NPORT-P
    false
    
      
      
        
          0000822977
          XXXXXXXX
        
      
      
      
      
        S000018298
        C000050445
        C000050444
        C000201771
        C000200308
        C000091965
        C000050443
      
      
      
    
  
  
    
      Goldman Sachs Trust
      811-05349
      0000822977
      S2FHCT8U6D2VORP0J605
      71 South Wacker Drive
      Chicago
      
      60606
      312-655-4400
      Goldman Sachs International Tax-Managed Equity Fund
      S000018298
      3EPW4EQLX6NR7L382R49
      2020-12-31
      2020-09-30
      N
    
    
      670479486.89
      763723.02
      669715763.87
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      6418435.45000000
      N
      
        
          
          
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Allianz SE
        529900K9B0N5BT694847
        
        N/A
        
          
        
        39407.00000000
        NS
        
        7563378.75000000
        1.129341604010
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Barratt Developments plc
        2138006R85VEOF5YNK29
        
        N/A
        
          
        
        152511.00000000
        NS
        
        935308.04000000
        0.139657462233
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Izumi Co. Ltd.
        N/A
        
        N/A
        
          
        
        62000.00000000
        NS
        
        2260766.14000000
        0.337570990853
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokyo Electron Ltd.
        549300H5LSF8DP3RIJ34
        
        N/A
        
          
        
        20600.00000000
        NS
        
        5381847.16000000
        0.803601684526
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Mitsui Trust Holdings, Inc.
        353800P843RLCDBLNT17
        
        N/A
        
          
        
        19800.00000000
        NS
        
        526755.12000000
        0.078653534591
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Electric Corp.
        549300TRXM9Y6561AX39
        
        N/A
        
          
        
        395200.00000000
        NS
        
        5362550.93000000
        0.800720427874
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nitto Denko Corp.
        3538009GX5P09USH2J25
        
        N/A
        
          
        
        75100.00000000
        NS
        
        4892672.43000000
        0.730559543906
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rakuten, Inc.
        529900IMXUCQKUL1H943
        
        N/A
        
          
        
        45300.00000000
        NS
        
        488468.67000000
        0.072936713804
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        STMicroelectronics NV
        213800Z8NOHIKRI42W10
        
        N/A
        
          
        
        187850.00000000
        NS
        
        5766165.94000000
        0.860987041230
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Doshisha Co. Ltd.
        N/A
        
        N/A
        
          
        
        20600.00000000
        NS
        
        414630.93000000
        0.061911478326
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto Ltd.
        529900X2VMAQT2PE0V24
        
        N/A
        
          
        
        70006.00000000
        NS
        
        4781508.15000000
        0.713960818597
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Viscofan SA
        95980020140005684765
        
        N/A
        
          
        
        14643.00000000
        NS
        
        976869.75000000
        0.145863335268
        Long
        EC
        CORP
        ES
        N
        
        1
        
          N
          N
          N
        
      
      
        Valmet OYJ
        213800D9O7FUQDH83V62
        
        N/A
        
          
        
        33656.00000000
        NS
        
        830197.36000000
        0.123962642778
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Persimmon plc
        213800XI72Y57UWN6F31
        
        N/A
        
          
        
        65890.00000000
        NS
        
        2099809.89000000
        0.313537474146
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        ACS Actividades de Construccion y Servicios SA
        95980020140005558665
        
        N/A
        
          
        
        129097.00000000
        NS
        
        2918195.64000000
        0.435736441850
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Yamato Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        9600.00000000
        NS
        
        252887.48000000
        0.037760419217
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nobia AB
        529900MZ8Y3QGPDF6815
        
        N/A
        
          
        
        42610.00000000
        NS
        
        284924.23000000
        0.042544053070
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Newcrest Mining Ltd.
        5299006MN50OZJUJI655
        
        N/A
        
          
        
        25008.00000000
        NS
        
        567079.64000000
        0.084674674032
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        ITOCHU Corp.
        J48DJYXDTLHM30UMYI18
        
        N/A
        
          
        
        106500.00000000
        NS
        
        2727022.15000000
        0.407190975204
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Norsk Hydro ASA
        549300N1SDN71ZZ8BO45
        
        N/A
        
          
        
        65627.00000000
        NS
        
        181145.40000000
        0.027048101563
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Smith & Nephew plc
        213800ZTMDN8S67S1H61
        
        N/A
        
          
        
        162810.00000000
        NS
        
        3189340.89000000
        0.476223057908
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Dainippon Pharma Co. Ltd.
        529900D60UKVYLJ2OJ79
        
        N/A
        
          
        
        91500.00000000
        NS
        
        1205731.33000000
        0.180036277335
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Daicel Corp.
        353800ZG4XF6D7NZGS72
        
        N/A
        
          
        
        12700.00000000
        NS
        
        91536.08000000
        0.013667899867
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sanofi
        549300E9PC51EN656011
        
        N/A
        
          
        
        71634.00000000
        NS
        
        7178575.24000000
        1.071883868839
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Commonwealth Bank of Australia
        MSFSBD3QN1GSN7Q6C537
        
        N/A
        
          
        
        167225.00000000
        NS
        
        7695074.48000000
        1.149006025411
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Z Holdings Corp.
        52990078MD2OL792YM35
        
        N/A
        
          
        
        958700.00000000
        NS
        
        6403566.04000000
        0.956161760773
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        
        N/A
        
          
          
        
        5.00000000
        NC
        
        12090.34000000
        0.001805294223
        N/A
        DE
        
        JP
        N
        
        1
        
          
            
              Japan Securities Clearing
              549300JHM7D8P3TS4S86
            
            Long
            
              
                TOPIX Index
                JP9010100007
              
            
            2020-12-10
            81275000.00000000
            JPY
            12090.34000000
          
        
        
          N
          N
          N
        
      
      
        TDK Corp.
        3538005O8WNU39U8NX03
        
        N/A
        
          
        
        1300.00000000
        NS
        
        141950.64000000
        0.021195654583
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kamigumi Co. Ltd.
        N/A
        
        N/A
        
          
        
        33400.00000000
        NS
        
        658159.04000000
        0.098274383776
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Imperial Brands plc
        549300DFVPOB67JL3A42
        
        N/A
        
          
        
