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September 25, 2020 3:28 PM EDT

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      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs International Equity Insights Fund
      S000009330
      P9Z4EQP2EZO3NG3YLC90
      2020-10-31
      2020-07-31
      N
    
    
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        British American Tobacco plc
        213800FKA5MF17RJKT63
        British American Tobacco plc
        N/A
        
          
        
        786069.00000000
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        25978264.29000000
        1.064351773079
        Long
        EC
        CORP
        GB
        N
        
        2
        
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        a2 Milk Co. Ltd.
        529900PVC9CV0KFA2U62
        a2 Milk Co. Ltd.
        N/A
        
          
        
        269842.00000000
        NS
        
        3760201.00000000
        0.154058660609
        Long
        EC
        CORP
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        N
        
        2
        
          N
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          N
        
      
      
        Sumitomo Mitsui Trust Holdings, Inc.
        353800P843RLCDBLNT17
        Sumitomo Mitsui Trust Holdings, Inc.
        N/A
        
          
        
        317100.00000000
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        8141256.44000000
        0.333554260218
        Long
        EC
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        Investor AB
        549300VEBQPHRZBKUX38
        Investor AB, Class B
        N/A
        
          
        
        360227.00000000
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        Long
        EC
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        Pro Medicus Ltd.
        N/A
        Pro Medicus Ltd.
        N/A
        
          
        
        21487.00000000
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        367248.21000000
        0.015046474202
        Long
        EC
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        N
        
        2
        
          N
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          N
        
      
      
        Santos Ltd.
        5299000RK70B5O2M7077
        Santos Ltd.
        N/A
        
          
        
        3805054.00000000
        NS
        
        14213054.92000000
        0.582321052557
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Otsuka Holdings Co. Ltd.
        N/A
        Otsuka Holdings Co. Ltd.
        N/A
        
          
        
        50600.00000000
        NS
        
        2098561.11000000
        0.085979848900
        Long
        EC
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        N
        
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        Zenkoku Hosho Co. Ltd.
        353800VOQEKTSCSL9O03
        Zenkoku Hosho Co. Ltd.
        N/A
        
          
        
        7200.00000000
        NS
        
        251643.39000000
        0.010310045557
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Greggs plc
        213800I71QMUFJ64IW20
        Greggs plc
        N/A
        
          
        
        55345.00000000
        NS
        
        860694.86000000
        0.035263406750
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Osaka Gas Co. Ltd.
        353800024KMNOPQRWZ02
        Osaka Gas Co. Ltd.
        N/A
        
          
        
        107700.00000000
        NS
        
        1996940.84000000
        0.081816379264
        Long
        EC
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        N
        
        2
        
          N
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          N
        
      
      
        Fosun International Ltd.
        213800Z99WQEXDF82F09
        Fosun International Ltd.
        N/A
        
          
        
        6650000.00000000
        NS
        
        7582799.29000000
        0.310673791717
        Long
        EC
        CORP
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        N
        
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          N
        
      
      
        Schneider Electric SE
        969500A1YF1XUYYXS284
        Schneider Electric SE
        N/A
        
          
        
        292628.00000000
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        33553756.84000000
        1.374726201390
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Eurofins Scientific SE
        529900JEHFM47DYY3S57
        Eurofins Scientific SE
        N/A
        
          
        
        19098.00000000
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        12500144.92000000
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        Long
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        Valmet OYJ
        213800D9O7FUQDH83V62
        Valmet OYJ
        N/A
        
          
        
        206452.00000000
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        5784026.40000000
        0.236976523360
        Long
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        Experian plc
        635400RXXHHYT1JTSZ26
        Experian plc
        N/A
        
          
        
        593727.00000000
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        20738954.09000000
        0.849692739710
        Long
        EC
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        JE
        
        N
        
        2
        
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          N
        
      
      
        Z Holdings Corp.
        52990078MD2OL792YM35
        Z Holdings Corp.
        N/A
        
          
        
        1741000.00000000
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        9258180.05000000
        0.379315578658
        Long
        EC
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        N
        
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          N
        
      
      
        Koninklijke DSM NV
        724500SNT1MK246AHP04
        Koninklijke DSM NV
        N/A
        
          
        
        146489.00000000
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          N
        
      
      
        ConvaTec Group plc
        213800LS272L4FIDOH92
        ConvaTec Group plc
        N/A
        
          
        
        511525.00000000
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        1359461.58000000
        0.055698307129
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Seino Holdings Co. Ltd.
        3538001D12EPCPYTTF24
        Seino Holdings Co. Ltd.
        N/A
        
          
        
        26400.00000000
        NS
        
        324925.51000000
        0.013312476877
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Softbank Corp.
        353800M1YCTS9JRBJ535
        Softbank Corp.
        N/A
        
          
        
        842300.00000000
        NS
        
        11275200.50000000
        0.461954636769
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        Sanofi
        549300E9PC51EN656011
        Sanofi
        N/A
        
          
        
        91470.00000000
        NS
        
        9604080.16000000
        0.393487402891
        Long
        EC
        CORP
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        N
        
        2
        
          N
          N
          N
        
      
      
        IG Group Holdings plc
        2138003A5Q1M7ANOUD76
        IG Group Holdings plc
        N/A
        
          
        
        91420.00000000
        NS
        
        873757.89000000
        0.035798610295
        Long
        EC
        CORP
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        N
        
        2
        
          N
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          N
        
      
      
        zooplus AG
        549300VB13ZT2X88PU78
        zooplus AG
        N/A
        
          
        
        3922.00000000
        NS
        
        674508.31000000
        0.027635184078
        Long
        EC
        CORP
        DE
        N
        
        1
        
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          N
        
      
      
        Jardine Matheson Holdings Ltd.
        2138009KENVUNWOLPK41
        Jardine Matheson Holdings Ltd.
        N/A
        
          
        
        18100.00000000
        NS
        USD
        740241.00000000
        0.030328308776
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sankyo Co. Ltd.
        3538009H2R9ZBZAOAK48
        Sankyo Co. Ltd.
        N/A
        
          
        
        109200.00000000
        NS
        
        2731689.11000000
        0.111919646180
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        NOK Corp.
        N/A
        NOK Corp.
        N/A
        
          
        
        55100.00000000
        NS
        
        600214.83000000
        0.024591316471
        Long
        EC
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        N
        
        2
        
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        Gerresheimer AG
        5299006GD4UWSYZOKC28
        Gerresheimer AG
        N/A
        
          
        
        40209.00000000
        NS
        
        4625599.92000000
        0.189514796733
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd.
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd.
        N/A
        
          
        
        2106400.00000000
        NS
        
        18993289.73000000
        0.778171373385
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Aurizon Holdings Ltd.
        5299005PC1O6NOWL3H48
        Aurizon Holdings Ltd.
        N/A
        
          
        
        3238408.00000000
        NS
        
        10327117.99000000
        0.423110883034
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Kamigumi Co. Ltd.
        N/A
        Kamigumi Co. Ltd.
        N/A
        
          
        
        38500.00000000
        NS
        
        702653.24000000
        0.028788306004
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bechtle AG
        529900HA2QT774RUXW59
        Bechtle AG
        N/A
        
          
        
        16918.00000000
        NS
        
        3292623.44000000
        0.134901606871
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Sundrug Co. Ltd.
        N/A
        Sundrug Co. Ltd.
        N/A
        
          
        
        79300.00000000
        NS
        
        2698653.15000000
        0.110566134560
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto plc
        213800YOEO5OQ72G2R82
        Rio Tinto plc
        767204100
        
          
        
        464825.00000000
        NS
        USD
        28372918.00000000
        1.162462789800
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Rohm Co. Ltd.
        5493009V2FGDEP7JFE59
        Rohm Co. Ltd.
        N/A
        
          
        
        63900.00000000
        NS
        
        4103256.49000000
        0.168113938320
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Retail Fund Investment Corp.
        353800QDHNIP60E1LQ93
        Japan Retail Fund Investment Corp.
        N/A
        
          
        
        1519.00000000
        NS
        
        1826437.60000000
        0.074830715257
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Siltronic AG
        5299003NKV26NNGHHR90
        Siltronic AG
        N/A
        
          
        
        75677.00000000
        NS
        
        6904003.49000000
        0.282862945495
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Woodside Petroleum Ltd.
        2549005ZC5RXAOO7FH41
        Woodside Petroleum Ltd.
        980228100
        
          
        
        108757.00000000
        NS
        
        1547192.37000000
        0.063389798637
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Valeo SA
        5493006IH2N2WMIBB742
        Valeo SA
        N/A
        
          
        
        94005.00000000
        NS
        
        2412392.32000000
        0.098837782789
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Vivendi SA
        969500FU4DRAEVJW7U54
        Vivendi SA
        N/A
        
          
        
        55038.00000000
        NS
        
        1460510.62000000
        0.059838372981
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Telegraph & Telephone Corp.
        353800VHQU5VIXVUA841
        Nippon Telegraph & Telephone Corp.
        N/A
        
          
        
        526400.00000000
        NS
        
        12218513.09000000
        0.500602962790
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pan Pacific International Holdings Corp.
        529900QLHJM2E18A5763
        Pan Pacific International Holdings Corp.
        N/A
        
          
        
        289200.00000000
        NS
        
        6554723.05000000
        0.268552626242
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        BNP Paribas SA
        R0MUWSFPU8MPRO8K5P83
        BNP Paribas SA
        N/A
        
          
        
        192321.00000000
        NS
        
        7758953.53000000
        0.317890982041
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        ORIX Corp.
        35380016EMHNBOVYE123
        ORIX Corp.
        N/A
        
          
        
        1557200.00000000
        NS
        
        16841303.65000000
        0.690002657634
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        LIXIL Group Corp.
        353800KB8G4F9WUJJ886
        LIXIL Group Corp.
        N/A
        
          
        
        962100.00000000
        NS
        
        12841966.30000000
        0.526146375625
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Direct Line Insurance Group plc
        213800FF2R23ALJQOP04
        Direct Line Insurance Group plc
        N/A
        
          
        
        2594874.00000000
        NS
        
        10041349.53000000
        0.411402704085
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Materials Corp.
        35380076QOBOSOUBRT89
        Mitsubishi Materials Corp.
        N/A
        
          
        
        210000.00000000
        NS
        
        4293333.17000000
        0.175901542955
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Boerse AG
        529900G3SW56SHYNPR95
        Deutsche Boerse AG
        N/A
        
          
        
        145849.00000000
        NS
        
        26536329.58000000
        1.087216186739
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        SoftBank Group Corp.
        5493003BZYYYCDIO0R13
        SoftBank Group Corp.
        N/A
        
          
        
        194100.00000000
        NS
        
        12242485.50000000
        0.501585132992
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fortescue Metals Group Ltd.
        529900VEJFORCO6I4826
        Fortescue Metals Group Ltd.
        N/A
        
          
        
        1881318.00000000
        NS
        
        23417161.74000000
        0.959421204596
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Carnival plc
        4DR1VPDQMHD3N3QW8W95
        Carnival plc
        14365C103
        
          
        
        184658.00000000
        NS
        USD
        2075555.92000000
        0.085037306531
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          
        
      
      
        NTT DOCOMO, Inc.
        353800TVPXCGWDZIIU09
        NTT DOCOMO, Inc.
        N/A
        
          
        
        456600.00000000
        NS
        
        12570708.32000000
        0.515032703489
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Chugai Pharmaceutical Co. Ltd.
        529900T9LAII161DCN95
        Chugai Pharmaceutical Co. Ltd.
        N/A
        
          
        
        421200.00000000
        NS
        
        19016861.90000000
        0.779137145411
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sawai Pharmaceutical Co. Ltd.
        N/A
        Sawai Pharmaceutical Co. Ltd.
        N/A
        
          
        
        34500.00000000
        NS
        
        1638924.69000000
        0.067148150479
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ENN Energy Holdings Ltd.
        549300V7BXPWT6WIPR03
        ENN Energy Holdings Ltd.
        N/A
        
          
        
        217300.00000000
        NS
        
        2634057.70000000
        0.107919603561
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        DWS Group GmbH & Co. KGaA
        529900VM3464806ERS69
        DWS Group GmbH & Co. KGaA
        N/A
        
          
        
        10258.00000000
        NS
        
        384675.40000000
        0.015760481126
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Sonic Healthcare Ltd.
        549300NQQ5L2NONWR862
        Sonic Healthcare Ltd.
        N/A
        
          
        
        102719.00000000
        NS
        
        2351711.18000000
        0.096351624429
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        AGC, Inc.
        JE4WFFEELMVPFZ0G1E77
        AGC, Inc.
        N/A
        
          
        
        64100.00000000
        NS
        
        1801908.90000000
        0.073825753377
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tate & Lyle plc
        2138008K14474WPKZ244
        Tate & Lyle plc
        N/A
        
          
        
        41926.00000000
        NS
        
        356847.45000000
        0.014620346143
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Dowa Holdings Co. Ltd.
        353800ZSQZKFE140A689
        Dowa Holdings Co. Ltd.
        N/A
        
          
        
        9200.00000000
        NS
        
        269986.74000000
        0.011061588342
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Regis Resources Ltd.
        213800XH9YUXBLYBD749
        Regis Resources Ltd.
        N/A
        
          
        
        1675527.00000000
        NS
        
        6827425.21000000
        0.279725467672
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        DNB ASA
        5967007LIEEXZX78M803
        DNB ASA
        N/A
        
          
        
        997595.00000000
        NS
        
        15322407.94000000
        0.627772197431
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferrari NV
        549300RIVY5EX8RCON76
        Ferrari NV
        N/A
        
          
        
        98290.00000000
        NS
        
        17575689.32000000
        0.720091068518
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Intesa Sanpaolo SpA
        2W8N8UU78PMDQKZENC08
        Intesa Sanpaolo SpA
        N/A
        
          
        
        12138912.00000000
        NS
        
        24743287.22000000
        1.013753703112
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Fujitsu Ltd.
        3538000246DHJLRTUZ24
        Fujitsu Ltd.
        N/A
        
          
        
        206400.00000000
        NS
        
        27635961.57000000
        1.132269052674
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Aviva plc
        YF0Y5B0IB8SM0ZFG9G81
        Aviva plc
        N/A
        
          
        
        4786086.00000000
        NS
        
        16459610.80000000
        0.674364374140
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        CLP Holdings Ltd.
        25490002BUTSMP94GO68
        CLP Holdings Ltd.
        N/A
        
          
        
        289500.00000000
        NS
        
        2737424.34000000
        0.112154623473
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        ASX Ltd.
        N/A
        ASX Ltd.
        N/A
        
          
        
        352667.00000000
        NS
        
        20779359.89000000
        0.851348199998
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Faurecia SE
        969500F0VMZLK2IULV85
        Faurecia SE
        N/A
        
          
        
        29946.00000000
        NS
        
        1156446.77000000
        0.047380616209
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Metal Mining Co. Ltd.
        353800CF81IXL9974H84
        Sumitomo Metal Mining Co. Ltd.
        N/A
        
          
        
        125500.00000000
        NS
        
        3772475.36000000
        0.154561551668
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Allianz SE
        529900K9B0N5BT694847
        Allianz SE (Registered)
        N/A
        
          
        
        133466.00000000
        NS
        
        27690755.50000000
        1.134514006991
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        M3, Inc.
        N/A
        M3, Inc.
        N/A
        
          
        
        243100.00000000
        NS
        
        12483811.96000000
        0.511472485077
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sega Sammy Holdings, Inc.
        5493006B6WMKNQ8QNP51
        Sega Sammy Holdings, Inc.
        N/A
        
          
        
        1474800.00000000
        NS
        
        16626292.47000000
        0.681193465145
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Orkla ASA
        549300PZS8G8RG6RVZ52
        Orkla ASA
        N/A
        
          
        
        1639623.00000000
        NS
        
        16127065.29000000
        0.660739699325
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        KDDI Corp.
        5299003FU7V4I45FU310
        KDDI Corp.
        N/A
        
          
        
        525800.00000000
        NS
        
        16719095.58000000
        0.684995688172
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rentokil Initial plc
        549300VN4WV7Z6T14K68
        Rentokil Initial plc
        N/A
        
          
        
        561475.00000000
        NS
        
        3917048.07000000
        0.160484819616
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Smurfit Kappa Group plc
        635400CPLP8H5ITDVT56
        Smurfit Kappa Group plc
        N/A
        
          
        
        57682.00000000
        NS
        
        1948676.89000000
        0.079838963830
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Seven & i Holdings Co. Ltd.
        52990037G8JRM3TWGY86
        Seven & i Holdings Co. Ltd.
        N/A
        
          
        
        584800.00000000
        NS
        
        17672381.71000000
        0.724052638682
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        D'ieteren SA/NV
        549300DV5KJ23OKVTW34
        D'ieteren SA/NV
        N/A
        
          
        
        9435.00000000
        NS
        
        509322.39000000
        0.020867375233
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        N/A
        
          
        
