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November 24, 2020 5:09 PM EST

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      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs International Equity Dividend and Premium Fund
      S000018299
      TLB6XFYHFX2PZDM7GX97
      2020-12-31
      2020-09-30
      N
    
    
      196677179.86
      1714961.76
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      0.00000000
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        Gecina SA
        9695003E4MMA10IBTR26
        Gecina SA
        N/A
        
          
        
        764.00000000
        NS
        
        100714.87000000
        0.051658660319
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Coca-Cola Amatil Ltd.
        JOR7RJTXUXBRJ4UA5G70
        Coca-Cola Amatil Ltd.
        N/A
        
          
        
        51205.00000000
        NS
        
        350492.87000000
        0.179774765293
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Eisai Co. Ltd.
        353800HDEE0ZYEX4QV91
        Eisai Co. Ltd.
        N/A
        
          
        
        9700.00000000
        NS
        
        885923.56000000
        0.454407817388
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Wesfarmers Ltd.
        5493003L32ZX9557ST85
        Wesfarmers Ltd.
        N/A
        
          
        
        30155.00000000
        NS
        
        963882.50000000
        0.494394508532
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        M&G plc
        254900TWUJUQ44TQJY84
        M&G plc
        N/A
        
          
        
        133695.00000000
        NS
        
        274800.64000000
        0.140950714799
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        SoftBank Group Corp.
        5493003BZYYYCDIO0R13
        SoftBank Group Corp.
        N/A
        
          
        
        17500.00000000
        NS
        
        1082805.23000000
        0.555392342450
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ono Pharmaceutical Co. Ltd.
        N/A
        Ono Pharmaceutical Co. Ltd.
        N/A
        
          
        
        3000.00000000
        NS
        
        94361.59000000
        0.048399936623
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nintendo Co. Ltd.
        353800FEEXU6I9M0ZF27
        Nintendo Co. Ltd.
        N/A
        
          
        
        1800.00000000
        NS
        
        1020044.26000000
        0.523200992449
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Financial Group, Inc.
        35380028MYWPB6AUO129
        Sumitomo Mitsui Financial Group, Inc.
        N/A
        
          
        
        46600.00000000
        NS
        
        1302973.58000000
        0.668321068922
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Enel SpA
        WOCMU6HCI0OJWNPRZS33
        Enel SpA
        N/A
        
          
        
        9895.00000000
        NS
        
        85848.18000000
        0.044033239279
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        LIXIL Group Corp.
        353800KB8G4F9WUJJ886
        LIXIL Group Corp.
        N/A
        
          
        
        27300.00000000
        NS
        
        551795.78000000
        0.283027032302
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        AstraZeneca plc
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca plc
        046353108
        
          
        
        31958.00000000
        NS
        USD
        1751298.40000000
        0.898275787517
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Deutsche Boerse AG
        529900G3SW56SHYNPR95
        Deutsche Boerse AG
        N/A
        
          
        
        2230.00000000
        NS
        
        390964.38000000
        0.200533407862
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Eni SpA
        BUCRF72VH5RBN7X3VL35
        Eni SpA
        N/A
        
          
        
        4925.00000000
        NS
        
        38494.15000000
        0.019744415289
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Skanska AB
        549300UINV5RINHGMG07
        Skanska AB, Class B
        N/A
        
          
        
        1.00000000
        NS
        
        21.12000000
        0.000010832868
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Neste OYJ
        5493009GY1X8GQ66AM14
        Neste OYJ
        N/A
        
          
        
        7263.00000000
        NS
        
        382467.66000000
        0.196175271151
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Vivendi SA
        969500FU4DRAEVJW7U54
        Vivendi SA
        N/A
        
          
        
        34174.00000000
        NS
        
        954441.47000000
        0.489552016437
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Novartis AG
        5493007HIVTX6SY6XD66
        Novartis AG (Registered)
        N/A
        
          
        
        38853.00000000
        NS
        
        3373385.35000000
        1.730276451958
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Jeronimo Martins SGPS SA
        259400A8SZP10GB5IB19
        Jeronimo Martins SGPS SA
        N/A
        
          
        
        1352.00000000
        NS
        
        21740.67000000
        0.011151222124
        Long
        EC
        CORP
        PT
        N
        
        2
        
          N
          N
          N
        
      
      
        TOTAL SE
        529900S21EQ1BO4ESM68
        TOTAL SE
        N/A
        
          
        
        42051.00000000
        NS
        
        1444139.00000000
        0.740727621009
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Techtronic Industries Co. Ltd.
        549300HZW2SBE758OK89
        Techtronic Industries Co. Ltd.
        N/A
        
          
        
        24000.00000000
        NS
        
        319096.97000000
        0.163671183632
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Telia Co. AB
        213800FSR9RNDUOTXO25
        Telia Co. AB
        N/A
        
          
        
        247523.00000000
        NS
        
        1012650.27000000
        0.519408467891
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        EURO STOXX 50 Index
        N/A
        
          
          
        
        -865.00000000
        NC
        
        -597345.69000000
        -0.30639048725
        N/A
        DE
        
        DE
        N
        
        1
        
          
            
              Eurex Clearing
              529900LN3S50JPU47S06
            
            Call
            Written
            
              
                EURO STOXX 50 Index
                EU0009658145
              
            
            10.00000000
            3375.00000000
            EUR
            2020-12-18
            XXXX
            496433.92000000
          
        
        
          N
          N
          N
        
      
      
        Unibail-Rodamco-Westfield
        N/A
        Unibail-Rodamco-Westfield
        N/A
        
          
        
        1535.00000000
        NS
        
        56610.51000000
        0.029036656718
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        LafargeHolcim Ltd.
        529900EHPFPYHV6IQO98
        LafargeHolcim Ltd. (Registered)
        N/A
        
          
        
        17849.00000000
        NS
        
        812478.67000000
        0.416736472285
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Diageo plc
        213800ZVIELEA55JMJ32
        Diageo plc
        N/A
        
          
        
        13945.00000000
        NS
        
        478992.86000000
        0.245684966383
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Fast Retailing Co. Ltd.
        353800ZCXKHDPY0N5218
        Fast Retailing Co. Ltd.
        N/A
        
          
        
        200.00000000
        NS
        
        125684.29000000
        0.064465972548
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Danone SA
        969500KMUQ2B6CBAF162
        Danone SA
        N/A
        
          
        
        21499.00000000
        NS
        
        1392598.88000000
        0.714291668186
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Lawson, Inc.
        529900IWO8XQO92PR233
        Lawson, Inc.
        N/A
        
          
        
        7700.00000000
        NS
        
        367156.08000000
        0.188321657179
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Jardine Strategic Holdings Ltd.
        213800BZ6VW56K2S6677
        Jardine Strategic Holdings Ltd.
        N/A
        
          
        
        2200.00000000
        NS
        USD
        43619.02000000
        0.022373063060
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Moncler SpA
        815600EBD7FB00525B20
        Moncler SpA
        N/A
        
          
        
        2098.00000000
        NS
        
        85853.41000000
        0.044035921850
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        TDK Corp.
        3538005O8WNU39U8NX03
        TDK Corp.
        N/A
        
          
        
        1000.00000000
        NS
        
        109192.79000000
        0.056007154136
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Idemitsu Kosan Co. Ltd.
        549300P0R46FF6DUA630
        Idemitsu Kosan Co. Ltd.
        N/A
        
          
        
        3200.00000000
        NS
        
        68322.51000000
        0.035043974502
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nisshin Seifun Group, Inc.
        529900N4QFZS1P6PYX29
        Nisshin Seifun Group, Inc.
        N/A
        
          
        
        11600.00000000
        NS
        
        184105.05000000
        0.094431142502
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Royal Dutch Shell plc
        21380068P1DRHMJ8KU70
        Royal Dutch Shell plc, Class B
        N/A
        
          
        
        86152.00000000
        NS
        
        1044769.94000000
        0.535883285583
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Coles Group Ltd.
        549300OHQRG2HN8LZ793
        Coles Group Ltd.
        N/A
        
          
        
        23965.00000000
        NS
        
        291960.19000000
        0.149752189344
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Just Eat Takeaway.com NV
        724500FVZIBSSQ7SHI95
        Just Eat Takeaway.com NV
        N/A
        
          
        
        2547.00000000
        NS
        
        285128.36000000
        0.146248007833
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Banque Cantonale Vaudoise
        K1MOBB3OPSBBQO554R76
        Banque Cantonale Vaudoise (Registered)
        N/A
        
          
        
        1868.00000000
        NS
        
        189567.05000000
        0.097232710956
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Tobacco, Inc.
        353800Z0ENYBQO0XRJ31
        Japan Tobacco, Inc.
        N/A
        
          
        
        29000.00000000
        NS
        
        529069.86000000
        0.271370455853
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyoda Gosei Co. Ltd.
        353800ZV4HXVM4DWPO50
        Toyoda Gosei Co. Ltd.
        N/A
        
          
        
        3800.00000000
        NS
        
        87251.96000000
        0.044753265966
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Resona Holdings, Inc.
        52990067JE75XZCYYT81
        Resona Holdings, Inc.
        N/A
        
          
        
        49100.00000000
        NS
        
        167275.38000000
        0.085798869970
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        KDDI Corp.
        5299003FU7V4I45FU310
        KDDI Corp.
        N/A
        
          
        
        22000.00000000
        NS
        
        553334.22000000
        0.283816128782
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        National Australia Bank Ltd.
        F8SB4JFBSYQFRQEH3Z21
        National Australia Bank Ltd.
        N/A
        
          
        
        175269.00000000
        NS
        
        2251671.48000000
        1.154927094051
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        CRH plc
        549300MIDJNNTH068E74
        CRH plc
        N/A
        
          
        
        24567.00000000
        NS
        
        890832.18000000
        0.456925546232
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hulic Co. Ltd.
        N/A
        Hulic Co. Ltd.
        N/A
        
          
        
        3700.00000000
        NS
        
        34717.64000000
        0.017807368185
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Afterpay Ltd.
        529900P6ROPAX0QTB720
        Afterpay Ltd.
        N/A
        
          
        
        1244.00000000
        NS
        
        73327.11000000
        0.037610933397
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke DSM NV
        724500SNT1MK246AHP04
        Koninklijke DSM NV
        N/A
        
          
        
        1888.00000000
        NS
        
        310824.54000000
        0.159428089723
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Metso Outotec OYJ
        549300R0VN9C371W0E07
        Metso Outotec OYJ
        N/A
        
          
        
        67566.10000000
        NS
        
        470840.62000000
        0.241503520317
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Schneider Electric SE
        969500A1YF1XUYYXS284
        Schneider Electric SE
        N/A
        
          
        
        13566.00000000
        NS
        
        1686239.32000000
        0.864905691181
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Trust Holdings, Inc.
        353800P843RLCDBLNT17
        Sumitomo Mitsui Trust Holdings, Inc.
        N/A
        
          
        
        300.00000000
        NS
        
        7981.14000000
        0.004093685472
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daiwa House Industry Co. Ltd.
        N/A
        Daiwa House Industry Co. Ltd.
        N/A
        
          
        
        9200.00000000
        NS
        
        235955.30000000
        0.121026167172
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Medibank Pvt Ltd.
        BDYVSUPTML83OLINBJ17
        Medibank Pvt Ltd.
        N/A
        
          
        
        88722.00000000
        NS
        
        160089.78000000
        0.082113232789
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Isuzu Motors Ltd.
        529900C0QSXVCC7AR494
        Isuzu Motors Ltd.
        N/A
        
          
        
        3100.00000000
        NS
        
        27111.89000000
        0.013906227711
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Corp.
        KVIPTY4PULAPGC1VVD26
        Mitsubishi Corp.
        N/A
        
          
        
        33700.00000000
        NS
        
        806621.85000000
        0.413732392799
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        DBS Group Holdings Ltd.
        5493007FKT78NKPM5V55
        DBS Group Holdings Ltd.
        N/A
        
          
        
        58300.00000000
        NS
        
        857088.93000000
        0.439617962060
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Shimadzu Corp.
        N/A
        Shimadzu Corp.
        N/A
        
          
        
        6900.00000000
        NS
        
        210010.94000000
        0.107718788823
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Porsche Automobil Holding SE
        52990053Z17ZYM1KFV27
        Porsche Automobil Holding SE (Preference)
        N/A
        
          
        
        2237.00000000
        NS
        
        133083.60000000
        0.068261225840
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Denso Corp.
        549300RYPA10CQM3QK38
        Denso Corp.
        N/A
        
          
        
        2900.00000000
        NS
        
        127112.07000000
        0.065198309312
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Steel Corp.
        35380065QWQ4U2V3PA33
        Nippon Steel Corp.
        N/A
        
          
        
        1.00000000
        NS
        
        9.44000000
        0.000004841963
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Electric Corp.
        549300TRXM9Y6561AX39
        Mitsubishi Electric Corp.
        N/A
        
          
        
        23400.00000000
        NS
        
        317519.46000000
        0.162862047372
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Allianz SE
        529900K9B0N5BT694847
        Allianz SE (Registered)
        N/A
        
          
        
        4223.00000000
        NS
        
        810519.66000000
        0.415731657086
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Murata Manufacturing Co. Ltd.
        529900QZG6DL8ZRI7140
        Murata Manufacturing Co. Ltd.
        N/A
        
          
        
        12600.00000000
        NS
        
        819342.35000000
        0.420256990295
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SGS SA
        2138007JNS19JHNA2336
        SGS SA (Registered)
        N/A
        
          
        
        349.00000000
        NS
        
        935263.54000000
        0.479715274638
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        TOTO Ltd.
        N/A
        TOTO Ltd.
        N/A
        
          
        
        4600.00000000
        NS
        
        211964.78000000
        0.108720952226
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Imperial Brands plc
        549300DFVPOB67JL3A42
        Imperial Brands plc
        N/A
        
          
        
        14235.00000000
        NS
        
        251440.04000000
        0.128968598352
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Research Institute Ltd.
        5299005F1HCVF4M4QN79
        Nomura Research Institute Ltd.
        N/A
        
          
        
        17700.00000000
        NS
        
        521167.60000000
        0.267317229501
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Glencore plc
        2138002658CPO9NBH955
        Glencore plc
        N/A
        
          
        
        63415.00000000
        NS
        
        131470.43000000
        0.067433798856
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        JTEKT Corp.
        N/A
        JTEKT Corp.
        N/A
        
          
        
        8500.00000000
        NS
        
        66672.45000000
        0.034197625904
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Proximus SADP
        549300CWRXC5EP004533
        Proximus SADP
        N/A
        
          
        
        85798.00000000
        NS
        
        1565214.50000000
        0.802829653485
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Mapfre SA
        95980020140005693107
        Mapfre SA
        N/A
        
          
        
        364241.00000000
        NS
        
        571444.01000000
        0.293105000327
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Kose Corp.
        353800NX4GGAVDHHY664
        Kose Corp.
        N/A
        
          
        
        3100.00000000
        NS
        
        379556.68000000
        0.194682171601
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        HSBC Holdings plc
        MLU0ZO3ML4LN2LL2TL39
        HSBC Holdings plc
        N/A
        
          
        
        386987.00000000
        NS
        
        1513993.23000000
        0.776557245170
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Aviva plc
        YF0Y5B0IB8SM0ZFG9G81
        Aviva plc
        N/A
        
          
        
        255576.00000000
        NS
        
        945563.90000000
        0.484998534185
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Singapore Telecommunications Ltd.
        2549003XJKIQO8YDYD89
        Singapore Telecommunications Ltd.
        N/A
        
          
        
        121600.00000000
        NS
        
        190312.79000000
        0.097615215837
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Reckitt Benckiser Group plc
        5493003JFSMOJG48V108
        Reckitt Benckiser Group plc
        N/A
        
          
        
        1916.00000000
        NS
        
        186820.22000000
        0.095823807207
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Nabtesco Corp.
        529900DVHQXYRTGW7739
        Nabtesco Corp.
        N/A
        
          
        
        8200.00000000
        NS
        
        297712.44000000
        0.152702632797
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nitto Denko Corp.
        3538009GX5P09USH2J25
        Nitto Denko Corp.
        N/A
        
          
        
        7100.00000000
        NS
        
        462556.25000000
        0.237254302145
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd.
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd.
        N/A
        
          
        
        117600.00000000
        NS
        
        1168955.47000000
        0.599580514312
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi UFJ Lease & Finance Co. Ltd.
        353800MZ3QX9RLMH7B09
        Mitsubishi UFJ Lease & Finance Co. Ltd.
        N/A
        
          
        
        13800.00000000
        NS
        
        64119.74000000
        0.032888290164
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nidec Corp.
        353800IF171MZTNL6Y31
        Nidec Corp.
        N/A
        
          
        
        400.00000000
        NS
        
        37511.17000000
        0.019240225293
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle SA (Registered)
        N/A
        
          
        
        47198.00000000
        NS
        
        5617130.30000000
        2.881137871091
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        BP plc
        213800LH1BZH3DI6G760
        BP plc
        055622104
        
          
        
        49299.00000000
        NS
        USD
        860760.54000000
        0.441501203868
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        NGK Spark Plug Co. Ltd.
        549300RG3XQGTFM4HH31
        NGK Spark Plug Co. Ltd.
        N/A
        
          
        
        10200.00000000
        NS
        
        178094.95000000
        0.091348442655
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Evonik Industries AG
        41GUOJQTALQHLF39XJ34
        Evonik Industries AG
        N/A
        
          
        
        4258.00000000
        NS
        
        110149.95000000
        0.056498100541
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Barclays plc
        213800LBQA1Y9L22JB70
        Barclays plc
        N/A
        
          
        
        179257.00000000
        NS
        
        226143.41000000
        0.115993453605
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Swire Properties Ltd.
        5299001L12PHYVQ92465
        Swire Properties Ltd.
        N/A
        
          
        
        400.00000000
        NS
        
        1059.83000000
        0.000543607889
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Carl Zeiss Meditec AG
        529900GRL4MZ8NMOOK95
        Carl Zeiss Meditec AG
        N/A
        
          
        
        1439.00000000
        NS
        
        181746.52000000
        0.093221405547
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Subaru Corp.
        549300N244BVAEE6HH86
        Subaru Corp.
        N/A
        
          
        
        39100.00000000
        NS
        
        759042.63000000
        0.389328064379
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Recruit Holdings Co. Ltd.
        353800R2LRSMVVC4I806
        Recruit Holdings Co. Ltd.
        N/A
        
          
        
        22300.00000000
        NS
        
        885652.53000000
        0.454268800709
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        LVMH Moet Hennessy Louis Vuitton SE
        IOG4E947OATN0KJYSD45
        LVMH Moet Hennessy Louis Vuitton SE
        N/A
        
          
        
        5717.00000000
        NS
        
        2674988.54000000
        1.372054835069
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        BHP Group Ltd.
        WZE1WSENV6JSZFK0JC28
        BHP Group Ltd.
        N/A
        
          
        
        75241.00000000
        NS
        
        1943746.37000000
        0.996986179652
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Mediobanca Banca di Credito Finanziario SpA
        PSNL19R2RXX5U3QWHI44
        Mediobanca Banca di Credito Finanziario SpA
        N/A
        
          
        
        121717.00000000
        NS
        
        953764.62000000
        0.489204846608
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Bayerische Motoren Werke AG
        YEH5ZCD6E441RHVHD759
        Bayerische Motoren Werke AG
        N/A
        
          
        
        13633.00000000
        NS
        
        989444.41000000
        0.507505720668
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        City Developments Ltd.
        254900BPLPJS0RJ72373
        City Developments Ltd.
        N/A
        
          
        
        2800.00000000
        NS
        
        15762.52000000
        0.008084910068
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Komatsu Ltd.
        5493004LQ0B4T7QPQV17
        Komatsu Ltd.
        N/A
        
          
        
        24000.00000000
        NS
        
        527113.26000000
        0.270366876791
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Royal Dutch Shell plc
        21380068P1DRHMJ8KU70
        Royal Dutch Shell plc, Class A
        N/A
        
          
        
        5740.00000000
        NS
        
        72376.64000000
        0.037123418427
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Lundin Energy AB
        549300IULC8F8IGXKI15
        Lundin Energy AB
        N/A
        
          
        
        2714.00000000
        NS
        
        53820.86000000
        0.027605789739
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        LEG Immobilien AG
        391200SO40AKONBO0Z96
        LEG Immobilien AG
        N/A
        
          
        
        3004.00000000
        NS
        
        428186.93000000
        0.219625594216
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        SES SA
        5493008JPA4HYMH1HX51
        SES SA
        N/A
        
          
        
        6342.00000000
        NS
        
        44897.47000000
        0.023028805497
        Long
        EC
        CORP
        LU
        N
        
        2
        
          N
          N
          N
        
      
      
