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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 Small Cap Insights Fund
      S000018300
      549300VMLASEOM8ZWE07
      2020-10-31
      2020-07-31
      N
    
    
      3061827777.46
      16496432.83
      3045331344.63
      0.00000000
      0.00000000
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      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      19734044.64000000
      
        
        
        
        
        
        
        
        
        
      
      N
      
        
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Denka Co. Ltd.
        353800Y94EKQEH8MVD43
        Denka Co. Ltd.
        N/A
        
          
        
        327000.00000000
        NS
        
        7863999.47000000
        0.258231324609
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Morgan Sindall Group plc
        2138008339ULDGZRB345
        Morgan Sindall Group plc
        N/A
        
          
        
        100952.00000000
        NS
        
        1372358.57000000
        0.045064343241
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Judges Scientific plc
        2138004EXWWPTW1JOL31
        Judges Scientific plc
        N/A
        
          
        
        1442.00000000
        NS
        
        96266.48000000
        0.003161116775
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Mineral Resources Ltd.
        5299007V1ACKFFX2P066
        Mineral Resources Ltd.
        N/A
        
          
        
        1585129.00000000
        NS
        
        29188347.99000000
        0.958462140465
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Galenica AG
        506700W4772BD8016Z20
        Galenica AG
        N/A
        
          
        
        139404.00000000
        NS
        
        10321181.17000000
        0.338918166924
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Aichi Steel Corp.
        353800P9OWOVHHY4ML18
        Aichi Steel Corp.
        N/A
        
          
        
        2600.00000000
        NS
        
        62382.39000000
        0.002048459853
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daiichikosho Co. Ltd.
        N/A
        Daiichikosho Co. Ltd.
        N/A
        
          
        
        83500.00000000
        NS
        
        2250290.38000000
        0.073893121153
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nisshin Oillio Group Ltd. (The)
        549300DMFXTY70ZEGQ59
        Nisshin Oillio Group Ltd. (The)
        N/A
        
          
        
        383200.00000000
        NS
        
        11612695.15000000
        0.381327804295
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Okinawa Electric Power Co., Inc. (The)
        N/A
        Okinawa Electric Power Co., Inc. (The)
        N/A
        
          
        
        216217.00000000
        NS
        
        3371082.22000000
        0.110696730125
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        DTS Corp.
        529900WBOTPBINBCF151
        DTS Corp.
        N/A
        
          
        
        600100.00000000
        NS
        
        11483306.18000000
        0.377079039371
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Viscofan SA
        95980020140005684765
        Viscofan SA
        N/A
        
          
        
        11906.00000000
        NS
        
        873035.88000000
        0.028668009526
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        Bellway plc
        213800CY4L3HST4FGZ98
        Bellway plc
        N/A
        
          
        
        616630.00000000
        NS
        
        20419731.23000000
        0.670525762853
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Proto Corp.
        N/A
        Proto Corp.
        N/A
        
          
        
        17400.00000000
        NS
        
        171731.74000000
        0.005639180784
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Spectris plc
        213800Z4CO2CZO3M3T10
        Spectris plc
        N/A
        
          
        
        239244.00000000
        NS
        
        8031141.75000000
        0.263719800610
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Hamakyorex Co. Ltd.
        N/A
        Hamakyorex Co. Ltd.
        N/A
        
          
        
        55400.00000000
        NS
        
        1651082.60000000
        0.054216845825
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        IPH Ltd.
        529900KRTADQ17ANK140
        IPH Ltd.
        N/A
        
          
        
        3989853.00000000
        NS
        
        21143020.39000000
        0.694276516980
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Gree, Inc.
        5299003NKP8638R7J253
        Gree, Inc.
        N/A
        
          
        
        1611700.00000000
        NS
        
        6643962.68000000
        0.218168794397
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Luk Fook Holdings International Ltd.
        529900U7PECBLERIIX44
        Luk Fook Holdings International Ltd.
        N/A
        
          
        
        732000.00000000
        NS
        
        1570204.46000000
        0.051561038268
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Arjo AB
        549300OWGJPYKC6JF790
        Arjo AB, Class B
        N/A
        
          
        
        1711546.00000000
        NS
        
        10565219.09000000
        0.346931676535
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        Rohto Pharmaceutical Co. Ltd.
        N/A
        Rohto Pharmaceutical Co. Ltd.
        N/A
        
          
        
        272700.00000000
        NS
        
        8417290.03000000
        0.276399809329
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Swissquote Group Holding SA
        549300O3WME82RDPEN66
        Swissquote Group Holding SA (Registered)
        N/A
        
          
        
        38804.00000000
        NS
        
        3630058.98000000
        0.119200788656
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Mori Trust Sogo Reit, Inc.
        N/A
        Mori Trust Sogo Reit, Inc.
        N/A
        
          
        
        814.00000000
        NS
        
        950126.46000000
        0.031199444411
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Azimut Holding SpA
        81560025690EF8540635
        Azimut Holding SpA
        N/A
        
          
        
        1639218.00000000
        NS
        
        31229340.13000000
        1.025482504065
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Webjet Ltd.
        21380064YZG4XMO4CW38
        Webjet Ltd.
        N/A
        
          
        
        2018803.00000000
        NS
        
        4031343.19000000
        0.132377818167
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          
        
      
      
        Hirata Corp.
        35380029GYVBXAH9T342
        Hirata Corp.
        N/A
        
          
        
        3600.00000000
        NS
        
        197861.99000000
        0.006497223704
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ichigo Office REIT Investment Corp.
        N/A
        Ichigo Office REIT Investment Corp.
        N/A
        
          
        
        13014.00000000
        NS
        
        8491626.90000000
        0.278840820227
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferrexpo plc
        213800CEDKSNUTPAQZ41
        Ferrexpo plc
        N/A
        
          
        
        982705.00000000
        NS
        
        2273934.80000000
        0.074669536502
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Bakelite Co. Ltd.
        N/A
        Sumitomo Bakelite Co. Ltd.
        N/A
        
          
        
        5100.00000000
        NS
        
        123746.43000000
        0.004063479995
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pharma Mar SA
        959800QWKZ45ZQC2AV58
        Pharma Mar SA
        N/A
        
          
        
        8014.00000000
        NS
        
        850382.15000000
        0.027924125612
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Bachem Holding AG
        506700S81111XI7TG884
        Bachem Holding AG (Registered), Class B
        N/A
        
          
        
        27728.00000000
        NS
        
        8346686.23000000
        0.274081381808
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Inaba Denki Sangyo Co. Ltd.
        N/A
        Inaba Denki Sangyo Co. Ltd.
        N/A
        
          
        
        19800.00000000
        NS
        
        453022.79000000
        0.014875976986
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Burford Capital Ltd.
        549300FUKUWFYJMT2277
        Burford Capital Ltd.
        N/A
        
          
        
        264045.00000000
        NS
        
        1851999.26000000
        0.060814376184
        Long
        EC
        CORP
        GG
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Fukuoka REIT Corp.
        N/A
        Fukuoka REIT Corp.
        N/A
        
          
        
        3006.00000000
        NS
        
        3488857.13000000
        0.114564122427
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ALSO Holding AG
        529900ACS8A6PTQI6141
        ALSO Holding AG (Registered)
        N/A
        
          
        
        81766.00000000
        NS
        
        21572130.71000000
        0.708367276619
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Nordic Semiconductor ASA
        5967007LIEEXZXJGFK95
        Nordic Semiconductor ASA
        N/A
        
          
        
        383529.00000000
        NS
        
        3803619.22000000
        0.124900012168
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Nichiha Corp.
        N/A
        Nichiha Corp.
        N/A
        
          
        
        1000.00000000
        NS
        
        20305.49000000
        0.000666774406
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Kayaku Co. Ltd.
        N/A
        Nippon Kayaku Co. Ltd.
        N/A
        
          
        
        407200.00000000
        NS
        
        3994523.64000000
        0.131168769107
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Summit Real Estate Holdings Ltd.
        254900R2MAR4ZEW3DO03
        Summit Real Estate Holdings Ltd.
        N/A
        
          
        
        16858.00000000
        NS
        
        147429.98000000
        0.004841180263
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        IPSOS
        9695002OY2X35E9X8W87
        IPSOS
        N/A
        
          
        
        17764.00000000
        NS
        
        471480.49000000
        0.015482075237
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Westgold Resources Ltd.
        2549003AMX9BL7CKBQ74
        Westgold Resources Ltd.
        N/A
        
          
        
        4061582.00000000
        NS
        
        6982957.49000000
        0.229300417582
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Izumi Co. Ltd.
        N/A
        Izumi Co. Ltd.
        N/A
        
          
        
        121700.00000000
        NS
        
        4692150.46000000
        0.154076845144
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ConvaTec Group plc
        213800LS272L4FIDOH92
        ConvaTec Group plc
        N/A
        
          
        
        1711791.00000000
        NS
        
        4549365.34000000
        0.149388188842
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Bure Equity AB
        5493000EHCBQ7QQBGX32
        Bure Equity AB
        N/A
        
          
        
        273798.00000000
        NS
        
        7511355.65000000
        0.246651506846
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Ushio, Inc.
        N/A
        Ushio, Inc.
        N/A
        
          
        
        485800.00000000
        NS
        
        5712584.20000000
        0.187584980204
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SKY Perfect JSAT Holdings, Inc.
        5299009SAF34W9TVEF26
        SKY Perfect JSAT Holdings, Inc.
        N/A
        
          
        
        2064400.00000000
        NS
        
        7596700.93000000
        0.249454002547
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bucher Industries AG
        52990014AQ91A29HPB27
        Bucher Industries AG (Registered)
        N/A
        
          
        
        14269.00000000
        NS
        
        4699776.31000000
        0.154327256319
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          
        
      
      
        Kogan.com Ltd.
        529900EOAC36USKQV388
        Kogan.com Ltd.
        N/A
        
          
        
        894587.00000000
        NS
        
        10642516.78000000
        0.349469912322
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          
        
      
      
        Prima Meat Packers Ltd.
        N/A
        Prima Meat Packers Ltd.
        N/A
        
          
        
        252300.00000000
        NS
        
        6740287.17000000
        0.221331816056
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Central Glass Co. Ltd.
        N/A
        Central Glass Co. Ltd.
        N/A
        
          
        
        199800.00000000
        NS
        
        3614642.30000000
        0.118694548833
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Capcom Co. Ltd.
        529900JJWQKXS3TC8744
        Capcom Co. Ltd.
        N/A
        
          
        
        140700.00000000
        NS
        
        5529625.29000000
        0.181577131163
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Dexerials Corp.
        N/A
        Dexerials Corp.
        N/A
        
          
        
        408800.00000000
        NS
        
        3722519.93000000
        0.122236942675
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        St Marc Holdings Co. Ltd.
        N/A
        St Marc Holdings Co. Ltd.
        N/A
        
          
        
        157000.00000000
        NS
        
        2168530.95000000
        0.071208374544
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Biesse SpA
        815600C41423BF4CC386
        Biesse SpA
        N/A
        
          
        
        59101.00000000
        NS
        
        848317.54000000
        0.027856329705
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Nipro Corp.
        353800AKDDNW0E810O26
        Nipro Corp.
        N/A
        
          
        
        62000.00000000
        NS
        
        663846.47000000
        0.021798825640
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Doshisha Co. Ltd.
        N/A
        Doshisha Co. Ltd.
        N/A
        
          
        
        45200.00000000
        NS
        
        714950.93000000
        0.023476950423
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        UNIQA Insurance Group AG
        529900OOW8ELHOXWZP82
        UNIQA Insurance Group AG
        N/A
        
          
        
        81473.00000000
        NS
        
        515000.80000000
        0.016911158153
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Okamura Corp.
        N/A
        Okamura Corp.
        N/A
        
          
        
        57900.00000000
        NS
        
        376516.40000000
        0.012363725236
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutz AG
        5299005DETTV58V2PP63
        Deutz AG
        N/A
        
          
        
        286440.00000000
        NS
        
        1435195.10000000
        0.047127715758
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Megachips Corp.
        529900CHDZ5G02UMD829
        Megachips Corp.
        N/A
        
          
        
        237400.00000000
        NS
        
        4577743.38000000
        0.150320042778
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Meggitt plc
        YMFO3TKB4UAWQTDZJJ31
        Meggitt plc
        N/A
        
          
        
        1964992.00000000
        NS
        
        6865527.36000000
        0.225444346872
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Dios Fastigheter AB
        549300G3VF7LZQ9IW435
        Dios Fastigheter AB
        N/A
        
          
        
        548013.00000000
        NS
        
        3704266.55000000
        0.121637553710
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        Veidekke ASA
        5967007LIEEXZXHF4O96
        Veidekke ASA
        N/A
        
          
        
        403613.00000000
        NS
        
        5489778.86000000
        0.180268687992
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Qol Holdings Co. Ltd.
        N/A
        Qol Holdings Co. Ltd.
        N/A
        
          
        
        50400.00000000
        NS
        
        491741.12000000
        0.016147376569
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Buzzi Unicem SpA
        5299003DX5YLKSVJ6K59
        Buzzi Unicem SpA
        N/A
        
          
        