        180832.00000000
        NS
        
        62632350.26000000
        2.566101118503
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        ASM International NV
        7245001I22ND6ZFHX623
        ASM International NV
        N/A
        
          
        
        122484.00000000
        NS
        
        18736171.25000000
        0.767637008694
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Rakuten, Inc.
        529900IMXUCQKUL1H943
        Rakuten, Inc.
        N/A
        
          
        
        907400.00000000
        NS
        
        8338390.37000000
        0.341631006439
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tecan Group AG
        529900CSN9R3BLETSL26
        Tecan Group AG (Registered)
        N/A
        
          
        
        34939.00000000
        NS
        
        14653215.88000000
        0.600354824675
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Matsumotokiyoshi Holdings Co. Ltd.
        N/A
        Matsumotokiyoshi Holdings Co. Ltd.
        N/A
        
          
        
        135000.00000000
        NS
        
        4509858.62000000
        0.184772776385
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Husqvarna AB
        549300GYQIIJ3UXB7655
        Husqvarna AB, Class B
        N/A
        
          
        
        106312.00000000
        NS
        
        1017405.02000000
        0.041683956437
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        NagaCorp Ltd.
        549300MMNKN0RBJELS20
        NagaCorp Ltd.
        N/A
        
          
        
        1370000.00000000
        NS
        
        1464424.17000000
        0.059998714482
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Corp.
        V82KK8NH1P0JS71FJC05
        Sumitomo Corp.
        N/A
        
          
        
        246500.00000000
        NS
        
        2738546.54000000
        0.112200600970
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nintendo Co. Ltd.
        353800FEEXU6I9M0ZF27
        Nintendo Co. Ltd.
        N/A
        
          
        
        20100.00000000
        NS
        
        8840186.89000000
        0.362190040323
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ibiden Co. Ltd.
        52990051DBFIQEY37C91
        Ibiden Co. Ltd.
        N/A
        
          
        
        190800.00000000
        NS
        
        5168241.58000000
        0.211747291041
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Betsson AB
        549300W61XW8OFGBG077
        Betsson AB
        N/A
        
          
        
        109099.00000000
        NS
        
        822614.11000000
        0.033703205755
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nitto Denko Corp.
        3538009GX5P09USH2J25
        Nitto Denko Corp.
        N/A
        
          
        
        140700.00000000
        NS
        
        7974941.11000000
        0.326740178476
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sekisui Chemical Co. Ltd.
        529900KQIVT7NWFNMI70
        Sekisui Chemical Co. Ltd.
        N/A
        
          
        
        89400.00000000
        NS
        
        1216935.94000000
        0.049858909394
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Getinge AB
        5493003PZ4F570G3W735
        Getinge AB, Class B
        N/A
        
          
        
        411493.00000000
        NS
        
        9939448.00000000
        0.407227710986
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        DeNA Co. Ltd.
        529900T9JQP7I5LDY154
        DeNA Co. Ltd.
        N/A
        
          
        
        1000400.00000000
        NS
        
        11285373.39000000
        0.462371428799
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Electric Corp.
        549300TRXM9Y6561AX39
        Mitsubishi Electric Corp.
        N/A
        
          
        
        826100.00000000
        NS
        
        10783970.26000000
        0.441828512441
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Signify NV
        549300072P3J1X8NZO35
        Signify NV
        N/A
        
          
        
        553544.00000000
        NS
        
        16608119.78000000
        0.680448914447
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Electrolux AB
        549300Y3HHZB1ZGFPJ93
        Electrolux AB, Series B
        N/A
        
          
        
        369271.00000000
        NS
        
        6939957.12000000
        0.284335996558
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Autobacs Seven Co. Ltd.
        5299006NCUSCPURTQB07
        Autobacs Seven Co. Ltd.
        N/A
        
          
        
        36500.00000000
        NS
        
        425270.48000000
        0.017423696378
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Goodman Group
        N/A
        Goodman Group
        N/A
        
          
        
        1317651.00000000
        NS
        
        16020791.65000000
        0.656385577129
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Rexel SA
        969500N6AVPA51648T62
        Rexel SA
        N/A
        
          
        
        624566.00000000
        NS
        
        7412758.76000000
        0.303707085336
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Shionogi & Co. Ltd.
        35380049VXDTHZI3DY35
        Shionogi & Co. Ltd.
        N/A
        
          
        
        157100.00000000
        NS
        
        9346032.11000000
        0.382914952919
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Scout24 AG
        5493007EIKM2ENQS7U66
        Scout24 AG
        N/A
        
          
        
        174318.00000000
        NS
        
        14983934.98000000
        0.613904669905
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nobia AB
        529900MZ8Y3QGPDF6815
        Nobia AB
        N/A
        
          
        
        64031.00000000
        NS
        
        379897.64000000
        0.015564732201
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        DiaSorin SpA
        8156002878BDF0EE4348
        DiaSorin SpA
        N/A
        
          
        
        10572.00000000
        NS
        
        2085333.91000000
        0.085437919169
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Boliden AB
        21380059QU7IM1ONDJ56
        Boliden AB
        N/A
        
          
        
        590656.00000000
        NS
        
        16129744.95000000
        0.660849487294
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Diageo plc
        213800ZVIELEA55JMJ32
        Diageo plc
        N/A
        
          
        
        842851.00000000
        NS
        
        30840471.29000000
        1.263560564850
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        K's Holdings Corp.
        3538003LJ09YLR6NHG27
        K's Holdings Corp.
        N/A
        
          
        
        398400.00000000
        NS
        
        5114626.10000000
        0.209550618832
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EDION Corp.
        353800697NBCW7EAHZ97
        EDION Corp.
        N/A
        
          
        
        28000.00000000
        NS
        
        269784.67000000
        0.011053309361
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Post AG
        8ER8GIG7CSMVD8VUFE78
        Deutsche Post AG (Registered)
        N/A
        
          
        
        699631.00000000
        NS
        
        28398153.70000000
        1.163496718077
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Benesse Holdings, Inc.
        549300XOPEJA8L2IV934
        Benesse Holdings, Inc.
        N/A
        
          
        
        293600.00000000
        NS
        
        7657111.16000000
        0.313718412778
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Obayashi Corp.
        529900YT4O5S0LCXWD54
        Obayashi Corp.
        N/A
        
          
        
        32000.00000000
        NS
        
        285708.59000000
        0.011705726023
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ship Healthcare Holdings, Inc.
        353800BIFUE1L527TH13
        Ship Healthcare Holdings, Inc.
        N/A
        
          
        
        15000.00000000
        NS
        
        645784.41000000
        0.026458341255
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Magellan Financial Group Ltd.
        549300X5WFW6USQQ9U26
        Magellan Financial Group Ltd.
        N/A
        
          
        
        116391.00000000
        NS
        
        5056640.70000000
        0.207174907252
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Legrand SA
        969500XXRPGD7HCAFA90
        Legrand SA
        N/A
        
          
        
        285638.00000000
        NS
        
        22096460.03000000
        0.905310922591
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        ACS Actividades de Construccion y Servicios SA
        95980020140005558665
        ACS Actividades de Construccion y Servicios SA
        N/A
        
          
        
        638711.00000000
        NS
        
        14815862.11000000
        0.607018580242
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Investor AB
        549300VEBQPHRZBKUX38
        Investor AB, Class A
        N/A
        
          
        
        33235.00000000
        NS
        
        1958254.73000000
        0.080231376151
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Fiat Chrysler Automobiles NV
        549300LKT9PW7ZIBDF31
        Fiat Chrysler Automobiles NV
        N/A
        
          
        
        174405.00000000
        NS
        
        1773069.16000000
        0.072644164489
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle SA (Registered)
        N/A
        
          
        
        556460.00000000
        NS
        
        66175202.81000000
        2.711254826667
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Essity AB
        549300G8E6YUVJ1DA153
        Essity AB, Class B
        N/A
        
          
        
        610131.00000000
        NS
        
        20130918.75000000
        0.824781010235
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Konami Holdings Corp.
        353800FC4A5QCMIZFV94
        Konami Holdings Corp.
        N/A
        
          
        
        492300.00000000
        NS
        
        15044208.13000000
        0.616374112565
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        VAT Group AG
        529900MVFK7NVALR7Y83
        VAT Group AG
        N/A
        
          
        
        1315.00000000
        NS
        
        250756.53000000
        0.010273710142
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Aurubis AG
        5299005SHIN9ZK7GW242
        Aurubis AG
        N/A
        
          
        
        69992.00000000
        NS
        
        4667977.40000000
        0.191251038442
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Leroy Seafood Group ASA
        5967007LIEEXZXJ2JK50
        Leroy Seafood Group ASA
        N/A
        
          
        
        706624.00000000
        NS
        
        4096632.35000000
        0.167842541622
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Yara International ASA
        213800WKOUWXWFJ5Z514
        Yara International ASA
        N/A
        
          
        
        211711.00000000
        NS
        
        8930792.90000000
        0.365902246278
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Dentsu Group, Inc.
        5299007PBBE83ZLJZG91
        Dentsu Group, Inc.
        N/A
        
          
        
        266900.00000000
        NS
        
        5954587.35000000
        0.243964551795
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke Ahold Delhaize NV
        724500C9GNBV20UYRX36
        Koninklijke Ahold Delhaize NV
        N/A
        
          
        
        800840.00000000
        NS
        
        23064877.01000000
        0.944987797005
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Sonova Holding AG
        5299004A0QNX7FBNHS61
        Sonova Holding AG (Registered)
        N/A
        
          
        
        72967.00000000
        NS
        
        16498145.32000000
        0.675943166480
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Mazda Motor Corp.
        52990044YZJLICDQKK92
        Mazda Motor Corp.
        N/A
        
          
        
        1189900.00000000
        NS
        
        6864255.05000000
        0.281234417810
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Teijin Ltd.
        3538000RF6UCIMPKCO54
        Teijin Ltd.
        N/A
        
          
        
        193200.00000000
        NS
        
        2790142.54000000
        0.114314533351
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Astellas Pharma, Inc.
        529900IB708DY2HBBB35
        Astellas Pharma, Inc.
        N/A
        
          
        
        1356700.00000000
        NS
        
        21161760.08000000
        0.867015463819
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Credit Agricole SA
        969500TJ5KRTCJQWXH05
        Credit Agricole SA
        N/A
        
          
        
        1015271.00000000
        NS
        
        9772748.86000000
        0.400397904220
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        SKF AB
        549300B6HWYEE57O8J84
        SKF AB, Class B
        N/A
        
          
        
        305128.00000000
        NS
        
        5648784.38000000
        0.231435541785
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        SGS SA
        2138007JNS19JHNA2336
        SGS SA (Registered)
        N/A
        
          
        
        1616.00000000
        NS
        
        4232072.54000000
        0.173391642392
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Henkel AG & Co. KGaA
        549300VZCL1HTH4O4Y49
        Henkel AG & Co. KGaA (Preference)
        N/A
        
          
        
        191462.00000000
        NS
        
        18825470.67000000
        0.771295682536
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Azimut Holding SpA
        81560025690EF8540635
        Azimut Holding SpA
        N/A
        
          
        
        283077.00000000
        NS
        
        5393003.20000000
        0.220955967422
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Nemetschek SE
        529900R0S2IX1S358J38
        Nemetschek SE
        N/A
        
          
        
        57251.00000000
        NS
        
        4196833.51000000
        0.171947869104
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Intertek Group plc
        2138003GAT25WW1RN369
        Intertek Group plc
        N/A
        
          
        
        68808.00000000
        NS
        
        4839203.80000000
        0.198266330934
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Tingyi Cayman Islands Holding Corp.
        5299009MPI9B60VN4P25
        Tingyi Cayman Islands Holding Corp.
        N/A
        
          
        
        3762000.00000000
        NS
        
        7013114.45000000
        0.287333315125
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Galapagos NV
        549300QKJ78IY0IOV655
        Galapagos NV
        N/A
        
          
        
        77197.00000000
        NS
        
        14337071.00000000
        0.587402097740
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Schaeffler AG
        549300Q7E782X7GC1P43
        Schaeffler AG (Preference)
        N/A
        
          
        
        488653.00000000
        NS
        
        3564969.26000000
        0.146059848744
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        AstraZeneca plc
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca plc
        046353108
        
          
        
        193282.00000000
        NS
        USD
        10781269.96000000
        0.441717878834
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Eiffage SA
        969500OQXKE5WDM9M994
        Eiffage SA
        N/A
        
          
        
        55293.00000000
        NS
        
        4832215.52000000
        0.197980015107
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        BT Group plc
        213800LRO7NS5CYQMN21
        BT Group plc
        N/A
        
          
        
        3185928.00000000
        NS
        
        4093761.54000000
        0.167724922074
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Anima Holding SpA
        549300T1EREIRH8ICX03
        Anima Holding SpA
        N/A
        
          
        
        112163.00000000
        NS
        
        506047.71000000
        0.020733208785
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Salmar ASA
        5967007LIEEXZXGDBK67
        Salmar ASA
        N/A
        
          
        
        149517.00000000
        NS
        
        7111182.77000000
        0.291351258323
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        MorphoSys AG
        529900493806K77LRE72
        MorphoSys AG
        N/A
        
          
        
        12200.00000000
        NS
        
        1566152.87000000
        0.064166626587
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Moneysupermarket.com Group plc
        54930016B7VO33FBE722
        Moneysupermarket.com Group plc
        N/A
        
          
        
        358823.00000000
        NS
        
        1374661.91000000
        0.056321077688
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        B&M European Value Retail SA
        213800UK7ZRLY2K1X530
        B&M European Value Retail SA
        N/A
        
          
        
        669500.00000000
        NS
        
        4025221.59000000
        0.164916781526
        Long
        EC
        CORP
        LU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Plus500 Ltd.
        549300X8NGW9C5OJZU13
        Plus500 Ltd.
        N/A
        
          
        
        256249.00000000
        NS
        
        3972070.13000000
        0.162739120615
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        Xinyi Glass Holdings Ltd.
        52990082YXVVZFK1QJ17
        Xinyi Glass Holdings Ltd.
        N/A
        
          
        
        1204000.00000000
        NS
        
        1766448.19000000
        0.072372897669
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke Philips NV
        H1FJE8H61JGM1JSGM897
        Koninklijke Philips NV
        N/A
        
          
        
        361158.00000000
        NS
        
        18661350.29000000
        0.764571529779
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Telekom AG
        549300V9QSIG4WX4GJ96
        Deutsche Telekom AG (Registered)
        N/A
        
          
        
        1139146.00000000
        NS
        
        19017756.09000000
        0.779173781143
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Fisher & Paykel Healthcare Corp. Ltd.
        N/A
        Fisher & Paykel Healthcare Corp. Ltd.
        N/A
        
          
        
        160818.00000000
        NS
        
        3852301.59000000
        0.157832100789
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Zurich Insurance Group AG
        529900QVNRBND50TXP03
        Zurich Insurance Group AG
        N/A
        
          
        
        71703.00000000
        NS
        
        26515983.05000000
        1.086382571951
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Xero Ltd.
        254900UG5D8YST164N14
        Xero Ltd.
        N/A
        
          
        
        172954.00000000
        NS
        
        11085271.64000000
        0.454173088447
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        N/A
        
          
        
        113469.00000000
        NS
        
        40342501.36000000
        1.652866888011
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Kaken Pharmaceutical Co. Ltd.
        N/A
        Kaken Pharmaceutical Co. Ltd.
        N/A
        
          
        
        24100.00000000
        NS
        
        1095253.95000000
        0.044873493880
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        IGO Ltd.
        2549005DZO8VGXM5QN07
        IGO Ltd.
        N/A
        
          
        
        599255.00000000
        NS
        
        1972470.37000000
        0.080813803117
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Capgemini SE
        96950077L0TN7BAROX36
        Capgemini SE
        N/A
        
          
        
        137652.00000000
        NS
        
        17852681.71000000
        0.731439684350
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        MEIJI Holdings Co. Ltd.
        5299002D52YIP6DWMV49
        MEIJI Holdings Co. Ltd.
        N/A
        
          
        
        90000.00000000
        NS
        
        7067201.93000000
        0.289549325579
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Beach Energy Ltd.
        8Q9PJD25OKTQT5FHUF40
        Beach Energy Ltd.
        N/A
        
          
        
        4636589.00000000
        NS
        
        4646765.11000000
        0.190381952724
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Taylor Wimpey plc
        21380089BTRXTD8S3R66
        Taylor Wimpey plc
        N/A
        
          
        
        428942.00000000
        NS
        
        661654.58000000
        0.027108555734
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Gecina SA
        9695003E4MMA10IBTR26
        Gecina SA
        N/A
        
          
        
        23989.00000000
        NS
        
        3111905.88000000
        0.127497453411
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Wesfarmers Ltd.
        5493003L32ZX9557ST85
        Wesfarmers Ltd.
        N/A
        
          
        
        687769.00000000
        NS
        
        22866783.29000000
        0.936871727365
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Dai Nippon Printing Co. Ltd.
        529900S7NFNQ4FT6OP83
        Dai Nippon Printing Co. Ltd.
        N/A
        