        234881.00000000
        NS
        
        4148822.49000000
        0.619490045452
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Capital Corp.
        353800YUHF3P4VZ74A67
        
        N/A
        
          
        
        4000.00000000
        NS
        
        94052.90000000
        0.014043704071
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Resorttrust, Inc.
        353800FM9MYWH105SE11
        
        N/A
        
          
        
        10800.00000000
        NS
        
        164583.45000000
        0.024575119607
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Tecan Group AG
        529900CSN9R3BLETSL26
        
        N/A
        
          
        
        9401.00000000
        NS
        
        4675263.94000000
        0.698096743756
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Evolution Gaming Group AB
        549300SUH6ZR1RF6TA88
        
        N/A
        
          
        
        12097.00000000
        NS
        
        799286.60000000
        0.119347138460
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Nexon Co. Ltd.
        5299005SFO0GAJFLKN43
        
        N/A
        
          
        
        235800.00000000
        NS
        
        5881741.80000000
        0.878244490769
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Porsche Automobil Holding SE
        52990053Z17ZYM1KFV27
        
        N/A
        
          
        
        23869.00000000
        NS
        
        1420014.55000000
        0.212032421305
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        
        N/A
        
          
          
        
        2.00000000
        NC
        
        -213.49000000
        -0.00003187770
        N/A
        DE
        
        SG
        N
        
        1
        
          
            
              Singapore Exchange Derivatives Clearing
              549300ZLWT3FK3F0FW61
            
            Long
            
              
                MSCI Singapore Index
                SIMSCI Index
              
            
            2020-10-29
            56540.00000000
            SGD
            -213.49000000
          
        
        
          N
          N
          N
        
      
      
        NGK Spark Plug Co. Ltd.
        549300RG3XQGTFM4HH31
        
        N/A
        
          
        
        9900.00000000
        NS
        
        172856.86000000
        0.025810481001
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rexel SA
        969500N6AVPA51648T62
        
        N/A
        
          
        
        38375.00000000
        NS
        
        481147.09000000
        0.071843476883
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Lonza Group AG
        549300EFW4H2TCZ71055
        
        N/A
        
          
        
        11268.00000000
        NS
        
        6953883.44000000
        1.038333546132
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Square Enix Holdings Co. Ltd.
        529900KCRNRDF8DIA489
        
        N/A
        
          
        
        65900.00000000
        NS
        
        4361349.50000000
        0.651223957279
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Yamada Holdings Co. Ltd.
        353800MDZ4K1DQKLO464
        
        N/A
        
          
        
        838100.00000000
        NS
        
        4179546.73000000
        0.624077699149
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        K's Holdings Corp.
        3538003LJ09YLR6NHG27
        
        N/A
        
          
        
        295200.00000000
        NS
        
        3996412.37000000
        0.596732611892
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kinnevik AB
        2138006PZH76JOS6MN27
        
        N/A
        
          
        
        119326.00000000
        NS
        
        4843245.95000000
        0.723179326407
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Fiat Chrysler Automobiles NV
        549300LKT9PW7ZIBDF31
        
        N/A
        
          
        
        275614.00000000
        NS
        
        3383138.74000000
        0.505160386318
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Nipro Corp.
        353800AKDDNW0E810O26
        
        N/A
        
          
        
        86700.00000000
        NS
        
        1012271.72000000
        0.151149453934
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Iberdrola SA
        5QK37QC7NWOJ8D7WVQ45
        
        N/A
        
          
        
        55188.00000000
        NS
        
        679286.47000000
        0.101429069860
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Albioma SA
        9695002W8GRJRZ44MA62
        
        N/A
        
          
        
        3049.00000000
        NS
        
        158544.94000000
        0.023673466947
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Europris ASA
        5967007LIEEXZXGA8G28
        
        N/A
        
          
        
        229332.00000000
        NS
        
        1175710.83000000
        0.175553704037
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Games Workshop Group plc
        213800RP9QJQYGWHNT41
        
        N/A
        
          
        
        8321.00000000
        NS
        
        1091723.39000000
        0.163012945027
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        LIXIL Group Corp.
        353800KB8G4F9WUJJ886
        
        N/A
        
          
        
        53300.00000000
        NS
        
        1077315.56000000
        0.160861609972
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        T-Gaia Corp.
        N/A
        
        N/A
        
          
        
        16200.00000000
        NS
        
        304879.07000000
        0.045523651442
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Dentsu Group, Inc.
        5299007PBBE83ZLJZG91
        
        N/A
        
          
        
        51300.00000000
        NS
        
        1514197.12000000
        0.226095487322
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nokia OYJ
        549300A0JPRWG1KI7U06
        
        N/A
        
          
        
        578994.00000000
        NS
        
        2266100.61000000
        0.338367518319
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Create SD Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        3300.00000000
        NS
        
        115781.98000000
        0.017288226774
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Post AG
        8ER8GIG7CSMVD8VUFE78
        
        N/A
        
          
        
        154330.00000000
        NS
        
        7002811.79000000
        1.045639384316
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Teleperformance
        9695004GI61FHFFNRG61
        
        N/A
        
          
        
        9249.00000000
        NS
        
        2851486.54000000
        0.425775634057
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        MINEBEA MITSUMI, Inc.
        353800CCB0CZ75YZ4010
        
        N/A
        
          
        
        20100.00000000
        NS
        
        382869.52000000
        0.057168957437
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Ltd.
        549300T6IPOCDWLKC615
        
        N/A
        
          
        
        112100.00000000
        NS
        
        3795645.45000000
        0.566754682324
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nemetschek SE
        529900R0S2IX1S358J38
        
        N/A
        
          
        
        36144.00000000
        NS
        
        2641811.54000000
        0.394467576025
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Wohnen SE
        529900QE24Q67I3FWZ10
        
        N/A
        
          
        
        1676.00000000
        NS
        
        83765.29000000
        0.012507588221
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Chugai Pharmaceutical Co. Ltd.
        529900T9LAII161DCN95
        
        N/A
        
          
        
        76200.00000000
        NS
        
        3419511.93000000
        0.510591524714
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        CLP Holdings Ltd.
        25490002BUTSMP94GO68
        
        N/A
        
          
        
