
						18,428,249
Energy - Services(f) – 0.2%
Basic Energy Services, Inc.
	1,625,000		7.750		02/15/19	576,875
Hiland Partners Holdings LLC/Hiland Partners Finance Corp.(d)
	250,000		7.250		10/01/20	260,000
	1,434,000		5.500		05/15/22	1,436,577
						2,273,452
Entertainment & Leisure(f) – 0.7%
AMC Entertainment, Inc.
	500,000		5.875		02/15/22	511,875
	750,000		5.750		06/15/25	753,750
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp.
	1,130,000		5.375		06/01/24	1,180,850
Cinemark USA, Inc.
	1,211,000		4.875		06/01/23	1,238,247

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment & Leisure(f) – (continued)
ClubCorp Club Operations, Inc.(d)
$	750,000		8.250	%	12/15/23	$          781,875
Guitar Center, Inc.(d)
	1,620,000		6.500		04/15/19	1,441,800
	2,229,000		9.625		04/15/20	1,649,460
Regal Entertainment Group
	400,000		5.750		03/15/22	417,000
Six Flags Entertainment Corp.(d)
	500,000		5.250		01/15/21	517,500
	500,000		4.875		07/31/24	500,000
WMG Acquisition Corp.(d)
	180,000		5.000		08/01/23	182,250
						9,174,607
Finance – 0.6%
Ally Financial, Inc.
	200,000		3.500		01/27/19	203,250
	3,215,000		5.125		09/30/24	3,423,975
	345,000		5.750	(f)	11/20/25	359,231
CIT Group, Inc.(d)
	600,000		5.500		02/15/19	634,500
Harland Clarke Holdings Corp.(d)(f)
	1,965,000		9.250		03/01/21	1,670,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(f)
	360,000		4.875		03/15/19	357,300
	300,000		5.875		02/01/22	286,500
MGM Growth Properties Operating Partnership LP/MGP Escrow Co-Issuer, Inc.(d)(f)
	290,000		5.625		05/01/24	310,300
Walter Investment Management Corp.
	467,000		4.500		11/01/19	170,455
	450,000		7.875	(f)	12/15/21	217,125
						7,632,886
Gaming – 0.8%
Chester Downs & Marina LLC(d)(f)
	2,020,000		9.250		02/01/20	1,843,250
Codere Finance 2 Luxembourg SA(d)(f)(g)
	755,000		9.000		06/30/21	776,389
Inn of the Mountain Gods Resort & Casino(d)(f)(j)
	275,000		9.250		11/30/20	251,625
MGM Resorts International
	1,813,000		6.625		12/15/21	2,007,898
Mohegan Tribal Gaming Authority(f)
	2,950,000		9.750		09/01/21	3,174,937
Scientific Games International, Inc.(f)
	960,000		10.000		12/01/22	853,200
Seminole Hard Rock Entertainment, Inc.(d)(f)
	1,231,000		5.875		05/15/21	1,249,465
Shingle Springs Tribal Gaming Authority(d)(f)
	195,000		9.750		09/01/21	214,013
						10,370,777
Health Care - Medical Products(f) – 0.4%
Crimson Merger Sub, Inc.(d)
	580,000		6.625		05/15/22	498,800
Fresenius Medical Care US Finance II, Inc.(d)
	1,300,000		4.750		10/15/24	1,384,500

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Health Care - Medical Products(f) – (continued)
Grifols Worldwide Operations Ltd.
$	2,100,000		5.250	%	04/01/22	$       2,189,250
Halyard Health, Inc.
	1,000,000		6.250		10/15/22	1,005,000
						5,077,550
Health Care - Pharmaceuticals – 0.4%
Mallinckrodt International Finance SA
	1,000,000		4.750		04/15/23	885,000
Mallinckrodt International Finance SA/Mallinckrodt CB LLC(d)(f)
	500,000		5.500		04/15/25	465,000
Quintiles Transnational Corp.(d)(f)
	1,600,000		4.875		05/15/23	1,648,000
Valeant Pharmaceuticals International, Inc.(d)(f)
	2,240,000		7.500		07/15/21	2,083,200
	410,000		6.125		04/15/25	340,300
						5,421,500
Health Care - Services – 1.2%
Acadia Healthcare Co., Inc.(f)
	980,000		5.125		07/01/22	967,750
	861,000		5.625		02/15/23	854,542
Amsurg Corp.(f)
	2,104,000		5.625		07/15/22	2,209,200
Centene Corp.(f)
	440,000		5.625		02/15/21	464,200
	440,000		6.125		02/15/24	473,000
CHS/Community Health Systems, Inc.(f)
	800,000		5.125		08/01/21	798,000
DaVita HealthCare Partners, Inc.(f)
	500,000		5.125		07/15/24	516,250
	2,308,000		5.000		05/01/25	2,336,850
HCA, Inc.
	705,000		5.875		05/01/23	756,113
	171,000		5.375		02/01/25	178,695
	2,000,000		5.250		04/15/25	2,133,750
Kindred Healthcare, Inc.
	755,000		8.000		01/15/20	770,100
	1,760,000		6.375	(f)	04/15/22	1,619,200
Select Medical Corp.(f)
	885,000		6.375		06/01/21	882,787
						14,960,437
Home Construction(d)(f) – 0.0%
Masonite International Corp.
	215,000		5.625		03/15/23	226,825
Lodging(f) – 0.1%
Interval Acquisition Corp.
	1,500,000		5.625		04/15/23	1,545,000
Machinery(d) – 0.2%
Boart Longyear Management Pty Ltd.
	1,400,000		10.000		10/01/18	724,500
	325,000		7.000	(f)	04/01/21	65,000
Xerium Technologies, Inc.(f)
	1,345,000		9.500		08/15/21	1,338,275
						2,127,775

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media - Broadcasting & Radio(f) – 1.1%
Clear Channel Worldwide Holdings, Inc.
$	535,000		7.625	%	03/15/20	$          532,325
Cumulus Media Holdings, Inc.
	2,410,000		7.750		05/01/19	988,100
iHeartCommunications, Inc.
	1,575,000		9.000		12/15/19	1,260,000
	1,303,447		14.000	(g)	02/01/21	547,448
	1,080,000		9.000		03/01/21	828,900
LIN Television Corp.
	750,000		5.875		11/15/22	778,125
Nexstar Broadcasting, Inc.
	580,000		6.875		11/15/20	606,100
	500,000		6.125	(d)	02/15/22	515,000
Sinclair Television Group, Inc.
	600,000		5.375		04/01/21	622,500
	1,850,000		5.625	(d)	08/01/24	1,914,750
Sirius XM Radio, Inc.(d)
	1,000,000		4.625		05/15/23	998,750
	1,000,000		6.000		07/15/24	1,060,000
	750,000		5.375		04/15/25	766,875
Townsquare Media, Inc.(d)
	830,000		6.500		04/01/23	828,962
Univision Communications, Inc.(d)
	687,000		8.500		05/15/21	718,774
	1,500,000		5.125		02/15/25	1,541,250
						14,507,859
Media - Cable – 1.8%
Altice US Finance I Corp.(d)(f)
	1,582,000		5.375		07/15/23	1,631,438
Cable One, Inc.(d)(f)
	1,667,000		5.750		06/15/22	1,746,182
Cablevision Systems Corp.
	250,000		7.750		04/15/18	266,875
CCO Holdings LLC/CCO Holdings Capital Corp.(f)
	735,000		5.250		09/30/22	762,563
	2,000,000		5.125		02/15/23	2,065,000
Cequel Communications Holdings I LLC/Cequel Capital Corp.(d)(f)
	1,030,000		7.750		07/15/25	1,102,100
Charter Communications Operating LLC/Charter Communications Operating Capital(d)(f)
	750,000		4.908		07/23/25	825,947
CSC Holdings LLC
	220,000		8.625		02/15/19	244,750
	1,325,000		6.750		11/15/21	1,406,156
	200,000		5.250		06/01/24	190,500
DISH DBS Corp.
	1,570,000		5.000		03/15/23	1,483,650
	400,000		5.875		11/15/24	386,000
Midcontinent Communications & Midcontinent Finance Corp.(d)(f)
	200,000		6.250		08/01/21	208,000
Neptune Finco Corp.(d)(f)
	1,925,000		10.125		01/15/23	2,201,719
	375,000		6.625		10/15/25	402,656
	910,000		10.875		10/15/25	1,065,838
SFR Group SA(d)(f)
	1,300,000		6.000		05/15/22	1,264,250
	700,000		6.250		05/15/24	672,875
Time Warner Cable, Inc.
	625,000		6.750		06/15/39	774,065

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media - Cable – (continued)
Videotron Ltd.
$	500,000		5.000	%	07/15/22	$          513,750
	1,247,000		5.375	(d)(f)	06/15/24	1,284,410
Virgin Media Secured Finance PLC(d)(f)
	450,000		5.375		04/15/21	467,438
	2,150,000		5.250		01/15/26	2,155,439
						23,121,601
Media - Non Cable(f) – 1.1%
Liberty Interactive LLC
	1,669,955		4.000		11/15/29	985,273
	1,165,000		3.750		02/15/30	668,419
Nielsen Finance LLC/Nielsen Finance Co.(d)
	972,000		5.000		04/15/22	1,003,590
Outfront Media Capital LLC/Outfront Media Capital Corp.
	2,180,000		5.875		03/15/25	2,321,700
Radio One, Inc.(d)
	1,615,000		9.250		02/15/20	1,505,987
	1,030,000		7.375		04/15/22	1,028,713
TEGNA, Inc.
	2,000,000		4.875	(d)	09/15/21	2,075,000
	500,000		6.375		10/15/23	538,750
The McClatchy Co.
	1,160,000		9.000		12/15/22	1,180,300
VeriSign, Inc.
	1,000,000		4.625		05/01/23	1,030,000
	1,500,000		5.250		04/01/25	1,571,250
						13,908,982
Metal Fabricate/Hardware(d)(f) – 0.1%
Optimas OE Solutions Holding LLC/Optimas OE Solutions, Inc.
	895,000		8.625		06/01/21	677,963
Metals & Mining – 0.6%
Allegheny Technologies, Inc.
	465,000		9.375		06/01/19	482,438
	160,000		7.875	(f)	08/15/23	150,400
First Quantum Minerals Ltd.(d)(f)
	1,270,000		6.750		02/15/20	1,168,400
Freeport-McMoRan, Inc.(f)
	1,930,000		5.450		03/15/43	1,510,225
Glencore Finance Canada Ltd.(d)
	100,000		4.950		11/15/21	103,952
	150,000		4.250		10/25/22	147,257
	150,000		6.000		11/15/41	141,750
	200,000		5.550		10/25/42	176,000
Glencore Funding LLC(d)
	300,000		3.125		04/29/19	297,750
	100,000		2.875		04/16/20	97,217
	150,000		4.625		04/29/24	146,031
Hecla Mining Co.(f)
	721,000		6.875		05/01/21	719,197
IAMGOLD Corp.(d)(f)
	1,435,000		6.750		10/01/20	1,334,550
New Gold, Inc.(d)(f)
	1,220,000		6.250		11/15/22	1,247,450
						7,722,617

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging – 0.6%
Ball Corp.
$	2,380,000		5.250	%	07/01/25	$       2,570,400
Owens-Brockway Glass Container, Inc.(d)
	350,000		5.875		08/15/23	377,125
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(f)
	1,933,000		5.750		10/15/20	1,995,822
Sealed Air Corp.(d)(f)
	1,200,000		5.125		12/01/24	1,260,000
Signode Industrial Group Lux SA/Signode Industrial Group U.S., Inc.(d)(f)
	1,755,000		6.375		05/01/22	1,751,701
						7,955,048
Pipelines – 1.0%
Energy Transfer Partners LP(f)
	440,000		6.125		12/15/45	457,409
Genesis Energy LP/Genesis Energy Finance Corp.(f)
	888,000		6.000		05/15/23	883,560
	800,000		5.625		06/15/24	764,000
MPLX LP(d)(f)
	1,500,000		4.875		12/01/24	1,481,250
ONEOK, Inc.(f)
	750,000		7.500		09/01/23	821,250
Rose Rock Midstream LP/Rose Rock Finance Corp.(f)
	900,000		5.625		11/15/23	803,250
Sabine Pass Liquefaction LLC(f)
	1,265,000		5.625		02/01/21	1,299,787
	930,000		5.625		04/15/23	948,600
	740,000		5.750		05/15/24	758,500
	1,000,000		5.625		03/01/25	1,017,500
SemGroup Corp.(f)
	95,000		7.500		06/15/21	93,100
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(f)
	1,381,000		5.500		08/15/22	1,273,973
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(f)
	1,250,000		5.250		05/01/23	1,218,750
Williams Partners LP
	100,000		3.600	(f)	03/15/22	97,580
	280,000		4.000	(f)	09/15/25	266,713
	255,000		6.300		04/15/40	258,458
	140,000		5.400	(f)	03/04/44	129,002
Williams Partners LP/ACMP Finance Corp.(f)
	100,000		4.875		03/15/24	99,125
						12,671,807
Property Insurance(d)(f) – 0.1%
HUB International Ltd.
	700,000		7.875		10/01/21	696,500
Real Estate(f) – 0.1%
Communications Sales & Leasing, Inc./CSL Capital LLC(d)
	350,000		6.000		04/15/23	363,125
RHP Hotel Properties LP/RHP Finance Corp.
	675,000		5.000		04/15/23	681,750
						1,044,875

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailers – 1.3%
Claire’s Stores, Inc.(f)
$	2,295,000		8.875	%	03/15/19	$          387,281
	305,000		7.750	(d)	06/01/20	15,250
Ferrellgas LP/Ferrellgas Finance Corp.(f)
	865,000		6.750		01/15/22	765,525
GameStop Corp.(d)(f)
	1,400,000		5.500		10/01/19	1,433,880
Hema Bondco I BV(d)(f)
	700,000		5.250	(h)	06/15/19	570,336
	180,000		6.250		06/15/19	154,955
Hot Topic, Inc.(d)(f)
	275,000		9.250		06/15/21	288,062
L Brands, Inc.
	650,000		6.875		11/01/35	687,375
	515,000		6.750		07/01/36	538,819
New Albertsons, Inc.
	460,000		7.750		06/15/26	457,125
	1,565,000		7.450		08/01/29	1,541,525
	515,000		8.700		05/01/30	522,725
	1,765,000		8.000		05/01/31	1,749,556
Rite Aid Corp.
	430,000		6.125	(d)(f)	04/01/23	457,950
	35,000		7.700		02/15/27	41,825
	490,000		6.875	(d)	12/15/28	565,950
Supervalu, Inc.(f)
	855,000		6.750		06/01/21	748,125
	665,000		7.750		11/15/22	578,550
The Bon-Ton Department Stores, Inc.(f)
	1,980,000		8.000		06/15/21	881,100
Toys R US, Inc.
	1,735,000		10.375	(f)	08/15/17	1,717,650
	1,075,000		7.375		10/15/18	956,750
Yum! Brands, Inc.
	950,000		6.875		11/15/37	961,875
						16,022,189
Technology - Hardware – 1.1%
Advanced Micro Devices, Inc.
	1,415,000		7.750	(f)	08/01/20	1,400,850
	620,000		7.500		08/15/22	601,400
	2,560,000		7.000	(f)	07/01/24	2,348,800
CDW LLC/CDW Finance Corp.(f)
	500,000		5.000		09/01/23	513,750
CommScope, Inc.(d)(f)
	1,085,000		5.000		06/15/21	1,124,331
Diamond 1 Finance Corp./Diamond 2 Finance Corp.(d)(f)
	440,000		7.125		06/15/24	473,000
	1,430,000		8.100		07/15/36	1,625,212
	1,130,000		8.350		07/15/46	1,290,767
Flextronics International Ltd.
	500,000		5.000		02/15/23	533,532
Micron Technology, Inc.(d)(f)
	1,055,000		5.250		08/01/23	944,225
Plantronics, Inc.(d)(f)
	1,040,000		5.500		05/31/23	1,055,600
Sensata Technologies BV(d)
	2,250,000		5.000		10/01/25	2,328,750
						14,240,217

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Technology - Software/Services(f) – 1.0%
BMC Software Finance, Inc.(d)
$	1,785,000		8.125	%	07/15/21	$       1,454,775
Boxer Parent Co., Inc.(d)(g)
	2,985,000		9.000		10/15/19	2,514,862
Cengage Learning, Inc.(d)
	720,000		9.500		06/15/24	754,200
Equinix, Inc.
	1,700,000		5.750		01/01/25	1,810,500
Global A&T Electronics Ltd.(d)
	1,735,000		10.000		02/01/19	1,240,525
MSCI, Inc.(d)
	2,601,750		5.250		11/15/24	2,764,359
Open Text Corp.(d)
	605,000		5.875		06/01/26	629,200
Western Digital Corp.(d)
	114,000		7.375		04/01/23	124,118
	880,000		10.500		04/01/24	991,100
						12,283,639
Telecommunications - Cellular(f) – 0.4%
Altice Finco SA(d)
	680,000		8.125		01/15/24	685,100
	180,000		7.625		02/15/25	175,275
SoftBank Group Corp.
	1,600,000		6.000		07/30/25	1,732,000
T-Mobile USA, Inc.
	2,280,000		6.625		04/01/23	2,436,750
	560,000		6.000		04/15/24	596,400
						5,625,525
Telecommunications - Satellites(f) – 0.1%
Intelsat Jackson Holdings SA
	1,315,000		7.250		10/15/20	946,800
	120,000		7.500		04/01/21	85,500
	200,000		5.500		08/01/23	131,000
	280,000		8.000	(d)	02/15/24	267,400
Intelsat Luxembourg SA
	1,810,000		7.750		06/01/21	420,825
						1,851,525
Textile & Apparel – 0.1%
Nine West Holdings, Inc.(d)
	3,420,000		8.250		03/15/19	585,675
The William Carter Co.(f)
	185,000		5.250		08/15/21	191,938
						777,613
Transportation – 0.2%
Air Medical Merger Sub Corp.(d)(f)
	470,000		6.375		05/15/23	452,375
Algeco Scotsman Global Finance PLC(d)(f)
	1,390,000		8.500		10/15/18	1,209,300
	110,000		9.000		10/15/18	105,456
Navistar International Corp.
	210,000		4.500		10/15/18	134,400
	320,500		4.750		04/15/19	200,112
	1,200,000		8.250	(f)	11/01/21	888,000
						2,989,643

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Utilities(d)(f)(i) – 0.1%
Texas Competitive Electric Holdings Co. LLC/TCEH Finance, Inc.
$	3,500,000		11.500	%	10/01/20	$       1,190,000
Utilities - Electric – 0.2%
Calpine Corp.(d)(f)
	203,000		5.250		06/01/26	206,553
Dynegy, Inc.(f)
	355,000		7.625		11/01/24	349,675
GenOn Americas Generation LLC
	1,265,000		8.500		10/01/21	1,053,112
	495,000		9.125		05/01/31	400,950
Illinois Power Generating Co.
	500,000		6.300		04/01/20	193,750
Talen Energy Supply LLC(d)(f)
	600,000		4.625		07/15/19	568,500
						2,772,540
Utilities - Pipelines(f) – 0.1%
Kinder Morgan, Inc.(d)
	150,000		5.000		02/15/21	160,988
Regency Energy Partners LP/Regency Energy Finance Corp.
	500,000		5.875		03/01/22	540,000
	1,000,000		5.000		10/01/22	1,047,500
						1,748,488
Wireless Telecommunications – 1.3%
Aegis Merger Sub, Inc.(d)(f)
	1,305,000		10.250		02/15/23	1,406,137
Altice Financing SA(d)(f)
	1,600,000		6.500		01/15/22	1,648,000
	700,000		7.500		05/15/26	705,250
Altice Luxembourg SA(d)(f)
	200,000		7.750		05/15/22	202,750
Digicel Group Ltd.(d)(f)
	500,000		8.250		09/30/20	453,750
Digicel Ltd.(d)(f)
	1,565,000		6.000		04/15/21	1,471,100
	565,000		6.750		03/01/23	518,388
DigitalGlobe, Inc.(d)(f)
	2,400,000		5.250		02/01/21	2,328,000
Hughes Satellite Systems Corp.
	1,065,000		7.625		06/15/21	1,139,550
	65,000		5.250	(d)	08/01/26	64,838
Inmarsat Finance PLC(d)(f)
	2,157,000		4.875		05/15/22	2,006,873
Sprint Corp.
	3,735,000		7.875		09/15/23	3,412,856
	605,000		7.125		06/15/24	533,912
	1,000,000		7.625	(f)	02/15/25	897,500
Wind Acquisition Finance SA(d)(f)
	484,000		4.750		07/15/20	481,580
						17,270,484

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wirelines Telecommunications – 0.5%
Anixter, Inc.
$	1,142,000		5.125	%	10/01/21	$       1,204,810
CenturyLink, Inc.
	277,000		5.625		04/01/20	293,010
	899,000		5.625	(f)	04/01/25	850,380
CommScope Technologies Finance LLC(d)(f)
	600,000		6.000		06/15/25	633,750
Frontier Communications Corp.
	355,000		8.875	(f)	09/15/20	381,625
	500,000		7.125		01/15/23	465,000
	1,295,000		7.625		04/15/24	1,191,400
	900,000		11.000	(f)	09/15/25	960,750
West Corp.(d)(f)
	380,000		5.375		07/15/22	356,250
						6,336,975
TOTAL CORPORATE OBLIGATIONS (Cost $297,337,646)						$   288,381,920
Asset-Backed Securities(d)(h) – 0.1%
Collateralized Loan Obligations – 0.1%
Jamestown CLO XI Ltd. Series 2015-6A, Class C
$	425,000		3.868	%	02/20/27	$          391,790
Jamestown CLO XI Ltd. Series 2015-6A, Class D
	370,000		5.368		02/20/27	301,962
TOTAL ASSET-BACKED SECURITIES (Cost $710,058)						$          693,752
Foreign Debt Obligations(d) – 0.2%
Provincia de Buenos Aires
$	855,000		9.125	%	03/16/24	$          940,248
Republic of Argentina
	1,255,000		7.125		07/06/36	1,275,080
	485,000		7.500		04/22/26	526,710
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $2,608,546)						$        2,742,038
Municipal Debt Obligations(f) – 0.2%
Puerto Rico – 0.1%
Puerto Rico Commonwealth GO Bonds (Unrefunded) (Balance-Public Improvement) Series A
$	115,000		5.000	%	07/01/33	$            72,450
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A
	5,000		6.500		07/01/40	3,175
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	420,000		5.750		07/01/28	266,700
	70,000		5.125		07/01/37	44,188
	245,000		5.500		07/01/39	155,575
	20,000		5.000		07/01/41	12,600
Puerto Rico Commonwealth GO Bonds Series 2007 A
	5,000		5.250		07/01/29	3,163
	5,000		5.250		07/01/33	3,163
	85,000		5.250		07/01/37	53,762

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations(f) – (continued)
Puerto Rico Commonwealth GO Bonds Series 2014 A
$	1,075,000		8.000	%	07/01/35	$        701,437
						1,316,213
Texas – 0.1%
Texas State Public Finance Authority RB (Taxable Windstrom Insurance) Series 2014
	1,670,000		8.250		07/01/24	1,731,890
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,189,322)						$     3,048,103
U.S. Treasury Obligation(c) – 1.4%
United States Treasury Notes
$	18,000,000		0.500	%	11/30/16	$   18,008,458
(Cost $18,011,121)
Shares		Description			Expiration Date	Value
Right* – 0.0%
Hotels, Restaurants & Leisure – 0.0%
307,213			Caesars Entertainment Operating Co., Inc.		03/30/26	$                  —
(Cost $—)
Warrants* – 0.0%
Semiconductors & Semiconductor Equipment – 0.0%
MModal, Inc. Warrant A
	516				07/31/17	$                    5
MModal, Inc. Warrant B
	681				07/31/17	7
TOTAL WARRANTS (Cost $10,283)						$                  12
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(k) – 42.7%
Repurchase Agreements – 42.7%
Joint Repurchase Agreement Account II
$	545,600,000		0.345	%	08/01/16	$   545,600,000
(Cost $545,600,000)
TOTAL INVESTMENTS BEFORE SHORT POSITIONS – 89.3% (Cost $1,133,137,657)						$1,142,320,683
Shares		Description				Value
Common Stocks Sold Short – (0.6)%
Aerospace & Defense – (0.1)%
	7,523		The Boeing Co.			$    (1,005,524)
Air Freight & Logistics – (0.0)%
	2,629		United Parcel Service, Inc. Class B			(284,195)
Automobiles – (0.0)%
	2,541		Ford Motor Co.			(32,169)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks Sold Short – (continued)
	Chemicals – (0.0)%
	2,178	The Dow Chemical Co.	$      (116,893)
	Commercial Services & Supplies – (0.0)%
	2,780	Pitney Bowes, Inc.	(53,682)
	Diversified Telecommunication Services – (0.0)%
	6,649	AT&T, Inc.	(287,835)
	2,400	Verizon Communications, Inc.	(132,984)
			(420,819)
	Electronic Equipment, Instruments & Components – (0.0)%
	2,606	Amphenol Corp. Class A	(155,109)
	1,311	Belden, Inc.	(95,978)
			(251,087)
	Food & Staples Retailing – (0.1)%
	8,520	Wal-Mart Stores, Inc.	(621,704)
	Industrial Conglomerates – (0.0)%
	2,768	General Electric Co.	(86,196)
	Insurance – (0.0)%
	1,800	CNA Financial Corp.	(57,294)
	Internet & Catalog Retail – (0.0)%
	1,644	Expedia, Inc.	(191,773)
	Internet Software & Services – (0.3)%
	131,300	Tencent Holdings Ltd.	(3,171,305)
	Machinery – (0.1)%
	11,171	Caterpillar, Inc.	(924,512)
	2,988	Joy Global, Inc.	(82,558)
			(1,007,070)
	Marine* – (0.0)%
	900	Kirby Corp.	(49,041)
	Media* – (0.0)%
	22,184	Sirius XM Holdings, Inc.	(97,388)
	Real Estate Investment Trusts – (0.0)%
	8,408	DiamondRock Hospitality Co.	(82,566)
	4,878	Host Hotels & Resorts, Inc.	(86,536)
	6,374	LaSalle Hotel Properties	(175,604)
	12,452	Sunstone Hotel Investors, Inc.	(165,612)
			(510,318)
	Trading Companies & Distributors – (0.0)%
	197	W.W. Grainger, Inc.	(43,114)
	TOTAL COMMON STOCKS SOLD SHORT (Cost $(7,826,327))		$   (7,999,572)

Shares		Description	Value
	Exchange Traded Funds Sold Short – (2.9)%
	20,575	Consumer Discretionary Select Sector SPDR Fund	$   (1,679,537)
	10,333	Health Care Select Sector SPDR Fund	(777,558)
	32,679	Industrial Select Sector SPDR Fund	(1,896,689)
	15,080	iShares Core Russell U.S. Growth ETF	(643,313)
	15,217	iShares Russell 2000 ETF	(1,842,627)
	3,800	iShares US Real Estate ETF	(324,406)
	20,001	Materials Select Sector SPDR Fund	(974,449)
	111,358	SPDR S&P 500 ETF Trust	(24,181,390)
	34,033	SPDR S&P Regional Banking ETF	(1,364,723)
	71,876	Technology Select Sector SPDR Fund	(3,339,359)
	TOTAL EXCHANGE TRADED FUNDS SOLD SHORT (Cost $(36,130,009))		$  (37,024,051)
	TOTAL SECURITIES SOLD SHORT – (3.5)% (Cost $(43,956,336))		$  (45,023,623)
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 14.2%		181,596,533
	NET ASSETS – 100.0%		$1,278,893,593

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)	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. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on July 31, 2016. 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.
(b)	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.
(c)	All or portion of security is pledged as collateral for short sales. Total market value of securities pledged as collateral on short sales amounts to $42,379,457, which represents approximately 3.3% of net assets as of July 31, 2016.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be deemed liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $139,765,510, which represents approximately 10.9% of net assets as of July 31, 2016.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

(e)	A portion of this security is pledged as collateral for initial margin requirements on over the counter swap transactions. Total market value pledged as collateral amounts to $14,116,619, which represents approximately 1.1% of net assets as of July 31, 2016.
(f)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)	Pay-in-kind securities.
(h)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2016.
(i)	Security is currently in default and/or non-income producing.
(j)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on July 31, 2016.
(k)	Joint repurchase agreement was entered into on July 29, 2016. Additional information appears in the Notes to the Schedule of Investments section.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CNY	— Chinese Yuan Renminbi
EUR	— Euro
GBP	— British Pound
HKD	— Hong Kong Dollar
INR	— Indian Rupee
JPY	— Japanese Yen
MXN	— Mexican Peso
NZD	— New Zealand Dollar
RUB	— Russian Ruble
USD	— U.S. Dollar
ZAR	— South African Rand
Investment Abbreviations:
ADR	— American Depositary Receipt
CLO	— Collateralized Loan Obligation
ETF	— Exchange Traded Fund
GDR	— Global Depository Receipt
GO	— General Obligation
GP	— General Partnership
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond
SPA	— Stand-by Purchase Agreement
WR	— Withdrawn Rating
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date	Unrealized Gain
Barclays Bank PLC	USD	1,247,210	EUR	1,095,000	$	1,226,542	09/15/16	$	20,668
Citibank NA (London)	BRL	7,880,219	USD	2,369,278		2,404,265	08/31/16		34,987
Commonwealth Bank of Australia	BRL	5,131,645	USD	1,547,774		1,565,671	08/31/16		17,897
Deutsche Bank AG (London)	BRL	36,520,777	USD	11,082,014		11,142,536	08/31/16		60,522
HSBC Bank PLC	CNY	2,804,768	USD	422,214		422,564	08/31/16		350
JPMorgan Securities, Inc.	BRL	48,105,471	USD	14,438,283		14,677,041	08/31/16		238,759
Merrill Lynch & Co., Inc.	AUD	62,306,000	USD	46,566,454		47,265,869	09/23/16		699,411
	CAD	2,786,000	USD	2,126,341		2,134,407	09/23/16		8,066
	CHF	6,194,000	USD	6,370,259		6,410,309	09/23/16		40,048
	EUR	19,593,000	USD	21,770,999		21,955,171	09/23/16		184,173
	GBP	5,523,000	USD	7,271,288		7,316,293	09/23/16		45,004
	JPY	6,534,135,000	USD	61,867,369		64,171,194	09/23/16		2,303,825
	MXN	29,746,000	USD	1,564,657		1,577,379	09/23/16		12,722
	NZD	33,956,000	USD	24,110,270		24,462,710	09/23/16		352,440
	USD	457,534	AUD	601,000		455,924	09/23/16		1,610
	USD	41,728,929	CAD	54,170,000		41,500,664	09/23/16		228,265
	USD	29,091,024	CHF	27,934,000		28,909,514	09/23/16		181,512
	USD	47,275,415	EUR	41,796,000		46,835,012	09/23/16		440,404
	USD	56,144,388	GBP	39,223,000		51,958,528	09/23/16		4,185,860
	USD	10,883,073	JPY	1,104,182,000		10,844,079	09/23/16		38,993
	USD	15,420,930	MXN	284,438,000		15,083,261	09/23/16		337,670
	USD	730,108	NZD	1,005,000		724,026	09/23/16		6,082
Morgan Stanley & Co. International PLC	EUR	334,000	USD	371,135		375,169	11/17/16		4,035
Nomura Holdings, Inc.	BRL	10,070,881	USD	3,032,941		3,072,639	08/31/16		39,698
	CNY	10,313,666	USD	1,540,397		1,553,848	08/31/16		13,452
	INR	61,584,673	USD	914,805		918,968	08/31/16		4,162
Standard Chartered Bank	RUB	120,732,516	USD	1,807,373		1,815,090	08/31/16		7,716
TOTAL								$	9,508,331
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date	Unrealized Loss
Deutsche Bank AG (London)	USD	975,729	INR	65,432,390	$	976,384	08/31/16	$	(655	)
	USD	3,858,903	RUB	257,433,042		3,870,243	08/31/16		(11,340	)
HSBC Bank PLC	USD	214,981	CNY	1,437,793		216,617	08/31/16		(1,636	)
Merrill Lynch & Co., Inc.	AUD	8,935,000	USD	6,795,023		6,778,168	09/23/16		(16,855	)
	CAD	53,309,000	USD	41,637,187		40,841,036	09/23/16		(796,153	)
	CHF	1,526,000	USD	1,595,369		1,579,291	09/23/16		(16,078	)
	EUR	22,933,000	USD	26,036,926		25,697,850	09/23/16		(339,076	)
	GBP	33,387,000	USD	47,143,925		44,227,605	09/23/16		(2,916,321	)
	JPY	591,386,000	USD	5,887,448		5,807,952	09/23/16		(79,496	)
	MXN	58,017,000	USD	3,129,773		3,076,544	09/23/16		(53,229	)
	NZD	1,288,000	USD	930,468		927,906	09/23/16		(2,562	)
	USD	37,652,657	AUD	50,691,000		38,454,627	09/23/16		(801,970	)
	USD	4,995,490	CAD	6,525,000		4,998,927	09/23/16		(3,436	)
	USD	4,739,696	CHF	4,637,000		4,798,933	09/23/16		(59,236	)
	USD	37,203,839	EUR	33,628,000		37,682,261	09/23/16		(478,422	)
	USD	13,128,215	GBP	10,040,000		13,299,942	09/23/16		(171,728	)
	USD	39,669,711	JPY	4,142,375,000		40,681,920	09/23/16		(1,012,207	)
	USD	135,726	MXN	2,609,000		138,350	09/23/16		(2,624	)
	USD	10,144,582	NZD	14,327,000		10,321,512	09/23/16		(176,930	)
Morgan Stanley & Co. International PLC	USD	991,067	CHF	973,000		1,010,136	11/17/16		(19,068	)
	USD	4,126,389	EUR	3,712,000		4,169,542	11/17/16		(43,153	)
UBS AG (London)	USD	57,917,822	CNY	387,991,492		58,454,462	08/31/16		(536,640	)
TOTAL								$	(7,538,815	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At July 31, 2016, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
Australian 10 year Government Bonds	266	September 2016	$	27,763,753		$	513,214
Brent Crude	51	August 2016		2,220,030			(197,173	)
British Pound	(65)	September 2016		(5,381,594	)		(61,166	)
CAC40 Index	120	August 2016		5,956,036			55,893
Canada 10 Year Government Bonds	112	September 2016		12,736,767			151,543
Cocoa	133	September 2016		3,055,010			(292,956	)
Coffee	55	September 2016		3,015,375			(52,770	)
Copper	23	September 2016		2,829,719			(34,730	)
Copper	(156)	September 2016		(8,663,850	)		(9,523	)
Corn	(127)	December 2016		(2,176,463	)		(30,344	)
Cotton No.2	48	December 2016		1,776,960			9,470
Crude Oil	(95)	August 2016		(3,952,000	)		88,901
DAX Index	48	September 2016		13,853,368			149,679
DJIA E-Mini Index	266	September 2016		24,421,460			649,663
Euro FX	11	September 2016		1,540,206			(756	)
Euro Stoxx 50 Index	95	September 2016		3,168,246			(2,385	)
Eurodollars	325	December 2017		80,474,063			(86,262	)
FTSE 100 Index	78	September 2016		6,892,090			34,686
Gasoline RBOB	(27)	August 2016		(1,496,200	)		7,738
Gold 100 oz	161	December 2016		21,855,750			280,967
Hard Red Winter Wheat	(103)	December 2016		(2,245,400	)		2,671
Japan 10 Year Government Bonds	24	September 2016		35,893,566			(136,418	)
Japanese Yen	(58)	September 2016		(7,119,138	)		(67,630	)
Low Sulphur Gas Oil	59	September 2016		2,225,775			(222,161	)
Nasdaq 100 E-Mini Index	228	September 2016		21,553,980			523,305
Natural Gas	(152)	August 2016		(4,371,520	)		(259,702	)
Nikkei 225 Index	(17)	September 2016		(2,767,384	)		(148,615	)
NY Harbor ULSD	32	August 2016		1,757,280			(143,773	)
Primary Aluminum	158	September 2016		6,478,988			(60,783	)
Russell 2000 Mini Index	167	September 2016		20,323,900			727,777
S&P 500 E-Mini Index	293	September 2016		31,764,130			749,125
Silver	68	September 2016		6,917,980			115,768
Soybean	115	November 2016		5,767,250			(199,849	)
Soybean	(99)	December 2016		(1,832,490	)		25,790
Soybean	80	December 2016		2,781,600			(82,491	)
Sugar No.11	133	September 2016		2,837,688			(53,503	)
Topix Index	(51)	September 2016		(6,640,221	)		(385,520	)
U.S. Dollar Index Future	103	September 2016		9,835,573			(189,564	)
Wheat	(137)	December 2016		(2,984,888	)		48,854
Zinc	107	September 2016		5,998,688			(4,946	)
3 Month Euribor Interest Rate	531	December 2017		148,971,118			85,743
3 Month Sterling Interest Rate	797	December 2017		131,453,141			40,340
2 Year German Euro-Schatz	557	September 2016		69,757,796			(22,376	)
5 Year German Euro-Bobl	557	September 2016		83,239,820			41,199
10 Year German Euro-Bund	(42)	September 2016		(7,879,690	)		(51,457	)
10 Year Mini Japanese Government Bonds	11	September 2016		1,647,062			(8,170	)
10 Year U.K. Long Gilt	(2)	September 2016		(346,612	)		(2,595	)
2 Year U.S. Treasury Notes	23	September 2016		5,037,000			5,794
5 Year U.S. Treasury Notes	410	September 2016		50,026,406			118,876
10 Year U.S. Treasury Notes	339	September 2016		45,102,891			(140,474	)
20 Year U.S. Treasury Bonds	114	September 2016		19,885,875			340,888
TOTAL						$	1,819,792