          
        
        725900.00000000
        NS
        
        15770769.17000000
        0.646141941645
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Euronext NV
        724500QJ4QSZ3H9QU415
        Euronext NV
        N/A
        
          
        
        46686.00000000
        NS
        
        5393059.28000000
        0.220958265067
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Bachem Holding AG
        506700S81111XI7TG884
        Bachem Holding AG (Registered), Class B
        N/A
        
          
        
        9890.00000000
        NS
        
        2977089.10000000
        0.121973894284
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Dialog Semiconductor plc
        529900QA2LORU6646N15
        Dialog Semiconductor plc
        N/A
        
          
        
        207569.00000000
        NS
        
        9729785.85000000
        0.398637672845
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Rohto Pharmaceutical Co. Ltd.
        N/A
        Rohto Pharmaceutical Co. Ltd.
        N/A
        
          
        
        32200.00000000
        NS
        
        993900.77000000
        0.040720967151
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        RELX plc
        549300WSX3VBUFFJOO66
        RELX plc
        N/A
        
          
        
        983114.00000000
        NS
        
        20696691.31000000
        0.847961197359
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto Ltd.
        529900X2VMAQT2PE0V24
        Rio Tinto Ltd.
        N/A
        
          
        
        281191.00000000
        NS
        
        20579991.61000000
        0.843179910541
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Shimachu Co. Ltd.
        N/A
        Shimachu Co. Ltd.
        N/A
        
          
        
        34800.00000000
        NS
        
        946989.83000000
        0.038798985698
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Brambles Ltd.
        N/A
        Brambles Ltd.
        N/A
        
          
        
        2262663.00000000
        NS
        
        17469511.19000000
        0.715740859448
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Lundin Energy AB
        549300IULC8F8IGXKI15
        Lundin Energy AB
        N/A
        
          
        
        164671.00000000
        NS
        
        3841054.87000000
        0.157371313023
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Subaru Corp.
        549300N244BVAEE6HH86
        Subaru Corp.
        N/A
        
          
        
        840200.00000000
        NS
        
        15869188.46000000
        0.650174264384
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        DCM Holdings Co. Ltd.
        N/A
        DCM Holdings Co. Ltd.
        N/A
        
          
        
        39500.00000000
        NS
        
        496134.17000000
        0.020327042547
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        United Urban Investment Corp.
        353800GYZWBD7BDCN841
        United Urban Investment Corp.
        N/A
        
          
        
        266.00000000
        NS
        
        258676.96000000
        0.010598216953
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sun Hung Kai Properties Ltd.
        529900LUMD393RD3S874
        Sun Hung Kai Properties Ltd.
        N/A
        
          
        
        85000.00000000
        NS
        
        1033753.15000000
        0.042353753347
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        NTT Data Corp.
        353800SZGJGSLJRRWB43
        NTT Data Corp.
        N/A
        
          
        
        86900.00000000
        NS
        
        987987.79000000
        0.040478707288
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Yusen KK
        N/A
        Nippon Yusen KK
        N/A
        
          
        
        620200.00000000
        NS
        
        8070021.05000000
        0.330635685181
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        NEC Corp.
        5493000QYMPFRTEY4K28
        NEC Corp.
        N/A
        
          
        
        327900.00000000
        NS
        
        18370784.71000000
        0.752666808708
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        BE Semiconductor Industries NV
        7245007A1YFLI2GNYX06
        BE Semiconductor Industries NV
        N/A
        
          
        
        161260.00000000
        NS
        
        7210212.07000000
        0.295408573695
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Hermes International
        969500Y4IJGHJE2MTJ13
        Hermes International
        N/A
        
          
        
        9317.00000000
        NS
        
        7553659.72000000
        0.309479918537
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        GVC Holdings plc
        213800GNI3K45LQR8L28
        GVC Holdings plc
        N/A
        
          
        
        217674.00000000
        NS
        
        1883859.77000000
        0.077183350821
        Long
        EC
        CORP
        IM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Wolters Kluwer NV
        724500TEM53I0U077B74
        Wolters Kluwer NV
        N/A
        
          
        
        261973.00000000
        NS
        
        20632400.82000000
        0.845327160833
        Long
        EC
        CORP
        NL
        N
        
        1
        
          N
          N
          N
        
      
      
        Unilever plc
        549300MKFYEKVRWML317
        Unilever plc
        904767704
        
          
        
        193443.00000000
        NS
        USD
        11699432.64000000
        0.479335791467
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          
        
      
      
        Nexon Co. Ltd.
        5299005SFO0GAJFLKN43
        Nexon Co. Ltd.
        N/A
        
          
        
        89200.00000000
        NS
        
        2291709.74000000
        0.093893313961
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        T&D Holdings, Inc.
        3538008ARJ1MACEWA242
        T&D Holdings, Inc.
        N/A
        
          
        
        93000.00000000
        NS
        
        765528.17000000
        0.031364345823
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Prysmian SpA
        529900X0H1IO3RS1A464
        Prysmian SpA
        N/A
        
          
        
        645646.00000000
        NS
        
        16510272.53000000
        0.676440028677
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Link REIT
        529900XUE70U36QX5M62
        Link REIT
        N/A
        
          
        
        4466.00000000
        NS
        
        34652.03000000
        0.001419723394
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyo Seikan Group Holdings Ltd.
        5299004VWXGQPXR05T33
        Toyo Seikan Group Holdings Ltd.
        N/A
        
          
        
        36300.00000000
        NS
        
        397610.73000000
        0.016290452693
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Societe Generale SA
        O2RNE8IBXP4R0TD8PU41
        Societe Generale SA
        N/A
        
          
        
        322227.00000000
        NS
        
        4960786.30000000
        0.203247670257
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Anglo American plc
        549300S9XF92D1X8ME43
        Anglo American plc
        N/A
        
          
        
        867313.00000000
        NS
        
        20995985.22000000
        0.860223525597
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Chubu Electric Power Co., Inc.
        529900A76GOP0PGNHT63
        Chubu Electric Power Co., Inc.
        N/A
        
          
        
        362100.00000000
        NS
        
        4305762.31000000
        0.176410775483
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Teleperformance
        9695004GI61FHFFNRG61
        Teleperformance
        N/A
        
          
        
        33270.00000000
        NS
        
        9736971.16000000
        0.398932061159
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        BHP Group plc
        549300C116EOWV835768
        BHP Group plc
        N/A
        
          
        
        1126806.00000000
        NS
        
        24365407.63000000
        0.998271652150
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Novartis AG
        5493007HIVTX6SY6XD66
        Novartis AG (Registered)
        N/A
        
          
        
        591632.00000000
        NS
        
        48731120.59000000
        1.996555813933
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Barratt Developments plc
        2138006R85VEOF5YNK29
        Barratt Developments plc
        N/A
        
          
        
        859349.00000000
        NS
        
        5708369.34000000
        0.233876788710
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Imperial Brands plc
        549300DFVPOB67JL3A42
        Imperial Brands plc
        N/A
        
          
        
        958811.00000000
        NS
        
        15974563.49000000
        0.654491569757
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Reckitt Benckiser Group plc
        5493003JFSMOJG48V108
        Reckitt Benckiser Group plc
        N/A
        
          
        
        33715.00000000
        NS
        
        3380590.55000000
        0.138505694829
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong Exchanges & Clearing Ltd.
        213800YTVSXYQN17BW16
        Hong Kong Exchanges & Clearing Ltd.
        N/A
        
          
        
        432200.00000000
        NS
        
        20578406.31000000
        0.843114959440
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        HelloFresh SE
        391200ZAF4V6XD2M9G57
        HelloFresh SE
        N/A
        
          
        
        143349.00000000
        NS
        
        7804614.73000000
        0.319761760575
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Banco Santander SA
        5493006QMFDDMYWIAM13
        Banco Santander SA
        N/A
        
          
        
        2745029.00000000
        NS
        
        5886638.18000000
        0.241180616010
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Vodafone Group plc
        213800TB53ELEUKM7Q61
        Vodafone Group plc
        92857W308
        
          
        
        140745.00000000
        NS
        USD
        2139324.00000000
        0.087649939471
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Genworth Mortgage Insurance Australia Ltd.
        529900RUQ2G0JXJOF423
        Genworth Mortgage Insurance Australia Ltd.
        N/A
        
          
        
        322517.00000000
        NS
        
        390159.75000000
        0.015985179650
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Galaxy Entertainment Group Ltd.
        549300ZSEBV3HR826S10
        Galaxy Entertainment Group Ltd.
        N/A
        
          
        
        196000.00000000
        NS
        
        1336669.09000000
        0.054764479261
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sugi Holdings Co. Ltd.
        529900N86BFWB1FADG87
        Sugi Holdings Co. Ltd.
        N/A
        
          
        
        124800.00000000
        NS
        
        9017511.44000000
        0.369455179252
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hexpol AB
        549300MN30TBRLYN3465
        Hexpol AB
        N/A
        
          
        
        71903.00000000
        NS
        
        478413.16000000
        0.019600997565
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Vestas Wind Systems A/S
        549300DYMC8BGZZC8844
        Vestas Wind Systems A/S
        N/A
        
          
        
        87803.00000000
        NS
        
        11255024.27000000
        0.461127999318
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Christian Dior SE
        969500WESYQMQ1F2C272
        Christian Dior SE
        N/A
        
          
        
        4644.00000000
        NS
        
        1912251.82000000
        0.078346597465
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        bpost SA
        5493008AAX0BESN9WN06
        bpost SA
        N/A
        
          
        
        47899.00000000
        NS
        
        311556.39000000
        0.012764732562
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        Novo Nordisk A/S, Class B
        N/A
        
          
        
        501157.00000000
        NS
        
        32882211.84000000
        1.347212426664
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Software AG
        529900M1LIO0SLOBAS50
        Software AG
        N/A
        
          
        
        97575.00000000
        NS
        
        4551563.50000000
        0.186481461094
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        3i Group plc
        35GDVHRBMFE7NWATNM84
        3i Group plc
        N/A
        
          
        
        285282.00000000
        NS
        
        3283733.72000000
        0.134537387416
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Ltd.
        549300T6IPOCDWLKC615
        Hitachi Ltd.
        N/A
        
          
        
        443800.00000000
        NS
        
        13293606.38000000
        0.544650457136
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Lonza Group AG
        549300EFW4H2TCZ71055
        Lonza Group AG (Registered)
        N/A
        
          
        
        42771.00000000
        NS
        
        26746223.29000000
        1.095815712092
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Enel SpA
        WOCMU6HCI0OJWNPRZS33
        Enel SpA
        N/A
        
          
        
        2636103.00000000
        NS
        
        24148087.36000000
        0.989367854263
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        DBS Group Holdings Ltd.
        5493007FKT78NKPM5V55
        DBS Group Holdings Ltd.
        N/A
        
          
        
        540200.00000000
        NS
        
        7803544.02000000
        0.319717892668
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        BHP Group Ltd.
        WZE1WSENV6JSZFK0JC28
        BHP Group Ltd.
        N/A
        
          
        
        151273.00000000
        NS
        
        3982844.67000000
        0.163180562761
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        N/A
        
          
        
        3618.00000000
        NS
        
        1247066.35000000
        0.051093378139
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Singapore Exchange Ltd.
        549300IQ650PPXM76X03
        Singapore Exchange Ltd.
        N/A
        
          
        
        1785100.00000000
        NS
        
        10648700.95000000
        0.436286412771
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Lloyds Banking Group plc
        549300PPXHEU2JF0AM85
        Lloyds Banking Group plc
        N/A
        
          
        
        2585048.00000000
        NS
        
        880752.86000000
        0.036085200216
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Yamada Denki Co. Ltd.
        353800MDZ4K1DQKLO464
        Yamada Denki Co. Ltd.
        N/A
        
          
        
        1522100.00000000
        NS
        
        6603777.99000000
        0.270562449215
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Games Workshop Group plc
        213800RP9QJQYGWHNT41
        Games Workshop Group plc
        N/A
        
          
        
        22488.00000000
        NS
        
        2581153.72000000
        0.105752082117
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Kesko OYJ
        743700OX6HSVMCAHPB95
        Kesko OYJ, Class B
        N/A
        
          
        
        270027.00000000
        NS
        
        5725656.36000000
        0.234585052749
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Obic Co. Ltd.
        N/A
        Obic Co. Ltd.
        N/A
        
          
        
        8200.00000000
        NS
        
        1470501.78000000
        0.060247719377
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Swedish Match AB
        529900YVXCGNWAUYZG78
        Swedish Match AB
        N/A
        
          
        
        174814.00000000
        NS
        
        13469204.93000000
        0.551844880365
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Honda Motor Co. Ltd.
        549300P7ZYCQJ36CCS16
        Honda Motor Co. Ltd.
        N/A
        
          
        
        626700.00000000
        NS
        
        15278863.34000000
        0.625988137814
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CK Hutchison Holdings Ltd.
        254900Z8HM1VEPOQ2G79
        CK Hutchison Holdings Ltd.
        N/A
        
          
        
        1225500.00000000
        NS
        
        8002270.86000000
        0.327859901778
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Peugeot SA
        969500TZ5950IT5FPQ42
        Peugeot SA
        N/A
        
          
        
        97849.00000000
        NS
        
        1572894.29000000
        0.064442828348
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Ono Pharmaceutical Co. Ltd.
        N/A
        Ono Pharmaceutical Co. Ltd.
        N/A
        
          
        
        274400.00000000
        NS
        
        7712669.36000000
        0.315994679892
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CSL Ltd.
        529900ECSECK5ZDQTE14
        CSL Ltd.
        N/A
        
          
        
        25113.00000000
        NS
        
        4884546.79000000
        0.200124072131
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        boohoo Group plc
        213800SZF3KFCECWY243
        boohoo Group plc
        N/A
        
          
        
        989349.00000000
        NS
        
        3347350.24000000
        0.137143810813
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        OMV AG
        549300V62YJ9HTLRI486
        OMV AG
        N/A
        
          
        
        142628.00000000
        NS
        
        4504453.65000000
        0.184551330127
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Toppan Printing Co. Ltd.
        3538003H9W4KIDODQY20
        Toppan Printing Co. Ltd.
        890747108
        
          
        
        860400.00000000
        NS
        
        12898614.34000000
        0.528467294419
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Izumi Co. Ltd.
        N/A
        Izumi Co. Ltd.
        N/A
        
          
        
        27300.00000000
        NS
        
        1052553.06000000
        0.043124001787
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Evolution Mining Ltd.
        254900BCFW5QO5LW8F27
        Evolution Mining Ltd.
        N/A
        
          
        
        2458257.00000000
        NS
        
        10501697.24000000
        0.430263544667
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Research Institute Ltd.
        5299005F1HCVF4M4QN79
        Nomura Research Institute Ltd.
        N/A
        
          
        
        599600.00000000
        NS
        
        15825494.76000000
        0.648384096013
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        TIS, Inc.
        N/A
        TIS, Inc.
        N/A
        
          
        
        664900.00000000
        NS
        
        14239225.91000000
        0.583393300468
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Electric Industries Ltd.
        5493005SP87FL5TOS202
        Sumitomo Electric Industries Ltd.
        N/A
        
          
        
        760900.00000000
        NS
        
        8501247.93000000
        0.348303420377
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hikari Tsushin, Inc.
        3538001SOIIV8U3OXH94
        Hikari Tsushin, Inc.
        N/A
        
          
        
        20400.00000000
        NS
        
        4422736.90000000
        0.181203324780
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sartorius Stedim Biotech
        52990006IVXY7GCSSR39
        Sartorius Stedim Biotech
        N/A
        
          
        
        47554.00000000
        NS
        
        14874037.32000000
        0.609402068500
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Nitori Holdings Co. Ltd.
        N/A
        Nitori Holdings Co. Ltd.
        N/A
        
          
        
        89400.00000000
        NS
        
        19572907.88000000
        0.801918826209
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bouygues SA
        969500MOCLNQFNZN0D63
        Bouygues SA
        N/A
        
          
        
        444951.00000000
        NS
        
        15718591.09000000
        0.644004160947
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Takeda Pharmaceutical Co. Ltd.
        549300ZLMVP4X0OGR454
        Takeda Pharmaceutical Co. Ltd.
        N/A
        
          
        
        719300.00000000
        NS
        
        26086715.26000000
        1.068795102353
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Amundi SA
        96950010FL2T1TJKR531
        Amundi SA
        N/A
        
          
        
        11022.00000000
        NS
        
        838579.93000000
        0.034357339097
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Electron Ltd.
        549300H5LSF8DP3RIJ34
        Tokyo Electron Ltd.
        N/A
        
          
        
        82100.00000000
        NS
        
        22718490.30000000
        0.930796036353
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Banca Generali SpA
        815600903231FA2E7698
        Banca Generali SpA
        N/A
        
          
        