        36000.00000000
        NS
        
        336141.20000000
        0.050191621301
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Kansai Electric Power Co., Inc. (The)
        353800PFUKP5ONPJNZ86
        
        N/A
        
          
        
        117400.00000000
        NS
        
        1137828.09000000
        0.169897164048
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        FP Corp.
        N/A
        
        N/A
        
          
        
        3600.00000000
        NS
        
        151630.86000000
        0.022641076734
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Goodman Group
        N/A
        
        N/A
        
          
        
        300778.00000000
        NS
        
        3894303.18000000
        0.581485966150
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        London Stock Exchange Group plc
        213800QAUUUP6I445N30
        
        N/A
        
          
        
        51257.00000000
        NS
        
        5880044.33000000
        0.877991029511
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Arcs Co. Ltd.
        N/A
        
        N/A
        
          
        
        10300.00000000
        NS
        
        264433.49000000
        0.039484435676
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Konami Holdings Corp.
        353800FC4A5QCMIZFV94
        
        N/A
        
          
        
        67200.00000000
        NS
        
        2906969.53000000
        0.434060191924
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shinko Electric Industries Co. Ltd.
        549300627MZ4832XWF51
        
        N/A
        
          
        
        4700.00000000
        NS
        
        82358.12000000
        0.012297473710
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        
        N/A
        
          
          
        
        6.00000000
        NC
        
        -13282.15000000
        -0.00198325180
        N/A
        DE
        
        GB
        
        N
        
        1
        
          
            
              ICE Clear Europe
              5R6J7JCQRIPQR1EEP713
            
            Long
            
              
                FTSE 100 Index
                GB0001383545
              
            
            2020-12-18
            350490.00000000
            GBP
            -13282.15000000
          
        
        
          N
          N
          N
        
      
      
        Dai-ichi Life Holdings, Inc.
        549300ZUFXI7JXZVTZ25
        
        N/A
        
          
        
        323400.00000000
        NS
        
        4563287.75000000
        0.681376786419
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Otsuka Corp.
        529900RG9DJ58J3UIE72
        
        N/A
        
          
        
        7300.00000000
        NS
        
        373039.92000000
        0.055701230301
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Corp.
        V82KK8NH1P0JS71FJC05
        
        N/A
        
          
        
        399800.00000000
        NS
        
        4819386.90000000
        0.719616762811
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hornbach Holding AG & Co. KGaA
        529900EGQZ79V21LBL44
        
        N/A
        
          
        
        6080.00000000
        NS
        
        709998.21000000
        0.106014857093
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        National Grid plc
        8R95QZMKZLJX5Q2XR704
        
        N/A
        
          
        
        22740.00000000
        NS
        
        261195.25000000
        0.039000911146
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        McDonald's Holdings Co. Japan Ltd.
        529900FY9FV0AYNRC729
        
        N/A
        
          
        
        34600.00000000
        NS
        
        1682874.29000000
        0.251281869232
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        AstraZeneca plc
        PY6ZZQWO2IZFZC3IOL08
        
        046353108
        
          
        
        63526.00000000
        NS
        USD
        3481224.80000000
        0.519806310050
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Premier Investments Ltd.
        N/A
        
        N/A
        
          
        
        9078.00000000
        NS
        
        134948.21000000
        0.020150072206
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Adecco Group AG
        NI14Y5UMU60O7JE9P611
        
        N/A
        
          
        
        81268.00000000
        NS
        
        4288134.14000000
        0.640291653763
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Scroll Corp.
        N/A
        
        N/A
        
          
        
        18500.00000000
        NS
        
        161010.84000000
        0.024041667926
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hong Kong Exchanges & Clearing Ltd.
        213800YTVSXYQN17BW16
        
        N/A
        
          
        
        70800.00000000
        NS
        
        3332803.06000000
        0.497644409733
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Hitachi Transport System Ltd.
        N/A
        
        N/A
        
          
        
        5600.00000000
        NS
        
        177388.69000000
        0.026487160608
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nomura Research Institute Ltd.
        5299005F1HCVF4M4QN79
        
        N/A
        
          
        
        217700.00000000
        NS
        
        6410067.08000000
        0.957132477061
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Siltronic AG
        5299003NKV26NNGHHR90
        
        N/A
        
          
        
        8161.00000000
        NS
        
        731156.28000000
        0.109174118252
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Denka Co. Ltd.
        353800Y94EKQEH8MVD43
        
        N/A
        
          
        
        7000.00000000
        NS
        
        213142.98000000
        0.031825886666
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Essity AB
        549300G8E6YUVJ1DA153
        
        N/A
        
          
        
        134552.00000000
        NS
        
        4542646.09000000
        0.678294634092
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens AG
        W38RGI023J3WT1HWRP32
        
        N/A
        
          
        
        80448.00000000
        NS
        
        10159706.25000000
        1.517017636152
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Wolters Kluwer NV
        724500TEM53I0U077B74
        
        N/A
        
          
        
        84254.00000000
        NS
        
        7187074.73000000
        1.073152987839
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        EDP Renovaveis SA
        529900MUFAH07Q1TAX06
        
        N/A
        
          
        
        44774.00000000
        NS
        
        743280.10000000
        0.110984411611
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Japan Tobacco, Inc.
        353800Z0ENYBQO0XRJ31
        
        N/A
        
          
        
        270900.00000000
        NS
        
        4942242.30000000
        0.737961171981
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nitori Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        17900.00000000
        NS
        
        3713388.55000000
        0.554472322488
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Aurubis AG
        5299005SHIN9ZK7GW242
        
        N/A
        
          
        
        26951.00000000
        NS
        
        1833480.92000000
        0.273770010937
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Daikin Industries Ltd.
        549300Y7FWSTSHMW5Y57
        
        N/A
        
          
        
        4900.00000000
        NS
        
        905394.25000000
        0.135190822561
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        DCM Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        252400.00000000
        NS
        
        3477578.40000000
        0.519261840262
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Valor Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        16800.00000000
        NS
        
        464957.56000000
        0.069426103592
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ibiden Co. Ltd.
        52990051DBFIQEY37C91
        
        N/A
        
          
        
        3100.00000000
        NS
        
        105638.96000000
        0.015773700680
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        EXOR NV
        5493002ENHZ6NYET7405
        
        N/A
        
          
        
