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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 Emerging Markets Equity Insights Fund
      S000018301
      549300UHNMO4HOGWYU58
      2020-10-31
      2020-07-31
      N
    
    
      1725770760.86
      25472709.43
      1700298051.43
      0.00000000
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      0.00000000
      0.00000000
      32174961.80999999
      
        
      
      N
      
        
          
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Aurobindo Pharma Ltd.
        335800G4T2A353RDGM23
        Aurobindo Pharma Ltd.
        N/A
        
          
        
        1056250.00000000
        NS
        
        12383317.55000000
        0.728302754895
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Hanmi Semiconductor Co. Ltd.
        N/A
        Hanmi Semiconductor Co. Ltd.
        N/A
        
          
        
        34929.00000000
        NS
        
        349610.54000000
        0.020561720911
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Charoen Pokphand Foods PCL
        529900FJ3AI2GKGIWK15
        Charoen Pokphand Foods PCL
        N/A
        
          
        
        325100.00000000
        NS
        
        352283.14000000
        0.020718905118
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        Masraf Al Rayan QSC
        254900KFL51VLXABR231
        Masraf Al Rayan QSC
        N/A
        
          
        
        45413.00000000
        NS
        
        49317.36000000
        0.002900512645
        Long
        EC
        CORP
        QA
        N
        
        2
        
          N
          N
          N
        
      
      
        Posco International Corp.
        988400B6ECL5BWA8KC19
        Posco International Corp.
        N/A
        
          
        
        143402.00000000
        NS
        
        1671862.00000000
        0.098327584307
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hotai Motor Co. Ltd.
        254900ZL0NDWNH1MNQ51
        Hotai Motor Co. Ltd.
        N/A
        
          
        
        33000.00000000
        NS
        
        754740.20000000
        0.044388699932
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Fubon Financial Holding Co. Ltd.
        549300G7Y2TS2XNIB476
        Fubon Financial Holding Co. Ltd.
        N/A
        
          
        
        817000.00000000
        NS
        
        1163560.30000000
        0.068432725604
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Baidu, Inc.
        254900AL64IANZYI1E02
        Baidu, Inc.
        056752108
        
          
        
        48700.00000000
        NS
        USD
        5814780.00000000
        0.341985923886
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        China Lesso Group Holdings Ltd.
        N/A
        China Lesso Group Holdings Ltd.
        N/A
        
          
        
        3409000.00000000
        NS
        
        6595406.19000000
        0.387897062191
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        KIWOOM Securities Co. Ltd.
        988400O27CNGJA2QWJ18
        KIWOOM Securities Co. Ltd.
        N/A
        
          
        
        4848.00000000
        NS
        
        391520.01000000
        0.023026551707
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Adani Ports & Special Economic Zone Ltd.
        335800QOAXP5TM7OYP69
        Adani Ports & Special Economic Zone Ltd.
        N/A
        
          
        
        569311.00000000
        NS
        
        2391474.23000000
        0.140650295281
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Alchip Technologies Ltd.
        N/A
        Alchip Technologies Ltd.
        N/A
        
          
        
        66000.00000000
        NS
        
        1350324.19000000
        0.079416910985
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Shandong Buchang Pharmaceuticals Co. Ltd.
        N/A
        Shandong Buchang Pharmaceuticals Co. Ltd., Class A
        N/A
        
          
        
        92308.00000000
        NS
        
        379226.72000000
        0.022303543762
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Asseco Poland SA
        259400O79EWIK4XZPL40
        Asseco Poland SA
        N/A
        
          
        
        206341.00000000
        NS
        
        3533130.11000000
        0.207794751457
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        JD.com, Inc.
        549300HVTWB0GJZ16V92
        JD.com, Inc.
        47215P106
        
          
        
        412900.00000000
        NS
        USD
        26338891.00000000
        1.549074938823
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Zhongsheng Group Holdings Ltd.
        3003005VYMEBAJNJ2Y26
        Zhongsheng Group Holdings Ltd.
        N/A
        
          
        
        845000.00000000
        NS
        
        5223595.32000000
        0.307216450410
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Qualitas Controladora SAB de CV
        N/A
        Qualitas Controladora SAB de CV
        N/A
        
          
        
        91000.00000000
        NS
        
        367639.18000000
        0.021622043246
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Yanzhou Coal Mining Co. Ltd.
        3003005N7A6HYZ4Z0K39
        Yanzhou Coal Mining Co. Ltd., Class A
        N/A
        
          
        
        562000.00000000
        NS
        
        741033.42000000
        0.043582560091
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Lite-On Technology Corp.
        2549005GU1PQ73SZBT32
        Lite-On Technology Corp.
        N/A
        
          
        
        3354000.00000000
        NS
        
        5674265.25000000
        0.333721799259
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Atul Ltd.
        335800RE4LWLLDL2OQ62
        Atul Ltd.
        N/A
        
          
        
        5893.00000000
        NS
        
        398314.45000000
        0.023426154588
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Ardentec Corp.
        N/A
        Ardentec Corp.
        N/A
        
          
        
        2395000.00000000
        NS
        
        2864606.24000000
        0.168476711338
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Indian Energy Exchange Ltd.
        335800JRG8ZOKN1KAE97
        Indian Energy Exchange Ltd.
        N/A
        
          
        
        169410.00000000
        NS
        
        405528.36000000
        0.023850427850
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Kakao Corp.
        988400FTKUBQXKVZP434
        Kakao Corp.
        N/A
        
          
        
        12200.00000000
        NS
        
        3539410.21000000
        0.208164104347
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Topco Scientific Co. Ltd.
        N/A
        Topco Scientific Co. Ltd.
        N/A
        
          
        
        855000.00000000
        NS
        
        3387245.92000000
        0.199214832784
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Jiangsu Yuyue Medical Equipment & Supply Co. Ltd.
        N/A
        Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A
        N/A
        
          
        
        2288284.00000000
        NS
        
        12058612.44000000
        0.709205802468
        Long
        EC
        CORP
        CN
        N
        
        1
        
          N
          N
          N
        
      
      
        Reliance Industries Ltd.
        5493003UOETFYRONLG31
        Reliance Industries Ltd.
        N/A
        
          
        
        342165.00000000
        NS
        
        9462775.54000000
        0.556536280920
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        United Microelectronics Corp.
        391200YJCAGH9LF96P73
        United Microelectronics Corp.
        N/A
        
          
        
        16358000.00000000
        NS
        
        12404194.70000000
        0.729530607270
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        G-bits Network Technology Xiamen Co. Ltd.
        N/A
        G-bits Network Technology Xiamen Co. Ltd., Class A
        N/A
        
          
        