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At July 31, 2016, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

									Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)		Termination Date	Credit Spread at July 31,  2016(a)		Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	Macy’s, Inc., 7.450%, 07/15/17	$	95		(1.000)%	06/20/21		2.170%	$	6,384	$	(1,397	)
Barclays Bank PLC	BHP Billiton, Ltd., 6.500%, 04/01/19		625		(1.000)	12/20/20		1.198		27,195		(22,673	)
	Nordstrom, Inc., 6.950%, 03/15/28		1,365		(1.000)	12/20/20		1.544		18,644		11,154
	Macy’s, Inc., 7.450%, 07/15/17		55		(1.000)	06/20/21		2.170		3,752		(865	)
JPMorgan Securities, Inc	BHP Billiton, Ltd., 6.500%, 04/01/19		850		(1.000)	06/20/21		1.310		32,304		(21,009	)
	Macy’s, Inc., 7.450%, 07/15/17		1,285		(1.000)	12/20/20		1.928		72,564		(24,220	)
	Nordstrom, Inc., 6.950%, 03/15/28		555		(1.000)	12/20/20		1.544		12,250		(135	)
			265		(1.000)	06/20/21		1.544		8,337		631
	Macy’s, Inc., 7.450%, 07/15/17		60		(1.000)	06/20/21		2.170		3,543		(394	)
	Rio Tinto Ltd., 6.500%, 07/15/18		1,490		(1.000)	06/20/21		1.437		67,130		(38,598	)
TOTAL									$	252,103	$	(97,506	)

(a) 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 to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

							Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date		Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
Bank of America Securities LLC	$	2,360	iBoxx USD Liquid High Yield Index		09/20/16	0.000	$	1,839	$	(109,466	)
JPMorgan Securities, Inc.		4,640	iBoxx USD Liquid High Yield Index		09/20/16	0.000		3,696		(213,961	)
Morgan Stanley & Co.
		523	Align Technology, Inc.		12/18/17	0.000		—		(120,616	)
		579	Banco Santander SA		12/18/17	0.000		—		(7,736	)
		502	C.H. Robinson Worldwide, Inc.		12/18/17	0.000		—		(1,351	)
		879	Cardtronics, Inc.		12/18/17	0.000		—		(217,964	)
		854	CGI Group Inc. - Class A		12/18/17	0.000		—		(124,792	)
		563	Cimpress NV		12/18/17	0.000		—		(111,468	)
		465	Core Laboratories NV		12/18/17	0.000		—		107
		453	Cracker Barrel Old Country		12/18/17	0.000		—		(37,781	)
		379	Credit Acceptance Corp.		12/18/17	0.000		—		5,805
		1,355	Dean Foods Co.		12/18/17	0.000		—		(13,462	)
		764	Deere & Co.		12/18/17	0.000		—		40,548
		554	Dollarama, Inc.		12/18/17	0.000		—		(109,438	)
		516	Edgewell Personal Care Co.		12/18/17	0.000		—		(2,152	)
		223	Generac Holdings, Inc.		12/18/17	0.000		—		(62,078	)
		1,175	Healthcare Services Group		12/18/17	0.000		—		(174,976	)
		496	Hormel Foods, Corp.		12/18/17	0.000		—		19,711
		877	Idexx Laboratories, Inc.		12/15/17	0.000		—		(89,255	)
		415	Investors Real Estate Trust		12/18/17	0.000		—		(33,324	)
		644	iShares China Large Cap ETF		12/18/17	0.000		—		(100,433	)
		1,201	ishares MSCI Eurozone ETF		12/18/17	0.000		—		(91,431	)
		1,904	iShares Russell 2000		12/18/17	0.000		—		(121,319	)
		689	Lincoln Electric Holdings		12/18/17	0.000		—		(162,183	)
		604	Now, Inc.		12/18/17	0.000		—		(110,953	)
		979	Petmed Express, Inc.		12/18/17	0.000		—		(212,181	)
		760	Ritchie Bros Auctioneers		12/18/17	0.000		—		(248,106	)
		1,606	Sirius Xm Radio, Inc.		12/18/17	0.000		—		(255,117	)
		858	Smith (A.O.) Corp.		12/18/17	0.000		—		(207,151	)
		1,190	SPDR S&P Regional Banking		12/18/17	0.000		—		(82,476	)
		249	Transocean, Ltd.		12/18/17	0.000		—		(16,365	)
		132	Trupanion, Inc.		12/18/17	0.000		—		(394	)
		624	United Parcel Service - Class B		12/18/17	0.000		—		(51,112	)
		723	Western Union Co.		12/18/17	0.000		—		(28,551	)
		470	World Wrestling Entertainment - Class A		12/18/17	0.000		—		(61,724	)
Morgan Stanley Capital Services, Inc.		589	Cullen/Frost Bankers, Inc.		12/18/17	0.000		—		(41,965	)
TOTAL							$	5,535	$	(3,155,110	)

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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc.
	$	70	3i Group PLC	07/16/18	0.000	$	539,203	$	34,575
		1	3M Co	07/06/18	0.000		261,753		(1,169	)
		5	ABB Ltd	07/26/18	0.000		105,918		2,235
		4	AbbVie Inc	07/06/18	0.000		265,537		(2,959	)
		80	Aberdeen Asset Management PLC	07/16/18	0.000		310,553		26,172
		27	Abertis Infraestructuras SA	07/02/18	0.000		412,844		(8,255	)
		6	ABIOMED Inc	06/29/18	0.000		687,012		1,225
		24	Acadia Healthcare Co Inc	07/02/18	0.000		1,304,338		(11,434	)
		5	ACADIA Pharmaceuticals Inc	06/29/18	0.000		164,453		(11,191	)
		1	Accenture PLC	07/16/18	0.000		116,267		3,683
		3	Ackermans & van Haaren NV	07/16/18	0.000		299,137		(18,621	)
		6	Acom Co Ltd	07/27/18	0.000		28,996		(169	)
		54	ACS Actividades de Construccion y Servicios SA	07/27/18	0.000		1,536,100		6,507
		38	Activision Blizzard Inc	06/29/18	0.000		1,591,688		75,848
		3	Acuity Brands Inc	07/02/18	0.000		757,310		15,158
		20	Adecco Group AG	06/29/18	0.000		1,063,965		(27,008	)
		46	Admiral Group PLC	06/29/18	0.000		1,254,807		(74,453	)
		27	Advanced Micro Devices Inc	06/29/18	0.000		137,233		(45,922	)
		2	Aeroports de Paris	07/26/18	0.000		244,221		(8,297	)
		1	Affiliated Managers Group Inc	07/26/18	0.000		93,491		(302	)
		26	AGCO Corp	06/29/18	0.000		1,287,660		(24,134	)
		66	Aggreko PLC	06/29/18	0.000		1,096,524		37,871
		11	Agilent Technologies Inc	06/29/18	0.000		522,958		(17,221	)
		8	AGL Energy Ltd	06/29/18	0.000		122,113		4,507
		9	Agrium Inc	06/29/18	0.000		845,609		(9,598	)
		3	Air Water Inc	07/27/18	0.000		47,719		(3,859	)
		12	Akamai Technologies Inc	06/29/18	0.000		693,183		(69,491	)
		35	Akorn Inc	06/29/18	0.000		1,102,870		95,728
		20	Akzo Nobel NV	06/29/18	0.000		1,279,224		20,163
		2	Alexion Pharmaceuticals Inc	07/06/18	0.000		238,666		(6,188	)
		9	Alfresa Holdings Corp	07/27/18	0.000		193,819		5,352
		12	Align Technology Inc	06/29/18	0.000		1,028,386		58,264
		17	Allegion PLC	06/29/18	0.000		1,231,089		(25,384	)
		2	ALLETE Inc	07/16/18	0.000		153,508		434
		3	Alnylam Pharmaceuticals Inc	06/29/18	0.000		161,408		(10,290	)
		53	AltaGas Ltd	06/29/18	0.000		1,298,280		(50,942	)
		4	Altria Group Inc	06/29/18	0.000		256,610		(4,359	)
		618	Alumina Ltd	07/16/18	0.000		666,796		44,528
		25	Amada Holdings Co Ltd	07/02/18	0.000		253,668		21,251
		1	Amazon.com Inc	07/06/18	0.000		166,103		(2,353	)
		80	Amcor Ltd/Australia	07/26/18	0.000		912,206		2,595
		2	Amer Sports Oyj	07/26/18	0.000		49,702		2,662
		24	American Airlines Group Inc	07/16/18	0.000		827,948		(18,123	)
		89	American Eagle Outfitters Inc	07/26/18	0.000		1,535,800		71,283
		1	American Financial Group Inc/OH	07/26/18	0.000		25,547		404
		3	AmerisourceBergen Corp	06/29/18	0.000		272,996		3,275
		6	AMETEK Inc	06/29/18	0.000		261,193		(1,846	)
		2	Amgen Inc	07/06/18	0.000		270,311		(16,807	)
		3	Amphenol Corp	06/29/18	0.000		173,823		(5,452	)
		4	AmTrust Financial Services Inc	07/26/18	0.000		90,395		2,458
		229	ANA Holdings Inc	07/27/18	0.000		632,937		24,668
		16	Analog Devices Inc	07/16/18	0.000		936,133		(60,955	)
		10	ANDRITZ AG	06/29/18	0.000		466,170		20,500

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	14	Anglo American PLC	06/29/18	0.000	$	149,479	$	(4,021	)
		25	Antero Resources Corp	06/29/18	0.000		690,919		(38,841	)
		168	Antofagasta PLC	06/29/18	0.000		1,108,563		(8,931	)
		203	Aozora Bank Ltd	07/17/18	0.000		711,244		(39,471	)
		1	AP Moeller - Maersk A/S	06/29/18	0.000		62,015		3,150
		8	Aqua America Inc	07/16/18	0.000		277,991		(6,404	)
		154	ArcelorMittal	07/16/18	0.000		864,791		(126,155	)
		5	Arista Networks Inc	07/16/18	0.000		327,881		(5,520	)
		103	Aristocrat Leisure Ltd	06/29/18	0.000		1,091,612		152,207
		10	Arkema SA	06/29/18	0.000		786,716		39,025
		44	ARRIS International PLC	07/02/18	0.000		1,083,459		(108,591	)
		15	Arrow Electronics Inc	06/29/18	0.000		986,025		27,615
		13	Arthur J Gallagher & Co	07/26/18	0.000		613,269		(7,361	)
		4	Aryzta AG	07/26/18	0.000		159,544		1,840
		169	Asahi Glass Co Ltd	07/02/18	0.000		897,396		87,070
		6	Ashmore Group PLC	07/26/18	0.000		24,824		(390	)
		50	Asics Corp	07/02/18	0.000		857,453		(61,691	)
		10	ASOS PLC	07/16/18	0.000		586,772		3,163
		56	Assa Abloy AB	06/29/18	0.000		1,174,722		(53,876	)
		6	Associated British Foods PLC	07/16/18	0.000		236,430		(8,233	)
		99	Astellas Pharma Inc	07/27/18	0.000		1,553,893		110,747
		17	ASX Ltd	06/29/18	0.000		623,089		(21,079	)
		6	AT&T Inc	06/29/18	0.000		255,351		5,298
		8	athenahealth Inc	07/26/18	0.000		1,081,278		(77,999	)
		10	Atlas Copco AB	06/29/18	0.000		273,441		10,778
		2	Atlassian Corp PLC	06/29/18	0.000		52,225		5,108
		5	Atos SE	06/29/18	0.000		416,169		63,330
		3	Automatic Data Processing Inc	07/26/18	0.000		279,983		16,780
		1	AutoNation Inc	06/29/18	0.000		47,379		(2,290	)
		2	Avery Dennison Corp	07/26/18	0.000		111,982		8,359
		5	Avis Budget Group Inc	07/16/18	0.000		162,976		(5,504	)
		202	Aviva PLC	06/29/18	0.000		1,014,241		33,711
		1	Avnet Inc	07/26/18	0.000		25,641		211
		15	B&G Foods Inc	07/16/18	0.000		735,657		(60,996	)
		42	B&M European Value Retail SA	07/26/18	0.000		143,957		(338	)
		102	Banco de Sabadell SA	07/02/18	0.000		136,195		3,099
		56	Banco Santander SA	07/02/18	0.000		233,707		(1,951	)
		330	Bank Leumi Le-Israel BM	06/29/18	0.000		1,196,005		(10,384	)
		8	Bank of Montreal	07/05/18	0.000		482,605		(1,221	)
		30	Bank of New York Mellon Corp/The	06/29/18	0.000		1,169,839		17,204
		20	Bank of the Ozarks Inc	07/16/18	0.000		787,427		82,815
		85	BBA Aviation PLC	06/29/18	0.000		248,727		(19,307	)
		32	BCE Inc	06/29/18	0.000		1,543,069		(3,740	)
		23	Bed Bath & Beyond Inc	06/29/18	0.000		1,039,058		(19,951	)
		4	Belden Inc	07/26/18	0.000		319,299		6,046
		2	Bemis Co Inc	07/16/18	0.000		112,493		(1,992	)
		18	Bendigo & Adelaide Bank Ltd	07/26/18	0.000		131,923		4,856
		3	Berkeley Group Holdings PLC	07/26/18	0.000		117,178		(4,044	)
		2	Berkshire Hathaway Inc	07/06/18	0.000		255,053		(705	)
		48	Best Buy Co Inc	06/29/18	0.000		1,544,875		86,304
		18	BHP Billiton Ltd	07/16/18	0.000		279,780		14,375
		3	Bio-Techne Corp	06/29/18	0.000		426,309		(8,219	)
		1	Biogen Inc	06/29/18	0.000		276,669		39,934
		2	BioMarin Pharmaceutical Inc	06/29/18	0.000		211,352		(28,847	)
		11	Black Hills Corp	07/16/18	0.000		673,812		(13,748	)
		8	Blackbaud Inc	06/29/18	0.000		588,887		31,358
		226	BLACKBERRY LTD	07/02/18	0.000		1,538,678		(184,348	)
		39	Blue Buffalo Pet Products Inc	06/29/18	0.000		1,027,294		(16,144	)
		93	BlueScope Steel Ltd	07/16/18	0.000		521,137		72,975
		20	BOK Financial Corp	06/29/18	0.000		1,261,329		(14,766	)
		36	Boliden AB	06/29/18	0.000		754,697		34,369
		897	Bombardier Inc	07/05/18	0.000		1,428,487		79,837

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	217	Booker Group PLC	07/26/18	0.000	$	488,583	$	(12,101	)
		127	Boral Ltd	06/29/18	0.000		629,670		33,889
		10	Boskalis Westminster	06/29/18	0.000		363,288		17,104
		10	bpost SA	06/29/18	0.000		262,120		8,212
		23	Brambles Ltd	07/26/18	0.000		230,532		5,183
		3	Brembo SpA	07/05/18	0.000		146,422		13,965
		8	Bright Horizons Family Solutions Inc	07/26/18	0.000		523,929		2,527
		17	Bristol-Myers Squibb Co	06/29/18	0.000		1,284,584		17,826
		2	British American Tobacco PLC	07/27/18	0.000		125,013		(1,816	)
		10	Broadcom Ltd	06/29/18	0.000		1,523,569		(25,446	)
		135	Brocade Communications Systems Inc	06/29/18	0.000		1,276,570		(23,972	)
		22	Brookfield Asset Management Inc	07/16/18	0.000		770,923		3,331
		63	Bruker Corp	07/16/18	0.000		1,562,842		14,145
		137	BTG PLC	06/29/18	0.000		1,246,852		(35,862	)
		1	Bunge Ltd	06/29/18	0.000		53,386		4,751
		41	Bunzl PLC	07/16/18	0.000		1,267,210		(26,757	)
		63	Burberry Group PLC	07/16/18	0.000		1,059,333		38,631
		22	Buzzi Unicem SpA	06/29/18	0.000		399,896		32,526
		21	BWX Technologies Inc	07/26/18	0.000		743,074		22,058
		17	Cabela’s Inc	06/29/18	0.000		935,176		32,012
		1	Cable One Inc	07/16/18	0.000		584,106		(10,457	)
		40	Cadence Design Systems Inc	06/29/18	0.000		1,031,769		(61,713	)
		98	CaixaBank SA	07/02/18	0.000		232,091		(14,900	)
		8	Calbee Inc	07/27/18	0.000		329,019		(5,430	)
		11	Caltex Australia Ltd	07/05/18	0.000		257,116		9,106
		94	Cameco Corp	07/16/18	0.000		1,017,467		114,042
		4	Campbell Soup Co	06/29/18	0.000		266,279		(16,825	)
		13	Canadian Imperial Bank of Commerce/Canada	06/29/18	0.000		1,014,599		4,646
		4	Canadian National Railway Co	07/26/18	0.000		219,833		(2,317	)
		31	Canadian Natural Resources Ltd	07/16/18	0.000		973,762		(42,910	)
		6	Canadian Pacific Railway Ltd	07/16/18	0.000		938,036		(81,977	)
		5	Canon Inc	07/06/18	0.000		140,221		107
		81	Capita PLC	07/16/18	0.000		1,035,382		(989	)
		11	Capital One Financial Corp	06/29/18	0.000		773,761		(8,781	)
		27	CarMax Inc	06/29/18	0.000		1,551,597		(72,751	)
		6	Casey’s General Stores Inc	07/16/18	0.000		734,101		10,652
		6	Casino Guichard Perrachon SA	07/26/18	0.000		349,950		12,684
		42	Catalent Inc	07/26/18	0.000		1,018,533		33,995
		5	CBOE Holdings Inc	07/26/18	0.000		323,092		5,703
		9	CDW Corp/DE	07/16/18	0.000		379,414		(17,860	)
		3	Celgene Corp	06/29/18	0.000		262,248		(22,266	)
		81	Cenovus Energy Inc	07/16/18	0.000		1,160,537		3,243
		16	CenterPoint Energy Inc	06/29/18	0.000		379,627		3,524
		7	Central Japan Railway Co	07/02/18	0.000		1,329,908		39,132
		477	Centrica PLC	06/29/18	0.000		1,478,665		47,206
		51	CenturyLink Inc	06/29/18	0.000		1,563,622		37,303
		38	CF Industries Holdings Inc	07/02/18	0.000		1,002,584		55,218
		29	CGI Group Inc	06/29/18	0.000		1,263,910		121,478
		18	Charles River Laboratories International Inc	06/29/18	0.000		1,547,828		33,770
		6	Charter Communications Inc	06/29/18	0.000		1,571,340		25,425
		26	Cheniere Energy Inc	06/29/18	0.000		1,042,037		(62,401	)
		135	Chesapeake Energy Corp	07/26/18	0.000		671,708		61,336
		2	Chevron Corp	07/06/18	0.000		258,728		(10,419	)
		28	Chicago Bridge & Iron Co NV	07/02/18	0.000		1,072,480		124,685
		3	Chipotle Mexican Grill Inc	07/26/18	0.000		1,141,704		(18,333	)
		1	Chocoladefabriken Lindt & Spruengli AG	06/29/18	0.000		1,280,447		(11,188	)
		20	Chr Hansen Holding A/S	06/29/18	0.000		1,264,047		(8,975	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	4	Christian Dior SE	07/26/18	0.000	$	723,664	$	51,937
		51	Chubu Electric Power Co Inc	07/27/18	0.000		743,650		4,582
		101	Chugoku Electric Power Co Inc/The	07/02/18	0.000		1,279,635		4,109
		22	Cie Financiere Richemont SA	06/29/18	0.000		1,287,243		(51,629	)
		10	Cimarex Energy Co	07/26/18	0.000		1,151,138		20,017
		5	CIMIC Group Ltd	06/29/18	0.000		115,539		(9,620	)
		1	Cintas Corp	07/06/18	0.000		34,905		3,498
		22	CIT Group Inc	07/02/18	0.000		764,409		(13,709	)
		55	Citizens Financial Group Inc	06/29/18	0.000		1,140,330		76,900
		18	Citrix Systems Inc	06/29/18	0.000		1,520,479		85,110
		2	Clorox Co/The	07/06/18	0.000		252,416		(9,543	)
		26	CLP Holdings Ltd	06/29/18	0.000		260,335		5,182
		58	CNH Industrial NV	07/16/18	0.000		390,364		46
		71	Coca-Cola Amatil Ltd	07/16/18	0.000		480,027		16,767
		20	Coca-Cola Co/The	07/26/18	0.000		898,572		(35,701	)
		34	Coca-Cola European Partners PLC	07/26/18	0.000		1,293,118		22,331
		59	Coca-Cola HBC AG	06/29/18	0.000		1,217,099		15,296
		47	Coca-Cola West Co Ltd	07/02/18	0.000		1,320,779		(9,108	)
		6	Cochlear Ltd	07/16/18	0.000		604,584		33,290
		17	Colfax Corp	06/29/18	0.000		493,719		13,474
		3	Colgate-Palmolive Co	07/06/18	0.000		257,864		1,674
		6	Coloplast A/S	06/29/18	0.000		478,421		6,737
		20	Colruyt SA	07/16/18	0.000		1,123,846		27,972
		4	Comcast Corp	06/29/18	0.000		272,293		405
		45	CommScope Holding Co Inc	06/29/18	0.000		1,464,707		102,790
		10	Concho Resources Inc	07/26/18	0.000		1,194,527		(25,489	)
		15	ConocoPhillips	07/02/18	0.000		660,986		44,971
		2	Constellation Software Inc/Canada	06/29/18	0.000		938,184		40,017
		23	Continental Resources Inc/OK	07/02/18	0.000		1,049,726		36,752
		1	Cooper Cos Inc/The	06/29/18	0.000		170,684		(3,757	)
		12	Core Laboratories NV	06/29/18	0.000		1,444,486		43,990
		31	CoreLogic Inc/United States	06/29/18	0.000		1,267,024		(2,151	)
		1	CoStar Group Inc	06/29/18	0.000		260,979		16,697
		1	Costco Wholesale Corp	06/29/18	0.000		35,085		198
		10	Coty Inc	06/29/18	0.000		268,335		3,450
		3	Credit Acceptance Corp	06/29/18	0.000		588,548		38,950
		85	Credit Suisse Group AG	07/16/18	0.000		942,840		(36,542	)
		20	Crescent Point Energy Corp	06/29/18	0.000		317,287		(24,507	)
		18	Croda International PLC	07/16/18	0.000		758,606		(14,126	)
		129	Crown Resorts Ltd	06/29/18	0.000		1,235,814		(47,310	)
		3	CSL Ltd	07/05/18	0.000		253,949		15,468
		50	CSRA Inc	07/02/18	0.000		1,262,540		(87,121	)
		2	Cummins Inc	07/16/18	0.000		281,031		8,952
		13	Curtiss-Wright Corp	06/29/18	0.000		1,125,578		41,882
		11	CyberAgent Inc	07/02/18	0.000		664,629		(58,032	)
		17	Cypress Semiconductor Corp	07/27/18	0.000		192,764		(5,326	)
		12	Darden Restaurants Inc	06/29/18	0.000		757,619		(14,959	)
		17	Davide Campari-Milano SpA	06/29/18	0.000		162,430		(11,415	)
		1	DaVita HealthCare Partners Inc	07/26/18	0.000		97,054		(52	)
		1	DCC PLC	07/26/18	0.000		37,671		(568	)
		10	DeNA Co Ltd	07/06/18	0.000		255,315		4,687
		3	DexCom Inc	07/27/18	0.000		245,653		12,867
		15	Diamond Offshore Drilling Inc	06/29/18	0.000		387,420		(50,301	)
		6	Diamondback Energy Inc	07/26/18	0.000		491,964		4,642
		13	DiaSorin SpA	06/29/18	0.000		803,450		10,778
		14	Dick’s Sporting Goods Inc	06/29/18	0.000		662,902		34,539
		154	Direct Line Insurance Group PLC	07/16/18	0.000		702,745		15,010
		219	Distribuidora Internacional de Alimentacion SA	07/02/18	0.000		1,365,012		(4,609	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	3	DKSH Holding AG	07/26/18	0.000	$	212,720	$	(7,001	)
		13	Dolby Laboratories Inc	06/29/18	0.000		636,414		17,415
		15	Dollarama Inc	07/05/18	0.000		1,010,227		55,819
		24	Domino’s Pizza Enterprises Ltd	06/29/18	0.000		1,246,287		(104,818	)
		8	Domino’s Pizza Inc	07/16/18	0.000		1,042,928		(69,924	)
		13	DS Smith PLC	07/16/18	0.000		69,606		(530	)
		20	DSV A/S	06/29/18	0.000		847,164		(50,060	)
		3	Dun & Bradstreet Corp/The	07/26/18	0.000		329,908		(2,130	)
		27	Dunkin’ Brands Group Inc	06/29/18	0.000		1,264,833		30,634
		3	Dycom Industries Inc	07/16/18	0.000		254,721		5,018
		47	E*TRADE Financial Corp	06/29/18	0.000		1,174,537		(492	)
		2	East Japan Railway Co	07/02/18	0.000		148,237		(157	)
		55	easyJet PLC	07/16/18	0.000		760,129		3,589
		6	EchoStar Corp	07/26/18	0.000		241,567		351
		21	Edenred	06/29/18	0.000		465,799		(12,397	)
		108	EDP - Energias de Portugal SA	07/16/18	0.000		347,493		22,134
		3	Edwards Lifesciences Corp	06/29/18	0.000		276,621		21,475
		6	Electric Power Development Co Ltd	07/02/18	0.000		141,350		4,853
		45	Electrolux AB	07/26/18	0.000		1,171,388		51,882
		1	Electronic Arts Inc	06/29/18	0.000		84,996		(3,410	)
		163	Elekta AB	07/16/18	0.000		1,286,045		(15,855	)
		136	Element Financial Corp	07/16/18	0.000		1,517,781		51,328
		11	Eli Lilly & Co	07/26/18	0.000		910,974		(30,740	)
		7	Elisa OYJ	06/29/18	0.000		255,403		(16,997	)
		6	EMCOR Group Inc	07/16/18	0.000		293,832		23,101
		65	Empire Co Ltd	07/16/18	0.000		1,005,724		(26,261	)
		2	EMS-Chemie Holding AG	06/29/18	0.000		1,193,749		(31,432	)
		4	Enagas SA	07/02/18	0.000		109,121		(2,155	)
		19	Encana Corp	07/06/18	0.000		155,538		943
		16	Endo International PLC	06/29/18	0.000		281,753		(14	)
		51	Enel SpA	07/26/18	0.000		225,153		9,386
		26	Energizer Holdings Inc	07/26/18	0.000		1,277,436		54,357
		16	EOG Resources Inc	06/29/18	0.000		1,304,844		29,099
		18	EPAM Systems Inc	07/02/18	0.000		1,295,807		(30,535	)
		4	Equifax Inc	06/29/18	0.000		502,438		7,700
		33	Erste Group Bank AG	06/29/18	0.000		786,907		96,211
		15	Eurazeo SA	07/16/18	0.000		911,965		22,313
		1	Eurofins Scientific SE	06/29/18	0.000		17,743		(113	)
		6	Expedia Inc	07/26/18	0.000		770,248		(9,090	)
		3	Exxon Mobil Corp	07/06/18	0.000		257,315		(16,260	)
		13	F5 Networks Inc	06/29/18	0.000		1,521,442		53,397
		1	Facebook Inc	07/06/18	0.000		149,653		(7,627	)
		2	Fairfax Financial Holdings Ltd	07/16/18	0.000		1,056,728		(16,865	)
		8	FANUC Corp	07/02/18	0.000		1,403,834		(49,989	)
		1	Fast Retailing Co Ltd	07/02/18	0.000		134,906		(28,191	)
		86	Federal National Mortgage Association	06/29/18	0.000		171,568		2,574
		5	Federated Investors Inc	07/27/18	0.000		157,455		1,027
		16	Ferrari NV	06/29/18	0.000		688,413		(25,205	)
		74	Ferrovial SA	07/02/18	0.000		1,472,798		(54,297	)
		153	FinecoBank Banca Fineco SpA	06/29/18	0.000		951,154		44,239
		5	Fingerprint Cards AB	06/29/18	0.000		59,659		27
		68	First Data Corp	07/02/18	0.000		792,007		(58,287	)
		18	First Quantum Minerals Ltd	07/06/18	0.000		145,547		(6,827	)
		10	FirstEnergy Corp	06/29/18	0.000		373,191		(13,096	)
		19	Fisher & Paykel Healthcare Corp Ltd	06/29/18	0.000		143,007		3,455
		5	FleetCor Technologies Inc	06/29/18	0.000		780,912		(8,430	)
		43	Fletcher Building Ltd	06/29/18	0.000		275,896		22,286
		1	Flughafen Zuerich AG	07/26/18	0.000		292,301		10,956
		3	Fluor Corp	07/26/18	0.000		172,000		(976	)
		20	FMC Corp	07/02/18	0.000		938,425		10,540

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	2	Foot Locker Inc	07/06/18	0.000	$	114,230	$	2,446
		114	Fortescue Metals Group Ltd	06/29/18	0.000		380,475		2,645
		14	Fortinet Inc	07/26/18	0.000		478,381		(6	)
		5	Fortive Corp	07/05/18	0.000		250,809		(8,602	)
		29	Fortum OYJ	07/26/18	0.000		477,727		(1,207	)
		3	Franco-Nevada Corp	07/06/18	0.000		211,963		(4,192	)
		23	Frank’s International NV	07/26/18	0.000		348,336		(39,013	)
		64	Freeport-McMoRan Inc	06/29/18	0.000		822,050		(6,548	)
		51	Frontier Communications Corp	06/29/18	0.000		258,728		(8,214	)
		115	Fuji Electric Co Ltd	07/17/18	0.000		493,327		19,479
		268	Fujitsu Ltd	07/02/18	0.000		1,005,582		126,720
		16	G4S PLC	07/16/18	0.000		38,855		(1,599	)
		1	Galenica AG	07/16/18	0.000		768,057		(45,050	)
		11	Gap Inc/The	06/29/18	0.000		259,407		26,862
		35	Gas Natural SDG SA	07/27/18	0.000		698,102		25,768
		1	Geberit AG	06/29/18	0.000		295,137		(7,871	)
		8	General Electric Co	07/06/18	0.000		264,597		(9,186	)
		4	General Mills Inc	07/06/18	0.000		263,683		1,735
		21	General Motors Co	07/16/18	0.000		649,546		19,953
		14	Gentex Corp	07/26/18	0.000		232,669		18,704
		1	Georg Fischer AG	06/29/18	0.000		533,749		16,726
		9	George Weston Ltd	07/16/18	0.000		773,304		9,218
		38	Getinge AB	06/29/18	0.000		787,316		21,110
		25	Gildan Activewear Inc	07/16/18	0.000		773,081		38,639
		3	Gilead Sciences Inc	06/29/18	0.000		263,875		21,809
		53	Gjensidige Forsikring ASA	06/29/18	0.000		885,260		(17,899	)
		47	GlaxoSmithKline PLC	07/16/18	0.000		1,018,847		(30,463	)
		76	Glencore PLC	07/05/18	0.000		188,881		(554	)
		2	Global Payments Inc	06/29/18	0.000		162,121		(1,676	)
		20	GoDaddy Inc	07/26/18	0.000		589,938		7,206
		48	Goodyear Tire & Rubber Co/The	06/29/18	0.000		1,303,903		76,471
		2	Great-West Lifeco Inc	06/29/18	0.000		57,500		292
		8	Groupe Bruxelles Lambert SA	07/26/18	0.000		686,156		16,748
		61	Groupe Eurotunnel SE	07/16/18	0.000		625,066		(9,137	)
		12	Guidewire Software Inc	06/29/18	0.000		754,317		27,434
		230	GungHo Online Entertainment Inc	07/17/18	0.000		669,892		(149,260	)
		5	H Lundbeck A/S	06/29/18	0.000		196,721		4,910
		5	H&R Block Inc	06/29/18	0.000		128,226		(978	)
		14	Hakuhodo DY Holdings Inc	07/17/18	0.000		167,593		2,423
		71	Halma PLC	06/29/18	0.000		969,016		(22,307	)
		44	Hamamatsu Photonics KK	07/02/18	0.000		1,259,408		(35,172	)
		47	Hanesbrands Inc	06/29/18	0.000		1,278,016		12,945
		47	Hargreaves Lansdown PLC	07/26/18	0.000		775,963		(30,447	)
		6	Harley-Davidson Inc	07/26/18	0.000		290,024		(15,801	)
		17	Hartford Financial Services Group Inc/The	06/29/18	0.000		752,777		(68,512	)
		133	Harvey Norman Holdings Ltd	07/16/18	0.000		439,944		(48,498	)
		3	Hasbro Inc	06/29/18	0.000		259,267		(15,090	)
		378	Healthscope Ltd	06/29/18	0.000		821,827		(28,758	)
		19	HealthSouth Corp	06/29/18	0.000		757,920		52,926
		8	Heineken Holding NV	07/16/18	0.000		678,829		20,599
		17	Heineken NV	06/29/18	0.000		1,550,222		42,256
		4	Helmerich & Payne Inc	07/02/18	0.000		250,684		28,025
		1	Helvetia Holding AG	06/29/18	0.000		285,217		2,526
		9	Hennes & Mauritz AB	07/16/18	0.000		277,193		(2,560	)
		2	Henry Schein Inc	07/26/18	0.000		383,055		(2,794	)
		21	Herbalife Ltd	06/29/18	0.000		1,333,875		115,078
		13	Hexagon AB	07/26/18	0.000		479,084		20,281
		14	Hexcel Corp	07/16/18	0.000		606,220		(13,788	)
		11	Hilton Worldwide Holdings Inc	06/29/18	0.000		271,862		6,522
		26	Hino Motors Ltd	07/02/18	0.000		255,630		18,519
		2	Hirose Electric Co Ltd	07/27/18	0.000		241,918		(8,460	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	20	Hisamitsu Pharmaceutical Co Inc	07/02/18	0.000	$	1,140,065	$	(9,967	)
		46	Hitachi Chemical Co Ltd	07/02/18	0.000		871,124		91,733
		16	Hitachi Construction Machinery Co Ltd	07/02/18	0.000		231,859		27,916
		88	Hitachi Ltd	07/02/18	0.000		374,001		35,151
		21	HollyFrontier Corp	06/29/18	0.000		492,938		(42,153	)
		21	Horizon Pharma Plc	07/16/18	0.000		393,158		8,325
		25	Hormel Foods Corp	07/26/18	0.000		927,909		(16,000	)
		9	Hoshizaki Electric Co Ltd	07/02/18	0.000		817,475		(12,744	)
		21	Hoya Corp	07/02/18	0.000		760,337		(128	)
		10	Huntington Ingalls Industries Inc	06/29/18	0.000		1,563,733		8,816
		29	Huntsman Corp	06/29/18	0.000		446,189		(2,456	)
		41	Husqvarna AB	07/26/18	0.000		339,919		12,200
		6	ICA Gruppen AB	06/29/18	0.000		202,446		1,479
		39	ICAP PLC	07/26/18	0.000		235,979		3,973
		3	IDEXX Laboratories Inc	07/06/18	0.000		259,105		(1,183	)
		4	IG Group Holdings PLC	07/16/18	0.000		41,989		(3,578	)
		1	Iliad SA	06/29/18	0.000		248,111		(1,120	)
		2	Illinois Tool Works Inc	07/06/18	0.000		270,759		13,240
		4	Illumina Inc	07/16/18	0.000		624,660		(5,692	)
		59	IMI PLC	07/16/18	0.000		778,625		64,264
		124	Inchcape PLC	07/16/18	0.000		1,143,522		(29,642	)
		412	Incitec Pivot Ltd	06/29/18	0.000		898,786		936
		3	Incyte Corp	06/29/18	0.000		235,792		14,541
		5	Industria de Diseno Textil SA	07/27/18	0.000		176,572		190
		3	Industrial Alliance Insurance & Financial Services Inc	07/16/18	0.000		87,681		3,574
		8	Informa PLC	07/16/18	0.000		74,557		2,701
		9	Ingredion Inc	06/29/18	0.000		1,214,047		20,289
		51	Inmarsat PLC	07/26/18	0.000		520,511		(13,965	)
		23	Inpex Corp	07/02/18	0.000		175,804		(10,647	)
		122	Insurance Australia Group Ltd	07/16/18	0.000		520,978		(37,022	)
		3	Intact Financial Corp	06/29/18	0.000		216,409		(6,074	)
		4	Integra LifeSciences Holdings Corp	07/16/18	0.000		284,661		(16,436	)
		6	Interactive Brokers Group Inc	07/16/18	0.000		221,644		11,176
		52	International Consolidated Airlines Group SA	07/05/18	0.000		278,181		249
		6	International Flavors & Fragrances Inc	07/16/18	0.000		757,942		(11,843	)
		50	International Game Technology PLC	07/26/18	0.000		1,016,737		297
		32	Interpublic Group of Cos Inc/The	07/16/18	0.000		759,678		(32,481	)
		9	Intertek Group PLC	06/29/18	0.000		420,958		(11,097	)
		3	Intuit Inc	06/29/18	0.000		406,725		(18,704	)
		170	Investec PLC	06/29/18	0.000		1,024,754		(11,612	)
		3	IPG Photonics Corp	06/29/18	0.000		253,819		(9,335	)
		7	Ipsen SA	07/16/18	0.000		429,126		42,761
		34	ISS A/S	06/29/18	0.000		1,277,852		33,339
		34	Isuzu Motors Ltd	07/17/18	0.000		423,013		(21,894	)
		16	ITC Holdings Corp	06/29/18	0.000		750,532		10,717
		4	Ito En Ltd	07/17/18	0.000		149,512		(5,096	)
		354	ITV PLC	06/29/18	0.000		867,793		(54,069	)
		23	Izumi Co Ltd	07/17/18	0.000		969,479		(52,280	)
		2	Jack Henry & Associates Inc	07/06/18	0.000		177,791		2,137
		15	Jacobs Engineering Group Inc	06/29/18	0.000		775,167		6,278
		40	Japan Airlines Co Ltd	07/02/18	0.000		1,261,455		(10,934	)
		27	Japan Airport Terminal Co Ltd	07/17/18	0.000		1,042,778		(168,306	)
		52	Japan Exchange Group Inc	07/02/18	0.000		667,574		78,291
		51	Japan Post Holdings Co Ltd	07/27/18	0.000		615,742		55,883
		38	Japan Post Insurance Co Ltd	07/17/18	0.000		760,479		(67,115	)
		4	Jardine Strategic Holdings Ltd	07/02/18	0.000		110,445		2,775
		11	Jazz Pharmaceuticals PLC	06/29/18	0.000		1,535,480		89,410

