Form NPORT-P GOLDMAN SACHS TRUST For: Sep 30

November 24, 2020 5:11 PM

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

 

Shares      Description   Value
  Common Stocks – 99.8%
 

Automobiles & Components – 0.2%

  139,719      Gentex Corp.   $       3,597,764
  3,260      Tesla, Inc.*   1,398,573
  2,072      Thor Industries, Inc.   197,379
    

 

     5,193,716

 

 

 

Banks – 3.7%

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

 

     94,043,307

 

 

 

Capital Goods – 6.8%

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

 

     173,092,208

 

 

 

Commercial & Professional Services – 0.1%

  9,400      CoreLogic, Inc.   636,098
  16      CoStar Group, Inc.*   13,576
  10,900      ManpowerGroup, Inc.   799,297
  1,100      MSA Safety, Inc.   147,587
  1,784      TransUnion   150,088
    

 

     1,746,646

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Consumer Durables & Apparel – 1.0%

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

 

     25,571,724

 

 

 

Consumer Services – 1.1%

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

 

     29,179,110

 

 

 

Diversified Financials – 3.1%

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

 

     80,139,149

 

 

 

Energy – 1.6%

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

 

     41,351,348

 

 

 

Food & Staples Retailing – 1.3%

  26,354      Costco Wholesale Corp.   9,355,670
  136,600      Walgreens Boots Alliance, Inc.   4,906,672
  139,941      Walmart, Inc.   19,579,145
    

 

     33,841,487

 

 

 


GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Food, Beverage & Tobacco – 3.9%

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

 

     100,417,869

 

 

 

Health Care Equipment & Services – 5.9%

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

 

     150,435,866

 

 

 

Household & Personal Products – 1.9%

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

 

     47,574,065

 

 

 

Insurance – 1.8%

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

 

     46,970,449

 

 

 

Materials – 3.0%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Materials – (continued)

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

 

     77,970,735

 

 

 

Media & Entertainment – 8.6%

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

 

     220,213,633

 

 

 

Pharmaceuticals, Biotechnology & Life Sciences – 8.2%

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

 

 

 


GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Pharmaceuticals, Biotechnology & Life Sciences – (continued)

  43,196      Thermo Fisher Scientific, Inc.   $  19,071,898
    

 

     210,119,940

 

 

 

Real Estate – 2.5%

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

 

     63,863,035

 

 

 

Retailing – 8.2%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Retailing – (continued)

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

 

     209,156,296

 

 

 

Semiconductors & Semiconductor Equipment – 5.6%

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

 

     142,794,736

 

 

 

Software & Services – 14.8%

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

 

 

 


GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Software & Services – (continued)

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

 

     378,845,464

 

 

 

Technology Hardware & Equipment – 8.8%

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

 

     224,703,340

 

 

 

Telecommunication Services – 2.5%

  1,217,928      AT&T, Inc.(a)   34,723,127
  509,002      Verizon Communications, Inc.(b)   30,280,529
    

 

     65,003,656

 

 

 

Transportation – 1.9%

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

 

     47,361,952

 

 

 

Utilities – 3.3%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Utilities – (continued)

  316,501      Southern Co. (The)   $     17,160,685
    

 

     85,267,366

 

 

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

 

 

Shares      Dividend
Rate
  Value
  Investment Company(d) – 1.5%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  37,942,365      0.027%   $     37,942,365
  (Cost $37,942,365)  

 

 

 

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

  $2,592,799,462

 

 

    
  Securities Lending Reinvestment Vehicle(d) – 0.2%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  6,332,150      0.027%   $       6,332,150
  (Cost $6,332,150)  

 

 

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

 

 

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

 

 

  NET ASSETS – 100.0%   $2,562,029,548

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   All or a portion of security is segregated as collateral for call options written.
(b)   All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)   All or a portion of security is on loan.
(d)   Represents an Affiliated Issuer.