        BNP Paribas SA
        R0MUWSFPU8MPRO8K5P83
        BNP Paribas SA
        N/A
        
          
        
        12945.00000000
        NS
        
        468279.59000000
        0.240189917084
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        E.ON SE
        Q9MAIUP40P25UFBFG033
        E.ON SE
        N/A
        
          
        
        51998.00000000
        NS
        
        573143.64000000
        0.293976774364
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Astellas Pharma, Inc.
        529900IB708DY2HBBB35
        Astellas Pharma, Inc.
        N/A
        
          
        
        7100.00000000
        NS
        
        105836.84000000
        0.054285820622
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Gas Co. Ltd.
        353800678EIJLOQSWZ83
        Tokyo Gas Co. Ltd.
        N/A
        
          
        
        300.00000000
        NS
        
        6846.15000000
        0.003511526523
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Chemical Holdings Corp.
        353800YNKX4RQUGAR072
        Mitsubishi Chemical Holdings Corp.
        N/A
        
          
        
        49900.00000000
        NS
        
        288041.87000000
        0.147742405070
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Paint Holdings Co. Ltd.
        529900RYRJUN78A7PL87
        Nippon Paint Holdings Co. Ltd.
        N/A
        
          
        
        200.00000000
        NS
        
        20589.27000000
        0.010560646160
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Vinci SA
        213800WFQ334R8UXUG83
        Vinci SA
        N/A
        
          
        
        2034.00000000
        NS
        
        169954.09000000
        0.087172833616
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Disco Corp.
        N/A
        Disco Corp.
        N/A
        
          
        
        1500.00000000
        NS
        
        366757.23000000
        0.188117079080
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kyushu Railway Co.
        5299002CCI6HLWAN3K50
        Kyushu Railway Co.
        N/A
        
          
        
        7300.00000000
        NS
        
        156077.58000000
        0.080055295595
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto plc
        213800YOEO5OQ72G2R82
        Rio Tinto plc
        N/A
        
          
        
        11619.00000000
        NS
        
        699144.20000000
        0.358604968087
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Kering SA
        549300VGEJKB7SVUZR78
        Kering SA
        N/A
        
          
        
        1959.00000000
        NS
        
        1299488.47000000
        0.666533486674
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Alfresa Holdings Corp.
        N/A
        Alfresa Holdings Corp.
        N/A
        
          
        
        10500.00000000
        NS
        
        229979.46000000
        0.117961039960
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bayer AG
        549300J4U55H3WP1XT59
        Bayer AG (Registered)
        N/A
        
          
        
        24038.00000000
        NS
        
        1482994.02000000
        0.760657133701
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Canon, Inc.
        529900JH1GSC035SSP77
        Canon, Inc.
        N/A
        
          
        
        34600.00000000
        NS
        
        573894.92000000
        0.294362120821
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        FANUC Corp.
        529900QTSW745LOKW705
        FANUC Corp.
        N/A
        
          
        
        3400.00000000
        NS
        
        652512.95000000
        0.334686872338
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sysmex Corp.
        5299001ZO4CKWACMZI55
        Sysmex Corp.
        N/A
        
          
        
        4200.00000000
        NS
        
        401864.34000000
        0.206124214176
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Airbus SE
        MINO79WLOO247M1IL051
        Airbus SE
        N/A
        
          
        
        8681.00000000
        NS
        
        629595.00000000
        0.322931799881
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        adidas AG
        549300JSX0Z4CW0V5023
        adidas AG
        N/A
        
          
        
        1494.00000000
        NS
        
        482475.70000000
        0.247471384303
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Compass Group plc
        2138008M6MH9OZ6U2T68
        Compass Group plc
        N/A
        
          
        
        10439.00000000
        NS
        
        156812.29000000
        0.080432142970
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        National Grid plc
        8R95QZMKZLJX5Q2XR704
        National Grid plc
        N/A
        
          
        
        40758.00000000
        NS
        
        468152.87000000
        0.240124919875
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Puma SE
        529900GRZ2BQY5ZM9N49
        Puma SE
        N/A
        
          
        
        2764.00000000
        NS
        
        248470.23000000
        0.127445323725
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        ITOCHU Corp.
        J48DJYXDTLHM30UMYI18
        ITOCHU Corp.
        N/A
        
          
        
        55800.00000000
        NS
        
        1428805.97000000
        0.732863004906
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Red Electrica Corp. SA
        5493009HMD0C90GUV498
        Red Electrica Corp. SA
        N/A
        
          
        
        45811.00000000
        NS
        
        859201.82000000
        0.440701705373
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Amadeus IT Group SA
        9598004A3FTY3TEHHN09
        Amadeus IT Group SA
        N/A
        
          
        
        169.00000000
        NS
        
        9385.59000000
        0.004814055816
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Fresenius SE & Co. KGaA
        XDFJ0CYCOO1FXRFTQS51
        Fresenius SE & Co. KGaA
        N/A
        
          
        
        3801.00000000
        NS
        
        172847.93000000
        0.088657141719
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nikon Corp.
        549300X7LIS9RFELXJ98
        Nikon Corp.
        654111103
        
          
        
        5600.00000000
        NS
        
        37786.94000000
        0.019381673212
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Marui Group Co. Ltd.
        52990081ZYFHQZEEMU57
        Marui Group Co. Ltd.
        N/A
        
          
        
        5200.00000000
        NS
        
        99784.25000000
        0.051181326809
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ryohin Keikaku Co. Ltd.
        549300PMNF56J66BY371
        Ryohin Keikaku Co. Ltd.
        N/A
        
          
        
        1000.00000000
        NS
        
        16616.42000000
        0.008522892364
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong Exchanges & Clearing Ltd.
        213800YTVSXYQN17BW16
        Hong Kong Exchanges & Clearing Ltd.
        N/A
        
          
        
        22396.00000000
        NS
        
        1054257.87000000
        0.540749833621
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Metals Ltd.
        N/A
        Hitachi Metals Ltd.
        N/A
        
          
        
        6700.00000000
        NS
        
        103314.61000000
        0.052992118681
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Dassault Systemes SE
        96950065LBWY0APQIM86
        Dassault Systemes SE
        N/A
        
          
        
        1122.00000000
        NS
        
        209345.16000000
        0.107377297016
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        USS Co. Ltd.
        5299000RRQD6UZXG4W72
        USS Co. Ltd.
        N/A
        
          
        
        57500.00000000
        NS
        
        1028869.58000000
        0.527727674637
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Odakyu Electric Railway Co. Ltd.
        N/A
        Odakyu Electric Railway Co. Ltd.
        N/A
        
          
        
        300.00000000
        NS
        
        7541.35000000
        0.003868108433
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Post Insurance Co. Ltd.
        54930042SK2Z708BA841
        Japan Post Insurance Co. Ltd.
        N/A
        
          
        
        16700.00000000
        NS
        
        262946.39000000
        0.134870434160
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        MTR Corp. Ltd.
        254900IH4U9NHH9AQM97
        MTR Corp. Ltd.
        N/A
        
          
        
        43533.00000000
        NS
        
        216050.27000000
        0.110816481319
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Stora Enso OYJ
        7437000ZP669LKUTZ738
        Stora Enso OYJ, Class R
        N/A
        
          
        
        3.00000000
        NS
        
        46.96000000
        0.000024086718
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        AGC, Inc.
        JE4WFFEELMVPFZ0G1E77
        AGC, Inc.
        N/A
        
          
        
        11300.00000000
        NS
        
        332100.74000000
        0.170341075946
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Persimmon plc
        213800XI72Y57UWN6F31
        Persimmon plc
        N/A
        
          
        
        30474.00000000
        NS
        
        971158.08000000
        0.498126298246
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens Healthineers AG
        529900QBVWXMWANH7H45
        Siemens Healthineers AG
        N/A
        
          
        
        3648.00000000
        NS
        
        163753.09000000
        0.083992217361
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Otsuka Corp.
        529900RG9DJ58J3UIE72
        Otsuka Corp.
        N/A
        
          
        
        5400.00000000
        NS
        
        275947.34000000
        0.141538880040
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sampo OYJ
        743700UF3RL386WIDA22
        Sampo OYJ, Class A
        N/A
        
          
        
        26278.00000000
        NS
        
        1040684.37000000
        0.533787715456
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        TOPIX Index
        N/A
        
          
          
        
        2.00000000
        NC
        
        4798.41000000
        0.002461199942
        N/A
        DE
        
        JP
        N
        
        1
        
          
            
              Japan Securities Clearing
              549300JHM7D8P3TS4S86
            
            Long
            
              
                TOPIX Index
                JP9010100007
              
            
            2020-12-10
            32510000.00000000
            JPY
            4798.41000000
          
        
        
          N
          N
          N
        
      
      
        Telefonica Deutschland Holding AG
        391200ECRPJ3SWQJUM30
        Telefonica Deutschland Holding AG
        N/A
        
          
        
        223703.00000000
        NS
        
        571728.66000000
        0.293251002974
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Kirin Holdings Co. Ltd.
        353800GBVL72LLMTYM96
        Kirin Holdings Co. Ltd.
        497350108
        
          
        
        38100.00000000
        NS
        
        715617.29000000
        0.367054343643
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        GlaxoSmithKline plc
        5493000HZTVUYLO1D793
        GlaxoSmithKline plc
        37733W105
        
          
        
        66686.00000000
        NS
        USD
        2510061.04000000
        1.287460239456
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Makita Corp.
        529900CDR9E94BCM6294
        Makita Corp.
        N/A
        
          
        
        2100.00000000
        NS
        
        100504.53000000
        0.051550772749
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        STMicroelectronics NV
        213800Z8NOHIKRI42W10
        STMicroelectronics NV
        N/A
        
          
        
        31901.00000000
        NS
        
        978404.20000000
        0.501842977339
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Fortescue Metals Group Ltd.
        529900VEJFORCO6I4826
        Fortescue Metals Group Ltd.
        N/A
        
          
        
        19189.00000000
        NS
        
        225432.95000000
        0.115629044538
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Vonovia SE
        5299005A2ZEP6AP7KM81
        Vonovia SE
        N/A
        
          
        
        20371.00000000
        NS
        
        1396493.01000000
        0.716289044928
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Valeo SA
        5493006IH2N2WMIBB742
        Valeo SA
        N/A
        
          
        
        2233.00000000
        NS
        
        68571.43000000
        0.035171650521
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke Ahold Delhaize NV
        724500C9GNBV20UYRX36
        Koninklijke Ahold Delhaize NV
        N/A
        
          
        
        1708.00000000
        NS
        
        50484.95000000
        0.025894735139
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Coloplast A/S
        529900NN7SOJ5QG82X67
        Coloplast A/S, Class B
        N/A
        
          
        
        6157.00000000
        NS
        
        975817.24000000
        0.500516074093
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Fisher & Paykel Healthcare Corp. Ltd.
        N/A
        Fisher & Paykel Healthcare Corp. Ltd.
        N/A
        
          
        
        15114.00000000
        NS
        
        333574.14000000
        0.171096812116
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Aurizon Holdings Ltd.
        5299005PC1O6NOWL3H48
        Aurizon Holdings Ltd.
        N/A
        
          
        
        433276.00000000
        NS
        
        1332918.09000000
        0.683680203779
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Honda Motor Co. Ltd.
        549300P7ZYCQJ36CCS16
        Honda Motor Co. Ltd.
        N/A
        
          
        
        1200.00000000
        NS
        
        28496.74000000
        0.014616544824
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        NEC Corp.
        5493000QYMPFRTEY4K28
        NEC Corp.
        N/A
        
          
        
        1300.00000000
        NS
        
        76041.92000000
        0.039003413451
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        St James's Place plc
        213800M993ICXOMBCP87
        St James's Place plc
        N/A
        
          
        
        9344.00000000
        NS
        
        112412.04000000
        0.057658371501
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        FTSE 100 Index
        N/A
        
          
          
        
        3.00000000
        NC
        
        -6815.06000000
        -0.00349557984
        N/A
        DE
        
        GB
        
        N
        
        1
        
          
            
              ICE Clear Europe
              5R6J7JCQRIPQR1EEP713
            
            Long
            
              
                FTSE 100 Index
                GB0001383545
              
            
            2020-12-18
            175245.00000000
            GBP
            -6815.06000000
          
        
        
          N
          N
          N
        
      
      
        Panasonic Corp.
        254900GE1G59KGWPHX32
        Panasonic Corp.
        N/A
        
          
        
        55400.00000000
        NS
        
        471901.49000000
        0.242047661643
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Real Estate Holdings, Inc.
        N/A
        Nomura Real Estate Holdings, Inc.
        N/A
        
          
        
        3700.00000000
        NS
        
        70415.41000000
        0.036117464545
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Link REIT
        529900XUE70U36QX5M62
        Link REIT
        N/A
        
          
        
        212657.00000000
        NS
        
        1742593.62000000
        0.893810932693
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        ABB Ltd.
        5493000LKVGOO9PELI61
        ABB Ltd. (Registered)
        N/A
        
          
        
        17232.00000000
        NS
        
        438103.87000000
        0.224712190017
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Telefonaktiebolaget LM Ericsson
        549300W9JLPW15XIFM52
        Telefonaktiebolaget LM Ericsson, Class B
        N/A
        
          
        
        1.00000000
        NS
        
        10.94000000
        0.000005611343
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Royal Dutch Shell plc
        21380068P1DRHMJ8KU70
        Royal Dutch Shell plc, Class A
        N/A
        
          
        
        36240.00000000
        NS
        
        452396.19000000
        0.232043005259
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Snam SpA
        8156002278562044AF79
        Snam SpA
        N/A
        
          
        
        110623.00000000
        NS
        
        568909.06000000
        0.291804774045
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Electrolux AB
        549300Y3HHZB1ZGFPJ93
        Electrolux AB, Series B
        N/A
        
          
        
        8614.00000000
        NS
        
        200799.86000000
        0.102994242657
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Bridgestone Corp.
        549300DHPOF90OYYD780
        Bridgestone Corp.
        N/A
        
          
        
        53100.00000000
        NS
        
        1678446.19000000
        0.860908439777
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Materials Corp.
        35380076QOBOSOUBRT89
        Mitsubishi Materials Corp.
        N/A
        
          
        
        100.00000000
        NS
        
        1970.67000000
        0.001010795845
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shiseido Co. Ltd.
        5299008QCD0YDT5OF506
        Shiseido Co. Ltd.
        N/A
        
          
        
        4300.00000000
        NS
        
        248926.90000000
        0.127679558852
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sartorius AG
        529900EQV2DY4FOAMU38
        Sartorius AG (Preference)
        N/A
        
          
        
        689.00000000
        NS
        
        282403.54000000
        0.144850393451
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke KPN NV
        549300YO0JZHAL7FVP81
        Koninklijke KPN NV
        N/A
        
          
        
        46739.00000000
        NS
        
        109664.58000000
        0.056249144613
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Singapore Technologies Engineering Ltd.
        254900OEXGGWCR24DG90
        Singapore Technologies Engineering Ltd.
        N/A
        
          
        
        211200.00000000
        NS
        
        538205.46000000
        0.276056286825
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Hirose Electric Co. Ltd.
        N/A
        Hirose Electric Co. Ltd.
        N/A
        
          
        
        1916.00000000
        NS
        
        247557.52000000
        0.126977176610
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Chugoku Electric Power Co., Inc. (The)
        353800MV866ELME96Q46
        Chugoku Electric Power Co., Inc. (The)
        N/A
        
          
        
        31100.00000000
        NS
        
        388837.72000000
        0.199442601643
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        JSR Corp.
        353800TL8FC0AWR22506
        JSR Corp.
        N/A
        
          
        
        6400.00000000
        NS
        
        152116.16000000
        0.078023404474
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kao Corp.
        353800HM38HFCB8RGL63
        Kao Corp.
        N/A
        
          
        
        7100.00000000
        NS
        
        533002.43000000
        0.273387549236
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Coca-Cola HBC AG
        549300EFP3TNG7JGVE49
        Coca-Cola HBC AG
        N/A
        
          
        
        40278.00000000
        NS
        
        994578.14000000
        0.510138912909
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        APA Group
        549300T9RBSX164T8H40
        APA Group
        N/A
        
          
        
        51152.00000000
        NS
        
        380247.75000000
        0.195036635152
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Sino Land Co. Ltd.
        529900G5P51053HJVZ92
        Sino Land Co. Ltd.
        N/A
        
          
        
        22902.00000000
        NS
        
        26811.52000000
        0.013752161963
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Publicis Groupe SA
        2138004KW8BV57III342
        Publicis Groupe SA
        N/A
        
          
        
        4227.00000000
        NS
        
        136236.08000000
        0.069878195543
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Zurich Insurance Group AG
        529900QVNRBND50TXP03
        Zurich Insurance Group AG
        N/A
        
          
        
        7814.00000000
        NS
        
        2724861.33000000
        1.397635581168
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Gjensidige Forsikring ASA
        5967007LIEEXZX6FAO47
        Gjensidige Forsikring ASA
        N/A
        
          
        
        58.00000000
        NS
        
        1177.09000000
        0.000603752876
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Yara International ASA
        213800WKOUWXWFJ5Z514
        Yara International ASA
        N/A
        
          
        
        10206.00000000
        NS
        
        392724.49000000
        0.201436203294
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Daiwa Securities Group, Inc.
        353800WRC7Y23PWFJG38
        Daiwa Securities Group, Inc.
        N/A
        
          
        
        132700.00000000
        NS
        
        558125.00000000
        0.286273415146
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daito Trust Construction Co. Ltd.
        353800QQ4DRI3KXS3038
        Daito Trust Construction Co. Ltd.
        N/A
        
          
        
        8200.00000000
        NS
        
        726887.50000000
        0.372835058548
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EQT AB
        213800U7P9GOIRKCTB34
        EQT AB
        N/A
        
          
        
        3158.00000000
        NS
        
        61279.61000000
        0.031431530989
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Casio Computer Co. Ltd.
        353800JRMIABSXKHV344
        Casio Computer Co. Ltd.
        N/A
        
          
        
        7900.00000000
        NS
        
        127919.08000000
        0.065612240795
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
        529900MUF4C20K50JS49
        Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)
        N/A
        
          
        
        2.00000000
        NS
        
        508.43000000
        0.000260783861
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hoya Corp.
        353800X4VR3BHEUCJB42
        Hoya Corp.
        N/A
        
          
        
        3500.00000000
        NS
        
        395207.16000000
        0.202709614124
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sonic Healthcare Ltd.
        549300NQQ5L2NONWR862
        Sonic Healthcare Ltd.
        N/A
        
          
        
        13841.00000000
        NS
        
        328684.93000000
        0.168589039047
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Wm Morrison Supermarkets plc
        213800IN6LSRGTZSOS29
        Wm Morrison Supermarkets plc
        N/A
        
          
        
        7360.00000000
        NS
        
        16154.73000000
        0.008286082379
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Bandai Namco Holdings, Inc.
        N/A
        Bandai Namco Holdings, Inc.
        N/A
        
          
        
        2300.00000000
        NS
        
        168521.17000000
        0.086437860444
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ABC-Mart, Inc.
        353800AXWW4CMTSJWL33
        ABC-Mart, Inc.
        N/A
        
          
        
        2400.00000000
        NS
        
        124958.98000000
        0.064093946620
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens AG
        W38RGI023J3WT1HWRP32
        Siemens AG (Registered)
        N/A
        
          
        
        15036.00000000
        NS
        
        1898883.05000000
        0.973974890368
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Ltd.
        549300T6IPOCDWLKC615
        Hitachi Ltd.
        N/A
        
          
        
        1400.00000000
        NS
        
        47403.24000000
        0.024314064777
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EDP - Energias de Portugal SA
        529900CLC3WDMGI9VH80
        EDP - Energias de Portugal SA
        N/A
        
          
        
        80161.00000000
        NS
        
        394146.35000000
        0.202165503573
        Long
        EC
        CORP
        PT
        N
        
        2
        
          N
          N
          N
        
      
      
        WPP plc
        549300LSGBXPYHXGDT93
        WPP plc
        N/A
        
          
        
        2770.00000000
        NS
        
        21755.46000000
        0.011158808210
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        UBS Group AG
        549300SZJ9VS8SGXAN81
        UBS Group AG (Registered)
        N/A
        
          
        
        42706.00000000
        NS
        
        477150.08000000
        0.244739767863
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Metal Mining Co. Ltd.
        353800CF81IXL9974H84
        Sumitomo Metal Mining Co. Ltd.
        N/A
        
          
        
        4200.00000000
        NS
        
        130260.02000000
        0.066812955489
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bouygues SA
        969500MOCLNQFNZN0D63
        Bouygues SA
        N/A
        
          
        