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	30	Jeronimo Martins SGPS SA	06/29/18	0.000	$	477,157	$	31,413
		5	JetBlue Airways Corp	06/29/18	0.000		92,218		4,179
		1	JFE Holdings Inc	07/02/18	0.000		9,403		(137	)
		27	John Wiley & Sons Inc	07/16/18	0.000		1,509,209		53,884
		39	John Wood Group PLC	06/29/18	0.000		348,623		(7,578	)
		11	Johnson & Johnson	06/29/18	0.000		1,352,437		(13,528	)
		31	Johnson Matthey PLC	06/29/18	0.000		1,266,696		66,179
		32	JTEKT Corp	07/02/18	0.000		374,370		79,940
		231	Just Eat PLC	06/29/18	0.000		1,430,763		(219,218	)
		14	Jyske Bank A/S	06/29/18	0.000		562,786		(32,717	)
		9	Kaken Pharmaceutical Co Ltd	07/27/18	0.000		592,649		482
		34	Kansai Paint Co Ltd	07/02/18	0.000		684,616		(38,528	)
		13	Kao Corp	07/27/18	0.000		750,897		(24,837	)
		8	KDDI Corp	07/17/18	0.000		247,960		(5,530	)
		184	Keihan Holdings Co Ltd	07/02/18	0.000		1,298,189		(28,601	)
		115	Keikyu Corp	07/02/18	0.000		1,150,793		(20,695	)
		3	Keio Corp	07/27/18	0.000		27,551		(521	)
		125	Keppel Corp Ltd	07/02/18	0.000		517,822		28,041
		17	Kesko OYJ	06/29/18	0.000		745,776		(20,888	)
		2	Keyence Corp	07/02/18	0.000		1,539,864		(25,478	)
		26	Keyera Corp	07/16/18	0.000		757,797		13,399
		292	Kingfisher PLC	07/16/18	0.000		1,259,288		42,950
		34	Kinnevik AB	06/29/18	0.000		846,609		(24,667	)
		52	Kirin Holdings Co Ltd	07/27/18	0.000		879,038		10,626
		10	Koito Manufacturing Co Ltd	07/27/18	0.000		438,011		(36,595	)
		11	Komatsu Ltd	07/27/18	0.000		207,974		903
		29	Konami Holdings Corp	07/02/18	0.000		1,180,489		(51,445	)
		5	Kone OYJ	06/29/18	0.000		259,052		16,764
		1	Koninklijke Philips NV	06/29/18	0.000		9,783		440
		8	Kose Corp	07/27/18	0.000		726,114		(40,398	)
		90	Kubota Corp	07/02/18	0.000		1,221,561		(109,593	)
		2	Kuehne + Nagel International AG	06/29/18	0.000		253,945		1,605
		98	Kyushu Electric Power Co Inc	07/02/18	0.000		888,797		(32,101	)
		22	L Brands Inc	06/29/18	0.000		1,545,350		(46,713	)
		2	L-3 Communications Holdings Inc	07/26/18	0.000		324,537		8,291
		13	LafargeHolcim Ltd	07/16/18	0.000		575,090		(44,997	)
		11	Lancaster Colony Corp	07/26/18	0.000		1,376,250		22,249
		18	Las Vegas Sands Corp	07/26/18	0.000		836,510		(71,746	)
		13	Lawson Inc	07/02/18	0.000		992,362		(34,159	)
		13	Lear Corp	06/29/18	0.000		1,511,710		38,924
		11	Leggett & Platt Inc	07/26/18	0.000		562,652		2,414
		546	Li & Fung Ltd	06/29/18	0.000		263,228		9,774
		25	Liberty Broadband Corp	06/29/18	0.000		1,539,297		(30,854	)
		5	Liberty Global Plc LiLAC	06/29/18	0.000		186,622		107
		9	Lincoln National Corp	06/29/18	0.000		383,106		21,104
		5	Linear Technology Corp	06/29/18	0.000		266,013		63,632
		93	Lion Corp	07/02/18	0.000		1,465,451		(52,551	)
		62	Lions Gate Entertainment Corp	06/29/18	0.000		1,277,991		34,253
		5	LIXIL Group Corp	07/27/18	0.000		79,247		(7,156	)
		38	LKQ Corp	07/16/18	0.000		1,257,846		(44,469	)
		1	Lockheed Martin Corp	07/06/18	0.000		261,577		(2,023	)
		3	Lonza Group AG	06/29/18	0.000		599,800		48,426
		17	lululemon athletica Inc	06/29/18	0.000		1,271,217		(18,938	)
		35	M3 Inc	07/02/18	0.000		1,264,217		133,808
		6	Macquarie Infrastructure Corp	06/29/18	0.000		485,534		(5,639	)
		1	Madison Square Garden Co/The	06/29/18	0.000		206,913		(6,769	)
		11	Magna International Inc	07/16/18	0.000		390,800		21,922
		4	Makita Corp	07/02/18	0.000		243,383		(32,511	)
		14	Mallinckrodt PLC	06/29/18	0.000		923,423		45,263
		25	Manhattan Associates Inc	06/29/18	0.000		1,546,617		(102,101	)
		2	ManpowerGroup Inc	06/29/18	0.000		110,573		4,701

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	14	Manulife Financial Corp	06/29/18	0.000	$	183,100	$	1,172
		65	Marathon Oil Corp	07/26/18	0.000		953,115		(27,915	)
		6	Marathon Petroleum Corp	07/06/18	0.000		234,587		(11,561	)
		54	Marks & Spencer Group PLC	07/16/18	0.000		242,365		(12,634	)
		1	Marsh & McLennan Cos Inc	07/26/18	0.000		111,048		(1,910	)
		2	Martin Marietta Materials Inc	06/29/18	0.000		376,463		(8,977	)
		94	Marui Group Co Ltd	07/02/18	0.000		1,351,857		(8,966	)
		36	Maruichi Steel Tube Ltd	07/02/18	0.000		1,284,837		(34,917	)
		8	Maxim Integrated Products Inc	07/26/18	0.000		317,468		25,614
		2	McDonald’s Corp	07/06/18	0.000		256,358		(9,646	)
		53	MDU Resources Group Inc	06/29/18	0.000		1,279,253		(2,415	)
		115	Mediaset Espana Comunicacion SA	07/02/18	0.000		1,347,386		(29,161	)
		285	Mediaset SpA	06/29/18	0.000		1,043,000		(180,435	)
		17	Mediclinic International PLC	06/29/18	0.000		240,871		(1,255	)
		16	Mediobanca SpA	06/29/18	0.000		100,794		(9,905	)
		36	Medipal Holdings Corp	07/02/18	0.000		570,740		17,006
		22	Merck & Co Inc	06/29/18	0.000		1,291,562		12,246
		33	Metso OYJ	06/29/18	0.000		882,098		35,611
		4	Mettler-Toledo International Inc	06/29/18	0.000		1,521,689		116,161
		11	MGM Resorts International	07/06/18	0.000		256,412		(7,823	)
		18	Michael Kors Holdings Ltd	07/16/18	0.000		910,657		(3,333	)
		12	Micron Technology Inc	07/16/18	0.000		158,641		(6,115	)
		5	Microsoft Corp	07/06/18	0.000		263,815		(17,204	)
		13	Middleby Corp/The	06/29/18	0.000		1,534,542		(32,806	)
		29	MISUMI Group Inc	07/27/18	0.000		470,596		(60,186	)
		191	Mitsubishi Chemical Holdings Corp	07/02/18	0.000		941,359		107,328
		97	Mitsubishi Electric Corp	07/02/18	0.000		1,163,407		(11,068	)
		18	Mitsubishi Tanabe Pharma Corp	07/17/18	0.000		328,554		15,001
		43	Mitsubishi UFJ Financial Group Inc	07/06/18	0.000		197,691		(21,836	)
		108	Mitsubishi UFJ Lease & Finance Co Ltd	07/02/18	0.000		403,299		37,022
		47	Mitsui Chemicals Inc	07/17/18	0.000		171,515		30,271
		21	Mobileye NV	06/29/18	0.000		1,017,763		(2,385	)
		25	MonotaRO Co Ltd	07/17/18	0.000		791,091		68,539
		10	Monster Beverage Corp	06/29/18	0.000		1,555,463		(8,752	)
		5	MSC Industrial Direct Co Inc	06/29/18	0.000		362,567		(4,782	)
		30	Murphy Oil Corp	07/16/18	0.000		950,501		(65,307	)
		13	Murphy USA Inc	07/26/18	0.000		970,323		4,001
		22	Nagoya Railroad Co Ltd	07/02/18	0.000		126,190		2,113
		46	Nankai Electric Railway Co Ltd	07/02/18	0.000		264,299		8,456
		20	National Australia Bank Ltd	06/29/18	0.000		375,456		(17,832	)
		37	Navient Corp	07/16/18	0.000		527,892		2,179
		14	Nestle SA	06/29/18	0.000		1,103,134		20,339
		29	NetApp Inc	07/26/18	0.000		750,583		11,485
		18	Netflix Inc	06/29/18	0.000		1,610,159		11,733
		9	NetSuite Inc	07/02/18	0.000		767,469		(224,916	)
		4	Neurocrine Biosciences Inc	07/06/18	0.000		180,338		(6,819	)
		19	New Jersey Resources Corp	06/29/18	0.000		702,015		9,724
		87	New York Community Bancorp Inc	06/29/18	0.000		1,291,516		37,993
		20	Nexon Co Ltd	07/27/18	0.000		278,590		15,931
		10	Next PLC	07/16/18	0.000		657,119		10,699
		14	NGK Insulators Ltd	07/27/18	0.000		304,358		(40,510	)
		56	NGK Spark Plug Co Ltd	07/02/18	0.000		856,436		(62,442	)
		15	NH Foods Ltd	07/27/18	0.000		353,761		12,585
		7	Nice Ltd	07/16/18	0.000		423,781		(26,220	)
		32	Nippon Paint Holdings Co Ltd	07/02/18	0.000		861,919		(29,182	)
		18	Nippon Shinyaku Co Ltd	07/02/18	0.000		928,227		(49,301	)
		16	Nippon Steel & Sumitomo Metal Corp	07/27/18	0.000		316,142		(17,415	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	27	Nippon Telegraph & Telephone Corp	07/27/18	0.000	$	1,290,456	$	9,747
		41	Nissan Chemical Industries Ltd	07/02/18	0.000		1,289,005		(40,028	)
		57	Nissan Motor Co Ltd	07/17/18	0.000		550,573		(9,317	)
		3	Nitori Holdings Co Ltd	07/27/18	0.000		314,175		9,033
		15	Noble Energy Inc	07/26/18	0.000		556,054		7,895
		34	Nokian Renkaat OYJ	06/29/18	0.000		1,262,334		(18,738	)
		3	Nordson Corp	06/29/18	0.000		269,947		(2,251	)
		12	Nordstrom Inc	07/16/18	0.000		501,479		31,448
		243	Norsk Hydro ASA	07/16/18	0.000		980,912		59,595
		19	Northern Trust Corp	06/29/18	0.000		1,282,755		20,989
		59	Northland Power Inc	07/26/18	0.000		1,099,271		(14,319	)
		18	Novartis AG	06/29/18	0.000		1,524,117		(12,838	)
		5	Novo Nordisk A/S	06/29/18	0.000		269,536		6,663
		26	NTT Data Corp	07/02/18	0.000		1,277,870		8,542
		49	Nuance Communications Inc	07/26/18	0.000		787,964		(1,113	)
		50	Numericable-SFR SA	06/29/18	0.000		1,152,956		(18,622	)
		23	Obic Co Ltd	07/02/18	0.000		1,275,563		(65,940	)
		44	OC Oerlikon Corp AG	06/29/18	0.000		388,068		(22,492	)
		12	Occidental Petroleum Corp	07/26/18	0.000		881,625		11,843
		61	Odakyu Electric Railway Co Ltd	07/02/18	0.000		727,076		921
		26	Olympus Corp	07/02/18	0.000		934,249		(36,498	)
		3	Omnicom Group Inc	07/06/18	0.000		264,441		(7,038	)
		20	ONE Gas Inc	06/29/18	0.000		1,290,257		(15,157	)
		9	Onex Corp	06/29/18	0.000		527,790		(6,722	)
		37	Ono Pharmaceutical Co Ltd	07/02/18	0.000		1,401,176		71,513
		21	Open Text Corp	06/29/18	0.000		1,236,978		13,725
		5	Oracle Corp Japan	07/02/18	0.000		254,622		20,247
		33	Orica Ltd	06/29/18	0.000		341,140		(11,794	)
		12	Orion Oyj	06/29/18	0.000		530,808		(2,568	)
		19	ORIX Corp	07/27/18	0.000		256,371		9,330
		6	Orkla ASA	07/16/18	0.000		49,329		(2,069	)
		9	Orpea	06/29/18	0.000		754,104		(50,669	)
		8	Oshkosh Corp	07/26/18	0.000		399,252		52,376
		23	Owens Corning	07/16/18	0.000		1,260,245		(28,817	)
		8	PACCAR Inc	07/26/18	0.000		452,128		(34,610	)
		9	Packaging Corp of America	07/26/18	0.000		625,427		17,803
		9	Palo Alto Networks Inc	06/29/18	0.000		1,082,416		(34,992	)
		63	Panasonic Corp	07/02/18	0.000		593,112		32,320
		6	Panera Bread Co	06/29/18	0.000		1,290,221		48,508
		12	Pargesa Holding SA	07/26/18	0.000		800,882		15,376
		8	Park24 Co Ltd	07/17/18	0.000		290,464		5,803
		49	Parsley Energy Inc	07/02/18	0.000		1,400,468		(15,282	)
		3	Partners Group Holding AG	06/29/18	0.000		1,273,554		(34,758	)
		3	Patterson Cos Inc	07/26/18	0.000		170,433		(155	)
		11	Patterson-UTI Energy Inc	06/29/18	0.000		232,237		(24,435	)
		72	Pearson PLC	07/16/18	0.000		923,100		(75,038	)
		7	Pembina Pipeline Corp	07/26/18	0.000		211,736		(4,407	)
		47	Pennon Group PLC	07/16/18	0.000		565,819		522
		2	PepsiCo Inc	06/29/18	0.000		266,644		319
		8	Persimmon PLC	07/16/18	0.000		167,393		15,221
		31	Petrofac Ltd	07/16/18	0.000		326,913		19,817
		67	Peugeot SA	06/29/18	0.000		880,457		132,429
		35	Pfizer Inc	06/29/18	0.000		1,276,932		(12,558	)
		3	Philip Morris International Inc	06/29/18	0.000		263,321		(6,756	)
		2	Pigeon Corp	07/27/18	0.000		52,139		(728	)
		9	Pilgrim’s Pride Corp	07/16/18	0.000		225,323		(19,073	)
		16	Pinnacle Foods Inc	06/29/18	0.000		744,090		(37,679	)
		26	Plains GP Holdings LP	07/16/18	0.000		294,154		(16,473	)
		85	Playtech Plc	06/29/18	0.000		953,846		(27,828	)
		18	PolyOne Corp	07/16/18	0.000		678,681		(43,914	)
		2	Post Holdings Inc	06/29/18	0.000		148,850		482
		51	Potash Corp of Saskatchewan Inc	07/05/18	0.000		862,187		64,760

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	15	Power Financial Corp	07/16/18	0.000	$	344,636	$	2,628
		75	PrairieSky Royalty Ltd	06/29/18	0.000		1,476,156		5,004
		22	Premier Inc	06/29/18	0.000		753,849		29,250
		13	PrivateBancorp Inc	07/26/18	0.000		585,588		(637	)
		3	Procter & Gamble Co/The	06/29/18	0.000		260,594		(486	)
		26	Provident Financial PLC	06/29/18	0.000		890,537		(49,902	)
		24	Prysmian SpA	06/29/18	0.000		544,330		23,976
		4	PTC Inc	07/26/18	0.000		153,770		3,153
		41	PulteGroup Inc	07/26/18	0.000		865,924		(4,277	)
		3	PVH Corp	06/29/18	0.000		262,913		4,391
		295	Qantas Airways Ltd	06/29/18	0.000		669,646		38,166
		50	QEP Resources Inc	06/29/18	0.000		897,412		14,590
		16	Qorvo Inc	07/26/18	0.000		941,529		46,566
		29	Quanta Services Inc	06/29/18	0.000		743,318		6,148
		40	Quebecor Inc	07/05/18	0.000		1,178,949		45,493
		4	Quest Diagnostics Inc	07/16/18	0.000		300,994		12,147
		4	Quintiles Transnational Holdings Inc	06/29/18	0.000		280,545		25,978
		47	Rackspace Hosting Inc	07/26/18	0.000		1,095,645		996
		14	Raiffeisen Bank International AG	06/29/18	0.000		186,228		3,336
		19	Rakuten Inc	07/06/18	0.000		215,034		(4,043	)
		6	Ralph Lauren Corp	06/29/18	0.000		592,209		(2,884	)
		14	Ramsay Health Care Ltd	06/29/18	0.000		740,799		79,078
		1	Randgold Resources Ltd	07/06/18	0.000		68,291		312
		20	Randstad Holding NV	06/29/18	0.000		856,435		9,894
		12	REA Group Ltd	06/29/18	0.000		584,320		(26,955	)
		21	Recordati SpA	06/29/18	0.000		651,051		30,360
		12	Red Electrica Corp SA	07/06/18	0.000		256,661		7,388
		132	Regions Financial Corp	06/29/18	0.000		1,171,889		37,964
		55	Regus PLC	07/26/18	0.000		214,516		9,985
		19	Reliance Steel & Aluminum Co	06/29/18	0.000		1,519,786		(38,212	)
		58	RELX NV	06/29/18	0.000		1,029,755		19,983
		41	RELX PLC	06/29/18	0.000		768,211		(10,884	)
		6	Remy Cointreau SA	06/29/18	0.000		519,289		(6,316	)
		17	Republic Services Inc	07/26/18	0.000		897,701		4,367
		24	Restaurant Brands International Inc	06/29/18	0.000		1,004,212		(84,401	)
		14	Rightmove PLC	07/02/18	0.000		674,807		71,408
		6	Rinnai Corp	07/27/18	0.000		536,088		(27,322	)
		29	Rio Tinto Ltd	06/29/18	0.000		1,084,889		1,346
		17	Ritchie Bros Auctioneers Inc	06/29/18	0.000		588,487		25,614
		13	RLI Corp	07/26/18	0.000		895,771		(801	)
		35	Robert Half International Inc	06/29/18	0.000		1,414,817		(129,412	)
		5	Roche Holding AG	06/29/18	0.000		1,281,059		1,368
		5	Rogers Communications Inc	07/16/18	0.000		207,948		13,171
		2	Rohm Co Ltd	07/02/18	0.000		66,904		6,579
		1	Roper Technologies Inc	06/29/18	0.000		94,991		100
		1	Ross Stores Inc	07/26/18	0.000		64,033		(2,990	)
		19	Royal Bank of Canada	07/26/18	0.000		1,176,638		(4,806	)
		18	Royal Dutch Shell PLC	06/29/18	0.000		479,828		29,061
		138	RPC Group PLC	06/29/18	0.000		1,488,522		(82,561	)
		50	RPC Inc	07/26/18	0.000		740,017		(24,148	)
		86	RR Donnelley & Sons Co	06/29/18	0.000		1,603,464		(50,802	)
		3	Ryohin Keikaku Co Ltd	07/02/18	0.000		749,134		(10,792	)
		3	Saab AB	07/26/18	0.000		80,668		5,440
		44	Sabre Corp	06/29/18	0.000		1,264,114		(9,741	)
		90	Sage Group PLC/The	07/16/18	0.000		771,107		82,353
		22	Salmar ASA	07/02/18	0.000		673,152		5,529
		21	Sampo Oyj	07/26/18	0.000		844,198		(5,766	)
		24	Saputo Inc	06/29/18	0.000		706,155		6,817
		22	SATS Ltd	07/16/18	0.000		71,327		579
		7	SBA Communications Corp	06/29/18	0.000		737,694		(14,521	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	23	Schroders PLC	07/16/18	0.000	$	772,074	$	30,308
		21	Seagate Technology PLC	07/16/18	0.000		643,068		30,171
		15	Sega Sammy Holdings Inc	07/17/18	0.000		167,064		(5,657	)
		79	Seiko Epson Corp	07/02/18	0.000		1,327,794		85,934
		45	Sekisui House Ltd	07/02/18	0.000		753,672		(3,607	)
		11	Sembcorp Industries Ltd	07/02/18	0.000		22,785		717
		31	Sensata Technologies Holding NV	07/02/18	0.000		1,151,210		(41,866	)
		3	Service Corp International/US	07/26/18	0.000		80,733		2,036
		56	SES SA	06/29/18	0.000		1,221,476		(11,344	)
		337	Seven Bank Ltd	07/02/18	0.000		1,049,831		(113,186	)
		15	Seven Generations Energy Ltd	07/16/18	0.000		304,197		(2,570	)
		10	SFR Group SA	06/29/18	0.000		238,139		(959	)
		61	Shaw Communications Inc	07/16/18	0.000		1,200,039		44,717
		7	Shimamura Co Ltd	07/17/18	0.000		941,222		12,673
		8	Shimano Inc	07/02/18	0.000		1,123,072		(66,127	)
		7	Shiseido Co Ltd	07/02/18	0.000		185,825		(1,832	)
		26	Shizuoka Bank Ltd/The	07/17/18	0.000		183,762		(11,583	)
		11	Signet Jewelers Ltd	06/29/18	0.000		999,633		13,019
		1	Sika AG	06/29/18	0.000		110,500		11,799
		14	Silgan Holdings Inc	06/29/18	0.000		755,818		41,221
		8	Silver Wheaton Corp	06/29/18	0.000		210,883		(21,114	)
		4	Singapore Airlines Ltd	07/16/18	0.000		29,087		343
		44	Singapore Exchange Ltd	07/02/18	0.000		251,028		(6,588	)
		147	Skandinaviska Enskilda Banken AB	06/29/18	0.000		1,278,167		(15,802	)
		9	SKF AB	07/16/18	0.000		142,496		(3,359	)
		67	Sky PLC	06/29/18	0.000		772,181		44,092
		2	Skyworks Solutions Inc	07/02/18	0.000		161,276		(539	)
		1	SMC Corp/Japan	07/27/18	0.000		24,265		(2,260	)
		34	Smith & Nephew PLC	07/16/18	0.000		584,606		(23,675	)
		18	Smiths Group PLC	07/16/18	0.000		293,932		15,721
		91	Snam SpA	07/26/18	0.000		518,887		(8,483	)
		6	SNC-Lavalin Group Inc	06/29/18	0.000		264,542		(2,894	)
		14	Sohgo Security Services Co Ltd	07/02/18	0.000		661,884		(39,779	)
		80	Sojitz Corp	07/27/18	0.000		193,121		277
		61	Sonic Healthcare Ltd	06/29/18	0.000		1,021,675		(42,124	)
		4	Sonoco Products Co	07/26/18	0.000		213,109		(1,953	)
		10	Sony Corp	07/02/18	0.000		277,412		(6,311	)
		14	Sony Financial Holdings Inc	07/02/18	0.000		162,505		(16,312	)
		239	South32 Ltd	06/29/18	0.000		329,241		3,988
		1	Southern Co/The	06/29/18	0.000		5,178		65
		14	Southwest Gas Corp	06/29/18	0.000		1,008,543		817
		29	Southwestern Energy Co	06/29/18	0.000		412,822		11,047
		52	Spark New Zealand Ltd	06/29/18	0.000		139,301		9,269
		3	Spectra Energy Corp	07/26/18	0.000		106,690		1,370
		35	Spirit AeroSystems Holdings Inc	06/29/18	0.000		1,517,499		(2,453	)
		13	Spirit Airlines Inc	06/29/18	0.000		623,564		78,758
		11	Splunk Inc	07/02/18	0.000		632,126		(37,928	)
		96	Sprint Corp	07/26/18	0.000		444,356		146,760
		25	Sprouts Farmers Market Inc	07/26/18	0.000		567,734		8,897
		2	Square Enix Holdings Co Ltd	07/27/18	0.000		58,461		1,143
		100	Square Inc	07/16/18	0.000		941,894		(60,343	)
		51	SS&C Technologies Holdings Inc	07/16/18	0.000		1,552,602		(90,007	)
		37	SSE PLC	07/16/18	0.000		779,503		(34,508	)
		71	St James’s Place PLC	06/29/18	0.000		813,088		(64,014	)
		13	Standard Chartered PLC	07/05/18	0.000		100,065		(1,367	)
		182	Standard Life PLC	07/16/18	0.000		679,452		52,697
		68	StarHub Ltd	07/02/18	0.000		198,430		1,204
		11	Start Today Co Ltd	07/02/18	0.000		561,712		(54,906	)
		17	Statoil ASA	06/29/18	0.000		302,677		(33,621	)
		35	Steel Dynamics Inc	06/29/18	0.000		942,368		(8,066	)

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	14	Stericycle Inc	06/29/18	0.000	$	1,532,307	$	221,677
		19	STERIS PLC	07/16/18	0.000		1,278,506		(38,184	)
		170	STMicroelectronics NV	06/29/18	0.000		1,033,708		207,639
		29	Stora Enso OYJ	06/29/18	0.000		252,340		14,272
		1	Straumann Holding AG	06/29/18	0.000		606,067		(14,556	)
		50	Subsea 7 SA	07/16/18	0.000		521,983		10,790
		18	Sugi Holdings Co Ltd	07/02/18	0.000		896,357		(19,992	)
		85	Sumitomo Chemical Co Ltd	07/17/18	0.000		356,517		25,002
		65	Suncorp Group Ltd	07/26/18	0.000		629,780		32,828
		14	Suruga Bank Ltd	07/02/18	0.000		320,739		(9,396	)
		36	Suzuken Co Ltd/Aichi Japan	07/02/18	0.000		1,108,601		34,493
		6	Svenska Cellulosa AB SCA	06/29/18	0.000		181,406		(14,093	)
		26	Svenska Handelsbanken AB	06/29/18	0.000		303,320		(8,225	)
		18	Swedish Match AB	07/16/18	0.000		653,392		23,556
		13	Swedish Orphan Biovitrum AB	06/29/18	0.000		168,203		(168	)
		3	Swiss Life Holding AG	07/16/18	0.000		768,277		20,364
		74	Symantec Corp	06/29/18	0.000		1,542,727		(27,291	)
		16	SYNNEX Corp	06/29/18	0.000		1,513,397		39,289
		23	Synopsys Inc	06/29/18	0.000		1,278,310		(12,970	)
		2	Syntel Inc	07/06/18	0.000		110,262		(5,415	)
		5	Sysco Corp	07/06/18	0.000		254,838		3,542
		32	Take-Two Interactive Software Inc	06/29/18	0.000		1,292,300		(20,925	)
		14	Targa Resources Corp	06/29/18	0.000		652,188		(44,906	)
		2	Target Corp	07/06/18	0.000		113,147		2,786
		9	Taro Pharmaceutical Industries Ltd	06/29/18	0.000		1,261,743		(30,375	)
		53	Tate & Lyle PLC	07/26/18	0.000		484,223		20,593
		3	TDC A/S	07/16/18	0.000		18,010		(261	)
		4	TE Connectivity Ltd	07/26/18	0.000		238,433		4,848
		34	Team Health Holdings Inc	07/02/18	0.000		1,450,271		70,409
		56	Teck Resources Ltd	07/16/18	0.000		778,919		111,536
		144	Tele2 AB	06/29/18	0.000		1,256,411		32,732
		168	Telefonaktiebolaget LM Ericsson	06/29/18	0.000		1,288,527		(32,647	)
		28	Telenet Group Holding NV	06/29/18	0.000		1,279,482		(47,037	)
		41	Telephone & Data Systems Inc	06/29/18	0.000		1,271,390		20,614
		24	Telstra Corp Ltd	07/05/18	0.000		105,094		1,679
		13	Temenos Group AG	06/29/18	0.000		667,675		129,859
		48	Teradata Corp	06/29/18	0.000		1,323,498		47,171
		73	Teradyne Inc	06/29/18	0.000		1,526,438		(79,395	)
		1	Terumo Corp	07/27/18	0.000		57,266		(1,009	)
		1	Tesla Motors Inc	06/29/18	0.000		264,638		(11,945	)
		9	Tesoro Corp	06/29/18	0.000		695,795		(1,459	)
		27	Texas Roadhouse Inc	06/29/18	0.000		1,256,809		16,526
		8	Thermo Fisher Scientific Inc	06/29/18	0.000		1,261,234		(30,294	)
		6	Thomson Reuters Corp	07/06/18	0.000		265,281		478
		21	Thor Industries Inc	06/29/18	0.000		1,561,795		68,049
		83	Toho Gas Co Ltd	07/02/18	0.000		720,536		14,020
		321	Tokyo Electric Power Co Holdings Inc	07/02/18	0.000		1,296,104		(30,709	)
		28	TonenGeneral Sekiyu KK	07/02/18	0.000		262,241		(8,428	)
		6	Toronto-Dominion Bank/The	07/06/18	0.000		254,774		2,617
		111	Tosoh Corp	07/02/18	0.000		526,894		44,975
		10	Tourmaline Oil Corp	07/16/18	0.000		247,371		(3,688	)
		3	Toyota Industries Corp	07/02/18	0.000		134,139		(20,957	)
		5	Toyota Motor Corp	07/02/18	0.000		253,568		(22,484	)
		138	TPG Telecom Ltd	06/29/18	0.000		1,253,987		(89,566	)
		6	TransDigm Group Inc	06/29/18	0.000		1,525,435		(53,575	)
		35	Transocean Ltd	06/29/18	0.000		449,927		(64,826	)
		13	TransUnion	07/16/18	0.000		460,397		31,340
		49	Treasury Wine Estates Ltd	06/29/18	0.000		339,841		(15,896	)
		3	Tribune Media Co	07/16/18	0.000		99,524		5,602
		16	Trinity Industries Inc	07/26/18	0.000		338,710		38,359

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	2	TripAdvisor Inc	06/29/18	0.000	$	140,834	$	(505	)
		70	Tryg A/S	06/29/18	0.000		1,269,923		(31,555	)
		3	Tsuruha Holdings Inc	07/02/18	0.000		300,286		(3,462	)
		41	Tullow Oil PLC	07/05/18	0.000		121,819		14,323
		45	Twitter Inc	06/29/18	0.000		802,427		64,727
		10	Tyler Technologies Inc	06/29/18	0.000		1,552,381		34,992
		111	UBM PLC	07/16/18	0.000		918,101		(72,251	)
		1	UCB SA	07/26/18	0.000		94,496		2,448
		3	Ultimate Software Group Inc/The	06/29/18	0.000		761,469		36,310
		2	United Parcel Service Inc	06/29/18	0.000		264,034		(5,243	)
		18	United Rentals Inc	07/16/18	0.000		1,304,060		126,415
		2	United Therapeutics Corp	06/29/18	0.000		276,453		19,780
		13	United Utilities Group PLC	07/26/18	0.000		172,017		(1,871	)
		8	Universal Display Corp	06/29/18	0.000		592,383		(8,482	)
		11	Universal Health Services Inc	06/29/18	0.000		1,541,493		(82,726	)
		53	UPM-Kymmene OYJ	07/26/18	0.000		1,028,883		56,838
		31	Urban Outfitters Inc	06/29/18	0.000		930,722		6,583
		12	USG Corp	07/16/18	0.000		349,264		(6,810	)
		33	USS Co Ltd	07/17/18	0.000		540,263		(25,911	)
		16	Valeant Pharmaceuticals International Inc	07/05/18	0.000		376,184		(14,927	)
		3	Valero Energy Corp	07/16/18	0.000		165,726		10,196
		2	Valmont Industries Inc	07/16/18	0.000		246,085		(12,470	)
		8	VeriSign Inc	07/26/18	0.000		666,814		21,908
		15	Verisk Analytics Inc	06/29/18	0.000		1,270,361		(10,033	)
		14	ViaSat Inc	07/16/18	0.000		1,068,844		4,363
		25	Vista Outdoor Inc	07/16/18	0.000		1,272,399		(3,376	)
		4	VMware Inc	06/29/18	0.000		261,172		50,526
		19	Vodafone Group PLC	07/05/18	0.000		57,799		(361	)
		3	voestalpine AG	07/26/18	0.000		97,128		4,384
		40	Voya Financial Inc	06/29/18	0.000		1,011,849		11,787
		10	Vulcan Materials Co	06/29/18	0.000		1,280,645		13,941
		9	VWR Corp	07/06/18	0.000		263,014		13,323
		1	Wal-Mart Stores Inc	07/06/18	0.000		62,280		(255	)
		3	Walt Disney Co/The	06/29/18	0.000		261,722		(11,101	)
		31	Wartsila OYJ Abp	06/29/18	0.000		1,329,350		(30,006	)
		4	Waste Management Inc	07/06/18	0.000		260,974		(5,222	)
		2	Waters Corp	06/29/18	0.000		272,340		20,885
		28	Weatherford International PLC	07/02/18	0.000		166,018		6,461
		14	WellCare Health Plans Inc	06/29/18	0.000		1,495,481		8,049
		7	Wendel SA	07/26/18	0.000		740,904		(20,504	)
		34	Wesfarmers Ltd	07/26/18	0.000		1,051,945		49,151
		11	West Japan Railway Co	07/02/18	0.000		729,905		(17,440	)
		14	Western Union Co/The	06/29/18	0.000		286,174		286
		31	WestRock Co	07/02/18	0.000		1,267,290		(70,815	)
		6	Whitbread PLC	07/16/18	0.000		309,959		(14,877	)
		28	William Demant Holding A/S	06/29/18	0.000		565,888		(14,229	)
		70	William Hill PLC	07/05/18	0.000		252,172		46,554
		5	Williams-Sonoma Inc	06/29/18	0.000		266,997		(9,522	)
		10	Willis Towers Watson PLC	06/29/18	0.000		1,299,345		21,114
		20	Wm Morrison Supermarkets PLC	06/29/18	0.000		48,485		791
		20	Woodward Inc	06/29/18	0.000		1,183,846		(4,090	)
		15	Workday Inc	07/02/18	0.000		1,160,837		(51,843	)
		24	World Fuel Services Corp	06/29/18	0.000		1,158,206		(9,904	)
		54	WPP PLC	07/26/18	0.000		1,202,688		24,266
		70	WPX Energy Inc	06/29/18	0.000		716,331		(19,779	)
		4	WR Grace & Co	07/26/18	0.000		354,465		(2,501	)
		15	WSP Global Inc	07/05/18	0.000		468,026		(5,808	)
		14	Wynn Resorts Ltd	06/29/18	0.000		1,336,957		(33,756	)
		158	Xerox Corp	06/29/18	0.000		1,532,601		94,108
		13	XL Group Ltd	07/25/18	0.000		415,570		22,212

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN BASKET SWAPS (continued)

						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)		Unrealized Gain (Loss)
JPMorgan Securities, Inc. (continued)
	$	29	XPO Logistics Inc	07/26/18	0.000	$	823,327	$	(46,968	)
		49	Yahoo Japan Corp	07/02/18	0.000		221,162		4,062
		33	Yahoo! Inc	07/26/18	0.000		1,279,079		20,337
		7	Yakult Honsha Co Ltd	07/27/18	0.000		329,038		6,083
		25	Yamaha Corp	07/17/18	0.000		685,030		19,198
		59	Yamaha Motor Co Ltd	07/05/18	0.000		905,442		(106,628	)
		16	Yamato Holdings Co Ltd	07/02/18	0.000		398,163		8,347
		7	Yara International ASA	06/29/18	0.000		242,849		(1,275	)
		21	Yokogawa Electric Corp	07/17/18	0.000		245,905		24,951
		27	Yue Yuen Industrial Holdings Ltd	06/29/18	0.000		111,721		(2,120	)
		18	Zayo Group Holdings Inc	06/29/18	0.000		505,305		3,546
		10	Zimmer Biomet Holdings Inc	06/29/18	0.000		1,271,027		(58,208	)
		46	Zions Bancorporation	06/29/18	0.000		1,180,293		96,890
TOTAL						$	555,919,672	$	631,640

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

TAX INFORMATION — At July 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	1,146,083,003
Gross unrealized gain		38,788,953
Gross unrealized loss		(42,551,273	)
Net unrealized security gain	$	(3,762,320	)

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Basis of Consolidation for the Goldman Sachs Multi-Manager Alternatives Fund — The Cayman Commodity - MMA, Ltd. and the Cayman Commodity – MMA II, LTD (the “Subsidiaries” and each a “Subsidiary”), Cayman Islands exempted companies, were incorporated on January 14, 2014 and July 19, 2016, respectively and are currently wholly-owned subsidiaries of the Multi-Manager Alternatives Fund (“The Fund”). The Subsidiaries act as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiaries pursuant to a subscription agreement dated as of September 3, 2015 and July 19, 2016, respectively and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiaries. Under the Memorandum and Articles of Association of the Subsidiaries, shares issued by the Subsidiaries confer upon a shareholder the right to vote at general meetings of the Subsidiaries and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiaries. All inter-fund balances and transactions have been eliminated in consolidation. As of July 31, 2016, the Fund’s net assets were $1,278,893,593, of which, $44,269,949, or 3.5%, and $3,906,527, or 0.3%, represented the Subsidairies’ net assets, respectively.

Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

Investments and Fair Value Measurements — The fair value of a financial instrument is 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). 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 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 Goldman Sachs Asset Management, L.P. (“GSAM”) assumptions in determining fair value measurement).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio 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 are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees 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.

Exchange Traded Funds — Investments in exchange-traded funds (“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. 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. For information regarding an ETF’s accounting policies and investment holdings, please see the ETF’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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”). The 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, the 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. The 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 the 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.

ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

Securities Sold Short — Securities sold short are those securities which the Fund has sold but which it does not own. When the Fund sells a security it does not own, it must borrow the position that was sold and deliver it to the broker through which it made the short sale. In addition, cash and certain investments in securities may be used to collateralize the securities sold short. Each day the securities sold short transaction is open, the liability to replace the borrowed security is marked to market and an unrealized gain or loss is recorded. While the transaction remains open, the Fund may also incur expenses for any dividends or interest which will be paid to the lender of the securities as well as a fee to borrow the delivered security. During the term of the short sale, the value of the securities pledged as collateral on short sales is required to exceed the value of the securities sold short. The market value of securities pledged as collateral is included in the Schedule of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and 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.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

A forward foreign currency contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. 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 and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Swap Contracts — Bilateral swap contracts are agreements in which the 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 the 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, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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

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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between the Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of defaults and maintenance of securities for both repurchase and reverse repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, the Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that the Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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. GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quaotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of July 31, 2016:

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	56,991,028		$	4,201,653
Corporate Obligations		—			288,381,920			—
Asset-Backed Securities		—			693,752			—
Foreign Debt Obligations		—			2,742,038			—
Municipal Debt Obligations		—			3,048,103			—
U.S. Treasury Obligations		18,008,458			—			—
Common Stock and/or Other Equity Investments(a)
Africa		—			2,818,028			—
Asia		1,048,747			623,312			—
Australia and Oceania		—			135,225			—
Europe		15,373,299			12,821,875			—
North America		189,773,421			18,512			41,300
Warrants		—			—			12
Short-term Investments		—			545,600,000			—
Total	$	224,203,925		$	913,873,793		$	4,242,965
Liabilities
Common Stock and/or Other Equity Investments(a)
Asia	$	—		$	(3,171,305	)	$	—
North America		(41,852,318	)		—			—
Total	$	(41,852,318	)	$	(3,171,305	)	$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	9,508,331		$	—
Futures Contracts		4,767,884			—			—
Credit Default Swap Contracts		—			11,334			—
Total Return Swap Contracts		—			11,383,638			—
Total	$	4,767,884		$	20,903,303		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(7,538,815	)	$	—
Futures Contracts		(2,948,092	)		—			—
Credit Default Swap Contracts		—			(108,840	)		—
Total Return Swap Contracts		—			(13,907,108	)		—
Total	$	(2,948,092	)	$	(21,554,763	)	$	—

(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 principle 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.

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

JOINT REPURCHASE AGREEMENT ACCOUNT II — At July 31, 2016, the Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of August 1, 2016, as follows:

Principal Amount	Maturity Value	Collateral Allocation Value
$ 545,600,000	$545,605,233	$ 556,512,064

REPURCHASE AGREEMENTS — At July 31, 2016, the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:

Counterparty	Interest Rate			Principal Amounts
BNP Paribas Securities Co.		0.350	%	$	7,061,760
Citigroup Global Markets, Inc.		0.350			149,825,249
Merrill Lynch & Co., Inc.		0.350			261,021,617
Merrill Lynch & Co., Inc.		0.330			127,691,374
TOTAL				$	545,600,000

At July 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000% to 6.000	%		01/01/19 to 05/01/46
Federal National Mortgage Association		2.500 to 6.500			03/01/19 to 08/01/46
Government National Mortgage Association		4.000 to 4.500			12/20/45 to 06/20/46
U.S. Treasury Notes		0.880 to 1.750			06/15/19 to 09/30/22
U.S. Treasury Bonds		2.880 to 3.130			02/15/42 to 08/15/45

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

The Fund’s risks include, but are not limited to, the following:

Derivatives Risk — Loss may result from the Fund’s investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund that invests in foreign securities 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. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments.The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Fund’s investments.

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

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

GOLDMAN SACHS MULTI-MANAGER ALTERNATIVES FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. 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 mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Multi-Manager Approach Risk — The Fund’s 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 Fund’s 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 Fund’s performance depending on the performance of those investments and the overall market environment. The Fund’s Underlying Managers may underperform the market generally or underperform other investment managers that could have been selected for the Fund. Because the Fund’s 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 Fund, the Fund may be subject to greater counterparty risk than if it were managed directly by the Investment Adviser.

Short Position Risk — The Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that the Fund may purchase for investment. Taking short positions involves leverage of the Fund’s assets and presents various risks. If the value of the underlying instrument or market in which the Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

Tax Risk — The Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiary and/or commodity index-linked structured notes, as applicable. Historically, the Internal Revenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. In 2011, the IRS suspended granting these PLRs. The Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. In light of this, the Fund has obtained an opinion of counsel that the Fund’s income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income”, in which case the Fund would fail to qualify as regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income was derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 92.0%
	Australia – 1.6%
	35,600	Aristocrat Leisure Ltd. (Hotels, Restaurants & Leisure)	$       432,074
	178,500	Asaleo Care Ltd. (Personal Products)	184,653
	33,149	Bellamy’s Australia Ltd. (Food Products)	297,726
	65,404	BlueScope Steel Ltd. (Metals & Mining)	421,940
	79,738	Challenger Ltd. (Diversified Financial Services)	576,577
	50,055	CSL Ltd. (Biotechnology)	4,488,664
	92,628	Independence Group NL (Metals & Mining)	288,155
	209,193	Nine Entertainment Co. Holdings Ltd. (Media)	174,466
	86,254	Northern Star Resources Ltd. (Metals & Mining)	352,536
	222,137	Orora Ltd. (Containers & Packaging)	486,696
	53,400	Pact Group Holdings Ltd. (Containers & Packaging)	231,563
	46,356	Sandfire Resources NL (Metals & Mining)	203,585
	447,194	Seven West Media Ltd. (Media)	353,022
	195,100	Spotless Group Holdings Ltd. (Commercial Services & Supplies)	177,205
	130,201	St. Barbara Ltd.* (Metals & Mining)	303,780
	147,918	The Star Entertainment Grp Ltd. (Hotels, Restaurants & Leisure)	668,110
	56,698	Treasury Wine Estates Ltd. (Beverages)	416,468
	99,837	Westfield Corp. (Real Estate Investment Trusts)	811,595
			10,868,815
	Austria – 0.2%
	17,387	BUWOG AG* (Real Estate Management & Development)	421,684
	20,425	Conwert Immobilien Invest SE* (Real Estate Management & Development)	336,041
	3,338	Lenzing AG (Chemicals)	349,932
			1,107,657
	Belgium – 0.2%
	17,297	KBC Group NV* (Commercial Banks)	899,124
	15,617	Nyrstar NV* (Metals & Mining)	142,302
	6,500	Ontex Group NV (Personal Products)	234,852
			1,276,278

Shares		Description	Value
	Common Stocks – (continued)
	Brazil – 0.6%
	234,834	Ambev SA ADR (Beverages)	$    1,357,340
	1,098	Banco ABC Brasil SA* (Commercial Banks)	4,775
	7,590	Banco Bradesco SA ADR (Banks)	66,033
	3,200	Banco do Brasil SA (Commercial Banks)	20,775
	4,100	BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros (Diversified Financial Services)	24,139
	2,400	BRF SA (Food Products)	40,032
	12,000	CCR SA (Transportation Infrastructure)	69,319
	3,300	Cia de Saneamento Basico do Estado de Sao Paulo ADR (Water Utilities)	31,152
	3,200	Cia Hering (Specialty Retail)	18,258
	74,560	Cielo SA (IT Services)	845,078
	5,227	CPFL Energia SA (Electric Utilities)	36,820
	8,300	Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household Durables)	28,696
	3,700	EDP - Energias do Brasil SA (Electric Utilities)	16,409
	2,300	Embraer SA ADR (Aerospace & Defense)	42,021
	3,300	Engie Brasil Energia SA (Independent Power Producers & Energy Traders)	42,960
	1,900	Equatorial Energia SA (Electric Utilities)	32,540
	2,000	Fibria Celulose SA ADR (Paper & Forest Products)	12,300
	3,100	Hypermarcas SA (Personal Products)	26,244
	4,600	JBS SA (Food Products)	15,464
	55,600	JSL SA (Road & Rail)	168,906
	6,000	Klabin SA (Containers & Packaging)	31,440
	12,100	Kroton Educacional SA (Diversified Consumer Services)	53,887
	2,600	Localiza Rent a Car SA (Road & Rail)	32,316
	4,300	Lojas Renner SA (Multiline Retail)	36,152
	4,100	MRV Engenharia e Participacoes SA (Household Durables)	17,134
	7,600	Odontoprev SA (Health Care Providers & Services)	30,471
	19,789	Petroleo Brasileiro SA ADR* (Oil, Gas & Consumable Fuels)	171,768
	6,400	Qualicorp SA (Health Care Providers & Services)	42,438
	1,400	Raia Drogasil SA (Food & Staples Retailing)	28,618

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Brazil – (continued)
	10,800	Telefonica Brasil SA ADR (Diversified Telecommunication Services)	$       163,512
	4,000	Tim Participacoes SA ADR (Wireless Telecommunication Services)	51,560
	3,400	TOTVS SA (Software)	34,499
	17,600	Ultrapar Participacoes SA (Oil, Gas & Consumable Fuels)	401,895
	2,400	Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA (Commercial Services & Supplies)	21,732
	9,700	WEG SA (Machinery)	45,682
			4,062,365
	British Virgin Islands* – 0.0%
	4,600	Lenta Ltd. (Food & Staples Retailing)	34,545
	300	Luxoft Holding, Inc. (IT Services)	17,676
	2,550	Mail.Ru Group Ltd. GDR (Internet Software & Services)	49,215
			101,436
	Cambodia – 0.0%
	388,000	NagaCorp Ltd. (Hotels, Restaurants & Leisure)	265,486
	Canada – 3.0%
	12,009	Alaris Royalty Corp. (Capital Markets)	213,847
	35,300	Algonquin Power & Utilities Corp. (Independent Power Producers & Energy Traders)	330,114
	13,400	Allied Properties Real Estate Investment Trust (Real Estate Investment Trusts)	406,623
	39,700	Baytex Energy Corp. (Oil, Gas & Consumable Fuels)	186,391
	43,219	Canadian Pacific Railway Ltd. (Road & Rail)	6,473,342
	62,635	Cardinal Energy Ltd. (Oil, Gas & Consumable Fuels)	433,669
	1,575	CCL Industries, Inc. Class B (Containers & Packaging)	281,911
	328	Colliers International Group, Inc. (Real Estate Management & Development)	13,541
	23,350	Cominar Real Estate Investment Trust (Real Estate Investment Trusts)	319,763
	14,594	Computer Modelling Group Ltd. (Software)	110,770
	5,900	Constellation Software, Inc. (Software)	2,401,799
	46,000	Corus Entertainment, Inc. Class B (Media)	454,486

Shares		Description	Value
	Common Stocks – (continued)
	Canada – (continued)
	20,200	Detour Gold Corp.* (Metals & Mining)	$       528,187
	4,700	Dollarama, Inc. (Multiline Retail)	347,519
	17,035	Element Financial Corp. (Diversified Financial Services)	182,921
	23,600	Ensign Energy Services, Inc. (Energy Equipment & Services)	130,323
	67,863	HudBay Minerals, Inc. (Metals & Mining)	338,366
	9,900	Kinaxis, Inc.* (Software)	468,518
	30,200	Kirkland Lake Gold, Inc.* (Metals & Mining)	257,902
	228,308	Lundin Mining Corp.* (Metals & Mining)	954,744
	18,900	New Flyer Industries, Inc. (Machinery)	600,011
	106,500	OceanaGold Corp. (Metals & Mining)	385,004
	6,000	Open Text Corp. (Software)	365,611
	40,900	Parex Resources, Inc.* (Oil, Gas & Consumable Fuels)	396,579
	46,200	Precision Drilling Corp. (Energy Equipment & Services)	197,093
	49,400	Raging River Exploration, Inc.* (Oil, Gas & Consumable Fuels)	391,598
	20,695	Ritchie Bros. Auctioneers, Inc. (Commercial Services & Supplies)	687,074
	16,500	Seven Generations Energy Ltd. Class A* (Oil, Gas & Consumable Fuels)	346,264
	21,400	Smart Real Estate Investment Trust (Real Estate Investment Trusts)	631,191
	158,800	Surge Energy, Inc. (Oil, Gas & Consumable Fuels)	282,171
	72,357	TORC Oil & Gas Ltd. (Oil, Gas & Consumable Fuels)	391,254
	101,966	Whitecap Resources, Inc. (Oil, Gas & Consumable Fuels)	756,750
			20,265,336
	Chile – 0.1%
	3,500	AntarChile SA (Industrial Conglomerates)	33,413
	421,710	Banco de Chile (Commercial Banks)	46,735
	520	Banco de Credito e Inversiones (Commercial Banks)	23,109
	650,000	Banco Santander Chile (Commercial Banks)	33,391
	25,900	Banmedica SA (Health Care Providers & Services)	50,839
	13,982	Cencosud SA (Food & Staples Retailing)	39,790

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Chile – (continued)
	2,500	Cia Cervecerias Unidas SA (Beverages)	$         28,625
	83,230	Colbun SA (Independent Power Producers & Energy Traders)	20,433
	27,172	Empresa Nacional de Electricidad SA (Independent Power Producers & Energy Traders)	24,776
	7,000	Empresa Nacional de Telecomunicaciones SA* (Wireless Telecommunication Services)	68,914
	24,443	Empresas CMPC SA (Paper & Forest Products)	51,246
	12,577	Empresas COPEC SA (Oil, Gas & Consumable Fuels)	113,494
	27,172	Endesa Americas SA (Independent Power Producers & Energy Traders)	12,684
	3,200	Enersis Americas SA ADR (Electric Utilities)	27,776
	3,200	Enersis Chile SA ADR (Electric Utilities)	18,368
	2,470,000	Itau CorpBanca (Commercial Banks)	21,453
	6,204	Latam Airlines Group SA* (Airlines)	54,150
	12,000	Quinenco SA (Industrial Conglomerates)	23,554
	17,220	SACI Falabella (Multiline Retail)	126,339
	2,320	Sociedad Quimica y Minera de Chile SA ADR (Chemicals)	57,489
	31,800	SONDA SA (IT Services)	58,417
	13,500	Vina Concha y Toro SA (Beverages)	23,294
			958,289
	China – 4.1%
	19,000	3SBio, Inc.*(a) (Biotechnology)	19,092
	6,122	Alibaba Group Holding Ltd. ADR* (Internet Software & Services)	504,943
	92,000	Aluminum Corp. of China Ltd. Class H* (Metals & Mining)	29,758
	11,000	Anhui Conch Cement Co. Ltd. Class H (Construction Materials)	28,942
	13,906	Baidu, Inc. ADR* (Internet Software & Services)	2,219,398
	71,000	Bank of China Ltd. Class H (Commercial Banks)	29,312
	37,000	Bank of Communications Co. Ltd. Class H (Commercial Banks)	25,045
	79,000	BBMG Corp. Class H (Construction Materials)	29,006

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	4,500	Beijing Enterprises Holdings Ltd. (Industrial Conglomerates)	$         25,440
	40,000	Beijing Enterprises Water Group Ltd. (Water Utilities)	24,345
	37,000	Belle International Holdings Ltd. (Textiles, Apparel & Luxury Goods)	24,527
	360,000	Brilliance China Automotive Holdings Ltd. (Automobiles)	400,811
	5,000	Byd Co. Ltd. Class H* (Automobiles)	31,843
	85,000	CGN Power Co. Ltd. Class H(a) (Independent Power Producers & Energy Traders)	25,178
	200	China Biologic Products, Inc.* (Biotechnology)	23,876
	26,000	China Communications Construction Co. Ltd. Class H (Construction & Engineering)	28,491
	12,000	China Conch Venture Holdings Ltd. (Machinery)	23,005
	495,000	China Construction Bank Corp. Class H (Commercial Banks)	332,907
	18,000	China Everbright International Ltd. (Commercial Services & Supplies)	19,494
	49,000	China Hongqiao Group Ltd. (Metals & Mining)	32,780
	67,000	China Huishan Dairy Holdings Co. Ltd. (Food Products)	26,354
	8,000	China Life Insurance Co. Ltd. Class H (Insurance)	18,146
	34,000	China Longyuan Power Group Corp. Ltd. Class H (Independent Power Producers & Energy Traders)	27,370
	19,000	China Medical System Holdings Ltd. (Pharmaceuticals)	27,989
	20,000	China Mengniu Dairy Co. Ltd. (Food Products)	33,505
	11,000	China Merchants Bank Co. Ltd. Class H (Commercial Banks)	23,588
	319,264	China Merchants Holdings International Co. Ltd. (Transportation Infrastructure)	939,015
	332,000	China Mobile Ltd. (Wireless Telecommunication Services)	4,111,329
	39,959	China Mobile Ltd. ADR (Wireless Telecommunication Services)	2,481,054
	54,000	China National Building Material Co. Ltd. Class H (Construction Materials)	24,906

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	8,000	China Overseas Land & Investment Ltd. (Real Estate Management & Development)	$         26,389
	111,800	China Pacific Insurance Group Co. Ltd. Class H (Insurance)	397,305
	128,000	China Petroleum & Chemical Corp. Class H (Oil, Gas & Consumable Fuels)	91,798
	48,000	China Power International Development Ltd. (Independent Power Producers & Energy Traders)	19,599
	34,000	China Railway Group Ltd. Class H* (Construction & Engineering)	25,721
	14,000	China Resources Beer Holdings Co. Ltd. (Beverages)	27,147
	10,000	China Resources Gas Group Ltd. (Gas Utilities)	29,386
	16,000	China Resources Power Holdings Co. Ltd. (Independent Power Producers & Energy Traders)	25,571
	20,000	China Shenhua Energy Co. Ltd. Class H (Oil, Gas & Consumable Fuels)	38,400
	14,000	China State Construction International Holdings Ltd. (Construction & Engineering)	18,763
	56,000	China Telecom Corp. Ltd. Class H (Diversified Telecommunication Services)	27,677
	22,000	China Unicom Hong Kong Ltd. (Diversified Telecommunication Services)	23,437
	25,000	CITIC Ltd. (Industrial Conglomerates)	37,937
	245,500	CITIC Securities Co. Ltd. Class H (Capital Markets)	524,490
	1,943,000	CNOOC Ltd. (Oil, Gas & Consumable Fuels)	2,341,767
	23,000	CRRC Corp. Ltd. Class H (Machinery)	21,162
	24,000	CSPC Pharmaceutical Group Ltd. (Pharmaceuticals)	20,781
	86,850	Ctrip.com International Ltd. ADR* (Internet & Catalog Retail)	3,792,740
	18,000	Dongfeng Motor Group Co. Ltd. Class H (Automobiles)	22,289
	21,000	Great Wall Motor Co. Ltd. Class H (Automobiles)	21,895
	24,000	Guangdong Investment Ltd. (Water Utilities)	36,882
	36,500	Hengan International Group Co. Ltd. (Personal Products)	307,235

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	34,000	Huaneng Power International Inc. Class H (Independent Power Producers & Energy Traders)	$         20,946
	90,000	Huaneng Renewables Corp. Ltd. Class H (Independent Power Producers & Energy Traders)	28,892
	549,000	Industrial and Commercial Bank of China Ltd. Class H (Commercial Banks)	313,199
	20,405	JD.com, Inc. ADR* (Internet & Catalog Retail)	441,768
	606,000	Jiangnan Group Ltd. (Electrical Equipment)	106,424
	23,000	Jiangxi Copper Co. Ltd. Class H (Metals & Mining)	26,435
	30,000	Kunlun Energy Co. Ltd. (Oil, Gas & Consumable Fuels)	22,815
	544,000	Lenovo Group Ltd. (Computers & Peripherals)	352,539
	26,000	Luye Pharma Group Ltd.* (Pharmaceuticals)	16,890
	155	NetEase, Inc. ADR (Internet Software & Services)	31,662
	800	New Oriental Education & Technology Group, Inc. ADR (Diversified Consumer Services)	35,248
	106,000	PetroChina Co. Ltd. Class H (Oil, Gas & Consumable Fuels)	72,661
	148,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)	694,576
	7,300	Qinqin Foodstuffs Group Cayman Co. Ltd.* (Food Products)	2,700
	300,000	Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health Care Equipment & Supplies)	167,740
	9,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H (Pharmaceuticals)	22,130
	210,000	Shanghai Jin Jiang International Hotels Group Co. Ltd. Class H (Hotels, Restaurants & Leisure)	68,786
	12,400	Shanghai Pharmaceuticals Holding Co. Ltd. Class H (Health Care Providers & Services)	29,487
	5,000	Shenzhou International Group Holdings Ltd. (Textiles, Apparel & Luxury Goods)	26,394
	72,000	Sinopec Shanghai Petrochemical Co. Ltd. Class H (Chemicals)	35,239

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	11,200	Sinopharm Group Co. Ltd. Class H (Health Care Providers & Services)	$         54,409
	230,200	Tencent Holdings Ltd. (Internet Software & Services)	5,560,049
	18,000	Tingyi Cayman Islands Holding Corp. (Food Products)	15,615
	6,000	Tsingtao Brewery Co. Ltd. Class H (Beverages)	21,196
	1,500	Vipshop Holdings Ltd. ADR* (Internet & Catalog Retail)	21,345
	52,000	Want Want China Holdings Ltd. (Food Products)	31,931
	4,000	Zhuzhou CRRC Times Electric Co. Ltd. (Electrical Equipment)	22,131
	102,000	Zijin Mining Group Co. Ltd. Class H (Metals & Mining)	37,290
			27,750,317
	Colombia – 0.1%
	6,452	Almacenes Exito SA (Food & Staples Retailing)	29,423
	3,315	Bancolombia SA (Commercial Banks)	26,239
	1,300	Bancolombia SA ADR (Commercial Banks)	44,408
	3,184	Cementos Argos SA (Construction Materials)	11,927
	8,800	Ecopetrol SA ADR (Oil, Gas & Consumable Fuels)	75,240
	48,898	Empresa de Energia de Bogota SA ESP (Gas Utilities)	28,829
	71,482	Empresa de Telecomunicaciones de Bogota (Diversified Telecommunication Services)	13,970
	5,718	Grupo Argos SA (Construction Materials)	34,457
	2,765	Grupo de Inversiones Suramericana SA (Diversified Financial Services)	34,513
	4,049	Grupo Nutresa SA (Food Products)	33,263
	11,857	Interconexion Electrica SA ESP (Electric Utilities)	35,108
			367,377
	Czech Republic – 0.0%
	5,267	CEZ AS (Electric Utilities)	99,685
	2,305	Komercni banka AS (Commercial Banks)	90,811
			190,496

Shares		Description	Value
	Common Stocks – (continued)
	Denmark – 2.0%
	1,750	ALK-Abello A/S (Pharmaceuticals)	$       250,024
	39,293	Chr Hansen Holding A/S (Chemicals)	2,471,179
	39,980	Coloplast A/S Class B (Health Care Equipment & Supplies)	3,133,029
	1,977	Genmab A/S* (Biotechnology)	358,448
	71,900	Novo Nordisk A/S ADR (Pharmaceuticals)	4,096,143
	61,905	Novozymes A/S (Chemicals)	3,038,254
	10,249	Royal Unibrew A/S (Beverages)	471,411
			13,818,488
	Finland – 0.2%
	20,200	Cramo OYJ (Trading Companies & Distributors)	477,153
	44,605	Sponda OYJ (Real Estate Management & Development)	204,587
	13,321	Tieto OYJ (IT Services)	383,561
			1,065,301
	France – 4.5%
	4,955	Alten SA (IT Services)	343,691
	58,400	Altran Technologies SA* (IT Services)	847,889
	46,257	BNP Paribas SA (Commercial Banks)	2,294,545
	7,736	Eiffage SA (Construction & Engineering)	594,785
	29,300	Elior Participations SCA(a) (Hotels, Restaurants & Leisure)	639,580
	152,990	Engie SA (Multi-Utilities)	2,518,148
	21,030	Essilor International SA (Health Care Equipment & Supplies)	2,693,679
	2,049	Eurofins Scientific SE (Life Sciences Tools & Services)	768,652
	5,215	Hermes International (Textiles, Apparel & Luxury Goods)	2,244,360
	5,300	IPSOS (Media)	174,554
	26,304	Legrand SA (Electrical Equipment)	1,451,388
	21,412	LVMH Moet Hennessy Louis Vuitton SE	3,660,626
	12,800	Nexity SA* (Real Estate Management & Development)	680,891
	5,993	Orpea (Health Care Providers & Services)	529,630
	10,268	Plastic Omnium SA (Auto Components)	325,748
	8,403	Rubis SCA (Gas Utilities)	678,180
	25,832	Sanofi (Pharmaceuticals)	2,200,196
	47,988	Schneider Electric SE (Electrical Equipment)	3,130,890
	5,100	Sopra Steria Group (IT Services)	598,966

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	France – (continued)
	5,987	Technip SA (Energy Equipment & Services)	$       335,676
	7,276	Teleperformance (Professional Services)	676,984
	69,937	TOTAL SA (Oil, Gas & Consumable Fuels)	3,363,538
			30,752,596
	Germany – 2.5%
	15,649	Aareal Bank AG (Thrifts & Mortgage Finance)	514,168
	9,413	adidas AG (Textiles, Apparel & Luxury Goods)	1,546,291
	30,759	ADVA Optical Networking SE* (Communications Equipment)	275,600
	6,193	AURELIUS Equity Opportunities SE & Co. KGaA (Capital Markets)	377,497
	12,493	Bayer AG (Pharmaceuticals)	1,342,971
	2,148	Bechtle AG (IT Services)	248,614
	1,520	Bertrandt AG (Professional Services)	166,228
	6,790	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)	253,580
	7,000	Gerresheimer AG (Life Sciences Tools & Services)	600,975
	19,426	KION Group AG (Machinery)	1,065,205
	17,131	Linde AG (Chemicals)	2,461,977
	3,700	MorphoSys AG* (Life Sciences Tools & Services)	163,941
	4,900	ProSiebenSat.1 Media SE (Media)	224,453
	8,065	Rheinmetall AG (Industrial Conglomerates)	565,049
	24,876	SAP SE (Software)	2,177,232
	49,704	SAP SE ADR (Software)	4,343,632
	8,173	Stroeer SE & Co. KGaA (Media)	388,548
	13,536	TLG Immobilien AG (Real Estate Management & Development)	303,049
			17,019,010
	Greece – 0.1%
	2,925	Aegean Airlines SA (Airlines)	23,387
	2,500	Aegean Marine Petroleum Network, Inc. (Oil, Gas & Consumable Fuels)	16,300
	8,434	Alpha Bank AE* (Commercial Banks)	17,011
	2,300	Costamare, Inc. (Marine)	22,517
	6,000	Diana Shipping, Inc.* (Marine)	15,600
	2,588	Grivalia Properties REIC AE (Real Estate Investment Trusts)	20,080

Shares		Description	Value
	Common Stocks – (continued)
	Greece – (continued)
	4,471	Hellenic Exchanges - Athens Stock Exchange SA (Diversified Financial Services)	$         21,064
	7,163	Hellenic Telecommunications Organization SA* (Diversified Telecommunication Services)	70,355
	2,923	JUMBO SA (Specialty Retail)	34,578
	2,047	Motor Oil Hellas Corinth Refineries SA (Oil, Gas & Consumable Fuels)	23,959
	5,313	Mytilineos Holdings SA* (Industrial Conglomerates)	23,338
	6,090	OPAP SA (Hotels, Restaurants & Leisure)	48,879
	16,027	Public Power Corp. SA* (Electric Utilities)	50,837
	2,744	Titan Cement Co. SA (Construction Materials)	62,895
	3,100	Tsakos Energy Navigation Ltd. (Oil, Gas & Consumable Fuels)	15,872
			466,672
	Hong Kong – 0.3%
	18,000	China Gas Holdings Ltd. (Gas Utilities)	28,494
	344,000	Dawnrays Pharmaceutical Holdings Ltd. (Pharmaceuticals)	225,416
	45,000	Lee & Man Paper Manufacturing Ltd. (Paper & Forest Products)	34,798
	526,400	Man Wah Holdings Ltd. (Household Durables)	384,547
	43,000	Nine Dragons Paper Holdings Ltd. (Paper & Forest Products)	34,281
	129,600	Sands China Ltd. (Hotels, Restaurants & Leisure)	495,873
	40,000	Sino Biopharmaceutical Ltd (Pharmaceuticals)	26,798
	34,500	Sun Art Retail Group Ltd. (Food & Staples Retailing)	23,994
	55,000	WH Group Ltd.(a) (Food Products)	43,434
	93,000	Wheelock & Co. Ltd. (Real Estate Management & Development)	498,703
	352,000	Xinyi Glass Holdings Ltd.* (Auto Components)	269,400
			2,065,738
	Hungary – 0.0%
	15,273	Magyar Telekom Telecommunications PLC (Diversified Telecommunication Services)	24,434

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hungary – (continued)
	1,110	MOL Hungarian Oil & Gas PLC (Oil, Gas & Consumable Fuels)	$         69,642
	2,571	OTP Bank PLC (Commercial Banks)	62,697
	3,485	Richter Gedeon Nyrt (Pharmaceuticals)	73,667
			230,440
	India – 1.4%
	7,018	Adani Ports & Special Economic Zone Ltd. (Transportation Infrastructure)	24,376
	8,672	Ambuja Cements Ltd. (Construction Materials)	35,194
	19,130	Ashok Leyland Ltd. (Machinery)	27,264
	2,469	Asian Paints Ltd. (Chemicals)	41,133
	2,041	Aurobindo Pharma Ltd. (Pharmaceuticals)	24,128
	4,143	Axis Bank Ltd. (Commercial Banks)	33,933
	688	Bajaj Auto Ltd. (Automobiles)	27,826
	10,089	Bharat Heavy Electricals Ltd. (Electrical Equipment)	22,068
	20,816	Bharti Airtel Ltd (Wireless Telecommunication Services)	112,862
	8,610	Bharti Infratel Ltd. (Diversified Telecommunication Services)	50,809
	89	Bosch Ltd. (Auto Components)	33,247
	2,623	Cipla Ltd. (Pharmaceuticals)	20,684
	51,690	Cipla Ltd. GDR (Pharmaceuticals)	407,599
	6,313	Coal India Ltd. (Oil, Gas & Consumable Fuels)	31,005
	1,279	Container Corp. of India Ltd. (Road & Rail)	28,657
	6,148	Dabur India Ltd. (Personal Products)	27,901
	15,328	Dr. Reddy’s Laboratories Ltd. ADR (Pharmaceuticals)	669,067
	107	Eicher Motors Ltd. (Machinery)	35,962
	5,337	GAIL India Ltd. (Gas Utilities)	30,496
	1,947	Glenmark Pharmaceuticals Ltd. (Pharmaceuticals)	25,072
	1,279	Godrej Consumer Products Ltd. (Personal Products)	30,407
	1,974	HCL Technologies Ltd. (IT Services)	22,227
	62,313	HDFC Bank Ltd. ADR (Commercial Banks)	4,316,421
	653	Hero MotoCorp Ltd. (Automobiles)	31,245
	4,223	Hindustan Unilever Ltd. (Household Products)	58,246

Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	3,977	Housing Development Finance Corp. Ltd. (Thrifts & Mortgage Finance)	$         82,011
	20,439	ICICI Bank Ltd. ADR (Commercial Banks)	154,928
	19,272	Idea Cellular Ltd. (Wireless Telecommunication Services)	30,265
	4,010	Indian Oil Corp. Ltd. (Oil, Gas & Consumable Fuels)	32,591
	64,361	Infosys Ltd. ADR (IT Services)	1,057,451
	17,034	ITC Ltd. (Tobacco)	64,440
	1,652	JSW Steel Ltd. (Metals & Mining)	41,433
	2,616	Kotak Mahindra Bank Ltd. (Commercial Banks)	29,884
	1,691	Larsen & Toubro Ltd. (Construction & Engineering)	39,462
	1,064	Lupin Ltd. (Pharmaceuticals)	27,731
	1,313	Mahindra & Mahindra Ltd. (Automobiles)	28,789
	491	Maruti Suzuki India Ltd. (Automobiles)	34,983
	29,291	NTPC Ltd. (Independent Power Producers & Energy Traders)	69,357
	8,997	Oil & Natural Gas Corp. Ltd. (Oil, Gas & Consumable Fuels)	29,893
	25,365	Power Grid Corp. of India Ltd. (Electric Utilities)	66,732
	6,875	Reliance Industries Ltd. (Oil, Gas & Consumable Fuels)	104,284
	3,486	Reliance Infrastructure Ltd. (Electric Utilities)	31,717
	156	Shree Cement Ltd. (Construction Materials)	37,560
	1,445	Siemens Ltd. (Industrial Conglomerates)	28,507
	7,679	State Bank of India (Commercial Banks)	26,415
	4,829	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals)	60,022
	1,352	Tata Consultancy Services Ltd. (IT Services)	52,964
	95,091	Tata Global Beverages Ltd. GDR (Food Products)	202,318
	18,089	Tata Motors Ltd. ADR (Automobiles)	684,307
	27,338	Tata Power Co. Ltd. (Electric Utilities)	29,438
	625	UltraTech Cement Ltd. (Construction Materials)	34,732
	555	United Spirits Ltd.* (Beverages)	20,331
	3,995	UPL Ltd. (Chemicals)	37,388
	19,998	Vedanta Ltd. (Metals & Mining)	49,586
	3,001	Wipro Ltd. (IT Services)	24,456

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	4,118	Zee Entertainment Enterprises Ltd. (Media)	$         30,619
			9,412,423
	Indonesia – 0.4%
	766,800	Adaro Energy Tbk PT (Oil, Gas & Consumable Fuels)	61,223
	52,200	AKR Corporindo Tbk PT (Trading Companies & Distributors)	26,967
	135,600	Astra International Tbk PT (Automobiles)	80,290
	41,000	Bank Central Asia Tbk PT (Commercial Banks)	45,312
	621,400	Bank Mandiri Persero Tbk PT (Commercial Banks)	482,388
	209,200	Bank Negara Indonesia Persero Tbk PT (Commercial Banks)	85,773
	661,600	Bank Rakyat Indonesia Persero Tbk PT (Commercial Banks)	584,378
	54,000	Charoen Pokphand Indonesia Tbk PT (Food Products)	15,510
	7,100	Gudang Garam Tbk PT (Tobacco)	36,663
	571,000	Hanson International Tbk PT* (Real Estate Management & Development)	33,785
	28,600	Indocement Tunggal Prakarsa Tbk PT (Construction Materials)	37,401
	72,000	Indofood Sukses Makmur Tbk PT (Food Products)	45,920
	36,900	Jasa Marga Persero Tbk PT (Transportation Infrastructure)	15,042
	618,200	Kalbe Farma Tbk PT (Pharmaceuticals)	79,289
	28,700	Matahari Department Store Tbk PT (Multiline Retail)	43,802
	157,500	Mitra Keluarga Karyasehat Tbk PT (Health Care Providers & Services)	30,587
	94,500	Pembangunan Perumahan Persero Tbk PT (Construction & Engineering)	27,920
	402,500	Perusahaan Gas Negara Persero Tbk (Gas Utilities)	101,429
	161,200	Semen Indonesia Persero Tbk PT (Construction Materials)	115,847
	940,300	Sugih Energy Tbk PT* (Oil, Gas & Consumable Fuels)	22,246
	28,500	Tambang Batubara Bukit Asam Persero Tbk PT (Oil, Gas & Consumable Fuels)	21,540
	1,853,800	Telekomunikasi Indonesia Persero Tbk PT (Diversified Telecommunication Services)	603,432
	46,100	Tower Bersama Infrastructure Tbk PT (Wireless Telecommunication Services)	20,093