        104073.00000000
        NS
        
        9244554.66000000
        0.543702008728
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Huons Global Co. Ltd.
        N/A
        Huons Global Co. Ltd.
        N/A
        
          
        
        47158.00000000
        NS
        
        1286169.65000000
        0.075643776037
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Com2uSCorp
        N/A
        Com2uSCorp
        N/A
        
          
        
        50204.00000000
        NS
        
        5083198.51000000
        0.298959262214
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        BIM Birlesik Magazalar A/S
        7890001GCDJQD8DJKE29
        BIM Birlesik Magazalar A/S
        N/A
        
          
        
        1156190.00000000
        NS
        
        11803965.81000000
        0.694229214699
        Long
        EC
        CORP
        TR
        N
        
        2
        
          N
          N
          N
        
      
      
        Daou Data Corp.
        N/A
        Daou Data Corp.
        N/A
        
          
        
        160055.00000000
        NS
        
        1964221.63000000
        0.115522194967
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Mobile TeleSystems PJSC
        2534008FX8EXH1FMJA74
        Mobile TeleSystems PJSC
        607409109
        
          
        
        465990.00000000
        NS
        USD
        4128671.40000000
        0.242820451186
        Long
        EC
        CORP
        RU
        N
        
        1
        
          N
          N
          N
        
      
      
        Nestle India Ltd.
        3358008SYYY9CPWH5D94
        Nestle India Ltd.
        N/A
        
          
        
        41000.00000000
        NS
        
        9030508.86000000
        0.531113286426
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Samsung Electronics Co. Ltd.
        9884007ER46L6N7EI764
        Samsung Electronics Co. Ltd. (Preference)
        N/A
        
          
        
        236387.00000000
        NS
        
        9873366.91000000
        0.580684480682
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Anhui Conch Cement Co. Ltd.
        300300JVKW56SSAEQZ33
        Anhui Conch Cement Co. Ltd., Class A
        N/A
        
          
        
        47500.00000000
        NS
        
        418086.95000000
        0.024589038942
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Sao Martinho SA
        549300R3Z74BNJBF4161
        Sao Martinho SA
        N/A
        
          
        
        1193200.00000000
        NS
        
        4897185.30000000
        0.288019226739
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        International Games System Co. Ltd.
        N/A
        International Games System Co. Ltd.
        N/A
        
          
        
        329000.00000000
        NS
        
        8429027.00000000
        0.495738202658
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Wonik Holdings Co. Ltd.
        988400A1SLDTJZCR2084
        Wonik Holdings Co. Ltd.
        N/A
        
          
        
        133201.00000000
        NS
        
        554846.94000000
        0.032632334050
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hongfa Technology Co. Ltd.
        N/A
        Hongfa Technology Co. Ltd., Class A
        N/A
        
          
        
        54800.00000000
        NS
        
        330402.98000000
        0.019432062497
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Cia Paranaense de Energia
        N/A
        Cia Paranaense de Energia (Preference)
        N/A
        
          
        
        138500.00000000
        NS
        
        1762396.60000000
        0.103652215475
        Long
        EC
        CORP
        BR
        N
        
        2
        
          N
          N
          N
        
      
      
        KWG Group Holdings Ltd.
        549300LK82ZOM9ZE7H90
        KWG Group Holdings Ltd.
        N/A
        
          
        
        6183500.00000000
        NS
        
        11029218.45000000
        0.648663829304
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Silicon Motion Technology Corp.
        5299005RBVBZQJTYFC89
        Silicon Motion Technology Corp.
        82706C108
        
          
        
        21000.00000000
        NS
        USD
        868770.00000000
        0.051095159420
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Bajaj Auto Ltd.
        335800DLAO5NCNN8G863
        Bajaj Auto Ltd.
        N/A
        
          
        
        143195.00000000
        NS
        
        5744204.59000000
        0.337835156910
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Minsheng Banking Corp. Ltd.
        549300HBUGSQD1VCXG94
        China Minsheng Banking Corp. Ltd., Class H
        N/A
        
          
        
        10095000.00000000
        NS
        
        6358342.97000000
        0.373954611349
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Mirae Asset Daewoo Co. Ltd.
        98840072S6T63E2V1291
        Mirae Asset Daewoo Co. Ltd.
        N/A
        
          
        
        92375.00000000
        NS
        
        613364.97000000
        0.036073967707
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        China Biologic Products Holdings, Inc.
        529900C439Y0Z6RPYG51
        China Biologic Products Holdings, Inc.
        N/A
        
          
        
        19300.00000000
        NS
        USD
        2052555.00000000
        0.120717364715
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        China Kepei Education Group Ltd.
        254900D9N2MVSGYJO874
        China Kepei Education Group Ltd.
        N/A
        
          
        
        214000.00000000
        NS
        
        164297.98000000
        0.009662892918
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Petrobras Distribuidora SA
        N/A
        Petrobras Distribuidora SA
        N/A
        
          
        
        4190928.00000000
        NS
        
        18236969.95000000
        1.072574889717
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        CSC Financial Co. Ltd.
        3003006CDEBNKXHOI130
        CSC Financial Co. Ltd., Class A
        N/A
        
          
        
        520396.00000000
        NS
        
        3624633.48000000
        0.213176359106
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Construction Bank Corp.
        5493001KQW6DM7KEDR62
        China Construction Bank Corp., Class H
        N/A
        
          
        
        40133000.00000000
        NS
        
        29262198.94000000
        1.721004086041
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Abdullah Al Othaim Markets Co.
        N/A
        Abdullah Al Othaim Markets Co.
        N/A
        
          
        
        20371.00000000
        NS
        
        650697.98000000
        0.038269642163
        Long
        EC
        CORP
        SA
        N
        
        2
        
          N
          N
          N
        
      
      
        Soulbrain Holdings Co. Ltd.
        N/A
        Soulbrain Holdings Co. Ltd.
        N/A
        
          
        
        78585.00000000
        NS
        
        6325584.61000000
        0.372027986780
        Long
        EC
        CORP
        KR
        N
        
        3
        
          N
          N
          N
        
      
      
        Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd.
        N/A
        Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A
        N/A
        
          
        
        1229739.00000000
        NS
        
        8039013.95000000
        0.472800280117
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Naspers Ltd.
        21380044BQ8812EEKT59
        Naspers Ltd., Class N
        N/A
        
          
        
        143079.00000000
        NS
        
        26033402.07000000
        1.531108151779
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        China Meidong Auto Holdings Ltd.
        N/A
        China Meidong Auto Holdings Ltd.
        N/A
        
          
        