        12106.00000000
        NS
        
        418339.10000000
        0.214574446309
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Exchange Group, Inc.
        353800578ADEGIJTVW07
        Japan Exchange Group, Inc.
        N/A
        
          
        
        14200.00000000
        NS
        
        398001.62000000
        0.204142948248
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ACS Actividades de Construccion y Servicios SA
        95980020140005558665
        ACS Actividades de Construccion y Servicios SA
        N/A
        
          
        
        5596.00000000
        NS
        
        126495.76000000
        0.064882191653
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Asahi Kasei Corp.
        353800GPI4Z3MGDGN142
        Asahi Kasei Corp.
        N/A
        
          
        
        27000.00000000
        NS
        
        235538.08000000
        0.120812166734
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Omron Corp.
        549300ZHW0TR2QZ0NY83
        Omron Corp.
        N/A
        
          
        
        2300.00000000
        NS
        
        179828.07000000
        0.092237394379
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Trend Micro, Inc.
        3538005O5UJ5RNAGVE16
        Trend Micro, Inc.
        N/A
        
          
        
        2800.00000000
        NS
        
        170628.36000000
        0.087518680112
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Evraz plc
        5493005B7DAN39RXLK23
        Evraz plc
        N/A
        
          
        
        104182.00000000
        NS
        
        463910.93000000
        0.237949144465
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ICL Group Ltd.
        529900FQVQD88SHIGM04
        ICL Group Ltd.
        N/A
        
          
        
        13689.00000000
        NS
        
        48370.93000000
        0.024810412228
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        Sony Corp.
        529900R5WX9N2OI2N910
        Sony Corp.
        N/A
        
          
        
        7500.00000000
        NS
        
        574815.26000000
        0.294834181515
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Air Liquide SA
        969500MMPQVHK671GT54
        Air Liquide SA
        N/A
        
          
        
        7477.00000000
        NS
        
        1185177.27000000
        0.607900998229
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Infineon Technologies AG
        TSI2PJM6EPETEQ4X1U25
        Infineon Technologies AG
        N/A
        
          
        
        8731.00000000
        NS
        
        246090.19000000
        0.126224553863
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Peugeot SA
        969500TZ5950IT5FPQ42
        Peugeot SA
        N/A
        
          
        
        26637.00000000
        NS
        
        483047.64000000
        0.247764743706
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        HOCHTIEF AG
        529900Y25S8NZIYTT924
        HOCHTIEF AG
        N/A
        
          
        
        17208.00000000
        NS
        
        1335849.23000000
        0.685183643794
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Naturgy Energy Group SA
        TL2N6M87CW970S5SV098
        Naturgy Energy Group SA
        N/A
        
          
        
        8298.00000000
        NS
        
        166413.71000000
        0.085356902286
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Takeda Pharmaceutical Co. Ltd.
        549300ZLMVP4X0OGR454
        Takeda Pharmaceutical Co. Ltd.
        N/A
        
          
        
        38200.00000000
        NS
        
        1365380.17000000
        0.700330650372
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EMS-Chemie Holding AG
        529900G1XFTGSE0DIX60
        EMS-Chemie Holding AG (Registered)
        N/A
        
          
        
        358.00000000
        NS
        
        321650.62000000
        0.164981001516
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Akzo Nobel NV
        724500XYIJUGXAA5QD70
        Akzo Nobel NV
        N/A
        
          
        
        1.00000000
        NS
        
        101.07000000
        0.000051840813
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Anglo American plc
        549300S9XF92D1X8ME43
        Anglo American plc
        N/A
        
          
        
        2.00000000
        NS
        
        48.39000000
        0.000024820193
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Galp Energia SGPS SA
        2138003319Y7NM75FG53
        Galp Energia SGPS SA
        N/A
        
          
        
        14664.00000000
        NS
        
        136015.78000000
        0.069765199291
        Long
        EC
        CORP
        PT
        N
        
        2
        
          N
          N
          N
        
      
      
        Tryg A/S
        213800ZRS8AC4LSTCE39
        Tryg A/S
        N/A
        
          
        
        12480.00000000
        NS
        
        392901.36000000
        0.201526923436
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Pola Orbis Holdings, Inc.
        353800E8OIV0XYBABS79
        Pola Orbis Holdings, Inc.
        N/A
        
          
        
        22900.00000000
        NS
        
        431786.80000000
        0.221472039150
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Yamato Holdings Co. Ltd.
        N/A
        Yamato Holdings Co. Ltd.
        N/A
        
          
        
        200.00000000
        NS
        
        5268.49000000
        0.002702313325
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Keppel Corp. Ltd.
        254900SQ7IPDOY6IDW33
        Keppel Corp. Ltd.
        N/A
        
          
        
        45600.00000000
        NS
        
        149371.38000000
        0.076615552210
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Mizuho Financial Group, Inc.
        353800CI5L6DDAN5XZ33
        Mizuho Financial Group, Inc.
        N/A
        
          
        
        27730.00000000
        NS
        
        346116.83000000
        0.177530207325
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        voestalpine AG
        529900ZAXBMQDIWPNB72
        voestalpine AG
        N/A
        
          
        
        2796.00000000
        NS
        
        73691.02000000
        0.037797590075
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Straumann Holding AG
        50670046ML5FVIM60Z37
        Straumann Holding AG (Registered)
        N/A
        
          
        
        103.00000000
        NS
        
        104194.95000000
        0.053443662580
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyu Fudosan Holdings Corp.
        N/A
        Tokyu Fudosan Holdings Corp.
        N/A
        
          
        
        41800.00000000
        NS
        
        180563.86000000
        0.092614795707
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Covestro AG
        3912005AWHKLQ1CPLV11
        Covestro AG
        N/A
        
          
        
        10619.00000000
        NS
        
        526596.79000000
        0.270101969054
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE
        N/A
        
          
        
        19261.00000000
        NS
        
        2999288.31000000
        1.538394638319
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        SSE plc
        549300KI75VYLLMSK856
        SSE plc
        N/A
        
          
        
        42819.00000000
        NS
        
        666442.45000000
        0.341831589984
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsui & Co. Ltd.
        2NRSB4GOU9DD6CNW5R48
        Mitsui & Co. Ltd.
        N/A
        
          
        
        4800.00000000
        NS
        
        82477.53000000
        0.042304365842
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daikin Industries Ltd.
        549300Y7FWSTSHMW5Y57
        Daikin Industries Ltd.
        N/A
        
          
        
        2000.00000000
        NS
        
        369548.67000000
        0.189548864185
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Unilever NV
        549300TK7G7NZTVM1Z30
        Unilever NV
        N/A
        
          
        
        57540.00000000
        NS
        
        3494253.24000000
        1.792271997135
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferrari NV
        549300RIVY5EX8RCON76
        Ferrari NV
        N/A
        
          
        
        2335.00000000
        NS
        
        428516.77000000
        0.219794775714
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Geberit AG
        52990093Z5OHD6T7BS47
        Geberit AG (Registered)
        N/A
        
          
        
        313.00000000
        NS
        
        185178.47000000
        0.094981720973
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Ageas SA/NV
        5493005DJBML6LY3RV36
        Ageas SA/NV
        N/A
        
          
        
        35194.00000000
        NS
        
        1440107.38000000
        0.738659722911
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Wynn Macau Ltd.
        254900NMDQ8ENTHU1I31
        Wynn Macau Ltd.
        N/A
        
          
        
        108800.00000000
        NS
        
        174602.77000000
        0.089557234063
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        Novo Nordisk A/S, Class B
        N/A
        
          
        
        27650.00000000
        NS
        
        1915718.82000000
        0.982610291711
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi UFJ Financial Group, Inc.
        353800V2V8PUY9TK3E06
        Mitsubishi UFJ Financial Group, Inc.
        N/A
        
          
        
        153900.00000000
        NS
        
        614196.21000000
        0.315033454166
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Spark New Zealand Ltd.
        529900HUN51H3Y7QBB66
        Spark New Zealand Ltd.
        N/A
        
          
        
        256995.00000000
        NS
        
        801902.30000000
        0.411311641719
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Telenor ASA
        549300IM1QSBY4SLPM26
        Telenor ASA
        N/A
        
          
        
        17663.00000000
        NS
        
        296540.07000000
        0.152101300903
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Hennes & Mauritz AB
        529900O5RR7R39FRDM42
        Hennes & Mauritz AB, Class B
        N/A
        
          
        
        6276.00000000
        NS
        
        108122.66000000
        0.055458263172
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        NTT DOCOMO, Inc.
        353800TVPXCGWDZIIU09
        NTT DOCOMO, Inc.
        N/A
        
          
        
        6400.00000000
        NS
        
        235175.18000000
        0.120626028105
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Endesa SA
        549300LHK07F2CHV4X31
        Endesa SA
        N/A
        
          
        
        101367.00000000
        NS
        
        2711364.77000000
        1.390712927060
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        RELX plc
        549300WSX3VBUFFJOO66
        RELX plc
        N/A
        
          
        
        17073.00000000
        NS
        
        380012.10000000
        0.194915765579
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        M3, Inc.
        N/A
        M3, Inc.
        N/A
        
          
        
        7700.00000000
        NS
        
        476293.24000000
        0.244300277582
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Chemical Co. Ltd.
        353800RSAU9BD8U4DM91
        Sumitomo Chemical Co. Ltd.
        N/A
        
          
        
        22900.00000000
        NS
        
        75798.52000000
        0.038878568749
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        DNB ASA
        5967007LIEEXZX78M803
        DNB ASA
        N/A
        
          
        
        14865.00000000
        NS
        
        207078.67000000
        0.106214769209
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokio Marine Holdings, Inc.
        5299009QN2NZ191KLS29
        Tokio Marine Holdings, Inc.
        N/A
        
          
        
        10900.00000000
        NS
        
        476924.85000000
        0.244624242916
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        MSCI Singapore Index
        N/A
        
          
          
        
        1.00000000
        NC
        
        -83.00000000
        -0.00004257235
        N/A
        DE
        
        SG
        N
        
        1
        
          
            
              Singapore Exchange Derivatives Clearing
              549300ZLWT3FK3F0FW61
            
            Long
            
              
                MSCI Singapore Index
                SIMSCI Index
              
            
            2020-10-29
            28270.00000000
            SGD
            -83.00000000
          
        
        
          N
          N
          N
        
      
      
        Telefonica SA
        549300EEJH4FEPDBBR25
        Telefonica SA
        879382109
        
          
        
        57354.00000000
        NS
        
        196470.18000000
        0.100773463656
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Safran SA
        969500UIC89GT3UL7L24
        Safran SA
        N/A
        
          
        
        3760.00000000
        NS
        
        369935.62000000
        0.189747338538
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        CSL Ltd.
        529900ECSECK5ZDQTE14
        CSL Ltd.
        N/A
        
          
        
        1390.00000000
        NS
        
        287127.88000000
        0.147273601417
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Seven Bank Ltd.
        N/A
        Seven Bank Ltd.
        N/A
        
          
        
        67800.00000000
        NS
        
        164316.78000000
        0.084281345176
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Seiko Epson Corp.
        549300NIOFQDR749W206
        Seiko Epson Corp.
        N/A
        
          
        
        17100.00000000
        NS
        
        196654.23000000
        0.100867866562
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pernod Ricard SA
        52990097YFPX9J0H5D87
        Pernod Ricard SA
        N/A
        
          
        
        2445.00000000
        NS
        
        389820.94000000
        0.199946914740
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Enagas SA
        213800OU3FQKGM4M2U23
        Enagas SA
        N/A
        
          
        
        26583.00000000
        NS
        
        613353.21000000
        0.314601062696
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Worldline SA
        549300CJMQNCA0U4TS33
        Worldline SA
        N/A
        
          
        
        2168.00000000
        NS
        
        177522.90000000
        0.091055026830
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Danske Bank A/S
        MAES062Z21O4RZ2U7M96
        Danske Bank A/S
        N/A
        
          
        
        1.00000000
        NS
        
        13.53000000
        0.000006939806
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        N/A
        
          
        
        9484.00000000
        NS
        
        3248654.64000000
        1.666299589561
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        British American Tobacco plc
        213800FKA5MF17RJKT63
        British American Tobacco plc
        N/A
        
          
        
        39051.00000000
        NS
        
        1400810.85000000
        0.718503750958
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Daiichi Sankyo Co. Ltd.
        353800XGIU2IHQGC9504
        Daiichi Sankyo Co. Ltd.
        N/A
        
          
        
        29400.00000000
        NS
        
        902514.27000000
        0.462917522582
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Unilever plc
        549300MKFYEKVRWML317
        Unilever plc
        904767704
        
          
        
        23892.00000000
        NS
        USD
        1473658.56000000
        0.755868790559
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Vodafone Group plc
        213800TB53ELEUKM7Q61
        Vodafone Group plc
        92857W308
        
          
        
        91846.00000000
        NS
        USD
        1232573.32000000
        0.632211375112
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Olympus Corp.
        5299000Y52IFDI1I2A21
        Olympus Corp.
        N/A
        
          
        
        7400.00000000
        NS
        
        153888.50000000
        0.078932472916
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ASM Pacific Technology Ltd.
        529900PYFA1HFYKPT360
        ASM Pacific Technology Ltd.
        N/A
        
          
        
        16700.00000000
        NS
        
        170960.44000000
        0.087689010550
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Tohoku Electric Power Co., Inc.
        353800KTF7EYIIYHY088
        Tohoku Electric Power Co., Inc.
        N/A
        
          
        
        42600.00000000
        NS
        
        426941.48000000
        0.218986778136
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kansai Electric Power Co., Inc. (The)
        353800PFUKP5ONPJNZ86
        Kansai Electric Power Co., Inc. (The)
        N/A
        
          
        
        33100.00000000
        NS
        
        320801.61000000
        0.164545527398
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlas Copco AB
        213800T8PC8Q4FYJZR07
        Atlas Copco AB, Class B
        N/A
        
          
        
        11277.00000000
        NS
        
        470633.60000000
        0.241397335641
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        ZOZO, Inc.
        549300GC7XPQMZA0OW13
        ZOZO, Inc.
        N/A
        
          
        
        3900.00000000
        NS
        
        108828.03000000
        0.055820061476
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shin-Etsu Chemical Co. Ltd.
        353800PX8Q64N86H5W41
        Shin-Etsu Chemical Co. Ltd.
        N/A
        
          
        
        4400.00000000
        NS
        
        575759.06000000
        0.295318275310
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyota Motor Corp.
        5493006W3QUS5LMH6R84
        Toyota Motor Corp.
        N/A
        
          
        
        43820.00000000
        NS
        
        2908334.15000000
        1.491742440326
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        BASF SE
        529900PM64WH8AF1E917
        BASF SE
        N/A
        
          
        
        4220.00000000
        NS
        
        256981.44000000
        0.131810892645
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Electron Ltd.
        549300H5LSF8DP3RIJ34
        Tokyo Electron Ltd.
        N/A
        
          
        
        4800.00000000
        NS
        
        1254022.64000000
        0.643213158026
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Erste Group Bank AG
        PQOH26KWDF7CG10L6792
        Erste Group Bank AG
        N/A
        
          
        
        3643.00000000
        NS
        
        76285.91000000
        0.039128560776
        Long
        EC
        CORP
        AT
        N
        
        2
        
          N
          N
          N
        
      
      
        Kakaku.com, Inc.
        353800KA15Y0DCPWYY65
        Kakaku.com, Inc.
        N/A
        
          
        
        9300.00000000
        NS
        
        245184.32000000
        0.125759915120
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bank Leumi Le-Israel BM
        7JDSZWRGUQY2DSTWCR57
        Bank Leumi Le-Israel BM
        N/A
        
          
        
        107511.00000000
        NS
        
        473302.86000000
        0.242766452193
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        Anheuser-Busch InBev SA/NV
        5493008H3828EMEXB082
        Anheuser-Busch InBev SA/NV
        N/A
        
          
        
        13237.00000000
        NS
        
        712686.06000000
        0.365550857466
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Kajima Corp.
        N/A
        Kajima Corp.
        N/A
        
          
        
        12400.00000000
        NS
        
        149397.92000000
        0.076629165104
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Segro plc
        213800XC35KGM9NFC641
        Segro plc
        N/A
        
          
        
        22052.00000000
        NS
        
        265011.12000000
        0.135929475250
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Wix.com Ltd.
        5493008P6N29Q1AG9464
        Wix.com Ltd.
        N/A
        
          
        
        715.00000000
        NS
        USD
        182217.75000000
        0.093463108788
        Long
        EC
        CORP
        IL
        N
        
        1
        
          N
          N
          N
        
      
      
        Kone OYJ
        2138001CNF45JP5XZK38
        Kone OYJ, Class B
        N/A
        
          
        
        7102.00000000
        NS
        
        623580.53000000
        0.319846858574
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Advantest Corp.
        353800EMK32PDKS9XR54
        Advantest Corp.
        N/A
        
          
        
        2400.00000000
        NS
        
        116737.45000000
        0.059876960335
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Partners Group Holding AG
        549300I3IVVWZWDHI788
        Partners Group Holding AG
        N/A
        
          
        
        1163.00000000
        NS
        
        1069732.11000000
        0.548686879142
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Park24 Co. Ltd.
        549300LFG2WZWCWM4M68
        Park24 Co. Ltd.
        N/A
        
          
        
        16100.00000000
        NS
        
        261393.94000000
        0.134074151672
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Atlas Copco AB
        213800T8PC8Q4FYJZR07
        Atlas Copco AB, Class A
        N/A
        
          
        
        4320.00000000
        NS
        
        205972.40000000
        0.105647341319
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Yamaha Corp.
        529900S5TENP3IJS7S02
        Yamaha Corp.
        N/A
        
          
        
        3000.00000000
        NS
        
        143882.49000000
        0.073800191340
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bayerische Motoren Werke AG
        YEH5ZCD6E441RHVHD759
        Bayerische Motoren Werke AG (Preference)
        N/A
        
          
        
        18035.00000000
        NS
        
        985655.75000000
        0.505562441587
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        Nikkei 225 Index
        N/A
        
          
          
        
        -74.00000000
        NC
        
        -505191.30000000
        -0.25912266741
        N/A
        DE
        
        JP
        N
        
        1
        
          
            
              Japan Securities Clearing
              549300JHM7D8P3TS4S86
            
            Call
            Written
            
              
                Nikkei 225 Index
                JP9010C00002
              
            
            1000.00000000
            23500.00000000
            JPY
            2020-12-11
            XXXX
            49410.05000000
          
        
        
          N
          N
          N
        
      
      
        Dai-ichi Life Holdings, Inc.
        549300ZUFXI7JXZVTZ25
        Dai-ichi Life Holdings, Inc.
        N/A
        
          
        
        1500.00000000
        NS
        
        21165.52000000
        0.010856216248
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        L'Oreal SA
        529900JI1GG6F7RKVI53
        L'Oreal SA
        N/A
        
          
        
        2385.00000000
        NS
        
        776148.47000000
        0.398101989997
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Prologis REIT, Inc.
        353800PHBMSDLAFURY41
        Nippon Prologis REIT, Inc.
        N/A
        
          
        
        67.00000000
        NS
        
        225942.05000000
        0.115890172055
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Adecco Group AG
        NI14Y5UMU60O7JE9P611
        Adecco Group AG (Registered)
        N/A
        
          
        
        17824.00000000
        NS
        
        940489.53000000
        0.482395788869
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        AGL Energy Ltd.
        549300QAZ8A74DEDXO80
        AGL Energy Ltd.
        N/A
        
          
        
        80836.00000000
        NS
        
        789309.30000000
        0.404852441510
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto plc
        213800YOEO5OQ72G2R82
        Rio Tinto plc
        767204100
        
          
        
        45276.00000000
        NS
        USD
        2734217.64000000
        1.402434618689
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GEA Group AG
        549300PHUU0ZZWO8EO07
        GEA Group AG
        N/A
        
          
        
        808.00000000
        NS
        
        28310.86000000
        0.014521203275
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Orkla ASA
        549300PZS8G8RG6RVZ52
        Orkla ASA
        N/A
        
          
        
        9167.00000000
        NS
        
        92517.74000000
        0.047454189279
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        SPI 200 Index
        N/A
        
          
          
        
        1.00000000
        NC
        
        -1569.23000000
        -0.00080488928
        N/A
        DE
        
        AU
        N
        
        1
        
          
            
              ASX Clear (Futures)
              549300ZD7BBOVZFVHK49
            
            Long
            
              
                SPI 200 Index
                XC0006013624
              
            
            2020-12-17
            145050.00000000
            AUD
            -1569.23000000
          
        
        
          N
          N
          N
        
      
      
        Kikkoman Corp.
        529900T9K5UH9HXOND47
        Kikkoman Corp.
        N/A
        
          
        