        121194.00000000
        NS
        
        3625647.91000000
        0.148545905087
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Uni-President China Holdings Ltd.
        529900JUA05094TOKA73
        Uni-President China Holdings Ltd.
        N/A
        
          
        
        659000.00000000
        NS
        
        715056.37000000
        0.029296472880
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyo Suisan Kaisha Ltd.
        N/A
        Toyo Suisan Kaisha Ltd.
        892306101
        
          
        
        10400.00000000
        NS
        
        632271.08000000
        0.025904688533
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nikon Corp.
        549300X7LIS9RFELXJ98
        Nikon Corp.
        654111103
        
          
        
        469700.00000000
        NS
        
        3283872.67000000
        0.134543080317
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        STMicroelectronics NV
        213800Z8NOHIKRI42W10
        STMicroelectronics NV
        N/A
        
          
        
        435352.00000000
        NS
        
        12315097.15000000
        0.504560094582
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Porsche Automobil Holding SE
        52990053Z17ZYM1KFV27
        Porsche Automobil Holding SE (Preference)
        N/A
        
          
        
        62805.00000000
        NS
        
        3554949.27000000
        0.145649321159
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        London Stock Exchange Group plc
        213800QAUUUP6I445N30
        London Stock Exchange Group plc
        N/A
        
          
        
        101808.00000000
        NS
        
        11245603.38000000
        0.460742017373
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        13632119.00000000
        NS
        USD
        13632119.00000000
        0.558519609566
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
    
    
      2020-08-31
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 97.4%
	Brazil – 4.6%
	87,600	AES Tiete Energia SA (Utilities)*	$ 254,577
	14,200	Afya Ltd. Class A (Consumer Services)*	371,330
	319,400	B2W Cia Digital (Retailing)*	7,305,750
	2,295,700	B3 SA - Brasil Bolsa Balcao (Diversified Financials)	27,918,683
	1,102,500	BB Seguridade Participacoes SA (Insurance)	5,881,775
	138,500	Cia Paranaense de Energia (Preference) (Utilities)*^,(a)	1,762,397
	1,492,300	Duratex SA (Materials)*	4,605,732
	34,900	Lojas Americanas SA (Retailing)*	205,993
	917,700	Lojas Americanas SA (Preference) (Retailing)*^,(a)	5,998,902
	4,190,928	Petrobras Distribuidora SA (Retailing)	18,236,970
	1,193,200	Sao Martinho SA (Food, Beverage & Tobacco)*	4,897,185
	88,700	YDUQS Participacoes SA (Consumer Services)	576,251

			78,015,545

	China – 41.0%
	2,708,000	Agricultural Bank of China Ltd. Class H (Banks)	961,198
	547,400	Alibaba Group Holding Ltd. ADR (Retailing)*	137,408,348
	47,500	Anhui Conch Cement Co. Ltd. Class A (Materials)	418,087
	540,000	Anhui Conch Cement Co. Ltd. Class H (Materials)	4,083,560
	48,700	Baidu, Inc. ADR (Media & Entertainment)*	5,814,780
	26,525,000	Bank of Communications Co. Ltd. Class H (Banks)	14,723,670
	129,927	Bank of Ningbo Co. Ltd. Class A (Banks)	538,931
	288,000	Brilliance China Automotive Holdings Ltd. (Automobiles & Components)	294,092
	98,000	China Aoyuan Group Ltd. (Real Estate)	123,587
	19,300	China Biologic Products Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*	2,052,555
	3,896,000	China Communications Services Corp. Ltd. Class H (Capital Goods)	2,525,686
	40,133,000	China Construction Bank Corp. Class H (Banks)	29,262,199
	3,949,400	China Everbright Bank Co. Ltd. Class A (Banks)	2,139,178
	214,000	China Kepei Education Group Ltd. (Consumer Services)	164,298
	3,409,000	China Lesso Group Holdings Ltd. (Capital Goods)	6,595,406



Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	10,621,000	China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$ 12,896,496
	1,246,000	China Meidong Auto Holdings Ltd. (Retailing)	3,482,457
	354,122	China Merchants Bank Co. Ltd. Class A (Banks)	1,764,861
	2,259,600	China Minsheng Banking Corp. Ltd. Class A (Banks)	1,793,415
	10,095,000	China Minsheng Banking Corp. Ltd. Class H (Banks)	6,358,343
	7,000	China Mobile Ltd. (Telecommunication Services)	47,783
	1,026,000	China National Building Material Co. Ltd. Class H (Materials)	1,593,363
	2,588,000	China Resources Cement Holdings Ltd. (Materials)	3,543,215
	1,708,000	China Yongda Automobiles Services Holdings Ltd. (Retailing)	1,762,285
	1,860,000	China Yuhua Education Corp. Ltd. (Consumer Services)^(b)	1,798,006
	4,178,895	Chinese Universe Publishing and Media Group Co. Ltd. Class A (Media & Entertainment)	7,587,283
	2,652,000	CNOOC Ltd. (Energy)	2,799,187
	130,400	Contemporary Amperex Technology Co. Ltd. Class A (Capital Goods)	3,924,653
	520,396	CSC Financial Co. Ltd. Class A (Diversified Financials)	3,624,634
	2,831,855	East Money Information Co. Ltd. Class A (Diversified Financials)	10,813,433
	104,073	G-bits Network Technology Xiamen Co. Ltd. Class A (Media & Entertainment)	9,244,555
	431,000	GF Securities Co. Ltd. Class H (Diversified Financials)	517,220
	314,700	Guangzhou Wondfo Biotech Co. Ltd. Class A (Health Care Equipment & Services)	4,403,013
	284,250	Hithink RoyalFlush Information Network Co. Ltd. Class A (Diversified Financials)	5,824,397
	54,800	Hongfa Technology Co. Ltd. Class A (Capital Goods)	330,403
	39,115,000	Industrial & Commercial Bank of China Ltd. Class H (Banks)	22,919,105
	412,900	JD.com, Inc. ADR (Retailing)*	26,338,891
	2,288,284	Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. Class A (Health Care Equipment & Services)	12,058,612
	585,437	Jinyu Bio-Technology Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)	2,449,266

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	6,183,500	KWG Group Holdings Ltd. (Real Estate)*	$ 11,029,218
	2,424,000	Logan Group Co. Ltd. (Real Estate)	4,200,831
	303,200	Meituan Dianping Class B (Retailing)*	7,503,138
	72,300	NetEase, Inc. ADR (Media & Entertainment)	33,143,766
	222,100	New Oriental Education & Technology Group, Inc. ADR (Consumer Services)*	31,138,420
	2,498,000	People’s Insurance Co. Group of China Ltd. (The) Class H (Insurance)	812,750
	536,489	Perfect World Co. Ltd. Class A (Media & Entertainment)	2,950,922
	17,066,000	PICC Property & Casualty Co. Ltd. Class H (Insurance)	13,486,251
	2,644,000	Powerlong Real Estate Holdings Ltd. (Real Estate)	1,615,764
	724,500	Semiconductor Manufacturing International Corp. (Semiconductors & Semiconductor Equipment)*	2,836,750
	92,308	Shandong Buchang Pharmaceuticals Co. Ltd. Class A (Pharmaceuticals, Biotechnology & Life Sciences)	379,227
	1,727,075	Shandong Gold Mining Co. Ltd. Class A (Materials)	10,770,161
	2,796,450	Shandong Gold Mining Co. Ltd. Class H (Materials)^(b)	8,868,757
	1,381,100	Shenwan Hongyuan Group Co. Ltd. Class A (Diversified Financials)*	1,153,845
	772,500	Shenzhen International Holdings Ltd. (Transportation)	1,260,676
	2,157,500	Sinotruk Hong Kong Ltd. (Capital Goods)	6,732,813
	168,300	Suofeiya Home Collection Co. Ltd. Class A (Consumer Durables & Apparel)	553,700
	258,800	TAL Education Group ADR (Consumer Services)*	20,230,396
	1,692,400	Tencent Holdings Ltd. (Media & Entertainment)	116,095,621
	2,744,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)	5,115,360
	1,246,200	Vipshop Holdings Ltd. ADR (Retailing)*	28,375,974
	1,229,739	Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. Class A (Media & Entertainment)	8,039,014
	562,000	Yanzhou Coal Mining Co. Ltd. Class A (Energy)	741,033



Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	3,101,800	YiChang HEC ChangJiang Pharmaceutical Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)^(b)(c)	$ 4,665,219
	845,000	Zhongsheng Group Holdings Ltd. (Retailing)	5,223,595
	955,500	Zijin Mining Group Co. Ltd. Class A (Materials)	808,725
	22,732,000	Zijin Mining Group Co. Ltd. Class H (Materials)	14,290,724
	67,700	Zoomlion Heavy Industry Science and Technology Co. Ltd. Class A (Capital Goods)	80,165

			697,083,266

	Colombia – 0.0%
	58,574	Ecopetrol SA ADR (Energy)	681,801

	Greece – 0.0%
	17,585	Terna Energy SA (Utilities)	230,799

	Hungary – 0.0%
	9,434	Richter Gedeon Nyrt. (Pharmaceuticals, Biotechnology & Life Sciences)	218,278

	India – 8.5%
	569,311	Adani Ports & Special Economic Zone Ltd. (Transportation)	2,391,474
	5,893	Atul Ltd. (Materials)	398,314
	1,056,250	Aurobindo Pharma Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	12,383,318
	143,195	Bajaj Auto Ltd. (Automobiles & Components)	5,744,205
	56,341	Bajaj Holdings & Investment Ltd. (Diversified Financials)	1,998,508
	584,870	Cipla Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	5,623,020
	12,990	Dr Lal PathLabs Ltd. (Health Care Equipment & Services)^(b)	328,471
	283,361	Dr Reddy’s Laboratories Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)	17,228,349
	5,257	Godfrey Phillips India Ltd. (Food, Beverage & Tobacco)	64,377
	612,678	Gujarat State Petronet Ltd. (Utilities)	1,674,255
	1,308,212	HCL Technologies Ltd. (Software & Services)	12,299,558
	26,984	HDFC Bank Ltd. ADR (Banks)*	1,261,502
	88,767	Hero MotoCorp Ltd. (Automobiles & Components)	3,161,801
	255,735	ICICI Lombard General Insurance Co. Ltd. (Insurance)^(b)	4,449,764

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	India – (continued)
	311,705	ICICI Securities Ltd. (Diversified Financials)^(b)	$ 1,891,086
	169,410	Indian Energy Exchange Ltd. (Diversified Financials)^(b)	405,528
	1,248,885	Infosys Ltd. ADR (Software & Services)	16,048,172
	13,443	Mahanagar Gas Ltd. (Utilities)	174,989
	41,000	Nestle India Ltd. (Food, Beverage & Tobacco)	9,030,509
	1,734,492	Petronet LNG Ltd. (Energy)	5,740,276
	7,792,222	REC Ltd. (Diversified Financials)	10,411,582
	342,165	Reliance Industries Ltd. (Energy)	9,462,775
	1,030,715	Tata Chemicals Ltd. (Materials)	4,215,231
	232,904	Torrent Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	8,294,766
	1,441,309	Torrent Power Ltd. (Utilities)	6,265,289
	39,400	WNS Holdings Ltd. ADR (Software & Services)*	2,520,024

			143,467,143

	Indonesia – 2.9%
	45,468,500	Adaro Energy Tbk. PT (Energy)	3,400,951
	5,620,400	Bank Central Asia Tbk. PT (Banks)	12,038,744
	12,518,300	Bank Mandiri Persero Tbk. PT (Banks)	4,975,399
	98,077,300	Bank Rakyat Indonesia Persero Tbk. PT (Banks)	21,303,886
	20,620,800	Bukit Asam Tbk. PT (Energy)	2,883,594
	3,007,800	Indofood CBP Sukses Makmur Tbk. PT (Food, Beverage & Tobacco)	1,895,548
	6,307,400	Indofood Sukses Makmur Tbk. PT (Food, Beverage & Tobacco)	2,795,517

			49,293,639

	Mexico – 0.9%
	50,715	America Movil SAB de CV Class L ADR (Telecommunication Services)	641,038
	637,385	Bolsa Mexicana de Valores SAB de CV (Diversified Financials)	1,286,512
	116,326	Gruma SAB de CV Class B (Food, Beverage & Tobacco)	1,365,021
	6,406,716	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)	10,484,502
	731,020	Orbia Advance Corp. SAB de CV (Materials)	1,157,544
	91,000	Qualitas Controladora SAB de CV (Insurance)	367,639

			15,302,256



Shares		Description	Value

	Common Stocks – (continued)
	Peru – 1.2%
	469,400	Southern Copper Corp. (Materials)	$ 20,517,474

	Philippines – 0.1%
	114,300	First Gen Corp. (Utilities)	62,845
	40,250	Globe Telecom, Inc. (Telecommunication Services)	1,689,159

			1,752,004

	Poland – 1.3%
	1,521	11 bit studios SA (Media & Entertainment)*	203,041
	206,341	Asseco Poland SA (Software & Services)	3,533,130
	168,643	CD Projekt SA (Media & Entertainment)*	18,095,291
	45,374	Powszechny Zaklad Ubezpieczen SA (Insurance)	327,081

			22,158,543

	Qatar – 0.1%
	899,394	Commercial Bank PSQC (The) (Banks)	1,017,321
	45,413	Masraf Al Rayan QSC (Banks)	49,317
	251,429	Qatar National Bank QPSC (Banks)	1,252,051

			2,318,689

	Russia – 3.3%
	178,027	LUKOIL PJSC ADR (Energy)	12,189,509
	1,081,720	MMC Norilsk Nickel PJSC ADR (Materials)	28,524,956
	465,990	Mobile TeleSystems PJSC ADR (Telecommunication Services)	4,128,672
	6,345,080	Moscow Exchange MICEX-RTS PJSC (Diversified Financials)	11,409,529

			56,252,666

	Saudi Arabia – 0.5%
	20,371	Abdullah Al Othaim Markets Co. (Food & Staples Retailing)	650,698
	1,507,028	Riyad Bank (Banks)	6,807,028
	28,768	Savola Group (The) (Food, Beverage & Tobacco)	355,611

			7,813,337

	South Africa – 3.4%
	303,101	Anglo American Platinum Ltd. (Materials)^(c)	23,267,003
	2,991,850	FirstRand Ltd. (Diversified Financials)	6,814,119
	219,604	Investec Ltd. (Diversified Financials)	429,893
	21,950	Kumba Iron Ore Ltd. (Materials)	709,817
	69,257	Liberty Holdings Ltd. (Insurance)	280,578
	143,079	Naspers Ltd. Class N (Retailing)	26,033,402
	32,514	Remgro Ltd. (Diversified Financials)	175,320

			57,710,132

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	South Korea – 12.0%
	38,902	Celltrion, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*	$ 9,697,910
	28,304	Chongkundang Holdings Corp. (Pharmaceuticals, Biotechnology & Life Sciences)	2,942,795
	12,616	CJ Logistics Corp. (Transportation)*	1,622,919
	50,204	Com2uSCorp (Media & Entertainment)	5,083,198
	48,195	Coway Co. Ltd. (Consumer Durables & Apparel)	3,106,965
	160,055	Daou Data Corp. (Diversified Financials)	1,964,222
	324,832	DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)	9,384,282
	4,804	DB Insurance Co. Ltd. (Insurance)	190,003
	42,262	DongKook Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	5,211,217
	34,929	Hanmi Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)	349,610
	1,903	Hansol Chemical Co. Ltd. (Materials)	242,166
	8,914	Hite Jinro Co. Ltd. (Food, Beverage & Tobacco)	311,799
	47,158	Huons Global Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,286,170
	19,562	Interojo Co. Ltd. (Health Care Equipment & Services)	368,955
	6,868	i-SENS, Inc. (Health Care Equipment & Services)	165,063
	12,200	Kakao Corp. (Media & Entertainment)	3,539,410
	3,639	Kginicis Co. Ltd. (Software & Services)	72,623
	190,815	Kia Motors Corp. (Automobiles & Components)	6,494,655
	4,848	KIWOOM Securities Co. Ltd. (Diversified Financials)	391,520
	27,240	LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment)	3,150,492
	8,404	LG Electronics, Inc. (Consumer Durables & Apparel)	499,742
	112,351	MegaStudyEdu Co. Ltd. (Consumer Services)	3,206,002
	92,375	Mirae Asset Daewoo Co. Ltd. (Diversified Financials)	613,365
	140,271	NAVER Corp. (Media & Entertainment)	35,636,104
	4,617	NCSoft Corp. (Media & Entertainment)	3,146,007
	34,290	Neowiz (Media & Entertainment)*	816,767



Shares		Description	Value

	Common Stocks – (continued)
	South Korea – (continued)
	143,402	Posco International Corp. (Capital Goods)	$ 1,671,862
	1,611,175	Samsung Electronics Co. Ltd. (Technology Hardware & Equipment)	78,744,333
	236,387	Samsung Electronics Co. Ltd. (Preference) (Technology Hardware & Equipment)^(a)	9,873,367
	2,189	SK Gas Ltd. (Energy)	158,313
	78,585	Soulbrain Holdings Co. Ltd. (Materials)^(d)	6,325,585
	77,797	Suheung Co. Ltd. (Health Care Equipment & Services)	3,842,119
	99,386	UniTest, Inc. (Semiconductors & Semiconductor Equipment)	1,261,015
	48,942	Value Added Technology Co. Ltd. (Health Care Equipment & Services)	978,781
	133,201	Wonik Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)*	554,847

