# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0001752724-23-075226
**Filing Date:** 2023-3
**Character Count:** 201206
**Document Hash:** 4ec63d500a00dadb4378513e8b8e95b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075226.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075226

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05349
- **FILM NUMBER:** 23784393

**BUSINESS ADDRESS:**
- **STREET 1:** 71  SOUTH WACKER DRIVE
- **STREET 2:** C/O GOLDMAN SACHS & CO
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3126554400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19910711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHORT INTERMEDIATE GOVERNMENT FUND
- **DATE OF NAME CHANGE:** 19900104

## Series and Classes Contracts Data

### Goldman Sachs International Equity Insights Fund (Series ID: S000009330)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000025541 | Institutional   | GCIIX           |
| C000025542 | Service         | GCISX           |
| C000025543 | Class A         | GCIAX           |
| C000025545 | Class C         | GCICX           |
| C000058971 | Class R         | GCIRX           |
| C000058972 | Investor Shares | GCITX           |
| C000161504 | Class R6 Shares | GCIUX           |
| C000201740 | Class P Shares  | GGFPX           |

## Nport-Ex

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.6%** | **Common Stocks – 97.6%** | **Common Stocks – 97.6%** |
| **Australia – 0.0%** | **Australia – 0.0%** |  |
| 18376 | AngloGold Ashanti Ltd. ADR (Materials) | $386264 |
| **Brazil – 5.8%** | **Brazil – 5.8%** |  |
| 915500 | Ambev SA ADR (Food, Beverage & Tobacco) | 2435230 |
| 260000 | Banco Bradesco SA (Banks) | 646376 |
| 405400 | Banco BTG Pactual S.A (Diversified Financials) | 1726602 |
| 3063700 | Banco do Brasil SA (Banks) | 24563676 |
| 1888800 | BB Seguridade Participacoes SA (Insurance) | 14057259 |
| 141000 | Caixa Seguridade Participacoes SA (Insurance) | 241375 |
| 6092770 | Cia Energetica de Minas Gerais ADR (Utilities) | 13647805 |
| 13039 | Cia Energetica de Minas Gerais (Utilities) | 42742 |
| 6400 | Cia Paranaense de Energia (Utilities) | 47417 |
| 3343400 | Cielo SA (Software & Services) | 3299733 |
| 8600 | Cosan SA ADR (Energy) | 113262 |
| 58200 | Hapvida Participacoes e Investimentos SA (Health Care Equipment & Services)\*<sup>(a)</sup> | 59045 |
| 703800 | Kepler Weber SA (Capital Goods) | 3206842 |
| 1759750 | Petroleo Brasileiro SA ADR (Energy) | 20413100 |
| 656200 | Santos Brasil Participacoes SA (Transportation) | 1138846 |
| 208400 | Telefonica Brasil SA (Telecommunication Services) | 1716858 |
| 950100 | Vale SA, Class B ADR (Materials) | 17747868 |
| 150800 | Zamp SA (Consumer Services)\* | 161901 |
|  |  | 105265937 |
| **Chile – 0.1%** | **Chile – 0.1%** |  |
| 10073505 | Cia Sud Americana de Vapores SA (Transportation) | 874301 |
| 177984 | Quinenco SA (Capital Goods) | 619246 |
|  |  | 1493547 |
| **China – 33.0%** | **China – 33.0%** |  |
| 2039500 | 3SBio, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 2221472 |
| 369000 | Agricultural Bank of China Ltd., Class H (Banks) | 132815 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** |  |
| 1093157 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care Equipment & Services) | $5340721 |
| 4453700 | Alibaba Group Holding Ltd. (Retailing)\* | 61232447 |
| 257500 | A-Living Smart City Services Co. Ltd. (Real Estate)<sup>(a)</sup> | 325871 |
| 199000 | ANTA Sports Products Ltd. (Consumer Durables & Apparel) | 3018555 |
| 47700 | Autohome, Inc. ADR (Media & Entertainment) | 1662822 |
| 500850 | Avary Holding Shenzhen Co. Ltd., Class A (Technology Hardware & Equipment) | 2145968 |
| 264000 | Baidu, Inc., Class A (Media & Entertainment)\* | 4437851 |
| 2258700 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 2070981 |
| 6754 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 134426 |
| 1680000 | Bosideng International Holdings Ltd. (Consumer Durables & Apparel) | 936226 |
| 280500 | BYD Co. Ltd., Class H (Automobiles & Components) | 8882748 |
| 4204000 | China BlueChemical Ltd., Class H (Materials) | 1155689 |
| 3562000 | China CITIC Bank Corp. Ltd., Class H (Banks) | 1718487 |
| 39204000 | China Construction Bank Corp., Class H (Banks) | 25376392 |
| 2751000 | China Education Group Holdings Ltd. (Consumer Services) | 4368308 |
| 2894000 | China Galaxy Securities Co. Ltd., Class H (Diversified Financials) | 1560022 |
| 604550 | China International Marine Containers Group Co. Ltd., Class H (Capital Goods) | 464311 |
| 1276000 | China Jinmao Holdings Group Ltd. (Real Estate) | 293091 |
| 1019000 | China Medical System Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1759016 |
| 2027304 | China Pacific Insurance Group Co. Ltd., Class A (Insurance) | 7775251 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** |  |
| 4322800 | China Pacific Insurance Group Co. Ltd., Class H (Insurance) | $11885394 |
| 550000 | China Resources Land Ltd. (Real Estate) | 2635906 |
| 130800 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)<sup>(a)</sup> | 753625 |
| 4700000 | China Resources Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)<sup>(a)</sup> | 3540256 |
| 3356500 | China Zheshang Bank Co. Ltd., Class A (Banks)\* | 1473126 |
| 306000 | CIMC Enric Holdings Ltd. (Capital Goods) | 343440 |
| 4328000 | CITIC Ltd. (Capital Goods) | 5064508 |
| 1373000 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 3711855 |
| 1176000 | CRRC Corp. Ltd., Class H (Capital Goods) | 533041 |
| 3208000 | CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 3657771 |
| 93200 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Food & Staples Retailing) | 526059 |
| 2105574 | Gree Electric Appliances Inc of Zhuhai, Class A (Consumer Durables & Apparel) | 10824234 |
| 1140000 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care Equipment & Services) | 3329665 |
| 189000 | Hello Group, Inc. ADR (Media & Entertainment) | 1937250 |
| 1311300 | Henan Shenhuo Coal & Power Co. Ltd., Class A (Materials) | 3421100 |
| 84000 | Hengan International Group Co. Ltd. (Household & Personal Products) | 413226 |
| 6798845 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 13554467 |
| 20160 | Imeik Technology Development Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 1783233 |
| 1696419 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 4223479 |
| 96500 | JD Health International, Inc.<br>(Retailing)\*<sup>(a)</sup> | 801369 |
| 968171 | JD.com, Inc., Class A (Retailing) | 28748265 |
| 175100 | KE Holdings, Inc. ADR (Real Estate)\* | 3211334 |
| 1095500 | Kingboard Holdings Ltd. (Technology Hardware & Equipment) | 4474940 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** |  |
| 123900 | Kuaishou Technology (Media & Entertainment)\*<sup>(a)</sup> | $1090173 |
| 13566000 | Kunlun Energy Co. Ltd. (Utilities) | 10698895 |
| 90257 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care Equipment & Services) | 298764 |
| 496000 | Li Ning Co. Ltd. (Consumer Durables & Apparel) | 4903290 |
| 354727 | LONGi Green Energy Technology Co. Ltd., Class A (Semiconductors & Semiconductor Equipment) | 2543554 |
| 1490760 | Meituan, Class B (Retailing)\*<sup>(a)</sup> | 33327250 |
| 1415000 | NetEase, Inc. (Media & Entertainment) | 25105097 |
| 639000 | New Oriental Education & Technology Group, Inc. (Consumer Services)\* | 2712440 |
| 140000 | Nongfu Spring Co. Ltd., Class H (Food, Beverage & Tobacco)<sup>(a)</sup> | 792513 |
| 10191500 | People's Insurance Co. Group of China Ltd. (The), Class A (Insurance) | 7788196 |
| 13204000 | People's Insurance Co. Group of China Ltd. (The), Class H (Insurance) | 4451399 |
| 10710000 | PetroChina Co. Ltd., Class H (Energy) | 5729317 |
| 27436000 | PICC Property & Casualty Co. Ltd., Class H (Insurance) | 25794021 |
| 181500 | Pinduoduo, Inc. ADR (Retailing)\* | 17783370 |
| 252800 | Ping An Bank Co. Ltd., Class A (Banks) | 563643 |
| 1039500 | Ping An Insurance Group Co. of China Ltd., Class H (Insurance) | 8074526 |
| 212000 | Seazen Group Ltd. (Real Estate)\* | 82602 |
| 2009548 | Shanghai International Port Group Co. Ltd., Class A (Transportation) | 1590255 |
| 9990000 | Shougang Fushan Resources Group Ltd. (Materials) | 3618599 |
| 2473249 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences) | 9969143 |
| 1654000 | Sinofert Holdings Ltd. (Materials)\* | 228226 |
| 189914 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 2534397 |
| 446000 | Sinopec Engineering Group Co. Ltd., Class H (Capital Goods) | 224814 |
| 62000 | SITC International Holdings Co. Ltd. (Transportation) | 135445 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** |  |
| 91700 | TAL Education Group ADR (Consumer Services)\* | $670327 |
| 1821600 | Tencent Holdings Ltd. (Media & Entertainment) | 88764600 |
| 791200 | Tencent Music Entertainment Group ADR (Media & Entertainment)\* | 6638168 |
| 1196000 | Topsports International Holdings Ltd. (Retailing)<sup>(a)</sup> | 1126947 |
| 394500 | Trip.com Group Ltd. ADR (Consumer Services)\* | 14501820 |
| 1360000 | Tsingtao Brewery Co. Ltd., Class H (Food, Beverage & Tobacco) | 13130579 |
| 1376500 | Vipshop Holdings Ltd. ADR (Retailing)\* | 21294455 |
| 733400 | Western Mining Co. Ltd., Class A (Materials) | 1260100 |
| 1215600 | Wuchan Zhongda Group Co. Ltd., Class A (Retailing) | 884084 |
| 1143500 | Wuxi Biologics Cayman, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 9548692 |
| 1245000 | Yintai Gold Co. Ltd., Class A (Materials) | 2307566 |
| 287533 | Yum China Holdings, Inc. (Consumer Services) | 17714908 |
| 407838 | Yunnan Tin Co. Ltd., Class A (Materials) | 922193 |
| 113600 | Zangge Mining Co. Ltd., Class A (Materials) | 471279 |
| 644668 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 1584724 |
| 131600 | ZTO Express Cayman, Inc. ADR (Transportation) | 3751916 |
|  |  | 602473300 |
| **Colombia – 0.0%** | **Colombia – 0.0%** |  |
| 9770 | Bancolombia SA ADR (Banks) | 295543 |
| **Greece – 0.4%** | **Greece – 0.4%** |  |
| 485785 | OPAP SA (Consumer Services) | 7294375 |
| **Hong Kong – 0.9%** | **Hong Kong – 0.9%** |  |
| 19000 | Orient Overseas International Ltd. (Transportation) | 315834 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Hong Kong – (continued)** | **Hong Kong – (continued)** |  |
| 27262000 | Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | $15863424 |
| 352000 | Truly International Holdings Ltd. (Technology Hardware & Equipment) | 61321 |
|  |  | 16240579 |
| **India – 14.6%** | **India – 14.6%** |  |
| 43406 | ABB India Ltd. (Capital Goods) | 1510574 |
| 571960 | Adani Enterprises Ltd. (Capital Goods) | 20859174 |
| 2339766 | Adani Ports & Special Economic Zone Ltd. (Transportation) | 17574898 |
| 3980639 | Adani Power Ltd. (Utilities)\* | 10929837 |
| 8234 | Adani Total Gas Ltd. (Utilities) | 212717 |
| 15243 | Angel One Ltd. (Diversified Financials) | 230040 |
| 40673 | APL Apollo Tubes Ltd. (Materials) | 570053 |
| 24220 | Apollo Hospitals Enterprise Ltd. (Health Care Equipment & Services) | 1263918 |
| 1671637 | Axis Bank Ltd. (Banks) | 17866002 |
| 126018 | Bank of Baroda (Banks) | 259841 |
| 12451875 | Bharat Electronics Ltd. (Capital Goods) | 14488268 |
| 137363 | City Union Bank Ltd. (Banks) | 267018 |
| 131062 | Cochin Shipyard Ltd. (Capital Goods)<sup>(a)</sup> | 821299 |
| 380339 | Coromandel International Ltd. (Materials) | 4170295 |
| 133352 | Cummins India Ltd. (Capital Goods) | 2347278 |
| 1129838 | Federal Bank Ltd. (Banks) | 1864375 |
| 6831 | Garden Reach Shipbuilders & Engineers Ltd. (Capital Goods) | 42029 |
| 132650 | Great Eastern Shipping Co. Ltd. (The) (Energy) | 1041440 |
| 306632 | Hindustan Copper Ltd. (Materials) | 465026 |
| 1010391 | Hindustan Zinc Ltd. (Materials) | 4122853 |
| 264907 | Housing Development Finance Corp. Ltd. (Diversified Financials) | 8528002 |
| 1256269 | ICICI Bank Ltd. ADR (Banks) | 26168083 |
| 187533 | Infosys Ltd. ADR (Software & Services) | 3525620 |
| 7405544 | ITC Ltd. (Food, Beverage & Tobacco) | 31959514 |
| 304015 | Jindal Steel & Power Ltd. (Materials) | 2180765 |
| 516941 | JK Paper Ltd. (Materials) | 2613880 |
| 346160 | JSW Steel Ltd. (Materials) | 3043070 |
| 515929 | Kotak Mahindra Bank Ltd. (Banks) | 10953838 |
| 15745 | Larsen & Toubro Ltd. (Capital Goods) | 409880 |
| 3600 | Linde India Ltd. (Materials) | 146452 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **India – (continued)** | **India – (continued)** |  |
| 17103 | Narayana Hrudayalaya Ltd. (Health Care Equipment & Services) | $152043 |
| 6018670 | Power Finance Corp. Ltd. (Diversified Financials) | 10432010 |
| 3394632 | Power Grid Corp. of India Ltd. (Utilities) | 9008490 |
| 6981545 | REC Ltd. (Diversified Financials) | 10418059 |
| 9464 | Reliance Industries Ltd. (Energy) | 273012 |
| 235323 | SBI Life Insurance Co. Ltd.<br>(Insurance)<sup>(a)</sup> | 3513041 |
| 3921 | Schaeffler India Ltd. (Capital Goods) | 129420 |
| 1987438 | State Bank of India (Banks) | 13496760 |
| 549823 | Tata Consultancy Services Ltd. (Software & Services) | 22693215 |
| 1161909 | Vedanta Ltd. (Materials) | 4747501 |
| 24886 | West Coast Paper Mills Ltd. (Materials) | 164358 |
|  |  | 265463948 |
| **Indonesia – 1.9%** | **Indonesia – 1.9%** |  |
| 4892100 | Aneka Tambang Tbk (Materials) | 758027 |
| 19763400 | Bank Mandiri Persero Tbk PT (Banks) | 13169067 |
| 378200 | Bank Negara Indonesia Persero Tbk PT (Banks) | 231833 |
| 8246200 | Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT (Banks) | 750905 |