        1246000.00000000
        NS
        
        3482456.74000000
        0.204814487499
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Zijin Mining Group Co. Ltd.
        529900ABI5CBFXD01Q05
        Zijin Mining Group Co. Ltd., Class H
        N/A
        
          
        
        22732000.00000000
        NS
        
        14290723.76000000
        0.840483452179
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Indofood CBP Sukses Makmur Tbk. PT
        N/A
        Indofood CBP Sukses Makmur Tbk. PT
        N/A
        
          
        
        3007800.00000000
        NS
        
        1895547.59000000
        0.111483253680
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        King Yuan Electronics Co. Ltd.
        N/A
        King Yuan Electronics Co. Ltd.
        N/A
        
          
        
        4113000.00000000
        NS
        
        4978565.19000000
        0.292805439952
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Cipla Ltd.
        335800KMJJYEDDK82Q34
        Cipla Ltd.
        N/A
        
          
        
        584870.00000000
        NS
        
        5623020.04000000
        0.330707903550
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Yongda Automobiles Services Holdings Ltd.
        529900G4APWIO18G0C95
        China Yongda Automobiles Services Holdings Ltd.
        N/A
        
          
        
        1708000.00000000
        NS
        
        1762284.53000000
        0.103645624278
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank Rakyat Indonesia Persero Tbk. PT
        254900HB6S4B12GBNP64
        Bank Rakyat Indonesia Persero Tbk. PT
        N/A
        
          
        
        98077300.00000000
        NS
        
        21303886.38000000
        1.252950114368
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Afya Ltd.
        54930008Y7J8Z1BSDT57
        Afya Ltd., Class A
        N/A
        
          
        
        14200.00000000
        NS
        USD
        371330.00000000
        0.021839112247
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ChipMOS Technologies, Inc.
        N/A
        ChipMOS Technologies, Inc.
        N/A
        
          
        
        3398000.00000000
        NS
        
        3698444.12000000
        0.217517400369
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Mahanagar Gas Ltd.
        3358001GYZI2KS7FHN90
        Mahanagar Gas Ltd.
        N/A
        
          
        
        13443.00000000
        NS
        
        174988.67000000
        0.010291646799
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        ICICI Lombard General Insurance Co. Ltd.
        335800ZZITZ7ZZZ2ZX87
        ICICI Lombard General Insurance Co. Ltd.
        N/A
        
          
        
        255735.00000000
        NS
        
        4449763.76000000
        0.261704926160
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Thinking Electronic Industrial Co. Ltd.
        N/A
        Thinking Electronic Industrial Co. Ltd.
        N/A
        
          
        
        217000.00000000
        NS
        
        720661.60000000
        0.042384427800
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd.
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd.
        N/A
        
          
        
        1692400.00000000
        NS
        
        116095621.09000000
        6.827957074488
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Great Wall Enterprise Co. Ltd.
        254900P47G0MCVBCZX91
        Great Wall Enterprise Co. Ltd.
        N/A
        
          
        
        722000.00000000
        NS
        
        1136801.81000000
        0.066858972698
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Powszechny Zaklad Ubezpieczen SA
        QLPCKOOKVX32FUELX240
        Powszechny Zaklad Ubezpieczen SA
        N/A
        
          
        
        45374.00000000
        NS
        
        327080.65000000
        0.019236665579
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        East Money Information Co. Ltd.
        N/A
        East Money Information Co. Ltd., Class A
        N/A
        
          
        
        2831855.00000000
        NS
        
        10813433.14000000
        0.635972800821
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Systex Corp.
        N/A
        Systex Corp.
        N/A
        
          
        
        103000.00000000
        NS
        
        284967.85000000
        0.016759876291
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        PTT Exploration & Production PCL
        2549001O8YYGP5N7Q076
        PTT Exploration & Production PCL
        N/A
        
          
        
        666000.00000000
        NS
        
        1951964.51000000
        0.114801314296
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        Shandong Gold Mining Co. Ltd.
        300300KC2K8BC07OSV77
        Shandong Gold Mining Co. Ltd., Class A
        N/A
        
          
        
        1727075.00000000
        NS
        
        10770161.20000000
        0.633427838780
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Logan Group Co. Ltd.
        549300NJ0E6Q0S1VOG90
        Logan Group Co. Ltd.
        N/A
        
          
        
        2424000.00000000
        NS
        
        4200831.13000000
        0.247064397119
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Godfrey Phillips India Ltd.
        335800G5RNAHTNVKE518
        Godfrey Phillips India Ltd.
        N/A
        
          
        
        5257.00000000
        NS
        
        64377.47000000
        0.003786246178
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        DB HiTek Co. Ltd.
        N/A
        DB HiTek Co. Ltd.
        N/A
        
          
        
        324832.00000000
        NS
        
        9384282.58000000
        0.551919857351
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Vipshop Holdings Ltd.
        549300I9F52K06HPZX60
        Vipshop Holdings Ltd.
        92763W103
        
          
        
        1246200.00000000
        NS
        USD
        28375974.00000000
        1.668882345429
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Wistron Corp.
        254900DIEONKUALBFM06
        Wistron Corp.
        N/A
        
          
        
        12096000.00000000
        NS
        
        14172785.48000000
        0.833547122404
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        People's Insurance Co. Group of China Ltd. (The)
        3003000P2JHYHQ524P66
        People's Insurance Co. Group of China Ltd. (The), Class H
        N/A
        
          
        
        2498000.00000000
        NS
        
        812749.73000000
        0.047800427067
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Petronet LNG Ltd.
        335800KIIKNA7GRD9351
        Petronet LNG Ltd.
        N/A
        
          
        
        1734492.00000000
        NS
        
        5740275.87000000
        0.337604096244
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Coway Co. Ltd.
        N/A
        Coway Co. Ltd.
        N/A
        
          
        
        48195.00000000
        NS
        
        3106965.05000000
        0.182730612870
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hithink RoyalFlush Information Network Co. Ltd.
        N/A
        Hithink RoyalFlush Information Network Co. Ltd., Class A
        N/A
        
          
        
        284250.00000000
        NS
        
        5824397.31000000
        0.342551548835
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Semiconductor Manufacturing International Corp.
        300300522KCU7YI25841
        Semiconductor Manufacturing International Corp.
        N/A
        
          
        
        724500.00000000
        NS
        
        2836750.34000000
        0.166838416218
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        First Gen Corp.
        2549001NILAZ2IS02Y35
        First Gen Corp.
        N/A
        
          
        
        114300.00000000
        NS
        
        62845.23000000
        0.003696130213
        Long
        EC
        CORP
        PH
        N
        
        2
        
          N
          N
          N
        
      
      
        AES Tiete Energia SA
        N/A
        AES Tiete Energia SA
        N/A
        
          
        