        167643.00000000
        NS
        
        3814168.24000000
        0.125246411912
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Kinden Corp.
        N/A
        Kinden Corp.
        N/A
        
          
        
        16700.00000000
        NS
        
        258868.62000000
        0.008500507521
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Regis Resources Ltd.
        213800XH9YUXBLYBD749
        Regis Resources Ltd.
        N/A
        
          
        
        7352174.00000000
        NS
        
        29958585.04000000
        0.983754529464
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Valqua Ltd.
        N/A
        Valqua Ltd.
        N/A
        
          
        
        12000.00000000
        NS
        
        206099.20000000
        0.006767710198
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ship Healthcare Holdings, Inc.
        353800BIFUE1L527TH13
        Ship Healthcare Holdings, Inc.
        N/A
        
          
        
        131700.00000000
        NS
        
        5669987.11000000
        0.186186213201
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CropEnergies AG
        529900FXN57YQ7H5S098
        CropEnergies AG
        N/A
        
          
        
        9814.00000000
        NS
        
        105546.46000000
        0.003465844864
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        AIMS APAC REIT
        549300MGNQOBQ3KVN734
        AIMS APAC REIT
        N/A
        
          
        
        169000.00000000
        NS
        
        148647.31000000
        0.004881153909
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Kandenko Co. Ltd.
        35380080NSN7GCYZ3X14
        Kandenko Co. Ltd.
        N/A
        
          
        
        1590300.00000000
        NS
        
        12464812.14000000
        0.409308897108
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kanamoto Co. Ltd.
        N/A
        Kanamoto Co. Ltd.
        N/A
        
          
        
        19100.00000000
        NS
        
        385981.64000000
        0.012674536735
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Conzzeta AG
        529900OG85OX10GRW920
        Conzzeta AG (Registered)
        N/A
        
          
        
        517.00000000
        NS
        
        479504.19000000
        0.015745550672
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Derichebourg SA
        969500QOO4C4IPGID263
        Derichebourg SA
        N/A
        
          
        
        446687.00000000
        NS
        
        1291529.06000000
        0.042410132555
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Allreal Holding AG
        5067006XH174LA44H658
        Allreal Holding AG (Registered)
        N/A
        
          
        
        63318.00000000
        NS
        
        12597466.60000000
        0.413664891415
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Signify NV
        549300072P3J1X8NZO35
        Signify NV
        N/A
        
          
        
        1204469.00000000
        NS
        
        36137986.18000000
        1.186668447219
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        FP Corp.
        N/A
        FP Corp.
        N/A
        
          
        
        17900.00000000
        NS
        
        1448687.56000000
        0.047570769681
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokuyama Corp.
        529900MHGZKHNMNCQB62
        Tokuyama Corp.
        N/A
        
          
        
        20800.00000000
        NS
        
        487175.82000000
        0.015997465131
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Restar Holdings Corp.
        N/A
        Restar Holdings Corp.
        N/A
        
          
        
        79900.00000000
        NS
        
        1420839.22000000
        0.046656309583
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kaken Pharmaceutical Co. Ltd.
        N/A
        Kaken Pharmaceutical Co. Ltd.
        N/A
        
          
        
        47100.00000000
        NS
        
        2140517.06000000
        0.070288478256
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Maxell Holdings Ltd.
        N/A
        Maxell Holdings Ltd.
        N/A
        
          
        
        109000.00000000
        NS
        
        936592.48000000
        0.030755027089
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Matsui Securities Co. Ltd.
        3538007PRKOSDN175V58
        Matsui Securities Co. Ltd.
        N/A
        
          
        
        24100.00000000
        NS
        
        197296.96000000
        0.006478669729
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Lifeline Co. Ltd.
        N/A
        Japan Lifeline Co. Ltd.
        N/A
        
          
        
        719400.00000000
        NS
        
        8917438.79000000
        0.292823268828
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nolato AB
        213800T7T7I7WAOX8Y72
        Nolato AB, Class B
        N/A
        
          
        
        95391.00000000
        NS
        
        7930615.54000000
        0.260418806445
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Ingenia Communities Group
        N/A
        Ingenia Communities Group
        N/A
        
          
        
        405200.00000000
        NS
        
        1369892.74000000
        0.044983372414
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Sugi Holdings Co. Ltd.
        529900N86BFWB1FADG87
        Sugi Holdings Co. Ltd.
        N/A
        
          
        
        114900.00000000
        NS
        
        8302180.01000000
        0.272619924417
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pennon Group plc
        213800V1CCTS41GWH423
        Pennon Group plc
        N/A
        
          
        
        100645.00000000
        NS
        
        1390712.52000000
        0.045667034638
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Macnica Fuji Electronics Holdings, Inc.
        N/A
        Macnica Fuji Electronics Holdings, Inc.
        N/A
        
          
        
        448000.00000000
        NS
        
        6754163.57000000
        0.221787477474
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        One REIT, Inc.
        N/A
        One REIT, Inc.
        N/A
        
          
        
        450.00000000
        NS
        
        1028748.72000000
        0.033781175300
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Solaria Energia y Medio Ambiente SA
        959800PM2YJU406K2789
        Solaria Energia y Medio Ambiente SA
        N/A
        
          
        
        956029.00000000
        NS
        
        14499202.61000000
        0.476112480685
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Riken Vitamin Co. Ltd.
        N/A
        Riken Vitamin Co. Ltd.
        N/A
        
          
        
        45900.00000000
        NS
        
        959298.47000000
        0.031500627072
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        St Modwen Properties plc
        213800WMV4WVES8TQH05
        St Modwen Properties plc
        N/A
        
          
        
        34031.00000000
        NS
        
        137406.37000000
        0.004512033485
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Big Yellow Group plc
        213800W7Q4V2ZI8LIW31
        Big Yellow Group plc
        N/A
        
          
        
        29217.00000000
        NS
        
        389549.88000000
        0.012791707565
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        ASKUL Corp.
        N/A
        ASKUL Corp.
        N/A
        
          
        
        142600.00000000
        NS
        
        4320935.71000000
        0.141887210980
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Eiken Chemical Co. Ltd.
        N/A
        Eiken Chemical Co. Ltd.
        N/A
        
          
        
        30500.00000000
        NS
        
        542436.74000000
        0.017812076211
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyo Seikan Group Holdings Ltd.
        5299004VWXGQPXR05T33
        Toyo Seikan Group Holdings Ltd.
        N/A
        
          
        
        611800.00000000
        NS
        
        6701329.08000000
        0.220052543438
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        K's Holdings Corp.
        3538003LJ09YLR6NHG27
        K's Holdings Corp.
        N/A
        
          
        
        2050300.00000000
        NS
        
        26321581.07000000
        0.864325687134
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Implenia AG
        52990006TKCUQQJ79B11
        Implenia AG (Registered)
        N/A
        
          
        
        14303.00000000
        NS
        
        629119.86000000
        0.020658502763
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Nichi-iko Pharmaceutical Co. Ltd.
        N/A
        Nichi-iko Pharmaceutical Co. Ltd.
        N/A
        
          
        
        360400.00000000
        NS
        
        4091925.58000000
        0.134367171152
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Pencil Co. Ltd.
        N/A
        Mitsubishi Pencil Co. Ltd.
        N/A
        
          
        
        87800.00000000
        NS
        
        946493.33000000
        0.031080142778
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        OZ Minerals Ltd.
        529900O2VBT5CL7EZT27
        OZ Minerals Ltd.
        N/A
        
          
        
        620514.00000000
        NS
        
        6022630.70000000
        0.197766023412
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Dialog Semiconductor plc
        529900QA2LORU6646N15
        Dialog Semiconductor plc
        N/A
        
          
        
        747543.00000000
        NS
        
        35041038.45000000
        1.150647810846
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Getinge AB
        5493003PZ4F570G3W735
        Getinge AB, Class B
        N/A
        
          
        
        1652657.00000000
        NS
        
        39919265.50000000
        1.310834880755
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Gimv NV
        549300UFHGFY5IOON989
        Gimv NV
        N/A
        
          
        
        56958.00000000
        NS
        
        3069182.52000000
        0.100783204606
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        DeNA Co. Ltd.
        529900T9JQP7I5LDY154
        DeNA Co. Ltd.
        N/A
        
          
        
        2285100.00000000
        NS
        
        25777895.57000000
        0.846472605204
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Albioma SA
        9695002W8GRJRZ44MA62
        Albioma SA
        N/A
        
          
        
        53560.00000000
        NS
        
        2394392.64000000
        0.078625028577
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Kanematsu Electronics Ltd.
        N/A
        Kanematsu Electronics Ltd.
        N/A
        
          
        
        66100.00000000
        NS
        
        2537195.97000000
        0.083314282843
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        AT&S Austria Technologie & Systemtechnik AG
        529900EVOKN4LCCD9321
        AT&S Austria Technologie & Systemtechnik AG
        N/A
        
          
        
        11704.00000000
        NS
        
        221364.95000000
        0.007268993910
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Sangetsu Corp.
        N/A
        Sangetsu Corp.
        N/A
        
          
        
        12400.00000000
        NS
        
        169610.71000000
        0.005569532205
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Beach Energy Ltd.
        8Q9PJD25OKTQT5FHUF40
        Beach Energy Ltd.
        N/A
        
          
        
        19921265.00000000
        NS
        
        19964987.01000000
        0.655593259012
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Research Institute, Inc.
        N/A
        Mitsubishi Research Institute, Inc.
        N/A
        
          
        
        54200.00000000
        NS
        
        2173478.25000000
        0.071370829773
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hornbach Baumarkt AG
        5299008WW53GLXRORN29
        Hornbach Baumarkt AG
        N/A
        
          
        
        24164.00000000
        NS
        
        888082.27000000
        0.029162090081
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        bpost SA
        5493008AAX0BESN9WN06
        bpost SA
        N/A
        
          
        
        705120.00000000
        NS
        
        4586413.85000000
        0.150604756296
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Schweiter Technologies AG
        894500D6OYCP8P8P7317
        Schweiter Technologies AG
        N/A
        
          
        
        772.00000000
        NS
        
        957314.46000000
        0.031435477840
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Paragon Banking Group plc
        213800S1TDKIB1IUTS72
        Paragon Banking Group plc
        N/A
        
          
        
        1429163.00000000
        NS
        
        5858908.01000000
        0.192389836998
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Aurubis AG
        5299005SHIN9ZK7GW242
        Aurubis AG
        N/A
        
          
        
        334235.00000000
        NS
        
        22291139.36000000
        0.731977471000
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Ibstock plc
        2138003QHTNX34CN9V93
        Ibstock plc
        N/A
        
          
        
        452374.00000000
        NS
        
        936350.92000000
        0.030747094947
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Towa Pharmaceutical Co. Ltd.
        35380036BH1C3PNO2426
        Towa Pharmaceutical Co. Ltd.
        N/A
        
          
        
        508900.00000000
        NS
        
        9153707.26000000
        0.300581651850
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sintokogio Ltd.
        N/A
        Sintokogio Ltd.
        N/A
        
          
        
        147900.00000000
        NS
        
        978532.06000000
        0.032132203338
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Invesco Office J-Reit, Inc.
        353800L26AROSFHOI265
        Invesco Office J-Reit, Inc.
        N/A
        
          
        
        5006.00000000
        NS
        
        590600.41000000
        0.019393633833
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        alstria office REIT-AG
        529900QIJIGPI0DRL085
        alstria office REIT-AG
        N/A
        
          
        
        961076.00000000
        NS
        
        14366342.45000000
        0.471749731776
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Mersen SA
        OQXDLNM5DTBULYMF5U27
        Mersen SA
        N/A
        
          
        
        7730.00000000
        NS
        
        208535.75000000
        0.006847719554
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Evotec SE
        529900F9KI6OYITO9B12
        Evotec SE
        N/A
        
          
        
        16376.00000000
        NS
        
        433268.86000000
        0.014227314238
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Takkt AG
        549300AZ0JTVTW3IZY37
        Takkt AG
        N/A
        
          
        
        526261.00000000
        NS
        
        6481057.80000000
        0.212819462533
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Elmos Semiconductor SE
        529900UMKKDCAP4P4H63
        Elmos Semiconductor SE
        N/A
        
          
        
        42225.00000000
        NS
        
        1034926.96000000
        0.033984051089
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Arcland Sakamoto Co. Ltd.
        N/A
        Arcland Sakamoto Co. Ltd.
        N/A
        
          
        
        230100.00000000
        NS
        
        4264509.63000000
        0.140034339367
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        APERAM SA
        5493001136GE6L4R7M63
        Aperam SA
        N/A
        
          
        
        113100.00000000
        NS
        
        3221598.32000000
        0.105788104985
        Long
        EC
        CORP
        LU
        N
        
        2
        
          N
          N
          N
        
      
      
        Belimo Holding AG
        506700339DLX749VEM23
        Belimo Holding AG (Registered)
        N/A
        
          
        
        470.00000000
        NS
        
        3733758.08000000
        0.122605971484
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        CANCOM SE
        391200T4AUN1BPBXAO14
        CANCOM SE
        N/A
        
          
        
        10088.00000000
        NS
        
        606697.90000000
        0.019922229516
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hokuetsu Corp.
        549300CBTMD053ZJ7C79
        Hokuetsu Corp.
        N/A
        