Shares		Description	Value
	Common Stocks – (continued)
	Indonesia – (continued)
	7,600	Unilever Indonesia Tbk PT (Household Products)	$         26,176
	34,400	United Tractors Tbk PT (Oil, Gas & Consumable Fuels)	41,461
			2,684,474
	Ireland – 1.6%
	15,780	Accenture PLC Class A (IT Services)	1,780,142
	17,797	Allergan PLC* (Pharmaceuticals)	4,501,751
	6,008	DCC PLC (Industrial Conglomerates)	536,155
	3,689	Global Indemnity PLC* (Insurance)	110,781
	196,398	Hibernia REIT PLC (Real Estate Investment Trusts)	298,619
	28,931	ICON PLC* (Life Sciences Tools & Services)	2,247,071
	22,508	Kingspan Group PLC (Building Products)	517,245
	14,678	Smurfit Kappa Group PLC (Containers & Packaging)	344,685
	44,624	UDG Healthcare PLC (Health Care Providers & Services)	343,478
			10,679,927
	Israel – 0.5%
	25,944	Check Point Software Technologies Ltd.* (Software)	1,994,575
	231,671	Israel Discount Bank Class A* (Commercial Banks)	399,735
	15,841	Orbotech Ltd.* (Electronic Equipment, Instruments & Components)	451,944
	19,138	Plus500 Ltd. (Diversified Financial Services)	187,428
	14,920	Tower Semiconductor Ltd.* (Semiconductors & Semiconductor Equipment)	201,121
			3,234,803
	Italy – 1.0%
	58,424	Amplifon SpA (Health Care Providers & Services)	583,049
	32,400	Azimut Holding SpA (Capital Markets)	510,211
	10,700	Banca Generali SpA (Capital Markets)	221,507
	44,102	Banca Mediolanum SpA (Diversified Financial Services)	323,626
	24,167	Banca Popolare dell’Emilia Romagna SC (Commercial Banks)	99,424
	56,200	Banco Popolare SC (Commercial Banks)	158,509
	42,113	Buzzi Unicem SpA (Construction Materials)	845,219

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Italy – (continued)
	4,753	DiaSorin SpA (Health Care Equipment & Supplies)	$       299,287
	316,239	Hera SpA (Multi-Utilities)	896,743
	4,600	Industria Macchine Automatiche SpA (Machinery)	271,470
	96,900	Infrastrutture Wireless Italiane SpA(a) (Diversified Telecommunication Services)	484,909
	199,082	Iren SpA (Multi-Utilities)	327,201
	22,749	Moncler SpA (Textiles, Apparel & Luxury Goods)	399,239
	28,400	RAI Way SpA(a) (Media)	132,294
	19,267	Recordati SpA (Pharmaceuticals)	625,322
	29,020	Societa Iniziative Autostradali e Servizi SpA (Transportation Infrastructure)	264,115
			6,442,125
	Japan – 8.1%
	14,000	Air Water, Inc. (Chemicals)	238,047
	11,900	Alps Electric Co. Ltd. (Electronic Equipment, Instruments & Components)	265,052
	6,800	Amano Corp. (Electronic Equipment, Instruments & Components)	110,003
	11,900	Asahi Group Holdings Ltd. (Beverages)	403,972
	5,600	Asahi Holdings, Inc. (Metals & Mining)	95,464
	31,000	Calsonic Kansei Corp. (Auto Components)	238,487
	21,900	Century Tokyo Leasing Corp. (Diversified Financial Services)	758,814
	27,100	Daifuku Co. Ltd. (Machinery)	569,426
	41,000	Daihen Corp. (Electrical Equipment)	210,401
	7,200	Daiichikosho Co. Ltd. (Media)	328,688
	132,000	Denka Co. Ltd (Chemicals)	572,427
	20,500	DIC Corp. (Chemicals)	483,713
	8,600	Doutor Nichires Holdings Co. Ltd. (Hotels, Restaurants & Leisure)	165,261
	17,100	DTS Corp. (IT Services)	337,385
	36,000	East Japan Railway Co. (Road & Rail)	3,302,268
	87,000	Ebara Corp. (Machinery)	473,141
	6,800	Ezaki Glico Co. Ltd. (Food Products)	407,067
	85,000	Fujikura Ltd. (Electrical Equipment)	478,811
	17,600	GMO internet, Inc. (Internet Software & Services)	227,892
	61,000	Gunze Ltd. (Textiles, Apparel & Luxury Goods)	175,330
	46,200	Haseko Corp. (Household Durables)	485,509

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	12,000	HIS Co. Ltd. (Hotels, Restaurants & Leisure)	$       319,632
	18,900	Hitachi Kokusai Electric, Inc. (Communications Equipment)	302,103
	609,000	Hitachi Ltd. (Electronic Equipment, Instruments & Components)	2,782,596
	190	Hulic Reit, Inc. (Real Estate Investment Trusts)	335,723
	106,900	Ichigo, Inc. (Capital Markets)	466,847
	5,600	Izumi Co. Ltd. (Multiline Retail)	242,885
	62,900	Japan Airlines Co. Ltd. (Airlines)	1,939,131
	506	Japan Hotel REIT Investment Corp. (Real Estate Investment Trusts)	424,434
	25,000	K’s Holdings Corp. (Specialty Retail)	462,097
	11,700	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals)	773,680
	17,800	Kanamoto Co. Ltd. (Trading Companies & Distributors)	371,029
	14,900	Kansai Paint Co. Ltd. (Chemicals)	312,032
	134,500	KDDI Corp. (Wireless Telecommunication Services)	4,127,416
	4,700	Keyence Corp. (Electronic Equipment, Instruments & Components)	3,315,255
	41,500	Kinden Corp. (Construction & Engineering)	500,912
	81,800	Komatsu Ltd. (Machinery)	1,589,517
	15,200	Kyudenko Corp. (Construction & Engineering)	534,334
	57,200	Leopalace21 Corp. (Real Estate Management & Development)	409,871
	41,000	Lion Corp. (Household Products)	621,759
	45,000	Maeda Corp. (Construction & Engineering)	408,755
	5,600	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)	246,940
	89	MCUBS MidCity Investment Corp. (Real Estate Investment Trusts)	324,857
	23,700	MISUMI Group, Inc. (Trading Companies & Distributors)	435,296
	52,000	Nachi-Fujikoshi Corp. (Machinery)	169,261
	18,100	Nexon Co. Ltd. (Software)	268,331
	29,000	Nichias Corp. (Building Products)	234,427
	16,400	Nichiha Corp. (Building Products)	317,362
	8,100	Nifco, Inc. (Auto Components)	454,908
	69,700	Nikon Corp. (Household Durables)	984,915

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	7,100	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)	$       389,185
	6,100	Nishio Rent All Co. Ltd. (Trading Companies & Distributors)	147,721
	17,000	NS Solutions Corp. (IT Services)	320,948
	9,500	Obic Co. Ltd. (IT Services)	553,020
	322	Orix JREIT, Inc. (Real Estate Investment Trusts)	593,928
	42,000	Osaki Electric Co. Ltd. (Electronic Equipment, Instruments & Components)	337,947
	10,200	Paltac Corp. (Distributors)	201,089
	5,400	Pola Orbis Holdings, Inc. (Personal Products)	531,567
	11,800	Resorttrust, Inc. (Hotels, Restaurants & Leisure)	267,033
	101,000	Sankyu, Inc. (Road & Rail)	572,780
	38,000	Sanyo Chemical Industries Ltd. (Chemicals)	329,971
	8,400	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals)	666,558
	9,600	SCSK Corp. (IT Services)	400,468
	35,100	Seino Holdings Co. Ltd. (Road & Rail)	357,454
	2,500	Shimamura Co. Ltd. (Specialty Retail)	364,731
	52,400	SKY Perfect JSAT Holdings, Inc. (Media)	230,942
	30,000	Skylark Co. Ltd. (Hotels, Restaurants & Leisure)	399,642
	7,400	St Marc Holdings Co. Ltd. (Hotels, Restaurants & Leisure)	222,648
	7,700	Starts Corp., Inc. (Household Durables)	154,194
	85,600	Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)	2,713,462
	7,600	Sundrug Co. Ltd. (Food & Staples Retailing)	659,274
	22,100	Suruga Bank Ltd. (Commercial Banks)	503,909
	34,300	Sysmex Corp. (Health Care Equipment & Supplies)	2,376,021
	8,100	TechnoPro Holdings, Inc. (Professional Services)	276,870
	31,000	Temp Holdings Co. Ltd. (Professional Services)	503,115
	92,000	The 77 Bank Ltd. (Commercial Banks)	352,467
	92,000	The Joyo Bank Ltd. (Commercial Banks)	359,498
	12,400	TIS, Inc. (IT Services)	320,155
	72,000	Toda Corp. (Construction & Engineering)	360,898
	10,000	Tokyo Ohka Kogyo Co. Ltd. (Chemicals)	296,325
	8,400	Toridoll.corp (Hotels, Restaurants & Leisure)	244,968

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	3,300	Tosho Co. Ltd. (Hotels, Restaurants & Leisure)	$       145,232
	14,700	Toyo Tire & Rubber Co. Ltd. (Auto Components)	147,207
	4,800	Trusco Nakayama Corp. (Trading Companies & Distributors)	240,216
	18,000	TS Tech Co. Ltd. (Auto Components)	409,853
	53,000	Tsubakimoto Chain Co. (Machinery)	360,089
	3,900	Tsuruha Holdings, Inc. (Food & Staples Retailing)	443,481
	12,800	Ulvac, Inc. (Semiconductors & Semiconductor Equipment)	396,582
	21,900	Unipres Corp. (Auto Components)	356,739
	19,000	Valor Holdings Co. Ltd. (Food & Staples Retailing)	520,215
	74,900	Yamada Denki Co. Ltd. (Specialty Retail)	394,953
	26,000	Yokogawa Bridge Holdings Corp. (Construction & Engineering)	293,569
	20,700	Zenkoku Hosho Co. Ltd. (Diversified Financial Services)	818,709
	22,500	Zojirushi Corp. (Household Durables)	368,884
			54,907,980
	Luxembourg – 0.2%
	9,039	APERAM SA (Metals & Mining)	378,452
	93,851	ArcelorMittal* (Metals & Mining)	607,955
	22,303	Grand City Properties SA (Real Estate Management & Development)	496,391
	1,209	Pegas Nonwovens SA (Textiles, Apparel & Luxury Goods)	40,259
			1,523,057
	Malaysia – 0.2%
	303,200	Astro Malaysia Holdings Bhd (Media)	217,879
	26,100	Axiata Group Bhd (Wireless Telecommunication Services)	36,527
	1,500	British American Tobacco Malaysia Bhd (Tobacco)	18,189
	105,400	Bumi Armada Bhd* (Energy Equipment & Services)	19,404
	198,000	CIMB Group Holdings Bhd (Commercial Banks)	213,716
	26,200	DiGi.Com Bhd (Wireless Telecommunication Services)	31,936
	96,800	Genting Bhd (Hotels, Restaurants & Leisure)	195,624

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Malaysia – (continued)
	33,100	Genting Malaysia Bhd (Hotels, Restaurants & Leisure)	$       34,949
	17,900	Globetronics Technology Bhd (Semiconductors & Semiconductor Equipment)	12,764
	16,600	Hartalega Holdings Bhd (Health Care Equipment & Supplies)	17,536
	33,300	IHH Healthcare Bhd (Health Care Providers & Services)	53,503
	33,300	IJM Corp. Bhd (Construction & Engineering)	27,735
	32,600	IOI Corp. Bhd (Food Products)	33,898
	4,700	Kuala Lumpur Kepong Bhd (Food Products)	26,713
	12,200	Lafarge Malaysia Bhd (Construction Materials)	23,828
	89,200	Malayan Banking Bhd (Commercial Banks)	175,913
	13,800	MISC Bhd (Marine)	25,461
	39,200	My EG Services Bhd (IT Services)	19,288
	42,800	Petronas Chemicals Group Bhd (Chemicals)	68,871
	7,000	Petronas Dagangan Bhd (Oil, Gas & Consumable Fuels)	40,000
	4,100	Petronas Gas Bhd (Gas Utilities)	22,437
	8,100	PPB Group Bhd (Food Products)	31,867
	7,800	Public Bank Bhd (Commercial Banks)	37,392
	11,500	RHB Bank Bhd (Commercial Banks)	14,400
	65,500	SapuraKencana Petroleum Bhd (Energy Equipment & Services)	23,258
	22,000	Sime Darby Bhd (Industrial Conglomerates)	40,144
	17,100	Telekom Malaysia Bhd (Diversified Telecommunication Services)	28,713
	17,300	Tenaga Nasional Berhad (Electric Utilities)	61,136
	15,800	Top Glove, Corp. Bhd (Health Care Equipment & Supplies)	16,652
	45,700	Unisem M Bhd (Semiconductors & Semiconductor Equipment)	30,236
			1,599,969
	Mexico – 0.9%
	53,200	Alfa SAB de CV Class A (Industrial Conglomerates)	87,078
	7,900	Alsea SAB de CV (Hotels, Restaurants & Leisure)	28,175
	48,097	America Movil SAB de CV ADR Class L (Wireless Telecommunication Services)	554,558

Shares		Description	Value
	Common Stocks – (continued)
	Mexico – (continued)
	14,976	Cemex SA de CV ADR* (Construction Materials)	$       114,566
	617,032	Cemex SAB de CV* (Construction Materials)	470,261
	400	Coca-Cola Femsa SAB de CV ADR (Beverages)	31,432
	11,900	Concentradora Fibra Danhos SA de CV Class S (Real Estate Investment Trusts)	21,585
	2,700	El Puerto de Liverpool SAB de CV Series C1 (Multiline Retail)	26,169
	21,000	Fibra Uno Administracion SA de CV* (Real Estate Investment Trusts)	42,829
	1,200	Fomento Economico Mexicano SA de CV ADR (Beverages)	107,400
	27,000	Fomento Economico Mexicano SAB de CV (Beverages)	241,560
	37,600	Genomma Lab Internacional SAB de CV Class B* (Pharmaceuticals)	43,115
	13,200	Gentera SAB de CV (Consumer Finance)	24,527
	1,800	Gruma SAB de CV Class B (Food Products)	25,888
	6,000	Grupo Aeroportuario del Pacifico SAB de CV Class B (Transportation Infrastructure)	59,030
	3,645	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation Infrastructure)	56,016
	100,200	Grupo Bimbo SAB de CV Series A (Food Products)	298,676
	7,900	Grupo Carso SAB de CV Series A1 (Industrial Conglomerates)	32,262
	24,900	Grupo Financiero Banorte SA de CV Class O (Commercial Banks)	136,372
	19,600	Grupo Financiero Inbursa SAB de CV Class O (Commercial Banks)	31,496
	157,900	Grupo Financiero Santander Mexico SAB de CV Class B (Commercial Banks)	287,673
	46,500	Grupo Mexico SAB de CV Series B (Metals & Mining)	112,220
	26,765	Grupo Televisa SAB ADR (Media)	711,146
	2,330	Industrias Penoles SAB de CV (Metals & Mining)	59,951
	8,500	Infraestructura Energetica Nova SAB de CV (Gas Utilities)	34,335
	10,600	Kimberly-Clark de Mexico SAB de CV Class A (Household Products)	23,976

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Mexico – (continued)
	6,100	Megacable Holdings SAB de CV (Media)	$       24,449
	17,700	Mexichem SAB de CV (Chemicals)	38,572
	33,600	Nemak SAB de CV(a) (Auto Components)	38,188
	12,600	PLA Administradora Industrial S de RL de CV* (Real Estate Investment Trusts)	20,906
	4,000	Promotora y Operadora de Infraestructura SAB de CV (Transportation Infrastructure)	46,647
	901,342	Wal-Mart de Mexico SAB de CV (Food & Staples Retailing)	2,059,867
			5,890,925
	Netherlands – 2.3%
	26,485	Aalberts Industries NV (Machinery)	879,367
	55,359	Akzo Nobel NV (Chemicals)	3,578,565
	18,388	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	546,036
	27,080	Core Laboratories NV (Energy Equipment & Services)	3,163,215
	9,231	Euronext NV(a) (Diversified Financial Services)	394,492
	70,076	ING Groep NV (Commercial Banks)	783,450
	178,302	PostNL NV* (Air Freight & Logistics)	684,763
	154,069	RELX NV (Professional Services)	2,776,229
	7,892	Steinhoff International Holdings NV (Household Durables)	49,918
	21,247	Wright Medical Group NV* (Health Care Equipment & Supplies)	465,947
	1,960	X5 Retail Group NV GDR* (Food & Staples Retailing)	42,728
	108,220	Yandex NV Class A* (Internet Software & Services)	2,342,963
			15,707,673
	Netherlands Antilles – 0.5%
	42,651	Schlumberger Ltd. (Energy Equipment & Services)	3,434,259
	New Zealand – 0.2%
	67,796	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Supplies)	514,036
	105,500	SKYCITY Entertainment Group Ltd. (Hotels, Restaurants & Leisure)	385,813

Shares		Description	Value
	Common Stocks – (continued)
	New Zealand – (continued)
	195,720	Spark New Zealand Ltd. (Diversified Telecommunication Services)	$       558,436
			1,458,285
	Norway – 0.1%
	20,560	Det Norske Oljeselskap ASA* (Oil, Gas & Consumable Fuels)	262,768
	41,800	SpareBank 1 SMN (Commercial Banks)	233,784
			496,552
	Pakistan – 0.1%
	16,000	DG Khan Cement Co. Ltd. (Construction Materials)	32,048
	8,500	Engro Corp. Ltd. (Chemicals)	27,148
	25,400	Fauji Fertilizer Co. Ltd. (Chemicals)	27,577
	19,700	Habib Bank Ltd. (Commercial Banks)	40,878
	37,000	Kot Addu Power Co. Ltd. (Independent Power Producers & Energy Traders)	31,054
	5,600	Lucky Cement Ltd. (Construction Materials)	39,596
	20,100	MCB Bank Ltd. (Commercial Banks)	42,378
	22,000	Nishat Mills Ltd. (Textiles, Apparel & Luxury Goods)	25,356
	20,400	Oil & Gas Development Co. Ltd. (Oil, Gas & Consumable Fuels)	26,717
	16,200	Pakistan Petroleum Ltd. (Oil, Gas & Consumable Fuels)	24,442
	8,000	Pakistan State Oil Co. Ltd. (Oil, Gas & Consumable Fuels)	31,978
	33,500	The Hub Power Co. Ltd. (Independent Power Producers & Energy Traders)	42,170
	5,400	The Searle Co. Ltd. (Pharmaceuticals)	29,447
	77,500	TRG Pakistan* (Commercial Services & Supplies)	25,790
	15,900	United Bank Ltd. (Commercial Banks)	28,121
			474,700
	Panama – 0.0%
	1,107	Intercorp Financial Services, Inc. (Commercial Banks)	35,977
	Peru – 0.1%
	47,212	Alicorp SAA (Food Products)	105,698
	3,700	Cia de Minas Buenaventura SAA ADR* (Metals & Mining)	54,205
	26,722	Cia Minera Milpo SAA (Metals & Mining)	18,905

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Peru – (continued)
	3,764	Credicorp Ltd. (Commercial Banks)	$       603,482
	12,912	Engie Energia Peru SA (Independent Power Producers & Energy Traders)	32,762
	66,027	Ferreycorp SAA (Trading Companies & Distributors)	32,127
			847,179
	Philippines – 0.2%
	25,840	Aboitiz Equity Ventures, Inc. (Industrial Conglomerates)	42,846
	43,800	Aboitiz Power Corp. (Independent Power Producers & Energy Traders)	42,090
	76,000	Alliance Global Group, Inc. (Industrial Conglomerates)	26,107
	2,300	Ayala Corp. (Diversified Financial Services)	42,519
	54,100	Ayala Land, Inc. (Real Estate Management & Development)	45,384
	15,230	Bank of the Philippine Islands (Commercial Banks)	31,040
	13,690	BDO Unibank, Inc. (Commercial Banks)	32,921
	270,000	Bloomberry Resorts Corp.* (Hotels, Restaurants & Leisure)	32,135
	170,400	D&L Industries, Inc. (Chemicals)	35,933
	207,300	Energy Development Corp. (Independent Power Producers & Energy Traders)	25,865
	770	Globe Telecom, Inc. (Wireless Telecommunication Services)	37,077
	490	GT Capital Holdings, Inc. (Diversified Financial Services)	16,025
	29,750	JG Summit Holdings, Inc. (Industrial Conglomerates)	52,760
	11,670	Jollibee Foods Corp. (Hotels, Restaurants & Leisure)	63,202
	6,560	Manila Electric Co. (Electric Utilities)	45,140
	118,300	Metro Pacific Investments Corp. (Diversified Financial Services)	18,853
	188,930	Metropolitan Bank & Trust Co. (Commercial Banks)	381,024
	1,600	Philippine Long Distance Telephone Co. (Wireless Telecommunication Services)	71,465
	35,400	Puregold Price Club, Inc. (Food & Staples Retailing)	36,069
	19,570	Robinsons Retail Holdings, Inc. (Food & Staples Retailing)	35,810
	11,950	Semirara Mining & Power Corp. (Oil, Gas & Consumable Fuels)	30,306

Shares		Description	Value
	Common Stocks – (continued)
	Philippines – (continued)
	28,140	SM Investments Corp. (Industrial Conglomerates)	$       411,962
	104,400	SM Prime Holdings, Inc. (Real Estate Management & Development)	64,792
	14,740	Universal Robina Corp. (Food Products)	62,754
			1,684,079
	Poland – 0.2%
	1,891	Alior Bank SA* (Commercial Banks)	24,509
	3,994	Asseco Poland SA (Software)	54,877
	7,809	Bank Pekao SA (Commercial Banks)	247,141
	440	Bank Zachodni WBK SA (Commercial Banks)	31,616
	619	Budimex SA (Construction & Engineering)	28,838
	890	CCC SA (Textiles, Apparel & Luxury Goods)	40,608
	1,470	Ciech SA (Chemicals)	21,731
	7,726	Cyfrowy Polsat SA* (Media)	46,698
	9,340	Enea SA* (Electric Utilities)	26,242
	8,100	Energa SA (Electric Utilities)	20,241
	4,088	Eurocash SA (Food & Staples Retailing)	54,929
	1,168	Grupa Azoty SA (Chemicals)	21,752
	1,100	ING Bank Slaski SA (Commercial Banks)	37,402
	5,245	Jastrzebska Spolka Weglowa SA* (Metals & Mining)	33,650
	3,913	KGHM Polska Miedz SA (Metals & Mining)	79,028
	17	LPP SA (Textiles, Apparel & Luxury Goods)	21,432
	180	mBank SA* (Commercial Banks)	14,017
	28,086	Orange Polska SA (Diversified Telecommunication Services)	38,849
	23,308	PGE Polska Grupa Energetyczna SA (Electric Utilities)	76,585
	5,652	Polski Koncern Naftowy ORLEN SA (Oil, Gas & Consumable Fuels)	90,562
	27,500	Polskie Gornictwo Naftowe i Gazownictwo SA (Oil, Gas & Consumable Fuels)	38,159
	42,007	Powszechna Kasa Oszczednosci Bank Polski SA* (Commercial Banks)	256,753
	6,300	Powszechny Zaklad Ubezpieczen SA (Insurance)	45,574
	24,449	Tauron Polska Energia SA* (Electric Utilities)	19,313
			1,370,506

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Portugal – 0.1%
	119,900	Mota-Engil SGPS SA (Construction & Engineering)	$       229,826
	29,200	NOS SGPS SA (Media)	195,405
	383,844	Sonae SGPS SA (Food & Staples Retailing)	298,824
			724,055
	Russia – 0.3%
	38,600	Aeroflot - Russian Airlines PJSC* (Airlines)	50,198
	37,500	Alrosa PAO* (Metals & Mining)	40,535
	673,000	E.ON Russia JSC* (Independent Power Producers & Energy Traders)	30,597
	41,981	Gazprom PJSC ADR (Oil, Gas & Consumable Fuels)	172,542
	3,123	Lukoil PJSC ADR (Oil, Gas & Consumable Fuels)	135,719
	1,100	Magnit PJSC* (Food & Staples Retailing)	170,296
	8,251	Magnit PJSC GDR (Food & Staples Retailing)	316,568
	2,130	MegaFon PJSC GDR (Wireless Telecommunication Services)	21,044
	7,474	MMC Norilsk Nickel PJSC ADR (Metals & Mining)	110,017
	29,000	Mobile TeleSystems PJSC* (Wireless Telecommunication Services)	110,845
	22,100	Moscow Exchange MICEX-RTS PJSC* (Diversified Financial Services)	38,059
	478	Novatek OJSC GDR (Oil, Gas & Consumable Fuels)	47,704
	10,940	PIK Group PJSC* (Household Durables)	41,510
	2,643	Polymetal International PLC (Metals & Mining)	38,932
	6,887	Rosneft PJSC GDR (Oil, Gas & Consumable Fuels)	33,285
	27,740	Rostelecom PJSC* (Diversified Telecommunication Services)	35,983
	3,705,000	RusHydro PJSC* (Electric Utilities)	39,770
	116,000	Sberbank of Russia PJSC* (Commercial Banks)	245,040
	3,293	Severstal PJSC GDR (Metals & Mining)	38,956
	123,000	Sistema JSFC* (Wireless Telecommunication Services)	43,024
	6,543	Surgutneftegas OJSC ADR (Oil, Gas & Consumable Fuels)	30,853
	1,336	Tatneft PJSC ADR (Oil, Gas & Consumable Fuels)	38,043
	2,256	Uralkali PJSC GDR* (Chemicals)	31,819

Shares		Description	Value
	Common Stocks – (continued)
	Russia – (continued)
	48,620,000	VTB Bank PJSC* (Commercial Banks)	$         49,690
			1,911,029
	Singapore – 0.2%
	130,000	First Resources Ltd. (Food Products)	157,198
	252,200	Mapletree Commercial Trust (Real Estate Investment Trusts)	298,155
	93,000	Sembcorp Industries Ltd. (Industrial Conglomerates)	194,376
	57,500	Silverlake Axis Ltd. (Software)	23,836
	150,300	Super Group Ltd. (Food Products)	90,093
	94,800	UOL Group Ltd. (Real Estate Management & Development)	409,018
			1,172,676
	South Africa – 0.7%
	3,994	AngloGold Ashanti Ltd.* (Metals & Mining)	87,217
	18,377	Aspen Pharmacare Holdings Ltd.* (Pharmaceuticals)	496,294
	3,377	AVI Ltd. (Food Products)	21,827
	3,175	Barclays Africa Group Ltd. (Commercial Banks)	35,119
	7,250	Barloworld Ltd. (Trading Companies & Distributors)	42,973
	4,863	Bid Corp. Ltd.* (Food & Staples Retailing)	90,742
	2,442	Clicks Group Ltd. (Food & Staples Retailing)	21,860
	7,400	DataTec Ltd. (Electronic Equipment, Instruments & Components)	26,788
	3,631	Discovery Ltd. (Insurance)	32,717
	3,400	EOH Holdings Ltd. (IT Services)	34,724
	13,188	FirstRand Ltd. (Diversified Financial Services)	46,149
	11,027	Gold Fields Ltd. (Metals & Mining)	68,088
	11,698	Growthpoint Properties Ltd. (Real Estate Investment Trusts)	22,199
	5,594	Impala Platinum Holdings Ltd.* (Metals & Mining)	24,689
	65,600	KAP Industrial Holdings Ltd. (Industrial Conglomerates)	30,670
	15,600	Life Healthcare Group Holdings Ltd. (Health Care Providers & Services)	42,447
	1,691	Mondi Ltd. (Paper & Forest Products)	34,270
	15,113	MTN Group Ltd. (Wireless Telecommunication Services)	152,762
	12,002	Nampak Ltd. (Containers & Packaging)	18,341

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	South Africa – (continued)
	1,126	Naspers Ltd. (Media)	$       176,696
	18,094	Netcare Ltd. (Health Care Providers & Services)	41,925
	2,826	Pioneer Foods Group Ltd. (Food Products)	36,405
	1,812	Remgro Ltd. (Diversified Financial Services)	33,985
	6,600	Reunert Ltd. (Industrial Conglomerates)	29,716
	4,853	Sanlam Ltd. (Insurance)	22,898
	7,098	Sappi Ltd.* (Paper & Forest Products)	36,106
	7,522	Sasol Ltd. (Oil, Gas & Consumable Fuels)	200,151
	150,983	Shoprite Holdings Ltd. (Food & Staples Retailing)	2,212,665
	5,761	Sibanye Gold Ltd. (Metals & Mining)	26,851
	4,890	Standard Bank Group Ltd. (Commercial Banks)	48,843
	4,863	The Bidvest Group Ltd. (Industrial Conglomerates)	55,896
	2,456	The SPAR Group Ltd. (Food & Staples Retailing)	36,639
	2,593	Tiger Brands Ltd. (Food Products)	72,834
	6,200	Vodacom Group Ltd. (Wireless Telecommunication Services)	71,856
	4,673	Woolworths Holdings Ltd. (Multiline Retail)	30,119
			4,463,461
	South Korea – 2.1%
	118	Amorepacific Corp. (Personal Products)	40,856
	251	AMOREPACIFIC Group (Personal Products)	32,380
	3,609	Celltrion, Inc.* (Biotechnology)	335,618
	208	Coway Co. Ltd. (Household Durables)	15,901
	185	E-MART, Inc. (Food & Staples Retailing)	27,027
	606	GS Holdings Corp. (Oil, Gas & Consumable Fuels)	26,185
	1,486	Hana Financial Group, Inc. (Commercial Banks)	36,588
	29	Hanmi Pharm Co. Ltd. (Pharmaceuticals)	15,848
	151	Hanmi Science Co. Ltd. (Pharmaceuticals)	19,431
	145	Hyosung Corp. (Chemicals)	18,019
	190	Hyundai Glovis Co. Ltd. (Air Freight & Logistics)	28,537
	2,290	Hyundai Heavy Industries Co. Ltd.* (Machinery)	257,532
	154	Hyundai Mobis Co. Ltd. (Auto Components)	35,117
	3,255	Hyundai Motor Co. (Automobiles)	384,065

Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	412	Hyundai Steel Co. (Metals & Mining)	$         18,689
	16,009	Industrial Bank of Korea (Commercial Banks)	169,534
	927	Kangwon Land, Inc. (Hotels, Restaurants & Leisure)	33,932
	1,220	KB Financial Group, Inc. (Commercial Banks)	38,738
	12,239	KB Financial Group, Inc. ADR (Commercial Banks)	388,711
	667	Kia Motors Corp. (Automobiles)	25,126
	1,646	KIWOOM Securities Co. Ltd. (Capital Markets)	116,337
	544	Komipharm International Co. Ltd.* (Pharmaceuticals)	14,699
	455	Korea Aerospace Industries Ltd. (Aerospace & Defense)	32,773
	2,770	Korea Electric Power Corp. (Electric Utilities)	151,654
	79	Korea Zinc Co. Ltd. (Metals & Mining)	36,036
	2,400	KT Corp. ADR (Diversified Telecommunication Services)	36,624
	9,960	KT&G Corp. (Tobacco)	1,077,079
	1,847	LG Chem Ltd. (Chemicals)	402,529
	612	LG Corp. (Industrial Conglomerates)	34,763
	371	LG Electronics, Inc. (Household Durables)	17,741
	173	LG Household & Health Care Ltd (Personal Products)	155,825
	77	Lotte Chemical Corp. (Chemicals)	20,922
	76	Medy-Tox, Inc. (Biotechnology)	29,442
	1,386	NAVER Corp. (Internet Software & Services)	879,395
	31	Orion Corp. (Food Products)	25,533
	13,226	Paradise Co. Ltd. (Hotels, Restaurants & Leisure)	189,194
	317	POSCO (Metals & Mining)	64,233
	474	S-Oil Corp. (Oil, Gas & Consumable Fuels)	32,639
	390	Samsung C&T Corp. (Industrial Conglomerates)	47,210
	123	Samsung Electronics Co. Ltd. (Computers & Peripherals)	169,245
	5,987	Samsung Electronics Co. Ltd. GDR (Computers & Peripherals)	4,111,646
	130	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)	30,979
	332	Samsung Life Insurance Co. Ltd. (Insurance)	28,884
	1,425	Shinhan Financial Group Co. Ltd. (Commercial Banks)	50,923
	9,002	Shinhan Financial Group Co. Ltd. ADR (Commercial Banks)	321,281
	159	SK Holdings Co. Ltd. (Industrial Conglomerates)	29,666

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	18,557	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)	$       571,446
	2,518	SK Innovation Co. Ltd. (Oil, Gas & Consumable Fuels)	331,818
	523	SK Telecom Co. Ltd. (Wireless Telecommunication Services)	107,474
	129,500	SK Telecom Co. Ltd. ADR (Wireless Telecommunication Services)	2,966,845
	4,600	Viatron Technologies, Inc. (Semiconductors & Semiconductor Equipment)	112,540
	208	ViroMed Co. Ltd.* (Biotechnology)	23,696
	66	Yuhan Corp. (Pharmaceuticals)	18,059
			14,186,964
	Spain – 0.8%
	21,335	Atlantica Yield PLC (Independent Power Producers & Energy Traders)	429,900
	12,981	Axiare Patrimonio SOCIMI SA (Real Estate Investment Trusts)	177,088
	504,359	CaixaBank SA (Commercial Banks)	1,266,437
	20,328	Ebro Foods SA (Food Products)	463,639
	29,984	Gamesa Corp. Tecnologica SA (Electrical Equipment)	636,215
	42,440	Industria de Diseno Textil SA (Specialty Retail)	1,467,734
	169,576	Liberbank SA* (Commercial Banks)	129,603
	5,600	Mediaset Espana Comunicacion SA (Media)	64,362
	38,600	Melia Hotels International SA (Hotels, Restaurants & Leisure)	457,966
	53,300	Merlin Properties Socimi SA (Real Estate Investment Trusts)	610,640
			5,703,584
	Sweden – 0.5%
	3,581	Alfa Laval AB (Machinery)	56,439
	46,631	BillerudKorsnas AB (Containers & Packaging)	810,523
	19,197	Boliden AB (Metals & Mining)	422,528
	44,905	Castellum AB (Real Estate Management & Development)	679,149
	8,279	Evolution Gaming Group AB(a) (Hotels, Restaurants & Leisure)	237,849

Shares		Description	Value
	Common Stocks – (continued)
	Sweden – (continued)
	46,645	Hemfosa Fastigheter AB (Real Estate Management & Development)	$       500,063
	18,118	Loomis AB Class B (Commercial Services & Supplies)	522,676
	18,309	Mycronic AB (Electronic Equipment, Instruments & Components)	212,349
	29,460	NetEnt AB* (Internet Software & Services)	249,320
			3,690,896
	Switzerland – 5.2%
	12,043	ABB Ltd.* (Electrical Equipment)	255,818
	45,712	Aryzta AG* (Food Products)	1,717,354
	33,840	Chubb Ltd. (Insurance)	4,238,798
	29,690	Cie Financiere Richemont SA (Textiles, Apparel & Luxury Goods)	1,804,914
	49,172	Clariant AG* (Chemicals)	855,303
	788	dorma+kaba Holding AG Class B* (Commercial Services & Supplies)	575,297
	17,537	EFG International AG* (Capital Markets)	83,596
	738	Georg Fischer AG (Machinery)	601,545
	53,200	Nestle SA (Food Products)	4,263,053
	40,959	Novartis AG (Pharmaceuticals)	3,397,268
	25,334	Novartis AG ADR (Pharmaceuticals)	2,109,309
	13,054	Oriflame Holding AG* (Personal Products)	336,257
	12,052	Roche Holding AG (Pharmaceuticals)	3,076,489
	1,310	SGS SA (Professional Services)	2,898,038
	55,457	Swiss Re AG (Insurance)	4,648,767
	7,000	Temenos Group AG* (Software)	432,863
	66,050	UBS Group AG* (Capital Markets)	907,997
	1,507	Valora Holding AG (Specialty Retail)	435,399
	863	Ypsomed Holding AG* (Health Care Equipment & Supplies)	171,177
	11,712	Zurich Insurance Group AG* (Insurance)	2,811,969
			35,621,211
	Taiwan – 1.4%
	75,158	Advanced Semiconductor Engineering, Inc. ADR (Semiconductors & Semiconductor Equipment)	432,159
	18,000	Asia Cement Corp. (Construction Materials)	16,465

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	48,000	AU Optronics Corp. (Electronic Equipment, Instruments & Components)	$         19,615
	3,000	Catcher Technology Co. Ltd. (Computers & Peripherals)	20,917
	24,000	Cathay Financial Holding Co. Ltd. (Insurance)	26,998
	22,000	Cheng Shin Rubber Industry Co. Ltd. (Auto Components)	45,927
	90,000	China Airlines Ltd. (Airlines)	26,461
	116,000	China Development Financial Holding Corp. (Commercial Banks)	28,244
	70,000	China Steel Corp. (Metals & Mining)	48,425
	28,000	Chunghwa Telecom Co. Ltd. (Diversified Telecommunication Services)	100,058
	25,000	Compal Electronics, Inc. (Computers & Peripherals)	15,709
	344,000	CTBC Financial Holding Co. Ltd. (Commercial Banks)	189,921
	6,000	Delta Electronics, Inc. (Electronic Equipment, Instruments & Components)	31,648
	55,000	E.Sun Financial Holding Co. Ltd. (Commercial Banks)	30,716
	2,045	Eclat Textile Co. Ltd. (Textiles, Apparel & Luxury Goods)	22,923
	60,000	Eva Airways Corp.* (Airlines)	28,561
	64,000	Far Eastern New Century Corp. (Industrial Conglomerates)	50,013
	6,720	Feng TAY Enterprise Co. Ltd. (Textiles, Apparel & Luxury Goods)	30,366
	65,000	First Financial Holding Co. Ltd. (Commercial Banks)	36,072
	20,000	Formosa Chemicals & Fibre Corp. (Chemicals)	52,119
	13,000	Formosa Petrochemical Corp. (Oil, Gas & Consumable Fuels)	36,988
	19,000	Formosa Plastic Corp. (Chemicals)	46,363
	20,000	Fubon Financial Holding Co. Ltd. (Diversified Financial Services)	24,888
	5,000	Giant Manufacturing Co. Ltd. (Leisure Equipment & Products)	33,760
	31,000	Hon Hai Precision Industry Co. Ltd. (Electronic Equipment, Instruments & Components)	85,548
	90,526	Hon Hai Precision Industry Co. Ltd. GDR (Electronic Equipment, Instruments & Components)	505,009
	4,000	Hotai Motor Co. Ltd. (Specialty Retail)	40,188

Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	43,000	Innolux Corp. (Electronic Equipment, Instruments & Components)	$         15,927
	2,000	King Slide Works Co. Ltd. (Machinery)	24,302
	1,000	Largan Precision Co. Ltd. (Electronic Equipment, Instruments & Components)	107,508
	21,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	160,335
	527,788	Mega Financial Holding Co. Ltd. (Commercial Banks)	413,890
	26,000	Nan Ya Plastics Corp. (Chemicals)	49,256
	2,000	OBI Pharma, Inc.* (Biotechnology)	30,905
	13,000	Pegatron Corp. (Computers & Peripherals)	32,001
	32,000	Pou Chen Corp. (Textiles, Apparel & Luxury Goods)	43,680
	5,000	President Chain Store Corp. (Food & Staples Retailing)	40,623
	18,000	Quanta Computer, Inc. (Computers & Peripherals)	36,658
	15,000	Ruentex Industries Ltd. (Textiles, Apparel & Luxury Goods)	23,994
	20,000	Siliconware Precision Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)	30,105
	5,000	Standard Foods Corp. (Food Products)	12,435
	19,000	Taiwan Cement Corp. (Construction Materials)	20,197
	15,000	Taiwan Mobile Co. Ltd. (Wireless Telecommunication Services)	51,716
	42,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	226,871
	224,267	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)	6,230,137
	40,000	Teco Electric and Machinery Co. Ltd. (Electrical Equipment)	35,456
	8,000	TTY Biopharm Co. Ltd. (Pharmaceuticals)	27,365
	35,000	Uni-President Enterprises Corp. (Food Products)	71,531
	82,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)	30,537
	80,000	Yuanta Financial Holding Co. Ltd. (Capital Markets)	28,113
			9,769,603

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Thailand – 0.3%
	10,300	Advanced Info Service PCL (Wireless Telecommunication Services)	$         52,707
	42,485	Advanced Info Service PCL ADR (Wireless Telecommunication Services)	215,314
	5,300	Airports of Thailand PCL (Transportation Infrastructure)	60,180
	14,738	Bangkok Bank PCL ADR (Banks)	361,843
	3,400	Bangkok Bank PCL. (Commercial Banks)	16,743
	673,200	Bangkok Dusit Medical Services PCL Class F (Health Care Providers & Services)	435,649
	33,500	BEC World PCL (Media)	23,818
	117,900	BTS Group Holdings PCL (Road & Rail)	31,843
	7,500	Bumrungrad Hospital PCL (Health Care Providers & Services)	39,698
	29,400	Charoen Pokphand Foods PCL (Food Products)	23,697
	27,700	CP ALL PCL (Food & Staples Retailing)	41,235
	15,200	Delta Electronics Thailand PCL (Electronic Equipment, Instruments & Components)	31,165
	7,300	Electricity Generating PCL (Independent Power Producers & Energy Traders)	41,725
	13,900	Glow Energy PCL (Independent Power Producers & Energy Traders)	34,267
	30,200	Hana Microelectronics PCL (Electronic Equipment, Instruments & Components)	25,192
	167,300	Home Product Center PCL (Specialty Retail)	48,583
	7,100	Kasikornbank PCL (Commercial Banks)	40,747
	8,000	KCE Electronics PCL (Electronic Equipment, Instruments & Components)	22,323
	32,000	Minor International PCL (Hotels, Restaurants & Leisure)	37,488
	18,800	PTT Exploration & Production PCL (Oil, Gas & Consumable Fuels)	45,070
	24,900	PTT Global Chemical PCL (Chemicals)	43,695
	6,300	PTT PCL (Oil, Gas & Consumable Fuels)	60,278
	21,700	Ratchaburi Electricity Generating Holding PCL (Independent Power Producers & Energy Traders)	32,267
	63,000	Thai Beverage PCL (Beverages)	48,701

Shares		Description	Value
	Common Stocks – (continued)
	Thailand – (continued)
	233,600	Thaicom PCL (Diversified Telecommunication Services)	$       148,473
	3,400	The Siam Cement PCL (Construction Materials)	49,920
	9,100	The Siam Commercial Bank PCL (Commercial Banks)	41,561
	140,984	True Corp. PCL (Diversified Telecommunication Services)	36,271
			2,090,453
	Turkey – 0.2%
	21,000	Akbank TAS (Commercial Banks)	54,270
	4,800	Anadolu Efes Biracilik Ve Malt Sanayii AS (Beverages)	32,520
	7,668	Arcelik AS (Household Durables)	52,465
	3,743	Aygaz AS (Gas Utilities)	14,095
	3,796	BIM Birlesik Magazalar AS (Food & Staples Retailing)	70,222
	2,912	Cimsa Cimento Sanayi VE Ticaret AS (Construction Materials)	14,635
	16,053	Emlak Konut Gayrimenkul Yatirim Ortakligi AS (Real Estate Investment Trusts)	14,379
	24,465	Enka Insaat ve Sanayi AS (Industrial Conglomerates)	36,096
	49,600	Eregli Demir ve Celik Fabrikalari TAS (Metals & Mining)	75,494
	2,085	Ford Otomotiv Sanayi AS (Automobiles)	22,748
	13,100	Haci Omer Sabanci Holding AS (Diversified Financial Services)	39,168
	8,363	KOC Holding AS (Industrial Conglomerates)	35,884
	18,787	Petkim Petrokimya Holding AS (Chemicals)	27,157
	2,161	TAV Havalimanlari Holding AS (Transportation Infrastructure)	7,927
	4,800	Tofas Turk Otomobil Fabrikasi AS (Automobiles)	38,006
	3,268	Tupras Turkiye Petrol Rafinerileri AS (Oil, Gas & Consumable Fuels)	69,938
	12,500	Turk Hava Yollari AO* (Airlines)	21,688
	27,090	Turkcell Iletisim Hizmetleri AS* (Wireless Telecommunication Services)	93,782
	146,290	Turkiye Garanti Bankasi A/S (Commercial Banks)	359,847
	8,400	Turkiye Halk Bankasi AS (Commercial Banks)	22,173
	19,300	Turkiye Is Bankasi Class C (Commercial Banks)	29,788
			1,132,282

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United Arab Emirates – 0.0%
	96,000	Air Arabia PJSC (Airlines)	$         37,916
	76,993	Arabtec Holding PJSC* (Construction & Engineering)	30,903
	21,366	DAMAC Properties Dubai Co. PJSC (Real Estate Management & Development)	13,641
	49,000	Dubai Investments PJSC (Capital Markets)	28,453
	20,000	Dubai Islamic Bank PJSC (Commercial Banks)	29,392
	85,000	Dubai Parks & Resorts PJSC* (Hotels, Restaurants & Leisure)	38,307
	23,611	Emaar Malls Group PJSC (Real Estate Management & Development)	18,605
	23,600	Emaar Properties PJSC (Real Estate Management & Development)	44,283
			241,500
	United Kingdom – 10.9%
	76,974	3i Group PLC (Capital Markets)	628,711
	276,457	Aberdeen Asset Management PLC (Capital Markets)	1,164,407
	40,518	Aon PLC (Insurance)	4,338,262
	19,036	Ashtead Group PLC (Trading Companies & Distributors)	301,289
	5,075	ASOS PLC* (Internet & Catalog Retail)	302,990
	530,060	Aviva PLC (Insurance)	2,729,563
	21,600	Babcock International Group PLC (Commercial Services & Supplies)	277,030
	344,729	Balfour Beatty PLC* (Construction & Engineering)	1,011,234
	1,231,174	Barclays PLC (Commercial Banks)	2,510,314
	86,049	Beazley PLC (Insurance)	450,738
	11,341	Bellway PLC (Household Durables)	314,402
	52,478	British American Tobacco PLC (Tobacco)	3,349,398
	37,160	Britvic PLC (Beverages)	307,595
	10,170	Cardtronics PLC Class A* (IT Services)	447,378
	46,382	Carnival PLC (Hotels, Restaurants & Leisure)	2,230,991
	194,383	Cobham PLC (Aerospace & Defense)	440,706
	160,120	Compass Group PLC (Hotels, Restaurants & Leisure)	3,041,928
	4,953	Consort Medical PLC (Health Care Equipment & Supplies)	67,777
	67,439	Diageo PLC (Beverages)	1,932,577
	43,060	Direct Line Insurance Group PLC (Insurance)	199,242

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	125,823	Domino’s Pizza Group PLC (Hotels, Restaurants & Leisure)	$       660,789
	152,515	Experian PLC (Professional Services)	2,983,274
	19,267	Ferroglobe PLC (Metals & Mining)	179,568
	16,294	Galliford Try PLC (Construction & Engineering)	211,494
	1,150,777	GKN PLC (Auto Components)	4,404,592
	82,078	GlaxoSmithKline PLC (Pharmaceuticals)	1,833,049
	61,423	Greencore Group PLC (Food Products)	266,193
	23,100	GVC Holdings PLC (Hotels, Restaurants & Leisure)	192,907
	12,057	Hikma Pharmaceuticals PLC (Pharmaceuticals)	419,833
	8,651	Hill & Smith Holdings PLC (Metals & Mining)	122,850
	35,391	Hiscox. Ltd. (Insurance)	495,978
	40,902	HomeServe PLC (Commercial Services & Supplies)	303,138
	65,903	Inchcape PLC (Distributors)	587,612
	61,755	Informa PLC (Media)	583,457
	53,997	InterContinental Hotels Group PLC ADR (Hotels, Restaurants & Leisure)	2,186,879
	155,971	Intermediate Capital Group PLC (Capital Markets)	1,181,620
	18,030	JD Sports Fashion PLC (Specialty Retail)	299,830
	104,408	Just Eat PLC* (Internet Software & Services)	741,145
	18,266	Keller Group PLC (Construction & Engineering)	246,044
	251,600	Ladbrokes PLC (Hotels, Restaurants & Leisure)	461,699
	8,332	Lancashire Holdings Ltd. (Insurance)	66,315
	49,700	Lavendon Group PLC (Trading Companies & Distributors)	77,122
	2,475,705	Lloyds Banking Group PLC (Commercial Banks)	1,741,284
	76,097	Marks & Spencer Group PLC (Multiline Retail)	321,733
	4,491	Mediclinic International PLC (Health Care Providers & Services)	63,430
	20,600	Micro Focus International PLC (Software)	527,994
	106,398	National Express Group PLC (Road & Rail)	475,267
	82,953	Nielsen Holdings PLC (Professional Services)	4,467,849
	39,592	Northgate PLC (Road & Rail)	200,047
	96,163	OneSavings Bank PLC (Thrifts & Mortgage Finance)	260,515
	88,087	Pagegroup PLC (Professional Services)	394,228

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United Kingdom – (continued)
	59,600	Playtech PLC (Software)	$       686,433
	510,500	Premier Oil PLC* (Oil, Gas & Consumable Fuels)	432,393
	94,623	Prudential PLC (Insurance)	1,668,058
	140,303	Qinetiq Group PLC (Aerospace & Defense)	416,621
	48,240	Reckitt Benckiser Group PLC (Household Products)	4,677,354
	41,135	Redrow PLC (Household Durables)	183,932
	239,685	Rentokil Initial PLC (Commercial Services & Supplies)	681,465
	9,821	Rightmove PLC (Internet Software & Services)	526,510
	120,804	Royal Dutch Shell PLC Class B (Oil, Gas & Consumable Fuels)	3,213,231
	49,329	RPC Group PLC (Containers & Packaging)	562,886
	127,100	Saga PLC (Insurance)	341,548
	21,500	Savills PLC (Real Estate Management & Development)	198,879
	13,309	Smith & Nephew PLC ADR (Health Care Equipment & Supplies)	443,057
	82,948	SSE PLC (Electric Utilities)	1,665,023
	23,700	SThree PLC (Professional Services)	80,688
	77,360	Stock Spirits Group PLC (Beverages)	158,692
	28,000	SVG Capital PLC* (Capital Markets)	204,343
	72,344	Tullow Oil PLC* (Oil, Gas & Consumable Fuels)	190,532
	43,251	UNITE Group PLC (Real Estate Management & Development)	362,462
	33,000	Vesuvius PLC (Machinery)	160,452
	596,405	Vodafone Group PLC (Wireless Telecommunication Services)	1,811,807
	17,750	Willis Towers Watson PLC (Insurance)	2,194,255
	79,863	Worldpay Group PLC*(a) (IT Services)	309,795
			74,174,683
	United States – 31.8%
	5,590	ABM Industries, Inc. (Commercial Services & Supplies)	208,004
	28,174	Advance Auto Parts, Inc. (Specialty Retail)	4,785,636
	7,676	Aegion Corp.* (Construction & Engineering)	157,512
	20,654	Aetna, Inc. (Health Care Providers & Services)	2,379,547
	14,936	Air Lease Corp. (Trading Companies & Distributors)	430,306

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	3,225	Alamo Group, Inc. (Machinery)	$       216,494
	10,985	American Campus Communities, Inc. (Real Estate Investment Trusts)	593,959
	3,196	American Capital Mortgage Investment Corp. (Real Estate Investment Trusts)	52,287
	8,919	American Eagle Outfitters, Inc. (Specialty Retail)	159,828
	8,851	American Homes 4 Rent Class A (Real Estate Investment Trusts)	192,067
	73,125	American International Group, Inc. (Insurance)	3,980,925
	11,620	Ameris Bancorp (Commercial Banks)	385,319
	9,310	AMERISAFE, Inc. (Insurance)	544,914
	9,017	AmerisourceBergen Corp. (Health Care Providers & Services)	768,158
	15,265	Amplify Snack Brands, Inc.* (Food Products)	217,679
	2,810	Amsurg Corp.* (Health Care Providers & Services)	210,778
	4,910	Analogic Corp. (Health Care Equipment & Supplies)	412,538
	1,703	Anixter International, Inc.* (Electronic Equipment, Instruments & Components)	104,360
	29,279	Anthem, Inc. (Health Care Providers & Services)	3,845,504
	13,928	Anworth Mortgage Asset Corp. (Real Estate Investment Trusts)	68,526
	40,059	Apple, Inc. (Computers & Peripherals)	4,174,548
	11,729	Ares Commercial Real Estate Corp. (Real Estate Investment Trusts)	148,958
	18,107	Ascena Retail Group, Inc.* (Specialty Retail)	147,210
	9,370	Assured Guaranty Ltd. (Insurance)	251,022
	76,371	Axis Capital Holdings Ltd. (Insurance)	4,244,700
	6,660	Balchem Corp. (Chemicals)	425,374
	4,481	Belden, Inc. (Electronic Equipment, Instruments & Components)	328,054
	39,266	Berkshire Hathaway, Inc. Class B* (Diversified Financial Services)	5,664,906
	9,000	Blackbaud, Inc. (Software)	601,650
	7,912	BMC Stock Holdings, Inc.* (Trading Companies & Distributors)	161,009
	5,047	Booz Allen Hamilton Holding Corp. (IT Services)	155,851
	7,978	Bristow Group, Inc. (Energy Equipment & Services)	86,242

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	11,721	Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment)	$       146,864
	2,777	Cabot Corp. (Chemicals)	135,212
	15,114	CalAtlantic Group, Inc. (Household Durables)	547,278
	19,940	Callidus Software, Inc.* (Software)	409,368
	7,525	Cantel Medical Corp. (Health Care Equipment & Supplies)	503,799
	18,620	Catalent, Inc.* (Pharmaceuticals)	475,555
	20,620	Cathay General Bancorp (Commercial Banks)	618,188
	9,100	CEB, Inc. (Professional Services)	546,364
	47,540	Cerner Corp.* (Health Care Technology)	2,966,021
	6,335	Chatham Lodging Trust (Real Estate Investment Trusts)	151,913
	1,954	Chemed Corp. (Health Care Providers & Services)	287,512
	112,655	Cisco Systems, Inc. (Communications Equipment)	3,439,357
	10,390	CLARCOR, Inc. (Machinery)	646,881
	15,253	ClubCorp Holdings, Inc. (Hotels, Restaurants & Leisure)	221,169
	14,030	Cognex Corp. (Electronic Equipment, Instruments & Components)	633,735
	13,170	Cohen & Steers, Inc. (Capital Markets)	567,627
	1,631	Coherent, Inc.* (Electronic Equipment, Instruments & Components)	172,968
	2,504	Colony Capital, Inc. Class A (Real Estate Investment Trusts)	44,521
	5,010	Columbia Banking System, Inc. (Commercial Banks)	151,903
	70,345	Comcast Corp. Class A (Media)	4,730,701
	4,425	Compass Minerals International, Inc. (Metals & Mining)	307,936
	2,832	Convergys Corp. (IT Services)	75,473
	4,594	Cubic Corp. (Aerospace & Defense)	187,619
	2,015	Curtiss-Wright Corp. (Aerospace & Defense)	179,315
	46,022	CVS Health Corp. (Food & Staples Retailing)	4,267,160
	35,156	CYS Investments, Inc. (Real Estate Investment Trusts)	314,646
	14,520	Diplomat Pharmacy, Inc.* (Health Care Providers & Services)	521,704
	135,952	Discovery Communications, Inc. Class C* (Media)	3,336,262
	44,119	Dollar General Corp. (Multiline Retail)	4,179,834

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	4,987	Drew Industries, Inc. (Auto Components)	$       456,859
	6,573	Dril-Quip, Inc.* (Energy Equipment & Services)	357,768
	15,585	Education Realty Trust, Inc. (Real Estate Investment Trusts)	750,262
	5,345	EnerSys (Electrical Equipment)	333,261
	7,220	EPAM Systems, Inc.* (IT Services)	507,133
	11,804	Essent Group Ltd.* (Thrifts & Mortgage Finance)	282,824
	4,639	Everest Re Group Ltd. (Insurance)	876,817
	3,900	FEI Co. (Electronic Equipment, Instruments & Components)	415,038
	3,933	Ferro Corp.* (Chemicals)	50,972
	9,513	First American Financial Corp. (Insurance)	397,739
	3,149	First Cash Financial Services, Inc. (Consumer Finance)	161,575
	684	First Citizens BancShares, Inc. Class A (Commercial Banks)	177,690
	13,850	Five Below, Inc.* (Specialty Retail)	706,488
	21,640	Flotek Industries, Inc.* (Chemicals)	307,288
	19,170	Forum Energy Technologies, Inc.* (Energy Equipment & Services)	313,046
	104,384	Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)	3,298,534
	138,735	Franklin Resources, Inc. (Capital Markets)	5,020,820
	4,518	FTD Cos., Inc.* (Internet & Catalog Retail)	114,351
	3,853	FTI Consulting, Inc.* (Professional Services)	165,063
	1,843	G&K Services, Inc. Class A (Commercial Services & Supplies)	147,827
	122,321	Gentex Corp. (Auto Components)	2,161,412
	11,280	Glacier Bancorp, Inc. (Commercial Banks)	311,102
	24,895	Globus Medical, Inc. Class A* (Health Care Equipment & Supplies)	571,340
	20,545	Grand Canyon Education, Inc.* (Diversified Consumer Services)	864,123
	4,612	Granite Construction, Inc. (Construction & Engineering)	229,585
	33,642	Graphic Packaging Holding Co. (Containers & Packaging)	458,877
	2,725	Group 1 Automotive, Inc. (Specialty Retail)	169,822
	15,900	Healthcare Services Group, Inc. (Commercial Services & Supplies)	617,079

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	27,765	Heartland Express, Inc. (Road & Rail)	$       514,208
	8,055	HEICO Corp. (Aerospace & Defense)	559,903
	6,020	HEICO Corp. Class A (Aerospace & Defense)	347,173
	4,408	Heidrick & Struggles International, Inc. (Professional Services)	85,780
	3,845	Helen of Troy Ltd.* (Household Durables)	383,000
	11,987	Hibbett Sports, Inc.* (Specialty Retail)	418,586
	3,245	Hillenbrand, Inc. (Machinery)	104,976
	141,347	Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)	3,277,837
	6,585	IBERIABANK Corp. (Commercial Banks)	411,365
	6,730	ICU Medical, Inc.* (Health Care Equipment & Supplies)	785,795
	5,290	IDACORP, Inc. (Electric Utilities)	427,697
	12,705	Impax Laboratories, Inc.* (Pharmaceuticals)	399,191
	9,855	INC Research Holdings, Inc. Class A* (Life Sciences Tools & Services)	438,646
	1,283	Infinity Property & Casualty Corp. (Insurance)	105,257
	5,426	Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)	144,332
	3,223	Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)	271,602
	2,814	International Speedway Corp. Class A (Hotels, Restaurants & Leisure)	95,029
	11,900	Kansas City Southern (Road & Rail)	1,143,709
	17,645	KapStone Paper and Packaging Corp. (Paper & Forest Products)	251,971
	5,086	KAR Auction Services, Inc. (Commercial Services & Supplies)	217,528
	9,338	Kindred Healthcare, Inc. (Health Care Providers & Services)	114,484
	3,443	Korn/Ferry International (Professional Services)	79,223
	980	Landstar System, Inc. (Road & Rail)	69,080
	3,899	LaSalle Hotel Properties (Real Estate Investment Trusts)	107,417
	2,230	LifePoint Health, Inc.* (Health Care Providers & Services)	131,971
	6,660	Lithia Motors, Inc. Class A (Specialty Retail)	574,691

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	5,995	Live Nation Entertainment, Inc.* (Media)	$       164,383
	11,360	LogMeIn, Inc.* (Internet Software & Services)	975,938
	12,045	MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)	475,898
	17,630	Maiden Holdings Ltd. (Insurance)	246,291
	6,860	MarketAxess Holdings, Inc. (Diversified Financial Services)	1,108,988
	24,935	Marriott International, Inc. Class A (Hotels, Restaurants & Leisure)	1,787,839
	43,251	MasterCard, Inc. Class A (IT Services)	4,119,225
	23,130	Matador Resources Co.* (Oil, Gas & Consumable Fuels)	487,812
	3,547	MAXIMUS, Inc. (IT Services)	208,989
	37,420	McKesson Corp. (Health Care Providers & Services)	7,280,435
	10,910	Medidata Solutions, Inc.* (Health Care Technology)	579,867
	31,253	MFA Financial, Inc. (Real Estate Investment Trusts)	235,023
	97,191	Microsoft Corp. (Software)	5,508,786
	2,719	Minerals Technologies, Inc. (Chemicals)	177,442
	11,345	Mobile Mini, Inc. (Commercial Services & Supplies)	368,826
	4,700	Monro Muffler Brake, Inc. (Specialty Retail)	294,314
	61,536	Motorola Solutions, Inc. (Communications Equipment)	4,269,368
	4,946	Multi Packaging Solutions International Ltd.* (Containers & Packaging)	71,816
	7,525	National Health Investors, Inc. (Real Estate Investment Trusts)	591,239
	240,615	National Oilwell Varco, Inc. (Energy Equipment & Services)	7,783,895
	8,626	Nationstar Mortgage Holdings, Inc.* (Thrifts & Mortgage Finance)	108,946
	12,929	Navient Corp. (Consumer Finance)	183,592
	13,843	Navigant Consulting, Inc.* (Professional Services)	272,846
	6,123	Nelnet, Inc. Class A (Consumer Finance)	247,430
	3,322	NETGEAR, Inc.* (Communications Equipment)	170,850
	38,400	NorthStar Realty Europe Corp. (Real Estate Investment Trusts)	355,200

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	12,765	NorthWestern Corp. (Multi-Utilities)	$       775,346
	3,009	Nu Skin Enterprises, Inc. Class A (Personal Products)	160,681
	25,534	Office Depot, Inc.* (Specialty Retail)	88,348
	5,403	Olin Corp. (Chemicals)	112,923
	385,069	Oracle Corp. (Software)	15,803,232
	5,463	Owens & Minor, Inc. (Health Care Providers & Services)	195,084
	6,760	Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)	386,537
	3,926	PAREXEL International Corp.* (Life Sciences Tools & Services)	262,453
	43,699	Parker-Hannifin Corp. (Machinery)	4,989,989
	7,674	Parsley Energy, Inc. Class A* (Oil, Gas & Consumable Fuels)	218,786
	11,875	Pebblebrook Hotel Trust (Real Estate Investment Trusts)	352,094
	3,628	PNM Resources, Inc. (Electric Utilities)	124,658
	8,595	Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)	490,517
	9,743	PRA Group, Inc.* (Consumer Finance)	271,440
	21,055	Primoris Services Corp. (Construction & Engineering)	380,043
	10,170	ProAssurance Corp. (Insurance)	525,382
	2,810	Proofpoint, Inc.* (Software)	213,195
	7,020	Proto Labs, Inc.* (Machinery)	386,381
	26,809	QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)	1,677,707
	14,306	Radian Group, Inc. (Thrifts & Mortgage Finance)	184,547
	5,875	RBC Bearings, Inc.* (Machinery)	446,676
	11,377	RPX Corp.* (Professional Services)	114,566
	7,442	RSP Permian, Inc.* (Oil, Gas & Consumable Fuels)	267,540
	58,456	Sabre Corp. (IT Services)	1,703,992
	1,069	Safety Insurance Group, Inc. (Insurance)	68,095
	1,440	Scholastic Corp. (Media)	59,184
	3,853	Schweitzer-Mauduit International, Inc. (Paper & Forest Products)	145,682
	10,016	Select Medical Holdings Corp.* (Health Care Providers & Services)	115,184
	1,024	Sensient Technologies Corp. (Chemicals)	75,602
	11,955	Shire PLC ADR (Biotechnology)	2,320,705

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	7,555	Silgan Holdings, Inc. (Containers & Packaging)	$       374,577
	4,621	Silver Bay Realty Trust Corp. (Real Estate Investment Trusts)	83,270
	56,822	SLM Corp.* (Consumer Finance)	408,550
	3,400	Southern Copper Corp. (Metals & Mining)	88,366
	22,835	STAG Industrial, Inc. (Real Estate Investment Trusts)	579,552
	6,445	Starwood Property Trust, Inc. (Real Estate Investment Trusts)	140,501
	3,264	Starz Class A* (Media)	98,671
	80,283	State Street Corp. (Capital Markets)	5,281,016
	6,750	Steel Dynamics, Inc. (Metals & Mining)	181,035
	6,150	Steven Madden Ltd.* (Textiles, Apparel & Luxury Goods)	215,373
	17,011	Stifel Financial Corp.* (Capital Markets)	601,339
	7,545	Sun Communities, Inc. (Real Estate Investment Trusts)	597,187
	9,338	Sykes Enterprises, Inc.* (IT Services)	286,583
	3,427	SYNNEX Corp. (Electronic Equipment, Instruments & Components)	344,516
	29,606	T. Rowe Price Group, Inc. (Capital Markets)	2,092,848
	11,128	Tailored Brands, Inc. (Specialty Retail)	163,025
	10,265	Team Health Holdings, Inc.* (Health Care Providers & Services)	419,223
	7,054	TeleTech Holdings, Inc. (IT Services)	201,321
	6,172	Teradyne, Inc. (Semiconductors & Semiconductor Equipment)	121,897
	5,643	Tetra Tech, Inc. (Commercial Services & Supplies)	185,824
	10,070	Texas Capital Bancshares, Inc.* (Commercial Banks)	488,798
	18,680	Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)	882,070
	102,816	The Bank of New York Mellon Corp. (Capital Markets)	4,050,950
	29,573	The Boeing Co. (Aerospace & Defense)	3,952,727
	1,920	The Brink’s Co. (Commercial Services & Supplies)	63,014
	11,645	The Finish Line, Inc. Class A (Specialty Retail)	253,046
	3,003	The Hanover Insurance Group, Inc. (Insurance)	247,267
	923	The Navigators Group, Inc. (Insurance)	86,457

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	3,559	The Priceline Group, Inc.* (Internet & Catalog Retail)	$    4,807,533
	5,215	The Toro Co. (Machinery)	479,519
	22,196	The Walt Disney Co. (Media)	2,129,706
	2,869	Thor Industries, Inc. (Automobiles)	219,593
	31,519	Time Warner, Inc. (Media)	2,415,931
	10,885	Tumi Holdings, Inc.* (Textiles, Apparel & Luxury Goods)	291,174
	6,970	Tupperware Brands Corp. (Household Durables)	436,880
	4,580	Tutor Perini Corp.* (Construction & Engineering)	115,050
	28,573	Two Harbors Investment Corp. (Real Estate Investment Trusts)	250,014
	5,470	Tyler Technologies, Inc.* (Software)	891,719
	15,752	United Technologies Corp. (Aerospace & Defense)	1,695,703
	2,237	Universal Corp. (Tobacco)	132,676
	7,120	Universal Forest Products, Inc. (Building Products)	769,814
	7,680	US Ecology, Inc. (Commercial Services & Supplies)	347,904
	51,410	Visa, Inc. Class A (IT Services)	4,012,550
	16,775	Walgreens Boots Alliance, Inc. (Food & Staples Retailing)	1,329,419
	10,163	Walker & Dunlop, Inc.* (Thrifts & Mortgage Finance)	240,558
	8,354	Washington Federal, Inc. (Thrifts & Mortgage Finance)	208,850
	3,590	WD-40 Co. (Household Products)	412,778
	13,470	Webster Financial Corp. (Commercial Banks)	484,381
	6,530	WESCO International, Inc.* (Trading Companies & Distributors)	363,982
	13,145	West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies)	1,055,281
	5,167	Western Refining, Inc. (Oil, Gas & Consumable Fuels)	107,732
	16,185	Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)	396,371
	12,241	World Fuel Services Corp. (Oil, Gas & Consumable Fuels)	582,672
			216,214,496
	TOTAL COMMON STOCKS (Cost $607,538,254)		$625,613,883

Shares		Description	Value
	Preferred Stocks – 0.9%
	Brazil – 0.1%
	22,582	Banco ABC Brasil SA (Commercial Banks)	$         98,201
	4,400	Centrais Eletricas Brasileiras SA Class B* (Electric Utilities)	30,234
	7,800	Cia Energetica de Minas Gerais (Electric Utilities)	21,867
	9,200	Gerdau SA (Metals & Mining)	21,990
	6,200	Itau Unibanco Holding SA (Commercial Banks)	64,612
	11,150	Itausa - Investimentos Itau SA (Commercial Banks)	28,748
	9,600	Lojas Americanas SA (Multiline Retail)	56,699
	40,900	Petroleo Brasileiro SA* (Oil, Gas & Consumable Fuels)	149,730
	5,400	Suzano Papel e Celulose SA Class A (Paper & Forest Products)	16,521
	28,800	Vale SA (Metals & Mining)	133,323
			621,925
	Colombia – 0.0%
	2,928	Grupo Argos SA (Construction Materials)	16,881
	62,552	Grupo Aval Acciones y Valores SA (Commercial Banks)	23,839
	1,391	Grupo de Inversiones Suramericana SA (Diversified Financial Services)	17,000
			57,720
	Germany – 0.8%
	17,142	Jungheinrich AG (Machinery)	522,864
	6,564	Sartorius AG (Health Care Equipment & Supplies)	524,838
	29,577	Volkswagen AG (Automobiles)	4,161,285
			5,208,987
	Panama – 0.0%
	46,754	Avianca Holdings SA (Airlines)	35,104
	Russia* – 0.0%
	14	AK Transneft OAO (Oil, Gas & Consumable Fuels)	35,317
	67,200	Surgutneftegas OAO (Oil, Gas & Consumable Fuels)	33,212
			68,529
	TOTAL PREFERRED STOCKS – 0.9% (Cost $6,019,304)		$5,992,265

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Units		Description	Expiration Date	Value
Right* – 0.0%
China – 0.0%
	4,666	China Resources Beer Holdings Co. Ltd.	08/09/16	$           1,877
(Cost $-)
Shares		Description		Value
Exchange Traded Fund – 0.1%
	18,600	iShares MSCI Frontier 100 ETF JDR		$       466,860
(Cost $465,694)
Principal Amount		Interest Rate	Maturity Date	Value
Short-term Investment(b) – 6.9%
Repurchase Agreements – 6.9%
Joint Repurchase Agreement Account II
$	47,000,000	0.345%	08/01/16	$  47,000,000
(Cost $47,000,000)
TOTAL INVESTMENTS – 99.9% (Cost $661,023,252)				$679,074,885
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%				636,276
NET ASSETS – 100.0%				$679,711,161

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. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by an underylying manager and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $ 2,324,811, which represents approximately 0.3% of net assets as of July 31, 2016.
(b)	Joint repurchase agreement was entered into on July 29, 2016. Additional information appears in the Notes to the Schedule of Investments section.