        22038.00000000
        NS
        
        1196283.31000000
        0.178625526609
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        EDION Corp.
        353800697NBCW7EAHZ97
        
        N/A
        
          
        
        30100.00000000
        NS
        
        315348.98000000
        0.047086987795
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Christian Dior SE
        969500WESYQMQ1F2C272
        
        N/A
        
          
        
        5714.00000000
        NS
        
        2343736.41000000
        0.349959869013
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Sundrug Co. Ltd.
        N/A
        
        N/A
        
          
        
        62300.00000000
        NS
        
        2348394.81000000
        0.350655447682
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Raccoon Holdings, Inc.
        353800QDMZXWNVCHDQ90
        
        N/A
        
          
        
        11900.00000000
        NS
        
        239862.19000000
        0.035815520992
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Deutsche Boerse AG
        529900G3SW56SHYNPR95
        
        N/A
        
          
        
        38748.00000000
        NS
        
        6793312.90000000
        1.014357622515
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        DSV PANALPINA A/S
        529900X41C0BSLK67H70
        
        N/A
        
          
        
        11438.00000000
        NS
        
        1855279.98000000
        0.277024982849
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Santos Ltd.
        5299000RK70B5O2M7077
        
        N/A
        
          
        
        151209.00000000
        NS
        
        534642.67000000
        0.079831280498
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Yara International ASA
        213800WKOUWXWFJ5Z514
        
        N/A
        
          
        
        77885.00000000
        NS
        
        2996996.59000000
        0.447502769336
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        REA Group Ltd.
        N/A
        
        N/A
        
          
        
        1699.00000000
        NS
        
        135289.32000000
        0.020201005754
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Autobacs Seven Co. Ltd.
        5299006NCUSCPURTQB07
        
        N/A
        
          
        
        67000.00000000
        NS
        
        872679.48000000
        0.130305948744
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Moneysupermarket.com Group plc
        54930016B7VO33FBE722
        
        N/A
        
          
        
        55988.00000000
        NS
        
        192991.70000000
        0.028816956448
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Glory Ltd.
        3538003FKID28TGG5U64
        
        N/A
        
          
        
        5600.00000000
        NS
        
        125561.29000000
        0.018748444754
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Grifols SA
        959800HSSNXWRKBK4N60
        
        N/A
        
          
        
        10354.00000000
        NS
        
        297730.68000000
        0.044456274745
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Safran SA
        969500UIC89GT3UL7L24
        
        N/A
        
          
        
        13049.00000000
        NS
        
        1283853.73000000
        0.191701285718
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Alibaba Health Information Technology Ltd.
        529900GE9653COPX1I86
        
        N/A
        
          
        
        40000.00000000
        NS
        
        98362.67000000
        0.014687226328
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Halma plc
        2138007FRGLUR9KGBT40
        
        N/A
        
          
        
        68702.00000000
        NS
        
        2075615.92000000
        0.309924901275
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Intesa Sanpaolo SpA
        2W8N8UU78PMDQKZENC08
        
        N/A
        
          
        
        1638249.00000000
        NS
        
        3082234.40000000
        0.460230229939
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Neste OYJ
        5493009GY1X8GQ66AM14
        
        N/A
        
          
        
        129864.00000000
        NS
        
        6838603.84000000
        1.021120333271
        Long
        EC
        CORP
        FI
        N
        
        2
        
          N
          N
          N
        
      
      
        Buzzi Unicem SpA
        5299003DX5YLKSVJ6K59
        
        N/A
        
          
        
        29081.00000000
        NS
        
        675655.29000000
        0.100886872677
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Brambles Ltd.
        N/A
        
        N/A
        
          
        
        415823.00000000
        NS
        
        3157361.29000000
        0.471447957526
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Nintendo Co. Ltd.
        353800FEEXU6I9M0ZF27
        
        N/A
        
          
        
        13800.00000000
        NS
        
        7820339.34000000
        1.167710208105
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ono Pharmaceutical Co. Ltd.
        N/A
        
        N/A
        
          
        
        37000.00000000
        NS
        
        1163792.96000000
        0.173774162530
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Segro plc
        213800XC35KGM9NFC641
        
        N/A
        
          
        
        42054.00000000
        NS
        
        505386.25000000
        0.075462797393
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Aviva plc
        YF0Y5B0IB8SM0ZFG9G81
        
        N/A
        
          
        
        1309916.00000000
        NS
        
        4846344.28000000
        0.723641959985
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        UCB SA
        2138008J191VLSGY5A09
        
        N/A
        
          
        
        1427.00000000
        NS
        
        162069.69000000
        0.024199772312
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Hikari Tsushin, Inc.
        3538001SOIIV8U3OXH94
        
        N/A
        
          
        
        7500.00000000
        NS
        
        1789416.41000000
        0.267190427123
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Yaoko Co. Ltd.
        353800Y2SZOLTECIV233
        
        N/A
        
          
        
        4000.00000000
        NS
        
        297072.56000000
        0.044358006191
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferrari NV
        549300RIVY5EX8RCON76
        
        N/A
        
          
        
        28470.00000000
        NS
        
        5224784.80000000
        0.780149592090
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Asahi Kasei Corp.
        353800GPI4Z3MGDGN142
        
        N/A
        
          
        
        77100.00000000
        NS
        
        672592.07000000
        0.100429481622
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Gecina SA
        9695003E4MMA10IBTR26
        
        N/A
        
          
        
        18346.00000000
        NS
        
        2418475.16000000
        0.361119640670
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Experian plc
        635400RXXHHYT1JTSZ26
        
        N/A
        
          
        
        197949.00000000
        NS
        
        7437810.78000000
        1.110592161818
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        ASM International NV
        7245001I22ND6ZFHX623
        
        N/A
        
          
        
        35378.00000000
        NS
        
        5071185.82000000
        0.757214641431
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Swedish Match AB
        529900YVXCGNWAUYZG78
        
        N/A
        
          
        
        71234.00000000
        NS
        
        5824571.74000000
        0.869708024541
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Gaztransport Et Technigaz SA
        969500BVOHVZUUFWDT54
        
        N/A
        
          
        
        2146.00000000
        NS
        
        204648.29000000
        0.030557484389
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        NEC Corp.
        5493000QYMPFRTEY4K28
        