          
        
        1817400.00000000
        NS
        
        6085323.61000000
        0.199824679857
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Derwent London plc
        213800BXKQ9KZNUR1M61
        Derwent London plc
        N/A
        
          
        
        104367.00000000
        NS
        
        3926555.02000000
        0.128936873385
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        IWG plc
        2138003LWDII27UTAG52
        IWG plc
        N/A
        
          
        
        770194.00000000
        NS
        
        2315423.49000000
        0.076031906809
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Softcat plc
        213800N42YZLR9GLVC42
        Softcat plc
        N/A
        
          
        
        85984.00000000
        NS
        
        1417530.11000000
        0.046547647844
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Chudenko Corp.
        N/A
        Chudenko Corp.
        N/A
        
          
        
        5300.00000000
        NS
        
        110244.89000000
        0.003620127911
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Holmen AB
        52990080SH3454F0QE68
        Holmen AB, Class B
        N/A
        
          
        
        53168.00000000
        NS
        
        1832393.99000000
        0.060170595007
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Tosei Corp.
        N/A
        Tosei Corp.
        N/A
        
          
        
        985500.00000000
        NS
        
        7629120.54000000
        0.250518570120
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Demae-Can Co. Ltd.
        N/A
        Demae-Can Co. Ltd.
        N/A
        
          
        
        190600.00000000
        NS
        
        2840313.43000000
        0.093267796130
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nanosonics Ltd.
        549300XUBCM70BRANN81
        Nanosonics Ltd.
        N/A
        
          
        
        62810.00000000
        NS
        
        277731.84000000
        0.009119921892
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Premier Investment Corp.
        N/A
        Premier Investment Corp.
        N/A
        
          
        
        14865.00000000
        NS
        
        16709183.77000000
        0.548681961963
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        DIC Corp.
        549300F1YB9ARLPUKB67
        DIC Corp.
        N/A
        
          
        
        168900.00000000
        NS
        
        4066207.27000000
        0.133522655167
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SBS Holdings, Inc.
        N/A
        SBS Holdings, Inc.
        N/A
        
          
        
        61000.00000000
        NS
        
        1298365.94000000
        0.042634636204
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        IGO Ltd.
        2549005DZO8VGXM5QN07
        IGO Ltd.
        N/A
        
          
        
        8151989.00000000
        NS
        
        26832578.34000000
        0.881105380776
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Kyokuto Kaihatsu Kogyo Co. Ltd.
        N/A
        Kyokuto Kaihatsu Kogyo Co. Ltd.
        N/A
        
          
        
        178600.00000000
        NS
        
        2256163.33000000
        0.074085972088
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mirait Holdings Corp.
        353800RI3EZVEIDAEL62
        Mirait Holdings Corp.
        N/A
        
          
        
        621800.00000000
        NS
        
        8566312.99000000
        0.281293298514
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Oisix ra daichi, Inc.
        N/A
        Oisix ra daichi, Inc.
        N/A
        
          
        
        166600.00000000
        NS
        
        3370901.86000000
        0.110690807617
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Jupiter Fund Management plc
        5493003DJ1G01IMQ7S28
        Jupiter Fund Management plc
        N/A
        
          
        
        2113530.00000000
        NS
        
        6251168.11000000
        0.205270540462
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        D'ieteren SA/NV
        549300DV5KJ23OKVTW34
        D'ieteren SA/NV
        N/A
        
          
        
        206671.00000000
        NS
        
        11156562.60000000
        0.366349711655
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Kaneka Corp.
        529900FWWCF6RY313R16
        Kaneka Corp.
        N/A
        
          
        
        157500.00000000
        NS
        
        3721878.31000000
        0.122215873703
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Computacenter plc
        549300XSXUZ1I19DB105
        Computacenter plc
        N/A
        
          
        
        445413.00000000
        NS
        
        11505407.66000000
        0.377804788969
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Shun Tak Holdings Ltd.
        2549009R5NCY1DI0ZG82
        Shun Tak Holdings Ltd.
        N/A
        
          
        
        7516000.00000000
        NS
        
        2707785.85000000
        0.088915968200
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Nojima Corp.
        N/A
        Nojima Corp.
        N/A
        
          
        
        102300.00000000
        NS
        
        2564824.05000000
        0.084221510231
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        NS Solutions Corp.
        N/A
        NS Solutions Corp.
        N/A
        
          
        
        114100.00000000
        NS
        
        3004719.33000000
        0.098666417212
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        zooplus AG
        549300VB13ZT2X88PU78
        zooplus AG
        N/A
        
          
        
        29695.00000000
        NS
        
        5106966.93000000
        0.167698235497
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Toho Holdings Co. Ltd.
        353800Z8BQ3ZHELA4J90
        Toho Holdings Co. Ltd.
        N/A
        
          
        
        143100.00000000
        NS
        
        2450459.78000000
        0.080466113624
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        GB Group plc
        213800RBAFZIBCV7XR29
        GB Group plc
        N/A
        
          
        
        11489.00000000
        NS
        
        99585.51000000
        0.003270104258
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Diploma plc
        2138008OGI7VYG8FGR19
        Diploma plc
        N/A
        
          
        
        379937.00000000
        NS
        
        8995834.84000000
        0.295397571625
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Societe BIC SA
        969500UR00DF63I0VH67
        Societe BIC SA
        N/A
        
          
        
        64852.00000000
        NS
        
        3841984.73000000
        0.126159826147
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Ryosan Co. Ltd.
        N/A
        Ryosan Co. Ltd.
        N/A
        
          
        
        34300.00000000
        NS
        
        652122.92000000
        0.021413857679
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Quadient
        549300K4W3A5ITOPTK67
        Quadient
        N/A
        
          
        
        340666.00000000
        NS
        
        5036602.98000000
        0.165387683966
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Per Aarsleff Holding A/S
        5493008HS8STXVZXYZ63
        Per Aarsleff Holding A/S
        N/A
        
          
        
        162955.00000000
        NS
        
        6240703.31000000
        0.204926906262
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Sopra Steria Group
        96950020QIOHAAK9V551
        Sopra Steria Group
        N/A
        
          
        
        30753.00000000
        NS
        
        4592161.89000000
        0.150793505544
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Pro Medicus Ltd.
        N/A
        Pro Medicus Ltd.
        N/A
        
          
        
        993470.00000000
        NS
        
        16980038.20000000
        0.557576049316
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Hornbach Holding AG & Co. KGaA
        529900EGQZ79V21LBL44
        Hornbach Holding AG & Co. KGaA
        N/A
        
          
        
        778.00000000
        NS
        
        74873.57000000
        0.002458634595
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Tecan Group AG
        529900CSN9R3BLETSL26
        Tecan Group AG (Registered)
        N/A
        
          
        
        93994.00000000
        NS
        
        39420543.61000000
        1.294458275599
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        DCM Holdings Co. Ltd.
        N/A
        DCM Holdings Co. Ltd.
        N/A
        
          
        
        2084700.00000000
        NS
        
        26184580.10000000
        0.859826965829
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Takara Leben Co. Ltd.
        N/A
        Takara Leben Co. Ltd.
        N/A
        
          
        
        2116800.00000000
        NS
        
        6695045.14000000
        0.219846196762
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sanne Group plc
        2138005UBLKEZRITH576
        Sanne Group plc
        N/A
        
          
        
        167844.00000000
        NS
        
        1383984.01000000
        0.045446089550
        Long
        EC
        CORP
        JE
        N
        
        2
        
          N
          N
          N
        
      
      
        NCC Group plc
        213800DJCGZRB6523934
        NCC Group plc
        N/A
        
          
        
        149925.00000000
        NS
        
        337318.23000000
        0.011076569076
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Acerinox SA
        95980020140005582721
        Acerinox SA
        N/A
        
          
        
        90891.00000000
        NS
        
        783687.40000000
        0.025734060150
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        IMI plc
        2138002W9Q21PF751R30
        IMI plc
        N/A
        
          
        
        260943.00000000
        NS
        
        3545412.00000000
        0.116421223137
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Riso Kyoiku Co. Ltd.
        N/A
        Riso Kyoiku Co. Ltd.
        N/A
        
          
        
        1989500.00000000
        NS
        
        5695617.69000000
        0.187027848383
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Seika Chemicals Co. Ltd.
        N/A
        Sumitomo Seika Chemicals Co. Ltd.
        N/A
        
          
        
        7100.00000000
        NS
        
        225337.61000000
        0.007399444740
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pagegroup plc
        213800JK5ZEQW4AB8G71
        Pagegroup plc
        N/A
        
          
        
        746753.00000000
        NS
        
        3419053.40000000
        0.112271966925
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Global Dominion Access SA
        95980020140005225955
        Global Dominion Access SA
        N/A
        
          
        
        675600.00000000
        NS
        
        2211271.47000000
        0.072611851380
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Maruzen Showa Unyu Co. Ltd.
        N/A
        Maruzen Showa Unyu Co. Ltd.
        N/A
        
          
        
        3600.00000000
        NS
        
        107356.32000000
        0.003525275507
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Ohka Kogyo Co. Ltd.
        N/A
        Tokyo Ohka Kogyo Co. Ltd.
        N/A
        
          
        
        99400.00000000
        NS
        
        5258249.89000000
        0.172665936640
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sun Hung Kai & Co. Ltd.
        N/A
        Sun Hung Kai & Co. Ltd.
        N/A
        
          
        
        653000.00000000
        NS
        
        252127.78000000
        0.008279157551
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Games Workshop Group plc
        213800RP9QJQYGWHNT41
        Games Workshop Group plc
        N/A
        
          
        
        147451.00000000
        NS
        
        16924301.69000000
        0.555745821217
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Invincible Investment Corp.
        353800JY6M2692VAV685
        Invincible Investment Corp.
        N/A
        
          
        
        36126.00000000
        NS
        
        8250149.84000000
        0.270911401957
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ADEKA Corp.
        N/A
        ADEKA Corp.
        N/A
        
          
        
        177000.00000000
        NS
        
        2350888.70000000
        0.077196483205
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Meiko Network Japan Co. Ltd.
        N/A
        Meiko Network Japan Co. Ltd.
        N/A
        
          
        
        326100.00000000
        NS
        
        2157239.25000000
        0.070837587305
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ezaki Glico Co. Ltd.
        3538001RG4BHKDFV6G61
        Ezaki Glico Co. Ltd.
        N/A
        
          
        
        6100.00000000
        NS
        
        282621.78000000
        0.009280493582
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Axial Retailing, Inc.
        N/A
        Axial Retailing, Inc.
        N/A
        
          
        
        6400.00000000
        NS
        
        270540.60000000
        0.008883782071
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ESR-REIT
        5493008PFX3JN1RMMD48
        ESR-REIT
        N/A
        
          
        
        4005200.00000000
        NS
        
        1145006.22000000
        0.037598740183
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Yellow Hat Ltd.
        N/A
        Yellow Hat Ltd.
        N/A
        
          
        
        397000.00000000
        NS
        
        5210792.32000000
        0.171107565329
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ramelius Resources Ltd.
        254900E44AIGW7KKNR98
        Ramelius Resources Ltd.
        N/A
        
          
        
        4674886.00000000
        NS
        
        7390066.16000000
        0.242668705756
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        BayCurrent Consulting, Inc.
        N/A
        BayCurrent Consulting, Inc.
        N/A
        
          
        
        125100.00000000
        NS
        
        15153428.84000000
        0.497595405068
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        GDI Property Group
        N/A
        GDI Property Group
        N/A
        
          
        
        243902.00000000
        NS
        
        186332.93000000
        0.006118642239
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Chiyoda Integre Co. Ltd.
        N/A
        Chiyoda Integre Co. Ltd.
        N/A
        
          
        
        14300.00000000
        NS
        
        229570.92000000
        0.007538454572
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Cedar Woods Properties Ltd.
        N/A
        Cedar Woods Properties Ltd.
        N/A
        
          
        
        20006.00000000
        NS
        
        72768.01000000
        0.002389494007
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Bechtle AG
        529900HA2QT774RUXW59
        Bechtle AG
        N/A
        
          
        
        86694.00000000
        NS
        
        16872602.94000000
        0.554048181645
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Jenoptik AG
        529900P34GDHGXK6VB37
        Jenoptik AG
        N/A
        
          
        
        61518.00000000
        NS
        
        1541624.02000000
        0.050622538093
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Okuwa Co. Ltd.
        N/A
        Okuwa Co. Ltd.
        N/A
        
          
        
        63800.00000000
        NS
        
        889425.04000000
        0.029206182820
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kitz Corp.
        N/A
        Kitz Corp.
        N/A
        
          
        
        579400.00000000
        NS
        
        3662813.85000000
        0.120276365212
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        K Wah International Holdings Ltd.
        529900ZOP51K5LHLPK04
        K Wah International Holdings Ltd.
        N/A
        
          
        
        4224000.00000000
        NS
        
        1782689.54000000
        0.058538442562
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Kaga Electronics Co. Ltd.
        3538005V2HARHWLTPJ42
        Kaga Electronics Co. Ltd.
        N/A
        
          
        