        6400.00000000
        NS
        
        355032.44000000
        0.182103201050
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hino Motors Ltd.
        3538009ZU0PHKNHJM202
        Hino Motors Ltd.
        433406105
        
          
        
        30400.00000000
        NS
        
        197256.87000000
        0.101176972606
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens Energy AG
        N/A
        Siemens Energy AG
        N/A
        
          
        
        7518.00000000
        NS
        
        202733.02000000
        0.103985798877
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Galaxy Entertainment Group Ltd.
        549300ZSEBV3HR826S10
        Galaxy Entertainment Group Ltd.
        N/A
        
          
        
        53000.00000000
        NS
        
        358317.06000000
        0.183787947989
        Long
        EC
        CORP
        HK
        
        N
        
        2
        
          N
          N
          N
        
      
      
        NSK Ltd.
        353800FVQK6SULSPBC69
        NSK Ltd.
        N/A
        
          
        
        50900.00000000
        NS
        
        389606.78000000
        0.199837067815
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nordea Bank Abp
        529900ODI3047E2LIV03
        Nordea Bank Abp
        N/A
        
          
        
        298364.00000000
        NS
        
        2267188.61000000
        1.162886138706
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Obic Co. Ltd.
        N/A
        Obic Co. Ltd.
        N/A
        
          
        
        2600.00000000
        NS
        
        457242.97000000
        0.234529015137
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Yaskawa Electric Corp.
        3538003K39GR98R0CK58
        Yaskawa Electric Corp.
        N/A
        
          
        
        1900.00000000
        NS
        
        74333.94000000
        0.038127356533
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        BAE Systems plc
        8SVCSVKSGDWMW2QHOH83
        BAE Systems plc
        N/A
        
          
        
        246432.00000000
        NS
        
        1530469.36000000
        0.785008180002
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Corp.
        V82KK8NH1P0JS71FJC05
        Sumitomo Corp.
        N/A
        
          
        
        87000.00000000
        NS
        
        1048741.02000000
        0.537920131510
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Edenred
        9695006LOD5B2D7Y0N70
        Edenred
        N/A
        
          
        
        16716.00000000
        NS
        
        750485.00000000
        0.384938685717
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Singapore Exchange Ltd.
        549300IQ650PPXM76X03
        Singapore Exchange Ltd.
        N/A
        
          
        
        27900.00000000
        NS
        
        188176.24000000
        0.096519336840
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Hermes International
        969500Y4IJGHJE2MTJ13
        Hermes International
        N/A
        
          
        
        61.00000000
        NS
        
        52536.44000000
        0.026946985170
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Volkswagen AG
        529900NNUPAGGOMPXZ31
        Volkswagen AG (Preference)
        N/A
        
          
        
        2710.00000000
        NS
        
        436069.46000000
        0.223668700658
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Holdings, Inc.
        549300B3CEAHYG7K8164
        Nomura Holdings, Inc.
        N/A
        
          
        
        22900.00000000
        NS
        
        104651.43000000
        0.053677800252
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Delivery Hero SE
        529900C3EX1FZGE48X78
        Delivery Hero SE
        N/A
        
          
        
        2137.00000000
        NS
        
        245197.85000000
        0.125766854926
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Coca-Cola European Partners plc
        549300LTH67W4GWMRF57
        Coca-Cola European Partners plc
        N/A
        
          
        
        2455.00000000
        NS
        USD
        95278.55000000
        0.048870263648
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Covivio
        969500P8M3W2XX376054
        Covivio
        N/A
        
          
        
        2181.00000000
        NS
        
        153147.41000000
        0.078552353113
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferrovial SA
        95980020140005757903
        Ferrovial SA
        N/A
        
          
        
        30922.00000000
        NS
        
        751108.42000000
        0.385258450237
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Hang Lung Properties Ltd.
        529900CIVTNMXQT59E61
        Hang Lung Properties Ltd.
        N/A
        
          
        
        98000.00000000
        NS
        
        249759.36000000
        0.128106544146
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Fuji Electric Co. Ltd.
        5299000HVNGZZTYYM906
        Fuji Electric Co. Ltd.
        N/A
        
          
        
        2600.00000000
        NS
        
        82421.70000000
        0.042275729525
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Keyence Corp.
        529900M7PQBS7A89DZ11
        Keyence Corp.
        N/A
        
          
        
        300.00000000
        NS
        
        140243.79000000
        0.071933829726
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        EURO STOXX 50 Index
        N/A
        
          
          
        
        18.00000000
        NC
        
        -25467.30000000
        -0.01306268478
        N/A
        DE
        
        DE
        N
        
        1
        
          
            
              Eurex Clearing
              529900LN3S50JPU47S06
            
            Long
            
              
                EURO STOXX 50 Index
                EU0009658145
              
            
            2020-12-18
            574920.00000000
            EUR
            -25467.30000000
          
        
        
          N
          N
          N
        
      
      
        Aozora Bank Ltd.
        X0XUGKC9FD2CYUQNC010
        Aozora Bank Ltd.
        N/A
        
          
        
        37200.00000000
        NS
        
        617687.42000000
        0.316824165225
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Otsuka Holdings Co. Ltd.
        N/A
        Otsuka Holdings Co. Ltd.
        N/A
        
          
        
        2400.00000000
        NS
        
        101676.77000000
        0.052152037964
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sun Hung Kai Properties Ltd.
        529900LUMD393RD3S874
        Sun Hung Kai Properties Ltd.
        N/A
        
          
        
        500.00000000
        NS
        
        6443.26000000
        0.003304876228
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        MS&AD Insurance Group Holdings, Inc.
        529900CXROT5S2HMMP26
        MS&AD Insurance Group Holdings, Inc.
        N/A
        
          
        
        20200.00000000
        NS
        
        544252.94000000
        0.279158159618
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Prosus NV
        635400Z5LQ5F9OLVT688
        Prosus NV
        N/A
        
          
        
        4910.00000000
        NS
        
        453206.34000000
        0.232458547310
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Chugai Pharmaceutical Co. Ltd.
        529900T9LAII161DCN95
        Chugai Pharmaceutical Co. Ltd.
        N/A
        
          
        
        14800.00000000
        NS
        
        664157.17000000
        0.340659424411
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sands China Ltd.
        549300EVO6UZDGY05787
        Sands China Ltd.
        N/A
        
          
        
        94000.00000000
        NS
        
        364363.89000000
        0.186889487384
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Sompo Holdings, Inc.
        353800CWW4SRGEYEB512
        Sompo Holdings, Inc.
        N/A
        
          
        
        3800.00000000
        NS
        
        131188.00000000
        0.067288934891
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong & China Gas Co. Ltd.
        254900P7BETXGC7YU827
        Hong Kong & China Gas Co. Ltd.
        N/A
        
          
        
        19094.00000000
        NS
        
        27725.22000000
        0.014220816869
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        METRO AG
        5299006EQ03K3SSUYS12
        METRO AG
        N/A
        
          
        
        6608.00000000
        NS
        
        65808.18000000
        0.033754324628
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Commonwealth Bank of Australia
        MSFSBD3QN1GSN7Q6C537
        Commonwealth Bank of Australia
        N/A
        
          
        
        64545.00000000
        NS
        
        2970121.59000000
        1.523434447425
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Sanofi
        549300E9PC51EN656011
        Sanofi
        N/A
        
          
        
        32860.00000000
        NS
        
        3292961.20000000
        1.689025305565
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        N/A
        
          
        
        6456.00000000
        NS
        
        2384672.85000000
        1.223146142488
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        FTSE 100 Index
        N/A
        
          
          
        
        -117.00000000
        NC
        
        -178145.72000000
        -0.09137448359
        N/A
        DE
        
        GB
        
        N
        
        1
        
          
            
              ICE Clear Europe
              5R6J7JCQRIPQR1EEP713
            
            Call
            Written
            
              
                FTSE 100 Index
                GB0001383545
              
            
            10.00000000
            6125.00000000
            GBP
            2020-12-18
            XXXX
            115490.19000000
          
        
        
          N
          N
          N
        
      
      
        Capgemini SE
        96950077L0TN7BAROX36
        Capgemini SE
        N/A
        
          
        
        5936.00000000
        NS
        
        761561.51000000
        0.390620048038
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Hikari Tsushin, Inc.
        3538001SOIIV8U3OXH94
        Hikari Tsushin, Inc.
        N/A
        
          
        
        1300.00000000
        NS
        
        310165.51000000
        0.159090060126
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nippon Express Co. Ltd.
        529900NTHOQWZAW95H82
        Nippon Express Co. Ltd.
        N/A
        
          
        
        6600.00000000
        NS
        
        385130.55000000
        0.197541120404
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Boliden AB
        21380059QU7IM1ONDJ56
        Boliden AB
        N/A
        
          
        
        2920.00000000
        NS
        
        86638.27000000
        0.044438492157
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        SoftBank Corp.
        353800M1YCTS9JRBJ535
        SoftBank Corp.
        N/A
        
          
        
        166500.00000000
        NS
        
        1860527.69000000
        0.954301663230
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kintetsu Group Holdings Co. Ltd.
        N/A
        Kintetsu Group Holdings Co. Ltd.
        N/A
        
          
        
        5200.00000000
        NS
        
        221917.08000000
        0.113825684875
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Clariant AG
        529900VSEKBY7TMPP349
        Clariant AG (Registered)
        N/A
        
          
        
        46489.00000000
        NS
        
        917093.69000000
        0.470395597125
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto Ltd.
        529900X2VMAQT2PE0V24
        Rio Tinto Ltd.
        N/A
        
          
        
        20689.00000000
        NS
        
        1413087.76000000
        0.724800822318
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Prudential plc
        5493001Z3ZE83NGK8Y12
        Prudential plc
        N/A
        
          
        
        26524.00000000
        NS
        
        380574.81000000
        0.195204390732
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Post AG
        8ER8GIG7CSMVD8VUFE78
        Deutsche Post AG (Registered)
        N/A
        
          
        
        43730.00000000
        NS
        
        1984273.69000000
        1.017773448280
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        BHP Group plc
        549300C116EOWV835768
        BHP Group plc
        N/A
        
          
        
        5805.00000000
        NS
        
        123844.77000000
        0.063522446147
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Neles OYJ
        2138007FRMWVPUDCMA45
        Neles OYJ
        N/A
        
          
        
        50367.00000000
        NS
        
        681137.79000000
        0.349369122201
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Jardine Matheson Holdings Ltd.
        2138009KENVUNWOLPK41
        Jardine Matheson Holdings Ltd.
        N/A
        
          
        
        3400.00000000
        NS
        USD
        135155.42000000
        0.069323903532
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
    
    
      2020-10-30
      Goldman Sachs Trust
      Peter Fortner
      Peter Fortner
      Assistant Treasurer
    
  
  XXXX

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.8%
	Automobiles & Components – 0.2%
	139,719	Gentex Corp.	$ 3,597,764
	3,260	Tesla, Inc.^*	1,398,573
	2,072	Thor Industries, Inc.	197,379

			5,193,716

	Banks – 3.7%
	34,900	Credicorp Ltd.	4,327,251
	1,400	Cullen/Frost Bankers, Inc.	89,530
	3,600	First Horizon National Corp.	33,948
	15,500	FNB Corp.	105,090
	753,100	Huntington Bancshares, Inc.	6,905,927
	389,629	JPMorgan Chase & Co.^(a)(b)	37,509,584
	703,999	New York Community Bancorp, Inc.^(b)	5,822,072
	434,000	PacWest Bancorp	7,412,720
	1,053,099	People’s United Financial, Inc.^(b)	10,857,450
	81,400	PNC Financial Services Group, Inc. (The)	8,946,674
	18,700	Synovus Financial Corp.	395,879
	4,400	TCF Financial Corp.	102,784
	198,000	Truist Financial Corp.	7,533,900
	375,700	Umpqua Holdings Corp.	3,989,934
	400	Webster Financial Corp.	10,564

			94,043,307

	Capital Goods – 6.8%
	111,368	3M Co.	17,838,926
	700	Air Lease Corp.	20,594
	1,300	Carlisle Cos., Inc.	159,081
	104,187	Caterpillar, Inc.	15,539,491
	8,565	Crane Co.	429,363
	39,662	Cummins, Inc.	8,375,028
	1,841	Donaldson Co., Inc.	85,459
	147,062	Eaton Corp. plc	15,004,736
	176,061	Emerson Electric Co.	11,544,320
	196,998	Fastenal Co.	8,882,640
	103,224	Honeywell International, Inc.	16,991,703
	14,822	Hubbell, Inc.	2,028,242
	78,550	Illinois Tool Works, Inc.	15,176,645
	226,938	Johnson Controls International plc	9,270,417
	41,101	L3Harris Technologies, Inc.	6,980,594
	600	Lincoln Electric Holdings, Inc.	55,224
	54,334	Lockheed Martin Corp.	20,825,136
	60,400	MSC Industrial Direct Co., Inc. Class A	3,822,112
	2,143	nVent Electric plc	37,910
	18,234	Owens Corning	1,254,682
	199,430	Raytheon Technologies Corp.	11,475,202
	12,552	Timken Co. (The)	680,569
	24,056	Trinity Industries, Inc.	469,092
	4,800	Virgin Galactic Holdings, Inc.^*(c)	92,304
	25,799	Watsco, Inc.	6,008,329
	554	Woodward, Inc.	44,409

			173,092,208

	Commercial & Professional Services – 0.1%
	9,400	CoreLogic, Inc.	636,098
	16	CoStar Group, Inc.^*	13,576
	10,900	ManpowerGroup, Inc.	799,297
	1,100	MSA Safety, Inc.	147,587
	1,784	TransUnion	150,088

			1,746,646



Shares		Description	Value

	Common Stocks – (continued)
	Consumer Durables & Apparel – 1.0%
	2,433	Capri Holdings Ltd.^*	$ 43,794
	33,700	Garmin Ltd.	3,196,782
	66,030	Leggett & Platt, Inc.	2,718,404
	427	Lennar Corp. Class B	28,037
	2,437	Lululemon Athletica, Inc.^*	802,675
	123,100	NIKE, Inc. Class B	15,453,974
	5,769	Tempur Sealy International, Inc.^*	514,537
	57,820	Toll Brothers, Inc.	2,813,521

			25,571,724

	Consumer Services – 1.1%
	11,871	Aramark	313,988
	5,500	Bright Horizons Family Solutions, Inc.^*	836,220
	3,500	Chegg, Inc.^*	250,040
	8,027	Choice Hotels International, Inc.	690,001
	63,302	Extended Stay America, Inc.	756,459
	11,719	Hyatt Hotels Corp. Class A	625,443
	52,137	McDonald’s Corp.	11,443,550
	15,465	Planet Fitness, Inc. Class A^*	952,953
	81,600	Six Flags Entertainment Corp.	1,656,480
	76,800	Starbucks Corp.	6,598,656
	18,477	Wendy’s Co. (The)	411,945
	127,900	Wyndham Destinations, Inc.	3,934,204
	14,043	Wyndham Hotels & Resorts, Inc.	709,171

			29,179,110

	Diversified Financials – 3.1%
	9,698	Ally Financial, Inc.	243,129
	97,060	American Express Co.	9,730,265
	30,800	Apollo Global Management, Inc.	1,378,300
	57,700	Ares Management Corp.	2,332,234
	86,326	Berkshire Hathaway, Inc. Class B^*	18,382,258
	18,200	BlackRock, Inc.	10,256,610
	25,800	Carlyle Group, Inc. (The)	636,486
	42,800	CME Group, Inc.	7,160,868
	37,400	Eaton Vance Corp.	1,426,810
	7,600	Equitable Holdings, Inc.	138,624
	1,110,204	Invesco Ltd.	12,667,427
	3,373	KKR & Co., Inc.	115,829
	2,083	OneMain Holdings, Inc.	65,094
	56,801	Santander Consumer USA Holdings, Inc.	1,033,210
	85,800	T. Rowe Price Group, Inc.	11,001,276
	21,618	TD Ameritrade Holding Corp.	846,345
	118,400	Virtu Financial, Inc. Class A	2,724,384

			80,139,149

	Energy – 1.6%
	237,098	Chevron Corp.	17,071,056
	412,319	Exxon Mobil Corp.^(b)	14,154,911
	445,300	Kinder Morgan, Inc.	5,490,549
	178,400	ONEOK, Inc.	4,634,832

			41,351,348

	Food & Staples Retailing – 1.3%
	26,354	Costco Wholesale Corp.	9,355,670
	136,600	Walgreens Boots Alliance, Inc.	4,906,672
	139,941	Walmart, Inc.	19,579,145

			33,841,487

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Food, Beverage & Tobacco – 3.9%
	318,759	Altria Group, Inc.	$ 12,316,848
	59,900	Bunge Ltd.	2,737,430
	545,000	Coca-Cola Co. (The)^(a)	26,906,650
	93,600	Flowers Foods, Inc.	2,277,288
	185,934	General Mills, Inc.	11,468,409
	1,200	Ingredion, Inc.	90,816
	15,800	Keurig Dr Pepper, Inc.	436,080
	336,300	Kraft Heinz Co. (The)	10,072,185
	194,582	PepsiCo, Inc.	26,969,065
	95,254	Philip Morris International, Inc.	7,143,098

			100,417,869

	Health Care Equipment & Services – 5.9%
	215,942	Abbott Laboratories	23,500,968
	36,379	Anthem, Inc.	9,771,036
	27,268	Becton Dickinson and Co.	6,344,718
	97,900	Cardinal Health, Inc.	4,596,405
	26,368	Change Healthcare, Inc.^*	382,600
	260,578	CVS Health Corp.	15,217,755
	11,001	DexCom, Inc.^*	4,534,942
	33,298	Encompass Health Corp.	2,163,704
	7,143	Envista Holdings Corp.^*	176,289
	100	Guardant Health, Inc.^*	11,178
	8,883	Hill-Rom Holdings, Inc.	741,819
	11,200	Insulet Corp.^*	2,649,808
	256,053	Medtronic plc	26,609,028
	915	Molina Healthcare, Inc.^*	167,482
	800	Novocure Ltd.^*	89,048
	4,341	Penumbra, Inc.^*	843,803
	68,640	Stryker Corp.	14,302,517
	5,000	Tandem Diabetes Care, Inc.^*	567,500
	1,500	Teladoc Health, Inc.^*(c)	328,860
	120,077	UnitedHealth Group, Inc.^(a)	37,436,406

			150,435,866

	Household & Personal Products – 1.9%
	72,798	Kimberly-Clark Corp.	10,749,353
	7,900	Nu Skin Enterprises, Inc. Class A	395,711
	262,098	Procter & Gamble Co. (The)^(a)	36,429,001

			47,574,065

	Insurance – 1.8%
	1,500	Axis Capital Holdings Ltd.	66,060
	4,100	CNA Financial Corp.	122,959
	143,800	Fidelity National Financial, Inc.	4,502,378
	45,800	First American Financial Corp.	2,331,678
	210,199	Mercury General Corp.	8,695,933
	175,001	MetLife, Inc.	6,504,787
	427,306	Old Republic International Corp.	6,298,490
	142,799	Principal Financial Group, Inc.	5,750,516
	199,900	Prudential Financial, Inc.	12,697,648

			46,970,449

	Materials – 3.0%
	49,426	Air Products and Chemicals, Inc.	14,722,028
	7,400	Ashland Global Holdings, Inc.	524,808
	162,249	Dow, Inc.	7,633,815
	7,604	Graphic Packaging Holding Co.	107,140
	50,400	International Flavors & Fragrances, Inc.^(c)	6,171,480
	448,899	International Paper Co.	18,198,366
	72,419	Linde plc	17,245,137
	73,580	Newmont Corp.	4,668,651



Shares		Description	Value

	Common Stocks – (continued)
	Materials – (continued)
	3,799	Reliance Steel & Aluminum Co.	$ 387,650
	15,623	RPM International, Inc.	1,294,209
	15,400	Sonoco Products Co.	786,478
	134,200	Southern Copper Corp.	6,075,234
	2,203	Steel Dynamics, Inc.	63,072
	2,300	W R Grace & Co.	92,667