			202,904,183

	Taiwan – 15.9%
	66,000	Alchip Technologies Ltd. (Semiconductors & Semiconductor Equipment)	1,350,324
	2,395,000	Ardentec Corp. (Semiconductors & Semiconductor Equipment)	2,864,606
	2,482,000	Cheng Loong Corp. (Materials)	1,966,727
	1,295,000	Chicony Power Technology Co. Ltd. (Capital Goods)	2,991,064
	3,398,000	ChipMOS Technologies, Inc. (Semiconductors & Semiconductor Equipment)	3,698,444
	916,000	Dynapack International Technology Corp. (Technology Hardware & Equipment)	2,607,971
	817,000	Fubon Financial Holding Co. Ltd. (Insurance)	1,163,560
	722,000	Great Wall Enterprise Co. Ltd. (Food, Beverage & Tobacco)	1,136,802
	33,000	Hotai Motor Co. Ltd. (Retailing)	754,740
	329,000	International Games System Co. Ltd. (Media & Entertainment)	8,429,027
	4,113,000	King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	4,978,565
	85,000	Kinsus Interconnect Technology Corp. (Semiconductors & Semiconductor Equipment)	223,796
	3,354,000	Lite-On Technology Corp. (Technology Hardware & Equipment)	5,674,265
	24,000	Lotes Co. Ltd. (Technology Hardware & Equipment)	368,720
	175,000	Parade Technologies Ltd. (Semiconductors & Semiconductor Equipment)	7,617,678

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Taiwan – (continued)
	614,000	Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)*	$ 7,833,521
	21,000	Silicon Motion Technology Corp. ADR (Semiconductors & Semiconductor Equipment)	868,770
	873,000	Simplo Technology Co. Ltd. (Technology Hardware & Equipment)	9,703,374
	92,000	Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment)	307,136
	908,000	Sitronix Technology Corp. (Semiconductors & Semiconductor Equipment)	4,659,747
	197,000	Soft-World International Corp. (Media & Entertainment)	679,898
	721,000	Standard Foods Corp. (Food, Beverage & Tobacco)	1,508,359
	4,860,000	Synnex Technology International Corp. (Technology Hardware & Equipment)	7,259,430
	103,000	Systex Corp. (Software & Services)	284,968
	265,000	TaiDoc Technology Corp. (Health Care Equipment & Services)*	2,283,239
	1,641,400	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)	129,490,046
	357,000	Taiwan Surface Mounting Technology Corp. (Semiconductors & Semiconductor Equipment)	1,642,143
	1,701,000	Teco Electric and Machinery Co. Ltd. (Capital Goods)	1,581,043
	217,000	Thinking Electronic Industrial Co. Ltd. (Technology Hardware & Equipment)	720,662
	855,000	Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment)	3,387,246
	2,289,000	Tripod Technology Corp. (Technology Hardware & Equipment)	9,936,229
	782,000	United Integrated Services Co. Ltd. (Capital Goods)	5,487,730
	16,358,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)	12,404,195
	12,096,000	Wistron Corp. (Technology Hardware & Equipment)	14,172,786
	3,682,000	Youngtek Electronics Corp. (Semiconductors & Semiconductor Equipment)	8,667,026
	1,123,000	YungShin Global Holding Corp. (Pharmaceuticals, Biotechnology & Life Sciences)	1,752,118

			270,455,955



Shares		Description	Value

	Common Stocks – (continued)
	Thailand – 0.9%
	325,100	Charoen Pokphand Foods PCL (Food, Beverage & Tobacco)	$ 352,283
	4,968,700	Com7 PCL Class F (Retailing)	6,098,937
	3,560,700	Gunkul Engineering PCL (Capital Goods)	306,564
	666,000	PTT Exploration & Production PCL (Energy)	1,951,965
	269,800	SPCG PCL (Utilities)	160,405
	6,297,500	Thanachart Capital PCL (Banks)	7,036,266

			15,906,420

	Turkey – 0.7%
	1,156,190	BIM Birlesik Magazalar A/S (Food & Staples Retailing)	11,803,966

	United Arab Emirates – 0.1%
	457,936	Emirates NBD Bank PJSC (Banks)	1,110,593

	TOTAL COMMON STOCKS (Cost $1,286,549,248)		$1,654,996,689



Units	Description	Expiration Month		Value

*Rights – 0.0%**
Brazil – 0.0%
21,172	B2W Cia Digital (Retailing)		08/2020	$ 28,410

Taiwan – 0.0%
30,639	Simplo Technology Co. Ltd.^(d) (Technology Hardware & Equipment)			—

TOTAL RIGHTS (Cost $–)				$ 28,410



Shares		Dividend Rate	Value

	Investment Company^(e) – 0.3%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	4,614,487	0.130%	$ 4,614,487
	(Cost $4,614,487)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,291,163,735)		$1,659,639,586

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle^(e) – 1.1%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	19,225,200	0.130%	$ 19,225,200
	(Cost $19,225,200)

	TOTAL INVESTMENTS – 98.8% (Cost $1,310,388,935)		$1,678,864,786

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%		19,595,996

	NET ASSETS – 100.0%		$1,698,460,782



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)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		All or a portion of security is on loan.

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

(e)		Represents an Affiliated Issuer.



Investment Abbreviation:
ADR		— American Depositary Receipt


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 EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At July 31, 2020, the Fund had the following futures contracts:

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation/
(Depreciation)

Long position contracts:

MSCI Emerging Markets E-Mini Index

476

09/18/2020

25,449,340

1,934,632

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.2%
	Australia – 9.7%
	321,125	ASX Ltd. (Diversified Financials)	$ 18,920,885
	3,238,408	Aurizon Holdings Ltd. (Transportation)	10,327,118
	4,636,589	Beach Energy Ltd. (Energy)	4,646,765
	151,273	BHP Group Ltd. (Materials)	3,982,845
	1,126,806	BHP Group plc (Materials)	24,365,408
	2,262,663	Brambles Ltd. (Commercial & Professional Services)	17,469,511
	25,113	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	4,884,547
	2,458,257	Evolution Mining Ltd. (Materials)	10,501,697
	1,881,318	Fortescue Metals Group Ltd. (Materials)	23,417,162
	322,517	Genworth Mortgage Insurance Australia Ltd. (Banks)	390,160
	1,317,651	Goodman Group (REIT)	16,020,792
	599,255	IGO Ltd. (Materials)	1,972,470
	78,326	Magellan Financial Group Ltd. (Diversified Financials)	3,402,896
	21,487	Pro Medicus Ltd. (Health Care Equipment & Services)	367,248
	1,675,527	Regis Resources Ltd. (Materials)	6,827,425
	281,191	Rio Tinto Ltd. (Materials)	20,579,992
	464,825	Rio Tinto plc ADR (Materials)	28,372,918
	3,805,054	Santos Ltd. (Energy)	14,213,055
	102,719	Sonic Healthcare Ltd. (Health Care Equipment & Services)	2,351,711
	687,769	Wesfarmers Ltd. (Retailing)	22,866,783
	108,757	Woodside Petroleum Ltd. (Energy)	1,547,192

			237,428,580

	Austria – 0.2%
	142,628	OMV AG (Energy)*	4,504,454

	Belgium – 0.6%
	47,899	bpost SA (Transportation)	311,556
	9,435	D’ieteren SA/NV (Retailing)	509,323
	77,197	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*	14,337,071

			15,157,950

	Cambodia – 0.1%
	1,370,000	NagaCorp Ltd. (Consumer Services)	1,464,424

	China – 0.7%
	217,300	ENN Energy Holdings Ltd. (Utilities)	2,634,058
	6,650,000	Fosun International Ltd. (Capital Goods)	7,582,799
	3,762,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)	7,013,115
	659,000	Uni-President China Holdings Ltd. (Food, Beverage & Tobacco)	715,056

			17,945,028



Shares		Description	Value

	Common Stocks – (continued)
	Denmark – 1.7%
	12,190	Carlsberg A/S Class B (Food, Beverage & Tobacco)	$ 1,800,336
	475,096	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	31,172,282
	72,022	Vestas Wind Systems A/S (Capital Goods)	9,232,137

			42,204,755

	Finland – 0.6%
	270,027	Kesko OYJ Class B (Food & Staples Retailing)	5,725,657
	284,418	Valmet OYJ (Capital Goods)	7,968,347

			13,694,004

	France – 7.2%
	11,022	Amundi SA (Diversified Financials)*^(a)	838,580
	114,264	BNP Paribas SA (Banks)*	4,609,840
	444,951	Bouygues SA (Capital Goods)	15,718,591
	137,652	Capgemini SE (Software & Services)	17,852,682
	4,644	Christian Dior SE (Consumer Durables & Apparel)	1,912,252
	1,015,271	Credit Agricole SA (Banks)*	9,772,749
	55,293	Eiffage SA (Capital Goods)*	4,832,216
	29,946	Faurecia SE (Automobiles & Components)*	1,156,447
	30,892	Gecina SA (REIT)	4,007,378
	5,595	Hermes International (Consumer Durables & Apparel)	4,536,087
	285,638	Legrand SA (Capital Goods)	22,096,460
	787,609	Rexel SA (Capital Goods)*	9,347,860
	91,470	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	9,604,080
	47,554	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)	14,874,037
	292,628	Schneider Electric SE (Capital Goods)	33,553,757
	322,227	Societe Generale SA (Banks)*	4,960,786
	41,588	Teleperformance (Commercial & Professional Services)	12,171,360
	49,759	Valeo SA (Automobiles & Components)	1,276,935
	55,038	Vivendi SA (Media & Entertainment)	1,460,511

			174,582,608

	Germany – 7.5%
	133,466	Allianz SE (Registered) (Insurance)	27,690,756
	69,992	Aurubis AG (Materials)	4,667,977
	16,918	Bechtle AG (Software & Services)	3,292,623
	145,849	Deutsche Boerse AG (Diversified Financials)	26,536,330
	699,631	Deutsche Post AG (Registered) (Transportation)	28,398,154

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	1,139,146	Deutsche Telekom AG (Registered) (Telecommunication Services)	$ 19,017,756
	10,258	DWS Group GmbH & Co. KGaA (Diversified Financials)*^(a)	384,675
	53,640	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	6,170,688
	143,349	HelloFresh SE (Retailing)*	7,804,615
	191,462	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)^(b)	18,825,471
	12,200	MorphoSys AG (Pharmaceuticals, Biotechnology & Life Sciences)*	1,566,153
	57,251	Nemetschek SE (Software & Services)	4,196,834
	62,805	Porsche Automobil Holding SE (Preference) (Automobiles & Components)*^,(b)	3,554,949
	488,653	Schaeffler AG (Preference) (Automobiles & Components)^(b)	3,564,969
	181,879	Scout24 AG (Media & Entertainment)^(a)	15,633,859
	75,677	Siltronic AG (Semiconductors & Semiconductor Equipment)	6,904,003
	97,575	Software AG (Software & Services)	4,551,564
	3,922	zooplus AG (Retailing)*	674,508

			183,435,884

	Hong Kong – 1.8%
	2,106,400	AIA Group Ltd. (Insurance)	18,993,290
	289,500	CLP Holdings Ltd. (Utilities)	2,737,425
	432,200	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	20,578,406
	18,100	Jardine Matheson Holdings Ltd. (Capital Goods)	740,241
	4,466	Link REIT (REIT)	34,652
	1,204,000	Xinyi Glass Holdings Ltd. (Automobiles & Components)	1,766,448

			44,850,462

	Ireland – 0.1%
	57,682	Smurfit Kappa Group plc (Materials)	1,948,677

	Israel – 0.2%
	256,249	Plus500 Ltd. (Diversified Financials)	3,972,070

	Italy – 3.8%
	112,163	Anima Holding SpA (Diversified Financials)^(a)	506,048
	351,374	Azimut Holding SpA (Diversified Financials)	6,694,154
	121,194	Banca Generali SpA (Diversified Financials)	3,625,648
	2,636,103	Enel SpA (Utilities)	24,148,087



Shares		Description	Value

	Common Stocks – (continued)
	Italy – (continued)
	98,290	Ferrari NV (Automobiles & Components)	$ 17,575,689
	12,138,912	Intesa Sanpaolo SpA (Banks)*	24,743,287
	645,646	Prysmian SpA (Capital Goods)	16,510,273

			93,803,186

	Japan – 26.9%
	64,100	AGC, Inc. (Capital Goods)	1,801,909
	1,356,700	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	21,161,760
	36,500	Autobacs Seven Co. Ltd. (Retailing)	425,271
	293,600	Benesse Holdings, Inc. (Consumer Services)	7,657,111
	421,700	Chubu Electric Power Co., Inc. (Utilities)	5,014,471
	421,200	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	19,016,862
	725,900	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)	15,770,769
	39,500	DCM Holdings Co. Ltd. (Retailing)	496,134
	1,000,400	DeNA Co. Ltd. (Media & Entertainment)	11,285,373
	266,900	Dentsu Group, Inc. (Media & Entertainment)	5,954,587
	9,200	Dowa Holdings Co. Ltd. (Materials)	269,987
	28,000	EDION Corp. (Retailing)	269,785
	206,400	Fujitsu Ltd. (Software & Services)	27,635,962
	23,500	Hikari Tsushin, Inc. (Retailing)	5,094,820
	443,800	Hitachi Ltd. (Technology Hardware & Equipment)	13,293,606
	729,600	Honda Motor Co. Ltd. (Automobiles & Components)	17,787,552
	190,800	Ibiden Co. Ltd. (Technology Hardware & Equipment)	5,168,242
	27,300	Izumi Co. Ltd. (Retailing)	1,052,553
	1,883	Japan Retail Fund Investment Corp. (REIT)	2,264,109
	24,100	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,095,254
	38,500	Kamigumi Co. Ltd. (Transportation)	702,653
	525,800	KDDI Corp. (Telecommunication Services)	16,719,096
	492,300	Konami Holdings Corp. (Media & Entertainment)	15,044,208
	398,400	K’s Holdings Corp. (Retailing)	5,114,626
	962,100	LIXIL Group Corp. (Capital Goods)	12,841,966
	328,200	M3, Inc. (Health Care Equipment & Services)	16,853,916
	135,000	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)	4,509,859

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	1,300,500	Mazda Motor Corp. (Automobiles & Components)	$ 7,502,281
	72,700	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)	5,708,729
	826,100	Mitsubishi Electric Corp. (Capital Goods)	10,783,970
	210,000	Mitsubishi Materials Corp. (Materials)	4,293,333
	327,900	NEC Corp. (Software & Services)	18,370,785
	469,700	Nikon Corp. (Consumer Durables & Apparel)	3,283,873
	38,000	Nintendo Co. Ltd. (Media & Entertainment)	16,712,791
	526,400	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	12,218,513
	533,300	Nippon Yusen KK (Transportation)	6,939,281
	89,400	Nitori Holdings Co. Ltd. (Retailing)	19,572,908
	140,700	Nitto Denko Corp. (Materials)	7,974,941
	2,200	NOK Corp. (Automobiles & Components)	23,965
	599,600	Nomura Research Institute Ltd. (Software & Services)	15,825,495
	86,900	NTT Data Corp. (Software & Services)	987,988
	456,600	NTT DOCOMO, Inc. (Telecommunication Services)	12,570,708
	32,000	Obayashi Corp. (Capital Goods)	285,709
	8,200	Obic Co. Ltd. (Software & Services)	1,470,502
	274,400	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	7,712,669
	1,557,200	ORIX Corp. (Diversified Financials)	16,841,304
	37,300	Osaka Gas Co. Ltd. (Utilities)	691,605
	289,200	Pan Pacific International Holdings Corp. (Retailing)	6,554,723
	907,400	Rakuten, Inc. (Retailing)	8,338,390
	96,900	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)	6,222,309
	32,200	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)	993,901
	109,200	Sankyo Co. Ltd. (Consumer Durables & Apparel)	2,731,689
	34,500	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,638,925
	1,474,800	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)	16,626,292
	26,400	Seino Holdings Co. Ltd. (Transportation)	324,926
	89,400	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)	1,216,936