| 39513600 | Bank Pembangunan Daerah Jawa Timur Tbk PT (Banks) | 1938435 |
| 38035600 | Bank Rakyat Indonesia Persero Tbk PT (Banks) | 11664299 |
| 10216700 | Merdeka Copper Gold Tbk PT (Materials)\* | 3235635 |
| 2828200 | Mitra Adiperkasa Tbk PT (Retailing)\* | 245627 |
| 9382700 | Perusahaan Gas Negara Tbk PT (Utilities) | 971214 |
| 12212400 | Surya Esa Perkasa Tbk PT (Materials) | 808484 |
| 2960800 | Timah Tbk PT (Materials) | 247713 |
| 226900 | United Tractors Tbk PT (Energy) | 372515 |
|  |  | 34393754 |
| **Kuwait – 0.1%** | **Kuwait – 0.1%** |  |
| 22335 | Humansoft Holding Co. KSC (Consumer Services) | 248585 |
| 281803 | National Bank of Kuwait SAKP (Banks) | 1014428 |
|  |  | 1263013 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Mexico – 3.2%** | **Mexico – 3.2%** |  |
| 2090521 | Arca Continental SAB de CV (Food, Beverage & Tobacco) | $18466704 |
| 189893 | Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco) | 14466049 |
| 13614 | El Puerto de Liverpool SAB de CV (Retailing) | 85853 |
| 242200 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Transportation) | 4181344 |
| 2570900 | Grupo Financiero Banorte SAB de CV, Class O (Banks) | 21324387 |
| 106200 | Grupo Mexico SAB de CV, Series B (Materials) | 472276 |
| 133000 | Kimberly-Clark de Mexico SAB de CV, Class A (Household & Personal Products) | 253844 |
|  |  | 59250457 |
| **Peru – 0.3%** | **Peru – 0.3%** |  |
| 38400 | Credicorp Ltd. (Banks) | 5157120 |
| **Philippines – 0.1%** | **Philippines – 0.1%** |  |
| 82200 | DMCI Holdings, Inc. (Capital Goods) | 16596 |
| 204080 | International Container Terminal Services, Inc. (Transportation) | 775818 |
| 23000 | Jollibee Foods Corp. (Consumer Services) | 100353 |
| 172580 | Security Bank Corp. (Banks) | 291249 |
|  |  | 1184016 |
| **Poland – 0.4%** | **Poland – 0.4%** |  |
| 88475 | Jastrzebska Spolka Weglowa SA (Materials)\* | 1381477 |
| 80 | LPP SA (Consumer Durables & Apparel) | 187391 |
| 632231 | Powszechny Zaklad Ubezpieczen SA (Insurance) | 5373953 |
| 10314 | Santander Bank Polska SA (Banks) | 685697 |
|  |  | 7628518 |
| **Qatar – 0.0%** | **Qatar – 0.0%** |  |
| 28841 | Qatar Islamic Bank (Banks) | 155778 |
| **Russia – 0.0%** | **Russia – 0.0%** |  |
| 2397 | Novatek PJSC GDR (Energy)\*<sup>(b)</sup> |  |
| 216156 | Novolipetsk Steel PJSC GDR<br>(Materials)\*<sup>(b)</sup> |  |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Russia – (continued)** | **Russia – (continued)** |  |
| 106118 | PhosAgro PJSC GDR (Materials)\*<sup>(b)</sup> | $— |
| 683 | PhosAgro PJSC NPV GDR (Materials)\*<sup>(b)</sup> |  |
| 18426 | Polyus PJSC GDR (Materials)\*<sup>(b)</sup> |  |
| 2789380 | Sberbank of Russia PJSC (Banks)\*<sup>(b)</sup> |  |
| 274080000 | VTB Bank PJSC (Banks)\*<sup>(b)</sup> |  |
| **Saudi Arabia – 2.0%** | **Saudi Arabia – 2.0%** |  |
| 480995 | Alinma Bank (Banks) | 4237585 |
| 59181 | Arab National Bank (Banks) | 437525 |
| 123356 | Banque Saudi Fransi (Banks) | 1348880 |
| 3141 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care Equipment & Services) | 196322 |
| 824485 | Riyad Bank (Banks) | 6800678 |
| 630704 | Sahara International Petrochemical Co. (Materials) | 6275065 |
| 472735 | Saudi Arabian Mining Co. (Materials)\* | 9354169 |
| 841804 | Saudi Arabian Oil Co. (Energy)<sup>(a)</sup> | 7426811 |
| 52956 | Saudi Investment Bank (The) (Banks) | 254408 |
|  |  | 36331443 |
| **South Africa – 2.5%** | **South Africa – 2.5%** |  |
| 157371 | Absa Group Ltd. (Banks) | 1808557 |
| 18024 | African Rainbow Minerals Ltd. (Materials) | 293926 |
| 70492 | Anglo American Platinum Ltd. (Materials) | 5242569 |
| 6473168 | FirstRand Ltd. (Diversified Financials) | 24051693 |
| 626176 | Impala Platinum Holdings Ltd. (Materials) | 7261034 |
| 22467 | Nedbank Group Ltd. (Banks) | 290741 |
| 53708 | Northam Platinum Holdings Ltd. (Materials)\* | 526801 |
| 236497 | OUTsurance Group Ltd. (Insurance) | 489032 |
| 497503 | Sibanye Stillwater Ltd. (Materials) | 1315026 |
| 965325 | Truworths International Ltd. (Retailing) | 3678773 |
|  |  | 44958152 |
| **South Korea – 13.2%** | **South Korea – 13.2%** |  |
| 49100 | Coupang, Inc. (Retailing)\* | 829299 |
| 139868 | Daeduck Electronics Co. Ltd. / New (Technology Hardware & Equipment) | 2456206 |
| 86192 | Daewon Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 1184998 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **South Korea – (continued)** | **South Korea – (continued)** |  |
| 121743 | DB HiTek Co. Ltd. (Semiconductors & Semiconductor Equipment)\* | $4516038 |
| 110965 | DB Insurance Co. Ltd. (Insurance) | 5913472 |
| 26615 | Dongkuk Steel Mill Co. Ltd. (Materials)\* | 296887 |
| 64538 | Doosan Bobcat, Inc. (Capital Goods) | 1831473 |
| 155284 | GS Holdings Corp. (Capital Goods) | 5579794 |
| 46042 | HAESUNG DS Co. Ltd. (Semiconductors & Semiconductor Equipment)\* | 1499147 |
| 103687 | Hana Financial Group, Inc. (Banks) | 4119198 |
| 15511 | Hansae Co. Ltd. (Consumer Durables & Apparel) | 205884 |
| 166810 | Hanwha Aerospace Co. Ltd. (Capital Goods)\* | 10940753 |
| 6226 | Hotel Shilla Co. Ltd. (Retailing) | 402344 |
| 2375 | Hugel, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)\* | 274279 |
| 91734 | Hyundai Construction Equipment Co. Ltd. (Capital Goods) | 4417298 |
| 45265 | Hyundai Engineering & Construction Co. Ltd. (Capital Goods)\* | 1407261 |
| 16887 | Hyundai Heavy Industries Co. Ltd. (Capital Goods) | 1532883 |
| 8299 | ISC Co. Ltd. (Semiconductors & Semiconductor Equipment) | 242452 |
| 584981 | JB Financial Group Co. Ltd. (Banks) | 4833251 |
| 77217 | Kangwon Land, Inc. (Consumer Services)\* | 1479624 |
| 608108 | KB Financial Group, Inc. (Banks) | 27712947 |
| 164688 | Kia Corp. (Automobiles & Components) | 8972524 |
| 379328 | Korea Aerospace Industries Ltd. (Capital Goods)\* | 14884646 |
| 10513 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Capital Goods) | 682795 |
| 391235 | KT&G Corp. (Food, Beverage & Tobacco) | 29347130 |
| 6209 | LEENO Industrial, Inc. (Semiconductors & Semiconductor Equipment) | 866784 |
| 38610 | LF Corp. (Consumer Durables & Apparel) | 540299 |
| 123675 | LIG Nex1 Co. Ltd. (Capital Goods)\* | 8143823 |
| 20599 | Lotte Chilsung Beverage Co. Ltd. (Food, Beverage & Tobacco) | 2679654 |
| 5277 | Lotte Corp. (Capital Goods)\* | 139092 |
| 68741 | LOTTE Fine Chemical Co. Ltd. (Materials) | 3210977 |
| 150880 | LX INTERNATIONAL Corp. (Capital Goods) | 4319171 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **South Korea – (continued)** | **South Korea – (continued)** |  |
| 57033 | MegaStudyEdu Co. Ltd. (Consumer Services) | $3460389 |
| 57668 | Meritz Financial Group, Inc. (Diversified Financials) | 2019375 |
| 696218 | Meritz Securities Co. Ltd. (Diversified Financials) | 3634414 |
| 32153 | Paradise Co. Ltd. (Consumer Services)\* | 472485 |
| 25492 | POSCO Holdings, Inc. (Materials) | 6264070 |
| 76262 | Posco International Corp. (Capital Goods) | 1460230 |
| 1346 | Samsung Biologics Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 869086 |
| 688194 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 34279118 |
| 5696 | Samsung SDI Co. Ltd. (Technology Hardware & Equipment) | 3192051 |
| 3197 | SeAH Steel Holdings Corp. (Materials)\* | 425680 |
| 834752 | Shinhan Financial Group Co. Ltd. (Banks) | 28226639 |
| 1310 | Shinsegae, Inc. (Retailing) | 247265 |
| 8382 | SNT Motiv Co. Ltd. (Automobiles & Components) | 312085 |
|  |  | 240325270 |
| **Taiwan – 14.8%** | **Taiwan – 14.8%** |  |
| 333000 | Advanced International Multitech Co. Ltd. (Consumer Durables & Apparel) | 1104507 |
| 1878000 | ASE Technology Holding Co. Ltd. (Semiconductors & Semiconductor Equipment) | 6336454 |
| 1612000 | Brighton-Best International Taiwan, Inc. (Capital Goods) | 2053294 |
| 2808000 | Catcher Technology Co. Ltd. (Technology Hardware & Equipment) | 16698163 |
| 172000 | Chicony Electronics Co. Ltd. (Technology Hardware & Equipment) | 498811 |
| 379000 | Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment) | 767807 |
| 5370000 | Compeq Manufacturing Co. Ltd. (Technology Hardware & Equipment) | 8217449 |
| 1025000 | Continental Holdings Corp. (Capital Goods) | 1007786 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Taiwan – (continued)** | **Taiwan – (continued)** |  |
| 406000 | Delta Electronics, Inc. (Technology Hardware & Equipment) | $3937172 |
| 523000 | E Ink Holdings, Inc. (Technology Hardware & Equipment) | 3034852 |
| 16000 | eMemory Technology, Inc. (Semiconductors & Semiconductor Equipment) | 877255 |
| 1068000 | FLEXium Interconnect, Inc. (Technology Hardware & Equipment)\* | 3578149 |
| 202000 | Formosa Sumco Technology Corp. (Semiconductors & Semiconductor Equipment) | 1058304 |
| 80000 | Froch Enterprise Co. Ltd. (Materials) | 64044 |
| 288000 | Fulgent Sun International Holding Co. Ltd. (Consumer Durables & Apparel) | 1278221 |
| 92000 | Gamania Digital Entertainment Co. Ltd. (Media & Entertainment) | 247382 |
| 262000 | Globalwafers Co. Ltd. (Semiconductors & Semiconductor Equipment) | 4596806 |
| 3478000 | Gloria Material Technology Corp. (Materials) | 4412577 |
| 1702000 | Goldsun Building Materials Co. Ltd. (Materials) | 1461754 |
| 5870000 | Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment) | 19574891 |
| 221000 | International Games System Co. Ltd. (Media & Entertainment) | 3656208 |
| 13000 | King Slide Works Co. Ltd. (Technology Hardware & Equipment) | 175770 |
| 2800000 | King Yuan Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 3592419 |
| 486000 | Kinik Co. (Capital Goods) | 1947506 |
| 187000 | Largan Precision Co. Ltd. (Technology Hardware & Equipment) | 13344574 |
| 914000 | Lite-On Technology Corp. (Technology Hardware & Equipment) | 2030998 |
| 56000 | M31 Technology Corp. (Semiconductors & Semiconductor Equipment) | 1000512 |
| 255000 | Makalot Industrial Co. Ltd. (Consumer Durables & Apparel) | 1861661 |
| 348000 | Pou Chen Corp. (Consumer Durables & Apparel) | 399275 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Taiwan – (continued)** | **Taiwan – (continued)** |  |
| 28000 | Poya International Co. Ltd. (Retailing) | $486327 |
| 3902000 | Primax Electronics Ltd. (Technology Hardware & Equipment) | 7511480 |
| 285000 | Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment) | 976981 |
| 597000 | Sanyang Motor Co. Ltd. (Automobiles & Components) | 698874 |
| 599000 | Sesoda Corp. (Materials) | 852827 |
| 456000 | Sino-American Silicon Products, Inc. (Semiconductors & Semiconductor Equipment) | 2490046 |
| 5837000 | SinoPac Financial Holdings Co. Ltd. (Banks) | 3372172 |
| 35000 | Stark Technology, Inc. (Technology Hardware & Equipment) | 99298 |
| 154000 | TaiDoc Technology Corp. (Health Care Equipment & Services) | 923752 |
| 1622300 | Taiwan Fertilizer Co. Ltd. (Materials) | 3024646 |
| 164000 | Taiwan Hon Chuan Enterprise Co. Ltd. (Materials) | 490484 |
| 7342000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 129562785 |
| 1883000 | Ton Yi Industrial Corp. (Materials) | 1115650 |
| 35000 | Topco Scientific Co. Ltd. (Semiconductors & Semiconductor Equipment) | 197999 |
| 32000 | United Integrated Services Co. Ltd. (Capital Goods) | 220920 |
| 4475000 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)\* | 7323093 |
| 28000 | Wiwynn Corp. (Technology Hardware & Equipment) | 703294 |
| 59000 | XinTec, Inc. (Semiconductors & Semiconductor Equipment) | 212260 |
| 121000 | Zhen Ding Technology Holding Ltd. (Technology Hardware & Equipment) | 446809 |
|  |  | 269524298 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Thailand – 3.4%** | **Thailand – 3.4%** |  |
| 442600 | Bangkok Dusit Medical Services PCL, Class F (Health Care Equipment & Services) | $400180 |
| 4025600 | Bumrungrad Hospital PCL (Health Care Equipment & Services) | 26530647 |
| 1515100 | Kiatnakin Phatra Bank PCL (Banks) | 3143705 |
| 14218900 | Krung Thai Bank PCL (Banks) | 7564824 |
| 908700 | Land & Houses PCL (Real Estate) | 273072 |
| 2038800 | PTT Exploration & Production PCL (Energy) | 10642689 |
| 2993600 | SCB X PCL (Banks) | 9481879 |
| 2346100 | SPCG PCL (Utilities) | 1045982 |
| 1829800 | Thonburi Healthcare Group PCL (Health Care Equipment & Services) | 3829978 |
|  |  | 62912956 |
| **Turkey – 0.9%** | **Turkey – 0.9%** |  |
| 521135 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Food, Beverage & Tobacco) | 1448258 |
| 109825 | KOC Holding AS (Capital Goods) | 447765 |
| 294125 | Koza Altin Isletmeleri AS (Materials) | 8707774 |
| 563179 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)\* | 1593716 |
| 216831 | Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Durables & Apparel)<sup>(a)</sup> | 1340174 |
| 1505095 | Turkiye Garanti Bankasi AS (Banks) | 1930317 |
| 2112556 | Yapi ve Kredi Bankasi AS (Banks) | 1024432 |
|  |  | 16492436 |
| **United Arab Emirates – 0.0%** | **United Arab Emirates – 0.0%** |  |
| 102731 | Air Arabia PJSC (Transportation) | 61684 |
| 507366 | Dubai Islamic Bank PJSC (Banks) | 769137 |
|  |  | 830821 |
| **TOTAL COMMON STOCKS<br>(Cost $1,631,766,429)** | **TOTAL COMMON STOCKS<br>(Cost $1,631,766,429)** | $1779321525 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stocks – 2.0%** | **Preferred Stocks – 2.0%** | **Preferred Stocks – 2.0%** | **Preferred Stocks – 2.0%** |
| **Brazil – 1.5%** | **Brazil – 1.5%** | **Brazil – 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765500 | Bradespar SA (Materials) | 10.97% | $4810482 |
| 20300 | Cia Ferro Ligas da Bahia - FERBASA (Materials) | 9.74 | 226822 |