			77,970,735

	Media & Entertainment – 8.6%
	72,752	Activision Blizzard, Inc.	5,889,274
	32,629	Alphabet, Inc. Class A^*	47,821,062
	18,505	Alphabet, Inc. Class C^*(a)	27,194,948
	542,319	Comcast Corp. Class A	25,087,677
	226,694	Facebook, Inc. Class A^*	59,371,159
	408,901	Interpublic Group of Cos., Inc. (The)	6,816,380
	2,761	Liberty Broadband Corp. Class A^*	391,537
	43,624	Netflix, Inc.^*	21,812,919
	11,493	Nexstar Media Group, Inc. Class A	1,033,566
	145,300	Omnicom Group, Inc.	7,192,350
	10,100	Pinterest, Inc. Class A^*	419,251
	2,328	Roku, Inc.^*	439,526
	64,642	Sirius XM Holdings, Inc.	346,481
	35,000	Snap, Inc. Class A^*	913,850
	39,800	TripAdvisor, Inc.	779,682
	700	ViacomCBS, Inc. Class A	21,203
	85,250	Walt Disney Co. (The)	10,577,820
	2,346	World Wrestling Entertainment, Inc. Class A	94,943
	9,275	Zillow Group, Inc. Class A^*	941,784
	30,202	Zillow Group, Inc. Class C^*	3,068,221

			220,213,633

	Pharmaceuticals, Biotechnology & Life Sciences – 8.2%
	2,200	10X Genomics, Inc. Class A^*	274,296
	305,086	AbbVie, Inc.^(a)(b)	26,722,483
	5,800	Adaptive Biotechnologies Corp.^*	282,054
	7,322	Agios Pharmaceuticals, Inc.^*	256,270
	6,645	Alnylam Pharmaceuticals, Inc.^*	967,512
	69,902	Amgen, Inc.	17,766,292
	1,832	Bio-Techne Corp.	453,841
	888	Bluebird Bio, Inc.^*	47,908
	335,001	Bristol-Myers Squibb Co.^(a)	20,197,210
	7,653	Bruker Corp.	304,207
	6,275	Charles River Laboratories International, Inc.^*	1,420,974
	86,878	Eli Lilly and Co.	12,859,682
	2,808	Exact Sciences Corp.^*	286,276
	230,194	Gilead Sciences, Inc.	14,545,959
	1,100	Global Blood Therapeutics, Inc.^*	60,654
	7,500	Immunomedics, Inc.^*	637,725
	5,100	Iovance Biotherapeutics, Inc.^*	167,892
	275,234	Johnson & Johnson	40,976,838
	302,253	Merck & Co., Inc.	25,071,886
	3,585	Moderna, Inc.^*	253,639
	710,699	Pfizer, Inc.	26,082,653
	5,631	QIAGEN NV^*	294,276
	900	Repligen Corp.^*	132,786
	1,420	Sage Therapeutics, Inc.^*	86,790
	2,687	Seattle Genetics, Inc.^*	525,819
	7,000	Syneos Health, Inc.^*	372,120

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	43,196	Thermo Fisher Scientific, Inc.	$ 19,071,898

			210,119,940

	Real Estate – 2.5%
	4,928	American Campus Communities, Inc. (REIT)	172,086
	58,391	American Homes 4 Rent Class A (REIT)	1,662,976
	44,401	American Tower Corp. (REIT)	10,733,054
	1,797	Brandywine Realty Trust (REIT)	18,581
	3,320	Brixmor Property Group, Inc. (REIT)	38,811
	16,087	Camden Property Trust (REIT)	1,431,421
	2,076	Corporate Office Properties Trust (REIT)	49,243
	3,658	Cousins Properties, Inc. (REIT)	104,582
	45,100	Crown Castle International Corp. (REIT)	7,509,150
	4,400	CyrusOne, Inc. (REIT)	308,132
	21,700	Digital Realty Trust, Inc. (REIT)	3,184,692
	78	Douglas Emmett, Inc. (REIT)	1,958
	1,403	EPR Properties (REIT)	38,582
	9,000	Equinix, Inc. (REIT)	6,841,170
	55,100	Equity LifeStyle Properties, Inc. (REIT)	3,377,630
	5,800	First Industrial Realty Trust, Inc. (REIT)	230,840
	7,270	Gaming and Leisure Properties, Inc. (REIT)	268,481
	7,526	Healthcare Trust of America, Inc. Class A (REIT)	195,676
	602	Highwoods Properties, Inc. (REIT)	20,209
	864	Howard Hughes Corp. (The)^*	49,766
	6,897	Hudson Pacific Properties, Inc. (REIT)	151,251
	87,000	Invitation Homes, Inc. (REIT)	2,435,130
	2,156	Lamar Advertising Co. Class A (REIT)	142,662
	37,320	Medical Properties Trust, Inc. (REIT)	657,952
	5,561	National Retail Properties, Inc. (REIT)	191,910
	10,405	Omega Healthcare Investors, Inc. (REIT)	311,526
	29,335	Outfront Media, Inc. (REIT)	426,824
	8,383	Park Hotels & Resorts, Inc. (REIT)	83,746
	102,727	Prologis, Inc. (REIT)	10,336,391
	24,200	SBA Communications Corp. (REIT)	7,707,216
	1,781	Spirit Realty Capital, Inc. (REIT)	60,109
	12,591	STORE Capital Corp. (REIT)	345,371
	30,693	Sun Communities, Inc. (REIT)	4,315,743
	57,963	VEREIT, Inc. (REIT)	376,759
	1,280	WP Carey, Inc. (REIT)	83,405

			63,863,035

	Retailing – 8.2%
	39,786	Amazon.com, Inc.^*(a)	125,275,372
	4,907	Burlington Stores, Inc.^*	1,011,284
	7,875	Carvana Co.^*	1,756,597



Shares		Description	Value

	Common Stocks – (continued)
	Retailing – (continued)
	19,200	Etsy, Inc.^*	$ 2,335,296
	5,281	Five Below, Inc.^*	670,687
	14,900	Foot Locker, Inc.	492,147
	6,781	Grubhub, Inc.^*	490,470
	153,476	Home Depot, Inc. (The)	42,621,820
	113,699	Lowe’s Cos., Inc.	18,858,116
	518	MercadoLibre, Inc.^*	560,725
	79,015	Target Corp.	12,438,541
	3,962	Wayfair, Inc. Class A^*	1,152,981
	16,500	Williams-Sonoma, Inc.	1,492,260

			209,156,296

	Semiconductors & Semiconductor Equipment – 5.6%
	115,317	Advanced Micro Devices, Inc.^*	9,454,841
	51,900	Analog Devices, Inc.	6,058,806
	77,590	Broadcom, Inc.	28,267,589
	5,800	Enphase Energy, Inc.^*	479,022
	100	Inphi Corp.^*	11,225
	420,509	Intel Corp.	21,773,956
	24,653	Lam Research Corp.	8,178,633
	62,300	Marvell Technology Group Ltd.	2,473,310
	57,200	NVIDIA Corp.	30,957,784
	2,000	NXP Semiconductors NV	249,620
	111,197	QUALCOMM, Inc.	13,085,663
	1,400	SolarEdge Technologies, Inc.^*	333,690
	1,644	Teradyne, Inc.	130,632
	149,450	Texas Instruments, Inc.^(a)	21,339,965

			142,794,736

	Software & Services – 14.8%
	2,700	2U, Inc.^*	91,422
	59,000	Accenture plc Class A	13,333,410
	37,091	Adobe, Inc.^*	18,190,539
	12,000	Alteryx, Inc. Class A^*	1,362,600
	22,400	Amdocs Ltd.	1,285,984
	7,500	Anaplan, Inc.^*	469,350
	7,300	Atlassian Corp. plc Class A^*	1,327,067
	53,408	Automatic Data Processing, Inc.	7,449,882
	600	Avalara, Inc.^*	76,404
	12,836	Booz Allen Hamilton Holding Corp.	1,065,131
	6,600	Cloudflare, Inc. Class A^*	270,996
	8,400	Coupa Software, Inc.^*	2,303,616
	1,000	Crowdstrike Holdings, Inc. Class A^*	137,320
	7,100	Datadog, Inc. Class A^*	725,336
	3,768	DocuSign, Inc.^*	811,024
	2,900	Dynatrace, Inc.^*	118,958
	100	Everbridge, Inc.^*	12,573
	1,700	Fastly, Inc. Class A^*	159,256
	80,572	Fidelity National Information Services, Inc.	11,861,004
	4,800	FireEye, Inc.^*	59,256
	9,700	HubSpot, Inc.^*	2,834,631
	239,801	International Business Machines Corp.	29,176,588
	70,700	Mastercard, Inc. Class A	23,908,619
	713,433	Microsoft Corp.^(a)(b)	150,056,363
	3,622	MongoDB, Inc.^*	838,529
	6,400	Nutanix, Inc. Class A^*	141,952
	3,527	Okta, Inc.^*	754,249
	208,200	Paychex, Inc.	16,608,114
	3,000	Paylocity Holding Corp.^*	484,260

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Software & Services – (continued)
	83,300	PayPal Holdings, Inc.^*	$ 16,412,599
	2,300	Pluralsight, Inc. Class A^*	39,399
	1,400	RingCentral, Inc. Class A^*	384,454
	85,049	salesforce.com, Inc.^*	21,374,515
	22,462	ServiceNow, Inc.^*	10,894,070
	14,000	Slack Technologies, Inc. Class A^*	376,040
	2,000	Smartsheet, Inc. Class A^*	98,840
	11,600	Splunk, Inc.^*	2,182,308
	7,510	Square, Inc. Class A^*	1,220,751
	14,587	Switch, Inc. Class A	227,703
	4,200	Trade Desk, Inc. (The) Class A^*	2,178,876
	6,200	Twilio, Inc. Class A^*	1,531,958
	138,455	Visa, Inc. Class A	27,686,846
	256,699	Western Union Co. (The)	5,501,060
	3,400	Workday, Inc. Class A^*	731,442
	11,600	Zendesk, Inc.^*	1,193,872
	500	Zoom Video Communications, Inc. Class A^*	235,055
	4,700	Zscaler, Inc.^*	661,243

			378,845,464

	Technology Hardware & Equipment – 8.8%
	1,498,556	Apple, Inc.^(a)	173,547,771
	500	Avnet, Inc.	12,920
	635,648	Cisco Systems, Inc.^(a)	25,038,175
	244,181	Corning, Inc.	7,913,906
	12,014	Dolby Laboratories, Inc. Class A	796,288
	30,759	Flex Ltd.^*	342,655
	363,000	HP, Inc.	6,893,370
	1,400	Jabil, Inc.	47,964
	1,000	Littelfuse, Inc.	177,340
	67,630	National Instruments Corp.	2,414,391
	171,500	NetApp, Inc.	7,518,560

			224,703,340

	Telecommunication Services – 2.5%
	1,217,928	AT&T, Inc.^(a)	34,723,127
	509,002	Verizon Communications, Inc.^(b)	30,280,529

			65,003,656

	Transportation – 1.9%
	18,284	JetBlue Airways Corp.^*	207,158
	12,400	Knight-Swift Transportation Holdings, Inc.	504,680
	17,224	Lyft, Inc. Class A^*	474,521
	42,346	Norfolk Southern Corp.	9,061,621
	33,000	Ryder System, Inc.	1,393,920
	12,582	Uber Technologies, Inc.^*	458,991
	118,762	Union Pacific Corp.	23,380,675
	71,298	United Parcel Service, Inc. Class B	11,880,386

			47,361,952

	Utilities – 3.3%
	53,000	Consolidated Edison, Inc.	4,123,400
	295,897	Dominion Energy, Inc.	23,355,150
	265,600	Duke Energy Corp.	23,521,536
	21,700	MDU Resources Group, Inc.	488,250
	1,400	OGE Energy Corp.	41,986
	609,201	PPL Corp.	16,576,359



Shares		Description	Value

	Common Stocks – (continued)
	Utilities – (continued)
	316,501	Southern Co. (The)	$ 17,160,685

			85,267,366

	TOTAL COMMON STOCKS (Cost $2,030,529,388)		$2,554,857,097


Shares		Dividend Rate	Value

	Investment Company^(d) – 1.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	37,942,365	0.027%	$ 37,942,365
	(Cost $37,942,365)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $2,068,471,753)		$2,592,799,462



	Securities Lending Reinvestment Vehicle^(d) – 0.2%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	6,332,150	0.027%	$ 6,332,150
	(Cost $6,332,150)

	TOTAL INVESTMENTS – 101.5% (Cost $2,074,803,903)		$2,599,131,612

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%		(37,102,064)

	NET ASSETS – 100.0%		$2,562,029,548



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

*		Security is currently in default and/or non-income producing.

(a)		All or a portion of security is segregated as collateral for call options written.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

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

(d)		Represents an Affiliated Issuer.



Investment Abbreviation:
REIT		— Real Estate Investment Trust

Currency Abbreviation:
USD		— United States Dollar


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount	Unrealized Appreciation/ (Depreciation)

Long position contracts:
S&P 500 E-Mini Index	238	12/18/2020	$39,888,800	$	338,710

WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following written options contracts:


Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts	Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation

Written options contracts:
Calls
S&P 500 Index	Morgan Stanley Co., Inc		3,290 USD	10/30/2020	727	$	(244,490,100	)	$	(9,003,895	)	$	(9,413,196	)	$	409,301
			3,560 USD	11/30/2020	711		(239,109,300	)		(3,103,515	)		(8,742,456	)		5,638,941
			3,430 USD	12/31/2020	648		(217,922,400	)		(8,187,480	)		(8,410,236	)		222,756

Total written options contracts					2,086				$	(20,294,890	)	$	(26,565,888	)	$	6,270,998

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 99.4%
	Australia – 9.0%
	1,244	Afterpay Ltd. (Software & Services)^*	$ 73,327
	80,836	AGL Energy Ltd. (Utilities)	789,309
	51,152	APA Group (Utilities)	380,248
	433,276	Aurizon Holdings Ltd. (Transportation)	1,332,918
	75,241	BHP Group Ltd. (Materials)	1,943,746
	5,805	BHP Group plc (Materials)	123,845
	51,205	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)	350,493
	23,965	Coles Group Ltd. (Food & Staples Retailing)	291,960
	64,545	Commonwealth Bank of Australia (Banks)	2,970,122
	1,390	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	287,128
	19,189	Fortescue Metals Group Ltd. (Materials)	225,433
	63,415	Glencore plc (Materials)^*(a)	131,470
	88,722	Medibank Pvt Ltd. (Insurance)	160,090
	175,269	National Australia Bank Ltd. (Banks)	2,251,671
	20,689	Rio Tinto Ltd. (Materials)	1,413,088
	11,619	Rio Tinto plc (Materials)	699,144
	45,276	Rio Tinto plc ADR (Materials)^(a)(b)	2,734,218
	13,841	Sonic Healthcare Ltd. (Health Care Equipment & Services)	328,685
	30,155	Wesfarmers Ltd. (Retailing)	963,883

			17,450,778

	Austria – 0.1%
	3,643	Erste Group Bank AG (Banks)	76,286
	2,796	voestalpine AG (Materials)^(a)	73,691

			149,977

	Belgium – 1.9%
	35,194	Ageas SA/NV (Insurance)	1,440,107
	13,237	Anheuser-Busch InBev SA/NV (Food, Beverage & Tobacco)	712,686
	85,798	Proximus SADP (Telecommunication Services)	1,565,215

			3,718,008

	China – 0.2%
	4,910	Prosus NV (Retailing)^*	453,206

	Denmark – 1.7%
	6,157	Coloplast A/S Class B (Health Care Equipment & Services)	975,817
	27,651	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	1,915,732
	12,480	Tryg A/S (Insurance)	392,902

			3,284,451

	Finland – 2.8%
	7,102	Kone OYJ Class B (Capital Goods)	623,580
	67,566	Metso Outotec OYJ (Capital Goods)	470,841
	50,367	Neles OYJ (Capital Goods)	681,138
	7,263	Neste OYJ (Energy)	382,468



Shares		Description	Value

	Common Stocks – (continued)
	Finland – (continued)
	298,364	Nordea Bank Abp (Banks)	$ 2,267,189
	26,281	Sampo OYJ Class A (Insurance)^(a)	1,040,731

			5,465,947

	France – 10.4%
	7,477	Air Liquide SA (Materials)	1,185,177
	8,681	Airbus SE (Capital Goods)^*	629,595
	12,945	BNP Paribas SA (Banks)^*	468,280
	12,106	Bouygues SA (Capital Goods)	418,339
	5,936	Capgemini SE (Software & Services)^(a)	761,562
	2,181	Covivio (REIT)	153,147
	21,499	Danone SA (Food, Beverage & Tobacco)	1,392,599
	1,122	Dassault Systemes SE (Software & Services)	209,345
	16,716	Edenred (Software & Services)	750,485
	764	Gecina SA (REIT)	100,715
	61	Hermes International (Consumer Durables & Apparel)	52,536
	1,959	Kering SA (Consumer Durables & Apparel)^(a)	1,299,488
	2,385	L’Oreal SA (Household & Personal Products)^(a)	776,149
	5,717	LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel)^(a)	2,674,989
	2,445	Pernod Ricard SA (Food, Beverage & Tobacco)	389,821
	26,637	Peugeot SA (Automobiles & Components)^*	483,048
	4,227	Publicis Groupe SA (Media & Entertainment)	136,236
	3,760	Safran SA (Capital Goods)^*	369,936
	32,860	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)^(a)	3,292,961
	13,566	Schneider Electric SE (Capital Goods)^(a)	1,686,239
	42,051	TOTAL SE (Energy)^(a)	1,444,139
	1,535	Unibail-Rodamco-Westfield (REIT)	56,611
	2,233	Valeo SA (Automobiles & Components)	68,571
	2,034	Vinci SA (Capital Goods)	169,954
	34,174	Vivendi SA (Media & Entertainment)	954,441
	2,168	Worldline SA (Software & Services)^*(c)	177,523

			20,101,886

	Germany – 10.1%
	1,494	adidas AG (Consumer Durables & Apparel)^*	482,476
	4,223	Allianz SE (Registered) (Insurance)	810,520
	4,220	BASF SE (Materials)^(a)	256,981
	24,038	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)^(a)	1,482,994
	13,633	Bayerische Motoren Werke AG (Automobiles & Components)^(a)	989,444

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	18,035	Bayerische Motoren Werke AG (Preference) (Automobiles & Components)^(d)	$ 985,656
	1,439	Carl Zeiss Meditec AG (Health Care Equipment & Services)	181,747
	10,619	Covestro AG (Materials)^(c)	526,597
	2,137	Delivery Hero SE (Retailing)^*(c)	245,198
	2,230	Deutsche Boerse AG (Diversified Financials)	390,964
	43,730	Deutsche Post AG (Registered) (Transportation)^(a)	1,984,274
	51,998	E.ON SE (Utilities)	573,144
	4,258	Evonik Industries AG (Materials)^(a)	110,150
	3,801	Fresenius SE & Co. KGaA (Health Care Equipment & Services)	172,848
	808	GEA Group AG (Capital Goods)	28,311
	17,208	HOCHTIEF AG (Capital Goods)	1,335,849
	8,731	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)	246,090
	3,095	LEG Immobilien AG (Real Estate)	441,158
	6,608	METRO AG (Food & Staples Retailing)	65,808
	2,239	Porsche Automobil Holding SE (Preference) (Automobiles & Components)^*,(d)	133,592
	2,764	Puma SE (Consumer Durables & Apparel)^*	248,470
	19,261	SAP SE (Software & Services)^(a)	2,999,288
	689	Sartorius AG (Preference) (Health Care Equipment & Services)^(d)	282,404
	15,036	Siemens AG (Registered) (Capital Goods)	1,898,883
	7,518	Siemens Energy AG (Utilities)^*	202,733
	3,648	Siemens Healthineers AG (Health Care Equipment & Services)^(c)	163,753
	223,703	Telefonica Deutschland Holding AG (Telecommunication Services)	571,729
	2,710	Volkswagen AG (Preference) (Automobiles & Components)^(d)	436,069
	20,371	Vonovia SE (Real Estate)^(a)	1,396,493

			19,643,623

	Hong Kong – 2.7%
	117,600	AIA Group Ltd. (Insurance)	1,168,956
	16,700	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)	170,960
	98,000	Hang Lung Properties Ltd. (Real Estate)	249,759
	19,094	Hong Kong & China Gas Co. Ltd. (Utilities)	27,725
	22,396	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	1,054,258



Shares		Description	Value

	Common Stocks – (continued)
	Hong Kong – (continued)
	3,400	Jardine Matheson Holdings Ltd. (Capital Goods)	$ 135,155
	2,200	Jardine Strategic Holdings Ltd. (Capital Goods)	43,619
	212,657	Link REIT (REIT)	1,742,594
	43,533	MTR Corp. Ltd. (Transportation)	216,050
	22,902	Sino Land Co. Ltd. (Real Estate)	26,812
	500	Sun Hung Kai Properties Ltd. (Real Estate)	6,443
	400	Swire Properties Ltd. (Real Estate)	1,060
	24,000	Techtronic Industries Co. Ltd. (Capital Goods)	319,097