Currency Abbreviations:
AUD	— Australian Dollar
CHF	— Swiss Franc
DKK	— Danish Krone
EUR	— Euro
GBP	— British Pound
HKD	— Hong Kong Dollar
IDR	— Indonesian Rupiah
ILS	— Israeli Shekel
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— U.S. Dollar
Investment Abbreviations:
ADR	— American Depositary Receipt
CP	— Commercial Paper
ETF	— Exchange Traded Fund
GDR	— Global Depository Receipt
LLC	— Limited Liability Company
MTN	— Medium Term Note
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS MULTI-MANAGER GLOBAL EQUITY FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date	Unrealized Gain
Bank of America Securities LLC	AUD	834,630	USD	619,827	$	633,195	09/21/16	$	13,368
	CHF	613,040	USD	632,096		634,380	09/21/16		2,283
	DKK	1,300,950	USD	194,865		195,966	09/21/16		1,101
	ILS	142,670	USD	37,133		37,451	09/21/16		318
	JPY	340,550,030	USD	3,328,775		3,344,213	09/21/16		15,438
	NZD	27,610	USD	19,589		19,893	09/21/16		303
	SGD	15,170	USD	11,266		11,310	09/21/16		45
	USD	857,948	AUD	1,130,640		857,764	09/21/16		183
	USD	13,708,594	CHF	13,188,950		13,648,057	09/21/16		60,537
	USD	1,239,757	NOK	10,083,210		1,195,203	09/21/16		44,555
	USD	5,346,752	SEK	43,399,720		5,085,182	09/21/16		261,571
Commonwealth Bank of Australia	EUR	3,646,510	USD	4,062,526		4,085,747	09/21/16		23,221
	USD	3,189,713	DKK	20,814,220		3,135,304	09/21/16		54,409
	USD	47,063,360	EUR	41,293,610		46,267,590	09/21/16		795,770
	USD	32,049,263	GBP	22,116,150		29,295,997	09/21/16		2,753,265
	USD	66,873	ILS	254,710		66,861	09/21/16		11
State Street Bank and Trust	SGD	103,319	USD	76,020		77,061	08/04/16		1,040
TOTAL								$	4,027,418
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date	Unrealized Loss
Bank of America Securities LLC	GBP	48,660	USD	65,086	$	64,457	09/21/16	$	(628	)
	HKD	1,552,200	USD	200,297		200,197	09/21/16		(100	)
	NOK	396,790	USD	47,413		47,033	09/21/16		(380	)
	SEK	2,345,840	USD	277,829		274,864	09/21/16		(2,965	)
	USD	10,900,300	AUD	14,718,400		11,166,172	09/21/16		(265,872	)
	USD	15,108,440	HKD	117,203,950		15,116,533	09/21/16		(8,092	)
	USD	39,724,980	JPY	4,244,507,620		41,681,214	09/21/16		(1,956,234	)
	USD	540,514	NZD	778,400		560,828	09/21/16		(20,314	)
	USD	2,151,365	SGD	2,916,390		2,174,399	09/21/16		(23,033	)
Commonwealth Bank of Australia	USD	2,398,066	EUR	2,140,530		2,398,365	09/21/16		(299	)
	USD	1,034,008	ILS	3,941,330		1,034,595	09/21/16		(585	)
TOTAL								$	(2,278,502	)

TAX INFORMATION — At July 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	661,344,539
Gross unrealized gain		51,341,297
Gross unrealized loss		(33,610,951	)
Net unrealized security gain	$	17,730,346

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 26.1%
Aerospace – 0.1%
Sequa Corp.
$	498,708		5.250	%	06/19/17	$       401,460
Aerospace & Defense – 0.2%
BE Aerospace, Inc.
	400,000		3.750		12/16/21	402,200
Transdigm, Inc.
	246,851		3.750		06/04/21	245,864
						648,064
Airlines – 0.8%
American Airlines, Inc.
	987,500		3.250		06/27/20	983,264
CEVA Group PLC
	54,585		6.500		03/19/21	45,579
Delta Air Lines, Inc.
	744,216		3.250		10/18/18	746,210
	500,000		4.750		07/30/21	494,065
US Airways Group, Inc.
	244,950		3.500		05/23/19	244,719
						2,513,837
Automotive - Parts – 0.9%
Allison Transmission, Inc.
	246,835		3.500		08/23/19	246,939
Capital Automotive LP
	180,239		4.000		04/10/19	180,727
Chrysler Group LLC
	1,019,026		3.250		12/31/18	1,020,300
Evergreen Skills Lux S.a.r.l.
	610,703		5.750		04/28/21	502,047
Gates Global LLC
	183,893		4.250		07/06/21	179,801
Jaguar Holding Company II
	743,741		4.250		08/18/22	743,183
						2,872,997
Building Materials – 0.5%
Engility Corp.
	250,000		12.000		05/30/21	255,312
Jeld-Wen, Inc.
	992,500		4.750		07/01/22	996,222
Wilsonart LLC
	309,610		4.000		10/31/19	309,093
						1,560,627
Chemicals – 0.4%
Ineos US Finance LLC
	409,644		3.750		05/04/18	409,217
	246,873		4.250		03/31/22	246,525
MacDermid, Inc.
	592,481		5.500		06/07/20	591,741
						1,247,483
Consumer Cyclical Services – 0.5%
First Data Corp.
	1,500,000		4.488		03/24/21	1,506,795

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Consumer Cyclical Services – (continued)
Samsonite International SA
$	77,922		4.000	%	05/12/23	$         78,669
						1,585,464
Consumer Products - Household & Leisure – 0.7%
Affinion Group, Inc.
	454,987		6.750		04/30/18	431,227
B&G Foods, Inc.
	129,729		3.750		11/02/22	130,338
Life Time Fitness, Inc.
	948,489		4.250		06/10/22	945,918
Revlon Consumer Products Corp.
	500,000		4.750		07/22/23	499,220
						2,006,703
Diversified Manufacturing – 0.1%
Emerald US Inc.
	98,870		5.000		05/09/21	89,971
Rexnord LLC
	234,462		4.000		08/21/20	234,207
						324,178
Energy – 0.4%
CJ Holding Co.
	495,000		6.500		03/23/20	356,153
Dynegy Holdings, Inc.
	249,357		4.000		04/23/20	248,682
Seadrill Partners Finco LLC
	743,272		4.000		02/21/21	324,252
Templar Energy LLC
	673,042		8.500		11/25/20	156,482
						1,085,569
Energy - Exploration & Production – 0.2%
Fieldwood Energy LLC
	554,514		3.875		10/01/18	472,263
Murray Energy Corp.
	138,952		7.500		04/16/20	102,477
						574,740
Entertainment – 0.4%
Sabre, Inc.
	204,753		4.500		02/19/19	205,351
Zuffa LLC
	987,220		3.750		02/25/20	986,401
						1,191,752
Environmental – 0.1%
Tervita Corp.
	201,023		6.250		05/15/18	193,484
Finance – 0.1%
Walter Investment Management Corp.
	250,000		4.750		12/19/20	206,250
Finance Insurance – 0.5%
Alliant Holdings I, Inc.
	500,000		4.500		08/12/22	496,875

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Finance Insurance – (continued)
Hub International Ltd.
$	1,087,887		4.250	%	10/02/20	$    1,084,580
						1,581,455
Financial Services – 0.4%
AlixPartners LLP
	496,250		4.500		07/28/22	497,491
New Millennium Holdco, Inc.
	165,239		7.500		12/21/20	116,493
Sophia LP
	496,250		4.750		09/30/22	496,042
						1,110,026
Food & Beverage – 0.7%
NBTY, Inc.
	650,000		5.000		05/05/23	646,750
US Foods, Inc.
	1,500,000		4.000		06/27/23	1,507,185
						2,153,935
Food & Drug Retailers – 0.6%
ON Semiconductor Corp.
	1,579,600		5.250		03/31/23	1,597,370
Rite Aid Corp.
	250,000		5.750		08/21/20	250,625
						1,847,995
Gaming – 0.7%
Boyd Gaming Corp.
	216,533		4.000		08/14/20	217,243
Mohegan Tribal Gaming Authority
	905,398		5.500		06/15/18	903,588
Scientific Games International, Inc.
	248,724		6.000		10/18/20	248,413
	726,456		6.000		10/01/21	725,548
						2,094,792
Health Care - Medical Products – 0.5%
Carestream Health, Inc.
	232,877		5.000		06/07/19	227,055
	250,000		9.500		12/07/19	240,625
Kinetic Concepts, Inc.
	998,750		5.000		11/04/20	999,579
						1,467,259
Health Care - Services – 2.0%
Air Medical Group Holdings, Inc.
	800,662		4.250		04/28/22	786,651
American Renal Holdings, Inc.
	647,356		4.750		09/20/19	638,054
BPA Laboratories, Inc.
	80,336		2.500		07/01/17	35,348
Community Health Systems, Inc.
	440,218		3.924		12/31/18	435,895
	992,481		4.000		01/27/21	979,767
Iasis Healthcare LLC
	246,803		4.500		05/03/18	246,110

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Health Care - Services – (continued)
Kindred Healthcare, Inc.
$	497,463		4.250	%	04/09/21	$       493,732
Quorum Health Corp.
	748,125		6.750		04/29/22	754,985
Select Medical Corp.
	493,248		6.000		06/01/18	493,864
U.S. Renal Care, Inc.
	1,169,667		5.250		12/31/22	1,157,970
						6,022,376
Home Construction – 0.1%
The ServiceMaster Co.
	246,859		4.250		07/01/21	247,709
Lodging – 0.2%
Hilton Worldwide Finance LLC
	500,000		3.500		10/26/20	501,155
Media - Broadcasting & Radio – 1.2%
Cumulus Media Holdings, Inc.
	800,000		4.250		12/23/20	566,504
EIG Investors Corp.
	286,746		6.480		11/09/19	276,710
iHeart Communications, Inc.
	1,500,000		7.246		01/30/19	1,154,535
	250,000		7.996		07/30/19	192,125
Townsquare Media, Inc.
	93,252		4.250		04/01/22	93,252
Tribune Media Co.
	990,000		3.750		12/27/20	991,238
Uber Technologies
	500,000		5.000		07/13/23	499,065
						3,773,429
Media - Cable – 1.6%
Altice US Finance I Corp.
	989,746		4.250		12/14/22	991,607
Charter Communications Operating LLC
	997,500		3.500		01/24/23	1,001,490
Communications Sales & Leasing, Inc.
	990,000		5.000		10/24/22	988,762
WideOpenWest Finance LLC
	396,137		4.500		04/01/19	396,236
Ziggo N.V.
	508,851		3.652		01/15/22	506,017
	416,809		3.701		01/15/22	414,487
	524,340		3.701		01/15/22	521,420
						4,820,019
Media - Non Cable – 0.7%
Advantage Sales & Marketing, Inc.
	246,859		4.250		07/23/21	245,492
	250,000		7.500		07/25/22	233,125
Cengage Learning Acquisitions, Inc.
	1,000,000		5.250		06/07/23	997,500
Media General, Inc.
	750,000		4.000		07/31/20	749,925
						2,226,042

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Metals & Mining – 0.3%
FMG Resources (August 2006) Pty Ltd.
$	902,638		4.250	%	06/30/19	$       885,073
Packaging – 1.0%
Ardagh Holdings USA, Inc.
	1,034,166		4.000		12/17/19	1,036,111
BWAY Holding Co., Inc.
	400,000		5.500		08/14/20	399,856
Klockner-Pentaplast of America, Inc.
	702,133		5.000		04/28/20	704,984
Reynolds Group Holdings, Inc.
	1,000,000		4.250		02/01/23	1,000,540
						3,141,491
Pharmaceutical – 0.6%
Catalent Pharma Solutions, Inc.
	246,852		4.250		05/20/21	247,602
DPx Holdings B.V.
	246,851		4.250		03/11/21	245,773
PRA Holdings, Inc.
	241,247		4.500		09/23/20	242,554
Valeant Pharmaceuticals International, Inc.
	1,263,436		5.000		04/01/22	1,253,834
						1,989,763
Property/Casualty Insurance – 0.2%
York Risk Services Holding Corp.
	688,827		4.750		10/01/21	609,185
Real Estate – 0.1%
Hudson’s Bay Co.
	230,415		4.750		09/30/22	230,703
Restaurants – 0.5%
1011778 B.C. Unlimited Liability Co.
	1,482,452		3.750		12/10/21	1,488,323
Retailers – 2.1%
Academy Ltd.
	121,977		5.000		07/01/22	117,886
Albertsons LLC
	1,500,000		4.750		06/22/23	1,509,060
BJ’s Wholesale Club, Inc.
	241,546		4.500		09/26/19	240,976
Dell, Inc.
	250,000		2.250		06/02/21	241,625
	1,000,000		4.000		05/24/23	1,000,230
Mattress Holding Corp.
	215,827		6.250		10/20/21	213,958
Microsemi Corp.
	502,514		5.250		01/15/23	505,403
PetSmart, Inc.
	1,482,487		4.250		03/11/22	1,484,474
Rite Aid Corp.
	750,000		4.875		06/21/21	751,125

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Retailers – (continued)
Supervalu, Inc.
$	461,601		5.500	%	03/21/19	$       460,794
						6,525,531
Services Cyclical - Business Services – 0.7%
ADS Waste Holdings, Inc.
	750,000		3.750		10/09/19	748,905
Ceridian LLC
	243,924		4.500		09/15/20	234,167
TransUnion LLC
	393,918		3.500		04/09/21	393,567
Travelport Finance S.A.R.L.
	750,000		5.000		09/02/21	750,750
						2,127,389
Special Purpose – 0.1%
KP Germany Erste GmbH
	300,057		5.000		04/28/20	301,275
Technology - Hardware – 0.4%
Diebold, Inc.
	555,000		5.250		11/06/23	553,846
Micron Technology, Inc.
	750,000		6.000		04/26/22	757,312
						1,311,158
Technology - Software/Services – 2.7%
Applied Systems, Inc.
	763,388		4.000		01/25/21	764,152
Avago Technologies Cayman Ltd.
	2,150,938		4.250		02/01/23	2,150,594
Black Knight InfoServ LLC
	75,573		3.750		05/27/22	76,045
BMC Software Finance, Inc.
	1,090,129		5.000		09/10/20	999,649
Emdeon, Inc.
	246,811		3.750		11/02/18	247,275
Equinix, Inc.
	34,913		4.000		01/08/23	35,000
Informatica Corp.
	744,375		4.500		08/05/22	733,678
Lawson Software, Inc.
	728,968		3.750		06/03/20	719,855
Magic NewCo. LLC
	246,799		5.000		12/12/18	247,159
MKS Instruments, Inc.
	193,387		4.250		05/01/23	194,596
Syniverse Holdings, Inc.
	309,993		4.000		04/23/19	249,545
	197,925		4.000		04/23/19	160,319
Tibco Software, Inc.
	500,000		6.500		12/04/20	479,375
Western Digital Corp.
	1,155,000		6.250		04/29/23	1,165,591
						8,222,833

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Telecommunications - Internet & Data – 1.1%
Asurion LLC
$	485,009		5.000	%	05/24/19	$       485,514
	725,000		8.500		03/03/21	717,902
Avaya, Inc.
	803,526		5.243		10/26/17	655,677
	344,817		6.250		05/29/20	259,303
Level 3 Financing, Inc.
	1,250,000		4.000		01/15/20	1,255,000
						3,373,396
Telecommunications - Satellites – 0.2%
Intelsat Jackson Holdings SA
	783,850		3.750		06/30/19	742,212
Transportation – 0.2%
CEVA Intercompany B.V.
	56,267		6.500		03/19/21	46,983
Ceva Logistics Canada ULC
	9,701		6.500		03/19/21	8,101
Ceva Logistics US Holdings, Inc.
	77,610		6.500		03/19/21	64,804
Syncreon Group Holdings B.V.
	682,529		5.250		10/28/20	580,150
						700,038
Utilities – 1.3%
Energy Future Intermediate Holding Co. LLC
	2,000,000		4.250		12/19/16	2,002,500
Penn Products Terminals LLC
	77,625		4.750		04/13/22	77,431
Texas Competitive Electric Holdings Co.
	1,483,544		4.000		10/31/17	1,486,021
	338,352		4.000		07/27/23	338,917
						3,904,869
TOTAL BANK LOANS (Cost $81,071,133)						$  79,812,039
Corporate Obligations – 31.3%
Aerospace & Defense(b)(c) – 0.1%
Huntington Ingalls Industries, Inc.
$	295,000		5.000	%	11/15/25	$       315,650
Automotive(b)(c) – 0.2%
Schaeffler Finance BV
	700,000		4.250		05/15/21	718,375
Banks – 0.1%
Banco Nacional de Costa Rica(b)
	120,000		5.875		04/25/21	125,250
Oschadbank Via SSB #1 PLC(d)
	200,000		9.375		03/10/23	196,500
						321,750
Building Materials(c) – 0.7%
American Builders & Contractors Supply Co., Inc.(b)
	640,000		5.625		04/15/21	662,400
Gibraltar Industries, Inc.
	500,000		6.250		02/01/21	514,375

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(c) – (continued)
Masonite International Corp.(b)
$	1,000,000		5.625	%	03/15/23	$         1,055,000
						2,231,775
Chemicals – 0.1%
OCP SA
	150,000		5.625		04/25/24	162,375
Consumer Cyclical Services(c) – 1.0%
CEB, Inc.(b)
	36,000		5.625		06/15/23	36,450
Ceridian HCM Holding, Inc.(b)
	24,000		11.000		03/15/21	24,360
First Data Corp.(b)
	600,000		6.750		11/01/20	627,000
	800,000		5.000		01/15/24	806,000
Iron Mountain, Inc.(b)
	700,000		6.000		10/01/20	743,750
United Rentals North America, Inc.
	750,000		5.875		09/15/26	778,125
						3,015,685
Consumer Noncyclical(c) – 0.2%
NeuStar, Inc.
	775,000		4.500		01/15/23	684,906
Consumer Products - Household & Leisure(c) – 1.0%
Newell Brands, Inc.(b)
	667,000		5.000		11/15/23	705,086
Spectrum Brands, Inc.
	1,015,000		5.750		07/15/25	1,098,737
The Scotts Miracle-Gro Co.(b)
	1,200,000		6.000		10/15/23	1,281,000
						3,084,823
Diversified Financial Services – 0.4%
Bankrate, Inc.(b)(c)
	700,000		6.125		08/15/18	708,750
Ukreximbank Via Biz Finance PLC
	375,000		9.625		04/27/22	372,188
						1,080,938
Electric(b)(c) – 0.1%
Calpine Corp.
	123,000		5.250		06/01/26	125,152
Transelec SA
	100,000		3.875		01/12/29	100,402
						225,554
Energy – 2.2%
BGEO Group JSC(b)
	125,000		6.000		07/26/23	125,000
Blue Racer Midstream LLC/Blue Racer Finance Corp.(b)(c)
	1,300,000		6.125		11/15/22	1,222,000
California Resources Corp.(b)(c)
	345,000		8.000		12/15/22	219,075
CITGO Petroleum Corp.(b)(c)
	500,000		6.250		08/15/22	480,000

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy – (continued)
Pertamina Persero PT
$	90,000		4.875	%	05/03/22	$         95,400
	145,000		4.300		05/20/23	149,034
Petrobras Global Finance BV
	1,650,000		8.375		05/23/21	1,741,204
	200,000		8.750		05/23/26	207,460
Petroleos de Venezuela SA
	260,000		5.250		04/12/17	180,960
	356,667		8.500		11/02/17	276,862
	529,104		9.000		11/17/21	255,928
	55,000		12.750		02/17/22	29,672
	1,272,632		6.000		05/16/24	465,020
	566,742		6.000		11/15/26	205,444
	210,000		5.375		04/12/27	76,705
	75,000		9.750		05/17/35	33,375
	70,000		5.500		04/12/37	25,113
Petroleos Mexicanos
	222,000		8.000		05/03/19	249,595
	340,000		6.375		02/04/21	372,208
Western Refining, Inc.(c)
	202,000		6.250		04/01/21	186,850
Whiting Petroleum Corp.(c)
	95,000		6.250		04/01/23	77,662
						6,674,567
Energy - Exploration & Production – 1.1%
Continental Resources, Inc.(c)
	115,000		5.000		09/15/22	107,238
	439,000		4.500		04/15/23	395,100
Halcon Resources Corp.(b)(c)(e)
	375,000		8.625		02/01/20	345,000
KazMunayGas National Co. JSC
	190,000		9.125		07/02/18	209,000
	200,000		7.000		05/05/20	217,160
	275,000		6.375		04/09/21	296,202
Linn Energy LLC/Linn Energy Finance Corp.(c)(e)
	655,000		6.250		11/01/19	108,075
MEG Energy Corp.(b)(c)
	450,000		6.375		01/30/23	315,000
	150,000		7.000		03/31/24	108,375
Memorial Production Partners LP/Memorial Production Finance Corp.(c)
	200,000		7.625		05/01/21	100,000
Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC(c)(e)
	700,000		10.000		06/01/20	402,500
	72,000		10.750		10/01/20	900
	300,000		9.250		06/01/21	3,750
Newfield Exploration Co.(c)
	380,000		5.375		01/01/26	361,000
PDC Energy, Inc.(c)
	500,000		7.750		10/15/22	517,500
Peabody Energy Corp.(e)
	40,000		6.250		11/15/21	5,100
						3,491,900
Energy - Services(b)(c) – 0.3%
Hiland Partners Holdings LLC/Hiland Partners Finance Corp.
	757,000		5.500		05/15/22	758,360
Entertainment(b)(c) – 0.3%
Six Flags Entertainment Corp.
	700,000		4.875		07/31/24	700,000

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(b)(c) – (continued)
WMG Acquisition Corp.
$	110,000		5.000	%	08/01/23	$       111,375
						811,375
Entertainment & Leisure(c) – 1.0%
AMC Entertainment, Inc.
	200,000		5.875		02/15/22	204,750
	294,000		5.750		06/15/25	295,470
Cinemark USA, Inc.
	1,000,000		4.875		06/01/23	1,022,500
ClubCorp Club Operations, Inc.(b)
	700,000		8.250		12/15/23	729,750
Sabre GLBL, Inc.(b)
	800,000		5.250		11/15/23	838,000
						3,090,470
Finance – 0.8%
Ally Financial, Inc.
	1,000,000		4.125		03/30/20	1,022,500
CIT Group, Inc.(b)
	500,000		5.500		02/15/19	528,750
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(c)
	1,000,000		5.875		02/01/22	955,000
						2,506,250
Finance Insurance(b)(c) – 0.2%
HUB International Ltd.
	200,000		9.250		02/15/21	211,000
	400,000		7.875		10/01/21	398,000
						609,000
Food & Beverage(c) – 0.2%
B&G Foods, Inc.
	700,000		4.625		06/01/21	720,125
Gaming – 1.3%
Boyd Gaming Corp.(b)(c)
	470,000		6.375		04/01/26	500,550
GLP Capital LP/GLP Financing II, Inc.
	250,000		4.375		04/15/21	260,000
	714,000		5.375		04/15/26	760,410
MGM Growth Properties Operating Partnership LP/MGP Escrow Co-Issuer, Inc.(b)(c)
	170,000		5.625		05/01/24	181,900
MGM Resorts International
	1,000,000		6.625		12/15/21	1,107,500
Seminole Hard Rock Entertainment, Inc.(b)(c)
	1,000,000		5.875		05/15/21	1,015,000
						3,825,360
Health Care - Medical Products – 0.8%
Fresenius Medical Care US Finance II, Inc.(b)
	700,000		5.875		01/31/22	789,250
Grifols Worldwide Operations Ltd.(c)
	965,000		5.250		04/01/22	1,006,013

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Health Care - Medical Products – (continued)
Kinetic Concepts, Inc.(b)(c)
$	500,000		7.875	%	02/15/21	$       541,875
						2,337,138
Health Care - Pharmaceuticals – 0.7%
Mallinckrodt International Finance SA
	678,000		4.750		04/15/23	600,030
Mallinckrodt International Finance SA/Mallinckrodt CB LLC(b)(c)
	300,000		5.500		04/15/25	279,000
Quintiles Transnational Corp.(b)(c)
	1,000,000		4.875		05/15/23	1,030,000
Valeant Pharmaceuticals International, Inc.(b)(c)
	250,000		6.125		04/15/25	207,500
						2,116,530
Health Care - Services – 1.8%
Acadia Healthcare Co., Inc.(c)
	825,000		5.625		02/15/23	818,813
Amsurg Corp.(c)
	1,000,000		5.625		07/15/22	1,050,000
Centene Corp.(c)
	235,000		5.625		02/15/21	247,925
	235,000		6.125		02/15/24	252,625
CHS/Community Health Systems, Inc.(c)
	700,000		5.125		08/01/21	698,250
DaVita HealthCare Partners, Inc.(c)
	1,000,000		5.125		07/15/24	1,032,500
	210,000		5.000		05/01/25	212,625
HCA, Inc.
	114,000		5.375		02/01/25	119,130
	900,000		5.250		04/15/25	960,187
						5,392,055
Internet(c) – 0.5%
Zayo Group LLC/Zayo Capital, Inc.
	1,500,000		6.375		05/15/25	1,571,250
Lodging(c) – 0.3%
Interval Acquisition Corp.
	1,000,000		5.625		04/15/23	1,030,000
Machinery(b) – 0.1%
Boart Longyear Management Pty Ltd.
	500,000		10.000		10/01/18	258,750
Media - Broadcasting & Radio(c) – 1.7%
AMC Networks, Inc.
	1,000,000		5.000		04/01/24	1,020,000
Sinclair Television Group, Inc.(b)
	1,000,000		5.625		08/01/24	1,035,000
	240,000		5.875		03/15/26	252,000
Sirius XM Radio, Inc.(b)
	1,200,000		4.625		05/15/23	1,198,500
Townsquare Media, Inc.(b)
	442,000		6.500		04/01/23	441,447
Univision Communications, Inc.(b)
	1,200,000		5.125		02/15/25	1,233,000
						5,179,947

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media - Cable – 2.2%
Altice US Finance I Corp.(b)(c)
$	900,000		5.375	%	07/15/23	$       928,125
CCO Holdings LLC/CCO Holdings Capital Corp.(c)
	600,000		5.125		02/15/23	619,500
Charter Communications Operating LLC/Charter Communications Operating Capital(b)(c)
	1,000,000		4.908		07/23/25	1,101,263
CSC Holdings LLC
	1,100,000		6.750		11/15/21	1,167,375
	100,000		5.250		06/01/24	95,250
SFR Group SA(b)(c)
	200,000		6.000		05/15/22	194,500
	1,000,000		6.250		05/15/24	961,250
Videotron Ltd.
	600,000		5.000		07/15/22	616,500
Virgin Media Secured Finance PLC(b)(c)
	1,100,000		5.250		01/15/26	1,102,783
						6,786,546
Media - Non Cable(c) – 1.3%
LIN Television Corp.
	800,000		6.375		01/15/21	837,000
Nielsen Finance LLC/Nielsen Finance Co.(b)
	990,000		5.000		04/15/22	1,022,175
Outfront Media Capital LLC/Outfront Media Capital Corp.
	1,090,000		5.875		03/15/25	1,160,850
VeriSign, Inc.
	1,000,000		4.625		05/01/23	1,030,000
						4,050,025
Metals & Mining(c) – 0.3%
Hecla Mining Co.
	300,000		6.875		05/01/21	299,250
New Gold, Inc.(b)
	645,000		6.250		11/15/22	659,512
Oshkosh Corp.
	41,000		5.375		03/01/25	42,743
						1,001,505
Packaging – 1.2%
Ball Corp.
	100,000		4.000		11/15/23	101,500
	775,000		5.250		07/01/25	837,000
Owens-Brockway Glass Container, Inc.(b)
	500,000		5.875		08/15/23	538,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(c)
	1,167,000		5.750		10/15/20	1,204,927
Sealed Air Corp.(b)(c)
	1,000,000		5.125		12/01/24	1,050,000
						3,732,177
Pipelines(c) – 1.8%
Genesis Energy LP/Genesis Energy Finance Corp.
	283,000		6.750		08/01/22	284,415
	161,000		6.000		05/15/23	160,195
	500,000		5.625		06/15/24	477,500

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(c) – (continued)
MPLX LP(b)
$	500,000		4.875	%	12/01/24	$       493,750
	500,000		4.875		06/01/25	493,750
ONEOK, Inc.
	250,000		7.500		09/01/23	273,750
Regency Energy Partners LP/Regency Energy Finance Corp.
	1,000,000		5.000		10/01/22	1,047,500
Sabine Pass Liquefaction LLC
	800,000		5.625		02/01/21	822,000
	300,000		5.625		03/01/25	305,250
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	742,000		5.500		08/15/22	684,495
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	500,000		5.250		05/01/23	487,500
						5,530,105
Real Estate(c) – 0.5%
Communications Sales & Leasing, Inc./CSL Capital LLC(b)
	550,000		6.000		04/15/23	570,625
RHP Hotel Properties LP/RHP Finance Corp.
	940,000		5.000		04/15/23	949,400
						1,520,025
Retailers – 1.3%
CVS Health Corp.(c)
	600,000		4.750		12/01/22	686,259
Dollar Tree, Inc.(c)
	1,000,000		5.750		03/01/23	1,080,000
GameStop Corp.(b)(c)
	600,000		5.500		10/01/19	614,520
L Brands, Inc.
	680,000		5.625		02/15/22	751,400
	795,000		6.875		11/01/35	840,712
						3,972,891
Technology - Hardware – 0.8%
CommScope, Inc.(b)(c)
	390,000		5.500		06/15/24	406,088
NCR Corp.(c)
	1,000,000		5.000		07/15/22	1,007,500
Sensata Technologies BV(b)
	1,080,000		5.000		10/01/25	1,117,800
						2,531,388
Technology - Software/Services(c) – 0.8%
Equinix, Inc.
	100,000		5.375		04/01/23	105,250
	800,000		5.750		01/01/25	852,000
MSCI, Inc.(b)
	1,000,000		5.250		11/15/24	1,062,500
Open Text Corp.(b)
	370,000		5.875		06/01/26	384,800
Western Digital Corp.(b)
	66,000		7.375		04/01/23	71,858
						2,476,408

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunications - Cellular – 0.7%
SoftBank Group Corp.
$	600,000		4.500	%(b)	04/15/20	$       623,280
	400,000		6.000	(c)	07/30/25	433,000
T-Mobile USA, Inc.(c)
	500,000		6.625		04/01/23	534,375
	400,000		6.375		03/01/25	429,000
						2,019,655
Telecommunications - Satellites(c) – 0.0%
Intelsat Jackson Holdings SA
	100,000		5.500		08/01/23	65,500
Transportation – 0.1%
Air Medical Merger Sub Corp.(b)(c)
	240,000		6.375		05/15/23	231,000
Pelabuhan Indonesia II PT
	200,000		4.250		05/05/25	202,750
						433,750
Utilities - Electric(c) – 0.3%
NRG Energy, Inc.
	570,000		6.250		05/01/24	568,575
Talen Energy Supply LLC(b)
	450,000		5.125		07/15/19	426,375
						994,950
Wireless Telecommunications – 1.9%
Altice Financing SA(b)(c)
	600,000		6.500		01/15/22	618,000
Altice Luxembourg SA(b)(c)
	350,000		7.750		05/15/22	354,812
Digicel Group Ltd.(b)(c)
	600,000		8.250		09/30/20	544,500
Digicel Ltd.(b)(c)
	400,000		6.000		04/15/21	376,000
DigitalGlobe, Inc.(b)(c)
	1,200,000		5.250		02/01/21	1,164,000
Hughes Satellite Systems Corp.
	185,000		7.625		06/15/21	197,950
	40,000		5.250	(b)	08/01/26	39,900
Inmarsat Finance PLC(b)(c)
	1,129,000		4.875		05/15/22	1,050,422
Ooredoo International Finance Ltd.(b)
	150,000		3.750		06/22/26	154,778
Sprint Corp.
	550,000		7.875		09/15/23	502,562
	500,000		7.625	(c)	02/15/25	448,750
Wind Acquisition Finance SA(b)(c)
	200,000		4.750		07/15/20	199,000
						5,650,674
Wirelines Telecommunications – 0.9%
Anixter, Inc.
	500,000		5.125		10/01/21	527,500
CenturyLink, Inc.
	483,000		5.625		04/01/20	510,916
	499,000		5.625	(c)	04/01/25	472,013
Frontier Communications Corp.(c)
	350,000		11.000		09/15/25	373,625

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Wirelines Telecommunications – (continued)
Level 3 Financing, Inc.(c)
$	100,000		5.375	%	05/01/25	$       105,000
West Corp.(b)(c)
	800,000		5.375		07/15/22	750,000
						2,739,054
TOTAL CORPORATE OBLIGATIONS (Cost $94,400,812)						$  95,719,561
Foreign Debt Obligations – 34.1%
Sovereign – 34.1%
Brazil Letras do Tesouro Nacional(f)
BRL	1,995,000		0.000	%	01/01/17	$       582,038
	1,330,000		0.000		01/01/19	310,299
Brazil Notas do Tesouro Nacional
	4,950,000		10.000		01/01/18	1,474,537
	6,555,000		10.000		01/01/21	1,896,638
	1,000,000		10.000		01/01/23	283,844
	7,790,000		10.000		01/01/25	2,185,959
	4,000,000		10.000		01/01/27	1,107,718
	514,724		6.000		05/15/35	160,869
	1,048,189		6.000		08/15/50	331,654
Dominican Republic
$	268,000		5.875		04/18/24	283,410
	390,000		5.500		01/27/25	402,675
	265,000		6.875		01/29/26	298,125
	610,000		6.875	(b)	01/29/26	686,250
	100,000		7.450		04/30/44	113,500
	750,000		6.850		01/27/45	808,125
Ecuador Government International Bond
	655,000		10.750	(b)	03/28/22	654,181
	450,000		7.950		06/20/24	396,562
Federal Republic of Brazil
	160,000		8.250		01/20/34	201,200
	475,000		5.000		01/27/45	432,250
	400,000		5.625		02/21/47	388,000
Government of Jamaica
	165,000		8.000		06/24/19	178,200
	410,000		6.750		04/28/28	447,925
Hungary Government Bond
HUF	40,400,000		5.500		12/22/16	147,836
	91,170,000		6.750		02/24/17	338,789
	87,500,000		6.750		11/24/17	339,398
	9,640,000		2.500		06/22/18	35,496
	100,000,000		6.500		06/24/19	411,460
	55,750,000		3.500		06/24/20	213,724
$	390,000		5.375		02/21/23	435,895
	134,000		5.750		11/22/23	154,344
HUF	162,710,000		6.000		11/24/23	723,031
	104,500,000		3.000		06/26/24	383,892
	242,190,000		5.500		06/24/25	1,058,135
Indonesia Government Bond
IDR	2,718,000,000		5.625		05/15/23	192,145
	35,359,000,000		8.375		03/15/24	2,914,091
	6,601,000,000		9.000		03/15/29	573,433
	31,293,000,000		8.750		05/15/31	2,711,096
	2,807,000,000		8.375		03/15/34	233,318
	7,400,000,000		8.250		05/15/36	616,926
Islamic Republic of Pakistan
$	75,000		8.250	(b)	04/15/24	83,268
	110,000		8.250		04/15/24	122,126

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Jordan Government International Bond(b)
$	35,000		6.125	%	01/29/26	$         37,538
Malaysia Government Bond
MYR	905,000		4.262		09/15/16	222,727
	365,000		4.012		09/15/17	91,094
	5,020,000		3.654		10/31/19	1,254,850
	1,760,000		4.048		09/30/21	448,145
	9,794,000		4.181		07/15/24	2,505,293
	5,302,000		3.955		09/15/25	1,327,606
	790,000		4.254		05/31/35	195,498
Mexican Udibonos
MXN	6,072,769		4.000		06/13/19	342,754
Oman Government International Bond(b)
$	140,000		3.625		06/15/21	143,780
Perusahaan Penerbit SBSN
	160,000		4.325		05/28/25	168,922
	434,000		4.550		03/29/26	465,079
	190,000		4.550	(b)	03/29/26	203,606
Philippine Government Bond
PHP	6,780,000		3.625		09/09/25	148,840
Poland Government Bond
PLN	2,475,000		2.500		07/25/18	645,447
	2,710,000		5.500		10/25/19	774,119
	80,000		1.500		04/25/20	20,150
	660,000		5.250		10/25/20	190,893
	5,390,000		5.750		09/23/22	1,644,718
	8,124,000		3.250		07/25/25	2,156,678
	2,366,000		2.500		07/25/26	587,423
Provincia de Cordoba
$	150,000		7.125		06/10/21	152,063
Provincia del Chubut Argentina(b)
	545,000		7.750		07/26/26	547,725
Republic of Angola
	150,000		9.500	(b)	11/12/25	142,500
	75,000		9.500		11/12/25	71,250
Republic of Argentina
	240,000		6.250		04/22/19	254,400
	400,000		6.875		04/22/21	430,000
	210,000		6.875	(b)	04/22/21	225,750
	350,000		7.500		04/22/26	380,100
	430,000		7.500	(b)	04/22/26	466,980
EUR	172,013		7.820		12/31/33	196,638
$	894,500		8.280		12/31/33	1,001,840
EUR	475,000		0.000	(g)	12/15/35	54,167
	2,100,000		0.000	(g)	12/15/35	218,400
$	230,000		7.125	(b)	07/06/36	233,680
	801,000		2.500	(d)	12/31/38	542,677
	125,000		7.625	(b)	04/22/46	133,125
Republic of Azerbaijan
	175,000		4.750		03/18/24	177,188
Republic of Belize(d)
	150,000		5.000		02/20/38	84,375
Republic of Chile
CLP	15,000,000		5.500		08/05/20	24,202
Republic of Colombia
COP	1,979,000,000		7.000		05/04/22	637,244
	4,913,300,000		10.000		07/24/24	1,849,945
$	275,000		4.500	(c)	01/28/26	294,250
COP	1,600,200,000		7.500		08/26/26	516,833
	163,000,000		9.850		06/28/27	63,466
	3,968,300,000		6.000		04/28/28	1,124,270
	175,000		7.375		09/18/37	225,312

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Costa Rica
$	60,000		4.375	%	04/30/25	$         57,075
	50,000		7.000		04/04/44	53,000
	225,000		7.158		03/12/45	239,625
Republic of Croatia
	515,000		6.750		11/05/19	564,569
	300,000		6.750		11/05/19	328,875
	790,000		5.500		04/04/23	850,237
	460,000		6.000		01/26/24	508,300
Republic of Egypt
	100,000		5.750		04/29/20	102,625
	250,000		5.875		06/11/25	233,125
Republic of El Salvador
	65,000		7.375		12/01/19	69,550
	60,000		7.750		01/24/23	65,850
	70,000		5.875		01/30/25	69,563
	90,000		6.375		01/18/27	90,675
	80,000		7.650		06/15/35	83,800
Republic of Ghana
	80,000		7.875		08/07/23	69,300
	735,000		8.125		01/18/26	635,775
Republic of Guatemala
	245,000		4.500		05/03/26	258,169
Republic of Honduras
	200,000		7.500		03/15/24	225,943
Republic of Indonesia
	100,000		3.375		04/15/23	102,000
EUR	120,000		2.625		06/14/23	139,023
$	120,000		5.875		01/15/24	140,250
	165,000		4.125		01/15/25	174,900
	40,000		4.750		01/08/26	44,700
IDR	21,611,000,000		8.375		09/15/26	1,814,938
EUR	385,000		3.750		06/14/28	462,712
$	295,000		6.625		02/17/37	381,656
	60,000		7.750		01/17/38	86,325
	225,000		4.625		04/15/43	237,464
	380,000		5.125		01/15/45	428,925
Republic of Iraq(c)
	125,000		5.800		01/15/28	93,906
Republic of Ivory Coast(c)(d)
	1,221,660		5.750		12/31/32	1,172,794
Republic of Kazakhstan
	300,000		4.875		10/14/44	298,500
	300,000		6.500		07/21/45	353,250
Republic of Kenya
	120,000		6.875		06/24/24	113,400
Republic of Mongolia
	35,000		10.875		04/06/21	38,763
	40,000		5.125		12/05/22	36,085
Republic of Namibia(b)
	55,000		5.250		10/29/25	57,269
Republic of Panama
	175,000		4.000	(c)	09/22/24	189,219
	200,000		8.875		09/30/27	297,000
Republic of Paraguay
	445,000		4.625		01/25/23	466,137
	160,000		5.000	(b)	04/15/26	171,200
	165,000		6.100		08/11/44	184,800
Republic of Peru
PEN	679,000		5.700		08/12/24	205,974
	590,000		8.200		08/12/26	208,232

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Peru – (continued)
$	220,000		4.125	%	08/25/27	$       244,200
PEN	650,000		6.950		08/12/31	211,117
	1,420,000		6.900		08/12/37	456,807
$	150,000		5.625		11/18/50	190,312
Republic of Romania
RON	480,000		6.750		06/11/17	126,786
	850,000		5.950		06/11/21	247,953
	3,670,000		4.750		02/24/25	1,029,398
	3,850,000		5.800		07/26/27	1,165,275
$	376,000		6.125		01/22/44	483,160
Republic of Serbia
	230,000		4.875		02/25/20	237,762
Republic of South Africa
ZAR	7,955,000		8.250		09/15/17	577,287
	12,808,602		6.750		03/31/21	874,680
$	265,000		5.875		09/16/25	300,775
ZAR	40,551,997		10.500		12/21/26	3,288,623
	7,916,667		8.000		01/31/30	525,464
	4,943,538		7.000		02/28/31	297,316
	9,931,373		8.250		03/31/32	662,831
	3,200,000		6.250		03/31/36	169,437
	27,100,000		6.500		02/28/41	1,433,555
	3,740,000		8.750		02/28/48	253,529
Republic of Sri Lanka
$	100,000		5.750	(b)	01/18/22	102,999
	225,000		6.125		06/03/25	227,531
	210,000		6.850	(b)	11/03/25	220,762
	200,000		6.825	(b)	07/18/26	208,477
Republic of Turkey
TRY	1,710,000		0.000	(f)	12/14/16	556,047
	430,000		9.000		03/08/17	144,033
	3,220,000		6.300		02/14/18	1,039,363
	1,750,000		8.500		07/10/19	574,947
	920,000		7.100		03/08/23	272,078
$	285,000		7.375		02/05/25	339,150
TRY	12,240,564		8.000		03/12/25	3,734,510
	1,947,650		10.600		02/11/26	696,358
$	100,000		4.250		04/14/26	97,250
	130,000		4.875		10/09/26	131,950
	140,000		6.625		02/17/45	162,400
Republic of Uruguay
	460,789		5.100		06/18/50	467,125
Republic of Venezuela
	195,000		7.750		10/13/19	93,356
	245,000		6.000		12/09/20	106,881
	260,000		12.750		08/23/22	136,825
	382,700		9.000		05/07/23	169,823
	630,000		8.250		10/13/24	273,262
	160,000		9.250		09/15/27	77,000
	70,000		9.250		05/07/28	30,975
	119,000		11.950		08/05/31	56,971
	108,000		9.375		01/13/34	47,925
	375,000		7.000		03/31/38	153,281
Russian Federation Bond
RUB	44,260,000		7.400		06/14/17	658,856
	5,590,000		7.500		02/27/19	81,986
	20,887,000		6.700		05/15/19	299,650
	9,740,000		7.600		04/14/21	142,320
	39,550,000		7.600		07/20/22	574,755
	55,960,000		7.000		01/25/23	786,459
	84,443,000		7.000		08/16/23	1,185,350
	19,771,000		8.150		02/03/27	296,116

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Russian Federation Bond – (continued)
RUB	6,120,000		7.050	%	01/19/28	$         84,195
$	290,975		7.500	(d)	03/31/30	355,717
	600,000		5.625		04/04/42	663,000
Thailand Government Bond
THB	19,750,000		3.250		06/16/17	575,926
	26,450,000		3.875		06/13/19	808,412
	18,680,000		3.650		12/17/21	588,324
	2,960,000		3.625		06/16/23	94,556
	41,256,000		3.850		12/12/25	1,361,921
	15,289,000		4.875		06/22/29	560,221
Ukraine Government Bond
$	785,000		7.750		09/01/19	782,056
	130,000		7.750		09/01/20	128,700
	45,000		7.750	(b)	09/01/22	44,269
	155,000		7.750		09/01/23	151,706
	75,000		7.750	(b)	09/01/24	72,938
	20,000		7.750	(b)	09/01/25	19,400
	125,000		7.750	(b)	09/01/26	120,625
	245,000		7.750		09/01/26	236,731
	25,000		7.750	(b)	09/01/27	24,094
	298,000		7.750		09/01/27	287,197
	1,122,000		0.000	(g)	05/31/40	381,480
United Mexican States
MXN	44,392,000		5.000		12/11/19	2,329,929
	16,950,000		6.500		06/10/21	935,454
$	270,000		4.000		10/02/23	290,587
MXN	5,750,000		8.000		12/07/23	346,256
	45,923,000		10.000		12/05/24	3,116,848
	3,500,000		10.000		12/05/24	237,549
	4,250,000		7.500		06/03/27	252,486
	3,500,000		8.500		05/31/29	225,481
	9,020,000		10.000		11/20/36	680,577
	1,900,000		7.750		11/13/42	118,879
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $99,467,956)						$104,139,932
Structured Notes(b) – 0.3%
Republic of Indonesia (Issuer JPMorgan Chase Bank NA)
$	4,400,000,000		8.750	%	05/19/31	$       381,198
	7,855,000,000		8.375		03/17/34	652,909
TOTAL STRUCTURED NOTES (Cost $853,458)						$    1,034,107
U.S. Treasury Obligation – 0.5%
United States Treasury Note
$	1,600,000		0.625	%	06/30/18	$    1,598,864
(Cost $1,597,134)

Shares	Description	Value
Common Stock – 0.0%
Health Care Services – 0.0%
4,851	Millennium Health LLC	$         16,979
(Cost $42,122)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $277,432,615)		$282,321,482

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(h) – 9.6%
Repurchase Agreements – 9.6%
Joint Repurchase Agreement Account II
$	29,300,000		0.345	%	08/01/16	$  29,300,000
(Cost $29,300,000)
TOTAL INVESTMENTS – 101.9% (Cost $306,732,615)						$311,621,482
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.9)%						(5,951,656)
NET ASSETS – 100.0%						$305,669,826

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	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. The stated interest rate represents the weighted average interest rate of all contracts within the bank loan facility on July 31, 2016. 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.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $ 49,028,720, which represents approximately 16.0% of net assets as of July 31, 2016.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on July 31, 2016.
(e)	Security is currently in default and/or non-income producing.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2016.
(h)	Joint repurchase agreement was entered into on July 29, 2016. Additional information appears in the Notes to the Schedule of Investments section.