---

------

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stocks – (continued)** | **Preferred Stocks – (continued)** | **Preferred Stocks – (continued)** | **Preferred Stocks – (continued)** |
| **Brazil – (continued)** | **Brazil – (continued)** | **Brazil – (continued)** |  |
| 1046200 | Gerdau SA (Materials) | 11.66% | $6747550 |
| 2762900 | Metalurgica Gerdau SA (Materials) | 9.14 | 7886536 |
| 542500 | Petroleo Brasileiro SA (Energy) | 40.87 | 2786079 |
| 238896 | Unipar Carbocloro SA, Class B (Materials) | 16.67 | 4016190 |
|  |  |  | 26473659 |
| **South Korea – 0.5%** | **South Korea – 0.5%** | **South Korea – 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284543 | Mirae Asset Securities Co. Ltd. (Diversified Financials)\* | 7.72 | 853952 |
| 200928 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 2.60 | 9016462 |
|  |  |  | 9870414 |
| **TOTAL PREFERRED STOCKS<br>(Cost $29,973,637)** | **TOTAL PREFERRED STOCKS<br>(Cost $29,973,637)** |  | $36344073 |
| **TOTAL INVESTMENTS – 99.6%<br>(Cost $1,661,740,066)** | **TOTAL INVESTMENTS – 99.6%<br>(Cost $1,661,740,066)** | **TOTAL INVESTMENTS – 99.6%<br>(Cost $1,661,740,066)** | $1815665598 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.4%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.4%** |  | 7296313 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $1822961911 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| GDR | — Global Depositary Receipt |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
| &nbsp;&nbsp; Financials | 24.7% |
| &nbsp;&nbsp; Information Technology | 18.4 |
| &nbsp;&nbsp; Consumer Discretionary | 14.9 |
| &nbsp;&nbsp; Materials | 9.4 |
| &nbsp;&nbsp; Industrials | 7.8 |
| &nbsp;&nbsp; Communication Services | 7.4 |
| &nbsp;&nbsp; Consumer Staples | 6.4 |
| &nbsp;&nbsp; Health Care | 5.1 |
| &nbsp;&nbsp; Energy | 2.7 |
| &nbsp;&nbsp; Utilities | 2.6 |
| &nbsp;&nbsp; Real Estate | 0.6 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.9%** | **Common Stocks – 99.9%** | **Common Stocks – 99.9%** |
| **Australia – 10.0%** | **Australia – 10.0%** |  |
| 257018 | Allkem Ltd. (Materials)\* | $2386143 |
| 940972 | ANZ Group Holdings Ltd. (Banks) | 16745930 |
| 195265 | ASX Ltd. (Diversified Financials) | 9555323 |
| 4747207 | Aurizon Holdings Ltd. (Transportation) | 12408074 |
| 752625 | BHP Group Ltd. (Materials) | 26358561 |
| 12878 | Cochlear Ltd. (Health Care Equipment & Services) | 1945567 |
| 338316 | Commonwealth Bank of Australia (Banks) | 26409676 |
| 84651 | Fortescue Metals Group Ltd. (Materials) | 1337110 |
| 218142 | Glencore PLC (Materials) | 1460873 |
| 60576 | Goodman Group REIT (Real Estate) | 864031 |
| 73845 | IDP Education Ltd. (Consumer Services) | 1643307 |
| 2536438 | Incitec Pivot Ltd. (Materials) | 6202131 |
| 75543 | Macquarie Group Ltd. (Diversified Financials) | 10078125 |
| 440523 | National Australia Bank Ltd. (Banks) | 9940027 |
| 203657 | Northern Star Resources Ltd. (Materials) | 1814693 |
| 64158 | Orica Ltd. (Materials) | 673246 |
| 417522 | Perseus Mining Ltd. (Materials) | 634333 |
| 236804 | Pilbara Minerals Ltd. (Materials)\* | 805589 |
| 1088842 | Qantas Airways Ltd. (Transportation)\* | 4914852 |
| 149123 | Rio Tinto PLC ADR (Materials) | 11832910 |
| 307276 | Suncorp Group Ltd. (Insurance) | 2731484 |
| 791664 | Telstra Group Ltd. (Telecommunication Services) | 2288057 |
| 620326 | Westpac Banking Corp. (Banks) | 10437539 |
| 27693 | WiseTech Global Ltd. (Software & Services) | 1200758 |
| 58394 | Woolworths Group Ltd. (Food & Staples Retailing) | 1492404 |
|  |  | 166160743 |
| **Austria – 0.4%** | **Austria – 0.4%** |  |
| 68110 | BAWAG Group AG (Banks)\*<sup>(a)</sup> | 4219066 |
| 127521 | Raiffeisen Bank International AG (Banks)\* | 2294378 |
|  |  | 6513444 |
| **Belgium – 0.8%** | **Belgium – 0.8%** |  |
| 56314 | D'ieteren Group (Retailing) | 10762475 |
| 37899 | UCB SA (Pharmaceuticals, Biotechnology & Life Sciences) | 3111682 |
|  |  | 13874157 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Canada – 0.3%** | **Canada – 0.3%** |  |
| 538926 | International Petroleum Corp. (Energy)\* | $5798631 |
| **China – 0.1%** | **China – 0.1%** |  |
| 250000 | BOC Hong Kong Holdings Ltd. (Banks) | 873722 |
| **Denmark – 4.1%** | **Denmark – 4.1%** |  |
| 2255 | AP Moller – Maersk A/S, Class A (Transportation) | 4805291 |
| 19301 | D/S Norden A/S (Transportation) | 1040428 |
| 127952 | Danske Bank A/S (Banks) | 2665699 |
| 39099 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)\* | 15322772 |
| 118942 | Jyske Bank A/S (Banks)\* | 8578503 |
| 253315 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 35056232 |
| 8683 | Pandora A/S (Consumer Durables & Apparel) | 723041 |
|  |  | 68191966 |
| **Finland – 2.1%** | **Finland – 2.1%** |  |
| 140211 | Kesko OYJ, Class B (Food & Staples Retailing) | 3266005 |
| 12981 | Kone OYJ, Class B (Capital Goods) | 707933 |
| 926898 | Nokia OYJ (Technology Hardware & Equipment) | 4394903 |
| 1395717 | Nordea Bank Abp (Banks) | 16316472 |
| 92818 | Sampo OYJ, Class A (Insurance) | 4872900 |
| 356904 | Stora Enso OYJ, Class R (Materials) | 5102079 |
|  |  | 34660292 |
| **France – 13.8%** | **France – 13.8%** |  |
| 156792 | Airbus SE (Capital Goods) | 19656372 |
| 4899 | Alten SA (Software & Services) | 752762 |
| 41694 | Capgemini SE (Software & Services) | 7912921 |
| 72269 | Carrefour SA (Food & Staples Retailing) | 1374627 |
| 39614 | Covivio REIT (Real Estate) | 2719278 |
| 41103 | Dassault Aviation SA (Capital Goods) | 7018889 |
| 337119 | Dassault Systemes (Software & Services) | 12537760 |
| 203950 | Edenred (Software & Services) | 11109051 |
| 89063 | Eiffage SA (Capital Goods) | 9512872 |
| 481537 | Engie SA (Utilities) | 6837766 |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **France – (continued)** | **France – (continued)** |  |
| 32444 | Gecina SA REIT (Real Estate) | $3842983 |
| 11619 | Hermes International (Consumer Durables & Apparel) | 21745066 |
| 59376 | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | 6236562 |
| 13519 | Kering (Consumer Durables & Apparel) | 8435276 |
| 54187 | Klepierre SA REIT (Real Estate)\* | 1375285 |
| 20789 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | 18148292 |
| 193570 | Publicis Groupe SA (Media & Entertainment) | 13654361 |
| 138092 | Rexel SA (Capital Goods)\* | 3054927 |
| 72035 | Safran SA (Capital Goods) | 10358309 |
| 261903 | Sanofi (Pharmaceuticals, Biotechnology & Life Sciences) | 25646721 |
| 134234 | SCOR SE (Insurance) | 3313193 |
| 533681 | Societe Generale SA (Banks) | 15885866 |
| 77829 | Thales SA (Capital Goods) | 10293612 |
| 58411 | Vinci SA (Capital Goods) | 6599836 |
|  |  | 228022587 |
| **Germany – 5.7%** | **Germany – 5.7%** |  |
| 72025 | AIXTRON SE (Semiconductors & Semiconductor Equipment) | 2146024 |
| 74869 | Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences) | 4660217 |
| 71399 | Beiersdorf AG (Household & Personal Products) | 8680526 |
| 1159322 | E.ON SE (Utilities) | 12639985 |
| 69344 | GEA Group AG (Capital Goods) | 3128796 |
| 10877 | Hapag-Lloyd AG (Transportation)<sup>(a)(b)</sup> | 2385422 |
| 170953 | HUGO BOSS AG (Consumer Durables & Apparel) | 11609449 |
| 467556 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 16836905 |
| 304754 | K+S AG (Materials) | 7294726 |
| 34924 | Knorr-Bremse AG (Capital Goods) | 2295487 |
| 5834 | Krones AG (Capital Goods) | 681199 |
| 56880 | MTU Aero Engines AG (Capital Goods) | 14215029 |
| 17620 | Rheinmetall AG (Capital Goods) | 4117048 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Germany – (continued)** | **Germany – (continued)** |  |
| 20862 | Wacker Chemie AG (Materials) | $3153075 |
|  |  | 93843888 |
| **Hong Kong – 0.6%** | **Hong Kong – 0.6%** |  |
| 240000 | AIA Group Ltd. (Insurance) | 2713835 |
| 65000 | Jardine Matheson Holdings Ltd. (Capital Goods) | 3435250 |
| 242000 | Sun Hung Kai Properties Ltd. (Real Estate) | 3431955 |
| 124500 | Swire Pacific Ltd., Class A (Real Estate) | 1140905 |
|  |  | 10721945 |
| **Italy – 2.8%** | **Italy – 2.8%** |  |
| 98757 | Azimut Holding SpA (Diversified Financials) | 2465538 |
| 29576 | Banca Mediolanum SpA (Diversified Financials) | 282966 |
| 2665843 | Banco BPM SpA (Banks) | 11998415 |
| 968592 | Leonardo SpA (Capital Goods) | 9974697 |
| 100316 | Mediobanca Banca di Credito Finanziario SpA (Banks) | 1078392 |
| 29259 | Reply SpA (Software & Services) | 3798030 |
| 877465 | UniCredit SpA (Banks) | 17137890 |
|  |  | 46735928 |
| **Japan – 20.5%** | **Japan – 20.5%** |  |
| 228400 | Acom Co. Ltd. (Diversified Financials) | 569364 |
| 258100 | ANA Holdings, Inc. (Transportation)\* | 5712465 |
| 758800 | Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 11169637 |
| 52600 | Central Japan Railway Co. (Transportation) | 6415872 |
| 108700 | Chubu Electric Power Co., Inc. (Utilities) | 1170816 |
| 356500 | Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 9242294 |
| 50300 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) | 529602 |
| 2921400 | ENEOS Holdings, Inc. (Energy) | 10459187 |
| 179300 | Fujikura Ltd. (Capital Goods) | 1362924 |
| 6100 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 189954 |
| 235800 | Honda Motor Co. Ltd. (Automobiles & Components) | 5832869 |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 31700 | Idemitsu Kosan Co. Ltd. (Energy) | $792524 |
| 327700 | Inpex Corp. (Energy) | 3600980 |
| 182300 | Inui Global Logistics Co. Ltd. (Commercial & Professional Services)<sup>(b)</sup> | 2809010 |
| 75400 | Isetan Mitsukoshi Holdings Ltd. (Retailing) | 820407 |
| 16500 | Ito En Ltd. (Food, Beverage & Tobacco) | 588716 |
| 499500 | ITOCHU Corp. (Capital Goods) | 16144757 |
| 259700 | J Front Retailing Co. Ltd. (Retailing) | 2418712 |
| 458600 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | 9351735 |
| 458500 | JGC Holdings Corp. (Capital Goods) | 5988956 |
| 103200 | Kao Corp. (Household & Personal Products) | 4171534 |
| 315600 | KDDI Corp. (Telecommunication Services) | 9860434 |
| 411800 | Komatsu Ltd. (Capital Goods) | 10119763 |
| 1339400 | Marubeni Corp. (Capital Goods) | 16432543 |
| 30900 | Maruha Nichiro Corp. (Food, Beverage & Tobacco) | 586730 |
| 513000 | Mitsubishi Corp. (Capital Goods) | 17178295 |
| 286600 | Mitsubishi Estate Co. Ltd. (Real Estate) | 3683705 |
| 3067800 | Mitsubishi HC Capital, Inc. (Diversified Financials) | 15658510 |
| 200800 | Mitsubishi Heavy Industries Ltd. (Capital Goods) | 7873364 |
| 154200 | Mitsui & Co. Ltd. (Capital Goods) | 4549323 |
| 423200 | NGK Spark Plug Co. Ltd. (Automobiles & Components) | 8269806 |
| 113700 | NIPPON EXPRESS HOLDINGS, Inc. (Transportation) | 6598323 |
| 213000 | Nippon Steel Corp. (Materials) | 4433540 |
| 283700 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 8506893 |
| 467000 | Obayashi Corp. (Capital Goods) | 3622391 |
| 833000 | ORIX Corp. (Diversified Financials) | 14646630 |
| 746200 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 5792465 |
| 112200 | Round One Corp. (Consumer Services) | 413412 |
| 15000 | Sankyo Co. Ltd. (Consumer Durables & Apparel) | 605874 |
| 1399100 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 10907042 |
| 511600 | SBI Holdings, Inc. (Diversified Financials) | 10845567 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 106800 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | $7958408 |
| 40600 | Shimamura Co. Ltd. (Retailing) | 3808443 |
| 48500 | SoftBank Group Corp. (Telecommunication Services) | 2296091 |
| 29400 | Sojitz Corp. (Capital Goods) | 582894 |
| 737700 | SUMCO Corp. (Semiconductors & Semiconductor Equipment) | 10930332 |
| 769300 | Sumitomo Corp. (Capital Goods) | 13808880 |
| 523100 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 3677847 |
| 24300 | Suzuken Co. Ltd. (Health Care Equipment & Services) | 640016 |
| 37500 | Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1577464 |
| 267400 | Takashimaya Co. Ltd. (Retailing) | 3735926 |
| 17900 | Toho Gas Co. Ltd. (Utilities) | 351050 |
| 21300 | Tokyo Century Corp. (Diversified Financials) | 748933 |
| 785000 | Tokyo Gas Co. Ltd. (Utilities) | 16437668 |
| 580800 | Tokyu Fudosan Holdings Corp. (Real Estate) | 2947115 |
| 306600 | TOPPAN, Inc. (Commercial & Professional Services) | 4939993 |
| 18200 | Toyota Motor Corp. (Automobiles & Components) | 267280 |
| 22800 | Toyota Tsusho Corp. (Capital Goods) | 965401 |
| 149200 | Yamaha Motor Co. Ltd. (Automobiles & Components) | 3674899 |
|  |  | 339275565 |
| **Netherlands – 6.2%** | **Netherlands – 6.2%** |  |
| 68428 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 45275229 |
| 59697 | Heineken Holding NV (Food, Beverage & Tobacco) | 4928938 |
| 134040 | Heineken NV (Food, Beverage & Tobacco) | 13395811 |
| 1232334 | ING Groep NV (Banks) | 17844524 |
| 79689 | OCI NV (Materials) | 2712651 |
| 585422 | Shell PLC (Energy) | 17169363 |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Netherlands – (continued)** | **Netherlands – (continued)** |  |
| 5924 | Wolters Kluwer NV (Commercial & Professional Services) | $645852 |
|  |  | 101972368 |
| **Norway – 1.3%** | **Norway – 1.3%** |  |
| 465005 | Aker Solutions ASA (Energy) | 1838293 |
| 144957 | DNB Bank ASA (Banks) | 2710633 |
| 408778 | Equinor ASA (Energy) | 12458190 |
| 13390 | Kongsberg Gruppen ASA (Capital Goods) | 533079 |
| 1738509 | MPC Container Ships ASA (Transportation) | 2767277 |
| 1049463 | PGS ASA (Energy)\* | 904501 |
|  |  | 21211973 |
| **Portugal – 0.1%** | **Portugal – 0.1%** |  |
| 40298 | Jeronimo Martins SGPS SA (Food & Staples Retailing) | 874899 |
| **Singapore – 1.4%** | **Singapore – 1.4%** |  |
| 518400 | Keppel Corp. Ltd. (Capital Goods) | 2993064 |
| 519100 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 5128893 |
| 612200 | Singapore Exchange Ltd. (Diversified Financials) | 4312044 |
| 243494 | STMicroelectronics NV (Semiconductors & Semiconductor Equipment) | 11465730 |
|  |  | 23899731 |
| **South Africa – 1.0%** | **South Africa – 1.0%** |  |
| 386196 | Anglo American PLC (Materials) | 16656796 |
| **Spain – 1.6%** | **Spain – 1.6%** |  |
| 5405750 | Banco de Sabadell SA (Banks) | 7067292 |
| 991245 | Bankinter SA (Banks) | 7151840 |
| 376309 | Industria de Diseno Textil SA (Retailing) | 11748678 |
| 97711 | Merlin Properties Socimi SA REIT (Real Estate) | 954898 |
|  |  | 26922708 |
| **Sweden – 6.6%** | **Sweden – 6.6%** |  |
| 99523 | Atlas Copco AB, Class B (Capital Goods) | 1049730 |
| 107324 | Boliden AB (Materials) | 4816381 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Sweden – (continued)** | **Sweden – (continued)** |  |
| 127924 | Evolution AB (Consumer Services)<sup>(a)</sup> | $14377526 |
| 230553 | Investor AB, Class A (Diversified Financials) | 4601512 |
| 521510 | Investor AB, Class B (Diversified Financials) | 10133977 |
| 53584 | Saab AB, Class B (Capital Goods) | 2193648 |
| 123766 | Sandvik AB (Capital Goods) | 2557953 |
| 1025902 | Skandinaviska Enskilda Banken AB, Class A (Banks) | 12419375 |
| 95672 | SSAB AB, Class A (Materials) | 683829 |
| 1460940 | SSAB AB, Class B (Materials) | 9955824 |
| 521636 | Svenska Handelsbanken AB, Class A (Banks) | 5439632 |
| 935149 | Swedbank AB, Class A (Banks) | 17988926 |
| 86191 | Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)\* | 1922109 |
| 919666 | Telefonaktiebolaget LM Ericsson, Class B (Technology Hardware & Equipment) | 5334490 |
| 767731 | Volvo AB, Class B (Capital Goods) | 15234486 |
|  |  | 108709398 |
| **Switzerland – 5.2%** | **Switzerland – 5.2%** |  |
| 41863 | Baloise Holding AG (Insurance) | 6885331 |
| 1148 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 12608165 |
| 8 | Chocoladefabriken Lindt & Spruengli AG (Food, Beverage & Tobacco) | 900475 |
| 148866 | Cie Financiere Richemont SA (Consumer Durables & Apparel) | 22948785 |
| 11236 | DKSH Holding AG (Commercial & Professional Services) | 957253 |
| 298131 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | 26953750 |
| 15239 | Sonova Holding AG (Health Care Equipment & Services) | 3810844 |
| 8217 | Swatch Group AG (The) – Bearer (Consumer Durables & Apparel) | 2975118 |
| 413786 | UBS Group AG (Diversified Financials) | 8832424 |
|  |  | 86872145 |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United Kingdom – 8.7%** | **United Kingdom – 8.7%** |  |
| 57186 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | $3738249 |
| 46334 | Auto Trader Group PLC (Media & Entertainment)<sup>(a)</sup> | 359482 |
| 2466341 | Aviva PLC (Insurance) | 13909805 |
| 103787 | BP PLC ADR (Energy) | 3760203 |
| 605283 | British American Tobacco PLC (Food, Beverage & Tobacco) | 23202817 |
| 1984303 | Centrica PLC (Utilities) | 2472052 |
| 665322 | Compass Group PLC (Consumer Services) | 15893230 |
| 58959 | DCC PLC (Capital Goods) | 3358186 |
| 295058 | Diageo PLC (Food, Beverage & Tobacco) | 12901742 |
| 80015 | DS Smith PLC (Materials) | 350299 |
| 678633 | Imperial Brands PLC (Food, Beverage & Tobacco) | 17024361 |
| 61817 | InterContinental Hotels Group PLC (Consumer Services) | 4291561 |
| 217544 | Man Group PLC (Diversified Financials) | 669265 |
| 1151007 | NatWest Group PLC (Banks) | 4391161 |
| 144969 | Next PLC (Retailing) | 11869227 |
| 268389 | Pearson PLC (Consumer Services) | 3060759 |
| 248089 | Smiths Group PLC (Capital Goods) | 5295963 |
| 344411 | SSE PLC (Utilities) | 7351344 |
| 58363 | Subsea 7 SA (Energy) | 727324 |
| 794464 | Vodafone Group PLC ADR (Telecommunication Services) | 9199893 |
|  |  | 143826923 |
| **United States – 6.6%** | **United States – 6.6%** |  |
| 667658 | Computershare Ltd. (Software & Services) | 11244611 |
| 73623 | CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 15545546 |
| 585973 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 20661408 |
| 118946 | Nestle SA (Food, Beverage & Tobacco) | 14512489 |
| 111545 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 34821048 |
| 1218300 | Samsonite International SA (Consumer Durables & Apparel)\*<sup>(a)</sup> | 3629299 |
| 425522 | Stellantis NV (Automobiles & Components)\* | 6689627 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** |  | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** | **United States – (continued)** |  |
| 88012 | Tenaris SA (Energy) | Tenaris SA (Energy) | $1559639 |
|  |  |  | 108663667 |
| **TOTAL COMMON STOCKS<br>(Cost $1,496,013,800)** | **TOTAL COMMON STOCKS<br>(Cost $1,496,013,800)** |  | $1654283476 |
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stock – 0.1%** | **Preferred Stock – 0.1%** | **Preferred Stock – 0.1%** | **Preferred Stock – 0.1%** |
| **Germany – 0.1%** | **Germany – 0.1%** | **Germany – 0.1%** |  |
| 13254 | Bayerische Motoren Werke AG (Automobiles & Components) | Bayerische Motoren Werke AG (Automobiles & Components) |  |
| **(Cost $941,311)** | **(Cost $941,311)** | 6.47% | $1255669 |
| **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT<br>VEHICLE<br>(Cost $1,496,955,111)** | **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT<br>VEHICLE<br>(Cost $1,496,955,111)** |  | $1655539145 |
| **Shares** | **Dividend<br>Rate** |  | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.2%<sup>(c)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 3189269 | 4.237% |  | $3189269 |
| **(Cost $3,189,269)** | **(Cost $3,189,269)** |  |  |
| **TOTAL INVESTMENTS – 100.2%<br>(Cost $1,500,144,380)** | **TOTAL INVESTMENTS – 100.2%<br>(Cost $1,500,144,380)** | **TOTAL INVESTMENTS – 100.2%<br>(Cost $1,500,144,380)** | $1658728414 |
| **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF OTHER<br> ASSETS – (0.2)%** |  | (3337728) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** |  | $1655390686 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is on loan. |
| (c) | Represents an affiliated issuer. |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
| &nbsp;&nbsp; Financials | 21.2% |
| &nbsp;&nbsp; Industrials | 17.7 |
| &nbsp;&nbsp; Health Care | 14.3 |
| &nbsp;&nbsp; Consumer Discretionary | 12.1 |
| &nbsp;&nbsp; Information Technology | 9.6 |
| &nbsp;&nbsp; Consumer Staples | 7.9 |
| &nbsp;&nbsp; Materials | 6.5 |
| &nbsp;&nbsp; Energy | 3.6 |
| &nbsp;&nbsp; Utilities | 2.8 |
| &nbsp;&nbsp; Communication Services | 2.8 |
| &nbsp;&nbsp; Real Estate | 1.3 |
| &nbsp;&nbsp; Securities Lending Reinvestment Vehicle | 0.2 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