			5,162,488

	Ireland – 0.5%
	24,567	CRH plc (Materials)^(a)	890,832

	Israel – 0.4%
	107,511	Bank Leumi Le-Israel BM (Banks)	473,303
	13,689	ICL Group Ltd. (Materials)	48,371
	715	Wix.com Ltd. (Software & Services)^*	182,218

			703,892

	Italy – 1.1%
	9,895	Enel SpA (Utilities)	85,848
	4,925	Eni SpA (Energy)^(a)	38,494
	2,335	Ferrari NV (Automobiles & Components)	428,517
	121,717	Mediobanca Banca di Credito Finanziario SpA (Banks)	953,765
	2,098	Moncler SpA (Consumer Durables & Apparel)^*	85,853
	110,623	Snam SpA (Utilities)	568,909

			2,161,386

	Japan – 25.6%
	2,400	ABC-Mart, Inc. (Retailing)	124,959
	2,400	Advantest Corp. (Semiconductors & Semiconductor Equipment)	116,737
	11,300	AGC, Inc. (Capital Goods)	332,101
	10,500	Alfresa Holdings Corp. (Health Care Equipment & Services)	229,979
	37,200	Aozora Bank Ltd. (Banks)	617,687
	27,000	Asahi Kasei Corp. (Materials)	235,538
	7,100	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	105,837
	2,300	Bandai Namco Holdings, Inc. (Consumer Durables & Apparel)	168,521
	53,100	Bridgestone Corp. (Automobiles & Components)	1,678,446
	34,600	Canon, Inc. (Technology Hardware & Equipment)	573,895
	7,900	Casio Computer Co. Ltd. (Consumer Durables & Apparel)	127,919

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	14,800	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$ 664,157
	31,100	Chugoku Electric Power Co., Inc. (The) (Utilities)	388,838
	1,500	Dai-ichi Life Holdings, Inc. (Insurance)	21,166
	29,400	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	902,514
	2,000	Daikin Industries Ltd. (Capital Goods)	369,549
	8,200	Daito Trust Construction Co. Ltd. (Real Estate)	726,888
	9,200	Daiwa House Industry Co. Ltd. (Real Estate)	235,955
	132,700	Daiwa Securities Group, Inc. (Diversified Financials)	558,125
	2,900	Denso Corp. (Automobiles & Components)	127,112
	1,500	Disco Corp. (Semiconductors & Semiconductor Equipment)	366,757
	9,700	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	885,924
	3,400	FANUC Corp. (Capital Goods)	652,513
	200	Fast Retailing Co. Ltd. (Retailing)	125,684
	2,600	Fuji Electric Co. Ltd. (Capital Goods)	82,422
	1,300	Hikari Tsushin, Inc. (Retailing)	310,166
	30,400	Hino Motors Ltd. (Capital Goods)	197,257
	1,916	Hirose Electric Co. Ltd. (Technology Hardware & Equipment)	247,558
	1,400	Hitachi Ltd. (Technology Hardware & Equipment)	47,403
	6,700	Hitachi Metals Ltd. (Materials)	103,315
	1,200	Honda Motor Co. Ltd. (Automobiles & Components)	28,497
	3,500	Hoya Corp. (Health Care Equipment & Services)	395,207
	3,700	Hulic Co. Ltd. (Real Estate)	34,718
	3,200	Idemitsu Kosan Co. Ltd. (Energy)	68,323
	3,100	Isuzu Motors Ltd. (Automobiles & Components)	27,112
	55,800	ITOCHU Corp. (Capital Goods)	1,428,806
	14,200	Japan Exchange Group, Inc. (Diversified Financials)	398,002
	16,700	Japan Post Insurance Co. Ltd. (Insurance)	262,946
	29,000	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	529,070
	6,400	JSR Corp. (Materials)	152,116
	8,500	JTEKT Corp. (Automobiles & Components)	66,672
	12,400	Kajima Corp. (Capital Goods)	149,398
	9,300	Kakaku.com, Inc. (Media & Entertainment)	245,184



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	33,100	Kansai Electric Power Co., Inc. (The) (Utilities)	$ 320,802
	7,100	Kao Corp. (Household & Personal Products)	533,002
	22,000	KDDI Corp. (Telecommunication Services)	553,334
	300	Keyence Corp. (Technology Hardware & Equipment)	140,244
	6,400	Kikkoman Corp. (Food, Beverage & Tobacco)	355,032
	5,200	Kintetsu Group Holdings Co. Ltd. (Transportation)	221,917
	38,100	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)	715,617
	24,000	Komatsu Ltd. (Capital Goods)	527,113
	3,100	Kose Corp. (Household & Personal Products)	379,557
	7,300	Kyushu Railway Co. (Transportation)	156,078
	7,700	Lawson, Inc. (Food & Staples Retailing)	367,156
	27,300	LIXIL Group Corp. (Capital Goods)	551,796
	7,700	M3, Inc. (Health Care Equipment & Services)	476,293
	2,100	Makita Corp. (Capital Goods)	100,505
	5,200	Marui Group Co. Ltd. (Retailing)	99,784
	49,900	Mitsubishi Chemical Holdings Corp. (Materials)	288,042
	33,700	Mitsubishi Corp. (Capital Goods)	806,622
	23,400	Mitsubishi Electric Corp. (Capital Goods)	317,519
	100	Mitsubishi Materials Corp. (Materials)	1,971
	153,900	Mitsubishi UFJ Financial Group, Inc. (Banks)	614,196
	13,800	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)	64,120
	4,800	Mitsui & Co. Ltd. (Capital Goods)	82,478
	27,730	Mizuho Financial Group, Inc. (Banks)	346,117
	20,200	MS&AD Insurance Group Holdings, Inc. (Insurance)	544,253
	12,600	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)	819,342
	8,200	Nabtesco Corp. (Capital Goods)	297,712
	1,300	NEC Corp. (Software & Services)	76,042
	10,200	NGK Spark Plug Co. Ltd. (Automobiles & Components)	178,095
	400	Nidec Corp. (Capital Goods)	37,511
	5,600	Nikon Corp. (Consumer Durables & Apparel)	37,787
	1,800	Nintendo Co. Ltd. (Media & Entertainment)	1,020,044
	6,600	Nippon Express Co. Ltd. (Transportation)	385,131
	200	Nippon Paint Holdings Co. Ltd. (Materials)	20,589

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	67	Nippon Prologis REIT, Inc. (REIT)	$ 225,942
	11,601	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)	184,114
	7,100	Nitto Denko Corp. (Materials)	462,556
	22,900	Nomura Holdings, Inc. (Diversified Financials)	104,651
	3,700	Nomura Real Estate Holdings, Inc. (Real Estate)	70,415
	17,700	Nomura Research Institute Ltd. (Software & Services)	521,168
	50,900	NSK Ltd. (Capital Goods)	389,607
	6,400	NTT DOCOMO, Inc. (Telecommunication Services)	235,175
	2,600	Obic Co. Ltd. (Software & Services)	457,243
	300	Odakyu Electric Railway Co. Ltd. (Transportation)	7,541
	7,400	Olympus Corp. (Health Care Equipment & Services)	153,889
	2,300	Omron Corp. (Technology Hardware & Equipment)	179,828
	3,000	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	94,362
	5,400	Otsuka Corp. (Software & Services)	275,947
	2,400	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	101,677
	55,400	Panasonic Corp. (Consumer Durables & Apparel)	471,901
	16,100	Park24 Co. Ltd. (Commercial & Professional Services)	261,394
	22,900	Pola Orbis Holdings, Inc. (Household & Personal Products)	431,787
	22,300	Recruit Holdings Co. Ltd. (Commercial & Professional Services)	885,653
	49,100	Resona Holdings, Inc. (Banks)	167,275
	1,000	Ryohin Keikaku Co. Ltd. (Retailing)	16,616
	17,100	Seiko Epson Corp. (Technology Hardware & Equipment)	196,654
	67,800	Seven Bank Ltd. (Banks)	164,317
	6,900	Shimadzu Corp. (Technology Hardware & Equipment)	210,011
	4,400	Shin-Etsu Chemical Co. Ltd. (Materials)	575,759
	4,300	Shiseido Co. Ltd. (Household & Personal Products)	248,927
	166,500	SoftBank Corp. (Telecommunication Services)	1,860,528
	17,500	SoftBank Group Corp. (Telecommunication Services)	1,082,805
	3,800	Sompo Holdings, Inc. (Insurance)	131,188
	7,500	Sony Corp. (Consumer Durables & Apparel)	574,815
	39,100	Subaru Corp. (Automobiles & Components)	759,043



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	22,900	Sumitomo Chemical Co. Ltd. (Materials)	$ 75,799
	87,000	Sumitomo Corp. (Capital Goods)	1,048,741
	4,200	Sumitomo Metal Mining Co. Ltd. (Materials)	130,260
	46,600	Sumitomo Mitsui Financial Group, Inc. (Banks)	1,302,974
	300	Sumitomo Mitsui Trust Holdings, Inc. (Banks)	7,981
	4,200	Sysmex Corp. (Health Care Equipment & Services)	401,864
	38,200	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,365,380
	1,000	TDK Corp. (Technology Hardware & Equipment)	109,193
	42,600	Tohoku Electric Power Co., Inc. (Utilities)	426,941
	10,900	Tokio Marine Holdings, Inc. (Insurance)	476,925
	4,800	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	1,254,023
	300	Tokyo Gas Co. Ltd. (Utilities)	6,846
	41,800	Tokyu Fudosan Holdings Corp. (Real Estate)	180,564
	4,600	TOTO Ltd. (Capital Goods)	211,965
	3,800	Toyoda Gosei Co. Ltd. (Automobiles & Components)	87,252
	43,820	Toyota Motor Corp. (Automobiles & Components)	2,908,334
	2,800	Trend Micro, Inc. (Software & Services)	170,628
	57,500	USS Co. Ltd. (Retailing)	1,028,870
	3,000	Yamaha Corp. (Consumer Durables & Apparel)	143,882
	200	Yamato Holdings Co. Ltd. (Transportation)	5,268
	1,900	Yaskawa Electric Corp. (Capital Goods)	74,334
	3,900	ZOZO, Inc. (Retailing)	108,828

			49,576,414

	Luxembourg – 0.0%
	6,342	SES SA FDR (Media & Entertainment)	44,897

	Macau – 0.5%
	53,000	Galaxy Entertainment Group Ltd. (Consumer Services)	358,317
	94,000	Sands China Ltd. (Consumer Services)	364,364
	108,800	Wynn Macau Ltd. (Consumer Services)^*	174,603

			897,284

	Netherlands – 2.4%
	6,457	ASML Holding NV (Semiconductors & Semiconductor Equipment)^(a)	2,384,774
	2,547	Just Eat Takeaway.com NV (Retailing)^*(c)	285,128

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Netherlands – (continued)
	1,708	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	$ 50,485
	1,888	Koninklijke DSM NV (Materials)	310,824
	46,739	Koninklijke KPN NV (Telecommunication Services)	109,665
	41,980	Royal Dutch Shell plc Class A (Energy)^(a)	524,773
	86,152	Royal Dutch Shell plc Class B (Energy)	1,044,770

			4,710,419

	New Zealand – 0.6%
	15,114	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	333,574
	256,995	Spark New Zealand Ltd. (Telecommunication Services)	801,902

			1,135,476

	Norway – 0.5%
	14,865	DNB ASA (Banks)	207,079
	58	Gjensidige Forsikring ASA (Insurance)	1,177
	9,167	Orkla ASA (Food, Beverage & Tobacco)	92,518
	17,663	Telenor ASA (Telecommunication Services)	296,540
	10,206	Yara International ASA (Materials)	392,724

			990,038

	Portugal – 0.3%
	80,161	EDP - Energias de Portugal SA (Utilities)	394,146
	14,664	Galp Energia SGPS SA (Energy)	136,016
	1,352	Jeronimo Martins SGPS SA (Food & Staples Retailing)	21,741

			551,903

	Russia – 0.2%
	104,182	Evraz plc (Materials)	463,911

	Singapore – 1.0%
	2,800	City Developments Ltd. (Real Estate)	15,763
	58,300	DBS Group Holdings Ltd. (Banks)	857,089
	45,600	Keppel Corp. Ltd. (Capital Goods)	149,371
	27,900	Singapore Exchange Ltd. (Diversified Financials)	188,176
	211,200	Singapore Technologies Engineering Ltd. (Capital Goods)	538,205
	121,600	Singapore Telecommunications Ltd. (Telecommunication Services)	190,313

			1,938,917

	South Africa – 0.0%
	2	Anglo American plc (Materials)	48



Shares		Description	Value

	Common Stocks – (continued)
	Spain – 3.1%
	5,596	ACS Actividades de Construccion y Servicios SA (Capital Goods)	$ 126,496
	169	Amadeus IT Group SA (Software & Services)	9,385
	26,583	Enagas SA (Utilities)	613,353
	101,367	Endesa SA (Utilities)^(a)	2,711,365
	30,922	Ferrovial SA (Capital Goods)	751,108
	364,241	Mapfre SA (Insurance)	571,444
	8,298	Naturgy Energy Group SA (Utilities)	166,414
	45,811	Red Electrica Corp. SA (Utilities)	859,202
	57,354	Telefonica SA (Telecommunication Services)	196,470

			6,005,237

	Sweden – 1.1%
	4,320	Atlas Copco AB Class A (Capital Goods)	205,972
	11,277	Atlas Copco AB Class B (Capital Goods)	470,634
	2,920	Boliden AB (Materials)	86,638
	8,614	Electrolux ABSeries B (Consumer Durables & Apparel)	200,800
	3,158	EQT AB (Diversified Financials)	61,280
	6,276	Hennes & Mauritz AB Class B (Retailing)	108,123
	2,714	Lundin Energy AB (Energy)	53,821
	247,525	Telia Co. AB (Telecommunication Services)	1,012,682

			2,199,950

	Switzerland – 12.0%
	17,232	ABB Ltd. (Registered) (Capital Goods)	438,104
	17,824	Adecco Group AG (Registered) (Commercial & Professional Services)	940,490
	1,868	Banque Cantonale Vaudoise (Registered) (Banks)	189,567
	46,489	Clariant AG (Registered) (Materials)	917,094
	40,278	Coca-Cola HBC AG (Food, Beverage & Tobacco)	994,578
	358	EMS-Chemie Holding AG (Registered) (Materials)	321,651
	313	Geberit AG (Registered) (Capital Goods)	185,178
	17,849	LafargeHolcim Ltd. (Registered) (Materials)^*	812,479
	47,198	Nestle SA (Registered) (Food, Beverage & Tobacco)	5,617,130
	38,853	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	3,373,385
	1,163	Partners Group Holding AG (Diversified Financials)	1,069,732
	9,484	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	3,248,655

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	349	SGS SA (Registered) (Commercial & Professional Services)	$ 935,264
	31,901	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	978,404
	103	Straumann Holding AG (Registered) (Health Care Equipment & Services)	104,195
	42,706	UBS Group AG (Registered) (Diversified Financials)	477,150
	7,814	Zurich Insurance Group AG (Insurance)	2,724,861

			23,327,917

	United Kingdom – 11.2%
	31,958	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(a)(b)	1,751,298
	255,576	Aviva plc (Insurance)	945,564
	246,432	BAE Systems plc (Capital Goods)	1,530,469
	179,257	Barclays plc (Banks)	226,143
	49,299	BP plc ADR (Energy)^(a)	860,761
	39,051	British American Tobacco plc (Food, Beverage & Tobacco)	1,400,811
	2,455	Coca-Cola European Partners plc (Food, Beverage & Tobacco)	95,279
	10,439	Compass Group plc (Consumer Services)	156,812
	13,945	Diageo plc (Food, Beverage & Tobacco)	478,993
	66,686	GlaxoSmithKline plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(a)	2,510,061
	386,987	HSBC Holdings plc (Banks)^(a)	1,513,993
	14,235	Imperial Brands plc (Food, Beverage & Tobacco)	251,440
	133,695	M&G plc (Diversified Financials)	274,801
	40,758	National Grid plc (Utilities)	468,153
	30,474	Persimmon plc (Consumer Durables & Apparel)	971,158
	26,524	Prudential plc (Insurance)	380,575
	1,916	Reckitt Benckiser Group plc (Household & Personal Products)^(a)	186,820
	17,073	RELX plc (Commercial & Professional Services)	380,012
	22,052	Segro plc (REIT)	265,011
	42,819	SSE plc (Utilities)	666,442
	9,344	St James’s Place plc (Diversified Financials)	112,412
	57,540	Unilever NV (Household & Personal Products)^(a)	3,494,253
	23,892	Unilever plc ADR (Household & Personal Products)^(a)(b)	1,473,659
	91,846	Vodafone Group plc ADR (Telecommunication Services)^(a)	1,232,573
	7,360	Wm Morrison Supermarkets plc (Food & Staples Retailing)	16,155



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	2,770	WPP plc (Media & Entertainment)	$ 21,756

			21,665,404

	TOTAL INVESTMENTS – 99.4% (Cost $180,889,517)		$ 192,694,289

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%		1,239,474

	NET ASSETS – 100.0%		$ 193,933,763



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

*		Security is currently in default and/or non-income producing.

(a)		All or a portion of security is segregated as collateral for call options written.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

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

(d)		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.

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.



Investment Abbreviations:
ADR		— American Depositary Receipt
FDR		— Fiduciary Depositary Receipt
REIT		— Real Estate Investment Trust

Currency Abbreviations:
EUR		— Euro
GBP		— British Pound
JPY		— Japanese Yen

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)

Long position contracts:
EURO STOXX 50 Index	18	12/18/2020	$	674,065	$	(25,467	)
FTSE 100 Index	3	12/18/2020		226,127		(6,815	)
MSCI Singapore Index	1	10/29/2020		20,710		(83	)
SPI 200 Index	1	12/17/2020		103,892		(1,569	)
TOPIX Index	2	12/10/2020		308,254		4,798

Total Futures Contracts					$	(29,136	)

WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following written options contracts:


Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts	Notional Amount			Value			Premiums Paid (Received) by the Fund			Unrealized Appreciation/ Depreciation

Written options contracts:
Calls
EURO STOXX 50 Index	Morgan Stanley Co., Inc.		3,375 EUR	12/18/2020	865	$	(27,624,727	)	$	(597,346	)	$	(1,093,780	)	$	496,434
FTSE 100 Index			6,125 GBP	12/18/2020	117		(6,863,337	)		(178,146	)		(293,636	)		115,490
Nikkei 225 Index			23,500 JPY	12/11/2020	74		(1,715,698,880	)		(505,191	)		(554,601	)		49,410

Total written options contracts					1,056				$	(1,280,683	)	$	(1,942,017	)	$	661,334

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 100.0%
	Automobiles & Components – 1.1%
	164,726	General Motors Co.	$ 4,874,242
	21,887	Gentex Corp.	563,590
	28,888	Tesla, Inc.^*	12,393,241

			17,831,073

	Banks – 2.6%
	87,484	Associated Banc-Corp.	1,104,048
	42,551	Bancorp, Inc. (The)^*	367,641
	258,560	Bank of America Corp.	6,228,710
	144,004	Cadence Bancorp	1,236,994
	186,333	Citigroup, Inc.	8,032,816
	40,193	East West Bancorp, Inc.	1,315,919
	23,131	Essent Group Ltd.	856,078
	40,192	First Bancorp/PR	209,802
	32,891	Independent Bank Group, Inc.	1,453,124
	32,081	International Bancshares Corp.	836,031
	49,088	JPMorgan Chase & Co.	4,725,702
	80,240	MGIC Investment Corp.	710,927
	10,646	National Bank Holdings Corp. Class A	279,458
	5,253	PennyMac Financial Services, Inc.	305,304
	5,054	PNC Financial Services Group, Inc. (The)	555,485
	11,205	Popular, Inc.	406,405
	28,824	Radian Group, Inc.	421,119
	30,371	Signature Bank	2,520,489
	17,309	SVB Financial Group^*	4,164,892
	13,919	TriState Capital Holdings, Inc.^*	184,288
	29,639	Truist Financial Corp.	1,127,764
	63,332	US Bancorp	2,270,452
	27,264	Walker & Dunlop, Inc.	1,444,992
	78,455	Western Alliance Bancorp	2,480,747