        87600.00000000
        NS
        
        254577.45000000
        0.014972519070
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstRand Ltd.
        N/A
        FirstRand Ltd.
        N/A
        
          
        
        2991850.00000000
        NS
        
        6814119.42000000
        0.400760291071
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Commercial Bank PSQC (The)
        2138004FUUD4I7X8H721
        Commercial Bank PSQC (The)
        N/A
        
          
        
        899394.00000000
        NS
        
        1017320.59000000
        0.059831897657
        Long
        EC
        CORP
        QA
        N
        
        2
        
          N
          N
          N
        
      
      
        Southern Copper Corp.
        2549007U6NAP46Q9TU15
        Southern Copper Corp.
        84265V105
        
          
        
        469400.00000000
        NS
        USD
        20517474.00000000
        1.206698671609
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of Ningbo Co. Ltd.
        300300C1092133000091
        Bank of Ningbo Co. Ltd., Class A
        N/A
        
          
        
        129927.00000000
        NS
        
        538931.05000000
        0.031696269342
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Duratex SA
        N/A
        Duratex SA
        N/A
        
          
        
        1492300.00000000
        NS
        
        4605731.76000000
        0.270877906148
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        BB Seguridade Participacoes SA
        N/A
        BB Seguridade Participacoes SA
        N/A
        
          
        
        1102500.00000000
        NS
        
        5881775.31000000
        0.345926133659
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheng Loong Corp.
        N/A
        Cheng Loong Corp.
        N/A
        
          
        
        2482000.00000000
        NS
        
        1966727.33000000
        0.115669563247
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Dynapack International Technology Corp.
        N/A
        Dynapack International Technology Corp.
        N/A
        
          
        
        916000.00000000
        NS
        
        2607970.96000000
        0.153383164663
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank Central Asia Tbk. PT
        254900BR956G2OHVOM21
        Bank Central Asia Tbk. PT
        N/A
        
          
        
        5620400.00000000
        NS
        
        12038743.62000000
        0.708037253225
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Soft-World International Corp.
        N/A
        Soft-World International Corp.
        N/A
        
          
        
        197000.00000000
        NS
        
        679897.63000000
        0.039986967545
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        China Merchants Bank Co. Ltd.
        549300MKO5B60FFIHF58
        China Merchants Bank Co. Ltd., Class A
        N/A
        
          
        
        354122.00000000
        NS
        
        1764861.30000000
        0.103797172414
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co. Ltd.
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co. Ltd.
        874039100
        
          
        
        1602800.00000000
        NS
        USD
        126444892.00000000
        7.436631000879
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        SK Gas Ltd.
        5493005JC6AP53N4D383
        SK Gas Ltd.
        N/A
        
          
        
        2189.00000000
        NS
        
        158313.41000000
        0.009310921098
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hero MotoCorp Ltd.
        335800Q49FBMZJTRLK49
        Hero MotoCorp Ltd.
        N/A
        
          
        
        88767.00000000
        NS
        
        3161800.64000000
        0.185955670380
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Meituan Dianping
        21380033K525E5JLIA77
        Meituan Dianping, Class B
        N/A
        
          
        
        303200.00000000
        NS
        
        7503138.25000000
        0.441283705741
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        YungShin Global Holding Corp.
        N/A
        YungShin Global Holding Corp.
        N/A
        
          
        
        1123000.00000000
        NS
        
        1752118.21000000
        0.103047710283
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        America Movil SAB de CV
        5493000FNR3UCEAONM59
        America Movil SAB de CV, Class L
        02364W105
        
          
        
        50715.00000000
        NS
        USD
        641037.60000000
        0.037701484128
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Gruma SAB de CV
        5493000XJLJ6C4T0PG82
        Gruma SAB de CV, Class B
        N/A
        
          
        
        116326.00000000
        NS
        
        1365020.67000000
        0.080281258268
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Bank of Communications Co. Ltd.
        549300AX1UM10U30HK09
        Bank of Communications Co. Ltd., Class H
        N/A
        
          
        
        26525000.00000000
        NS
        
        14723669.75000000
        0.865946399080
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Industrial & Commercial Bank of China Ltd.
        5493002ERZU2K9PZDL40
        Industrial & Commercial Bank of China Ltd., Class H
        N/A
        
          
        
        39115000.00000000
        NS
        
        22919104.76000000
        1.347946305103
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Everbright Bank Co. Ltd.
        549300U6PKQ4H1P34E17
        China Everbright Bank Co. Ltd., Class A
        N/A
        
          
        
        3949400.00000000
        NS
        
        2139177.70000000
        0.125811924456
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        B2W Cia Digital
        N/A
        B2W Cia Digital
        N/A
        
          
        
        319400.00000000
        NS
        
        7305749.59000000
        0.429674643445
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Lojas Americanas SA
        N/A
        Lojas Americanas SA
        N/A
        
          
        
        34900.00000000
        NS
        
        205992.66000000
        0.012115091223
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Thanachart Capital PCL
        529900VNNYCFS81B3436
        Thanachart Capital PCL
        N/A
        
          
        
        6297500.00000000
        NS
        
        7036266.37000000
        0.413825468074
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        Guangzhou Wondfo Biotech Co. Ltd.
        N/A
        Guangzhou Wondfo Biotech Co. Ltd., Class A
        N/A
        
          
        
        314700.00000000
        NS
        
        4403012.68000000
        0.258955344699
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Orbia Advance Corp. SAB de CV
        549300MVHZ20SBIOEQ79
        Orbia Advance Corp. SAB de CV
        N/A
        
          
        
        731020.00000000
        NS
        
        1157544.14000000
        0.068078895875
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Suheung Co. Ltd.
        N/A
        Suheung Co. Ltd.
        N/A
        
          
        
        77797.00000000
        NS
        
        3842118.59000000
        0.225967358297
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        HCL Technologies Ltd.
        549300C1F8OLYSOQYB65
        HCL Technologies Ltd.
        N/A
        
          
        
        1308212.00000000
        NS
        
        12299557.96000000
        0.723376583867
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Powerlong Real Estate Holdings Ltd.
        549300R3K12EPXCGDP22
        Powerlong Real Estate Holdings Ltd.
        N/A
        
          
        
        2644000.00000000
        NS
        
        1615763.98000000
        0.095028279226
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Lojas Americanas SA
        N/A
        Lojas Americanas SA (Preference)
        N/A
        
          
        
        917700.00000000
        NS
        
        5998901.57000000
        0.352814705924
        Long
        EC
        CORP
        BR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hite Jinro Co. Ltd.
        N/A
        Hite Jinro Co. Ltd.
        N/A
        