        59500.00000000
        NS
        
        1126792.81000000
        0.037000663720
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Alpha Systems, Inc.
        529900AL2TSJ3DRWE395
        Alpha Systems, Inc.
        N/A
        
          
        
        4700.00000000
        NS
        
        176488.89000000
        0.005795392028
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Cromwell European REIT
        21380093RFHTC319NL93
        Cromwell European REIT
        N/A
        
          
        
        588800.00000000
        NS
        
        299813.20000000
        0.009845010807
        Long
        EC
        CORP
        SG
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Value Partners Group Ltd.
        549300RYVTCSHFKXHB81
        Value Partners Group Ltd.
        N/A
        
          
        
        4341000.00000000
        NS
        
        2187262.33000000
        0.071823459665
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Tsubakimoto Chain Co.
        N/A
        Tsubakimoto Chain Co.
        N/A
        
          
        
        3100.00000000
        NS
        
        72760.50000000
        0.002389247400
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Konica Minolta, Inc.
        549300SVK6KRUOL1A740
        Konica Minolta, Inc.
        N/A
        
          
        
        1228200.00000000
        NS
        
        3253338.30000000
        0.106830355446
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Clas Ohlson AB
        549300MH8OETHBBKJU80
        Clas Ohlson AB, Class B
        N/A
        
          
        
        232489.00000000
        NS
        
        2616551.04000000
        0.085920077124
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Sawai Pharmaceutical Co. Ltd.
        N/A
        Sawai Pharmaceutical Co. Ltd.
        N/A
        
          
        
        502800.00000000
        NS
        
        23885545.94000000
        0.784333237896
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ARA LOGOS Logistics Trust
        529900J4YL3CYGKS5I45
        ARA LOGOS Logistics Trust
        N/A
        
          
        
        578300.00000000
        NS
        
        278802.89000000
        0.009155092121
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Tomy Co. Ltd.
        N/A
        Tomy Co. Ltd.
        N/A
        
          
        
        106100.00000000
        NS
        
        796073.02000000
        0.026140768603
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hang Lung Group Ltd.
        529900V2T2EPOQYH0981
        Hang Lung Group Ltd.
        N/A
        
          
        
        1133000.00000000
        NS
        
        2741860.88000000
        0.090034895047
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        OneSavings Bank plc
        213800WTQKOQI8ELD692
        OneSavings Bank plc
        N/A
        
          
        
        60557.00000000
        NS
        
        187211.69000000
        0.006147498213
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Seiko Holdings Corp.
        N/A
        Seiko Holdings Corp.
        N/A
        
          
        
        649700.00000000
        NS
        
        8893447.15000000
        0.292035451763
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EDION Corp.
        353800697NBCW7EAHZ97
        EDION Corp.
        N/A
        
          
        
        760500.00000000
        NS
        
        7327544.39000000
        0.240615669060
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Warehouse Co. Ltd. (The)
        N/A
        Sumitomo Warehouse Co. Ltd. (The)
        N/A
        
          
        
        533100.00000000
        NS
        
        6021576.69000000
        0.197731412728
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Chemometec A/S
        213800533NBKECGONO68
        Chemometec A/S
        N/A
        
          
        
        24802.00000000
        NS
        
        1417994.12000000
        0.046562884610
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Royal Unibrew A/S
        529900D69KFL8IAP8Q63
        Royal Unibrew A/S
        N/A
        
          
        
        11528.00000000
        NS
        
        1166262.85000000
        0.038296747316
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        UNITE Group plc (The)
        213800BBUUWVDH9YI827
        UNITE Group plc (The)
        N/A
        
          
        
        855994.00000000
        NS
        
        10505911.93000000
        0.344984198469
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Elis SA
        969500UX71LCE8MAY492
        Elis SA
        N/A
        
          
        
        15685.00000000
        NS
        
        190571.32000000
        0.006257818885
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Wihlborgs Fastigheter AB
        549300RC1YDJPITF8X06
        Wihlborgs Fastigheter AB
        N/A
        
          
        
        146965.00000000
        NS
        
        2476664.35000000
        0.081326597001
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        H.U. Group Holdings, Inc.
        N/A
        H.U. Group Holdings, Inc.
        N/A
        
          
        
        247900.00000000
        NS
        
        5578324.92000000
        0.183176288184
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Inchcape plc
        213800RGEH1MPPNM2T57
        Inchcape plc
        N/A
        
          
        
        1224503.00000000
        NS
        
        6859759.17000000
        0.225254935956
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        ST Corp.
        N/A
        ST Corp.
        N/A
        
          
        
        9100.00000000
        NS
        
        176655.53000000
        0.005800864011
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Seria Co. Ltd.
        N/A
        Seria Co. Ltd.
        N/A
        
          
        
        48300.00000000
        NS
        
        1932524.39000000
        0.063458591900
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nihon Chouzai Co. Ltd.
        N/A
        Nihon Chouzai Co. Ltd.
        N/A
        
          
        
        200600.00000000
        NS
        
        2993348.89000000
        0.098293044376
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Western Areas Ltd.
        213800QVJGB47FY5Z403
        Western Areas Ltd.
        N/A
        
          
        
        1981851.00000000
        NS
        
        3399653.39000000
        0.111634925900
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Adevinta ASA
        529900W8V3YLHRSZH763
        Adevinta ASA, Class B
        N/A
        
          
        
        96907.00000000
        NS
        
        1551225.58000000
        0.050937825952
        Long
        EC
        CORP
        NO
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Tosho Co. Ltd.
        N/A
        Tosho Co. Ltd.
        N/A
        
          
        
        112600.00000000
        NS
        
        1105618.18000000
        0.036305349233
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Alps Alpine Co. Ltd.
        529900PWNU4ASLY9VI90
        Alps Alpine Co. Ltd.
        N/A
        
          
        
        786900.00000000
        NS
        
        9919728.02000000
        0.325735589905
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sheng Siong Group Ltd.
        N/A
        Sheng Siong Group Ltd.
        N/A
        
          
        
        3646500.00000000
        NS
        
        4520431.23000000
        0.148438075153
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Rovio Entertainment OYJ
        743700H95H3OPXDV6568
        Rovio Entertainment OYJ
        N/A
        
          
        
        135958.00000000
        NS
        
        910629.29000000
        0.029902469943
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          
        
      
      
        Konoike Transport Co. Ltd.
        N/A
        Konoike Transport Co. Ltd.
        N/A
        
          
        
        76200.00000000
        NS
        
        732706.85000000
        0.024060004218
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pasona Group, Inc.
        3538002LRFQSFLGGLX89
        Pasona Group, Inc.
        N/A
        
          
        
        38300.00000000
        NS
        
        450236.86000000
        0.014784494987
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Blue Square Real Estate Ltd.
        N/A
        Blue Square Real Estate Ltd.
        N/A
        
          
        
        2054.00000000
        NS
        
        77684.27000000
        0.002550929971
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        Close Brothers Group plc
        213800W73SYHR14I3X91
        Close Brothers Group plc
        N/A
        
          
        
        82779.00000000
        NS
        
        1186204.98000000
        0.038951590016
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Safestore Holdings plc
        213800WGA3YSJC1YOH73
        Safestore Holdings plc
        N/A
        
          
        
        1464751.00000000
        NS
        
        14724040.63000000
        0.483495520313
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Marshalls plc
        213800S21IFC367J5V62
        Marshalls plc
        N/A
        
          
        
        995891.00000000
        NS
        
        7722309.84000000
        0.253578641076
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        ASTM SpA
        8156003F2286CFA55E20
        ASTM SpA
        N/A
        
          
        
        268333.00000000
        NS
        
        5704308.81000000
        0.187313239988
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Transport System Ltd.
        N/A
        Hitachi Transport System Ltd.
        N/A
        
          
        
        125500.00000000
        NS
        
        3695450.67000000
        0.121348065343
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Silver Lake Resources Ltd.
        254900Z1BWS584OIKJ61
        Silver Lake Resources Ltd.
        N/A
        
          
        
        4209748.00000000
        NS
        
        7534959.44000000
        0.247426588022
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Genworth Mortgage Insurance Australia Ltd.
        529900RUQ2G0JXJOF423
        Genworth Mortgage Insurance Australia Ltd.
        N/A
        
          
        
        5420902.00000000
        NS
        
        6557848.88000000
        0.215341062691
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Nobina AB
        549300MBXCR8ZQJIFP95
        Nobina AB
        N/A
        
          
        
        174170.00000000
        NS
        
        1097037.80000000
        0.036023594014
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        BWP Trust
        N/A
        BWP Trust
        N/A
        
          
        
        2109616.00000000
        NS
        
        5783324.73000000
        0.189907897549
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Johnson Electric Holdings Ltd.
        529900EDYRQ6K25JEC80
        Johnson Electric Holdings Ltd.
        N/A
        
          
        
        378000.00000000
        NS
        
        695674.51000000
        0.022843967741
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Cloetta AB
        549300CSLHPO6Y1AZN37
        Cloetta AB, Class B
        N/A
        
          
        
        1188038.00000000
        NS
        
        3284738.68000000
        0.107861454412
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Micro Focus International plc
        213800F8E4X648142844
        Micro Focus International plc
        N/A
        
          
        
        2183893.00000000
        NS
        
        7862186.37000000
        0.258171787574
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Wakita & Co. Ltd.
        N/A
        Wakita & Co. Ltd.
        N/A
        
          
        
        311100.00000000
        NS
        
        2648886.38000000
        0.086981877511
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Inwido AB
        529900A9NKQW5UTHBG13
        Inwido AB
        N/A
        
          
        
        870869.00000000
        NS
        
        8159780.09000000
        0.267943916985
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        GCP Student Living plc
        2138004J4ID66FK38H25
        GCP Student Living plc
        N/A
        
          
        
        396927.00000000
        NS
        
        645435.20000000
        0.021194252019
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Greencore Group plc
        635400GGBEWULJXM5868
        Greencore Group plc
        N/A
        
          
        
        2707105.00000000
        NS
        
        4515160.01000000
        0.148264983314
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        NCC AB
        213800WRGLW3CY4MHW53
        NCC AB, Class B
        N/A
        
          
        
        163833.00000000
        NS
        
        2845365.28000000
        0.093433684482
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nobia AB
        529900MZ8Y3QGPDF6815
        Nobia AB
        N/A
        
          
        
        556477.00000000
        NS
        
        3301592.94000000
        0.108414900264
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Asahi Holdings, Inc.
        353800W25FCOFE32EM73
        Asahi Holdings, Inc.
        N/A
        
          
        
        40700.00000000
        NS
        
        1418035.93000000
        0.046564257531
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Axfood AB
        549300QIXCZWZLHE8L05
        Axfood AB
        N/A
        
          
        
        265710.00000000
        NS
        
        5979328.18000000
        0.196344092098
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        LeoVegas AB
        549300Z1CNOA0L1K8J51
        LeoVegas AB
        N/A
        
          
        
        217196.00000000
        NS
        
        1009868.88000000
        0.033161215175
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        IOOF Holdings Ltd.
        N/A
        IOOF Holdings Ltd.
        N/A
        
          
        
        47828.00000000
        NS
        
        155216.30000000
        0.005096860815
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Aviation Electronics Industry Ltd.
        N/A
        Japan Aviation Electronics Industry Ltd.
        N/A
        
          
        
        415100.00000000
        NS
        
        5254161.53000000
        0.172531686552
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Stella Chemifa Corp.
        529900413RCXZ2LOEY81
        Stella Chemifa Corp.
        N/A
        
          
        
        9000.00000000
        NS
        
        231277.07000000
        0.007594479674
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Yanlord Land Group Ltd.
        N/A
        Yanlord Land Group Ltd.
        N/A
        
          
        
        6550310.00000000
        NS
        
        5838981.62000000
        0.191735511155
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Taikisha Ltd.
        3538005OOQOUE7DBWV52
        Taikisha Ltd.
        N/A
        
          
        
        4800.00000000
        NS
        
        134912.05000000
        0.004430127126
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rural Funds Group
        N/A
        Rural Funds Group
        N/A
        
          
        
        340961.00000000
        NS
        
        497425.48000000
        0.016334034747
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Wienerberger AG
        529900VXIFBHO0SW2I31
        Wienerberger AG
        N/A
        
          
        
        129398.00000000
        NS
        
        2967702.59000000
        0.097450892995
        Long
        EC
        CORP
        AT
        N
        
        1
        
          N
          N
          N
        
      
      
        Universal Entertainment Corp.
        353800BBJTHSMSQ31V91
        Universal Entertainment Corp.
        N/A
        
          
        
        390600.00000000
        NS
        
        6876644.29000000
        0.225809395162
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Borregaard ASA
        5967007LIEEXZXGYXC05
        Borregaard ASA
        N/A
        
          
        
        14653.00000000
        NS
        
        195461.39000000
        0.006418394843
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Sandfire Resources Ltd.
        213800ZW52P23FVH1V47
        Sandfire Resources Ltd.
        N/A
        
          
        
        771956.00000000
        NS
        
        2623607.23000000
        0.086151782288
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        KAZ Minerals plc
        2138001H9E453FQRFY56
        KAZ Minerals plc
        N/A
        
          
        