			43,239,187

	Capital Goods – 4.5%
	5,761	AGCO Corp.	427,869
	14,624	Allison Transmission Holdings, Inc.	513,887
	29,624	AMETEK, Inc.	2,944,626
	32,308	Emerson Electric Co.	2,118,435
	13,565	Fortive Corp.	1,033,789
	10,402	H&E Equipment Services, Inc.	204,503
	41,574	HD Supply Holdings, Inc.^*	1,714,512
	65,250	Hexcel Corp.	2,189,137
	6,443	Honeywell International, Inc.	1,060,582
	97,597	Illinois Tool Works, Inc.	18,856,716
	96,928	Johnson Controls International plc	3,959,509
	26,377	L3Harris Technologies, Inc.	4,479,870
	12,408	Lockheed Martin Corp.	4,755,738
	235,811	Masco Corp.	13,000,260
	25,746	Navistar International Corp.^*	1,120,981
	149,820	Raytheon Technologies Corp.	8,620,643
	1,370	RBC Bearings, Inc.^*	166,058
	31,103	Rush Enterprises, Inc. Class A	1,571,946
	4,685	Simpson Manufacturing Co., Inc.	455,195
	30,166	Snap-on, Inc.	4,438,324
	2,989	Teledyne Technologies, Inc.^*	927,218

			74,559,798



Shares		Description	Value

	Common Stocks – (continued)
	Commercial & Professional Services – 1.2%
	11,341	Cimpress plc^*(a)	$ 852,390
	29,156	Cintas Corp.	9,703,991
	4,648	Clean Harbors, Inc.^*	260,427
	40,870	CoreLogic, Inc.	2,765,673
	7,128	CoStar Group, Inc.^*	6,048,179
	10,024	IAA, Inc.^*	521,950
	13,972	KAR Auction Services, Inc.	201,197

			20,353,807

	Consumer Durables & Apparel – 0.8%
	27,507	DR Horton, Inc.	2,080,354
	32,262	G-III Apparel Group Ltd.^*	422,955
	38,036	Hanesbrands, Inc.	599,067
	130	NVR, Inc.^*	530,806
	105,243	PulteGroup, Inc.	4,871,699
	5,701	Skechers USA, Inc. Class A^*	172,284
	12,109	Whirlpool Corp.	2,226,724
	39,938	YETI Holdings, Inc.^*	1,809,990

			12,713,879

	Consumer Services – 4.1%
	18,628	Chipotle Mexican Grill, Inc.^*	23,167,830
	5,090	Collectors Universe, Inc.	251,904
	36,282	Domino’s Pizza, Inc.	15,430,009
	33,403	frontdoor, Inc.^*	1,299,711
	2,845	Graham Holdings Co. Class B	1,149,693
	161,586	International Game Technology plc	1,798,452
	62,232	Red Rock Resorts, Inc. Class A	1,064,167
	120,822	ServiceMaster Global Holdings, Inc.^*	4,818,381
	102,575	Wingstop, Inc.	14,016,874
	49,027	Yum China Holdings, Inc.	2,595,980
	25,926	Yum! Brands, Inc.	2,367,044

			67,960,045

	Diversified Financials – 5.3%
	90,429	Ally Financial, Inc.	2,267,055
	38,603	Berkshire Hathaway, Inc. Class B^*	8,220,123
	25,114	CME Group, Inc.	4,201,823
	96,351	Discover Financial Services	5,567,161
	107,778	E*TRADE Financial Corp.	5,394,289
	19,961	Interactive Brokers Group, Inc. Class A	964,715
	35,277	Jefferies Financial Group, Inc.	634,986
	98,828	Ladder Capital Corp. (REIT)	703,655
	622	LendingTree, Inc.^*	190,886
	1,859	LPL Financial Holdings, Inc.	142,529
	4,946	MarketAxess Holdings, Inc.	2,381,944
	70,299	Navient Corp.	594,027
	29,824	PennyMac Mortgage Investment Trust (REIT)	479,272
	62,760	S&P Global, Inc.	22,631,256
	267,593	Starwood Property Trust, Inc. (REIT)	4,037,978
	490,040	Synchrony Financial	12,824,347
	56,882	TPG RE Finance Trust, Inc. (REIT)	481,222
	333,356	Voya Financial, Inc.	15,977,753

			87,695,021

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Energy – 1.1%
	8,224	Cactus, Inc. Class A	$ 157,819
	38,680	Chevron Corp.	2,784,960
	7,426	Core Laboratories NV	113,321
	52,235	EOG Resources, Inc.	1,877,326
	35,852	HollyFrontier Corp.	706,643
	34,116	Marathon Petroleum Corp.	1,000,963
	61,078	Matador Resources Co.^*	504,504
	8,760	ONEOK, Inc.	227,585
	45,653	Pioneer Natural Resources Co.	3,925,701
	25,139	Renewable Energy Group, Inc.^*	1,342,925
	103,628	Targa Resources Corp.	1,453,901
	81,900	TechnipFMC plc	516,789
	156,754	Williams Cos., Inc. (The)	3,080,216

			17,692,653

	Food & Staples Retailing – 1.3%
	11,583	Casey’s General Stores, Inc.	2,057,720
	54,212	Costco Wholesale Corp.	19,245,260
	2,725	Walmart, Inc.	381,255

			21,684,235

	Food, Beverage & Tobacco – 2.0%
	67,273	Archer-Daniels-Midland Co.	3,127,522
	7,580	Constellation Brands, Inc. Class A	1,436,486
	51,135	Darling Ingredients, Inc.^*	1,842,394
	11,453	Freshpet, Inc.^*	1,278,728
	35,242	Lamb Weston Holdings, Inc.	2,335,487
	9,833	Lancaster Colony Corp.	1,758,140
	213,411	Monster Beverage Corp.^*	17,115,562
	52,541	Tyson Foods, Inc. Class A	3,125,139

			32,019,458

	Health Care Equipment & Services – 6.8%
	3,020	Abbott Laboratories	328,667
	6,191	ABIOMED, Inc.^*	1,715,278
	730	Align Technology, Inc.^*	238,973
	53,424	Anthem, Inc.	14,349,152
	1,859	Chemed Corp.	892,971
	21,748	Cigna Corp.	3,684,329
	19,093	Dentsply Sirona, Inc.	834,937
	72,981	Edwards Lifesciences Corp.^*	5,825,343
	145,456	HCA Healthcare, Inc.	18,135,454
	13,051	Henry Schein, Inc.^*	767,138
	45,700	Hologic, Inc.^*	3,037,679
	34,579	Humana, Inc.	14,311,902
	19,999	IDEXX Laboratories, Inc.^*	7,861,807
	17,371	McKesson Corp.	2,587,063
	6,269	Molina Healthcare, Inc.^*	1,147,478
	4,621	Quidel Corp.^*	1,013,755
	1,283	STERIS plc	226,052
	9,035	Teladoc Health, Inc.^*(a)	1,980,833
	943	Teleflex, Inc.	321,016
	47,957	UnitedHealth Group, Inc.	14,951,554
	52,873	Universal Health Services, Inc. Class B	5,658,468
	46,257	West Pharmaceutical Services, Inc.	12,716,049

			112,585,898



Shares		Description	Value

	Common Stocks – (continued)
	Household & Personal Products – 1.4%
	15,887	Church & Dwight Co., Inc.	$ 1,488,771
	135,610	Herbalife Nutrition Ltd.^*	6,326,207
	110,150	Procter & Gamble Co. (The)	15,309,748

			23,124,726

	Insurance – 1.7%
	79,383	American Equity Investment Life Holding Co.	1,745,632
	35,396	American Financial Group, Inc.	2,370,824
	7,842	Arch Capital Group Ltd.^*	229,378
	59,191	Brighthouse Financial, Inc.^*	1,592,830
	101,122	Fidelity National Financial, Inc.	3,166,130
	59,600	First American Financial Corp.	3,034,236
	22,700	Globe Life, Inc.	1,813,730
	9,425	Goosehead Insurance, Inc. Class A	816,111
	15,650	Marsh & McLennan Cos., Inc.	1,795,055
	33,874	Primerica, Inc.	3,832,504
	17,273	Reinsurance Group of America, Inc.	1,644,217
	75,315	Trupanion, Inc.^*	5,942,354

			27,983,001

	Materials – 3.6%
	4,937	Air Products and Chemicals, Inc.	1,470,535
	301,226	Amcor plc	3,328,547
	78,720	Avient Corp.	2,082,931
	319,536	Axalta Coating Systems Ltd.^*	7,084,113
	98,594	CF Industries Holdings, Inc.	3,027,822
	53,802	Corteva, Inc.	1,550,036
	2,903	Crown Holdings, Inc.^*	223,125
	8,601	Dow, Inc.	404,677
	71,308	Element Solutions, Inc.^*	749,447
	85,354	Graphic Packaging Holding Co.	1,202,638
	16,346	Ingevity Corp.^*	808,146
	191,930	Louisiana-Pacific Corp.	5,663,854
	65,745	Mosaic Co. (The)	1,201,161
	56,853	Olin Corp.	703,840
	19,665	Royal Gold, Inc.	2,363,143
	38,987	Sherwin-Williams Co. (The)	27,163,802
	6,280	Southern Copper Corp.	284,296
	35,299	Summit Materials, Inc. Class A^*	583,846

			59,895,959

	Media & Entertainment – 8.6%
	4,764	Activision Blizzard, Inc.	385,646
	16,330	Alphabet, Inc. Class A^*	23,933,248
	15,750	Alphabet, Inc. Class C^*	23,146,200
	12,147	Cardlytics, Inc.^*	857,214
	94,443	Comcast Corp. Class A	4,368,933
	57,079	Electronic Arts, Inc.^*	7,443,672
	4,968	EverQuote, Inc. Class A^*	191,964
	106,950	Facebook, Inc. Class A^*	28,010,205
	28,637	Liberty Broadband Corp. Class C^*	4,091,368
	22,013	Lions Gate Entertainment Corp. Class B^*	191,953
	17,336	Netflix, Inc.^*	8,668,520
	26,985	Omnicom Group, Inc.	1,335,758
	237,143	Pinterest, Inc. Class A^*	9,843,806
	11,855	Roku, Inc.^*	2,238,224
	11,879	Spotify Technology SA^*	2,881,489
	53,667	Take-Two Interactive Software, Inc.^*	8,866,862
	1,618,527	Zynga, Inc. Class A^*	14,760,966

			141,216,028

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – 10.7%
	296,208	AbbVie, Inc.	$ 25,944,859
	60,659	Alexion Pharmaceuticals, Inc.^*	6,941,209
	16,914	Biogen, Inc.^*	4,798,164
	7,726	Bluebird Bio, Inc.^*	416,818
	102,157	Elanco Animal Health, Inc.^*	2,853,245
	259,726	Horizon Therapeutics plc^*	20,175,516
	25,392	Illumina, Inc.^*	7,848,159
	2,455	Incyte Corp.^*	220,312
	23,213	Innoviva, Inc.^*	242,576
	7,809	IQVIA Holdings, Inc.^*	1,230,933
	42,765	Jazz Pharmaceuticals plc^*	6,097,861
	88,523	Johnson & Johnson	13,179,304
	48,751	Merck & Co., Inc.	4,043,895
	8,672	Mettler-Toledo International, Inc.^*	8,374,984
	483,891	Mylan NV^*	7,176,104
	117,248	PerkinElmer, Inc.	14,715,796
	6,218	Perrigo Co. plc	285,468
	128,361	Pfizer, Inc.	4,710,849
	22,821	Regeneron Pharmaceuticals, Inc.^*	12,774,739
	8,738	Sage Therapeutics, Inc.^*	534,067
	5,272	Sarepta Therapeutics, Inc.^*	740,347
	3,494	Thermo Fisher Scientific, Inc.	1,542,671
	6,486	Twist Bioscience Corp.^*	492,741
	72,037	Vertex Pharmaceuticals, Inc.^*	19,602,708
	64,054	Zoetis, Inc.	10,592,610

			175,535,935

	Real Estate Investment Trusts – 6.0%
	13,961	American Campus Communities, Inc.	487,518
	5,689	American Tower Corp.	1,375,202
	23,608	Brandywine Realty Trust	244,107
	34,316	Brixmor Property Group, Inc.	401,154
	24,905	Camden Property Trust	2,216,047
	20,365	CoreSite Realty Corp.	2,420,991
	7,029	Corporate Office Properties Trust	166,728
	65,457	CubeSmart	2,114,916
	13,665	CyrusOne, Inc.	956,960
	257,053	Duke Realty Corp.	9,485,256
	78,936	Equity LifeStyle Properties, Inc.	4,838,777
	3,161	Essex Property Trust, Inc.	634,697
	249,899	First Industrial Realty Trust, Inc.	9,945,980
	6,416	Gaming and Leisure Properties, Inc.	236,943
	476,005	Invitation Homes, Inc.	13,323,380



Shares		Description	Value

	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	46,607	Lamar Advertising Co. Class A	$ 3,083,985
	60,996	Mid-America Apartment Communities, Inc.	7,072,486
	47,187	Outfront Media, Inc.	686,571
	7,273	PotlatchDeltic Corp.	306,193
	3,931	PS Business Parks, Inc.	481,115
	20,916	QTS Realty Trust, Inc. Class A	1,318,126
	36,344	Retail Opportunity Investments Corp.	378,523
	93,086	Rexford Industrial Realty, Inc.	4,259,615
	96,618	Sabra Health Care REIT, Inc.	1,331,879
	50,073	SBA Communications Corp.	15,947,249
	152,293	SITE Centers Corp.	1,096,510
	43,352	STORE Capital Corp.	1,189,145
	39,338	Sun Communities, Inc.	5,531,316
	14,722	Terreno Realty Corp.	806,177
	45,708	Ventas, Inc.	1,917,908
	758,470	VEREIT, Inc.	4,930,198

			99,185,652

	Retailing – 9.4%
	24,763	Amazon.com, Inc.^*	77,972,001
	1,486	Asbury Automotive Group, Inc.^*	144,811
	8,493	AutoNation, Inc.^*	449,534
	2,286	AutoZone, Inc.^*	2,692,085
	123,268	Dick’s Sporting Goods, Inc.	7,134,752
	24,580	Dollar General Corp.	5,152,460
	34,974	eBay, Inc.	1,822,145
	34,609	Home Depot, Inc. (The)	9,611,265
	108,585	Lowe’s Cos., Inc.	18,009,908
	1,541	MercadoLibre, Inc.^*	1,668,102
	34,301	Murphy USA, Inc.^*	4,399,789
	1,394	O’Reilly Automotive, Inc.^*	642,746
	8,426	Penske Automotive Group, Inc.	401,583
	843	Stamps.com, Inc.^*	203,121
	149,794	Target Corp.	23,580,571

			153,884,873

	Semiconductors & Semiconductor Equipment – 4.0%
	218,165	Applied Materials, Inc.	12,969,909
	15,046	Inphi Corp.^*	1,688,913
	31,784	Intel Corp.	1,645,775
	15,650	Lam Research Corp.	5,191,887
	61,648	NVIDIA Corp.	33,365,131
	13,204	Power Integrations, Inc.	731,502
	11,970	QUALCOMM, Inc.	1,408,630
	2,395	Teradyne, Inc.	190,307
	63,128	Texas Instruments, Inc.	9,014,047

			66,206,101

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Software & Services – 13.4%
	44,829	Adobe, Inc.^*	$ 21,985,487
	40,860	Black Knight, Inc.^*	3,556,863
	21,888	Cadence Design Systems, Inc.^*	2,333,917
	17,268	Citrix Systems, Inc.	2,377,976
	95,022	Cognizant Technology Solutions Corp. Class A	6,596,427
	5,074	EPAM Systems, Inc.^*	1,640,323
	16,958	Fastly, Inc. Class A^*	1,588,625
	20,345	FireEye, Inc.^*	251,159
	7,263	FleetCor Technologies, Inc.^*	1,729,320
	79,080	Fortinet, Inc.^*	9,316,415
	8,663	Gartner, Inc.^*	1,082,442
	63,133	International Business Machines Corp.	7,681,392
	3,182	Intuit, Inc.	1,038,000
	373,480	Microsoft Corp.	78,554,048
	37,008	Okta, Inc.^*	7,914,161
	75,324	Oracle Corp.	4,496,843
	6,494	Palo Alto Networks, Inc.^*	1,589,407
	169,376	PayPal Holdings, Inc.^*	33,372,153
	5,663	Perficient, Inc.^*	242,037
	25,756	Perspecta, Inc.	500,954
	5,399	ServiceNow, Inc.^*	2,618,515
	1,609	Square, Inc. Class A^*	261,543
	14,865	Twilio, Inc. Class A^*	3,672,993
	37,114	VeriSign, Inc.^*	7,602,803
	9,615	Visa, Inc. Class A	1,922,712
	78,001	Western Union Co. (The)	1,671,561
	27,322	Workday, Inc. Class A^*	5,877,782
	4,250	Zoom Video Communications, Inc. Class A^*	1,997,968
	43,289	Zscaler, Inc.^*	6,090,329

			219,564,155

	Technology Hardware & Equipment – 7.0%
	842,445	Apple, Inc.	97,563,555
	1,620	Arista Networks, Inc.^*	335,227
	24,727	Cisco Systems, Inc.	973,997
	111,321	Keysight Technologies, Inc.^* 10,996,288
	6,357	National Instruments Corp.	226,945
	42,942	NetApp, Inc.	1,882,577
	5,934	SYNNEX Corp.	831,116
	135,115	TTM Technologies, Inc.^*	1,541,662

			114,351,367

	Telecommunication Services – 0.1%
	39,101	Cogent Communications Holdings, Inc.	2,348,015

	Transportation – 2.1%
	31,353	CSX Corp.	2,435,188
	18,420	Norfolk Southern Corp.	3,941,696
	50,365	Old Dominion Freight Line, Inc.	9,112,036
	42,301	Ryder System, Inc.	1,786,794
	61,767	Union Pacific Corp.	12,160,069
	28,238	United Parcel Service, Inc. Class B	4,705,298

			34,141,081

	Utilities – 1.2%
	43,619	CMS Energy Corp.	2,678,643
	35,130	DTE Energy Co.	4,041,355
	38,413	Entergy Corp.	3,784,833
	112,386	MDU Resources Group, Inc.	2,528,685



Shares		Description	Value

	Common Stocks – (continued)
	Utilities – (continued)
	68,737	NRG Energy, Inc.	$ 2,112,976
	50,963	Public Service Enterprise Group, Inc.	2,798,378
	85,592	Vistra Corp.	1,614,265

			19,559,135

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $986,651,818)		$1,645,331,082



Securities Lending Reinvestment Vehicle^(b) – 0.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,112,125	0.027%	$ 2,112,125
(Cost $2,112,125)

TOTAL INVESTMENTS – 100.1% (Cost $988,763,943)		$1,647,443,207

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%		(2,160,375)

NET ASSETS – 100.0%		$1,645,282,832



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

*		Security is currently in default and/or non-income producing.

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

(b)		Represents an Affiliated Issuer.

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.