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	584,800	Seven & i Holdings Co. Ltd. (Food & Staples Retailing)	$ 17,672,382
	60,400	Shimachu Co. Ltd. (Retailing)	1,643,626
	157,100	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	9,346,032
	15,000	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)	645,784
	842,300	Softbank Corp. (Telecommunication Services)	11,275,201
	194,100	SoftBank Group Corp. (Telecommunication Services)	12,242,486
	840,200	Subaru Corp. (Automobiles & Components)	15,869,188
	124,800	Sugi Holdings Co. Ltd. (Food & Staples Retailing)	9,017,511
	402,000	Sumitomo Corp. (Capital Goods)	4,466,108
	46,300	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	578,251
	922,400	Sumitomo Electric Industries Ltd. (Automobiles & Components)	10,305,626
	125,500	Sumitomo Metal Mining Co. Ltd. (Materials)	3,772,475
	317,100	Sumitomo Mitsui Trust Holdings, Inc. (Banks)	8,141,256
	79,300	Sundrug Co. Ltd. (Food & Staples Retailing)	2,698,653
	209,200	T&D Holdings, Inc. (Insurance)	1,722,027
	719,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	26,086,715
	193,200	Teijin Ltd. (Materials)	2,790,143
	664,900	TIS, Inc. (Software & Services)	14,239,226
	82,100	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	22,718,490
	860,400	Toppan Printing Co. Ltd. (Commercial & Professional Services)	12,898,614
	36,300	Toyo Seikan Group Holdings Ltd. (Materials)	397,611
	10,400	Toyo Suisan Kaisha Ltd. (Food, Beverage & Tobacco)	632,271
	266	United Urban Investment Corp. (REIT)	258,677
	1,522,100	Yamada Denki Co. Ltd. (Retailing)	6,603,778
	1,741,000	Z Holdings Corp. (Media & Entertainment)	9,258,180
	7,200	Zenkoku Hosho Co. Ltd. (Diversified Financials)	251,643

			654,253,836

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Luxembourg – 0.6%
	21,013	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)*	$ 13,753,563

	Netherlands – 7.1%
	122,484	ASM International NV (Semiconductors & Semiconductor Equipment)	18,736,171
	110,789	ASML Holding NV (Semiconductors & Semiconductor Equipment)	39,389,661
	161,260	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	7,210,212
	46,686	Euronext NV (Diversified Financials)^(a)	5,393,059
	14,128	IMCD NV (Capital Goods)	1,460,942
	800,840	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	23,064,877
	146,489	Koninklijke DSM NV (Materials)	22,422,464
	361,158	Koninklijke Philips NV (Health Care Equipment & Services)*	18,661,350
	553,544	Signify NV (Capital Goods)*^(a)	16,608,120
	261,973	Wolters Kluwer NV (Commercial & Professional Services)	20,632,401

			173,579,257

	New Zealand – 0.8%
	269,842	a2 Milk Co. Ltd. (Food, Beverage & Tobacco)*	3,760,201
	160,818	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	3,852,301
	172,954	Xero Ltd. (Software & Services)*	11,085,272

			18,697,774

	Norway – 2.0%
	901,147	DNB ASA (Banks)	13,841,030
	706,624	Leroy Seafood Group ASA (Food, Beverage & Tobacco)	4,096,632
	1,639,623	Orkla ASA (Food, Beverage & Tobacco)	16,127,065
	149,517	Salmar ASA (Food, Beverage & Tobacco)*	7,111,183
	211,711	Yara International ASA (Materials)	8,930,793

			50,106,703

	Singapore – 0.7%
	540,200	DBS Group Holdings Ltd. (Banks)	7,803,544
	1,785,100	Singapore Exchange Ltd. (Diversified Financials)	10,648,701

			18,452,245

	South Africa – 0.9%
	867,313	Anglo American plc (Materials)	20,995,985



Shares		Description	Value

	Common Stocks – (continued)
	Spain – 0.8%
	638,711	ACS Actividades de Construccion y Servicios SA (Capital Goods)	$ 14,815,862
	1,805,166	Banco Santander SA (Banks)	3,871,128

			18,686,990

	Sweden – 4.1%
	109,099	Betsson AB (Consumer Services)*	822,614
	605,979	Boliden AB (Materials)	16,548,188
	369,271	Electrolux ABSeries B (Consumer Durables & Apparel)	6,939,957
	610,131	Essity AB Class B (Household & Personal Products)*	20,130,919
	411,493	Getinge AB Class B (Health Care Equipment & Services)	9,939,448
	71,903	Hexpol AB (Materials)*	478,413
	106,312	Husqvarna AB Class B (Consumer Durables & Apparel)	1,017,405
	33,235	Investor AB Class A (Diversified Financials)	1,958,255
	360,227	Investor AB Class B (Diversified Financials)	21,373,938
	116,137	Lundin Energy AB (Energy)	2,708,969
	64,031	Nobia AB (Consumer Durables & Apparel)*	379,898
	222,709	SKF AB Class B (Capital Goods)	4,122,975
	174,814	Swedish Match AB (Food, Beverage & Tobacco)	13,469,205

			99,890,184

	Switzerland – 11.4%
	9,890	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)	2,977,089
	42,771	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	26,746,223
	556,460	Nestle SA (Registered) (Food, Beverage & Tobacco)	66,175,203
	591,632	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	48,731,121
	180,832	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	62,632,350
	152	SGS SA (Registered) (Commercial & Professional Services)	398,066
	75,844	Sonova Holding AG (Registered) (Health Care Equipment & Services)*	17,148,647
	435,352	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	12,315,097

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	34,939	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	$ 14,653,216
	1,315	VAT Group AG (Capital Goods)*^(a)	250,757
	71,703	Zurich Insurance Group AG (Insurance)	26,515,983

			278,543,752

	United Kingdom – 9.6%
	153,887	3i Group plc (Diversified Financials)	1,771,314
	73,814	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)	4,117,345
	4,786,086	Aviva plc (Insurance)	16,459,611
	669,500	B&M European Value Retail SA (Retailing)	4,025,222
	859,349	Barratt Developments plc (Consumer Durables & Apparel)	5,708,369
	989,349	boohoo Group plc (Retailing)*	3,347,350
	786,069	British American Tobacco plc (Food, Beverage & Tobacco)	25,978,264
	3,185,928	BT Group plc (Telecommunication Services)	4,093,761
	1,225,500	CK Hutchison Holdings Ltd. (Capital Goods)	8,002,271
	511,525	ConvaTec Group plc (Health Care Equipment & Services)^(a)	1,359,462
	842,851	Diageo plc (Food, Beverage & Tobacco)	30,840,471
	207,569	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*	9,729,786
	2,594,874	Direct Line Insurance Group plc (Insurance)	10,041,349
	593,727	Experian plc (Commercial & Professional Services)	20,738,954
	600,603	Fiat Chrysler Automobiles NV (Automobiles & Components)*	6,105,964
	22,488	Games Workshop Group plc (Consumer Durables & Apparel)	2,581,154
	55,345	Greggs plc (Consumer Services)	860,695
	217,674	GVC Holdings plc (Consumer Services)	1,883,860
	91,420	IG Group Holdings plc (Diversified Financials)	873,758
	958,811	Imperial Brands plc (Food, Beverage & Tobacco)	15,974,563
	41,879	Intertek Group plc (Commercial & Professional Services)	2,945,312
	2,585,048	Lloyds Banking Group plc (Banks)	880,753
	101,808	London Stock Exchange Group plc (Diversified Financials)	11,245,603
	358,823	Moneysupermarket.com Group plc (Retailing)	1,374,662



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	33,715	Reckitt Benckiser Group plc (Household & Personal Products)	$ 3,380,591
	983,114	RELX plc (Commercial & Professional Services)	20,696,691
	561,475	Rentokil Initial plc (Commercial & Professional Services)	3,917,048
	41,926	Tate & Lyle plc (Food, Beverage & Tobacco)	356,847
	193,443	Unilever plc ADR (Household & Personal Products)^(c)	11,699,433
	140,745	Vodafone Group plc ADR (Telecommunication Services)	2,139,324

			233,129,787

	United States – 0.1%
	184,658	Carnival plc ADR (Consumer Services)^(c)	2,075,556

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,209,754,975)		$2,417,157,714



Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle^(d) – 0.6%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	13,632,119	0.130%	$ 13,632,119
	(Cost $13,632,119)

	TOTAL INVESTMENTS – 99.8% (Cost $2,223,387,094)		$2,430,789,833

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%		4,985,430

	NET ASSETS – 100.0%		$2,435,775,263



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(c)		All or a portion of security is on loan.

(d)		Represents an Affiliated Issuer.



Investment Abbreviations:
ADR		— American Depositary Receipt
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 INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.0%
	Australia – 9.5%
	62,868	AUB Group Ltd. (Insurance)	$ 585,705
	18,510,232	Beach Energy Ltd. (Energy)	18,550,857
	837,798	Breville Group Ltd. (Consumer Durables & Apparel)	15,451,601
	2,109,616	BWP Trust (REIT)	5,783,325
	682,843	carsales.com Ltd. (Media & Entertainment)	8,926,876
	20,006	Cedar Woods Properties Ltd. (Real Estate)	72,768
	539,669	Centuria Industrial REIT (REIT)	1,261,819
	3,659,220	Charter Hall Group (REIT)	27,279,420
	26,854	Data#3 Ltd. (Software & Services)	108,436
	243,902	GDI Property Group (REIT)	186,333
	5,420,902	Genworth Mortgage Insurance Australia Ltd. (Banks)	6,557,849
	4,021,236	Gold Road Resources Ltd. (Materials)*	5,413,375
	44,398	Harvey Norman Holdings Ltd. (Retailing)	117,372
	7,876,415	IGO Ltd. (Materials)	25,925,516
	405,200	Ingenia Communities Group (REIT)	1,369,893
	399,239	Integrated Research Ltd. (Software & Services)	1,159,306
	47,828	IOOF Holdings Ltd. (Diversified Financials)	155,216
	3,871,733	IPH Ltd. (Commercial & Professional Services)	20,517,079
	741,999	Kogan.com Ltd. (Retailing)^(a)	8,827,243
	78,224	Lifestyle Communities Ltd. (Real Estate)	482,827
	1,585,129	Mineral Resources Ltd. (Materials)	29,188,348
	544,873	OZ Minerals Ltd. (Materials)	5,288,469
	1,459,135	Pendal Group Ltd. (Diversified Financials)	6,030,921
	8,605,500	Perseus Mining Ltd. (Materials)*	9,796,289
	993,470	Pro Medicus Ltd. (Health Care Equipment & Services)	16,980,038
	4,871,239	Ramelius Resources Ltd. (Materials)	7,700,461
	7,352,174	Regis Resources Ltd. (Materials)	29,958,585
	340,961	Rural Funds Group (REIT)	497,426
	771,956	Sandfire Resources Ltd. (Materials)	2,623,607
	1,544,596	Select Harvests Ltd. (Food, Beverage & Tobacco)	6,595,383
	4,209,748	Silver Lake Resources Ltd. (Materials)*	7,534,959
	772,052	SmartGroup Corp. Ltd. (Commercial & Professional Services)	3,321,313
	1,680,985	Webjet Ltd. (Retailing)^(a)	3,356,755
	1,981,851	Western Areas Ltd. (Materials)	3,399,653
	4,198,873	Westgold Resources Ltd. (Materials)*	7,218,998

			288,224,021



Shares		Description	Value

	Common Stocks – (continued)
	Austria – 0.2%
	11,704	AT&S Austria Technologie & Systemtechnik AG (Technology Hardware & Equipment)	$ 221,365
	125,898	IMMOFINANZ AG (Real Estate)*	2,076,652
	28,061	Oesterreichische Post AG (Transportation)^(a)	897,428
	52,196	UNIQA Insurance Group AG (Insurance)	329,937
	129,398	Wienerberger AG (Materials)*	2,967,703
	29,414	Zumtobel Group AG (Capital Goods)	224,207

			6,717,292

	Belgium – 1.4%
	3,645	Aedifica SA (REIT)	420,007
	65,654	Bekaert SA (Materials)	1,278,286
	705,120	bpost SA (Transportation)	4,586,414
	206,671	D’ieteren SA/NV (Retailing)	11,156,563
	56,958	Gimv NV (Diversified Financials)	3,069,183
	134,888	KBC Ancora (Diversified Financials)*	4,510,547
	131,522	Orange Belgium SA (Telecommunication Services)	2,202,155
	526,116	Warehouses De Pauw CVA (REIT)	16,931,778

			44,154,933

	China – 0.4%
	17,248,000	CITIC Telecom International Holdings Ltd. (Telecommunication Services)	5,475,060
	773,000	Kerry Logistics Network Ltd. (Transportation)	1,267,034
	4,573,000	SITC International Holdings Co. Ltd. (Transportation)	4,587,473

			11,329,567

	Denmark – 0.5%
	30,900	Chemometec A/S (Pharmaceuticals, Biotechnology & Life Sciences)	1,766,633
	162,955	Per Aarsleff Holding A/S (Capital Goods)	6,240,703
	25,467	Royal Unibrew A/S (Food, Beverage & Tobacco)*	2,576,441
	376,774	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)^(b)	5,541,705

			16,125,482

	Finland – 2.5%
	1,643,127	Kesko OYJ Class B (Food & Staples Retailing)	34,840,888
	117,243	Rovio Entertainment OYJ (Media & Entertainment)^(a)(b)	785,279
	363,765	Uponor OYJ (Capital Goods)	6,092,427
	1,179,210	Valmet OYJ (Capital Goods)	33,037,131

			74,755,725

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	France – 2.4%
	96,907	Adevinta ASA (Media & Entertainment)*	$ 1,551,225
	60,519	Albioma SA (Utilities)	2,705,494
	17,299	Alten SA (Software & Services)*	1,356,308
	1,386,296	Coface SA (Insurance)*	10,994,638
	588,800	Cromwell European REIT (REIT)	299,813
	446,687	Derichebourg SA (Commercial & Professional Services)	1,291,529
	48,195	Elis SA (Commercial & Professional Services)*	585,565
	23,753	IPSOS (Media & Entertainment)	630,437
	82,182	Kaufman & Broad SA (Consumer Durables & Apparel)	3,548,129
	7,730	Mersen SA (Capital Goods)*	208,536
	149,450	Nexans SA (Capital Goods)*	7,789,298
	340,666	Quadient (Technology Hardware & Equipment)	5,036,603
	2,517,594	Rexel SA (Capital Goods)*	29,880,456
	53,466	Societe BIC SA (Commercial & Professional Services)	3,167,451
	30,753	Sopra Steria Group (Software & Services)*	4,592,162

			73,637,644

	Germany – 7.1%
	172,659	ADVA Optical Networking SE (Technology Hardware & Equipment)*	1,439,086
	904,014	alstria office REIT-AG (REIT)	13,513,369
	334,235	Aurubis AG (Materials)	22,291,139
	94,726	Bechtle AG (Software & Services)	18,435,811
	9,814	CropEnergies AG (Energy)	105,546
	221,317	Deutz AG (Capital Goods)*	1,108,899
	326,564	Eckert & Ziegler Strahlen- und Medizintechnik AG (Health Care Equipment & Services)	17,348,891
	45,707	Elmos Semiconductor SE (Semiconductors & Semiconductor Equipment)	1,120,270
	16,376	Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*	433,269
	275,854	Freenet AG (Telecommunication Services)	4,708,407
	283,371	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	32,598,694
	283,349	Hamburger Hafen und Logistik AG (Transportation)	4,893,757
	370,952	HelloFresh SE (Retailing)*	20,196,426
	24,164	Hornbach Baumarkt AG (Retailing)	888,082
	778	Hornbach Holding AG & Co. KGaA (Retailing)	74,874
	79,113	Jenoptik AG (Technology Hardware & Equipment)	1,982,550



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	365,842	Jungheinrich AG (Preference) (Capital Goods)^(c)	$ 11,173,995
	162,013	MorphoSys AG (Pharmaceuticals, Biotechnology & Life Sciences)*	20,798,125
	19,221	New Work SE (Media & Entertainment)	6,271,661
	119,521	Siltronic AG (Semiconductors & Semiconductor Equipment)	10,903,886
	277,567	Software AG (Software & Services)	12,947,618
	2,779	Stabilus SA (Capital Goods)	139,880
	2,140	STO SE & Co. KGaA (Preference) (Materials)^(c)	244,771
	526,261	Takkt AG (Retailing)	6,481,058
	29,695	zooplus AG (Retailing)*	5,106,967

			215,207,031

	Guernsey – 0.0%
	161,491	UK Commercial Property REIT Ltd. (REIT)	144,959

	Hong Kong – 0.8%
	1,133,000	Hang Lung Group Ltd. (Real Estate)	2,741,861
	460,000	Johnson Electric Holdings Ltd. (Automobiles & Components)	846,588
	4,224,000	K Wah International Holdings Ltd. (Real Estate)	1,782,690
	777,000	Luk Fook Holdings International Ltd. (Retailing)	1,666,733
	8,066,800	Man Wah Holdings Ltd. (Consumer Durables & Apparel)	9,162,049
	6,822,000	Shun Tak Holdings Ltd. (Capital Goods)	2,457,759
	653,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)	252,128
	4,410,000	United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences)^(a)	4,116,028
	4,341,000	Value Partners Group Ltd. (Diversified Financials)	2,187,262