        223425.00000000
        NS
        
        1557802.68000000
        0.051153799166
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Paradox Interactive AB
        529900QNSZUY53R5WW95
        Paradox Interactive AB
        N/A
        
          
        
        192849.00000000
        NS
        
        4834537.36000000
        0.158752425036
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Anima Holding SpA
        549300T1EREIRH8ICX03
        Anima Holding SpA
        N/A
        
          
        
        3600426.00000000
        NS
        
        16244103.14000000
        0.533410039884
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        FCC Co. Ltd.
        529900JG0O5C2NAEHF11
        FCC Co. Ltd.
        N/A
        
          
        
        15000.00000000
        NS
        
        232127.27000000
        0.007622397819
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Lifestyle Communities Ltd.
        N/A
        Lifestyle Communities Ltd.
        N/A
        
          
        
        78224.00000000
        NS
        
        482826.86000000
        0.015854657682
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Zumtobel Group AG
        529900IIODYNYAZ2ID26
        Zumtobel Group AG
        N/A
        
          
        
        29414.00000000
        NS
        
        224206.56000000
        0.007362304282
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Ishihara Sangyo Kaisha Ltd.
        N/A
        Ishihara Sangyo Kaisha Ltd.
        N/A
        
          
        
        15800.00000000
        NS
        
        99585.78000000
        0.003270113124
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Arata Corp.
        N/A
        Arata Corp.
        N/A
        
          
        
        15300.00000000
        NS
        
        725678.44000000
        0.023829211270
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Vistry Group plc
        2138001KOWN7CG9SLK53
        Vistry Group plc
        N/A
        
          
        
        577863.00000000
        NS
        
        4645991.89000000
        0.152561129290
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Koei Tecmo Holdings Co. Ltd.
        N/A
        Koei Tecmo Holdings Co. Ltd.
        N/A
        
          
        
        4700.00000000
        NS
        
        180942.59000000
        0.005941638840
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Picton Property Income Ltd. (The)
        213800RYE59K9CKR4497
        Picton Property Income Ltd. (The)
        N/A
        
          
        
        115865.00000000
        NS
        
        103194.27000000
        0.003388605649
        Long
        EC
        CORP
        GG
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Seino Holdings Co. Ltd.
        3538001D12EPCPYTTF24
        Seino Holdings Co. Ltd.
        N/A
        
          
        
        1215200.00000000
        NS
        
        14956419.69000000
        0.491126186198
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Information Services International-Dentsu Ltd.
        N/A
        Information Services International-Dentsu Ltd.
        N/A
        
          
        
        12400.00000000
        NS
        
        651171.47000000
        0.021382614773
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ninety One plc
        549300G0TJCT3K15ZG14
        Ninety One plc
        N/A
        
          
        
        631193.00000000
        NS
        
        1777015.21000000
        0.058352113740
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        TKH Group NV
        7245008G22FOV7TYYJ34
        TKH Group NV
        N/A
        
          
        
        198006.00000000
        NS
        
        7809024.22000000
        0.256426094118
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Koshidaka Holdings Co. Ltd.
        N/A
        Koshidaka Holdings Co. Ltd.
        N/A
        
          
        
        78900.00000000
        NS
        
        249000.83000000
        0.008176477427
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kissei Pharmaceutical Co. Ltd.
        N/A
        Kissei Pharmaceutical Co. Ltd.
        N/A
        
          
        
        12900.00000000
        NS
        
        269670.88000000
        0.008855222945
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EPS Holdings, Inc.
        N/A
        EPS Holdings, Inc.
        N/A
        
          
        
        321700.00000000
        NS
        
        2768292.03000000
        0.090902818666
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Autobacs Seven Co. Ltd.
        5299006NCUSCPURTQB07
        Autobacs Seven Co. Ltd.
        N/A
        
          
        
        182200.00000000
        NS
        
        2122857.05000000
        0.069708573871
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Grace Technology, Inc.
        N/A
        Grace Technology, Inc.
        N/A
        
          
        
        74100.00000000
        NS
        
        3867822.66000000
        0.127008270112
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          
        
      
      
        SpareBank 1 SMN
        7V6Z97IO7R1SEAO84Q32
        SpareBank 1 SMN
        N/A
        
          
        
        467009.00000000
        NS
        
        4023659.67000000
        0.132125513274
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Fujimi, Inc.
        N/A
        Fujimi, Inc.
        N/A
        
          
        
        103200.00000000
        NS
        
        3605294.32000000
        0.118387587818
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SAMTY Co. Ltd.
        N/A
        SAMTY Co. Ltd.
        N/A
        
          
        
        774400.00000000
        NS
        
        8416205.78000000
        0.276364205650
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          
        
      
      
        SITC International Holdings Co. Ltd.
        529900JUV4MOM9CE3V12
        SITC International Holdings Co. Ltd.
        N/A
        
          
        
        4239000.00000000
        NS
        
        4252416.05000000
        0.139637220675
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Gold Road Resources Ltd.
        213800HJWH96TDEMNY83
        Gold Road Resources Ltd.
        N/A
        
          
        
        3581489.00000000
        NS
        
        4821388.68000000
        0.158320659868
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        ASM International NV
        7245001I22ND6ZFHX623
        ASM International NV
        N/A
        
          
        
        254545.00000000
        NS
        
        38937320.05000000
        1.278590591419
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Lar Espana Real Estate Socimi SA
        9598002PHMH00MHN3741
        Lar Espana Real Estate Socimi SA
        N/A
        
          
        
        6014.00000000
        NS
        
        31524.65000000
        0.001035179638
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        Toa Corp.
        353800AT816JCLZ5WD63
        Toa Corp.
        N/A
        
          
        
        57700.00000000
        NS
        
        843430.22000000
        0.027695844049
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CTT-Correios de Portugal SA
        529900G4A1IKOKC22K56
        CTT-Correios de Portugal SA
        N/A
        
          
        
        396629.00000000
        NS
        
        1062900.79000000
        0.034902631921
        Long
        EC
        CORP
        PT
        N
        
        1
        
          N
          N
          N
        
      
      
        Watkin Jones plc
        2138009X19O21NU5SG79
        Watkin Jones plc
        N/A
        
          
        
        143471.00000000
        NS
        
        259544.49000000
        0.008522701165
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Strike Co. Ltd.
        N/A
        Strike Co. Ltd.
        N/A
        
          
        
        45300.00000000
        NS
        
        1989250.07000000
        0.065321301522
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Uponor OYJ
        743700KA2GMSYJM3CM12
        Uponor OYJ
        N/A
        
          
        
        363765.00000000
        NS
        
        6092427.13000000
        0.200057939203
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Eckert & Ziegler Strahlen- und Medizintechnik AG
        391200EUDABLUKXCKG48
        Eckert & Ziegler Strahlen- und Medizintechnik AG
        N/A
        
          
        
        326564.00000000
        NS
        
        17348890.63000000
        0.569688111626
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Plus500 Ltd.
        549300X8NGW9C5OJZU13
        Plus500 Ltd.
        N/A
        
          
        
        1669586.00000000
        NS
        
        25879955.33000000
        0.849823956780
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        Nexans SA
        96950015FU78G84UIV14
        Nexans SA
        N/A
        
          
        
        149450.00000000
        NS
        
        7789297.77000000
        0.255778333734
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Tinexta Spa
        815600925CD848EDBA96
        Tinexta Spa
        N/A
        
          
        
        109464.00000000
        NS
        
        1864517.51000000
        0.061225439828
        Long
        EC
        CORP
        IT
        N
        
        1
        
          N
          N
          N
        
      
      
        NSD Co. Ltd.
        N/A
        NSD Co. Ltd.
        N/A
        
          
        
        520100.00000000
        NS
        
        9457926.90000000
        0.310571357585
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        boohoo Group plc
        213800SZF3KFCECWY243
        boohoo Group plc
        N/A
        
          
        
        4577976.00000000
        NS
        
        15489063.11000000
        0.508616677699
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SmartGroup Corp. Ltd.
        N/A
        SmartGroup Corp. Ltd.
        N/A
        
          
        
        772052.00000000
        NS
        
        3321313.06000000
        0.109062452788
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Shin-Etsu Polymer Co. Ltd.
        N/A
        Shin-Etsu Polymer Co. Ltd.
        N/A
        
          
        
        22100.00000000
        NS
        
        179148.25000000
        0.005882717830
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Dunelm Group plc
        213800WCOWEI3T5DUV19
        Dunelm Group plc
        N/A
        
          
        
        413035.00000000
        NS
        
        6627469.12000000
        0.217627192905
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Kesko OYJ
        743700OX6HSVMCAHPB95
        Kesko OYJ, Class B
        N/A
        
          
        
        1643127.00000000
        NS
        
        34840888.37000000
        1.144075452788
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Charter Hall Group
        N/A
        Charter Hall Group
        N/A
        
          
        
        3659220.00000000
        NS
        
        27279419.71000000
        0.895778377551
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        TomTom NV
        724500WAU923OTVC7M86
        TomTom NV
        N/A
        
          
        
        229875.00000000
        NS
        
        1840668.64000000
        0.060442310924
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Ebara Corp.
        353800UV8U3SOMCDTI49
        Ebara Corp.
        N/A
        
          
        
        193400.00000000
        NS
        
        4594226.53000000
        0.150861302435
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Dustin Group AB
        549300C3IRYAOWOT0783
        Dustin Group AB
        N/A
        
          
        
        463218.00000000
        NS
        
        2813956.47000000
        0.092402308699
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Belc Co. Ltd.
        N/A
        Belc Co. Ltd.
        N/A
        
          
        
        22800.00000000
        NS
        
        1642458.92000000
        0.053933668758
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Cawachi Ltd.
        N/A
        Cawachi Ltd.
        N/A
        
          
        
        49600.00000000
        NS
        
        1491013.62000000
        0.048960636832
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyo Ink SC Holdings Co. Ltd.
        N/A
        Toyo Ink SC Holdings Co. Ltd.
        N/A
        
          
        
        8500.00000000
        NS
        
        153242.39000000
        0.005032043237
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bravida Holding AB
        549300H88IJGPNNL3T61
        Bravida Holding AB
        N/A
        
          
        
        22912.00000000
        NS
        
        251193.01000000
        0.008248462369
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Bunka Shutter Co. Ltd.
        3538006KDHDR2E6VDJ47
        Bunka Shutter Co. Ltd.
        N/A
        
          
        
        660800.00000000
        NS
        
        4344142.22000000
        0.142649246613
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        China Aviation Oil Singapore Corp. Ltd.
        79GWRL7CPDKLUJ3L0772
        China Aviation Oil Singapore Corp. Ltd.
        N/A
        
          
        
        1438500.00000000
        NS
        
        1007763.47000000
        0.033092079513
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Kerry Logistics Network Ltd.
        N/A
        Kerry Logistics Network Ltd.
        N/A
        
          
        
        630500.00000000
        NS
        
        1033460.30000000
        0.033935890156
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Mivne Real Estate KD Ltd.
        N/A
        Mivne Real Estate KD Ltd.
        N/A
        
          
        
        35882.00000000
        NS
        
        70211.70000000
        0.002305552074
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        MCJ Co. Ltd.
        N/A
        MCJ Co. Ltd.
        N/A
        
          
        
        359200.00000000
        NS
        
        3102243.29000000
        0.101868826046
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nagase & Co. Ltd.
        N/A
        Nagase & Co. Ltd.
        N/A
        
          
        
        155900.00000000
        NS
        
        1797098.73000000
        0.059011599285
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Faes Farma SA
        959800FXZQY7U3P1G969
        Faes Farma SA
        N/A
        
          
        
        1068626.00000000
        NS
        
        4497524.93000000
        0.147685897560
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Matsumotokiyoshi Holdings Co. Ltd.
        N/A
        Matsumotokiyoshi Holdings Co. Ltd.
        N/A
        
          
        
        379300.00000000
        NS
        
        12671032.38000000
        0.416080581915
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Electric Glass Co. Ltd.
        529900NCIGSAX4V03234
        Nippon Electric Glass Co. Ltd.
        N/A
        
          
        
        354500.00000000
        NS
        
        5798304.86000000
        0.190399802314
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        KLab, Inc.
        N/A
        KLab, Inc.
        N/A
        
          
        
        194600.00000000
        NS
        
        1170002.74000000
        0.038419554642
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          
        
      
      
        Carnival plc
        4DR1VPDQMHD3N3QW8W95
        Carnival plc
        14365C103
        
          
        
        42033.00000000
        NS
        USD
        472450.92000000
        0.015513941392
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          
        
      
      
        Alten SA
        969500Y7G9TY7Y24GN07
        Alten SA
        N/A
        
          
        
        15058.00000000
        NS
        
        1180605.03000000
        0.038767703622
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        NSI NV
        724500I77C30W2LZZJ03
        NSI NV
        N/A
        
          
        
        21289.00000000
        NS
        
        757894.40000000
        0.024887091558
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Trainline plc
        213800HO26VXTFJ4MO71
        Trainline plc
        N/A
        
          
        
        116595.00000000
        NS
        
        627109.76000000
        0.020592496810
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        CONEXIO Corp.
        N/A
        CONEXIO Corp.
        N/A
        
          
        