Investment Abbreviation:
REIT		— Real Estate Investment Trust

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – 100.0%
	Australia – 10.3%
	95,967	Adairs Ltd. (Retailing)	$ 226,518
	80,226	ASX Ltd. (Diversified Financials)	4,690,466
	552,701	Aurizon Holdings Ltd. (Transportation)	1,700,314
	327,751	BHP Group plc (Materials)	6,992,291
	415,823	Brambles Ltd. (Commercial & Professional Services)	3,157,361
	167,225	Commonwealth Bank of Australia (Banks)	7,695,074
	624,018	Evolution Mining Ltd. (Materials)	2,606,796
	529,688	Fortescue Metals Group Ltd. (Materials)	6,222,790
	300,778	Goodman Group (REIT)	3,894,303
	297,507	Harvey Norman Holdings Ltd. (Retailing)	968,311
	51,179	JB Hi-Fi Ltd. (Retailing)	1,740,086
	66,874	Magellan Financial Group Ltd. (Diversified Financials)	2,758,151
	25,008	Newcrest Mining Ltd. (Materials)	567,080
	9,078	Premier Investments Ltd. (Retailing)	134,948
	1,699	REA Group Ltd. (Media & Entertainment)	135,289
	320,184	Regis Resources Ltd. (Materials)	1,163,944
	70,006	Rio Tinto Ltd. (Materials)	4,781,508
	124,163	Rio Tinto plc ADR (Materials)^(a)	7,498,204
	151,209	Santos Ltd. (Energy)	534,643
	193,408	Sonic Healthcare Ltd. (Health Care Equipment & Services)	4,592,897
	177,657	Wesfarmers Ltd. (Retailing)	5,678,676

			67,739,650

	Belgium – 0.3%
	14,673	D’ieteren SA/NV (Retailing)	912,303
	1,427	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)	162,070
	25,294	Warehouses De Pauw CVA (REIT)	920,477

			1,994,850

	China – 1.0%
	40,000	Alibaba Health Information Technology Ltd. (Health Care Equipment & Services)^*	98,363
	663,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)^*	3,127,202
	229,500	ENN Energy Holdings Ltd. (Utilities)	2,518,361
	640,000	Tingyi Cayman Islands Holding Corp. (Food, Beverage & Tobacco)	1,133,245

			6,877,171



Shares		Description	Value

	Common Stocks – (continued)
	Denmark – 3.3%
	11,438	DSV PANALPINA A/S (Transportation)	$ 1,855,280
	168,695	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	11,687,963
	9,175	Novozymes A/S Class B (Materials)	576,671
	10,594	Scandinavian Tobacco Group A/S Class A (Food, Beverage & Tobacco)^(b)	156,899
	47,294	Vestas Wind Systems A/S (Capital Goods)	7,643,019

			21,919,832

	Finland – 1.5%
	129,864	Neste OYJ (Energy)	6,838,604
	578,994	Nokia OYJ (Technology Hardware & Equipment)^*	2,266,101
	11,349	Tokmanni Group Corp. (Retailing)	200,390
	33,656	Valmet OYJ (Capital Goods)	830,197

			10,135,292

	France – 6.7%
	3,049	Albioma SA (Utilities)	158,545
	6,168	Alstom SA (Capital Goods)^*	308,110
	29,426	Bouygues SA (Capital Goods)	1,016,855
	5,714	Christian Dior SE (Consumer Durables & Apparel)	2,343,736
	2,146	Gaztransport Et Technigaz SA (Energy)	204,648
	18,346	Gecina SA (REIT)	2,418,475
	127	Hermes International (Consumer Durables & Apparel)	109,379
	51,710	Legrand SA (Capital Goods)	4,118,667
	38,375	Rexel SA (Capital Goods)^*	481,147
	13,049	Safran SA (Capital Goods)^*	1,283,854
	71,634	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	7,178,575
	18,483	Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)	6,384,098
	74,570	Schneider Electric SE (Capital Goods)	9,268,971
	9,249	Teleperformance (Commercial & Professional Services)	2,851,487
	206,930	Vivendi SA (Media & Entertainment)	5,779,323

			43,905,870

	Germany – 7.5%
	39,407	Allianz SE (Registered) (Insurance)	7,563,379
	26,951	Aurubis AG (Materials)	1,833,481
	38,748	Deutsche Boerse AG (Diversified Financials)	6,793,313
	154,330	Deutsche Post AG (Registered) (Transportation)	7,002,812
	1,676	Deutsche Wohnen SE (Real Estate)	83,765

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	16,737	DWS Group GmbH & Co. KGaA (Diversified Financials)^*(b)	$ 576,827
	1,171	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)	131,047
	24,549	Henkel AG & Co. KGaA (Preference) (Household & Personal Products)^(c)	2,567,494
	6,080	Hornbach Holding AG & Co. KGaA (Retailing)	709,998
	36,144	Nemetschek SE (Software & Services)	2,641,811
	23,869	Porsche Automobil Holding SE (Preference) (Automobiles & Components)^*,(c)	1,420,015
	53,087	Scout24 AG (Media & Entertainment)^(b)	4,630,623
	80,448	Siemens AG (Registered) (Capital Goods)	10,159,706
	40,224	Siemens Energy AG (Utilities)^*	1,084,694
	8,161	Siltronic AG (Semiconductors & Semiconductor Equipment)	731,156
	8,714	Volkswagen AG (Preference) (Automobiles & Components)^(c)	1,402,181

			49,332,302

	Hong Kong – 0.6%
	36,000	CLP Holdings Ltd. (Utilities)	336,141
	70,800	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)	3,332,803
	354,800	Man Wah Holdings Ltd. (Consumer Durables & Apparel)	475,202

			4,144,146

	Israel – 0.6%
	190,911	Plus500 Ltd. (Diversified Financials)	3,859,124

	Italy – 3.8%
	159,727	Azimut Holding SpA (Diversified Financials)	2,884,180
	17,152	Banca Generali SpA (Diversified Financials)	521,652
	29,081	Buzzi Unicem SpA (Materials)	675,655
	778,950	Enel SpA (Utilities)	6,758,104
	28,470	Ferrari NV (Automobiles & Components)	5,224,785
	1,638,249	Intesa Sanpaolo SpA (Banks)	3,082,234
	83,698	Poste Italiane SpA (Insurance)^(b)	741,715
	182,792	Prysmian SpA (Capital Goods)	5,306,026

			25,194,351

	Japan – 28.5%
	43,400	AGC, Inc. (Capital Goods)	1,275,502
	17,400	Alps Alpine Co. Ltd. (Technology Hardware & Equipment)	234,545
	2,100	Arata Corp. (Retailing)	104,820



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	10,300	Arcs Co. Ltd. (Food & Staples Retailing)	$ 264,434
	77,100	Asahi Kasei Corp. (Materials)	672,592
	199,400	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	2,972,375
	67,000	Autobacs Seven Co. Ltd. (Retailing)	872,679
	2,800	BayCurrent Consulting, Inc. (Commercial & Professional Services)	390,561
	76,100	Benesse Holdings, Inc. (Consumer Services)	1,958,731
	76,200	Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,419,512
	3,300	Create SD Holdings Co. Ltd. (Food & Staples Retailing)	115,782
	12,700	Daicel Corp. (Materials)	91,536
	323,400	Dai-ichi Life Holdings, Inc. (Insurance)	4,563,288
	4,900	Daikin Industries Ltd. (Capital Goods)	905,394
	252,400	DCM Holdings Co. Ltd. (Retailing)	3,477,578
	7,000	Denka Co. Ltd. (Materials)	213,143
	51,300	Dentsu Group, Inc. (Media & Entertainment)	1,514,197
	20,600	Doshisha Co. Ltd. (Retailing)	414,631
	1,200	Earth Corp. (Household & Personal Products)	89,379
	30,100	EDION Corp. (Retailing)	315,349
	10,800	FANUC Corp. (Capital Goods)	2,072,688
	3,600	FP Corp. (Materials)	151,631
	54,000	Fujitsu Ltd. (Software & Services)	7,377,354
	8,800	Furyu Corp. (Consumer Durables & Apparel)	100,006
	5,600	Glory Ltd. (Capital Goods)	125,561
	48,000	Gumi, Inc. (Media & Entertainment)	444,712
	7,500	Hikari Tsushin, Inc. (Retailing)	1,789,416
	4,000	Hitachi Capital Corp. (Diversified Financials)	94,053
	112,100	Hitachi Ltd. (Technology Hardware & Equipment)	3,795,645
	45,300	Hitachi Metals Ltd. (Materials)	698,530
	5,600	Hitachi Transport System Ltd. (Transportation)	177,389
	242,000	Honda Motor Co. Ltd. (Automobiles & Components)	5,746,843
	11,300	Hulic Co. Ltd. (Real Estate)	106,030
	3,100	Ibiden Co. Ltd. (Technology Hardware & Equipment)	105,639
	106,500	ITOCHU Corp. (Capital Goods)	2,727,022
	62,000	Izumi Co. Ltd. (Retailing)	2,260,766
	270,900	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	4,942,242
	33,400	Kamigumi Co. Ltd. (Transportation)	658,159
	5,500	Kaneka Corp. (Materials)	154,082

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	117,400	Kansai Electric Power Co., Inc. (The) (Utilities)	$ 1,137,828
	23,400	KDDI Corp. (Telecommunication Services)	588,546
	8,300	Koei Tecmo Holdings Co. Ltd. (Media & Entertainment)	400,428
	21,200	Kohnan Shoji Co. Ltd. (Retailing)	825,858
	14,700	Komeri Co. Ltd. (Retailing)	464,610
	67,200	Konami Holdings Corp. (Media & Entertainment)	2,906,970
	295,200	K’s Holdings Corp. (Retailing)	3,996,412
	7,100	Lion Corp. (Household & Personal Products)	145,757
	53,300	LIXIL Group Corp. (Capital Goods)	1,077,316
	91,500	M3, Inc. (Health Care Equipment & Services)	5,659,848
	828,300	Marubeni Corp. (Capital Goods)	4,702,595
	34,600	McDonald’s Holdings Co. Japan Ltd. (Consumer Services)	1,682,874
	20,100	MINEBEA MITSUMI, Inc. (Capital Goods)	382,870
	125,400	Mitsubishi Chemical Holdings Corp. (Materials)	723,857
	395,200	Mitsubishi Electric Corp. (Capital Goods)	5,362,551
	43,300	Mitsubishi Materials Corp. (Materials)	853,303
	19,300	Mynet, Inc. (Media & Entertainment)^*	274,443
	10,600	NEC Corp. (Software & Services)	620,034
	235,800	Nexon Co. Ltd. (Media & Entertainment)	5,881,742
	9,900	NGK Spark Plug Co. Ltd. (Automobiles & Components)	172,857
	24,400	Nihon M&A Center, Inc. (Commercial & Professional Services)	1,395,909
	13,800	Nintendo Co. Ltd. (Media & Entertainment)	7,820,339
	86,700	Nipro Corp. (Health Care Equipment & Services)	1,012,272
	17,900	Nitori Holdings Co. Ltd. (Retailing)	3,713,389
	75,100	Nitto Denko Corp. (Materials)	4,892,672
	217,700	Nomura Research Institute Ltd. (Software & Services)	6,410,067
	41,200	Omron Corp. (Technology Hardware & Equipment)	3,221,268
	37,000	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,163,793
	7,300	Otsuka Corp. (Software & Services)	373,040
	14,300	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	605,824
	74,900	Pan Pacific International Holdings Corp. (Retailing)	1,744,292



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	11,900	Raccoon Holdings, Inc. (Retailing)	$ 239,862
	45,300	Rakuten, Inc. (Retailing)	488,469
	10,800	Resorttrust, Inc. (Consumer Services)	164,583
	4,900	Ride On Express Holdings Co. Ltd. (Consumer Services)	121,278
	62,600	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)	4,839,608
	15,000	Rohto Pharmaceutical Co. Ltd. (Household & Personal Products)	493,210
	22,600	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,140,309
	18,500	Scroll Corp. (Retailing)	161,011
	63,800	Shimachu Co. Ltd. (Retailing)	2,158,154
	4,700	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)	82,358
	82,400	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	4,410,398
	31,300	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)	1,532,677
	44,900	SoftBank Group Corp. (Telecommunication Services)	2,778,169
	65,900	Square Enix Holdings Co. Ltd. (Media & Entertainment)	4,361,350
	34,100	Subaru Corp. (Automobiles & Components)	661,978
	399,800	Sumitomo Corp. (Capital Goods)	4,819,387
	91,500	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,205,731
	17,900	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)	285,672
	25,600	Sumitomo Metal Mining Co. Ltd. (Materials)	793,966
	19,800	Sumitomo Mitsui Trust Holdings, Inc. (Banks)	526,755
	62,300	Sundrug Co. Ltd. (Food & Staples Retailing)	2,348,395
	33,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	1,190,240
	1,300	TDK Corp. (Technology Hardware & Equipment)	141,951
	97,400	Teijin Ltd. (Materials)	1,510,518
	16,200	T-Gaia Corp. (Retailing)	304,879
	223,500	TIS, Inc. (Software & Services)	4,747,134
	20,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)	5,381,847
	16,800	Valor Holdings Co. Ltd. (Food & Staples Retailing)	464,958

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	45,600	Welcia Holdings Co. Ltd. (Food & Staples Retailing)	$ 1,999,716
	838,100	Yamada Holdings Co. Ltd. (Retailing)	4,179,547
	20,400	Yamaha Motor Co. Ltd. (Automobiles & Components)	296,426
	9,600	Yamato Holdings Co. Ltd. (Transportation)	252,887
	4,000	Yaoko Co. Ltd. (Food & Staples Retailing)	297,073
	958,700	Z Holdings Corp. (Media & Entertainment)	6,403,566

			188,391,422

	Luxembourg – 0.7%
	5,904	Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)^*	4,676,954

	Netherlands – 6.4%
	35,378	ASM International NV (Semiconductors & Semiconductor Equipment)	5,071,186
	17,088	ASML Holding NV (Semiconductors & Semiconductor Equipment)	6,311,848
	102,824	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)	4,408,255
	28,289	Euronext NV (Diversified Financials)^(b)	3,543,655
	22,038	EXOR NV (Diversified Financials)	1,196,283
	91,568	ING Groep NV (Banks)	653,509
	209,761	Koninklijke Ahold Delhaize NV (Food & Staples Retailing)	6,200,102
	38,536	Koninklijke DSM NV (Materials)	6,344,245
	1,743	Randstad NV (Commercial & Professional Services)^*	90,889
	38,543	Signify NV (Capital Goods)^*(b)	1,425,592
	84,254	Wolters Kluwer NV (Commercial & Professional Services)	7,187,074

			42,432,638

	New Zealand – 0.4%
	27,359	Fisher & Paykel Healthcare Corp. Ltd. (Health Care Equipment & Services)	603,828
	39,174	Meridian Energy Ltd. (Utilities)	128,838
	25,463	Xero Ltd. (Software & Services)^*	1,857,401

			2,590,067

	Norway – 1.8%
	194,177	DNB ASA (Banks)	2,705,006
	229,332	Europris ASA (Retailing)^(b)	1,175,711
	65,627	Norsk Hydro ASA (Materials)^*	181,145
	286,171	Orkla ASA (Food, Beverage & Tobacco)	2,888,174
	14,784	Salmar ASA (Food, Beverage & Tobacco)^*	837,860



Shares		Description	Value

	Common Stocks – (continued)
	Norway – (continued)
	55,750	SpareBank 1 SMN (Banks)	$ 503,957
	47,480	SpareBank 1 SR-Bank ASA (Banks)	392,913
	77,885	Yara International ASA (Materials)	2,996,997

			11,681,763

	Singapore – 0.7%
	291,800	DBS Group Holdings Ltd. (Banks)	4,289,855

	South Africa – 0.8%
	205,815	Anglo American plc (Materials)	4,979,406

	Spain – 1.3%
	129,097	ACS Actividades de Construccion y Servicios SA (Capital Goods)	2,918,196
	49,044	Cellnex Telecom SA (Telecommunication Services)^(b)	2,977,102
	44,774	EDP Renovaveis SA (Utilities)	743,280
	10,354	Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences)	297,731
	55,188	Iberdrola SA (Utilities)	679,286
	14,643	Viscofan SA (Food, Beverage & Tobacco)	976,870

			8,592,465

	Sweden – 3.9%
	159,284	Boliden AB (Materials)	4,726,058
	134,552	Essity AB Class B (Household & Personal Products)	4,542,646
	12,097	Evolution Gaming Group AB (Consumer Services)^(b)	799,287
	18,435	Husqvarna AB Class B (Consumer Durables & Apparel)	202,714
	70,149	Investor AB Class A (Diversified Financials)	4,545,074
	119,326	Kinnevik AB Class B (Diversified Financials)	4,843,246
	42,610	Nobia AB (Consumer Durables & Apparel)^*	284,924
	71,234	Swedish Match AB (Food, Beverage & Tobacco)	5,824,572

			25,768,521

	Switzerland – 11.8%
	81,268	Adecco Group AG (Registered) (Commercial & Professional Services)	4,288,134
	3,055	Bachem Holding AG (Registered) Class B (Pharmaceuticals, Biotechnology & Life Sciences)	1,296,536
	8,718	Galenica AG (Health Care Equipment & Services)^(b)	606,221
	11,268	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	6,953,883

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)



Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	175,952	Nestle SA (Registered) (Food, Beverage & Tobacco)	$ 20,940,406
	52,803	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	4,584,585
	49,106	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	16,820,797
	20,488	Sonova Holding AG (Registered) (Health Care Equipment & Services)^*	5,191,971
	187,850	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)	5,766,166
	9,401	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	4,675,264
	19,596	Zurich Insurance Group AG (Insurance)	6,833,425

			77,957,388

	United Kingdom – 7.6%
	63,526	AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)	3,481,225
	1,309,916	Aviva plc (Insurance)	4,846,344
	152,511	Barratt Developments plc (Consumer Durables & Apparel)	935,308
	26,071	Diageo plc (Food, Beverage & Tobacco)	895,505
	61,265	Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)^*	2,670,219
	197,949	Experian plc (Commercial & Professional Services)	7,437,811
	275,614	Fiat Chrysler Automobiles NV (Automobiles & Components)^*	3,383,139
	8,321	Games Workshop Group plc (Consumer Durables & Apparel)	1,091,723
	10,203	Greggs plc (Consumer Services)^*	154,614
	68,702	Halma plc (Technology Hardware & Equipment)	2,075,616
	103,318	IG Group Holdings plc (Diversified Financials)	1,055,388
	234,881	Imperial Brands plc (Food, Beverage & Tobacco)	4,148,823
	51,257	London Stock Exchange Group plc (Diversified Financials)	5,880,044
	55,988	Moneysupermarket.com Group plc (Retailing)	192,992
	22,740	National Grid plc (Utilities)	261,195
	65,890	Persimmon plc (Consumer Durables & Apparel)	2,099,810
	71,708	Phoenix Group Holdings plc (Insurance)	637,702



Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	2,576	Reckitt Benckiser Group plc (Household & Personal Products)	$ 251,174
	56,725	RELX plc (Commercial & Professional Services)	1,262,589
	69,197	Rentokil Initial plc (Commercial & Professional Services)	478,280
	42,054	Segro plc (REIT)	505,386
	162,810	Smith & Nephew plc (Health Care Equipment & Services)	3,189,341
	17,834	Unilever plc (Household & Personal Products)	1,099,524
	32,292	Unilever plc ADR (Household & Personal Products)	1,991,771
	293	Vistry Group plc (Consumer Durables & Apparel)	2,147

			50,027,670

	United States – 0.5%
	35,211	Ferguson plc (Capital Goods)	3,543,300

	TOTAL INVESTMENTS – 100.0% (Cost $524,796,411)		$ 660,034,037

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%		188,826

	NET ASSETS – 100.0%		$ 660,222,863



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

*		Security is currently in default and/or non-income producing.

(a)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(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.



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 TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)

Long position contracts:
EURO STOXX 50 Index	33		12/18/2020	$	1,235,786	$	(46,299	)
FTSE 100 Index	6		12/18/2020		452,255		(13,282	)
MSCI Singapore Index	2		10/29/2020		41,419		(214	)
SPI 200 Index	2		12/17/2020		207,784		(3,138	)
TOPIX Index	5		12/10/2020		770,635		12,090

Total Futures Contracts						$	(50,843	)

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including Goldman Sachs Asset Management, L.P. (“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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. 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.

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

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

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 September 30, 2020:


U.S. EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	17,494,757		$	—	$	—
North America		2,526,399,130			—		—
South America		10,963,210			—		—
Investment Company		37,942,365			—		—
Securities Lending Reinvestment Vehicle		6,332,150			—		—

Total	$	2,599,131,612		$	—	$	—

Derivative Type	Level 1			Level 2		Level 3
Assets^(b)
Futures Contracts	$	338,710		$	—	$	—

Liabilities
Written Options Contracts	$	(20,294,890	)	$	—	$	—

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	48	$	—
Asia		182,218			59,013,894		—
Australia and Oceania		2,734,218			15,852,036		—
Europe		8,126,364			106,785,511		—

Total	$	11,042,800		$	181,651,489	$	—

Derivative Type	Level 1			Level 2		Level 3
Assets^(b)
Futures Contracts	$	4,798		$	—	$	—

Liabilities
Futures Contracts^(b)	$	(33,934	)	$	—	$	—
Written Options Contracts		(1,280,683	)		—		—

Total	$	(1,314,617	)	$	—	$	—

(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 TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)


U.S. TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	2,595,980		$	—	$	—
Europe		1,369,179			—		—
North America		1,639,413,525			—		—
South America		1,952,398			—		—
Securities Lending Reinvestment Vehicle		2,112,125			—		—

Total	$	1,647,443,207		$	—	$	—

INTERNATIONAL TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2		Level 3

Assets
Common Stock and/or Other Equity Investments^(a)
Africa	$	—		$	4,979,406	$	—
Asia		1,999,716			205,562,002		—
Australia and Oceania		7,498,204			62,831,513		—
Europe		15,536,920			358,082,976		—
North America		—			3,543,300		—

Total	$	25,034,840		$	634,999,197	$	—

Derivative Type	Level 1			Level 2		Level 3

Assets^(b)
Futures Contracts	$	12,090		$	—	$	—

Liabilities^(b)
Futures Contracts	$	(62,933	)	$	—	$	—

(a)

(b)

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

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 International Tax-Managed Equity, U.S. Equity Dividend and Premium and U.S. Tax-Managed Equity 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. 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.

Dividend-Paying Investments Risk — A Fund’s investments in dividend-paying securities could cause the Fund to underperform other funds. Securities that pay dividends, as a group, can fall out of favor with the market, causing such securities to underperform securities that do not pay dividends. Depending upon market conditions and political and legislative responses to market conditions, dividend-paying securities that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. In addition, issuers that have paid regular dividends or distributions to shareholders may not continue to do so at the same level or at all in the future. This may limit the ability of the Fund to produce current income.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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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