 

 

Investment Abbreviation:
REIT  

— Real Estate Investment Trust

Currency Abbreviation:
USD  

— United States Dollar

 

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


GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

 

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

 

 

Long position contracts:

    

S&P 500 E-Mini Index

     238      12/18/2020      $39,888,800      $ 338,710  

 

 

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

 

Description   Counterparty   Exercise
Price
    Expiration
Date
    Number of  
Contracts
  Notional
Amount
    Value    

Premiums
Paid
(Received)

by the

Fund

    Unrealized
Appreciation/
Depreciation
 

 

 

Written options contracts:

 

     

Calls

 

     

S&P 500 Index

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

 

 

Total written options contracts

  2,086     $ (20,294,890   $ (26,565,888   $ 6,270,998  

 

 


GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 99.4%
 

Australia – 9.0%

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

 

     17,450,778

 

 

 

Austria – 0.1%

  3,643      Erste Group Bank AG (Banks)   76,286
  2,796      voestalpine AG (Materials)(a)   73,691
    

 

     149,977

 

 

 

Belgium – 1.9%

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

 

     3,718,008

 

 

 

China – 0.2%

  4,910      Prosus NV (Retailing)*   453,206

 

 

 

Denmark – 1.7%

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

 

     3,284,451

 

 

 

Finland – 2.8%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Finland – (continued)

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

 

     5,465,947

 

 

 

France – 10.4%

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

 

     20,101,886

 

 

 

Germany – 10.1%

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

 

 

 


GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Germany – (continued)

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

 

     19,643,623

 

 

 

Hong Kong – 2.7%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Hong Kong – (continued)

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

 

     5,162,488

 

 

 

Ireland – 0.5%

  24,567      CRH plc (Materials)(a)   890,832

 

 

 

Israel – 0.4%

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

 

     703,892

 

 

 

Italy – 1.1%

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

 

     2,161,386

 

 

 

Japan – 25.6%

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

 

 

 


GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

 

 


GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

     49,576,414

 

 

 

Luxembourg – 0.0%

  6,342      SES SA FDR (Media & Entertainment)   44,897

 

 

 

Macau – 0.5%

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

 

     897,284

 

 

 

Netherlands – 2.4%

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

 

 

 


GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Netherlands – (continued)

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

 

     4,710,419

 

 

 

New Zealand – 0.6%

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

 

     1,135,476

 

 

 

Norway – 0.5%

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

 

     990,038

 

 

 

Portugal – 0.3%

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

 

     551,903

 

 

 

Russia – 0.2%

  104,182      Evraz plc (Materials)   463,911

 

 

 

Singapore – 1.0%

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

 

     1,938,917

 

 

 

South Africa – 0.0%

  2      Anglo American plc (Materials)   48

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Spain – 3.1%

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

 

     6,005,237

 

 

 

Sweden – 1.1%

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

 

     2,199,950

 

 

 

Switzerland – 12.0%

  17,232      ABB Ltd. (Registered) (Capital Goods)   438,104
  17,824      Adecco Group AG (Registered) (Commercial & Professional Services)   940,490
  1,868      Banque Cantonale Vaudoise (Registered) (Banks)   189,567
  46,489      Clariant AG (Registered) (Materials)   917,094
  40,278      Coca-Cola HBC AG (Food, Beverage & Tobacco)   994,578
  358      EMS-Chemie Holding AG (Registered) (Materials)   321,651
  313      Geberit AG (Registered) (Capital Goods)   185,178
  17,849     

LafargeHolcim Ltd. (Registered)

(Materials)*

  812,479
  47,198      Nestle SA (Registered) (Food, Beverage & Tobacco)   5,617,130
  38,853      Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)   3,373,385
  1,163      Partners Group Holding AG (Diversified Financials)   1,069,732
  9,484      Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)   3,248,655

 

 

 


GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Switzerland – (continued)

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

 

     23,327,917

 

 

 

United Kingdom – 11.2%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

United Kingdom – (continued)

  2,770      WPP plc (Media & Entertainment)   $          21,756
    

 

     21,665,404

 

 

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

 

 

 

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.6%

  1,239,474

 

 

 

NET ASSETS – 100.0%

  $ 193,933,763

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   All or a portion of security is segregated as collateral for call options written.
(b)   All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)   Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)   Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

 

 

Investment Abbreviations:
ADR  

— American Depositary Receipt

FDR  

— Fiduciary Depositary Receipt

REIT  

— Real Estate Investment Trust

Currency Abbreviations:
EUR  

— Euro

GBP  

— British Pound

JPY  

— Japanese Yen

 

 


GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

 

ADDITIONAL INVESTMENT INFORMATION

 