        N/A
        
          
        
        10600.00000000
        NS
        
        620034.13000000
        0.092581683670
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Aurizon Holdings Ltd.
        5299005PC1O6NOWL3H48
        
        N/A
        
          
        
        552701.00000000
        NS
        
        1700313.79000000
        0.253885884389
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        RELX plc
        549300WSX3VBUFFJOO66
        
        N/A
        
          
        
        56725.00000000
        NS
        
        1262589.27000000
        0.188526138716
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Xero Ltd.
        254900UG5D8YST164N14
        
        N/A
        
          
        
        25463.00000000
        NS
        
        1857400.83000000
        0.277341661971
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Regis Resources Ltd.
        213800XH9YUXBLYBD749
        
        N/A
        
          
        
        320184.00000000
        NS
        
        1163944.15000000
        0.173796737779
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Alstom SA
        96950032TUYMW11FB530
        
        N/A
        
          
        
        6168.00000000
        NS
        
        308110.12000000
        0.046006102382
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Azimut Holding SpA
        81560025690EF8540635
        
        N/A
        
          
        
        159727.00000000
        NS
        
        2884179.75000000
        0.430657288598
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Diageo plc
        213800ZVIELEA55JMJ32
        
        N/A
        
          
        
        26071.00000000
        NS
        
        895505.41000000
        0.133714249881
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Forestry Co. Ltd.
        549300FIIRGO6D5FWR19
        
        N/A
        
          
        
        17900.00000000
        NS
        
        285671.76000000
        0.042655672064
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Reckitt Benckiser Group plc
        5493003JFSMOJG48V108
        
        N/A
        
          
        
        2576.00000000
        NS
        
        251173.74000000
        0.037504528570
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        BE Semiconductor Industries NV
        7245007A1YFLI2GNYX06
        
        N/A
        
          
        
        102824.00000000
        NS
        
        4408254.78000000
        0.658227716565
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Gumi, Inc.
        N/A
        
        N/A
        
          
        
        48000.00000000
        NS
        
        444711.61000000
        0.066403037525
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Dialog Semiconductor plc
        529900QA2LORU6646N15
        
        N/A
        
          
        
        61265.00000000
        NS
        
        2670219.16000000
        0.398709318796
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Galenica AG
        506700W4772BD8016Z20
        
        N/A
        
          
        
        8718.00000000
        NS
        
        606221.46000000
        0.090519216166
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Man Wah Holdings Ltd.
        52990005BW6K71UPKX41
        
        N/A
        
          
        
        354800.00000000
        NS
        
        475201.63000000
        0.070955718177
        Long
        EC
        CORP
        BM
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Earth Corp.
        N/A
        
        N/A
        
          
        
        1200.00000000
        NS
        
        89379.36000000
        0.013345864741
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Hermes International
        969500Y4IJGHJE2MTJ13
        
        N/A
        
          
        
        127.00000000
        NS
        
        109379.14000000
        0.016332173423
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Alps Alpine Co. Ltd.
        529900PWNU4ASLY9VI90
        
        N/A
        
          
        
        17400.00000000
        NS
        
        234545.33000000
        0.035021623000
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ASX Ltd.
        N/A
        
        N/A
        
          
        
        80226.00000000
        NS
        
        4690465.98000000
        0.700366667927
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        KDDI Corp.
        5299003FU7V4I45FU310
        
        N/A
        
          
        
        23400.00000000
        NS
        
        588546.40000000
        0.087880027879
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Poste Italiane SpA
        815600354DEDBD0BA991
        
        N/A
        
          
        
        83698.00000000
        NS
        
        741714.77000000
        0.110750681111
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Tokmanni Group Corp.
        743700VMG6KWF0FW1560
        
        N/A
        
          
        
        11349.00000000
        NS
        
        200390.40000000
        0.029921708702
        Long
        EC
        CORP
        FI
        N
        
        1
        
          N
          N
          N
        
      
      
        Bouygues SA
        969500MOCLNQFNZN0D63
        
        N/A
        
          
        
        29426.00000000
        NS
        
        1016854.97000000
        0.151833811425
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Legrand SA
        969500XXRPGD7HCAFA90
        
        N/A
        
          
        
        51710.00000000
        NS
        
        4118666.44000000
        0.614987232225
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Subaru Corp.
        549300N244BVAEE6HH86
        
        N/A
        
          
        
        34100.00000000
        NS
        
        661978.35000000
        0.098844671980
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        
        N/A
        
          
        
        175952.00000000
        NS
        
        20940406.57000000
        3.126760291409
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Astellas Pharma, Inc.
        529900IB708DY2HBBB35
        
        N/A
        
          
        
        199400.00000000
        NS
        
        2972375.43000000
        0.443826409703
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Lion Corp.
        529900MPGS2GM7VPG855
        
        N/A
        
          
        
        7100.00000000
        NS
        
        145756.58000000
        0.021763946417
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Kohnan Shoji Co. Ltd.
        N/A
        
        N/A
        
          
        
        21200.00000000
        NS
        
        825857.51000000
        0.123314629064
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Signify NV
        549300072P3J1X8NZO35
        
        N/A
        
          
        
        38543.00000000
        NS
        
        1425592.12000000
        0.212865247752
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Wesfarmers Ltd.
        5493003L32ZX9557ST85
        
        N/A
        
          
        
        177657.00000000
        NS
        
        5678675.96000000
        0.847923293187
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Otsuka Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        14300.00000000
        NS
        
        605824.10000000
        0.090459883533
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        SpareBank 1 SR-Bank ASA
        549300Q3OIWRHQUQM052
        
        N/A
        
          
        
        47480.00000000
        NS
        
        392912.99000000
        0.058668619016
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Eurofins Scientific SE
        529900JEHFM47DYY3S57
        
        N/A
        
          
        
        5904.00000000
        NS
        
        4676953.95000000
        0.698349091109
        Long
        EC
        CORP
        LU
        N
        
        2
        
          N
          N
          N
        
      
      
        Rohm Co. Ltd.
        5493009V2FGDEP7JFE59
        
        N/A
        
          
        
        62600.00000000
        NS
        
        4839607.77000000
        0.722636084005
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Furyu Corp.
        N/A
        
        N/A
        
          
        