          
        
        8914.00000000
        NS
        
        311798.74000000
        0.018337887274
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Shenwan Hongyuan Group Co. Ltd.
        300300I0GB4QPIGPS572
        Shenwan Hongyuan Group Co. Ltd., Class A
        N/A
        
          
        
        1381100.00000000
        NS
        
        1153844.49000000
        0.067861307553
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Bolsa Mexicana de Valores SAB de CV
        894500CS2D6RLGW61A19
        Bolsa Mexicana de Valores SAB de CV
        N/A
        
          
        
        637385.00000000
        NS
        
        1286512.43000000
        0.075663936032
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Value Added Technology Co. Ltd.
        N/A
        Value Added Technology Co. Ltd.
        N/A
        
          
        
        48942.00000000
        NS
        
        978781.45000000
        0.057565286814
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Chinese Universe Publishing and Media Group Co. Ltd.
        N/A
        Chinese Universe Publishing and Media Group Co. Ltd., Class A
        N/A
        
          
        
        4178895.00000000
        NS
        
        7587283.07000000
        0.446232533385
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Kimberly-Clark de Mexico SAB de CV
        549300JGHL56QT00KT54
        Kimberly-Clark de Mexico SAB de CV, Class A
        N/A
        
          
        
        6406716.00000000
        NS
        
        10484502.21000000
        0.616627314321
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        Gunkul Engineering PCL
        N/A
        Gunkul Engineering PCL
        N/A
        
          
        
        3560700.00000000
        NS
        
        306564.25000000
        0.018030030072
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        Chicony Power Technology Co. Ltd.
        N/A
        Chicony Power Technology Co. Ltd.
        N/A
        
          
        
        1295000.00000000
        NS
        
        2991064.26000000
        0.175914114439
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        United Integrated Services Co. Ltd.
        N/A
        United Integrated Services Co. Ltd.
        N/A
        
          
        
        782000.00000000
        NS
        
        5487729.75000000
        0.322751046228
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        ICICI Securities Ltd.
        335800RT5NJ3UPWK7351
        ICICI Securities Ltd.
        N/A
        
          
        
        311705.00000000
        NS
        
        1891086.54000000
        0.111220884974
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Moscow Exchange MICEX-RTS PJSC
        253400M5M1222KPNWE87
        Moscow Exchange MICEX-RTS PJSC
        N/A
        
          
        
        6345080.00000000
        NS
        
        11409529.05000000
        0.671031119538
        Long
        EC
        CORP
        RU
        N
        
        2
        
          N
          N
          N
        
      
      
        Globe Telecom, Inc.
        254900GPWI1816YIM923
        Globe Telecom, Inc.
        N/A
        
          
        
        40250.00000000
        NS
        
        1689159.03000000
        0.099344878304
        Long
        EC
        CORP
        PH
        N
        
        2
        
          N
          N
          N
        
      
      
        Savola Group (The)
        N/A
        Savola Group (The)
        N/A
        
          
        
        28768.00000000
        NS
        
        355610.75000000
        0.020914612570
        Long
        EC
        CORP
        SA
        N
        
        2
        
          N
          N
          N
        
      
      
        Infosys Ltd.
        335800TYLGG93MM7PR89
        Infosys Ltd.
        456788108
        
          
        
        1248885.00000000
        NS
        USD
        16048172.25000000
        0.943844653383
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Tingyi Cayman Islands Holding Corp.
        5299009MPI9B60VN4P25
        Tingyi Cayman Islands Holding Corp.
        N/A
        
          
        
        2744000.00000000
        NS
        
        5115360.46000000
        0.300850809991
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        B2W Cia Digital
        N/A
        B2W Cia Digital
        N/A
        
          
        
        21172.00000000
        NS
        
        28410.35000000
        0.001670904108
        Long
        
        CORP
        BR
        N
        
        2
        
          N
          N
          N
        
      
      
        Parade Technologies Ltd.
        529900D9FDQHQKAQLY02
        Parade Technologies Ltd.
        N/A
        
          
        
        175000.00000000
        NS
        
        7617678.45000000
        0.448020183496
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Kumba Iron Ore Ltd.
        3789006C753402643048
        Kumba Iron Ore Ltd.
        N/A
        
          
        
        21950.00000000
        NS
        
        709816.81000000
        0.041746610801
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Kia Motors Corp.
        988400V8MJK9N7OI5X76
        Kia Motors Corp.
        N/A
        
          
        
        190815.00000000
        NS
        
        6494654.98000000
        0.381971559312
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Youngtek Electronics Corp.
        N/A
        Youngtek Electronics Corp.
        N/A
        
          
        
        3682000.00000000
        NS
        
        8667025.92000000
        0.509735685029
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        11 bit studios SA
        259400KHTY4904KMKT70
        11 bit studios SA
        N/A
        
          
        
        1521.00000000
        NS
        
        203041.01000000
        0.011941495188
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        YiChang HEC ChangJiang Pharmaceutical Co. Ltd.
        N/A
        YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H
        N/A
        
          
        
        3101800.00000000
        NS
        
        4665218.78000000
        0.274376529225
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          
        
      
      
        Perfect World Co. Ltd.
        N/A
        Perfect World Co. Ltd., Class A
        N/A
        
          
        
        536489.00000000
        NS
        
        2950922.25000000
        0.173553233653
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Suofeiya Home Collection Co. Ltd.
        N/A
        Suofeiya Home Collection Co. Ltd., Class A
        N/A
        
          
        
        168300.00000000
        NS
        
        553699.77000000
        0.032564865291
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Chongkundang Holdings Corp.
        N/A
        Chongkundang Holdings Corp.
        N/A
        
          
        
        28304.00000000
        NS
        
        2942794.75000000
        0.173075229223
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Jinyu Bio-Technology Co. Ltd.
        N/A
        Jinyu Bio-Technology Co. Ltd., Class A
        N/A
        
          
        
        585437.00000000
        NS
        
        2449266.43000000
        0.144049240539
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        LUKOIL PJSC
        549300LCJ1UJXHYBWI24
        LUKOIL PJSC
        69343P105
        
          
        
        178027.00000000
        NS
        USD
        12189508.69000000
        0.716904232157
        Long
        EC
        CORP
        RU
        N
        
        1
        
          N
          N
          N
        
      
      
        Emirates NBD Bank PJSC
        54930029BCN8HF3B1286
        Emirates NBD Bank PJSC
        N/A
        
          
        
        457936.00000000
        NS
        
        1110593.20000000
        0.065317560004
        Long
        EC
        CORP
        AE
        N
        
        2
        
          N
          N
          N
        
      
      