        83200.00000000
        NS
        
        1010193.25000000
        0.033171866561
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kohnan Shoji Co. Ltd.
        N/A
        Kohnan Shoji Co. Ltd.
        N/A
        
          
        
        664200.00000000
        NS
        
        24785116.24000000
        0.813872562133
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Biotage AB
        529900SR87NBUKX74L58
        Biotage AB
        N/A
        
          
        
        613089.00000000
        NS
        
        11123205.10000000
        0.365254346447
        Long
        EC
        CORP
        SE
        N
        
        1
        
          N
          N
          N
        
      
      
        Nippon Gas Co. Ltd.
        549300N3DC5V2XON9C60
        Nippon Gas Co. Ltd.
        N/A
        
          
        
        68200.00000000
        NS
        
        3201314.81000000
        0.105122052339
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Earth Corp.
        N/A
        Earth Corp.
        N/A
        
          
        
        38500.00000000
        NS
        
        2644111.93000000
        0.086825098183
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Europris ASA
        5967007LIEEXZXGA8G28
        Europris ASA
        N/A
        
          
        
        2013539.00000000
        NS
        
        9898877.92000000
        0.325050932058
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Euronext NV
        724500QJ4QSZ3H9QU415
        Euronext NV
        N/A
        
          
        
        276883.00000000
        NS
        
        31984886.92000000
        1.050292506803
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Argo Graphics, Inc.
        N/A
        Argo Graphics, Inc.
        N/A
        
          
        
        30000.00000000
        NS
        
        915464.94000000
        0.030061258904
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Leroy Seafood Group ASA
        5967007LIEEXZXJ2JK50
        Leroy Seafood Group ASA
        N/A
        
          
        
        3948181.00000000
        NS
        
        22889465.97000000
        0.751624811216
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        IMCD NV
        724500NSJPNFJPDAUP02
        IMCD NV
        N/A
        
          
        
        3788.00000000
        NS
        
        391707.96000000
        0.012862572760
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        ADVA Optical Networking SE
        5299001QZNN0TKI9J120
        ADVA Optical Networking SE
        N/A
        
          
        
        172659.00000000
        NS
        
        1439085.91000000
        0.047255478867
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Tomra Systems ASA
        549300J726JCFJU3VT89
        Tomra Systems ASA
        N/A
        
          
        
        336636.00000000
        NS
        
        13860277.67000000
        0.455132007045
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Jungheinrich AG
        529900PHZORTU6FSXE73
        Jungheinrich AG (Preference)
        N/A
        
          
        
        359615.00000000
        NS
        
        10983802.22000000
        0.360676753265
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        AF Poyry AB
        549300Q87LKPPD4X9R30
        AF Poyry AB
        N/A
        
          
        
        128160.00000000
        NS
        
        3289841.04000000
        0.108029001369
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        FAN Communications, Inc.
        N/A
        FAN Communications, Inc.
        N/A
        
          
        
        105700.00000000
        NS
        
        423757.72000000
        0.013914995514
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Parkway Life REIT
        549300I4DKVD2OF5LW91
        Parkway Life REIT
        N/A
        
          
        
        1761400.00000000
        NS
        
        4570781.72000000
        0.150091441709
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Huber + Suhner AG
        5067007PRZ9OSX7A6787
        Huber + Suhner AG (Registered)
        N/A
        
          
        
        236715.00000000
        NS
        
        18428083.51000000
        0.605125729339
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Spirent Communications plc
        213800HKCUNWP1916L38
        Spirent Communications plc
        N/A
        
          
        
        2871226.00000000
        NS
        
        10512357.27000000
        0.345195845060
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sabana Shari'ah Compliant Industrial REIT
        5493005OCDJ0XQ8KGS87
        Sabana Shari'ah Compliant Industrial REIT
        N/A
        
          
        
        556300.00000000
        NS
        
        154159.48000000
        0.005062157859
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Zenrin Co. Ltd.
        353800AOWZ4V1DJ17N16
        Zenrin Co. Ltd.
        N/A
        
          
        
        263000.00000000
        NS
        
        2581254.27000000
        0.084761031818
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hays plc
        213800QC8AWD4BO8TH08
        Hays plc
        N/A
        
          
        
        424603.00000000
        NS
        
        604586.69000000
        0.019852903398
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Orange Belgium SA
        5493007JS0ZHJVBUWP18
        Orange Belgium SA
        N/A
        
          
        
        131522.00000000
        NS
        
        2202154.77000000
        0.072312484941
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Megmilk Snow Brand Co. Ltd.
        N/A
        Megmilk Snow Brand Co. Ltd.
        N/A
        
          
        
        136500.00000000
        NS
        
        3093014.67000000
        0.101565784473
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Digital Arts, Inc.
        N/A
        Digital Arts, Inc.
        N/A
        
          
        
        1100.00000000
        NS
        
        91200.56000000
        0.002994766404
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tsukishima Kikai Co. Ltd.
        353800K8E7URAH6LTR26
        Tsukishima Kikai Co. Ltd.
        N/A
        
          
        
        21800.00000000
        NS
        
        234637.70000000
        0.007704833183
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nikkon Holdings Co. Ltd.
        N/A
        Nikkon Holdings Co. Ltd.
        N/A
        
          
        
        451500.00000000
        NS
        
        8228103.68000000
        0.270187468910
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Komeri Co. Ltd.
        N/A
        Komeri Co. Ltd.
        N/A
        
          
        
        187800.00000000
        NS
        
        5911220.94000000
        0.194107644490
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bodycote plc
        213800V93QFW53NB7Y29
        Bodycote plc
        N/A
        
          
        
        1100402.00000000
        NS
        
        8028816.18000000
        0.263643435521
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Moneysupermarket.com Group plc
        54930016B7VO33FBE722
        Moneysupermarket.com Group plc
        N/A
        
          
        
        6371204.00000000
        NS
        
        24408277.91000000
        0.801498265633
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Daito Pharmaceutical Co. Ltd.
        N/A
        Daito Pharmaceutical Co. Ltd.
        N/A
        
          
        
        2800.00000000
        NS
        
        83053.31000000
        0.002727233939
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hoshino Resorts REIT, Inc.
        353800DF2MUZWFL4IL56
        Hoshino Resorts REIT, Inc.
        N/A
        
          
        
        1878.00000000
        NS
        
        7274662.17000000
        0.238879167707
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Drax Group plc
        549300YPSNTXR4ZHSR98
        Drax Group plc
        N/A
        
          
        
        253283.00000000
        NS
        
        921754.62000000
        0.030267794065
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        T-Gaia Corp.
        N/A
        T-Gaia Corp.
        N/A
        
          
        
        49800.00000000
        NS
        
        894936.26000000
        0.029387155574
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Man Group plc
        2549003YWC1DW6LALB09
        Man Group plc
        N/A
        
          
        
        14249939.00000000
        NS
        
        22989752.43000000
        0.754917932675
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Reply SpA
        815600DAEFB0388F3521
        Reply SpA
        N/A
        
          
        
        59001.00000000
        NS
        
        5428775.10000000
        0.178265498418
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        SCREEN Holdings Co. Ltd.
        353800ND89FTQ9XQ0R07
        SCREEN Holdings Co. Ltd.
        N/A
        
          
        
        177400.00000000
        NS
        
        8916324.75000000
        0.292786686930
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Light Metal Holdings Co. Ltd.
        353800J9KCFJSF2CGT47
        Nippon Light Metal Holdings Co. Ltd.
        N/A
        
          
        
        12332200.00000000
        NS
        
        20319941.45000000
        0.667248950950
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Valmet OYJ
        213800D9O7FUQDH83V62
        Valmet OYJ
        N/A
        
          
        
        1179210.00000000
        NS
        
        33037131.02000000
        1.084845203404
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Banca Generali SpA
        815600903231FA2E7698
        Banca Generali SpA
        N/A
        
          
        
        691584.00000000
        NS
        
        20689473.81000000
        0.679383340222
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Mandom Corp.
        N/A
        Mandom Corp.
        N/A
        
          
        
        33400.00000000
        NS
        
        484115.22000000
        0.015896963752
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fujibo Holdings, Inc.
        N/A
        Fujibo Holdings, Inc.
        N/A
        
          
        
        105300.00000000
        NS
        
        3071506.29000000
        0.100859510588
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kokuyo Co. Ltd.
        3538001EN1YX65H42410
        Kokuyo Co. Ltd.
        N/A
        
          
        
        1032700.00000000
        NS
        
        10871701.44000000
        0.356995683217
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        MCUBS MidCity Investment Corp.
        353800WZPKHG2SQS1P32
        MCUBS MidCity Investment Corp.
        N/A
        
          
        
        8932.00000000
        NS
        
        5820023.79000000
        0.191112990061
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sanki Engineering Co. Ltd.
        N/A
        Sanki Engineering Co. Ltd.
        N/A
        
          
        
        414700.00000000
        NS
        
        4555863.83000000
        0.149601580728
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Justsystems Corp.
        5299006DS4ZV570NR192
        Justsystems Corp.
        N/A
        
          
        
        80200.00000000
        NS
        
        6225364.65000000
        0.204423228394
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rexel SA
        969500N6AVPA51648T62
        Rexel SA
        N/A
        
          
        
        2517594.00000000
        NS
        
        29880456.14000000
        0.981188999111
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Workspace Group plc
        2138003GUZRFIN3UT430
        Workspace Group plc
        N/A
        
          
        
        21280.00000000
        NS
        
        171499.89000000
        0.005631567491
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        HomeServe plc
        213800EKBJTGNMXEDF11
        HomeServe plc
        N/A
        
          
        
        1445137.00000000
        NS
        
        25018089.04000000
        0.821522724747
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Assura plc
        21380026T19N2Y52XF72
        Assura plc
        N/A
        
          
        
        2480300.00000000
        NS
        
        2557302.48000000
        0.083974523314
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Castellum AB
        549300GU5OHTR1T5IY68
        Castellum AB
        N/A
        
          
        
        45216.00000000
        NS
        
        972439.25000000
        0.031932132827
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Freenet AG
        5299003GLDODCVP8DO20
        Freenet AG
        N/A
        
          
        
        366860.00000000
        NS
        
        6261740.10000000
        0.205617694476
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Daiichi Jitsugyo Co. Ltd.
        N/A
        Daiichi Jitsugyo Co. Ltd.
        N/A
        
          
        
        39200.00000000
        NS
        
        1307204.59000000
        0.042924872273
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daiwa Office Investment Corp.
        N/A
        Daiwa Office Investment Corp.
        N/A
        
          
        
        595.00000000
        NS
        
        3119377.06000000
        0.102431450209
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Singapore Post Ltd.
        2549001SP50468BWD892
        Singapore Post Ltd.
        N/A
        
          
        
        3788200.00000000
        NS
        
        1967887.19000000
        0.064619805443
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        UK Commercial Property REIT Ltd.
        213800JN4FQ1A9G8EU25
        UK Commercial Property REIT Ltd.
        N/A
        
          
        
        161491.00000000
        NS
        
        144959.12000000
        0.004760044264
        Long
        EC
        CORP
        GG
        N
        
        2
        
          N
          N
          N
        
      
      
        Zenkoku Hosho Co. Ltd.
        353800VOQEKTSCSL9O03
        Zenkoku Hosho Co. Ltd.
        N/A
        
          
        
        268200.00000000
        NS
        
        9373716.26000000
        0.307806120228
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rotork plc
        213800AH5RZIHGWRJ718
        Rotork plc
        N/A
        
          
        
        574775.00000000
        NS
        
        2084551.36000000
        0.068450724210
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Entra ASA
        549300APU14LQKTYCH34
        Entra ASA
        N/A
        
          
        
        108925.00000000
        NS
        
        1537684.16000000
        0.050493164322
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        GS Yuasa Corp.
        353800MW7O6PQQHLDR79
        GS Yuasa Corp.
        N/A
        
          
        
        109100.00000000
        NS
        
        1696493.39000000
        0.055708006716
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Jafco Co. Ltd.
        353800R7EWCVA2488G32
        Jafco Co. Ltd.
        N/A
        
          
        
        34400.00000000
        NS
        
        1215462.89000000
        0.039912336374
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Eagle Industry Co. Ltd.
        N/A
        Eagle Industry Co. Ltd.
        N/A
        
          
        
        17800.00000000
        NS
        
        105753.61000000
        0.003472647079
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hogy Medical Co. Ltd.
        N/A
        Hogy Medical Co. Ltd.
        N/A
        
          
        
        323400.00000000
        NS
        
        9746932.48000000
        0.320061476961
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Integrated Research Ltd.
        N/A
        Integrated Research Ltd.
        N/A
        
          
        
        399239.00000000
        NS
        
        1159306.16000000
        0.038068309448
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Paramount Bed Holdings Co. Ltd.
        N/A
        Paramount Bed Holdings Co. Ltd.
        N/A
        
          
        
        125800.00000000
        NS
        
        5363239.93000000
        0.176113510257
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Starts Corp., Inc.
        N/A
        Starts Corp., Inc.
        N/A
        
          
        
        10400.00000000
        NS
        
        189838.68000000
        0.006233761076
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Salmar ASA
        5967007LIEEXZXGDBK67
        Salmar ASA
        N/A
        
          
        