        8800.00000000
        NS
        
        100006.47000000
        0.014932673739
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Salmar ASA
        5967007LIEEXZXGDBK67
        
        N/A
        
          
        
        14784.00000000
        NS
        
        837859.70000000
        0.125106760987
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Sartorius Stedim Biotech
        52990006IVXY7GCSSR39
        
        N/A
        
          
        
        18483.00000000
        NS
        
        6384097.93000000
        0.953254839502
        Long
        EC
        CORP
        FR
        N
        
        1
        
          N
          N
          N
        
      
      
        Greggs plc
        213800I71QMUFJ64IW20
        
        N/A
        
          
        
        10203.00000000
        NS
        
        154614.36000000
        0.023086564232
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sonova Holding AG
        5299004A0QNX7FBNHS61
        
        N/A
        
          
        
        20488.00000000
        NS
        
        5191970.71000000
        0.775249888101
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        DWS Group GmbH & Co. KGaA
        529900VM3464806ERS69
        
        N/A
        
          
        
        16737.00000000
        NS
        
        576826.79000000
        0.086130089975
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Cellnex Telecom SA
        5493008T4YG3AQUI7P67
        
        N/A
        
          
        
        49044.00000000
        NS
        
        2977101.95000000
        0.444532159851
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Mynet, Inc.
        N/A
        
        N/A
        
          
        
        19300.00000000
        NS
        
        274442.70000000
        0.040978981652
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Scout24 AG
        5493007EIKM2ENQS7U66
        
        N/A
        
          
        
        53087.00000000
        NS
        
        4630622.74000000
        0.691431050277
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Tingyi Cayman Islands Holding Corp.
        5299009MPI9B60VN4P25
        
        N/A
        
          
        
        640000.00000000
        NS
        
        1133244.49000000
        0.169212754296
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Shimachu Co. Ltd.
        N/A
        
        N/A
        
          
        
        63800.00000000
        NS
        
        2158154.35000000
        0.322249298348
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Chemical Holdings Corp.
        353800YNKX4RQUGAR072
        
        N/A
        
          
        
        125400.00000000
        NS
        
        723856.72000000
        0.108084169292
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Sumitomo Metal Mining Co. Ltd.
        353800CF81IXL9974H84
        
        N/A
        
          
        
        25600.00000000
        NS
        
        793965.81000000
        0.118552653652
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        TIS, Inc.
        35380064HYEZXBQHDF07
        
        N/A
        
          
        
        223500.00000000
        NS
        
        4747133.49000000
        0.708828094857
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Prysmian SpA
        529900X0H1IO3RS1A464
        
        N/A
        
          
        
        182792.00000000
        NS
        
        5306026.23000000
        0.792280324915
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        
        N/A
        
          
          
        
        2.00000000
        NC
        
        -3138.46000000
        -0.00046862567
        N/A
        DE
        
        AU
        N
        
        1
        
          
            
              ASX Clear (Futures)
              549300ZD7BBOVZFVHK49
            
            Long
            
              
                SPI 200 Index
                XC0006013624
              
            
            2020-12-17
            290100.00000000
            AUD
            -3138.46000000
          
        
        
          N
          N
          N
        
      
      
        Nihon M&A Center, Inc.
        N/A
        
        N/A
        
          
        
        24400.00000000
        NS
        
        1395909.45000000
        0.208433118243
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Adairs Ltd.
        529900HLMXKO4QLZNW81
        
        N/A
        
          
        
        95967.00000000
        NS
        
        226517.80000000
        0.033822975689
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Orkla ASA
        549300PZS8G8RG6RVZ52
        
        N/A
        
          
        
        286171.00000000
        NS
        
        2888174.41000000
        0.431253759551
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferguson plc
        213800DU1LGY3R2S2X42
        
        N/A
        
          
        
        35211.00000000
        NS
        
        3543300.04000000
        0.529075203415
        Long
        EC
        CORP
        JE
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Boliden AB
        21380059QU7IM1ONDJ56
        
        N/A
        
          
        
        159284.00000000
        NS
        
        4726058.16000000
        0.705681188193
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        Anglo American plc
        549300S9XF92D1X8ME43
        
        N/A
        
          
        
        205815.00000000
        NS
        
        4979405.64000000
        0.743510293266
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        DNB ASA
        5967007LIEEXZX78M803
        
        N/A
        
          
        
        194177.00000000
        NS
        
        2705006.10000000
        0.403903602980
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Banca Generali SpA
        815600903231FA2E7698
        
        N/A
        
          
        
        17152.00000000
        NS
        
        521651.57000000
        0.077891487425
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Novozymes A/S
        529900T6WNZXD2R3JW38
        
        N/A
        
          
        
        9175.00000000
        NS
        
        576670.63000000
        0.086106772620
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Enel SpA
        WOCMU6HCI0OJWNPRZS33
        
        N/A
        
          
        
        778950.00000000
        NS
        
        6758104.38000000
        1.009100389237
        Long
        EC
        CORP
        IT
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke DSM NV
        724500SNT1MK246AHP04
        
        N/A
        
          
        
        38536.00000000
        NS
        
        6344245.01000000
        0.947304117994
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        AGC, Inc.
        JE4WFFEELMVPFZ0G1E77
        
        N/A
        
          
        
        43400.00000000
        NS
        
        1275501.97000000
        0.190454225331
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Arata Corp.
        N/A
        
        N/A
        
          
        
        2100.00000000
        NS
        
        104820.06000000
        0.015651424926
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Yamaha Motor Co. Ltd.
        3538004LR5NXILJDHY88
        
        N/A
        
          
        
        20400.00000000
        NS
        
        296425.82000000
        0.044261436864
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fisher & Paykel Healthcare Corp. Ltd.
        N/A
        
        N/A
        
          
        
        27359.00000000
        NS
        
        603827.90000000
        0.090161816784
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        Scandinavian Tobacco Group A/S
        5299003KG4JS99TRML67
        
        N/A
        
          
        
        10594.00000000
        NS
        
        156898.93000000
        0.023427689545
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Phoenix Group Holdings plc
        2138001P49OLAEU33T68
        
        N/A
        
          
        
        71708.00000000
        NS
        
        637701.78000000
        0.095219765518
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Marubeni Corp.
        4P4N3ORD02UGQT1T1W12
        