			25,213,098

	Ireland – 0.2%
	598,478	C&C Group plc (Food, Beverage & Tobacco)	1,809,159
	2,707,105	Greencore Group plc (Food, Beverage & Tobacco)	4,515,160

			6,324,319

	Israel – 0.9%
	2,054	Blue Square Real Estate Ltd. (Real Estate)	77,684
	35,882	Mivne Real Estate KD Ltd. (Real Estate)*	70,212
	1,669,586	Plus500 Ltd. (Diversified Financials)	25,879,955

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Israel – (continued)
	16,858	Summit Real Estate Holdings Ltd. (Real Estate)	$ 147,430

			26,175,281

	Italy – 3.2%
	3,666,494	Anima Holding SpA (Diversified Financials)^(b)	16,542,183
	268,333	ASTM SpA (Transportation)*	5,704,309
	1,639,218	Azimut Holding SpA (Diversified Financials)	31,229,340
	680,852	Banca Generali SpA (Diversified Financials)	20,368,414
	77,208	Biesse SpA (Capital Goods)*	1,108,220
	217,055	Buzzi Unicem SpA (Materials)	4,938,377
	347,531	Interpump Group SpA (Capital Goods)	11,427,791
	59,001	Reply SpA (Software & Services)	5,428,775
	109,464	Tinexta Spa (Commercial & Professional Services)*	1,864,517

			98,611,926

	Japan – 32.1%
	1,068	Activia Properties, Inc. (REIT)	3,514,643
	177,000	ADEKA Corp. (Materials)	2,350,889
	2,600	Aichi Steel Corp. (Materials)	62,382
	4,700	Alpha Systems, Inc. (Software & Services)	176,489
	701,300	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)	8,840,647
	15,300	Arata Corp. (Retailing)	725,678
	230,100	Arcland Sakamoto Co. Ltd. (Retailing)	4,264,510
	30,900	Arcs Co. Ltd. (Food & Staples Retailing)	716,938
	30,000	Argo Graphics, Inc. (Software & Services)	915,465
	40,700	Asahi Holdings, Inc. (Materials)	1,418,036
	146,900	ASKUL Corp. (Retailing)	4,451,230
	192,500	Autobacs Seven Co. Ltd. (Retailing)	2,242,865
	6,400	Axial Retailing, Inc. (Food & Staples Retailing)	270,541
	120,800	BayCurrent Consulting, Inc. (Commercial & Professional Services)	14,632,568
	22,800	Belc Co. Ltd. (Food & Staples Retailing)	1,642,459
	660,800	Bunka Shutter Co. Ltd. (Capital Goods)	4,344,142
	80,700	Capcom Co. Ltd. (Media & Entertainment)	3,171,576
	49,600	Cawachi Ltd. (Food & Staples Retailing)	1,491,014
	199,800	Central Glass Co. Ltd. (Capital Goods)	3,614,642
	14,300	Chiyoda Integre Co. Ltd. (Capital Goods)	229,571
	5,300	Chudenko Corp. (Capital Goods)	110,245



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	142,100	cocokara fine, Inc. (Food & Staples Retailing)	$ 7,732,930
	105,500	COLOPL, Inc. (Media & Entertainment)	920,167
	326,300	Computer Engineering & Consulting Ltd. (Software & Services)	4,687,366
	83,200	CONEXIO Corp. (Technology Hardware & Equipment)	1,010,193
	31,800	Create SD Holdings Co. Ltd. (Food & Staples Retailing)	1,141,614
	39,200	Daiichi Jitsugyo Co. Ltd. (Capital Goods)	1,307,205
	69,600	Daiichikosho Co. Ltd. (Media & Entertainment)	1,875,691
	735	Daiwa Office Investment Corp. (REIT)	3,853,348
	2,084,700	DCM Holdings Co. Ltd. (Retailing)	26,184,580
	169,300	Demae-Can Co. Ltd. (Retailing)	2,522,902
	2,285,100	DeNA Co. Ltd. (Media & Entertainment)	25,777,896
	311,700	Denka Co. Ltd. (Materials)	7,496,051
	408,800	Dexerials Corp. (Technology Hardware & Equipment)	3,722,520
	191,900	DIC Corp. (Materials)	4,619,924
	1,100	Digital Arts, Inc. (Software & Services)	91,201
	45,200	Doshisha Co. Ltd. (Retailing)	714,951
	137,900	Dowa Holdings Co. Ltd. (Materials)	4,046,866
	600,100	DTS Corp. (Software & Services)	11,483,306
	12,200	Eagle Industry Co. Ltd. (Automobiles & Components)	72,483
	38,500	Earth Corp. (Household & Personal Products)	2,644,112
	198,300	Ebara Corp. (Capital Goods)	4,710,626
	760,500	EDION Corp. (Retailing)	7,327,544
	30,500	Eiken Chemical Co. Ltd. (Health Care Equipment & Services)	542,437
	321,700	EPS Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	2,768,292
	105,700	FAN Communications, Inc. (Media & Entertainment)	423,758
	15,000	FCC Co. Ltd. (Automobiles & Components)	232,127
	170,600	Financial Products Group Co. Ltd. (Diversified Financials)	766,416
	17,900	FP Corp. (Materials)	1,448,688
	105,300	Fujibo Holdings, Inc. (Consumer Durables & Apparel)	3,071,506
	108,600	Fujimi, Inc. (Materials)	3,793,943
	3,006	Fukuoka REIT Corp. (REIT)	3,488,857
	57,000	Fuyo General Lease Co. Ltd. (Diversified Financials)	3,226,554
	653,100	Glory Ltd. (Capital Goods)	14,236,568

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	437,000	Goldcrest Co. Ltd. (Real Estate)	$ 5,405,379
	81,600	Grace Technology, Inc. (Commercial & Professional Services)^(a)	4,259,303
	1,611,700	Gree, Inc. (Media & Entertainment)	6,643,963
	120,800	GS Yuasa Corp. (Capital Goods)	1,878,427
	266,300	H.U. Group Holdings, Inc. (Health Care Equipment & Services)	5,992,368
	55,400	Hamakyorex Co. Ltd. (Transportation)	1,651,083
	1,753	Hankyu Hanshin REIT, Inc. (REIT)	1,887,502
	11,700	Hanwa Co. Ltd. (Capital Goods)	207,904
	13,659	Heiwa Real Estate REIT, Inc. (REIT)	14,154,771
	133,100	Hitachi Transport System Ltd. (Transportation)	3,919,239
	323,400	Hogy Medical Co. Ltd. (Health Care Equipment & Services)	9,746,932
	1,817,400	Hokuetsu Corp. (Materials)	6,085,324
	1,878	Hoshino Resorts REIT, Inc. (REIT)	7,274,662
	43,500	Hosiden Corp. (Technology Hardware & Equipment)	372,504
	21,000	Ibiden Co. Ltd. (Technology Hardware & Equipment)	568,832
	13,014	Ichigo Office REIT Investment Corp. (REIT)	8,491,627
	26,000	Inaba Denki Sangyo Co. Ltd. (Capital Goods)	594,878
	87,900	Inabata & Co. Ltd. (Capital Goods)	969,330
	326,600	Ines Corp. (Software & Services)	4,373,442
	12,400	Information Services International-Dentsu Ltd. (Software & Services)	651,171
	24,500	Internet Initiative Japan, Inc. (Telecommunication Services)	869,736
	5,006	Invesco Office J-Reit, Inc. (REIT)	590,600
	30,601	Invincible Investment Corp. (REIT)	6,988,397
	43,700	I-PEX, Inc. (Technology Hardware & Equipment)	779,503
	7,100	IR Japan Holdings Ltd. (Commercial & Professional Services)	784,147
	15,800	Ishihara Sangyo Kaisha Ltd. (Materials)	99,586
	121,700	Izumi Co. Ltd. (Retailing)	4,692,150
	34,400	Jafco Co. Ltd. (Diversified Financials)	1,215,463
	415,100	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)	5,254,162
	719,400	Japan Lifeline Co. Ltd. (Health Care Equipment & Services)	8,917,439



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	33,200	Japan Material Co. Ltd. (Semiconductors & Semiconductor Equipment)	$ 505,453
	2,600	J-Oil Mills, Inc. (Food, Beverage & Tobacco)	98,027
	15,200	JSP Corp. (Materials)	197,261
	85,900	Justsystems Corp. (Software & Services)	6,667,816
	4,340,900	JVCKenwood Corp. (Consumer Durables & Apparel)	5,489,541
	59,500	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)	1,126,793
	47,100	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	2,140,517
	16,500	Kanamoto Co. Ltd. (Capital Goods)	333,440
	1,590,300	Kandenko Co. Ltd. (Capital Goods)	12,464,812
	157,500	Kaneka Corp. (Materials)	3,721,878
	66,100	Kanematsu Electronics Ltd. (Software & Services)	2,537,196
	8,899	Kenedix Retail REIT Corp. (REIT)	15,456,519
	12,900	Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	269,671
	543,400	Kitz Corp. (Capital Goods)	3,435,231
	141,100	KLab, Inc. (Media & Entertainment)*^(a)	848,342
	4,700	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)	180,943
	664,200	Kohnan Shoji Co. Ltd. (Retailing)	24,785,116
	1,032,700	Kokuyo Co. Ltd. (Commercial & Professional Services)	10,871,701
	187,800	Komeri Co. Ltd. (Retailing)	5,911,221
	1,433,600	Konica Minolta, Inc. (Technology Hardware & Equipment)	3,797,416
	76,200	Konoike Transport Co. Ltd. (Transportation)	732,707
	39,900	Koshidaka Holdings Co. Ltd. (Consumer Services)	125,921
	2,026,700	K’s Holdings Corp. (Retailing)	26,018,606
	52,200	Kurabo Industries Ltd. (Consumer Durables & Apparel)	973,028
	209,500	Kureha Corp. (Materials)	8,642,975
	37,800	Kusuri no Aoki Holdings Co. Ltd. (Food & Staples Retailing)	3,518,521
	178,600	Kyokuto Kaihatsu Kogyo Co. Ltd. (Capital Goods)	2,256,163
	346,400	KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	6,292,775

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	448,000	Macnica Fuji Electronics Holdings, Inc. (Technology Hardware & Equipment)	$ 6,754,164
	5,800	Mandom Corp. (Household & Personal Products)	84,068
	3,600	Maruzen Showa Unyu Co. Ltd. (Transportation)	107,356
	71,800	Matsui Securities Co. Ltd. (Diversified Financials)	587,798
	379,300	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)	12,671,032
	109,000	Maxell Holdings Ltd. (Technology Hardware & Equipment)	936,593
	320,900	MCJ Co. Ltd. (Technology Hardware & Equipment)	2,771,464
	8,932	MCUBS MidCity Investment Corp. (REIT)	5,820,024
	237,400	Megachips Corp. (Semiconductors & Semiconductor Equipment)	4,577,743
	136,500	Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco)	3,093,015
	326,100	Meiko Network Japan Co. Ltd. (Consumer Services)	2,157,239
	15,861	Mirai Corp. (REIT)	4,950,421
	621,800	Mirait Holdings Corp. (Capital Goods)	8,566,313
	7,300	Mitsubishi Logistics Corp. (Transportation)	197,162
	87,800	Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services)	946,493
	54,200	Mitsubishi Research Institute, Inc. (Software & Services)	2,173,478
	162,800	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)	2,958,359
	814	Mori Trust Sogo Reit, Inc. (REIT)	950,126
	6,100	Morinaga & Co. Ltd. (Food, Beverage & Tobacco)	221,150
	155,900	Nagase & Co. Ltd. (Capital Goods)	1,797,099
	1,226,700	NEC Networks & System Integration Corp. (Software & Services)	26,059,931
	297,300	Nichi-iko Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,375,498
	200,600	Nihon Chouzai Co. Ltd. (Food & Staples Retailing)	2,993,349
	365,400	Nihon Unisys Ltd. (Software & Services)	11,057,371
	451,500	Nikkon Holdings Co. Ltd. (Transportation)	8,228,104
	354,500	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)	5,798,305
	441,300	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)	6,956,077
	56,700	Nippon Gas Co. Ltd. (Utilities)	2,661,504



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	407,200	Nippon Kayaku Co. Ltd. (Materials)	$ 3,994,524
	12,332,200	Nippon Light Metal Holdings Co. Ltd. (Materials)	20,319,941
	1,878	NIPPON REIT Investment Corp. (REIT)	5,678,008
	96,200	Nipro Corp. (Health Care Equipment & Services)	1,030,033
	383,200	Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco)	11,612,695
	27,500	Nitta Corp. (Capital Goods)	582,843
	59,000	Nitto Kogyo Corp. (Capital Goods)	959,814
	102,300	Nojima Corp. (Retailing)	2,564,824
	32,700	Noritake Co. Ltd. (Capital Goods)	983,330
	114,100	NS Solutions Corp. (Software & Services)	3,004,719
	520,100	NSD Co. Ltd. (Software & Services)	9,457,927
	73,100	OBIC Business Consultants Co. Ltd. (Software & Services)	4,301,902
	166,600	Oisix ra daichi, Inc. (Retailing)*	3,370,902
	57,900	Okamura Corp. (Commercial & Professional Services)	376,516
	216,217	Okinawa Electric Power Co., Inc. (The) (Utilities)	3,371,082
	63,800	Okuwa Co. Ltd. (Food & Staples Retailing)	889,425
	450	One REIT, Inc. (REIT)	1,028,749
	24,600	Organo Corp. (Capital Goods)	1,242,115
	125,800	Paramount Bed Holdings Co. Ltd. (Health Care Equipment & Services)	5,363,240
	38,300	Pasona Group, Inc. (Commercial & Professional Services)	450,237
	14,865	Premier Investment Corp. (REIT)	16,709,184
	252,300	Prima Meat Packers Ltd. (Food, Beverage & Tobacco)	6,740,287
	17,400	Proto Corp. (Media & Entertainment)	171,732
	50,400	Qol Holdings Co. Ltd. (Food & Staples Retailing)	491,741
	26,500	Rakus Co. Ltd. (Software & Services)	611,860
	79,900	Restar Holdings Corp. (Technology Hardware & Equipment)	1,420,839
	45,900	Riken Vitamin Co. Ltd. (Food, Beverage & Tobacco)	959,298
	1,989,500	Riso Kyoiku Co. Ltd. (Consumer Services)	5,695,618
	272,700	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)	8,417,290
	34,300	Ryosan Co. Ltd. (Technology Hardware & Equipment)	652,123
	774,400	SAMTY Co. Ltd. (Real Estate)^(a)	8,416,206
	12,400	Sangetsu Corp. (Consumer Durables & Apparel)	169,611

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	414,700	Sanki Engineering Co. Ltd. (Capital Goods)	$ 4,555,864
	271,700	Sankyo Co. Ltd. (Consumer Durables & Apparel)	6,796,703
	126,800	Sankyu, Inc. (Transportation)	4,371,953
	234,600	Sato Holdings Corp. (Commercial & Professional Services)	4,871,822
	502,800	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	23,885,546
	61,000	SBS Holdings, Inc. (Transportation)	1,298,366
	180,600	SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment)	9,077,160
	649,700	Seiko Holdings Corp. (Consumer Durables & Apparel)	8,893,447
	1,215,200	Seino Holdings Co. Ltd. (Transportation)	14,956,420
	773,800	Senko Group Holdings Co. Ltd. (Transportation)	5,786,122
	40,400	Seria Co. Ltd. (Retailing)	1,616,439
	40,400	Shibaura Machine Co. Ltd. (Capital Goods)	756,947
	335,000	Shimachu Co. Ltd. (Retailing)	9,116,138
	22,100	Shin-Etsu Polymer Co. Ltd. (Materials)	179,148
	82,300	Shinmaywa Industries Ltd. (Capital Goods)	720,199
	131,700	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)	5,669,987
	147,900	Sintokogio Ltd. (Capital Goods)	978,532
	2,064,400	SKY Perfect JSAT Holdings, Inc. (Media & Entertainment)	7,596,701
	9,100	ST Corp. (Household & Personal Products)	176,656
	157,000	St Marc Holdings Co. Ltd. (Consumer Services)	2,168,531
	6,288	Star Asia Investment Corp. (REIT)^(a)	2,518,332
	10,400	Starts Corp., Inc. (Real Estate)	189,839
	6,100	Stella Chemifa Corp. (Materials)	156,754
	50,300	Strike Co. Ltd. (Diversified Financials)	2,208,814
	114,900	Sugi Holdings Co. Ltd. (Food & Staples Retailing)	8,302,180
	5,100	Sumitomo Bakelite Co. Ltd. (Materials)	123,746
	127,500	Sumitomo Osaka Cement Co. Ltd. (Materials)	4,288,991
	7,100	Sumitomo Seika Chemicals Co. Ltd. (Materials)	225,338
	533,100	Sumitomo Warehouse Co. Ltd. (The) (Transportation)	6,021,577
	4,800	Taikisha Ltd. (Capital Goods)	134,912
	27,700	Taiyo Holdings Co. Ltd. (Materials)	1,308,621