## Schedule of Investments
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 97.2%** | **Common Stocks – 97.2%** | **Common Stocks – 97.2%** |
| **Australia – 9.6%** | **Australia – 9.6%** |  |
| 2679558 | Allkem Ltd. (Materials)\* | $24876894 |
| 681756 | Altium Ltd. (Software & Services) | 18875831 |
| 432117 | Alumina Ltd. (Materials) | 480713 |
| 6856685 | AMP Ltd. (Diversified Financials)\* | 6504300 |
| 4711356 | Beach Energy Ltd. (Energy) | 5062769 |
| 585067 | BWP Trust REIT (Real Estate) | 1627497 |
| 2331203 | Capricorn Metals Ltd. (Materials)\* | 7515466 |
| 3694444 | Charter Hall Group REIT (Real Estate) | 36377677 |
| 6642892 | Charter Hall Retail REIT (Real Estate) | 18864514 |
| 240305 | Data#3 Ltd. (Software & Services) | 1248646 |
| 93650 | Deterra Royalties Ltd. (Materials) | 324921 |
| 17430 | EVT Ltd. (Media & Entertainment) | 174185 |
| 50408 | Flight Centre Travel Group Ltd. (Consumer Services)\* | 567014 |
| 1369598 | Gold Road Resources Ltd. (Materials) | 1602165 |
| 1699392 | GrainCorp Ltd., Class A (Food & Staples Retailing) | 9124734 |
| 697651 | Grange Resources Ltd. (Materials) | 503419 |
| 1563529 | Helia Group Ltd. (Banks) | 3099846 |
| 60173 | HMC Capital Ltd. REIT (Real Estate) | 196974 |
| 3578888 | Iluka Resources Ltd. (Materials) | 27538404 |
| 8515254 | Incitec Pivot Ltd. (Materials) | 20821609 |
| 164727 | IRESS Ltd. (Software & Services) | 1162467 |
| 37906 | Jumbo Interactive Ltd. (Consumer Services) | 419868 |
| 5850878 | Karoon Energy Ltd. (Energy)\* | 9678570 |
| 391070 | Leo Lithium Ltd. (Materials)\* | 170593 |
| 73248 | Lovisa Holdings Ltd. (Retailing) | 1375866 |
| 172278 | Neometals Ltd. (Materials)\*<sup>(a)</sup> | 104042 |
| 1249351 | NRW Holdings Ltd. (Capital Goods) | 2696989 |
| 2799802 | Nufarm Ltd. (Materials) | 11781081 |
| 1300237 | Perenti Ltd. (Materials)\* | 1155281 |
| 50823 | Perpetual Ltd. (Diversified Financials) | 920752 |
| 6199206 | Perseus Mining Ltd. (Materials) | 9418334 |
| 1249210 | Premier Investments Ltd. (Retailing) | 24702227 |
| 64782 | Pro Medicus Ltd. (Health Care Equipment & Services) | 3093908 |
| 4341779 | Regis Resources Ltd. (Materials) | 6600135 |
| 2468535 | Sandfire Resources Ltd. (Materials) | 11001239 |
| 1381752 | Silver Lake Resources Ltd. (Materials)\* | 1277584 |
| 20232572 | Tabcorp Holdings Ltd. (Consumer Services) | 15048894 |
| 890583 | Technology One Ltd. (Software & Services) | 9208106 |
| 734876 | Waypoint REIT Ltd. REIT (Real Estate) | 1451051 |
| 1022062 | Webjet Ltd. (Consumer Services)\* | 4981314 |
| 1358228 | West African Resources Ltd. (Materials)\* | 1076311 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Australia – (continued)** | **Australia – (continued)** |  |
| 1659591 | Whitehaven Coal Ltd. (Energy) | $9868170 |
|  |  | 312580360 |
| **Austria – 1.9%** | **Austria – 1.9%** |  |
| 871621 | ams-OSRAM AG (Semiconductors & Semiconductor Equipment)\* | 8142739 |
| 168432 | ANDRITZ AG (Capital Goods) | 10072492 |
| 250619 | BAWAG Group AG (Banks)\*<sup>(b)</sup> | 15524564 |
| 817748 | Raiffeisen Bank International AG (Banks)\* | 14713056 |
| 442153 | Wienerberger AG (Materials) | 13295986 |
|  |  | 61748837 |
| **Belgium – 0.0%** | **Belgium – 0.0%** |  |
| 14718 | Melexis NV (Semiconductors & Semiconductor Equipment) | 1567826 |
| **China – 0.9%** | **China – 0.9%** |  |
| 21722600 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 21415263 |
| 9587210 | Yanlord Land Group Ltd. (Real Estate) | 8119552 |
|  |  | 29534815 |
| **Cyprus – 0.1%** | **Cyprus – 0.1%** |  |
| 390912 | Atalaya Mining PLC (Materials) | 1681956 |
| **Denmark – 3.2%** | **Denmark – 3.2%** |  |
| 344394 | D/S Norden A/S (Transportation) | 18564694 |
| 62869 | ISS A/S (Commercial & Professional Services)\* | 1374550 |
| 456180 | Jyske Bank A/S (Banks)\* | 32901260 |
| 243175 | NKT A/S (Capital Goods)\* | 15174578 |
| 131979 | Scandinavian Tobacco Group A/S (Food, Beverage & Tobacco)<sup>(b)</sup> | 2293825 |
| 98767 | Spar Nord Bank A/S (Banks) | 1573246 |
| 685268 | Sydbank AS (Banks) | 31247049 |
|  |  | 103129202 |
| **Finland – 1.4%** | **Finland – 1.4%** |  |
| 155032 | Cargotec OYJ, Class B (Capital Goods) | 7893108 |
| 146233 | Konecranes OYJ (Capital Goods) | 4758644 |
| 828123 | Metsa Board OYJ, Class B (Materials) | 7392287 |
| 334122 | Metso Outotec OYJ (Capital Goods) | 3840023 |
| 2253473 | Outokumpu OYJ (Materials) | 12904660 |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