        N/A
        
          
        
        828300.00000000
        NS
        
        4702594.88000000
        0.702177719817
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Magellan Financial Group Ltd.
        549300X5WFW6USQQ9U26
        
        N/A
        
          
        
        66874.00000000
        NS
        
        2758150.84000000
        0.411839020192
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Warehouses De Pauw CVA
        549300HWDYC5JXC85138
        
        N/A
        
          
        
        25294.00000000
        NS
        
        920477.52000000
        0.137443012343
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Vivendi SA
        969500FU4DRAEVJW7U54
        
        N/A
        
          
        
        206930.00000000
        NS
        
        5779322.67000000
        0.862951565691
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Teijin Ltd.
        3538000RF6UCIMPKCO54
        
        N/A
        
          
        
        97400.00000000
        NS
        
        1510517.83000000
        0.225546106496
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Koninklijke Ahold Delhaize NV
        724500C9GNBV20UYRX36
        
        N/A
        
          
        
        209761.00000000
        NS
        
        6200101.73000000
        0.925781064816
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Takeda Pharmaceutical Co. Ltd.
        549300ZLMVP4X0OGR454
        
        N/A
        
          
        
        33300.00000000
        NS
        
        1190239.79000000
        0.177723125870
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Welcia Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        45600.00000000
        NS
        
        1999715.55000000
        0.298591679915
        Long
        EC
        CORP
        JP
        N
        
        1
        
          N
          N
          N
        
      
      
        Hulic Co. Ltd.
        N/A
        
        N/A
        
          
        
        11300.00000000
        NS
        
        106029.56000000
        0.015832023930
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        M3, Inc.
        N/A
        
        N/A
        
          
        
        91500.00000000
        NS
        
        5659848.30000000
        0.845112002037
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Plus500 Ltd.
        549300X8NGW9C5OJZU13
        
        N/A
        
          
        
        190911.00000000
        NS
        
        3859123.72000000
        0.576233072027
        Long
        EC
        CORP
        IL
        N
        
        2
        
          N
          N
          N
        
      
      
        Ship Healthcare Holdings, Inc.
        353800BIFUE1L527TH13
        
        N/A
        
          
        
        31300.00000000
        NS
        
        1532677.05000000
        0.228854856445
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rentokil Initial plc
        549300VN4WV7Z6T14K68
        
        N/A
        
          
        
        69197.00000000
        NS
        
        478279.83000000
        0.071415346002
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Schneider Electric SE
        969500A1YF1XUYYXS284
        
        N/A
        
          
        
        74570.00000000
        NS
        
        9268971.40000000
        1.384015712343
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Husqvarna AB
        549300GYQIIJ3UXB7655
        
        N/A
        
          
        
        18435.00000000
        NS
        
        202714.46000000
        0.030268730547
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        JB Hi-Fi Ltd.
        529900TPC8H040Y3ZQ65
        
        N/A
        
          
        
        51179.00000000
        NS
        
        1740086.05000000
        0.259824561982
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Sonic Healthcare Ltd.
        549300NQQ5L2NONWR862
        
        N/A
        
          
        
        193408.00000000
        NS
        
        4592897.51000000
        0.685798029220
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Rohto Pharmaceutical Co. Ltd.
        N/A
        
        N/A
        
          
        
        15000.00000000
        NS
        
        493210.32000000
        0.073644723121
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fujitsu Ltd.
        3538000246DHJLRTUZ24
        
        N/A
        
          
        
        54000.00000000
        NS
        
        7377353.75000000
        1.101564894839
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Meridian Energy Ltd.
        254900IFKXIGNCY3A092
        
        N/A
        
          
        
        39174.00000000
        NS
        
        128838.43000000
        0.019237777718
        Long
        EC
        CORP
        NZ
        N
        
        2
        
          N
          N
          N
        
      
      
        DBS Group Holdings Ltd.
        5493007FKT78NKPM5V55
        
        N/A
        
          
        
        291800.00000000
        NS
        
        4289855.04000000
        0.640548613520
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Unilever plc
        549300MKFYEKVRWML317
        
        904767704
        
          
        
        32292.00000000
        NS
        USD
        1991770.56000000
        0.297405357235
        Long
        EC
        CORP
        GB
        N
        
        1
        
          N
          N
          N
        
      
      
        Komeri Co. Ltd.
        N/A
        
        N/A
        
          
        
        14700.00000000
        NS
        
        464610.31000000
        0.069374253237
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        ENN Energy Holdings Ltd.
        549300V7BXPWT6WIPR03
        
        N/A
        
          
        
        229500.00000000
        NS
        
        2518361.43000000
        0.376034366497
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        BHP Group plc
        549300C116EOWV835768
        
        N/A
        
          
        
        327751.00000000
        NS
        
        6992290.74000000
        1.044068411887
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        SoftBank Group Corp.
        5493003BZYYYCDIO0R13
        
        N/A
        
          
        
        44900.00000000
        NS
        
        2778168.86000000
        0.414828052418
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Bachem Holding AG
        506700S81111XI7TG884
        
        N/A
        
          
        
        3055.00000000
        NS
        
        1296535.71000000
        0.193594921897
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Benesse Holdings, Inc.
        549300XOPEJA8L2IV934
        
        N/A
        
          
        
        76100.00000000
        NS
        
        1958731.19000000
        0.292472015095
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Fortescue Metals Group Ltd.
        529900VEJFORCO6I4826
        
        N/A
        
          
        
        529688.00000000
        NS
        
        6222790.50000000
        0.929168885624
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        ING Groep NV
        549300NYKK9MWM7GGW15
        
        N/A
        
          
        
        91568.00000000
        NS
        
        653508.78000000
        0.097580020548
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Sawai Pharmaceutical Co. Ltd.
        N/A
        
        N/A
        
          
        
        22600.00000000
        NS
        
        1140309.15000000
        0.170267628674
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        China Mengniu Dairy Co. Ltd.
        2549005Q343BSJ8RSS21
        
        N/A
        
          
        
        663000.00000000
        NS
        
        3127202.40000000
        0.466944720239
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Mitsubishi Materials Corp.
        35380076QOBOSOUBRT89
        
        N/A
        
          
        