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Currency Abbreviations:
BRL	— Brazilian Real
CLP	— Chilean Peso
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
EUR	— Euro
HKD	— Hong Kong Dollar
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
PEN	— Peruvian Nuevo Sol
PHP	— Philippine Peso
PLN	— Polish Zloty
RON	— New Romanian Leu
RUB	— Russian Ruble
THB	— Thai Baht
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— U.S. Dollar
ZAR	— South African Rand
Investment Abbreviations:
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At July 31, 2016, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Gain
Citibank NA (London)	BRL	7,310,911	USD	2,228,386	$	2,253,295		08/02/16	$	24,909
	BRL	730,263	USD	220,045		222,671		09/02/16		2,627
	CLP	200,572,754	USD	303,000		305,811		08/18/16		2,811
	COP	1,214,348,494	USD	392,288		393,947		08/18/16		1,659
	HUF	78,970,350	EUR	249,000		283,847		08/18/16		5,270
	HUF	198,414,265	USD	712,510		713,169		08/18/16		659
	IDR	7,359,276,196	USD	559,000		560,517		08/18/16		1,517
	MXN	34,893,492	USD	1,846,849		1,857,380		08/18/16		10,530
	MYR	5,389,720	USD	1,335,875		1,336,585		08/18/16		710
	PLN	5,677,427	EUR	1,291,408		1,456,176		08/18/16		11,371
	PLN	1,497,238	USD	377,758		384,019		08/18/16		6,261
	RON	1,003,495	USD	247,268		252,131		08/18/16		4,863
	RUB	24,492,789	USD	366,000		369,393		08/18/16		3,393
	THB	71,392,825	USD	2,024,227		2,048,964		08/18/16		24,737
	TRY	1,440,317	USD	471,798		477,957		09/06/16		6,159
	USD	302,000	BRL	975,460		300,646		08/02/16		1,354
	USD	1,165,000	CNY	7,701,308		1,159,817		09/06/16		5,183
	USD	104,000	COP	306,482,800		99,426		08/18/16		4,574
	USD	549,952	EUR	486,000		544,200		09/08/16		5,753
	USD	539,474	HKD	4,182,593		539,221		08/18/16		252
	USD	3,329,093	MXN	61,971,421		3,298,738		08/18/16		30,355
	USD	147,795	RON	586,388		147,331		08/18/16		463
	USD	852,137	RUB	54,895,669		827,920		08/18/16		24,218
	USD	922,316	TRY	2,737,136		912,277		08/18/16		10,039
	USD	275,984	TRY	824,943		273,089		09/16/16		2,895
	ZAR	51,209,566	USD	3,529,856		3,675,187		08/18/16		145,328
TOTAL									$	337,890
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Current Value		Settlement Date		Unrealized Loss
Citibank NA (London)	BRL	1,447,932	USD	446,410	$	446,267		08/02/16	$	(144	)
	COP	2,869,179,959	USD	978,457		930,792		08/18/16		(47,667	)
	EUR	1,289,329	HUF	406,489,980		1,442,479		08/18/16		(18,585	)
	EUR	257,000	PLN	1,144,678		287,527		08/18/16		(6,066	)
	IDR	7,631,852,542	USD	583,000		581,277		08/18/16		(1,723	)
	MXN	63,371,231	USD	3,414,113		3,373,250		08/18/16		(40,864	)
	MYR	233,304	USD	58,000		57,857		08/18/16		(143	)
	PEN	1,755,586	USD	531,513		522,926		08/18/16		(8,586	)
	PHP	7,802,981	USD	168,131		165,810		08/18/16		(2,321	)
	PLN	6,723,302	USD	1,729,481		1,724,427		08/18/16		(5,054	)
	RUB	70,750,191	USD	1,090,659		1,067,032		08/18/16		(23,626	)
	TRY	4,864,065	USD	1,663,820		1,621,174		08/18/16		(42,646	)
	USD	2,332,199	BRL	7,783,383		2,398,915		08/02/16		(66,716	)
	USD	712,858	BRL	2,358,989		719,302		09/02/16		(6,444	)
	USD	1,440,579	CLP	974,191,427		1,485,335		08/18/16		(44,757	)
	USD	663,000	CNY	4,422,708		666,060		09/06/16		(3,060	)
	USD	293,529	EUR	266,000		297,854		09/08/16		(4,325	)
	USD	2,279,212	IDR	30,383,133,835		2,314,120		08/18/16		(34,909	)
	USD	1,165,777	INR	79,444,311		1,187,689		08/18/16		(21,913	)
	USD	1,495,000	KRW	1,697,571,220		1,525,721		08/18/16		(30,721	)
	USD	1,230,678	MXN	23,225,712		1,236,304		08/18/16		(5,626	)
	USD	261,105	PLN	1,030,831		264,392		08/18/16		(3,287	)
	USD	679,861	RON	2,733,362		686,764		08/18/16		(6,904	)
	USD	666,330	RUB	44,481,634		670,858		08/18/16		(4,529	)
	USD	94,000	THB	3,296,392		94,606		08/18/16		(606	)
	USD	690,085	TRY	2,124,188		707,984		08/18/16		(17,899	)
	USD	598,000	TWD	19,106,100		601,273		08/18/16		(3,273	)
	USD	3,813,789	ZAR	56,877,117		4,081,933		08/18/16		(268,145	)
TOTAL									$	(720,539	)

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At July 31, 2016, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars	(73)	December 2016	$	(18,097,613	)	$	(10,101	)
10 Year German Euro-Bund	(4)	September 2016		(750,447	)		(2,228	)
5 Year U.S. Treasury Notes	(2)	September 2016		(244,031	)		668
10 Year U.S. Treasury Notes	11	September 2016		1,463,516			7,889
TOTAL						$	(3,772	)

SWAP CONTRACTS — At July 31, 2016, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Counterparty	Notional Amount (000s)		Termination Date		Payments Received		Payments Made	Unrealized Gain (Loss)*
HSBC Bank PLC	BRL	6,852		01/02/18		12.625%	1 month Brazilian Interbank Deposit Average	$	(7,595	)
		8,243		01/02/18		12.740	1 month Brazilian Interbank Deposit Average		(9,252	)
		8,583		01/02/18		12.730	1 month Brazilian Interbank Deposit Average		(9,962	)
		4,585		01/02/19		12.630	1 month Brazilian Interbank Deposit Average		5,200
		3,500		01/04/21		16.230	1 month Brazilian Interbank Deposit Average		110,069
TOTAL								$	88,460

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

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

										Market Value
Counterparty	Referenced Obligation		Notional Amount (000s)		Rates Received (Paid)	Termination Date		Credit Spread at July 31, 2016(a)		Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Purchased:
BNP Paribas SA		United Mexican States, 5.950%, 03/19/19	$	500	(1.000)%		06/20/21		1.502%	$	16,138	$	(4,391	)
		Republic of Colombia, 10.375%, 01/28/33		1,733	(1.000)		06/20/21		1.939		72,767		2,588
		People’s Republic of China, 7.500%, 10/28/27		1,600	(1.000)		06/20/21		1.103		22,465		(14,692	)
		United Mexican States, 5.950%, 03/19/19		450	(1.000)		06/20/21		not priced		11,376		(639	)
		Russian Federation, 7.500%, 03/31/30		555	(1.000)		06/20/21		2.354		46,131		(11,582	)
		Republic of Peru, 8.750%, 11/21/33		1,196	(1.000)		06/20/21		1.264		40,052		(25,184	)
		State of Qatar, 9.750%, 06/15/30		990	(1.000)		06/20/21		1.069		14,574		(11,336	)
Citibank NA		Republic of Colombia, 10.375%, 01/28/33		740	(1.000)		06/20/21		1.939		33,514		(1,337	)
		Republic of Chile, 3.875%, 08/05/20		800	(1.000)		06/20/21		0.866		371		(5,467	)
TOTAL										$	257,388	$	(72,040	)

(a) 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 to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

GOLDMAN SACHS MULTI-MANAGER NON-CORE FIXED INCOME FUND

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CROSS CURRENCY SWAP CONTRACTS

Counterparty	Notional Amount of Currency Received		Notional Amount of Currency Delivered		Termination Date	Receive	Pay		Unrealized Gain (Loss)*
HSBC Bank PLC	TRY	4,954,000	$	1,715,000	08/28/18	8.650%		3 Month LIBOR	$	(72,278	)
		11,670,000		3,854,000	08/25/18	9.473		3 Month LIBOR		72,155
BNP Paribas SA		2,331,000		767,000	8/25/2018	9.536		3 Month LIBOR		17,784
TOTAL									$	17,661

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

TAX INFORMATION — At July 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	307,830,700
Gross unrealized gain		9,504,331
Gross unrealized loss		(5,713,549	)
Net unrealized security gain	$	3,790,782

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS MULTI-MANAGER REAL ASSET STRATEGY FUND

Consolidated Schedule of Investments

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – 96.1%
	Australia – 5.9%
	161,085	Dexus Property Group (Real Estate Investment Trusts)	$    1,196,327
	326,021	Goodman Group (Real Estate Investment Trusts)	1,869,858
	256,792	Investa Office Fund (Real Estate Investment Trusts)	894,426
	476,104	Mirvac Group (Real Estate Investment Trusts)	796,479
	278,013	Stockland (Real Estate Investment Trusts)	1,066,927
	600,635	Sydney Airport (Transportation Infrastructure)	3,458,859
	710,457	Transurban Group (Transportation Infrastructure)	6,788,141
	426,544	Vicinity Centres (Real Estate Investment Trusts)	1,124,007
	286,939	Westfield Corp. (Real Estate Investment Trusts)	2,332,585
			19,527,609
	Canada – 8.9%
	29,086	Boardwalk Real Estate Investment Trust (Real Estate Investment Trusts)	1,249,518
	19,110	Brookfield Canada Office Properties (Real Estate Investment Trusts)	419,040
	32,236	Canadian Apartment Properties REIT (Real Estate Investment Trusts)	806,116
	25,900	Canadian Pacific Railway Ltd. (Road & Rail)	3,879,302
	90,569	Chartwell Retirement Residences (Health Care Providers & Services)	1,100,160
	169,874	Enbridge, Inc. (Oil, Gas & Consumable Fuels)	6,988,039
	254,125	Inter Pipeline Ltd. (Oil, Gas & Consumable Fuels)	5,309,639
	185,496	Pembina Pipeline Corp. (Oil, Gas & Consumable Fuels)	5,410,093
	97,164	TransCanada Corp. (Oil, Gas & Consumable Fuels)	4,505,272
			29,667,179
	France – 2.3%
	3,872	Fonciere Des Regions (Real Estate Investment Trusts)	364,347
	215,573	Groupe Eurotunnel SE (Transportation Infrastructure)	2,240,390
	29,903	Klepierre (Real Estate Investment Trusts)	1,433,876
	23,455	Mercialys SA (Real Estate Investment Trusts)	548,355

Shares		Description	Value
	Common Stocks – (continued)
	France – (continued)
	10,933	Unibail-Rodamco SE (Real Estate Investment Trusts)	$    3,012,281
			7,599,249
	Germany – 1.3%
	48,960	alstria office REIT AG* (Real Estate Investment Trusts)	681,844
	41,423	TLG Immobilien AG (Real Estate Management & Development)	927,393
	19,567	VIB Vermoegen AG (Real Estate Management & Development)	409,736
	62,228	Vonovia SE (Real Estate Management & Development)	2,467,175
			4,486,148
	Hong Kong – 3.8%
	336,500	Beijing Enterprises Holdings Ltd. (Industrial Conglomerates)	1,902,365
	676,062	China Merchants Holdings International Co. Ltd. (Transportation Infrastructure)	1,988,425
	40,000	China Overseas Land & Investment Ltd. (Real Estate Management & Development)	131,943
	262,900	Henderson Land Development Co. Ltd. (Real Estate Management & Development)	1,569,304
	229,000	Link REIT (Real Estate Investment Trusts)	1,710,889
	278,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)	3,988,869
	187,000	The Wharf Holdings Ltd. (Real Estate Management & Development)	1,292,355
			12,584,150
	Ireland – 0.7%
	416,201	Green REIT PLC (Real Estate Investment Trusts)	683,079
	636,550	Hibernia REIT PLC (Real Estate Investment Trusts)	967,862
	429,218	Irish Residential Properties REIT PLC (Real Estate Investment Trusts)	542,249
			2,193,190
	Italy – 0.8%
	473,641	Snam SpA (Gas Utilities)	2,741,706
	Japan – 5.8%
	236	Activia Properties, Inc. (Real Estate Investment Trusts)	1,235,293

GOLDMAN SACHS MULTI-MANAGER REAL ASSET STRATEGY FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Japan – (continued)
	38	Advance Residence Investment Corp. (Real Estate Investment Trusts)	$       105,819
	21	Frontier Real Estate Investment Corp. (Real Estate Investment Trusts)	112,473
	20	Hoshino Resorts REIT, Inc. (Real Estate Investment Trusts)	245,065
	614	Invincible Investment Corp. (Real Estate Investment Trusts)	413,613
	205	Japan Excellent, Inc. (Real Estate Investment Trusts)	290,361
	331	Japan Hotel REIT Investment Corp. (Real Estate Investment Trusts)	277,643
	162	Japan Real Estate Investment Corp. (Real Estate Investment Trusts)	979,388
	997	Japan Retail Fund Investment Corp. (Real Estate Investment Trusts)	2,452,997
	509	Kenedix Retail REIT Corp. (Real Estate Investment Trusts)	1,391,214
	131,000	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)	2,436,282
	172,000	Mitsui Fudosan Co. Ltd. (Real Estate Management & Development)	3,723,061
	111	Nippon Building Fund, Inc. (Real Estate Investment Trusts)	683,006
	145	Nippon Prologis REIT, Inc. (Real Estate Investment Trusts)	362,611
	81,547	Sumitomo Realty & Development Co. Ltd. (Real Estate Management & Development)	2,109,966
	563,300	Tokyo Gas Co. Ltd. (Gas Utilities)	2,397,914
			19,216,706
	Luxembourg(a) – 0.2%
	19,487	Ado Properties SA (Real Estate Management & Development)	792,827
	Mexico – 1.1%
	874,554	Infraestructura Energetica Nova SAB de CV (Gas Utilities)	3,532,732
	Netherlands – 0.3%
	13,567	Eurocommercial Properties NV (Real Estate Investment Trusts)	600,965

Shares		Description	Value
	Common Stocks – (continued)
	Netherlands – (continued)
	9,209	Koninklijke Vopak NV (Oil, Gas & Consumable Fuels)	$       473,452
			1,074,417
	New Zealand – 0.6%
	384,488	Auckland International Airport Ltd. (Transportation Infrastructure)	2,050,356
	Singapore – 1.3%
	828,600	Cache Logistics Trust (Real Estate Investment Trusts)	535,818
	334,537	ENN Energy Holdings Ltd. (Gas Utilities)	1,597,661
	13,000	Frasers Logistics & Industrial Trust* (Real Estate Investment Trusts)	9,599
	584,200	Global Logistic Properties Ltd. (Real Estate Management & Development)	837,754
	946,400	Keppel REIT (Real Estate Investment Trusts)	753,544
	486,000	Suntec Real Estate Investment Trust (Real Estate Investment Trusts)	608,217
			4,342,593
	Spain – 2.7%
	16,408	Aena SA(a) (Transportation Infrastructure)	2,366,715
	40,320	Axiare Patrimonio SOCIMI SA (Real Estate Investment Trusts)	550,048
	44,997	Enagas SA (Gas Utilities)	1,371,818
	228,922	Ferrovial SA (Construction & Engineering)	4,738,303
			9,026,884
	Sweden – 0.6%
	25,502	Atrium Ljungberg AB (Real Estate Management & Development)	430,348
	25,064	Fabege AB (Real Estate Management & Development)	447,484
	28,919	Hufvudstaden AB Class A (Real Estate Management & Development)	482,964
	54,149	Kungsleden AB (Real Estate Management & Development)	403,440
	18,406	Pandox AB (Hotels, Restaurants & Leisure)	314,259
			2,078,495
	Switzerland – 1.3%
	17,900	Flughafen Zuerich AG (Transportation Infrastructure)	3,355,536

GOLDMAN SACHS MULTI-MANAGER REAL ASSET STRATEGY FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Switzerland – (continued)
	8,345	PSP Swiss Property AG (Real Estate Management & Development)	$       841,375
			4,196,911
	United Kingdom – 8.8%
	64,233	Big Yellow Group PLC (Real Estate Investment Trusts)	602,186
	5,226	Derwent London PLC (Real Estate Investment Trusts)	196,549
	369,233	Empiric Student Property PLC (Real Estate Investment Trusts)	561,961
	11,632	Great Portland Estates PLC (Real Estate Investment Trusts)	105,158
	74,558	Hammerson PLC (Real Estate Investment Trusts)	550,376
	43,924	Kennedy Wilson Europe Real Estate PLC (Real Estate Investment Trusts)	577,864
	72,104	Land Securities Group PLC (Real Estate Investment Trusts)	1,043,809
	923,554	National Grid PLC (Multi-Utilities)	13,242,677
	67,630	Segro PLC (Real Estate Investment Trusts)	396,269
	179,900	Severn Trent PLC (Water Utilities)	5,829,158
	62,042	Shaftesbury PLC (Real Estate Investment Trusts)	766,225
	76,543	The British Land Co. PLC (Real Estate Investment Trusts)	679,309
	212,418	Tritax Big Box REIT PLC (Real Estate Investment Trusts)	383,139
	334,000	United Utilities Group PLC (Water Utilities)	4,493,333
			29,428,013
	United States – 49.7%
	15,104	Acadia Realty Trust (Real Estate Investment Trusts)	568,817
	12,347	Alexandria Real Estate Equities, Inc. (Real Estate Investment Trusts)	1,386,568
	36,745	American Campus Communities, Inc. (Real Estate Investment Trusts)	1,986,802
	74,000	American Tower Corp. (Real Estate Investment Trusts)	8,566,980
	16,787	American Water Works Co., Inc. (Water Utilities)	1,386,270
	31,952	Apartment Investment & Management Co. Class A (Real Estate Investment Trusts)	1,468,833
	15,510	Avangrid, Inc. (Electric Utilities)	700,121

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	5,245	Boston Properties, Inc. (Real Estate Investment Trusts)	$       745,472
	50,788	Chesapeake Lodging Trust (Real Estate Investment Trusts)	1,283,413
	29,125	Community Healthcare Trust, Inc. (Real Estate Investment Trusts)	669,584
	12,883	CoreSite Realty Corp. (Real Estate Investment Trusts)	1,063,234
	109,453	Crown Castle International Corp. (Real Estate Investment Trusts)	10,620,225
	63,785	CSX Corp. (Road & Rail)	1,807,029
	30,151	CyrusOne, Inc. (Real Estate Investment Trusts)	1,652,878
	92,009	Duke Realty Corp. (Real Estate Investment Trusts)	2,648,939
	35,679	Edison International (Electric Utilities)	2,760,841
	51,617	Empire State Realty Trust, Inc. Class A (Real Estate Investment Trusts)	1,083,441
	178,002	Enbridge Energy Management LLC* (Oil, Gas & Consumable Fuels)	4,113,626
	23,855	Equity LifeStyle Properties, Inc. (Real Estate Investment Trusts)	1,961,835
	60,645	Equity One, Inc. (Real Estate Investment Trusts)	2,017,659
	52,444	Equity Residential (Real Estate Investment Trusts)	3,565,668
	13,892	Essex Property Trust, Inc. (Real Estate Investment Trusts)	3,249,061
	142,228	Eversource Energy (Electric Utilities)	8,318,916
	24,196	Extra Space Storage, Inc. (Real Estate Investment Trusts)	2,081,340
	18,687	Federal Realty Investment Trust (Real Estate Investment Trusts)	3,171,184
	136,342	First Potomac Realty Trust (Real Estate Investment Trusts)	1,378,418
	61,381	Four Corners Property Trust, Inc. (Real Estate Investment Trusts)	1,332,582
	92,836	General Growth Properties, Inc. (Real Estate Investment Trusts)	2,966,110
	44,695	Healthcare Realty Trust, Inc. (Real Estate Investment Trusts)	1,616,171
	84,337	Hudson Pacific Properties, Inc. (Real Estate Investment Trusts)	2,851,434
	18,197	Kilroy Realty Corp. (Real Estate Investment Trusts)	1,332,202
	360,013	Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)	7,319,064

GOLDMAN SACHS MULTI-MANAGER REAL ASSET STRATEGY FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	47,665	MGM Growth Properties LLC Class A (Real Estate Investment Trusts)	$    1,292,198
	104,444	Monogram Residential Trust, Inc. (Real Estate Investment Trusts)	1,118,595
	55,341	National Retail Properties, Inc. (Real Estate Investment Trusts)	2,941,928
	207,576	New York REIT, Inc. (Real Estate Investment Trusts)	1,980,275
	157,632	NiSource, Inc. (Multi-Utilities)	4,044,837
	65,000	NorthWestern Corp. (Multi-Utilities)	3,948,100
	114,104	Pattern Energy Group, Inc. (Independent Power Producers & Energy Traders)	2,780,715
	106,264	PG&E Corp. (Electric Utilities)	6,794,520
	74,424	Physicians Realty Trust (Real Estate Investment Trusts)	1,616,489
	18,152	ProLogis, Inc. (Real Estate Investment Trusts)	989,102
	7,952	Public Storage (Real Estate Investment Trusts)	1,899,892
	17,510	Regency Centers Corp. (Real Estate Investment Trusts)	1,487,124
	35,900	Republic Services, Inc. (Commercial Services & Supplies)	1,840,234
	22,576	Retail Opportunity Investments Corp. (Real Estate Investment Trusts)	515,410
	74,233	Retail Properties of America, Inc. Class A (Real Estate Investment Trusts)	1,308,728
	46,667	Rexford Industrial Realty, Inc. (Real Estate Investment Trusts)	1,066,808
	52,157	SBA Communications Corp. Class A* (Diversified Telecommunication Services)	5,998,055
	64,237	Sempra Energy (Multi-Utilities)	7,186,836
	30,637	Simon Property Group, Inc. (Real Estate Investment Trusts)	6,955,825
	9,477	SL Green Realty Corp. (Real Estate Investment Trusts)	1,116,580
	12,865	Sovran Self Storage, Inc. (Real Estate Investment Trusts)	1,316,990
	69,147	STORE Capital Corp. (Real Estate Investment Trusts)	2,156,695
	24,960	Sun Communities, Inc. (Real Estate Investment Trusts)	1,975,584
	108,834	Sunstone Hotel Investors, Inc. (Real Estate Investment Trusts)	1,447,492
	26,058	Taubman Centers, Inc. (Real Estate Investment Trusts)	2,108,613

Shares		Description	Value
	Common Stocks – (continued)
	United States – (continued)
	58,722	Union Pacific Corp. (Road & Rail)	$    5,464,082
	51,861	Ventas, Inc. (Real Estate Investment Trusts)	3,949,734
	29,092	Welltower, Inc. (Real Estate Investment Trusts)	2,307,868
			165,284,026
	TOTAL COMMON STOCKS (Cost $285,506,915)		$319,823,191

Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment(b) – 3.2%
Joint Repurchase Agreement Account II
$10,500,000		0.345%		08/01/16	$  10,500,000
(Cost $10,500,000)
TOTAL INVESTMENTS – 99.3% (Cost $296,006,915)					$330,323,191
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%					2,366,338
NET ASSETS – 100.0%					$332,689,529

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)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $ 3,159,542, which represents approximately 0.9% of net assets as of July 31, 2016.
(b)	Joint repurchase agreement was entered into on July 29, 2016. Additional information appears in the Notes to the Schedule of Investments section.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS MULTI-MANAGER REAL ASSET STRATEGY FUND

Consolidated Schedule of Investments (continued)

July 31, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At July 31, 2016, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	297,508,230
Gross unrealized gain		38,460,803
Gross unrealized loss		(5,645,842	)
Net unrealized security gain	$	32,814,961

Additional information regarding the fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Sharholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Basis of Consolidation for Goldman Sachs Multi-Manager Real Assets Strategy Fund — The Cayman Commodity- MMRA, Ltd., (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on June 30, 2015 and is currently a wholly-owned subsidiary of the Multi-Manager Real Assets Strategy Fund (the “Fund”). The Subsidiary acts as an investment vehicle for the Fund to enable the Fund to gain exposure to certain types of commodity-linked derivative instruments. The Fund is the sole shareholder of the Subsidiary pursuant to a subscription agreement dated as of June 30, 2015, and it is intended that the Fund will remain the sole shareholder and will continue to control the Subsidiary. Under the Memorandum and Articles of Association of the Subsidiary, shares issued by the Subsidiary confer upon a shareholder the right to vote at general meetings of the Subsidiary and certain rights in connection with any winding-up or repayment of capital, as well as the right to participate in the profits or assets of the Subsidiary. All inter-fund balances and transactions have been eliminated in consolidation. As of July 31, 2016, the Fund’s net assets were $314,403,532, of which, $564,473, or 0.2%, represented the Subsidiary’s net assets.

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

Investments and Fair Value Measurements — The fair value of a financial instrument is 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). Accounting principles generally accepted in the United States of America (“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 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 Goldman Sachs Asset Management, L.P. (“GSAM”) assumptions in determining fair value measurement).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

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. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio 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 are valued at the last bid price for long positions and at the last ask price for short positions. 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.

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. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees 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, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Exchange Traded Funds — Investments in exchange-traded funds (“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. 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. For information regarding an ETF’s accounting policies and investment holdings, please see the ETF’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities of G8 countries (not held in money market funds), 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. The Funds enter 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.

Exchange-traded derivatives, including futures and options contracts, are valued at the last sale or settlement price and 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.

A forward foreign currency 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 at the applicable forward rate. 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 and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. 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.

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to 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.

A cross currency swap is an agreement which a Fund may enter into to gain or mitigate exposure to currency risk. A cross currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Cross currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for other designated currency. Therefore, the entire principal value of a cross currency swap is subject to risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transactions.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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. GSAM did not develop the unobservable inputs (examples include but are not limited to single source broker quotations, third party pricing, etc.) for the valuation of Level 3 Assets and Liabilities.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2016:

MULTI-MANAGER GLOBAL EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Africa	$	258,242	$	4,688,482		$	—
Asia		30,534,743		101,006,422			—
Australia and Oceania		385,004		12,327,100			—
Europe		40,710,679		177,592,959			—
North America		254,301,246		2,762,073			—
South America		6,354,778		684,420			—
Right		—		1,877			—
Exchange Traded Fund		466,860		—			—
Short-term Investments		—		47,000,000			—
Total	$	333,011,552	$	346,063,333		$	—
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—	$	4,027,418		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—	$	(2,278,502	)	$	—

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Schedule of Investments (continued)

July 31, 2016 (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
Bank Loans	$	—		$	79,137,481		$	674,558
Corporate Obligations		—			95,719,561			—
Foreign Debt Obligations		—			104,139,932			—
Structured Notes		—			1,034,107			—
U.S. Treasury Obligations		1,598,864			—			—
Common Stock and/or Other Equity Investments(a)
North America		16,979			—			—
Short-term Investments		—			29,300,000			—
Total	$	1,615,843		$	309,331,081		$	674,558
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	337,890		$	—
Futures Contracts		8,557			—			—
Interest Rate Swap Contracts		—			115,269			—
Credit Default Swap Contracts		—			2,444			—
Cross Currency Swap Contracts		—			89,939			—
Total	$	8,557		$	545,542		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(720,539	)	$	—
Futures Contracts		(12,329	)		—			—
Interest Rate Swap Contracts		—			(26,809	)		—
Credit Default Swap Contracts		—			(74,484	)		—
Cross Currency Swap Contracts		—			(72,278	)		—
Total	$	(12,329	)	$	(894,110	)	$	—
MULTI-MANAGER REAL ASSETS STRATEGY
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments(a)
Asia	$	9,599		$	36,133,850		$	—
Australia and Oceania		—			21,577,965			—
Europe		4,212,568			59,405,272			—
North America		198,483,937			—			—
Short-term Investments		—			10,500,000			—
Total	$	202,706,104		$	127,617,087		$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principle exchange or system on which they are traded, which may differ from country of domicile noted in table. 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.

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

JOINT REPURCHASE AGREEMENT ACCOUNT II — At July 31, 2016, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of August 1, 2016, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Multi-Manager Global Equity	$	47,000,000	$	47,000,451	$	47,940,005
Multi-Manager Non-Core Fixed Income		29,300,000		29,300,281		29,886,003
Multi-Manager Real Assets Strategy		10,500,000		10,500,101		10,710,001

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

REPURCHASE AGREEMENTS — At July 31, 2016, the Principal Amount of the Funds’ interest in the Joint Repurchase Agreement Account II was as follows:

Counterparty	Interest Rate			Multi-Manager Global Equity		Multi-Manager Non-Core Fixed Income		Multi-Manager Real Assets Strategy
BNP Paribas Securities Co.		0.350	%	$	608,326	$	379,233	$	135,903
Citigroup Global Markets, Inc.		0.350			12,906,501		8,045,967		2,883,367
Merrill Lynch & Co., Inc.		0.350			22,485,366		14,017,474		5,023,326
Merrill Lynch & Co., Inc.		0.330			10,999,807		6,857,326		2,457,404
TOTAL				$	47,000,000	$	29,300,000	$	10,500,000

At July 31, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000% to 6.000	%		01/01/19 to 05/01/46
Federal National Mortgage Association		2.500 to 6.500			03/01/19 to 08/01/46
Government National Mortgage Association		4.000 to 4.500			12/20/45 to 06/20/46
U.S. Treasury Notes		0.880 to 1.750			06/15/19 to 09/30/22
U.S. Treasury Bonds		2.880 to 3.130			02/15/42 to 08/15/45

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

Derivatives Risk — Loss may result from the Funds’ investments in derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. Losses from investments in derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund that invests in foreign securities 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments.The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Funds’ investments.

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

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the 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 and is required to maintain a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowings and the use of derivatives may result in leverage and may make the Funds more volatile. When the Funds use leverage, the sum of each Fund’s investment exposure may significantly exceed the amount of assets invested in each Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. Each Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause the Funds to liquidate portfolio positions to satisfy their obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by each Fund can substantially increase the adverse impact to which each Fund’s investment portfolio may be subject.

Liquidity Risk — The Funds 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 because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. 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 mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds 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 Funds have unsettled or open transactions defaults.

Multi-Manager Approach Risk — The Fund’s 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 Fund’s 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 Fund’s performance depending on the performance of those investments and the overall market environment. The Fund’s Underlying Managers may underperform the market generally or underperform other investment managers that could have been selected for the Fund. Because the Fund’s 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 Fund, the Fund may be subject to greater counterparty risk than if it were managed directly by the Investment Adviser.

Non-Diversification Risk — The Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Concentration Risk — As a result of the Fund’s ability to invest a large percentage of its assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if its investments were not so concentrated.

GOLDMAN SACHS STRATEGIC MULTI-ASSET CLASS FUNDS

Schedule of Investments (continued)

July 31, 2016 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Short Position Risk — A Fund may enter into a short position through a futures contract, an option or swap agreement or through short sales of any instrument that a Fund may purchase for investment. Taking short positions involves leverage of a Fund’s assets and presents various risks. If the value of the underlying instrument or market in which a Fund has taken a short position increases, then the Fund will incur a loss equal to the increase in value from the time that the short position was entered into plus any related dividend payments or other fees. Taking short positions involves the risk that losses may be disproportionate, may exceed the amount invested, and may be unlimited.

Tax Risk — The Multi-Manager Real Assets Strategy Fund will seek to gain exposure to the commodity markets primarily through investments in the Subsidiaries and/or commodity index-linked structured notes, as applicable. Historically, the InternalRevenue Service (“IRS”) issued private letter rulings (“PLRs”) in which the IRS specifically concluded that income and gains from investments in commodity index-linked structured notes or a wholly-owned foreign subsidiary that invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Code. However, the Fund has not received a PLR, and is not able to rely on PLRs issued to other taxpayers. Additionally, the IRS has suspended the granting of such PLRs, pending review of its position on this matter. In light of this, the Fund has obtained an opinion of counsel that the Funds’ income from such investments should constitute “qualifying income.” However, no assurances can be provided that the IRS would not be able to successfully assert that the Fund’s income from such investments was not “qualifying income”, in which case the Fund would fail to qualify as regulated investment company (“RIC”) under Subchapter M of the Code if over 10% of its gross income were derived from these investments. If the Fund failed to qualify as a RIC, it would be subject to federal and state income tax on all of its taxable income at regular corporate tax rates. This would significantly adversely affect the returns to, and could cause substantial losses for, Fund shareholders.

GOLDMAN SACHS TARGET DATE PORTFOLIOS

Schedule of Investments

July 31, 2016 (Unaudited)

Each of the Goldman Sachs Target Date 2020 Portfolio, Goldman Sachs Target Date 2025 Portfolio, Goldman Sachs Target Date 2030 Portfolio, Goldman Sachs Target Date 2035 Portfolio, Goldman Sachs Target Date 2040 Portfolio, Goldman Sachs Target Date 2045 Portfolio, Goldman Sachs Target Date 2050 Portfolio, and Goldman Sachs Target Date 2055 Portfolio had no holdings at July 31, 2016.

Item 2. Controls and Procedures.

(a) The Registrant’s President/Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications for the President/Principal Executive Officer and the Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Goldman Sachs Trust II
By (Signature and Title)*	/s/ James A. McNamara
	James A. McNamara, President/Chief Executive Officer

Date September 29, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ James A. McNamara
	James A. McNamara, President/Chief Executive Officer

Date September 29, 2016

By (Signature and Title)*	/s/ Scott McHugh
	Scott McHugh, Principal Financial Officer

Date September 29, 2016

* Print the name and title of each signing officer under his or her signature.