 

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

 

Description      Number of
Contracts
    

Expiration

Date

     Notional
Amount
       Unrealized
Appreciation/
(Depreciation)
 

 

 

Long position contracts:

 

    

EURO STOXX 50 Index

     18      12/18/2020      $ 674,065        $ (25,467

FTSE 100 Index

     3      12/18/2020        226,127          (6,815

MSCI Singapore Index

     1      10/29/2020        20,710          (83

SPI 200 Index

     1      12/17/2020        103,892          (1,569

TOPIX Index

     2      12/10/2020        308,254          4,798  

 

 

Total Futures Contracts

 

     $ (29,136

 

 

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

 

Description   Counterparty   Exercise
Price
    Expiration
Date
 

  Number of  

Contracts

  Notional
Amount
    Value     Premiums
Paid
(Received)
by the
Fund
    Unrealized
Appreciation/
Depreciation
 

 

 

Written options contracts:

 

     

Calls

 

     

EURO STOXX 50 Index

  Morgan Stanley Co., Inc.     3,375 EUR     12/18/2020   865   $ (27,624,727   $ (597,346   $ (1,093,780   $ 496,434  

FTSE 100 Index

      6,125 GBP     12/18/2020   117     (6,863,337     (178,146     (293,636     115,490  

Nikkei 225 Index

      23,500 JPY     12/11/2020   74     (1,715,698,880     (505,191     (554,601     49,410  

 

 

Total written options contracts

  1,056     $ (1,280,683   $ (1,942,017   $ 661,334  

 

 


GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 100.0%
 

Automobiles & Components – 1.1%

  164,726      General Motors Co.   $       4,874,242
  21,887      Gentex Corp.   563,590
  28,888      Tesla, Inc.*   12,393,241
    

 

     17,831,073

 

 

 

Banks – 2.6%

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

 

     43,239,187

 

 

 

Capital Goods – 4.5%

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

 

     74,559,798

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Commercial & Professional Services – 1.2%

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

 

     20,353,807

 

 

 

Consumer Durables & Apparel – 0.8%

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

 

     12,713,879

 

 

 

Consumer Services – 4.1%

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

 

     67,960,045

 

 

 

Diversified Financials – 5.3%

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

 

     87,695,021

 

 

 


GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Energy – 1.1%

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

 

     17,692,653

 

 

 

Food & Staples Retailing – 1.3%

  11,583      Casey’s General Stores, Inc.   2,057,720
  54,212      Costco Wholesale Corp.   19,245,260
  2,725      Walmart, Inc.   381,255
    

 

     21,684,235

 

 

 

Food, Beverage & Tobacco – 2.0%

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

 

     32,019,458

 

 

 

Health Care Equipment & Services – 6.8%

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

 

     112,585,898

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Household & Personal Products – 1.4%

  15,887      Church & Dwight Co., Inc.   $       1,488,771
  135,610      Herbalife Nutrition Ltd.*   6,326,207
  110,150      Procter & Gamble Co. (The)   15,309,748
    

 

     23,124,726

 

 

 

Insurance – 1.7%

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

 

     27,983,001

 

 

 

Materials – 3.6%

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

 

     59,895,959

 

 

 

Media & Entertainment – 8.6%

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

 

     141,216,028

 

 

 


GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Pharmaceuticals, Biotechnology & Life Sciences – 10.7%

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

 

     175,535,935

 

 

 

Real Estate Investment Trusts – 6.0%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Real Estate Investment Trusts – (continued)

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

 

     99,185,652

 

 

 

Retailing – 9.4%

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

 

     153,884,873

 

 

 

Semiconductors & Semiconductor Equipment – 4.0%

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

 

     66,206,101

 

 

 


GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Software & Services – 13.4%

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

 

     219,564,155

 

 

 

Technology Hardware & Equipment – 7.0%

  842,445      Apple, Inc.   97,563,555
  1,620      Arista Networks, Inc.*   335,227
  24,727      Cisco Systems, Inc.   973,997
  111,321     

Keysight Technologies, Inc.*

10,996,288

  6,357      National Instruments Corp.   226,945
  42,942      NetApp, Inc.   1,882,577
  5,934      SYNNEX Corp.   831,116
  135,115      TTM Technologies, Inc.*   1,541,662
    