## Schedule of Investments (continued)
*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Finland – (continued)** | **Finland – (continued)** |  |
| 691445 | Tokmanni Group Corp. (Retailing) | $8915224 |
|  |  | 45703946 |
| **France – 5.4%** | **France – 5.4%** |  |
| 116040 | Alten SA (Software & Services) | 17830261 |
| 1229957 | Coface SA (Insurance) | 17198357 |
| 376165 | Derichebourg SA (Commercial & Professional Services) | 2581716 |
| 61959 | Eramet SA (Materials) | 6192375 |
| 137137 | IPSOS (Media & Entertainment) | 8887521 |
| 157054 | Nexans SA (Capital Goods) | 16654579 |
| 1580587 | Rexel SA (Capital Goods)\* | 34966388 |
| 579564 | Rubis SCA (Utilities) | 16219276 |
| 1172625 | SCOR SE (Insurance) | 28942990 |
| 98809 | SOITEC (Semiconductors & Semiconductor Equipment)\* | 14986005 |
| 57129 | Sopra Steria Group SACA (Software & Services) | 9501874 |
| 205665 | Technip Energies NV (Energy) | 3987291 |
|  |  | 177948633 |
| **Germany – 5.0%** | **Germany – 5.0%** |  |
| 913227 | AIXTRON SE (Semiconductors & Semiconductor Equipment) | 27210100 |
| 168009 | Bilfinger SE (Commercial & Professional Services) | 5784573 |
| 130506 | CTS Eventim AG & Co. KGaA (Media & Entertainment)\* | 9161099 |
| 78289 | Dermapharm Holding SE (Pharmaceuticals, Biotechnology & Life Sciences) | 3249708 |
| 199442 | Deutsche Pfandbriefbank AG (Banks)<sup>(b)</sup> | 1819186 |
| 92870 | GFT Technologies SE (Software & Services) | 3877651 |
| 138061 | Hensoldt AG (Capital Goods) | 4002831 |
| 570538 | HUGO BOSS AG (Consumer Durables & Apparel) | 38745339 |
| 525470 | K+S AG (Materials) | 12577882 |
| 151252 | Kloeckner & Co SE (Capital Goods) | 1598350 |
| 134105 | Krones AG (Capital Goods) | 15658574 |
| 9941 | PVA TePla AG (Semiconductors & Semiconductor Equipment)\* | 237130 |
| 126446 | Siltronic AG (Semiconductors & Semiconductor Equipment) | 10541240 |
| 1941705 | TeamViewer AG (Software &<br>Services)\*<sup>(b)</sup> | 27352649 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Germany – (continued)** | **Germany – (continued)** |  |
| 742029 | TUI AG (Consumer Services)\*<sup>(a)</sup> | $1553882 |
|  |  | 163370194 |
| **Guernsey – 0.1%** | **Guernsey – 0.1%** |  |
| 4308548 | Balanced Commercial Property Trust Ltd. REIT (Real Estate) | 4217565 |
| **Hong Kong – 1.0%** | **Hong Kong – 1.0%** |  |
| 254500 | ASMPT Ltd. (Semiconductors & Semiconductor Equipment) | 2102075 |
| 698000 | Fortune Real Estate Investment Trust REIT (Real Estate) | 604074 |
| 619000 | Hang Lung Group Ltd. (Real Estate) | 1142313 |
| 4566000 | Kerry Properties Ltd. (Real Estate) | 11576668 |
| 1395000 | Luk Fook Holdings International Ltd. (Retailing) | 4837824 |
| 12294000 | Pacific Basin Shipping Ltd. (Transportation) | 4338423 |
| 365000 | Sun Hung Kai & Co. Ltd. (Diversified Financials) | 155987 |
| 10066000 | United Laboratories International Holdings Ltd. (The) (Pharmaceuticals, Biotechnology & Life Sciences) | 6664132 |
|  |  | 31421496 |
| **Indonesia – 0.3%** | **Indonesia – 0.3%** |  |
| 8203800 | First Resources Ltd. (Food, Beverage & Tobacco) | 9614756 |
| **Israel – 2.5%** | **Israel – 2.5%** |  |
| 88576 | Airport City Ltd. (Real Estate)\* | 1403020 |
| 126203 | Alony Hetz Properties & Investments Ltd. (Real Estate) | 1354062 |
| 60277 | Amot Investments Ltd. (Real Estate) | 353787 |
| 8122 | Big Shopping Centers Ltd. (Real Estate)\* | 816579 |
| 46799 | Camtek Ltd./Israel (Semiconductors & Semiconductor Equipment)\* | 1234517 |
| 42734 | Cellcom Israel Ltd. (Telecommunication Services)\* | 220996 |
| 145516 | Clal Insurance Enterprises Holdings Ltd. (Insurance)\* | 2498570 |
| 3991 | Delta Galil Ltd. (Consumer Durables & Apparel) | 157323 |
| 12632 | Elco Ltd. (Capital Goods) | 587975 |
| 500 | Electra Ltd. (Capital Goods) | 256242 |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Israel – (continued)** | **Israel – (continued)** |  |
| 125228 | Energix-Renewable Energies Ltd. (Utilities) | $414574 |
| 19008 | Fattal Holdings 1998 Ltd. (Consumer Services)\* | 1838691 |
| 458029 | First International Bank Of Israel Ltd. (The) (Banks) | 18501547 |
| 22497 | Fox Wizel Ltd. (Retailing) | 2034714 |
| 211479 | G City Ltd. (Real Estate)<sup>(a)</sup> | 826637 |
| 528286 | Harel Insurance Investments & Financial Services Ltd. (Insurance) | 5110499 |
| 197154 | Israel Canada T.R Ltd. (Real Estate) | 520319 |
| 13116 | Israel Corp. Ltd. (Materials) | 4866647 |
| 7778 | Melisron Ltd. (Real Estate) | 543862 |
| 700681 | Mivne Real Estate KD Ltd. (Real Estate) | 2248228 |
| 46273 | Nova Ltd. (Semiconductors & Semiconductor Equipment)\* | 4206218 |
| 33612 | Perion Network Ltd. (Media & Entertainment)\* | 1130550 |
| 879258 | Phoenix Holdings Ltd. (The) (Insurance) | 9456100 |
| 623380 | Plus500 Ltd. (Diversified Financials) | 14287051 |
| 130032 | Shapir Engineering and Industry Ltd. (Capital Goods) | 986428 |
| 596362 | Shufersal Ltd. (Food & Staples Retailing) | 3346361 |
| 31232 | Strauss Group Ltd. (Food, Beverage & Tobacco) | 799131 |
|  |  | 80000628 |
| **Italy – 4.9%** | **Italy – 4.9%** |  |
| 259366 | Autogrill SpA (Consumer Services)\* | 1892613 |
| 797348 | Azimut Holding SpA (Diversified Financials) | 19906349 |
| 319154 | Banca IFIS SpA (Diversified Financials) | 5344951 |
| 504135 | Banca Mediolanum SpA (Diversified Financials) | 4823269 |
| 249185 | Banca Popolare di Sondrio SPA (Banks) | 1223866 |
| 8638047 | Banco BPM SpA (Banks) | 38878085 |
| 1457886 | BFF Bank SpA (Diversified Financials)<sup>(b)</sup> | 13482734 |
| 87891 | Brunello Cucinelli SpA (Consumer Durables & Apparel) | 7320492 |
| 3459778 | Leonardo SpA (Capital Goods) | 35629282 |
| 2926777 | OVS SpA (Consumer Durables & Apparel)<sup>(b)</sup> | 7046597 |
| 160610 | Reply SpA (Software & Services) | 20848342 |
| 79578 | Salvatore Ferragamo SpA (Consumer Durables & Apparel) | 1579260 |
| 45772 | Tod's SpA (Consumer Durables & Apparel)\* | 1789790 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Italy – (continued)** | **Italy – (continued)** |  |
| 251063 | Unipol Gruppo SpA (Insurance) | $1314908 |
|  |  | 161080538 |
| **Japan – 31.6%** | **Japan – 31.6%** |  |
| 169100 | Adastria Co. Ltd. (Retailing) | 2853819 |
| 66600 | Adventure, Inc. (Consumer Services)<sup>(a)</sup> | 5343016 |
| 1367 | AEON REIT Investment Corp. REIT (Real Estate) | 1510851 |
| 853000 | Air Water, Inc. (Materials) | 10436513 |
| 352800 | Airtrip Corp. (Consumer Services) | 7238133 |
| 11700 | Alfresa Holdings Corp. (Health Care Equipment & Services) | 146449 |
| 129300 | Appier Group, Inc. (Software & Services)\* | 1653165 |
| 131400 | Bell System24 Holdings, Inc. (Software & Services) | 1512581 |
| 253100 | Canon Marketing Japan, Inc. (Technology Hardware & Equipment) | 6007443 |
| 314500 | Chugin Financial Group, Inc. (Banks) | 2288507 |
| 3631100 | Citizen Watch Co. Ltd. (Technology Hardware & Equipment) | 17275245 |
| 2236900 | Coca-Cola Bottlers Japan Holdings, Inc. (Food, Beverage & Tobacco) | 23552038 |
| 42000 | Daio Paper Corp. (Materials) | 324079 |
| 17100 | Daiwabo Holdings Co. Ltd. (Technology Hardware & Equipment) | 258824 |
| 136300 | DCM Holdings Co. Ltd. (Retailing) | 1240402 |
| 141200 | Descente Ltd. (Consumer Durables & Apparel) | 3911442 |
| 18600 | Dowa Holdings Co. Ltd. (Materials) | 649385 |
| 22700 | DTS Corp. (Software & Services) | 556742 |
| 16300 | Earth Corp. (Household & Personal Products) | 636386 |
| 85800 | Ebara Corp. (Capital Goods) | 3643033 |
| 82800 | Electric Power Development Co. Ltd. (Utilities) | 1336270 |
| 689400 | Ferrotec Holdings Corp. (Semiconductors & Semiconductor Equipment) | 17267170 |
| 3366600 | Fujikura Ltd. (Capital Goods) | 25590735 |
| 164200 | Fukuyama Transporting Co. Ltd. (Transportation) | 4248841 |
| 60800 | Future Corp. (Software & Services) | 791727 |
| 118200 | Fuyo General Lease Co. Ltd. (Diversified Financials) | 8123609 |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 2147 | Global One Real Estate Investment Corp. REIT (Real Estate) | $1772896 |
| 1494200 | Gree, Inc. (Media & Entertainment)<sup>(a)</sup> | 8130493 |
| 2142600 | H2O Retailing Corp. (Retailing) | 20910056 |
| 425500 | Hanwa Co. Ltd. (Capital Goods) | 13548400 |
| 253600 | Heiwa Corp. (Consumer Services) | 4601320 |
| 29700 | HIS Co. Ltd. (Consumer Services)\* | 486683 |
| 495200 | Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 15420496 |
| 954100 | Hitachi Zosen Corp. (Capital Goods) | 6317801 |
| 114300 | Horiba Ltd. (Technology Hardware & Equipment) | 5263824 |
| 854400 | Iino Kaiun Kaisha Ltd. (Transportation) | 6049245 |
| 15318 | Industrial & Infrastructure Fund Investment Corp. REIT (Real Estate) | 16976016 |
| 274700 | Isetan Mitsukoshi Holdings Ltd. (Retailing) | 2988937 |
| 103500 | Izumi Co. Ltd. (Retailing) | 2343422 |
| 2883800 | J Front Retailing Co. Ltd. (Retailing) | 26858230 |
| 173000 | JAFCO Group Co. Ltd. (Diversified Financials) | 3087206 |
| 2406000 | JGC Holdings Corp. (Capital Goods) | 31427323 |
| 168900 | Kaga Electronics Co. Ltd. (Technology Hardware & Equipment) | 5626055 |
| 436000 | Kamigumi Co. Ltd. (Transportation) | 8919039 |
| 63300 | Kaneka Corp. (Materials) | 1661903 |
| 901400 | Kanematsu Corp. (Capital Goods) | 11022527 |
| 64100 | Kansai Paint Co. Ltd. (Materials) | 902728 |
| 5303 | Kenedix Office Investment Corp. REIT (Real Estate) | 12597611 |
| 3252 | Kenedix Retail REIT Corp. REIT (Real Estate) | 6097092 |
| 65900 | Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 1298275 |
| 260400 | Kobe Steel Ltd. (Materials) | 1402913 |
| 6500 | Kureha Corp. (Materials) | 424531 |
| 41500 | Kyoritsu Maintenance Co. Ltd. (Consumer Services) | 1895470 |
| 223 | LaSalle Logiport REIT (Real Estate) | 270188 |
| 88200 | Lawson, Inc. (Food & Staples Retailing) | 3526789 |
| 196400 | Lion Corp. (Household & Personal Products) | 2174094 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 136200 | Macnica Holdings, Inc. (Technology Hardware & Equipment) | $3619741 |
| 67000 | Makino Milling Machine Co. Ltd. (Capital Goods) | 2405166 |
| 120500 | Mandom Corp. (Household & Personal Products) | 1366152 |
| 614700 | Maruha Nichiro Corp. (Food, Beverage & Tobacco) | 11671934 |
| 16600 | Maruichi Steel Tube Ltd. (Materials) | 357435 |
| 75900 | MatsukiyoCocokara & Co. (Food & Staples Retailing) | 3786224 |
| 391400 | Meitec Corp. (Commercial & Professional Services) | 7362900 |
| 397400 | Menicon Co. Ltd. (Health Care Equipment & Services) | 8781317 |
| 49500 | METAWATER Co. Ltd. (Capital Goods) | 653360 |
| 19000 | Milbon Co. Ltd. (Household & Personal Products) | 835579 |
| 76000 | Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment) | 1507451 |
| 1074700 | Mitsubishi Logistics Corp. (Transportation) | 25095731 |
| 113400 | Mitsubishi Research Institute, Inc. (Software & Services) | 4412200 |
| 198700 | MIXI, Inc. (Media & Entertainment) | 3812214 |
| 17000 | Monogatari Corp. (The) (Consumer Services) | 851790 |
| 1855 | Mori Trust Sogo REIT, Inc. REIT (Real Estate) | 2093338 |
| 1090200 | NGK Spark Plug Co. Ltd. (Automobiles & Components) | 21303740 |
| 704600 | NHK Spring Co. Ltd. (Automobiles & Components) | 4980509 |
| 246200 | Nippon Kayaku Co. Ltd. (Materials) | 2286252 |
| 227300 | Nippon Parking Development Co. Ltd. (Commercial & Professional Services) | 452359 |
| 6551 | NIPPON REIT Investment Corp. REIT (Real Estate) | 16682101 |
| 9000 | Nippon Shokubai Co. Ltd. (Materials) | 381016 |
| 199900 | Nippon Soda Co. Ltd. (Materials) | 6533831 |
| 37000 | Nisshin Oillio Group Ltd. (The) (Food, Beverage & Tobacco) | 908852 |
| 5582100 | Nissui Corp. (Food, Beverage & Tobacco) | 23194899 |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 661800 | NS United Kaiun Kaisha Ltd. (Transportation) | $19931138 |
| 21600 | NSD Co. Ltd. (Software & Services) | 388063 |
| 10971 | NTT UD REIT Investment Corp. REIT (Real Estate) | 11189145 |
| 197800 | OKUMA Corp. (Capital Goods) | 8017437 |
| 122700 | Open Door, Inc. (Consumer Services)\*<sup>(a)</sup> | 1733644 |
| 378400 | Open Up Group, Inc. (Commercial & Professional Services) | 5581605 |
| 24900 | Optorun Co. Ltd. (Semiconductors & Semiconductor Equipment) | 491365 |
| 805080 | Orient Corp. (Diversified Financials) | 7355954 |
| 1529 | Orix JREIT, Inc. REIT (Real Estate) | 2103695 |
| 45400 | PAL GROUP Holdings Co. Ltd. (Retailing) | 973653 |
| 97700 | PHC Holdings Corp. (Health Care Equipment & Services) | 1159134 |
| 726300 | Resorttrust, Inc. (Consumer Services) | 13271462 |
| 6184800 | Round One Corp. (Consumer Services) | 22788493 |
| 212200 | Royal Holdings Co. Ltd. (Consumer Services) | 3965809 |
| 97900 | RS Technologies Co. Ltd. (Semiconductors & Semiconductor Equipment) | 2975100 |
| 130300 | Saizeriya Co. Ltd. (Consumer Services) | 3230006 |
| 234200 | Sangetsu Corp. (Consumer Durables & Apparel) | 4115627 |
| 725400 | Sankyo Co. Ltd. (Consumer Durables & Apparel) | 29300086 |
| 439100 | Sankyu, Inc. (Transportation) | 17253014 |
| 3767200 | Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 29368172 |
| 15000 | Sato Holdings Corp. (Commercial & Professional Services) | 244507 |
| 96700 | Sawai Group Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 2991876 |