        43300.00000000
        NS
        
        853302.93000000
        0.127412698943
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Omron Corp.
        549300ZHW0TR2QZ0NY83
        
        N/A
        
          
        
        41200.00000000
        NS
        
        3221268.05000000
        0.480990328103
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Pan Pacific International Holdings Corp.
        529900QLHJM2E18A5763
        
        N/A
        
          
        
        74900.00000000
        NS
        
        1744292.06000000
        0.260452591099
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Honda Motor Co. Ltd.
        549300P7ZYCQJ36CCS16
        
        N/A
        
          
        
        242000.00000000
        NS
        
        5746843.28000000
        0.858101838127
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Shionogi & Co. Ltd.
        35380049VXDTHZI3DY35
        
        N/A
        
          
        
        82400.00000000
        NS
        
        4410398.28000000
        0.658547777719
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ride On Express Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        4900.00000000
        NS
        
        121277.95000000
        0.018108868947
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Vistry Group plc
        2138001KOWN7CG9SLK53
        
        N/A
        
          
        
        293.00000000
        NS
        
        2147.19000000
        0.000320612133
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Randstad NV
        7245009EAAUUQJ0U4T57
        
        N/A
        
          
        
        1743.00000000
        NS
        
        90889.57000000
        0.013571364883
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Zurich Insurance Group AG
        529900QVNRBND50TXP03
        
        N/A
        
          
        
        19596.00000000
        NS
        
        6833424.97000000
        1.020347039542
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Novo Nordisk A/S
        549300DAQ1CVT6CXN342
        
        N/A
        
          
        
        168695.00000000
        NS
        
        11687963.32000000
        1.745212514106
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Evolution Mining Ltd.
        254900BCFW5QO5LW8F27
        
        N/A
        
          
        
        624018.00000000
        NS
        
        2606795.55000000
        0.389239090765
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Kaneka Corp.
        529900FWWCF6RY313R16
        
        N/A
        
          
        
        5500.00000000
        NS
        
        154081.84000000
        0.023007049902
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Rio Tinto plc
        213800YOEO5OQ72G2R82
        
        767204100
        
          
        
        124163.00000000
        NS
        USD
        7498203.57000000
        1.119609836667
        Long
        EC
        CORP
        GB
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Harvey Norman Holdings Ltd.
        529900ONRWOF42PYKU59
        
        N/A
        
          
        
        297507.00000000
        NS
        
        968310.58000000
        0.144585305026
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        D'ieteren SA/NV
        549300DV5KJ23OKVTW34
        
        N/A
        
          
        
        14673.00000000
        NS
        
        912303.33000000
        0.136222466188
        Long
        EC
        CORP
        BE
        N
        
        2
        
          N
          N
          N
        
      
      
        Novartis AG
        5493007HIVTX6SY6XD66
        
        N/A
        
          
        
        52803.00000000
        NS
        
        4584584.63000000
        0.684556774281
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        BayCurrent Consulting, Inc.
        N/A
        
        N/A
        
          
        
        2800.00000000
        NS
        
        390560.85000000
        0.058317404348
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Henkel AG & Co. KGaA
        549300VZCL1HTH4O4Y49
        
        N/A
        
          
        
        24549.00000000
        NS
        
        2567493.67000000
        0.383370648939
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens Energy AG
        N/A
        
        N/A
        
          
        
        40224.00000000
        NS
        
        1084694.47000000
        0.161963407241
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Hitachi Metals Ltd.
        N/A
        
        N/A
        
          
        
        45300.00000000
        NS
        
        698530.08000000
        0.104302469448
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Volkswagen AG
        529900NNUPAGGOMPXZ31
        
        N/A
        
          
        
        8714.00000000
        NS
        
        1402180.56000000
        0.209369502055
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        SpareBank 1 SMN
        7V6Z97IO7R1SEAO84Q32
        
        N/A
        
          
        
        55750.00000000
        NS
        
        503956.79000000
        0.075249354604
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        Koei Tecmo Holdings Co. Ltd.
        N/A
        
        N/A
        
          
        
        8300.00000000
        NS
        
        400428.36000000
        0.059790792094
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Investor AB
        549300VEBQPHRZBKUX38
        
        N/A
        
          
        
        70149.00000000
        NS
        
        4545073.58000000
        0.678657099802
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          N
        
      
      
        IG Group Holdings plc
        2138003A5Q1M7ANOUD76
        
        N/A
        
          
        
        103318.00000000
        NS
        
        1055388.34000000
        0.157587501584
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        
        N/A
        
          
        
        49106.00000000
        NS
        
        16820796.59000000
        2.511632172550
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Gerresheimer AG
        5299006GD4UWSYZOKC28
        
        N/A
        
          
        
        1171.00000000
        NS
        
        131047.02000000
        0.019567557920
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        FANUC Corp.
        529900QTSW745LOKW705
        
        N/A
        
          
        
        10800.00000000
        NS
        
        2072688.19000000
        0.309487741190
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        N/A
        N/A
        
        N/A
        
          
          
        
        33.00000000
        NC
        
        -46299.15000000
        -0.00691325372
        N/A
        DE
        
        DE
        N
        
        1
        
          
            
              Eurex Clearing
              529900LN3S50JPU47S06
            
            Long
            
              
                EURO STOXX 50 Index
                EU0009658145
              
            
            2020-12-18
            1054020.00000000
            EUR
            -46299.15000000
          
        
        
          N
          N
          N
        
      
      
        Unilever plc
        549300MKFYEKVRWML317
        
        N/A
        
          
        
        17834.00000000
        NS
        
        1099523.87000000
        0.164177689897
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        
        N/A
        
          
        
        17088.00000000
        NS
        
        6311847.84000000
        0.942466667280
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Euronext NV
        724500QJ4QSZ3H9QU415
        
        N/A
        
          
        
        28289.00000000
        NS
        
        3543654.75000000
        0.529128167675
        Long
        EC
        CORP
        NL
        N
        
        2
        
          N
          N
          N
        
      
      
        Vestas Wind Systems A/S
        549300DYMC8BGZZC8844
        
        N/A
        
          
        
        47294.00000000
        NS
        
        7643019.13000000
        1.141233272729
        Long
        EC
        CORP
        DK
        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)

 

---

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

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)

 

---

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

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)

 

---

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

---

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)

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.

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.