        UniTest, Inc.
        N/A
        UniTest, Inc.
        N/A
        
          
        
        99386.00000000
        NS
        
        1261015.02000000
        0.074164351299
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Anglo American Platinum Ltd.
        529900RORCZ0E5S5FX81
        Anglo American Platinum Ltd.
        N/A
        
          
        
        303101.00000000
        NS
        
        23267003.30000000
        1.368407337785
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Liberty Holdings Ltd.
        529900SLXRMLVAR2ZO23
        Liberty Holdings Ltd.
        N/A
        
          
        
        69257.00000000
        NS
        
        280577.82000000
        0.016501684499
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        TAL Education Group
        5493003PJZS0EC085V72
        TAL Education Group
        874080104
        
          
        
        258800.00000000
        NS
        USD
        20230396.00000000
        1.189814690605
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Tata Chemicals Ltd.
        335800H6MURUA6FBOW17
        Tata Chemicals Ltd.
        N/A
        
          
        
        1030715.00000000
        NS
        
        4215231.17000000
        0.247911309811
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Richter Gedeon Nyrt.
        549300J6ZJW5IH4WEE46
        Richter Gedeon Nyrt.
        N/A
        
          
        
        9434.00000000
        NS
        
        218277.67000000
        0.012837612194
        Long
        EC
        CORP
        HU
        N
        
        2
        
          N
          N
          N
        
      
      
        Terna Energy SA
        5493006164JBW2E60O73
        Terna Energy SA
        N/A
        
          
        
        17585.00000000
        NS
        
        230799.30000000
        0.013574049550
        Long
        EC
        CORP
        GR
        N
        
        2
        
          N
          N
          N
        
      
      
        Ecopetrol SA
        254900IDGKCJICKBPA66
        Ecopetrol SA
        279158109
        
          
        
        58574.00000000
        NS
        USD
        681801.36000000
        0.040098932032
        Long
        EC
        CORP
        CO
        N
        
        1
        
          N
          N
          N
        
      
      
        NCSoft Corp.
        N/A
        NCSoft Corp.
        N/A
        
          
        
        4617.00000000
        NS
        
        3146006.68000000
        0.185026776767
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        China Minsheng Banking Corp. Ltd.
        549300HBUGSQD1VCXG94
        China Minsheng Banking Corp. Ltd., Class A
        N/A
        
          
        
        2259600.00000000
        NS
        
        1793415.33000000
        0.105476526806
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Zijin Mining Group Co. Ltd.
        529900ABI5CBFXD01Q05
        Zijin Mining Group Co. Ltd., Class A
        N/A
        
          
        
        955500.00000000
        NS
        
        808724.96000000
        0.047563717391
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Celltrion, Inc.
        N/A
        Celltrion, Inc.
        N/A
        
          
        
        38902.00000000
        NS
        
        9697909.70000000
        0.570365277537
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        China National Building Material Co. Ltd.
        52990085PGF8YEPLBZ26
        China National Building Material Co. Ltd., Class H
        N/A
        
          
        
        1026000.00000000
        NS
        
        1593363.19000000
        0.093710816680
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        CJ Logistics Corp.
        N/A
        CJ Logistics Corp.
        N/A
        
          
        
        12616.00000000
        NS
        
        1622918.79000000
        0.095449076627
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Lotes Co. Ltd.
        N/A
        Lotes Co. Ltd.
        N/A
        
          
        
        24000.00000000
        NS
        
        368720.07000000
        0.021685613865
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        GF Securities Co. Ltd.
        3003007E0Y3ZJ5HNA936
        GF Securities Co. Ltd., Class H
        N/A
        
          
        
        431000.00000000
        NS
        
        517220.35000000
        0.030419393209
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        4614471.00000000
        NS
        USD
        4614471.00000000
        0.271391888976
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sino-American Silicon Products, Inc.
        529900DMZ4STK7NEXO95
        Sino-American Silicon Products, Inc.
        N/A
        
          
        
        92000.00000000
        NS
        
        307135.81000000
        0.018063645355
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        YDUQS Participacoes SA
        N/A
        YDUQS Participacoes SA
        N/A
        
          
        
        88700.00000000
        NS
        
        576251.16000000
        0.033891185108
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Sinotruk Hong Kong Ltd.
        529900BB4WA4W576X724
        Sinotruk Hong Kong Ltd.
        N/A
        
          
        
        2157500.00000000
        NS
        
        6732813.04000000
        0.395978401218
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Agricultural Bank of China Ltd.
        549300E7TSGLCOVSY746
        Agricultural Bank of China Ltd., Class H
        N/A
        
          
        
        2708000.00000000
        NS
        
        961197.97000000
        0.056531145771
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        CNOOC Ltd.
        549300XIVJCBIGMRUD48
        CNOOC Ltd.
        N/A
        
          
        
        2652000.00000000
        NS
        
        2799186.80000000
        0.164629183550
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Hansol Chemical Co. Ltd.
        N/A
        Hansol Chemical Co. Ltd.
        N/A
        
          
        
        1903.00000000
        NS
        
        242165.91000000
        0.014242556462
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Synnex Technology International Corp.
        529900GMBJ3R4A2WBC71
        Synnex Technology International Corp.
        N/A
        
          
        
        4860000.00000000
        NS
        
        7259429.84000000
        0.426950429890
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Realtek Semiconductor Corp.
        5299002E7F36O00MYY75
        Realtek Semiconductor Corp.
        N/A
        
          
        
        614000.00000000
        NS
        
        7833520.53000000
        0.460714550805
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Riyad Bank
        54930037RJ782ISGGM71
        Riyad Bank
        N/A
        
          
        
        1507028.00000000
        NS
        
        6807027.77000000
        0.400343208314
        Long
        EC
        CORP
        SA
        N
        
        2
        
          N
          N
          N
        
      
      
        MMC Norilsk Nickel PJSC
        253400JPTEEW143W3E47
        MMC Norilsk Nickel PJSC
        55315J102
        
          
        
        1081720.00000000
        NS
        USD
        28524956.40000000
        1.677644479802
        Long
        EC
        CORP
        RU
        N
        
        1
        
          N
          N
          N
        
      
      
        PICC Property & Casualty Co. Ltd.
        300300F1000311000017
        PICC Property & Casualty Co. Ltd., Class H
        N/A
        
          
        
        17066000.00000000
        NS
        
        13486251.09000000
        0.793169825646
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Resources Cement Holdings Ltd.
        529900E0EOYXYJ0GHY66
        China Resources Cement Holdings Ltd.
        N/A
        
          
        
        2588000.00000000
        NS
        
        3543214.86000000
        0.208387868057
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Kginicis Co. Ltd.
        N/A
        Kginicis Co. Ltd.
        N/A
        