        481448.00000000
        NS
        
        22898163.57000000
        0.751910415606
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Inabata & Co. Ltd.
        N/A
        Inabata & Co. Ltd.
        N/A
        
          
        
        87900.00000000
        NS
        
        969330.32000000
        0.031830044428
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        McMillan Shakespeare Ltd.
        254900GPJQUGWJEAZ102
        McMillan Shakespeare Ltd.
        N/A
        
          
        
        34833.00000000
        NS
        
        219903.22000000
        0.007220994864
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Breville Group Ltd.
        529900MM4WH0KSB3KW37
        Breville Group Ltd.
        N/A
        
          
        
        837798.00000000
        NS
        
        15451600.90000000
        0.507386525517
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Hamburger Hafen und Logistik AG
        52990003RXKZ9J9ERW70
        Hamburger Hafen und Logistik AG
        N/A
        
          
        
        283349.00000000
        NS
        
        4893756.79000000
        0.160697022300
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        JSP Corp.
        N/A
        JSP Corp.
        N/A
        
          
        
        15200.00000000
        NS
        
        197261.37000000
        0.006477501055
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tamura Corp.
        353800W98D8AI066OC02
        Tamura Corp.
        N/A
        
          
        
        81100.00000000
        NS
        
        324400.19000000
        0.010652377468
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ines Corp.
        N/A
        Ines Corp.
        N/A
        
          
        
        326600.00000000
        NS
        
        4373441.98000000
        0.143611367206
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Corbion NV
        724500BKS1TSAVLTWG46
        Corbion NV
        N/A
        
          
        
        15062.00000000
        NS
        
        578155.32000000
        0.018984972555
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Uchida Yoko Co. Ltd.
        N/A
        Uchida Yoko Co. Ltd.
        N/A
        
          
        
        10200.00000000
        NS
        
        617502.21000000
        0.020277012256
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Elkem ASA
        549300CVBE06T0SH6T76
        Elkem ASA
        N/A
        
          
        
        4676389.00000000
        NS
        
        8961200.78000000
        0.294260287827
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Harvey Norman Holdings Ltd.
        529900ONRWOF42PYKU59
        Harvey Norman Holdings Ltd.
        N/A
        
          
        
        44398.00000000
        NS
        
        117371.95000000
        0.003854160244
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Warehouses De Pauw CVA
        549300HWDYC5JXC85138
        Warehouses De Pauw CVA
        N/A
        
          
        
        519150.00000000
        NS
        
        16707594.48000000
        0.548629774210
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        B&S Group Sarl
        549300PRNTIVQHLEZ808
        B&S Group Sarl
        N/A
        
          
        
        32599.00000000
        NS
        
        205400.76000000
        0.006744775420
        Long
        EC
        CORP
        LU
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiyo Holdings Co. Ltd.
        N/A
        Taiyo Holdings Co. Ltd.
        N/A
        
          
        
        27700.00000000
        NS
        
        1308620.75000000
        0.042971374931
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        OBIC Business Consultants Co. Ltd.
        N/A
        OBIC Business Consultants Co. Ltd.
        N/A
        
          
        
        80100.00000000
        NS
        
        4713848.73000000
        0.154789354475
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Centuria Industrial REIT
        N/A
        Centuria Industrial REIT
        N/A
        
          
        
        539669.00000000
        NS
        
        1261818.87000000
        0.041434534610
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        KBC Ancora
        549300I4XZ0RR3ZOSZ55
        KBC Ancora
        N/A
        
          
        
        134888.00000000
        NS
        
        4510547.40000000
        0.148113518351
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        KYORIN Holdings, Inc.
        N/A
        KYORIN Holdings, Inc.
        N/A
        
          
        
        363600.00000000
        NS
        
        6605234.20000000
        0.216897061518
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ibiden Co. Ltd.
        52990051DBFIQEY37C91
        Ibiden Co. Ltd.
        N/A
        
          
        
        21000.00000000
        NS
        
        568831.62000000
        0.018678808826
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Frasers Logistics & Commercial Trust
        N/A
        Frasers Logistics & Commercial Trust
        N/A
        
          
        
        8764661.00000000
        NS
        
        8676427.53000000
        0.284909146103
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Atea ASA
        5967007LIEEXZXINVS13
        Atea ASA
        N/A
        
          
        
        258438.00000000
        NS
        
        3000759.55000000
        0.098536389325
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Rightmove plc
        2138001JXGCFKBXYB828
        Rightmove plc
        N/A
        
          
        
        48199.00000000
        NS
        
        347844.73000000
        0.011422229328
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Kusuri no Aoki Holdings Co. Ltd.
        N/A
        Kusuri no Aoki Holdings Co. Ltd.
        N/A
        
          
        
        37800.00000000
        NS
        
        3518520.79000000
        0.115538192459
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Keppel DC REIT
        N/A
        Keppel DC REIT
        N/A
        
          
        
        5181900.00000000
        NS
        
        11262120.46000000
        0.369815930862
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Sankyu, Inc.
        529900QWTXZZEM1T5G75
        Sankyu, Inc.
        N/A
        
          
        
        122800.00000000
        NS
        
        4234036.47000000
        0.139033687663
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyo Tanso Co. Ltd.
        529900YTFHZ3XYGL3R93
        Toyo Tanso Co. Ltd.
        N/A
        
          
        
        381600.00000000
        NS
        
        5755162.06000000
        0.188983115750
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        NIPPON REIT Investment Corp.
        3538004O49OJ90PEXX85
        NIPPON REIT Investment Corp.
        N/A
        
          
        
        1771.00000000
        NS
        
        5354500.61000000
        0.175826535901
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        PZ Cussons plc
        XB3CXKKKED7OMV80FY35
        PZ Cussons plc
        N/A
        
          
        
        68918.00000000
        NS
        
        171141.72000000
        0.005619806209
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        New Work SE
        5299002VHN50DM9T9H37
        New Work SE
        N/A
        
          
        
        19221.00000000
        NS
        
        6271661.47000000
        0.205943483984
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Kurabo Industries Ltd.
        N/A
        Kurabo Industries Ltd.
        N/A
        
          
        
        52200.00000000
        NS
        
        973027.92000000
        0.031951463072
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Heiwa Real Estate REIT, Inc.
        N/A
        Heiwa Real Estate REIT, Inc.
        N/A
        
          
        
        13659.00000000
        NS
        
        14154771.03000000
        0.464802329472
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shimachu Co. Ltd.
        N/A
        Shimachu Co. Ltd.
        N/A
        
          
        
        327300.00000000
        NS
        
        8906602.54000000
        0.292467437269
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shibaura Machine Co. Ltd.
        529900T7KEXD7VGOFO59
        Shibaura Machine Co. Ltd.
        N/A
        
          
        
        32000.00000000
        NS
        
        599562.12000000
        0.019687910842
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldcrest Co. Ltd.
        N/A
        Goldcrest Co. Ltd.
        N/A
        
          
        
        437000.00000000
        NS
        
        5405378.67000000
        0.177497226353
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tanseisha Co. Ltd.
        N/A
        Tanseisha Co. Ltd.
        N/A
        
          
        
        468900.00000000
        NS
        
        2605360.31000000
        0.085552605452
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hosiden Corp.
        353800IQGIGW1XT2JX97
        Hosiden Corp.
        N/A
        
          
        
        43500.00000000
        NS
        
        372504.35000000
        0.012231980951
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Data#3 Ltd.
        529900WW6OYX86LFDA80
        Data#3 Ltd.
        N/A
        
          
        
        33351.00000000
        NS
        
        134670.41000000
        0.004422192358
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Hexpol AB
        549300MN30TBRLYN3465
        Hexpol AB
        N/A
        
          
        
        2779319.00000000
        NS
        
        18492452.18000000
        0.607239412965
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        carsales.com Ltd.
        5299009TFWZGH2AN7D11
        carsales.com Ltd.
        N/A
        
          
        
        682843.00000000
        NS
        
        8926876.10000000
        0.293133163185
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Hankyu Hanshin REIT, Inc.
        N/A
        Hankyu Hanshin REIT, Inc.
        N/A
        
          
        
        1534.00000000
        NS
        
        1651698.55000000
        0.054237071867
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fjordkraft Holding ASA
        2138006BSHJVCD9SR489
        Fjordkraft Holding ASA
        N/A
        
          
        
        55617.00000000
        NS
        
        494801.37000000
        0.016247866455
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Tritax Big Box REIT plc
        213800L6X88MIYPVR714
        Tritax Big Box REIT plc
        N/A
        
          
        
        726063.00000000
        NS
        
        1435851.19000000
        0.047149259883
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sankyo Co. Ltd.
        3538009H2R9ZBZAOAK48
        Sankyo Co. Ltd.
        N/A
        
          
        
        271700.00000000
        NS
        
        6796702.69000000
        0.223184340908
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        IR Japan Holdings Ltd.
        N/A
        IR Japan Holdings Ltd.
        N/A
        
          
        
        7100.00000000
        NS
        
        784147.22000000
        0.025749159328
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        RWS Holdings plc
        213800YGBGTTSKUVK111
        RWS Holdings plc
        N/A
        
          
        
        527854.00000000
        NS
        
        4135131.43000000
        0.135785928099
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Stabilus SA
        529900JOSL94HJN4VZ28
        Stabilus SA
        N/A
        
          
        
        2779.00000000
        NS
        
        139880.37000000
        0.004593272592
        Long
        EC
        CORP
        LU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Noritake Co. Ltd.
        529900EN4XJGJXV4A581
        Noritake Co. Ltd.
        N/A
        
          
        
        32700.00000000
        NS
        
        983330.35000000
        0.032289765503
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fuyo General Lease Co. Ltd.
        N/A
        Fuyo General Lease Co. Ltd.
        N/A
        
          
        
        57000.00000000
        NS
        
        3226554.01000000
        0.105950835717
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Computer Engineering & Consulting Ltd.
        N/A
        Computer Engineering & Consulting Ltd.
        N/A
        
          
        
        326300.00000000
        NS
        
        4687366.15000000
        0.153919742042
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Valor Holdings Co. Ltd.
        N/A
        Valor Holdings Co. Ltd.
        N/A
        
          
        
        207900.00000000
        NS
        
        4514177.44000000
        0.148232718517
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Betsson AB
        549300W61XW8OFGBG077
        Betsson AB
        N/A
        
          
        
        2341647.00000000
        NS
        
        17656182.66000000
        0.579778705891
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Austevoll Seafood ASA
        5967007LIEEXZXFFDC03
        Austevoll Seafood ASA
        N/A
        
          
        
        837003.00000000
        NS
        
        7074717.73000000
        0.232313562281
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        C&C Group plc
        635400LNUHA2LDXXV850
        C&C Group plc
        N/A
        
          
        
        551852.00000000
        NS
        
        1668212.13000000
        0.054779330759
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        HelloFresh SE
        391200ZAF4V6XD2M9G57
        HelloFresh SE
        N/A
        
          
        
        389839.00000000
        NS
        
        21224725.67000000
        0.696959485457
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Internet Initiative Japan, Inc.
        529900EOCJNAPUHDFR78
        Internet Initiative Japan, Inc.
        N/A
        
          
        
        24500.00000000
        NS
        
        869736.30000000
        0.028559660725
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Interpump Group SpA
        815600C79D0F31F4D395
        Interpump Group SpA
        N/A
        
          
        
        316293.00000000
        NS
        
        10400597.86000000
        0.341525984630
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Shinmaywa Industries Ltd.
        N/A
        Shinmaywa Industries Ltd.
        N/A
        
          
        
        82300.00000000
        NS
        
        720199.29000000
        0.023649291604
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Cia de Distribucion Integral Logista Holdings SA
        9598000ANNAL42UJ7X28
        Cia de Distribucion Integral Logista Holdings SA
        N/A
        
          
        
        625167.00000000
        NS
        
        11672538.00000000
        0.383292872894
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Kureha Corp.
        N/A
        Kureha Corp.
        N/A
        
          
        
        209500.00000000
        NS
        
        8642974.55000000
        0.283810645604
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Howden Joinery Group plc
        213800KC1LJOJTY3JP45
        Howden Joinery Group plc
        N/A
        
          
        
        300997.00000000
        NS
        
        1920799.95000000
        0.063073594713
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Selvaag Bolig ASA
        5967007LIEEXZXIHPK59
        Selvaag Bolig ASA
        N/A
        
          
        
        237953.00000000
        NS
        
        1322854.34000000
        0.043438765451
        Long
        EC
        CORP
        NO
        N
        
        1
        
          N
          N
          N
        
      
      
        Nitto Kogyo Corp.
        N/A
        Nitto Kogyo Corp.
        N/A
        
          
        
        59000.00000000
        NS
        
        959813.92000000
        0.031517552981
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Dowa Holdings Co. Ltd.
        353800ZSQZKFE140A689
        Dowa Holdings Co. Ltd.
        N/A
        
          
        
        137900.00000000
        NS
        
        4046866.40000000
        0.132887556131
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Activia Properties, Inc.
        353800RPGYN3ML8CXV54
        Activia Properties, Inc.
        N/A
        
          
        
        845.00000000
        NS
        
        2780779.98000000
        0.091312887344
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Flour Mills Co. Ltd.
        353800V7HRZ1HQGJCW63
        Nippon Flour Mills Co. Ltd.
        N/A
        