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	2,116,800	Takara Leben Co. Ltd. (Real Estate)	$ 6,695,045
	81,100	Tamura Corp. (Technology Hardware & Equipment)	324,400
	468,900	Tanseisha Co. Ltd. (Commercial & Professional Services)	2,605,360
	49,800	T-Gaia Corp. (Retailing)	894,936
	57,700	Toa Corp. (Capital Goods)	843,430
	122,700	Toho Holdings Co. Ltd. (Health Care Equipment & Services)	2,101,128
	32,400	Tokuyama Corp. (Materials)	758,870
	114,800	Tokyo Ohka Kogyo Co. Ltd. (Materials)	6,072,908
	82,000	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)	2,620,411
	106,100	Tomy Co. Ltd. (Consumer Durables & Apparel)	796,073
	985,500	Tosei Corp. (Real Estate)	7,629,121
	112,600	Tosho Co. Ltd. (Consumer Services)	1,105,618
	508,900	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	9,153,707
	8,500	Toyo Ink SC Holdings Co. Ltd. (Materials)	153,242
	611,800	Toyo Seikan Group Holdings Ltd. (Materials)	6,701,329
	381,600	Toyo Tanso Co. Ltd. (Capital Goods)	5,755,162
	219,100	Transcosmos, Inc. (Software & Services)	5,302,432
	3,100	Tsubakimoto Chain Co. (Capital Goods)	72,761
	21,800	Tsukishima Kikai Co. Ltd. (Capital Goods)	234,638
	6,600	UACJ Corp. (Materials)	111,414
	4,500	Uchida Yoko Co. Ltd. (Commercial & Professional Services)	272,427
	26,000	UNITED, Inc. (Software & Services)	259,700
	390,600	Universal Entertainment Corp. (Consumer Durables & Apparel)	6,876,644
	485,800	Ushio, Inc. (Capital Goods)	5,712,584
	207,900	Valor Holdings Co. Ltd. (Food & Staples Retailing)	4,514,177
	12,000	Valqua Ltd. (Materials)	206,099
	311,100	Wakita & Co. Ltd. (Capital Goods)	2,648,886
	397,000	Yellow Hat Ltd. (Retailing)	5,210,792
	268,200	Zenkoku Hosho Co. Ltd. (Diversified Financials)	9,373,716
	263,000	Zenrin Co. Ltd. (Media & Entertainment)	2,581,254

			978,878,466

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Jersey – 0.0%
	167,844	Sanne Group plc (Diversified Financials)	$ 1,383,984

	Kazakhstan – 0.1%
	223,425	KAZ Minerals plc (Materials)	1,557,803

	Luxembourg – 0.1%
	113,100	Aperam SA (Materials)	3,221,598
	32,599	B&S Group Sarl (Retailing)^(b)	205,401

			3,426,999

	Malaysia – 0.0%
	50,500	Wing Tai Holdings Ltd. (Real Estate)	62,901

	Netherlands – 4.8%
	23,999	Aalberts NV (Capital Goods)	857,057
	254,545	ASM International NV (Semiconductors & Semiconductor Equipment)	38,937,320
	621,564	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	27,791,196
	15,062	Corbion NV (Materials)	578,155
	276,883	Euronext NV (Diversified Financials)^(b)	31,984,887
	3,788	IMCD NV (Capital Goods)	391,708
	21,289	NSI NV (REIT)	757,895
	1,204,469	Signify NV (Capital Goods)*^(b)	36,137,986
	198,006	TKH Group NV CVA (Capital Goods)	7,809,024
	229,875	TomTom NV (Consumer Durables & Apparel)*	1,840,669

			147,085,897

	Norway – 3.9%
	258,438	Atea ASA (Software & Services)*	3,000,759
	837,003	Austevoll Seafood ASA (Food, Beverage & Tobacco)	7,074,718
	14,653	Borregaard ASA (Materials)	195,461
	4,676,389	Elkem ASA (Materials)^(b)	8,961,201
	63,989	Entra ASA (Real Estate)^(b)	903,327
	2,013,539	Europris ASA (Retailing)^(b)	9,898,878
	55,617	Fjordkraft Holding ASA (Utilities)^(b)	494,801
	413,334	Grieg Seafood ASA (Food, Beverage & Tobacco)	4,182,986
	3,868,472	Leroy Seafood Group ASA (Food, Beverage & Tobacco)	22,427,355
	383,529	Nordic Semiconductor ASA (Semiconductors & Semiconductor Equipment)*	3,803,619
	481,448	Salmar ASA (Food, Beverage & Tobacco)*	22,898,164
	512,415	Scatec Solar ASA (Utilities)^(b)	8,931,773
	237,953	Selvaag Bolig ASA (Real Estate)	1,322,854
	467,009	SpareBank 1 SMN (Banks)	4,023,660
	336,636	TOMRA Systems ASA (Commercial & Professional Services)	13,860,278



Shares		Description	Value

	Common Stocks – (continued)
	Norway – (continued)
	403,613	Veidekke ASA (Capital Goods)*	$ 5,489,779

			117,469,613

	Portugal – 0.0%
	396,629	CTT-Correios de Portugal SA (Transportation)*	1,062,901
	308,817	Sonae SGPS SA (Food & Staples Retailing)	215,889

			1,278,790

	Singapore – 1.8%
	169,000	AIMS APAC REIT (REIT)	148,647
	578,300	ARA LOGOS Logistics Trust (REIT)	278,803
	1,438,500	China Aviation Oil Singapore Corp. Ltd. (Energy)	1,007,763
	4,005,200	ESR-REIT (REIT)	1,145,006
	8,764,661	Frasers Logistics & Commercial Trust (REIT)	8,676,428
	5,181,900	Keppel DC REIT (REIT)	11,262,120
	5,887,500	Mapletree Industrial Trust (REIT)	14,076,113
	1,761,400	Parkway Life REIT (REIT)	4,570,782
	556,300	Sabana Shari’ah Compliant Industrial REIT (REIT)	154,160
	3,646,500	Sheng Siong Group Ltd. (Food & Staples Retailing)	4,520,431
	3,788,200	Singapore Post Ltd. (Transportation)	1,967,887
	6,550,310	Yanlord Land Group Ltd. (Real Estate)	5,838,982

			53,647,122

	Spain – 1.5%
	1,487,566	Applus Services SA (Commercial & Professional Services)*	11,530,393
	625,167	Cia de Distribucion Integral Logista Holdings SA (Transportation)	11,672,538
	1,068,626	Faes Farma SA (Pharmaceuticals, Biotechnology & Life Sciences)	4,497,525
	675,600	Global Dominion Access SA (Software & Services)*^(b)	2,211,271
	91,653	Merlin Properties Socimi SA (REIT)	758,291
	2,787	Pharma Mar SA (Pharmaceuticals, Biotechnology & Life Sciences)	295,734
	984,863	Solaria Energia y Medio Ambiente SA (Utilities)*	14,936,501
	6,917	Viscofan SA (Food, Beverage & Tobacco)	507,206

			46,409,459

	Sweden – 5.8%
	128,160	AF Poyry AB (Commercial & Professional Services)*	3,289,841
	1,711,546	Arjo AB Class B (Health Care Equipment & Services)	10,565,219

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Sweden – (continued)
	265,710	Axfood AB (Food & Staples Retailing)	$ 5,979,328
	2,341,647	Betsson AB (Consumer Services)*	17,656,183
	36,372	Bilia AB Class A (Retailing)	351,936
	613,089	Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences)*	11,123,205
	42,628	Bravida Holding AB (Commercial & Professional Services)*^(b)	467,347
	273,798	Bure Equity AB (Diversified Financials)	7,511,356
	232,489	Clas Ohlson AB Class B (Retailing)	2,616,551
	1,188,038	Cloetta AB Class B (Food, Beverage & Tobacco)*	3,284,739
	548,013	Dios Fastigheter AB (Real Estate)	3,704,267
	463,218	Dustin Group AB (Retailing)^(b)	2,813,956
	1,652,657	Getinge AB Class B (Health Care Equipment & Services)	39,919,265
	2,865,464	Hexpol AB (Materials)*	19,065,626
	60,429	Holmen AB Class B (Materials)*	2,082,639
	870,869	Inwido AB (Capital Goods)*	8,159,780
	143,402	LeoVegas AB (Consumer Services)^(b)	666,758
	738,768	Lindab International AB (Capital Goods)	11,545,811
	47,859	Loomis AB (Commercial & Professional Services)*	1,143,562
	163,833	NCC AB Class B (Capital Goods)	2,845,365
	556,477	Nobia AB (Consumer Durables & Apparel)*	3,301,593
	211,248	Nobina AB (Transportation)*^(b)	1,330,580
	95,391	Nolato AB Class B (Capital Goods)*	7,930,615
	192,849	Paradox Interactive AB (Media & Entertainment)	4,834,537
	184,656	Wihlborgs Fastigheter AB (Real Estate)	3,111,836

			175,301,895

	Switzerland – 5.7%
	63,318	Allreal Holding AG (Registered) (Real Estate)	12,597,466
	81,766	ALSO Holding AG (Registered) (Technology Hardware & Equipment)*	21,572,131
	27,728	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)	8,346,686
	493	Belimo Holding AG (Registered) (Capital Goods)	3,916,474
	15,009	Bucher Industries AG (Registered) (Capital Goods)^(a)	4,943,510
	517	Conzzeta AG (Registered) (Capital Goods)	479,504



Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	152,686	Galenica AG (Health Care Equipment & Services)^(b)	$ 11,304,553
	1,934	Gurit Holding AG (Materials)	3,450,998
	236,715	Huber + Suhner AG (Registered) (Capital Goods)	18,428,083
	14,303	Implenia AG (Registered) (Capital Goods)	629,120
	2,540	Inficon Holding AG (Registered) (Technology Hardware & Equipment)	2,092,210
	4,900	Interroll Holding AG (Registered) (Capital Goods)	11,589,183
	610,348	IWG plc (Real Estate)	1,834,881
	772	Schweiter Technologies AG (Capital Goods)	957,314
	38,804	Swissquote Group Holding SA (Registered) (Diversified Financials)	3,630,059
	92,947	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	38,981,438
	153,209	VAT Group AG (Capital Goods)*^(b)	29,215,329

			173,968,939

	Ukraine – 0.1%
	982,705	Ferrexpo plc (Materials)	2,273,935

	United Kingdom – 13.9%
	158,040	Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)	2,658,336
	2,480,300	Assura plc (REIT)	2,557,302
	2,023,558	B&M European Value Retail SA (Retailing)	12,166,198
	616,630	Bellway plc (Consumer Durables & Apparel)	20,419,731
	29,217	Big Yellow Group plc (REIT)	389,550
	1,100,402	Bodycote plc (Capital Goods)	8,028,816
	4,577,976	boohoo Group plc (Retailing)*	15,489,063
	82,779	Close Brothers Group plc (Banks)	1,186,205
	445,413	Computacenter plc (Software & Services)	11,505,408
	1,711,791	ConvaTec Group plc (Health Care Equipment & Services)^(b)	4,549,365
	104,367	Derwent London plc (REIT)	3,926,555
	747,543	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*	35,041,038
	379,937	Diploma plc (Capital Goods)	8,995,835
	253,283	Drax Group plc (Utilities)	921,755
	413,035	Dunelm Group plc (Retailing)	6,627,469
	147,451	Games Workshop Group plc (Consumer Durables & Apparel)	16,924,302
	11,489	GB Group plc (Software & Services)*	99,586
	396,927	GCP Student Living plc (REIT)	645,435
	961,103	Greggs plc (Consumer Services)	14,946,543

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	424,603	Hays plc (Commercial & Professional Services)	$ 604,587
	1,445,137	HomeServe plc (Commercial & Professional Services)	25,018,089
	533,753	Howden Joinery Group plc (Capital Goods)	3,406,123
	452,374	Ibstock plc (Materials)^(b)	936,351
	3,258,459	IG Group Holdings plc (Diversified Financials)	31,143,122
	260,943	IMI plc (Capital Goods)	3,545,412
	1,224,503	Inchcape plc (Retailing)	6,859,759
	413,231	ITM Power plc (Capital Goods)*^(a)	1,295,748
	1,442	Judges Scientific plc (Capital Goods)	96,266
	2,113,530	Jupiter Fund Management plc (Diversified Financials)	6,251,168
	13,567	Kainos Group plc (Software & Services)	195,119
	14,249,939	Man Group plc (Diversified Financials)	22,989,752
	995,891	Marshalls plc (Materials)	7,722,310
	1,964,992	Meggitt plc (Capital Goods)	6,865,527
	2,183,893	Micro Focus International plc (Software & Services)	7,862,186
	6,371,204	Moneysupermarket.com Group plc (Retailing)	24,408,278
	100,952	Morgan Sindall Group plc (Capital Goods)	1,372,359
	149,925	NCC Group plc (Software & Services)	337,318
	631,193	Ninety One plc (Diversified Financials)*	1,777,015
	60,557	OneSavings Bank plc (Banks)	187,212
	746,753	Pagegroup plc (Commercial & Professional Services)	3,419,053
	1,429,163	Paragon Banking Group plc (Banks)	5,858,908
	100,645	Pennon Group plc (Utilities)	1,390,713
	1,034,129	Phoenix Group Holdings plc (Insurance)	8,880,381
	115,865	Picton Property Income Ltd. (The) (REIT)	103,194
	33,079	PZ Cussons plc (Household & Personal Products)	82,144
	189,590	Rightmove plc (Media & Entertainment)	1,368,242
	498,290	Rotork plc (Capital Goods)	1,807,161
	527,854	RWS Holdings plc (Commercial & Professional Services)	4,135,131
	1,464,751	Safestore Holdings plc (REIT)	14,724,041
	85,984	Softcat plc (Software & Services)	1,417,530
	239,244	Spectris plc (Technology Hardware & Equipment)	8,031,142
	2,871,226	Spirent Communications plc (Technology Hardware & Equipment)	10,512,357
	34,031	St Modwen Properties plc (Real Estate)	137,406
	2,733,593	Tate & Lyle plc (Food, Beverage & Tobacco)	23,266,605



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	116,595	Trainline plc (Retailing)*^(b)	$ 627,110
	726,063	Tritax Big Box REIT plc (REIT)	1,435,851
	933,083	UNITE Group plc (The) (REIT)	11,452,052
	577,863	Vistry Group plc (Consumer Durables & Apparel)	4,645,992
	143,471	Watkin Jones plc (Real Estate)	259,545
	21,280	Workspace Group plc (REIT)	171,500

			423,678,251

	United States – 0.1%
	236,515	Burford Capital Ltd. (Diversified Financials)	1,658,905
	35,465	Carnival plc ADR (Consumer Services)^(a)	398,627

			2,057,532

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,805,306,254)		$3,015,102,864



Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle^(d) – 0.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	11,978,095	0.130%	$ 11,978,095
	(Cost $11,978,095)

	TOTAL INVESTMENTS – 99.4% (Cost $2,817,284,349)		$3,027,080,959

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%		18,010,382

	NET ASSETS – 100.0%		$3,045,091,341



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)		All or a portion of security is on loan.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.

(d)		Represents an Affiliated Issuer.

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

July 31, 2020 (Unaudited)



Investment Abbreviations:
ADR		— American Depositary Receipt
CVA		— Dutch Certification
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 INTERNATIONAL EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2020 (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 — Accounting principles generally accepted in the United States of America (“GAAP”) defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. 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’ 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.

A. 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 may be valued at the closing bid price for long positions and at the closing 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. Certain equity securities containing unique attributes may be classified as Level 2.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market 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 INTERNATIONAL EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2020:


EMERGING MARKETS EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—	$	57,710,132	$	—
Asia		508,821,742		945,014,534		6,325,585
Europe		—		22,607,620		—
North America		15,302,256		—		—
South America		91,453,521		7,789,709		—
Investment Company		4,614,487		—		—
Securities Lending Reinvestment Vehicle		19,225,200		—		—

Total	$	639,417,206	$	1,033,121,995	$	6,325,585

Derivative Type

Assets^(b)
Futures Contracts	$	1,934,632	$	—	$	—

INTERNATIONAL EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—	$	20,995,985	$	—
Asia		—		740,938,065		—
Australia and Oceania		28,372,918		227,753,436		—
Europe		52,003,865		1,345,017,889		—
North America		2,075,556		—		—
Securities Lending Reinvestment Vehicle		13,632,119		—		—

Total	$	96,084,458	$	2,334,705,375	$	—

INTERNATIONAL SMALL CAP INSIGHTS

Investment Type	Level 1		Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—	$	1,096,864,238	$	—
Australia and Oceania		585,705		287,638,316		—
Europe		113,738,361		1,514,218,712		—
North America		398,627		1,658,905		—
Securities Lending Reinvestment Vehicle		11,978,095		—		—

Total	$	126,700,788	$	2,900,380,171	$	—

(a)

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

(b)

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

Each of the Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, 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. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Schedule of Investments (continued)

July 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, 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.

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

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