 

     114,351,367

 

 

 

Telecommunication Services – 0.1%

  39,101      Cogent Communications Holdings, Inc.   2,348,015

 

 

 

Transportation – 2.1%

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

 

     34,141,081

 

 

 

Utilities – 1.2%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Utilities – (continued)

  68,737      NRG Energy, Inc.   $       2,112,976
  50,963      Public Service Enterprise Group, Inc.   2,798,378
  85,592      Vistra Corp.   1,614,265
    

 

     19,559,135

 

 

 


TOTAL INVESTMENTS BEFORE SECURITIES

LENDING REINVESTMENT VEHICLE
(Cost $986,651,818)

  $1,645,331,082

 

 

 

  Securities Lending Reinvestment Vehicle(b) 0.1%
 

Goldman Sachs Financial Square Government Fund — Institutional
Shares

  2,112,125      0.027%   $       2,112,125
 

(Cost $2,112,125)

 

 

 

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

 

 

 

LIABILITIES IN EXCESS OF
OTHER ASSETS – (0.1)%

  (2,160,375)

 

 

  NET ASSETS – 100.0%   $1,645,282,832

 

 

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*   Security is currently in default and/or non-income producing.
(a)   All or a portion of security is on loan.
(b)   Represents an Affiliated Issuer.
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

 

 

Investment Abbreviation:
REIT  

— Real Estate Investment Trust

 

 


GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – 100.0%
 

Australia – 10.3%

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

 

     67,739,650

 

 

 

Belgium – 0.3%

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

 

     1,994,850

 

 

 

China – 1.0%

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

 

     6,877,171

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Denmark – 3.3%

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

 

     21,919,832

 

 

 

Finland – 1.5%

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

 

     10,135,292

 

 

 

France – 6.7%

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

 

     43,905,870

 

 

 

Germany – 7.5%

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

 

 

 


GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Germany – (continued)

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

 

     49,332,302

 

 

 

Hong Kong – 0.6%

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

 

     4,144,146

 

 

 

Israel – 0.6%

  190,911      Plus500 Ltd. (Diversified Financials)   3,859,124

 

 

 

Italy – 3.8%

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

 

     25,194,351

 

 

 

Japan – 28.5%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

 

 


GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

 

 


GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Japan – (continued)

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

 

     188,391,422

 

 

 

Luxembourg – 0.7%

  5,904      Eurofins Scientific SE (Pharmaceuticals, Biotechnology & Life Sciences)*   4,676,954

 

 

 

Netherlands – 6.4%

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

 

     42,432,638

 

 

 

New Zealand – 0.4%

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

 

     2,590,067

 

 

 

Norway – 1.8%

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

 

 

Shares      Description   Value
  Common Stocks – (continued)
 

Norway – (continued)

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

 

     11,681,763

 

 

 

Singapore – 0.7%

  291,800      DBS Group Holdings Ltd. (Banks)   4,289,855

 

 

 

South Africa – 0.8%

  205,815      Anglo American plc (Materials)   4,979,406

 

 

 

Spain – 1.3%

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

 

     8,592,465

 

 

 

Sweden – 3.9%

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

 

     25,768,521

 

 

 

Switzerland – 11.8%

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

 

 

 


GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

 

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

 

Shares      Description   Value
  Common Stocks – (continued)
 

Switzerland – (continued)

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

 

     77,957,388

 

 

 

United Kingdom – 7.6%

  63,526      AstraZeneca plc ADR (Pharmaceuticals, Biotechnology & Life Sciences)   3,481,225
  1,309,916      Aviva plc (Insurance)   4,846,344
  152,511      Barratt Developments plc (Consumer Durables & Apparel)   935,308
  26,071      Diageo plc (Food, Beverage & Tobacco)   895,505
  61,265      Dialog Semiconductor plc (Semiconductors & Semiconductor Equipment)*   2,670,219
  197,949      Experian plc (Commercial & Professional Services)   7,437,811
  275,614      Fiat Chrysler Automobiles NV (Automobiles & Components)*   3,383,139
  8,321      Games Workshop Group plc (Consumer Durables & Apparel)   1,091,723
  10,203      Greggs plc (Consumer Services)*   154,614
  68,702      Halma plc (Technology Hardware & Equipment)   2,075,616