          
        
        441300.00000000
        NS
        
        6956077.15000000
        0.228417743844
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        STO SE & Co. KGaA
        5299006NYTD89XM31K74
        STO SE & Co. KGaA (Preference)
        N/A
        
          
        
        2140.00000000
        NS
        
        244770.94000000
        0.008037579898
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Abcam plc
        213800B9N83DSNT33F79
        Abcam plc
        N/A
        
          
        
        199105.00000000
        NS
        
        3349075.52000000
        0.109974092832
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Gurit Holding AG
        529900VOD3V5IBEW8G44
        Gurit Holding AG
        N/A
        
          
        
        1872.00000000
        NS
        
        3340366.66000000
        0.109688118696
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Create SD Holdings Co. Ltd.
        N/A
        Create SD Holdings Co. Ltd.
        N/A
        
          
        
        31800.00000000
        NS
        
        1141613.53000000
        0.037487333915
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        United Laboratories International Holdings Ltd. (The)
        2549007JL3XIH77JXN70
        United Laboratories International Holdings Ltd. (The)
        N/A
        
          
        
        4410000.00000000
        NS
        
        4116028.26000000
        0.135158634453
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          
        
      
      
        NEC Networks & System Integration Corp.
        N/A
        NEC Networks & System Integration Corp.
        N/A
        
          
        
        1255900.00000000
        NS
        
        26680253.67000000
        0.876103472846
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        UNITED, Inc.
        N/A
        UNITED, Inc.
        N/A
        
          
        
        26000.00000000
        NS
        
        259699.74000000
        0.008527799132
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Software AG
        529900M1LIO0SLOBAS50
        Software AG
        N/A
        
          
        
        251991.00000000
        NS
        
        11754578.92000000
        0.385986862832
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        IG Group Holdings plc
        2138003A5Q1M7ANOUD76
        IG Group Holdings plc
        N/A
        
          
        
        3258459.00000000
        NS
        
        31143122.45000000
        1.022651361235
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Pendal Group Ltd.
        254900CCBELY442C2M10
        Pendal Group Ltd.
        N/A
        
          
        
        1459135.00000000
        NS
        
        6030921.39000000
        0.198038266037
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Mirai Corp.
        353800HQCYM7P10R9D93
        Mirai Corp.
        N/A
        
          
        
        15258.00000000
        NS
        
        4762216.59000000
        0.156377617115
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Material Co. Ltd.
        N/A
        Japan Material Co. Ltd.
        N/A
        
          
        
        33200.00000000
        NS
        
        505452.80000000
        0.016597629052
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        J-Oil Mills, Inc.
        N/A
        J-Oil Mills, Inc.
        N/A
        
          
        
        2600.00000000
        NS
        
        98026.67000000
        0.003218916397
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Man Wah Holdings Ltd.
        52990005BW6K71UPKX41
        Man Wah Holdings Ltd.
        N/A
        
          
        
        8066800.00000000
        NS
        
        9162048.97000000
        0.300855569826
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Rakus Co. Ltd.
        N/A
        Rakus Co. Ltd.
        N/A
        
          
        
        21300.00000000
        NS
        
        491796.84000000
        0.016149206255
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Aalberts NV
        549300EMP9DT6Q35HZ31
        Aalberts NV
        N/A
        
          
        
        9441.00000000
        NS
        
        337158.94000000
        0.011071338447
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        B&M European Value Retail SA
        213800UK7ZRLY2K1X530
        B&M European Value Retail SA
        N/A
        
          
        
        2023558.00000000
        NS
        
        12166197.70000000
        0.399503250162
        Long
        EC
        CORP
        LU
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Mapletree Industrial Trust
        549300R7WZFHXNKDJF41
        Mapletree Industrial Trust
        N/A
        
          
        
        5887500.00000000
        NS
        
        14076112.66000000
        0.462219412834
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        BE Semiconductor Industries NV
        7245007A1YFLI2GNYX06
        BE Semiconductor Industries NV
        N/A
        
          
        
        632366.00000000
        NS
        
        28274171.94000000
        0.928443205034
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Seimitsu Co. Ltd.
        N/A
        Tokyo Seimitsu Co. Ltd.
        N/A
        
          
        
        69400.00000000
        NS
        
        2217762.25000000
        0.072824990092
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nitta Corp.
        N/A
        Nitta Corp.
        N/A
        
          
        
        27500.00000000
        NS
        
        582843.16000000
        0.019138907857
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Interroll Holding AG
        529900MU4QAEI94TB543
        Interroll Holding AG (Registered)
        N/A
        
          
        
        4900.00000000
        NS
        
        11589183.10000000
        0.380555735599
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Lindab International AB
        54930085MH6IRQ1JP227
        Lindab International AB
        N/A
        
          
        
        726678.00000000
        NS
        
        11356862.91000000
        0.372927002837
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        VAT Group AG
        529900MVFK7NVALR7Y83
        VAT Group AG
        N/A
        
          
        
        163920.00000000
        NS
        
        31257802.55000000
        1.026417128800
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Arcs Co. Ltd.
        N/A
        Arcs Co. Ltd.
        N/A
        
          
        
        30900.00000000
        NS
        
        716937.82000000
        0.023542194226
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Perseus Mining Ltd.
        54930054ZDGKBCW3SM26
        Perseus Mining Ltd.
        N/A
        
          
        
        8605500.00000000
        NS
        
        9796288.99000000
        0.321682204048
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Select Harvests Ltd.
        549300JZYUFVKN0L4E13
        Select Harvests Ltd.
        N/A
        
          
        
        1544596.00000000
        NS
        
        6595382.59000000
        0.216573562730
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        AUB Group Ltd.
        N/A
        AUB Group Ltd.
        N/A
        
          
        
        62868.00000000
        NS
        
        585705.20000000
        0.019232889092
        Long
        EC
        CORP
        AU
        N
        
        1
        
          N
          N
          N
        
      
      
        Transcosmos, Inc.
        353800AAR1GYRFDRTV97
        Transcosmos, Inc.
        N/A
        
          
        
        219100.00000000
        NS
        
        5302432.27000000
        0.174116760048
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Scatec Solar ASA
        5967007LIEEXZXIARK36
        Scatec Solar ASA
        N/A
        
          
        
        512415.00000000
        NS
        
        8931772.59000000
        0.293293949958
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        COLOPL, Inc.
        N/A
        COLOPL, Inc.
        N/A
        
          
        
        105500.00000000
        NS
        
        920166.58000000
        0.030215647358
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bekaert SA
        5493008SR6XZECH6BN71
        Bekaert SA
        N/A
        
          
        
        65654.00000000
        NS
        
        1278286.40000000
        0.041975281351
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsui Sugar Co. Ltd.
        N/A
        Mitsui Sugar Co. Ltd.
        N/A
        
          
        
        162800.00000000
        NS
        
        2958359.46000000
        0.097144091240
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Scandinavian Tobacco Group A/S
        5299003KG4JS99TRML67
        Scandinavian Tobacco Group A/S, Class A
        N/A
        
          
        
        376774.00000000
        NS
        
        5541704.72000000
        0.181973785209
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Siltronic AG
        5299003NKV26NNGHHR90
        Siltronic AG
        N/A
        
          
        
        129953.00000000
        NS
        
        11855596.37000000
        0.389303987919
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Kenedix Retail REIT Corp.
        353800IOH9ONLGE3AQ55
        Kenedix Retail REIT Corp.
        N/A
        
          
        
        9087.00000000
        NS
        
        15783052.81000000
        0.518270461368
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Greggs plc
        213800I71QMUFJ64IW20
        Greggs plc
        N/A
        
          
        
        961103.00000000
        NS
        
        14946542.87000000
        0.490801859586
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        CITIC Telecom International Holdings Ltd.
        N/A
        CITIC Telecom International Holdings Ltd.
        N/A
        
          
        
        17248000.00000000
        NS
        
        5475059.95000000
        0.179785360947
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        JVCKenwood Corp.
        529900GGYCEJXM5Y6961
        JVCKenwood Corp.
        N/A
        
          
        
        4340900.00000000
        NS
        
        5489540.89000000
        0.180260873736
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kaufman & Broad SA
        969500CE0X343D8ALO86
        Kaufman & Broad SA
        N/A
        
          
        
        82182.00000000
        NS
        
        3548128.95000000
        0.116510440030
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Inficon Holding AG
        5067008UT6890I0YM937
        Inficon Holding AG (Registered)
        N/A
        
          
        
        2540.00000000
        NS
        
        2092209.80000000
        0.068702205547
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Star Asia Investment Corp.
        N/A
        Star Asia Investment Corp.
        N/A
        
          
        
        6288.00000000
        NS
        
        2518332.00000000
        0.082694843844
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          
        
      
      
        Glory Ltd.
        3538003FKID28TGG5U64
        Glory Ltd.
        N/A
        
          
        
        653100.00000000
        NS
        
        14236568.29000000
        0.467488318310
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Wing Tai Holdings Ltd.
        N/A
        Wing Tai Holdings Ltd.
        N/A
        
          
        
        50500.00000000
        NS
        
        62901.17000000
        0.002065495109
        Long
        EC
        CORP
        SG
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sato Holdings Corp.
        N/A
        Sato Holdings Corp.
        N/A
        
          
        
        234600.00000000
        NS
        
        4871821.93000000
        0.159976744027
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Osaka Cement Co. Ltd.
        5299001WJ26J6HQN5D67
        Sumitomo Osaka Cement Co. Ltd.
        N/A
        
          
        
        127500.00000000
        NS
        
        4288991.39000000
        0.140838250575
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        IMMOFINANZ AG
        5299000DUMZ99SBBX121
        IMMOFINANZ AG
        N/A
        
          
        
        162027.00000000
        NS
        
        2672589.76000000
        0.087760228939
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        cocokara fine, Inc.
        529900EMXB3W0YU0GV11
        cocokara fine, Inc.
        N/A
        
          
        
        142100.00000000
        NS
        
        7732929.64000000
        0.253927365034
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Coface SA
        96950025N07LTJYFSN57
        Coface SA
        N/A
        
          
        
        1353915.00000000
        NS
        
        10737825.96000000
        0.352599594094
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Applus Services SA
        213800M9XCA6NR98E873
        Applus Services SA
        N/A
        
          
        
        1487566.00000000
        NS
        
        11530393.04000000
        0.378625237622
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        I-PEX, Inc.
        N/A
        I-PEX, Inc.
        N/A
        
          
        
        43700.00000000
        NS
        
        779503.16000000
        0.025596661636
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Gerresheimer AG
        5299006GD4UWSYZOKC28
        Gerresheimer AG
        N/A
        
          
        
        283371.00000000
        NS
        
        32598693.68000000
        1.070448171017
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Logistics Corp.
        529900GJKGNRLQBJUH32
        Mitsubishi Logistics Corp.
        N/A
        
          
        
        36500.00000000
        NS
        
        985809.27000000
        0.032371166170
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Phoenix Group Holdings plc
        2138001P49OLAEU33T68
        Phoenix Group Holdings plc
        N/A
        
          
        
        1112597.00000000
        NS
        
        9554209.13000000
        0.313732991546
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Financial Products Group Co. Ltd.
        N/A
        Financial Products Group Co. Ltd.
        N/A
        
          
        
        170600.00000000
        NS
        
        766416.15000000
        0.025166921535
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tate & Lyle plc
        2138008K14474WPKZ244
        Tate & Lyle plc
        N/A
        
          
        
        2733593.00000000
        NS
        
        23266605.31000000
        0.764008992027
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        ITM Power plc
        21380042MB2JKZ6RRP12
        ITM Power plc
        N/A
        
          
        
        510479.00000000
        NS
        
        1600683.11000000
        0.052561870248
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          
        
      
      
        MorphoSys AG
        529900493806K77LRE72
        MorphoSys AG
        N/A
        
          
        
        168232.00000000
        NS
        
        21596477.91000000
        0.709166769260
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Organo Corp.
        N/A
        Organo Corp.
        N/A
        
          
        
        24600.00000000
        NS
        
        1242114.88000000
        0.040787511749
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Oesterreichische Post AG
        529900MVUWACNUTK8467
        Oesterreichische Post AG
        N/A
        
          
        
        28061.00000000
        NS
        
        897428.46000000
        0.029468992317
        Long
        EC
        CORP
        AT
        N
        
        1
        
          N
          N
          
        
      
      
        Senko Group Holdings Co. Ltd.
        35380077MB9W0NB6BA14
        Senko Group Holdings Co. Ltd.
        N/A
        
          
        
        773800.00000000
        NS
        
        5786121.72000000
        0.189999742727
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Grieg Seafood ASA
        5967007LIEEXZXH5VC37
        Grieg Seafood ASA
        N/A
        
          
        
        449031.00000000
        NS
        
        4544243.65000000
        0.149220007143
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Nihon Unisys Ltd.
        N/A
        Nihon Unisys Ltd.
        N/A
        
          
        
        339100.00000000
        NS
        
        10261506.41000000
        0.336958617921
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        11978094.65000000
        NS
        USD
        11978094.65000000
        0.393326482227
        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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