| 258900 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 19292432 |
| 28881 | Sekisui House REIT, Inc. REIT (Real Estate) | 15788203 |
| 1571000 | Shikoku Electric Power Co., Inc. (Utilities) | 9083061 |
| 219800 | Shimamura Co. Ltd. (Retailing) | 20618123 |
| 55800 | Shinmaywa Industries Ltd. (Capital Goods) | 464104 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 4069400 | SKY Perfect JSAT Holdings, Inc. (Media & Entertainment) | $15709175 |
| 1635600 | Sojitz Corp. (Capital Goods) | 32427937 |
| 282 | Star Asia Investment Corp. REIT (Real Estate) | 114402 |
| 59800 | Starts Corp., Inc. (Real Estate) | 1189154 |
| 1318100 | Sumitomo Heavy Industries Ltd. (Capital Goods) | 29310940 |
| 2112900 | Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 14855519 |
| 13800 | Sundrug Co. Ltd. (Food & Staples Retailing) | 390448 |
| 252000 | Suzuken Co. Ltd. (Health Care Equipment & Services) | 6637204 |
| 481500 | Taisho Pharmaceutical Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 20254637 |
| 3014 | Takara Leben Real Estate Investment Corp. REIT (Real Estate) | 2259520 |
| 1329600 | Takashimaya Co. Ltd. (Retailing) | 18576244 |
| 240400 | Takuma Co. Ltd. (Capital Goods) | 2381305 |
| 111800 | Tama Home Co. Ltd. (Consumer Durables & Apparel) | 2744348 |
| 1039500 | Toho Gas Co. Ltd. (Utilities) | 20386398 |
| 225300 | Tokyo Century Corp. (Diversified Financials) | 7921808 |
| 201800 | Tokyo Steel Manufacturing Co. Ltd. (Materials) | 2195651 |
| 313100 | Tokyotokeiba Co. Ltd. (Consumer Services) | 9333738 |
| 5320700 | Tokyu Fudosan Holdings Corp. (Real Estate) | 26998478 |
| 231500 | Toyo Suisan Kaisha Ltd. (Food, Beverage & Tobacco) | 9565769 |
| 247500 | Transcosmos, Inc. (Software & Services) | 6461205 |
| 42800 | TV Asahi Holdings Corp. (Media & Entertainment) | 442938 |
| 189900 | Ulvac, Inc. (Semiconductors & Semiconductor Equipment) | 8883901 |
| 257400 | United Arrows Ltd. (Retailing) | 3475959 |
| 21300 | Ushio, Inc. (Capital Goods) | 285517 |
| 38500 | UT Group Co. Ltd. (Commercial & Professional Services) | 784237 |
| 28800 | ValueCommerce Co. Ltd. (Media & Entertainment) | 395145 |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Japan – (continued)** | **Japan – (continued)** |  |
| 404000 | YA-MAN Ltd. (Household & Personal Products) | $4248646 |
| 13700 | Yamato Kogyo Co. Ltd. (Materials) | 519253 |
| 161400 | Yellow Hat Ltd. (Retailing) | 2212799 |
|  |  | 1032371242 |
| **Malta – 0.0%** | **Malta – 0.0%** |  |
| 81757 | Kambi Group PLC (Consumer Services)\* | 1470230 |
| **Netherlands – 1.8%** | **Netherlands – 1.8%** |  |
| 479579 | Aalberts NV (Capital Goods) | 22675729 |
| 156445 | AMG Advanced Metallurgical Group NV (Materials) | 6111153 |
| 249314 | Arcadis NV (Commercial & Professional Services) | 10825345 |
| 14494 | Basic-Fit NV (Consumer Services)\*<sup>(a)(b)</sup> | 476263 |
| 199146 | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | 14244188 |
| 343050 | Fugro NV (Capital Goods)\* | 4567994 |
| 8185 | Van Lanschot Kempen NV (Diversified Financials) | 235514 |
|  |  | 59136186 |
| **New Zealand – 0.1%** | **New Zealand – 0.1%** |  |
| 999135 | Fletcher Building Ltd. (Capital Goods) | 3290102 |
| **Norway – 2.9%** | **Norway – 2.9%** |  |
| 5661872 | Aker Solutions ASA (Energy) | 22382938 |
| 5885551 | DNO ASA (Energy) | 7261042 |
| 2104744 | Elkem ASA (Materials)\*<sup>(b)</sup> | 7455413 |
| 1952777 | Europris ASA (Retailing)<sup>(b)</sup> | 12580962 |
| 192740 | FLEX LNG Ltd. (Energy)<sup>(a)</sup> | 5956030 |
| 46268 | Frontline PLC (Energy) | 637543 |
| 92788 | Grieg Seafood ASA (Food, Beverage & Tobacco) | 831177 |
| 52303 | Hoegh Autoliners ASA (Transportation) | 324876 |
| 60927 | Leroy Seafood Group ASA (Food, Beverage & Tobacco) | 358795 |
| 9324228 | MPC Container Ships ASA (Transportation) | 14841868 |
| 948403 | NEL ASA (Capital Goods)\*<sup>(a)</sup> | 1625408 |
| 4473826 | Norwegian Air Shuttle ASA (Transportation)\* | 4262016 |
| 792797 | TGS ASA (Energy) | 13126436 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Norway – (continued)** | **Norway – (continued)** |  |
| 269079 | Veidekke ASA (Capital Goods) | $2778372 |
|  |  | 94422876 |
| **Portugal – 0.3%** | **Portugal – 0.3%** |  |
| 69388 | REN - Redes Energeticas Nacionais SGPS SA (Utilities) | 190711 |
| 8872903 | Sonae SGPS SA (Food & Staples Retailing) | 9043959 |
|  |  | 9234670 |
| **Singapore – 0.1%** | **Singapore – 0.1%** |  |
| 198500 | AEM Holdings Ltd. (Semiconductors & Semiconductor Equipment) | 526927 |
| 151734 | BW LPG Ltd. (Energy)<sup>(b)</sup> | 1255791 |
| 41733 | Kenon Holdings Ltd. (Utilities) | 1300554 |
| 312400 | Sembcorp Industries Ltd. (Utilities) | 861497 |
|  |  | 3944769 |
| **Spain – 2.1%** | **Spain – 2.1%** |  |
| 14744624 | Banco de Sabadell SA (Banks) | 19276615 |
| 626888 | Bankinter SA (Banks) | 4523001 |
| 1688175 | Ence Energia y Celulosa SA (Materials) | 5563110 |
| 3344504 | Merlin Properties Socimi SA REIT (Real Estate) | 32684761 |
| 31393 | Pharma Mar SA (Pharmaceuticals, Biotechnology & Life Sciences) | 2070175 |
| 2636385 | Unicaja Banco SA (Banks)<sup>(b)</sup> | 3240520 |
|  |  | 67358182 |
| **Sweden – 7.0%** | **Sweden – 7.0%** |  |
| 270412 | AddLife AB, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 2853861 |
| 1104230 | Alleima AB (Materials)\* | 5521844 |
| 2253627 | Arjo AB, Class B (Health Care Equipment & Services) | 8745198 |
| 40386 | Axfood AB (Food & Staples Retailing) | 1040172 |
| 1835933 | Betsson AB, Class B (Consumer Services)\* | 15218517 |
| 83820 | Bilia AB, Class A (Retailing) | 968489 |
| 101824 | BioArctic AB (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(b)</sup> | 3036769 |
| 645453 | Biotage AB (Pharmaceuticals, Biotechnology & Life Sciences) | 9975448 |
| 641912 | Bravida Holding AB (Commercial & Professional Services)<sup>(b)</sup> | 7095944 |
| 33260 | Castellum AB (Real Estate) | 456363 |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Sweden – (continued)** | **Sweden – (continued)** |  |
| 198081 | Cloetta AB, Class B (Food, Beverage & Tobacco) | $412557 |
| 759022 | Elekta AB, Class B (Health Care Equipment & Services) | 5524761 |
| 28706 | HMS Networks AB (Technology Hardware & Equipment) | 1070170 |
| 490391 | Intrum AB (Commercial & Professional Services) | 6346438 |
| 844596 | Inwido AB (Capital Goods) | 9204592 |
| 366023 | Loomis AB (Commercial & Professional Services) | 10884583 |
| 68715 | MEKO AB (Retailing) | 761593 |
| 418093 | Modern Times Group MTG AB, Class B (Media & Entertainment)\* | 3701452 |
| 59546 | Munters Group AB (Capital Goods)<sup>(b)</sup> | 570934 |
| 40045 | Neobo Fastigheter AB (Real Estate)\*<sup>(c)</sup> | 74862 |
| 485956 | New Wave Group AB, Class B (Consumer Durables & Apparel) | 10934598 |
| 299948 | Orron Energy ab (Utilities) | 556066 |
| 197390 | Pandox AB (Real Estate)\* | 2717651 |
| 144999 | Peab AB, Class B (Capital Goods) | 904859 |
| 764814 | Saab AB, Class B (Capital Goods) | 31310335 |
| 455897 | Samhallsbyggnadsbolaget i Norden AB (Real Estate)<sup>(a)</sup> | 832875 |
| 505844 | Scandic Hotels Group AB (Consumer Services)\*<sup>(a)(b)</sup> | 1864793 |
| 875551 | SSAB AB, Class A (Materials) | 6258120 |
| 5134560 | SSAB AB, Class B (Materials) | 34990330 |
| 536840 | Stillfront Group AB (Media & Entertainment)\* | 936955 |
| 1537508 | Trelleborg AB, Class B (Capital Goods) | 38444584 |
| 510291 | Wihlborgs Fastigheter AB (Real Estate) | 4201287 |
|  |  | 227417000 |
| **Switzerland – 3.1%** | **Switzerland – 3.1%** |  |
| 1397 | Belimo Holding AG (Capital Goods) | 736840 |
| 31978 | Bucher Industries AG (Capital Goods) | 14571312 |
| 22503 | Burckhardt Compression Holding AG (Capital Goods) | 13932622 |
| 200125 | DKSH Holding AG (Commercial & Professional Services) | 17049677 |
| 161385 | Huber + Suhner AG (Capital Goods) | 15477361 |
| 54912 | Idorsia Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)\*<sup>(a)</sup> | 923660 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Switzerland – (continued)** | **Switzerland – (continued)** |  |
| 107603 | Implenia AG (Capital Goods)\* | $4520033 |
| 1061 | Inficon Holding AG (Technology Hardware & Equipment) | 1110871 |
| 207019 | OC Oerlikon Corp AG (Capital Goods) | 1421342 |
| 145004 | PSP Swiss Property AG (Real Estate) | 18076747 |
| 30880 | Swissquote Group Holding SA (Diversified Financials) | 5577128 |
| 3562 | Tecan Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | 1494879 |
| 25702 | u-blox Holding AG (Semiconductors & Semiconductor Equipment)\* | 3074243 |
| 3051 | Valiant Holding AG (Banks) | 348616 |
| 58304 | Zehnder Group AG (Capital Goods) | 4339479 |
|  |  | 102654810 |
| **United Arab Emirates – 0.0%** | **United Arab Emirates – 0.0%** |  |
| 180596 | Network International Holdings PLC (Software & Services)\*<sup>(b)</sup> | 587345 |
| **United Kingdom – 11.9%** | **United Kingdom – 11.9%** |  |
| 2879303 | Babcock International Group PLC (Capital Goods)\* | 10878197 |
| 3330107 | Balfour Beatty PLC (Capital Goods) | 15042638 |
| 1039798 | Beazley PLC (Insurance) | 8556920 |
| 183963 | Big Yellow Group PLC REIT (Real Estate) | 2743847 |
| 1051372 | Britvic PLC (Food, Beverage & Tobacco) | 10071352 |
| 543312 | Central Asia Metals PLC (Materials) | 1892414 |
| 17292775 | Centrica PLC (Utilities) | 21543405 |
| 25014 | Clarkson PLC (Transportation) | 948284 |
| 357526 | Computacenter PLC (Software & Services) | 9825699 |
| 542649 | Crest Nicholson Holdings PLC (Consumer Durables & Apparel) | 1632879 |
| 5136 | Dechra Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 182154 |
| 2480830 | Drax Group PLC (Utilities) | 19813104 |
| 3672605 | DS Smith PLC (Materials) | 16078345 |
| 119618 | easyJet PLC (Transportation)\* | 728664 |
| 148535 | Fevertree Drinks PLC (Food, Beverage & Tobacco) | 2002701 |
| 1024202 | Firstgroup PLC (Transportation) | 1368753 |
| 162487 | Greggs PLC (Consumer Services) | 5425766 |
| 1726791 | Hays PLC (Commercial & Professional Services) | 2634651 |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United Kingdom – (continued)** | **United Kingdom – (continued)** |  |
| 1061009 | Howden Joinery Group PLC (Capital Goods) | $9053362 |
| 2902173 | IG Group Holdings PLC (Diversified Financials) | 28534994 |
| 2861160 | Inchcape PLC (Retailing) | 32258800 |
| 211798 | Indivior PLC (Pharmaceuticals, Biotechnology & Life Sciences)\* | 5085569 |
| 839910 | Intermediate Capital Group PLC (Diversified Financials) | 14452694 |
| 1497271 | Investec PLC (Diversified Financials) | 9554435 |
| 51777 | JET2 PLC (Transportation) | 780517 |
| 188953 | Lancashire Holdings Ltd. (Insurance) | 1458552 |
| 21742 | Liontrust Asset Management PLC (Diversified Financials) | 311516 |
| 5067050 | Man Group PLC (Diversified Financials) | 15588568 |
| 808947 | Moneysupermarket.com Group PLC (Media & Entertainment) | 2381578 |
| 223204 | Morgan Sindall Group PLC (Capital Goods) | 4518408 |
| 1344342 | OSB Group PLC (Banks) | 9063414 |
| 1345496 | Pagegroup PLC (Commercial & Professional Services) | 7574641 |
| 1852808 | Paragon Banking Group PLC (Banks) | 13728252 |
| 432829 | Playtech PLC (Consumer Services)\* | 3014915 |
| 2536842 | QinetiQ Group PLC (Capital Goods) | 11379243 |
| 459757 | Quilter PLC (Diversified Financials)<sup>(b)</sup> | 545726 |
| 984333 | Reach PLC (Media & Entertainment) | 1104924 |
| 369155 | Redde Northgate PLC (Transportation) | 1975190 |
| 660700 | Redrow PLC (Consumer Durables & Apparel) | 4237901 |
| 1602706 | Rightmove PLC (Media & Entertainment) | 11645094 |
| 441588 | Rotork PLC (Capital Goods) | 1739519 |
| 861400 | Safestore Holdings PLC REIT (Real Estate) | 10725901 |
| 603194 | Serica Energy PLC (Energy) | 1887539 |
| 148197 | Softcat PLC (Software & Services) | 2217607 |
| 545175 | Spectris PLC (Technology Hardware & Equipment) | 21613459 |
| 1096403 | Spirent Communications PLC (Technology Hardware & Equipment) | 2971356 |
| 2497635 | SSP Group PLC (Consumer Services)\* | 7996342 |
| 193669 | SThree PLC (Commercial & Professional Services) | 1012363 |
| 1067037 | Subsea 7 SA (Energy) | 13297502 |
| 1082364 | Tritax Big Box REIT PLC REIT (Real Estate) | 2085466 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United Kingdom – (continued)** | **United Kingdom – (continued)** |  |
| 5588229 | UK Commercial Property REIT Ltd. REIT (Real Estate) | $3994455 |
| 46952 | Vistry Group PLC (Consumer Durables & Apparel) | 430952 |
|  |  | 389590527 |
| **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,878,418,550)** | **TOTAL INVESTMENTS BEFORE<br>SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,878,418,550)** | $3175078691 |
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.4%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(d)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 14355208 | 4.237% | $14355208 |
| **(Cost $14,355,208)** | **(Cost $14,355,208)** |  |
| **TOTAL INVESTMENTS – 97.6%<br>(Cost $2,892,773,758)** | **TOTAL INVESTMENTS – 97.6%<br>(Cost $2,892,773,758)** | $3189433899 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%** | 77549228 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $3266983127 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