          
        
        3639.00000000
        NS
        
        72623.58000000
        0.004271226444
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        DongKook Pharmaceutical Co. Ltd.
        N/A
        DongKook Pharmaceutical Co. Ltd.
        N/A
        
          
        
        42262.00000000
        NS
        
        5211217.16000000
        0.306488450987
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        i-SENS, Inc.
        N/A
        i-SENS, Inc.
        N/A
        
          
        
        6868.00000000
        NS
        
        165062.70000000
        0.009707868562
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Brilliance China Automotive Holdings Ltd.
        5299005WPCSQN14NBM26
        Brilliance China Automotive Holdings Ltd.
        N/A
        
          
        
        288000.00000000
        NS
        
        294091.80000000
        0.017296485151
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Standard Foods Corp.
        529900Z75SWDTBZ8IC92
        Standard Foods Corp.
        N/A
        
          
        
        721000.00000000
        NS
        
        1508359.42000000
        0.088711471422
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Samsung Electronics Co. Ltd.
        9884007ER46L6N7EI764
        Samsung Electronics Co. Ltd.
        N/A
        
          
        
        1611175.00000000
        NS
        
        78744332.68000000
        4.631207605853
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        WNS Holdings Ltd.
        529900RM7QHUD3W9DM42
        WNS Holdings Ltd.
        92932M101
        
          
        
        39400.00000000
        NS
        USD
        2520024.00000000
        0.148210720930
        Long
        EC
        CORP
        JE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        China Yuhua Education Corp. Ltd.
        254900MMSBZ02HKOSY64
        China Yuhua Education Corp. Ltd.
        N/A
        
          
        
        1860000.00000000
        NS
        
        1798005.60000000
        0.105746495356
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Indofood Sukses Makmur Tbk. PT
        529900E61EV2GTYWZ485
        Indofood Sukses Makmur Tbk. PT
        N/A
        
          
        
        6307400.00000000
        NS
        
        2795517.14000000
        0.164413359037
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        B3 SA - Brasil Bolsa Balcao
        4GTK5S46E6H318LMDS44
        B3 SA - Brasil Bolsa Balcao
        N/A
        
          
        
        2295700.00000000
        NS
        
        27918683.42000000
        1.641987614849
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Neowiz
        N/A
        Neowiz
        N/A
        
          
        
        34290.00000000
        NS
        
        816766.75000000
        0.048036680940
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Simplo Technology Co. Ltd.
        N/A
        Simplo Technology Co. Ltd.
        N/A
        
          
        
        30639.00000000
        NS
        
        0.00000000
        0.000000
        Long
        
        CORP
        TW
        N
        
        3
        
          N
          N
          N
        
      
      
        Taiwan Surface Mounting Technology Corp.
        N/A
        Taiwan Surface Mounting Technology Corp.
        N/A
        
          
        
        357000.00000000
        NS
        
        1642143.16000000
        0.096579723691
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        REC Ltd.
        335800B4YRYWAMIJZ374
        REC Ltd.
        N/A
        
          
        
        7792222.00000000
        NS
        
        10411582.13000000
        0.612338649758
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Remgro Ltd.
        N/A
        Remgro Ltd.
        N/A
        
          
        
        32514.00000000
        NS
        
        175319.73000000
        0.010311117503
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        Investec Ltd.
        213800CU7SM6O4UWOZ70
        Investec Ltd.
        N/A
        
          
        
        219604.00000000
        NS
        
        429892.81000000
        0.025283379560
        Long
        EC
        CORP
        ZA
        N
        
        2
        
          N
          N
          N
        
      
      
        NetEase, Inc.
        5299004AF4DSJDB0PA32
        NetEase, Inc.
        64110W102
        
          
        
        72300.00000000
        NS
        USD
        33143766.00000000
        1.949291535806
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Sitronix Technology Corp.
        N/A
        Sitronix Technology Corp.
        N/A
        
          
        
        908000.00000000
        NS
        
        4659747.24000000
        0.274054730350
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        New Oriental Education & Technology Group, Inc.
        529900NHZVBZQZ8EKN29
        New Oriental Education & Technology Group, Inc.
        647581107
        
          
        
        222100.00000000
        NS
        USD
        31138420.00000000
        1.831350684299
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HDFC Bank Ltd.
        335800ZQ6I4E2JXENC50
        HDFC Bank Ltd.
        40415F101
        
          
        
        26984.00000000
        NS
        USD
        1261502.00000000
        0.074192992160
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Tripod Technology Corp.
        N/A
        Tripod Technology Corp.
        N/A
        
          
        
        2289000.00000000
        NS
        
        9936229.46000000
        0.584381629540
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Anhui Conch Cement Co. Ltd.
        300300JVKW56SSAEQZ33
        Anhui Conch Cement Co. Ltd., Class H
        N/A
        
          
        
        540000.00000000
        NS
        
        4083560.15000000
        0.240167313405
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        NAVER Corp.
        N/A
        NAVER Corp.
        N/A
        
          
        
        140271.00000000
        NS
        
        35636104.52000000
        2.095873984565
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Shenzhen International Holdings Ltd.
        5493002NKD14ZZMEJF98
        Shenzhen International Holdings Ltd.
        N/A
        
          
        
        772500.00000000
        NS
        
        1260676.18000000
        0.074144423028
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SPCG PCL
        N/A
        SPCG PCL
        N/A
        
          
        
        269800.00000000
        NS
        
        160405.37000000
        0.009433955997
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        Interojo Co. Ltd.
        N/A
        Interojo Co. Ltd.
        N/A
        
          
        
        19562.00000000
        NS
        
        368955.56000000
        0.021699463790
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Dr Reddy's Laboratories Ltd.
        335800OVDPY3DVZR2798
        Dr Reddy's Laboratories Ltd.
        256135203
        
          
        
        283361.00000000
        NS
        USD
        17228348.80000000
        1.013254634121
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        LG Electronics, Inc.
        988400RMQFTGZIOG0609
        LG Electronics, Inc.
        N/A
        
          
        
        8404.00000000
        NS
        
        499741.68000000
        0.029391416380
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Teco Electric and Machinery Co. Ltd.
        N/A
        Teco Electric and Machinery Co. Ltd.
        N/A
        
          
        
        1701000.00000000
        NS
        
        1581042.82000000
        0.092986216073
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Simplo Technology Co. Ltd.
        N/A
        Simplo Technology Co. Ltd.
        N/A
        
          
        
        873000.00000000
        NS
        
        9703373.89000000
        0.570686644135
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        Bukit Asam Tbk. PT
        529900XX13TXG5L4CN33
        Bukit Asam Tbk. PT
        N/A
        
          
        
        20620800.00000000
        NS
        
        2883593.43000000
        0.169593409083
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Bajaj Holdings & Investment Ltd.
        335800NL7NWD9IPOHL48
        Bajaj Holdings & Investment Ltd.
        N/A
        
          
        
        56341.00000000
        NS
        
        1998507.61000000
        0.117538663784
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Qatar National Bank QPSC
        549300FFSRVBS0SQXY75
        Qatar National Bank QPSC
        N/A
        
          
        
        251429.00000000
        NS
        
        1252050.47000000
        0.073637117265
        Long
        EC
        CORP
        QA
        N
        
        2
        
          N
          N
          N
        
      
      
        Torrent Power Ltd.
        335800DJYYJQGAH3OX89
        Torrent Power Ltd.
        N/A
        
          
        
        1441309.00000000
        NS
        
        6265288.91000000
        0.368481802630
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Gujarat State Petronet Ltd.
        335800J69QRMS7KSSR96
        Gujarat State Petronet Ltd.
        N/A
        
          
        
        612678.00000000
        NS
        
        1674255.38000000
        0.098468346687
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        Zoomlion Heavy Industry Science and Technology Co. Ltd.
        529900QZ3EMAU0QKFK85
        Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A
        N/A
        
          
        
        67700.00000000
        NS
        
        80164.54000000
        0.004714734568
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co. Ltd.
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co. Ltd.
        874039100
        
          
        
        38600.00000000
        NS
        USD
        3045154.00000000
        0.179095306110
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Dr Lal PathLabs Ltd.
        984500E8E9CY102B9718
        Dr Lal PathLabs Ltd.
        N/A
        
          
        
        12990.00000000
        NS
        
        328470.60000000
        0.019318413011
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Communications Services Corp. Ltd.
        N/A
        China Communications Services Corp. Ltd., Class H
        N/A
        
          
        
        3896000.00000000
        NS
        
        2525685.57000000
        0.148543696081
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        TaiDoc Technology Corp.
        N/A
        TaiDoc Technology Corp.
        N/A
        
          
        
        265000.00000000
        NS
        
        2283238.97000000
        0.134284631337
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        China Aoyuan Group Ltd.
        549300YSOKQO5QD6MP25
        China Aoyuan Group Ltd.
        N/A
        
          
        
        98000.00000000
        NS
        
        123586.87000000
        0.007268541529
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Shandong Gold Mining Co. Ltd.
        300300KC2K8BC07OSV77
        Shandong Gold Mining Co. Ltd., Class H
        N/A
        
          
        
        2796450.00000000
        NS
        
        8868756.63000000
        0.521600117258
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        MSCI Emerging Markets E-Mini Index
        N/A
        
          
          
        
        476.00000000
        NC
        USD
        1934631.69000000
        0.113781915374
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              ICE Clear US
              549300HWWR1D8OTS2G29
            
            Long
            
              
                MSCI Emerging Markets E-Mini Index
                MXEF Index
              
            
            2020-09-18
            25449340.00000000
            USD
            1934631.69000000
          
        
        
          N
          N
          N
        
      
      
        China Mobile Ltd.
        529900U2JJ7GK68NI589
        China Mobile Ltd.
        N/A
        
          
        
        7000.00000000
        NS
        
        47782.97000000
        0.002810270232
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd.
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd.
        01609W102
        
          
        
        547400.00000000
        NS
        USD
        137408348.00000000
        8.081427128875
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CD Projekt SA
        259400TYO5Q8SH8TL437
        CD Projekt SA
        N/A
        
          
        
        168643.00000000
        NS
        
        18095291.10000000
        1.064242300623
        Long
        EC
        CORP
        PL
        N
        
        2
        
          N
          N
          N
        
      
      
        DB Insurance Co. Ltd.
        9884000ZF26VNJBWSJ91
        DB Insurance Co. Ltd.
        N/A
        
          
        
        4804.00000000
        NS
        
        190003.07000000
        0.011174691980
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Adaro Energy Tbk. PT
        529900P2WAH7XA87OI24
        Adaro Energy Tbk. PT
        N/A
        
          
        
        45468500.00000000
        NS
        
        3400951.40000000
        0.200020896168
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Torrent Pharmaceuticals Ltd.
        335800NA6HK275RIJE13
        Torrent Pharmaceuticals Ltd.
        N/A
        
          
        
        232904.00000000
        NS
        
        8294766.00000000
        0.487841881193
        Long
        EC
        CORP
        IN
        N
        
        2
        
          N
          N
          N
        
      
      
        China Medical System Holdings Ltd.
        529900Z57DVJXUBLHX66
        China Medical System Holdings Ltd.
        N/A
        
          
        
        10621000.00000000
        NS
        
        12896496.11000000
        0.758484437428
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        LEENO Industrial, Inc.
        N/A
        LEENO Industrial, Inc.
        N/A
        
          
        
        27240.00000000
        NS
        
        3150492.03000000
        0.185290574634
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Kinsus Interconnect Technology Corp.
        N/A
        Kinsus Interconnect Technology Corp.
        N/A
        
          
        
        85000.00000000
        NS
        
        223795.48000000
        0.013162132357
        Long
        EC
        CORP
        TW
        N
        
        2
        
          N
          N
          N
        
      
      
        MegaStudyEdu Co. Ltd.
        N/A
        MegaStudyEdu Co. Ltd.
        N/A
        
          
        
        112351.00000000
        NS
        
        3206001.81000000
        0.188555283428
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Contemporary Amperex Technology Co. Ltd.
        300300KINDY1K0E9I032
        Contemporary Amperex Technology Co. Ltd., Class A
        N/A
        
          
        
        130400.00000000
        NS
        
        3924653.46000000
        0.230821499601
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        Com7 PCL
        N/A
        Com7 PCL, Class F
        N/A
        
          
        
        4968700.00000000
        NS
        
        6098936.68000000
        0.358698092659
        Long
        EC
        CORP
        TH
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank Mandiri Persero Tbk. PT
        549300RSKQN4Z5ZSGH94
        Bank Mandiri Persero Tbk. PT
        N/A
        
          
        
        12518300.00000000
        NS
        
        4975399.40000000
        0.292619249655
        Long
        EC
        CORP
        ID
        N
        
        2
        
          N
          N
          N
        
      
      
        Goldman Sachs Financial Square Funds - Government Fund
        549300BRJMXN4GUWZ402
        Goldman Sachs Financial Square Government Fund - Institutional Shares
        38141W273
        
          
        
        19225200.00000000
        NS
        USD
        19225200.00000000
        1.130695879103
        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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