*January 31, 2023 (Unaudited)* 

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
| &nbsp;&nbsp; Industrials | 24.6% |
| &nbsp;&nbsp; Consumer Discretionary | 14.7 |
| &nbsp;&nbsp; Financials | 14.2 |
| &nbsp;&nbsp; Information Technology | 10.7 |
| &nbsp;&nbsp; Materials | 9.3 |
| &nbsp;&nbsp; Real Estate | 9.0 |
| &nbsp;&nbsp; Health Care | 4.8 |
| &nbsp;&nbsp; Consumer Staples | 4.2 |
| &nbsp;&nbsp; Energy | 3.0 |
| &nbsp;&nbsp; Utilities | 2.9 |
| &nbsp;&nbsp; Communication Services | 2.1 |
| &nbsp;&nbsp; Securities Lending Reinvestment Vehicle | 0.5 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS** | 100.0% |

---

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

**FUTURES CONTRACTS** — At January 31, 2023, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  EURO STOXX 50 Index | 369 | 03/17/23 | $16732320 | $475122 |
|  FTSE 100 Index | 78 | 03/17/23 | 7452099 | 60354 |
|  Hang Seng Index | 6 | 02/27/23 | 837964 | (24268) |
|  MSCI Singapore Index | 35 | 02/27/23 | 811197 | (5030) |
|  SPI 200 Index | 31 | 03/16/23 | 4061727 | 75827 |
|  TOPIX Index | 86 | 03/09/23 | 13052126 | 420102 |
|  **Total Futures Contracts** |  |  |  | $1002107 |

---

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

**Investment Valuation** — The Funds' valuation policy is to value investments at fair value.

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

**A. Level 1 and Level 2 Fair Value Investments** — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

**Equity Securities** — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

**Money Market Funds** — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Derivative Contracts** — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Forward Contracts** — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A *forward foreign currency exchange contract* is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Futures Contracts** — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

**B. Level 3 Fair Value Investments** — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**C. Fair Value Hierarchy** — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of January 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| **EMERGING MARKETS EQUITY INSIGHTS FUND**<br>**Investment Type** | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1600500 | $43357652 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 120596055 | 1436865971 | — <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 14922893 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 59250457 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 386264 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 112212147 | 26473659 |  |
| **Total** | $294045423 | $1521620175 | $— |
| **INTERNATIONAL EQUITY INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $— | $16656796 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 7243693 | 367527270 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 16698345 | 966790000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 20661408 | 93800890 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 11832910 | 154327833 |  |
|  Securities Lending Reinvestment Vehicle | 3189269 |  |  |
| **Total** | $59625625 | $1599102789 | $— |
| **INTERNATIONAL SMALL CAP INSIGHTS FUND** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $35492519 | $1151982532 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 72559710 | 1599098606 | 74862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania |  | 315870462 |  |
|  Securities Lending Reinvestment Vehicle | 14355208 |  |  |
| **Total** | $122407437 | $3066951600 | $74862 |
| **Derivative Type** |  |  |  |
| **Assets<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $1031405 | $— | $— |
| **Derivative Type** |  |  |  |
| **Liabilities<sup>(b)</sup>** |  |  |  |
|  Futures Contracts | $(29298) | $— | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2
classification.

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

(c) Amount includes valuations of Russian investments for which GSAM has determined include significant unobservable inputs as of January 31, 2023.

For further information regarding security characteristics, see the Schedules of Investments.

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Securities Lending** — Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending ("GSAL"), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds' securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received.

Each of the Funds and GSAL received compensation relating to the lending of the Funds' securities.

The Funds' risks include, but are not limited to, the following:

**Derivatives Risk** — The Funds' use of derivatives and other similar instruments (collectively referred to in this paragraph as "derivatives") may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**Foreign Custody Risk** — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

**Large Shareholder Transactions Risk** — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund's NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

**Liquidity Risk** — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

------

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

*January 31, 2023 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Market and Credit Risks** — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

**Non-Diversification Risk** — The Emerging Markets Equity Insights Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs Trust

- **b. Investment Company Act file number:** 811-05349

- **c. CIK number of Registrant:** 0000822977

- **d. LEI of Registrant:** S2FHCT8U6D2VORP0J605

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 71 South Wacker Drive

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs International Equity Insights Fund

- **b. EDGAR series identifier (if any):** S000009330

- **c. LEI of Series:** P9Z4EQP2EZO3NG3YLC90

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1680468836.15

**Total Liabilities:** $15368518.52

**Net Assets:** $1665100317.63

**Cash Not Reported:** $7966743.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000161504 | 12.52%               | -1.86%               | 8.14%                |
| Class ID C000058971 | 12.58%               | -1.97%               | 8.11%                |
| Class ID C000025545 | 12.49%               | -2.04%               | 8.08%                |
| Class ID C000058972 | 12.57%               | -1.93%               | 8.10%                |
| Class ID C000201740 | 12.53%               | -1.86%               | 8.15%                |
| Class ID C000025543 | 12.56%               | -1.99%               | 8.13%                |
| Class ID C000025541 | 12.51%               | -1.87%               | 8.14%                |
| Class ID C000025542 | 12.59%               | -1.97%               | 8.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-18509459.48            | $209431608.73                              |
| Month 2  | $3144931.43              | $-37010374.99                              |
| Month 3  | $6705927.89              | $122029298.12                              |

### Schedule of Portfolio Investments

| Name                                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CSL Ltd                                        | CSL Ltd                                        | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |     73623 | NS      | $15545545.68  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                       | Rexel SA                                       | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |    138092 | NS      | $3054927.37   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| NIPPON EXPRESS HOLDINGS INC                    | NIPPON EXPRESS HOLDINGS INC                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    113700 | NS      | $6598322.98   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                         | AP Moller - Maersk A/S                         | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |      2255 | NS      | $4805291.30   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                   | Cochlear Ltd                                   | CUSIP: 000000000<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |     12878 | NS      | $1945567.50   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd                    | National Australia Bank Ltd                    | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |    440523 | NS      | $9940027.11   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                              | Japan Tobacco Inc                              | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |    458600 | NS      | $9351735.26   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedbank AB                                    | Swedbank AB                                    | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |    935149 | NS      | $17988926.55  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| MPC Container Ships ASA                        | MPC Container Ships ASA                        | CUSIP: 000000000<br>LEI: 213800MXS7CXYJ2Q1805 | Long             | EC               | CORP              | NO        |   1738509 | NS      | $2767276.96   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                  | Industria de Diseno Textil SA                  | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |    376309 | NS      | $11748678.34  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                  | Beiersdorf AG                                  | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |     71399 | NS      | $8680526.42   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Acom Co Ltd                                    | Acom Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    228400 | NS      | $569364.29    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                              | Wolters Kluwer NV                              | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      5924 | NS      | $645852.38    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HUGO BOSS AG                                   | HUGO BOSS AG                                   | CUSIP: 000000000<br>LEI: 529900LFVU534EBRXD13 | Long             | EC               | CORP              | DE        |    170953 | NS      | $11609449.13  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Pharma Co Ltd                         | Sumitomo Pharma Co Ltd                         | CUSIP: 000000000<br>LEI: 529900D60UKVYLJ2OJ79 | Long             | EC               | CORP              | JP        |    523100 | NS      | $3677846.53   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                      | Aviva PLC                                      | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |   2466341 | NS      | $13909805.24  | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                             | Vodafone Group PLC                             | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    794464 | NS      | $9199893.12   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT                                            | Nippon Telegraph & Telephone Corp              | CUSIP: 000000000<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |    283700 | NS      | $8506893.17   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Alten SA                                       | Alten SA                                       | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |      4899 | NS      | $752761.52    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Financial Square Government Fund | Goldman Sachs Financial Square Government Fund | CUSIP: 38141W273<br>LEI: 549300BRJMXN4GUWZ402 | Long             | STIV             | RF                | US        |   3189269 | NS      | $3189269.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                                     | Tenaris SA                                     | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |     88012 | NS      | $1559639.24   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMCO Corp                                     | SUMCO Corp                                     | CUSIP: 000000000<br>LEI: 353800SUSRUOM0V6KU92 | Long             | EC               | CORP              | JP        |    737700 | NS      | $10930331.89  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                                        | SSE PLC                                        | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |    344411 | NS      | $7351343.74   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| AIXTRON SE                                     | AIXTRON SE                                     | CUSIP: 000000000<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |     72025 | NS      | $2146024.44   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Reply SpA                                      | Reply SpA                                      | CUSIP: 000000000<br>LEI: 815600DAEFB0388F3521 | Long             | EC               | CORP              | IT        |     29259 | NS      | $3798030.21   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Gas Co Ltd                               | Tokyo Gas Co Ltd                               | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |    785000 | NS      | $16437668.34  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Century Corp                             | Tokyo Century Corp                             | CUSIP: 000000000<br>LEI: 35380096ZLHOF84DXR74 | Long             | EC               | CORP              | JP        |     21300 | NS      | $748932.62    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd                              | Computershare Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    667658 | NS      | $11244611.44  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                             | Publicis Groupe SA                             | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |    193570 | NS      | $13654360.99  | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                    | Investor AB                                    | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |    521510 | NS      | $10133976.73  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Pearson PLC                                    | Pearson PLC                                    | CUSIP: 000000000<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |    268389 | NS      | $3060758.98   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Metals Group Ltd                     | Fortescue Metals Group Ltd                     | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |     84651 | NS      | $1337110.45   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Jyske Bank A/S                                 | Jyske Bank A/S                                 | CUSIP: 000000000<br>LEI: 3M5E1GQGKL17HI6CPN30 | Long             | EC               | CORP              | DK        |    118942 | NS      | $8578503.40   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                   | Glencore PLC                                   | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |    218142 | NS      | $1460872.88   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                      | Nestle SA                                      | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |    118946 | NS      | $14512489.34  | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp                           | Westpac Banking Corp                           | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |    620326 | NS      | $10437539.24  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA                       | Jeronimo Martins SGPS SA                       | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     40298 | NS      | $874899.08    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Ericsson                                       | Telefonaktiebolaget LM Ericsson                | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    919666 | NS      | $5334489.94   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd                   | Chugai Pharmaceutical Co Ltd                   | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |    356500 | NS      | $9242294.08   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Raiffeisen Bank International                  | Raiffeisen Bank International AG               | CUSIP: 000000000<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | EC               | CORP              | AT        |    127521 | NS      | $2294378.73   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Hapag-Lloyd AG                                 | Hapag-Lloyd AG                                 | CUSIP: 000000000<br>LEI: HD52L5PJVBXJUUX8I539 | Long             | EC               | CORP              | DE        |     10877 | NS      | $2385422.11   | 0.14%             |  |  |  | No            |                  2 | On Loan: —       |
| Safran SA                                      | Safran SA                                      | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     72035 | NS      | $10358309.43  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Qantas Airways Ltd                             | Qantas Airways Ltd                             | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |   1088842 | NS      | $4914851.61   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                               | SBI Holdings Inc                               | CUSIP: 000000000<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |    511600 | NS      | $10845566.57  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Smiths Group PLC                               | Smiths Group PLC                               | CUSIP: 000000000<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |    248089 | NS      | $5295962.59   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuken Co Ltd/Aichi Japan                     | Suzuken Co Ltd/Aichi Japan                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     24300 | NS      | $640016.13    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| K+S AG                                         | K+S AG                                         | CUSIP: 000000000<br>LEI: 529900YURAYD4IJX2J91 | Long             | EC               | CORP              | DE        |    304754 | NS      | $7294726.43   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Covivio                                        | Covivio                                        | CUSIP: 000000000<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |     39614 | NS      | $2719278.34   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                     | Genmab A/S                                     | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |     39099 | NS      | $15322771.80  | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                    | Investor AB                                    | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |    230553 | NS      | $4601512.54   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Azimut Holding SpA                             | Azimut Holding SpA                             | CUSIP: 000000000<br>LEI: 81560025690EF8540635 | Long             | EC               | CORP              | IT        |     98757 | NS      | $2465537.36   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                       | Svenska Handelsbanken AB                       | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    521636 | NS      | $5439632.09   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                       | Vinci SA                                       | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |     58411 | NS      | $6599836.18   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Saab AB                                        | Saab AB                                        | CUSIP: 000000000<br>LEI: 549300ZHO4JCQQI13M69 | Long             | EC               | CORP              | SE        |     53584 | NS      | $2193648.39   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                    | Heineken NV                                    | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |    134040 | NS      | $13395811.32  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                                        | DCC PLC                                        | CUSIP: 000000000<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |     58959 | NS      | $3358186.06   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimamura Co Ltd                               | Shimamura Co Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     40600 | NS      | $3808443.13   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Motor Corp                              | Toyota Motor Corp                              | CUSIP: 000000000<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |     18200 | NS      | $267280.13    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                    | Novartis AG                                    | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    298131 | NS      | $26953749.84  | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                     | BOC Hong Kong Holdings Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    250000 | NS      | $873721.97    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| SSAB AB                                        | SSAB AB                                        | CUSIP: 000000000<br>LEI: 529900329VS14ZIML164 | Long             | EC               | CORP              | SE        |   1460940 | NS      | $9955823.57   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Kongsberg Gruppen ASA                          | Kongsberg Gruppen ASA                          | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |     13390 | NS      | $533078.97    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spru                 | Chocoladefabriken Lindt & Spruengli AG         | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |      1148 | NS      | $12608165.49  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                      | Thales SA                                      | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     77829 | NS      | $10293611.56  | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX Corp                                      | ORIX Corp                                      | CUSIP: 000000000<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |    833000 | NS      | $14646630.15  | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                   | Capgemini SE                                   | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |     41694 | NS      | $7912921.25   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Sankyo Co Ltd                                  | Sankyo Co Ltd                                  | CUSIP: 000000000<br>LEI: 3538009H2R9ZBZAOAK48 | Long             | EC               | CORP              | JP        |     15000 | NS      | $605874.39    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                    | Bayerische Motoren Werke AG                    | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EP               | CORP              | DE        |     13254 | NS      | $1255669.28   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                           | Dassault Aviation SA                           | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |     41103 | NS      | $7018888.85   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Hung Kai Properties Ltd                    | Sun Hung Kai Properties Ltd                    | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |    242000 | NS      | $3431955.20   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                  | AIA Group Ltd                                  | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    240000 | NS      | $2713835.52   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                | Knorr-Bremse AG                                | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     34924 | NS      | $2295486.59   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Aurizon Holdings Ltd                           | Aurizon Holdings Ltd                           | CUSIP: 000000000<br>LEI: 5299005PC1O6NOWL3H48 | Long             | EC               | CORP              | AU        |   4747207 | NS      | $12408073.78  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                   | UBS Group AG                                   | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    413786 | NS      | $8832424.21   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| PGS ASA                                        | PGS ASA                                        | CUSIP: 000000000<br>LEI: 213800T66DRTE6O6BV87 | Long             | EC               | CORP              | NO        |   1049463 | NS      | $904501.45    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                              | Compass Group PLC                              | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    665322 | NS      | $15893230.31  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                            | Imperial Brands PLC                            | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |    678633 | NS      | $17024361.00  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                                    | ITOCHU Corp                                    | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |    499500 | NS      | $16144757.47  | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                       | Volvo AB                                       | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |    767731 | NS      | $15234485.99  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM SpA                                  | Banco BPM SpA                                  | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |   2665843 | NS      | $11998414.96  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                   | GEA Group AG                                   | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |     69344 | NS      | $3128795.90   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                      | KDDI Corp                                      | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    315600 | NS      | $9860434.20   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Perseus Mining Ltd                             | Perseus Mining Ltd                             | CUSIP: 000000000<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |    417522 | NS      | $634333.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd                              | Telstra Group Ltd                              | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    791664 | NS      | $2288056.71   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola Bottlers Japan Holdi                 | Coca-Cola Bottlers Japan Holdings Inc          | CUSIP: 000000000<br>LEI: 353800XN1G90665VTQ16 | Long             | EC               | CORP              | JP        |     50300 | NS      | $529602.36    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Co Inc                    | Chubu Electric Power Co Inc                    | CUSIP: 000000000<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |    108700 | NS      | $1170815.76   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp                                       | Kao Corp                                       | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |    103200 | NS      | $4171533.90   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                    | Equinor ASA                                    | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    408778 | NS      | $12458189.62  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                                     | Boliden AB                                     | CUSIP: 000000000<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |    107324 | NS      | $4816381.11   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Toho Gas Co Ltd                                | Toho Gas Co Ltd                                | CUSIP: 000000000<br>LEI: 353800BCVTE4F8012906 | Long             | EC               | CORP              | JP        |     17900 | NS      | $351050.05    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd                                   | Fujikura Ltd                                   | CUSIP: 000000000<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |    179300 | NS      | $1362923.67   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC                             | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |    386196 | NS      | $16656795.74  | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Orica Ltd                                      | Orica Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     64158 | NS      | $673245.97    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                      | Nokia Oyj                                      | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |    926898 | NS      | $4394902.59   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd                  | Jardine Matheson Holdings Ltd                  | CUSIP: 000000000<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | HK        |     65000 | NS      | $3435250.00   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                                      | Gecina SA                                      | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               | CORP              | FR        |     32444 | NS      | $3842983.15   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Merlin Properties Socimi SA                    | Merlin Properties Socimi SA                    | CUSIP: 000000000<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |     97711 | NS      | $954898.13    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                            | Macquarie Group Ltd                            | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |     75543 | NS      | $10078125.04  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd                              | Swire Pacific Ltd                              | CUSIP: 000000000<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |    124500 | NS      | $1140904.54   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp                             | Toyota Tsusho Corp                             | CUSIP: 000000000<br>LEI: 549300CEE2ENIUJNXB84 | Long             | EC               | CORP              | JP        |     22800 | NS      | $965401.31    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Wacker Chemie AG                               | Wacker Chemie AG                               | CUSIP: 000000000<br>LEI: 0NURKC5Q3CJYZPPK5046 | Long             | EC               | CORP              | DE        |     20862 | NS      | $3153075.15   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                          | Auto Trader Group PLC                          | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     46334 | NS      | $359481.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                      | Shell PLC                                      | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    585422 | NS      | $17169362.57  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi                                         | Sanofi                                         | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |    261903 | NS      | $25646721.07  | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                         | ANZ Group Holdings Ltd                         | CUSIP: 000000000<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |    940972 | NS      | $16745929.66  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                                   | Leonardo SpA                                   | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |    968592 | NS      | $9974697.17   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Idemitsu Kosan Co Ltd                          | Idemitsu Kosan Co Ltd                          | CUSIP: 000000000<br>LEI: 549300P0R46FF6DUA630 | Long             | EC               | CORP              | JP        |     31700 | NS      | $792524.34    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                     | Sandvik AB                                     | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |    123766 | NS      | $2557952.91   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Eiffage SA                                     | Eiffage SA                                     | CUSIP: 000000000<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |     89063 | NS      | $9512871.78   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi HC Capital Inc                      | Mitsubishi HC Capital Inc                      | CUSIP: 000000000<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |   3067800 | NS      | $15658509.63  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd                             | Honda Motor Co Ltd                             | CUSIP: 000000000<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |    235800 | NS      | $5832869.37   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrica PLC                                   | Centrica PLC                                   | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |   1984303 | NS      | $2472052.30   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                        | GSK PLC                                        | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |    585973 | NS      | $20661407.98  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                                 | Atlas Copco AB                                 | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     99523 | NS      | $1049730.05   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mediobanca Banca di Credito Fi                 | Mediobanca Banca di Credito Finanziario SpA    | CUSIP: 000000000<br>LEI: PSNL19R2RXX5U3QWHI44 | Long             | EC               | CORP              | IT        |    100316 | NS      | $1078391.88   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Pilbara Minerals Ltd                           | Pilbara Minerals Ltd                           | CUSIP: 000000000<br>LEI: 5299000VV1CZVF5K9C16 | Long             | EC               | CORP              | AU        |    236804 | NS      | $805588.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hisamitsu Pharmaceutical Co In                 | Hisamitsu Pharmaceutical Co Inc                | CUSIP: 000000000<br>LEI: 5299006QL3IBQ4CN7E12 | Long             | EC               | CORP              | JP        |      6100 | NS      | $189953.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Fudosan Holdings Corp                    | Tokyu Fudosan Holdings Corp                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    580800 | NS      | $2947115.18   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Santen Pharmaceutical Co Ltd                   | Santen Pharmaceutical Co Ltd                   | CUSIP: 000000000<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |   1399100 | NS      | $10907042.19  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| ANA Holdings Inc                               | ANA Holdings Inc                               | CUSIP: 000000000<br>LEI: 5493008IRKIY0G3TE305 | Long             | EC               | CORP              | JP        |    258100 | NS      | $5712464.51   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| J Front Retailing Co Ltd                       | J Front Retailing Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    259700 | NS      | $2418712.20   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| DS Smith PLC                                   | DS Smith PLC                                   | CUSIP: 000000000<br>LEI: 39RSBE4RCI4M15BLWH36 | Long             | EC               | CORP              | GB        |     80015 | NS      | $350298.71    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Krones AG                                      | Krones AG                                      | CUSIP: 000000000<br>LEI: 529900NY2GSZWWUBW049 | Long             | EC               | CORP              | DE        |      5834 | NS      | $681198.47    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Maruha Nichiro Corp                            | Maruha Nichiro Corp                            | CUSIP: 000000000<br>LEI: 529900HGXVKT576NWZ27 | Long             | EC               | CORP              | JP        |     30900 | NS      | $586729.70    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Allkem Ltd                                     | Allkem Ltd                                     | CUSIP: 000000000<br>LEI: 2138006SR6M416DVKM86 | Long             | EC               | CORP              | AU        |    257018 | NS      | $2386143.39   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                    | Cie Financiere Richemont SA                    | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |    148866 | NS      | $22948784.99  | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| International Petroleum Corp                   | International Petroleum Corp                   | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |    538926 | NS      | $5798631.34   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Incitec Pivot Ltd                              | Incitec Pivot Ltd                              | CUSIP: 000000000<br>LEI: 254900UW2F3BKV6Z9V18 | Long             | EC               | CORP              | AU        |   2536438 | NS      | $6202131.07   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken                  | Skandinaviska Enskilda Banken AB               | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |   1025902 | NS      | $12419374.72  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                     | Diageo PLC                                     | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |    295058 | NS      | $12901741.47  | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| TOPPAN INC                                     | TOPPAN INC                                     | CUSIP: 890747108<br>LEI: 3538003H9W4KIDODQY20 | Long             | EC               | CORP              | JP        |    306600 | NS      | $4939993.02   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Stora Enso Oyj                                 | Stora Enso Oyj                                 | CUSIP: 000000000<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |    356904 | NS      | $5102078.63   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Keppel Corp Ltd                                | Keppel Corp Ltd                                | CUSIP: 000000000<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |    518400 | NS      | $2993064.36   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                              | Sonova Holding AG                              | CUSIP: 000000000<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |     15239 | NS      | $3810844.07   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd                                | Mitsui & Co Ltd                                | CUSIP: 000000000<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |    154200 | NS      | $4549323.05   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group                  | InterContinental Hotels Group PLC              | CUSIP: 000000000<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |     61817 | NS      | $4291561.46   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                 | Commonwealth Bank of Australia                 | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |    338316 | NS      | $26409676.29  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                | Nordea Bank Abp                                | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |   1395717 | NS      | $16316472.39  | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                       | Infineon Technologies AG                       | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |    467556 | NS      | $16836904.86  | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                   | Evolution AB                                   | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |    127924 | NS      | $14377526.11  | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp                                | Mitsubishi Corp                                | CUSIP: 000000000<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |    513000 | NS      | $17178295.16  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                           | Dassault Systemes SE                           | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |    337119 | NS      | $12537759.49  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Mediolanum SpA                           | Banca Mediolanum SpA                           | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |     29576 | NS      | $282965.91    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd                                    | Komatsu Ltd                                    | CUSIP: 000000000<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |    411800 | NS      | $10119762.70  | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco de Sabadell SA                           | Banco de Sabadell SA                           | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |   5405750 | NS      | $7067291.92   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| NGK Spark Plug Co Ltd                          | NGK Spark Plug Co Ltd                          | CUSIP: 000000000<br>LEI: 549300RG3XQGTFM4HH31 | Long             | EC               | CORP              | JP        |    423200 | NS      | $8269806.34   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp L                 | Oversea-Chinese Banking Corp Ltd               | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |    519100 | NS      | $5128892.91   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                            | MTU Aero Engines AG                            | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |     56880 | NS      | $14215028.85  | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| IDP Education Ltd                              | IDP Education Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     73845 | NS      | $1643307.09   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Man Group PLC/Jersey                           | Man Group PLC/Jersey                           | CUSIP: 000000000<br>LEI: 2549003YWC1DW6LALB09 | Long             | EC               | CORP              | GB        |    217544 | NS      | $669265.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                   | British American Tobacco PLC                   | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |    605283 | NS      | $23202817.10  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                   | DNB Bank ASA                                   | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |    144957 | NS      | $2710633.00   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Steel Corp                              | Nippon Steel Corp                              | CUSIP: 000000000<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |    213000 | NS      | $4433539.58   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred                                        | Edenred                                        | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |    203950 | NS      | $11109051.20  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                       | Mitsubishi Estate Co Ltd                       | CUSIP: 000000000<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |    286600 | NS      | $3683704.67   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                                      | Sampo Oyj                                      | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |     92818 | NS      | $4872900.09   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                | Danske Bank A/S                                | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |    127952 | NS      | $2665698.64   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp                                     | Inpex Corp                                     | CUSIP: 000000000<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |    327700 | NS      | $3600979.82   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co                       | Central Japan Railway Co                       | CUSIP: 000000000<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |     52600 | NS      | $6415872.05   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                        | E.ON SE                                        | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |   1159322 | NS      | $12639984.53  | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc                            | Astellas Pharma Inc                            | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |    758800 | NS      | $11169637.19  | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko Oyj                                      | Kesko Oyj                                      | CUSIP: 000000000<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |    140211 | NS      | $3266004.49   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                   | ING Groep NV                                   | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |   1232334 | NS      | $17844524.18  | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                         | BP PLC                                         | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    103787 | NS      | $3760203.01   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| STMicroelectronics NV                          | STMicroelectronics NV                          | CUSIP: 000000000<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |    243494 | NS      | $11465730.03  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| JGC Holdings Corp                              | JGC Holdings Corp                              | CUSIP: 000000000<br>LEI: 5493003WMGG79YLARU68 | Long             | EC               | CORP              | JP        |    458500 | NS      | $5988955.74   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                            | Swatch Group AG/The                            | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |      8217 | NS      | $2975117.66   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                    | Pandora A/S                                    | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      8683 | NS      | $723041.39    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| DKSH Holding AG                                | DKSH Holding AG                                | CUSIP: 000000000<br>LEI: 549300HUUUNHO6FJUS42 | Long             | EC               | CORP              | CH        |     11236 | NS      | $957252.56    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SSAB AB                                        | SSAB AB                                        | CUSIP: 000000000<br>LEI: 529900329VS14ZIML164 | Long             | EC               | CORP              | SE        |     95672 | NS      | $683828.61    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsonite International SA                     | Samsonite International SA                     | CUSIP: 000000000<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | US        |   1218300 | NS      | $3629298.79   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| SCOR SE                                        | SCOR SE                                        | CUSIP: 000000000<br>LEI: 96950056ULJ4JI7V3752 | Long             | EC               | CORP              | FR        |    134234 | NS      | $3313193.34   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt                 | LVMH Moet Hennessy Louis Vuitton SE            | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |     20789 | NS      | $18148291.91  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Subsea 7 SA                                    | Subsea 7 SA                                    | CUSIP: 000000000<br>LEI: 222100AIF0CBCY80AH62 | Long             | EC               | CORP              | GB        |     58363 | NS      | $727324.44    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spru                 | Chocoladefabriken Lindt & Spruengli AG         | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |         8 | NS      | $900475.15    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                       | Kone Oyj                                       | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |     12981 | NS      | $707933.41    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                 | Rheinmetall AG                                 | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |     17620 | NS      | $4117047.56   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd                            | Yamaha Motor Co Ltd                            | CUSIP: 000000000<br>LEI: 3538004LR5NXILJDHY88 | Long             | EC               | CORP              | JP        |    149200 | NS      | $3674898.63   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                  | Rio Tinto PLC                                  | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |    149123 | NS      | $11832910.05  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                                | ASML Holding NV                                | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     68428 | NS      | $45275229.28  | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                              | NatWest Group PLC                              | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |   1151007 | NS      | $4391160.92   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                       | Bayer AG                                       | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |     74869 | NS      | $4660217.42   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncorp Group Ltd                              | Suncorp Group Ltd                              | CUSIP: 000000000<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |    307276 | NS      | $2731483.97   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd                                   | Ricoh Co Ltd                                   | CUSIP: 000000000<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |    746200 | NS      | $5792464.97   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                               | Roche Holding AG                               | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |    111545 | NS      | $34821047.61  | 2.09%             |  |  |  | No            |                  2 | On Loan: No      |
| D/S Norden A/S                                 | D/S Norden A/S                                 | CUSIP: 000000000<br>LEI: 529900RGXD3CBR3BRU63 | Long             | EC               | CORP              | DK        |     19301 | NS      | $1040427.99   | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Inui Global Logistics Co Ltd                   | Inui Global Logistics Co Ltd                   | CUSIP: 000000000<br>LEI: 353800YCG0HC4CSTYR51 | Long             | EC               | CORP              | JP        |    182300 | NS      | $2809009.71   | 0.17%             |  |  |  | No            |                  2 | On Loan: —       |
| Northern Star Resources Ltd                    | Northern Star Resources Ltd                    | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    203657 | NS      | $1814692.51   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp                                  | Sumitomo Corp                                  | CUSIP: 000000000<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |    769300 | NS      | $13808880.29  | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                                  | Goodman Group                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     60576 | NS      | $864031.35    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Isetan Mitsukoshi Holdings Ltd                 | Isetan Mitsukoshi Holdings Ltd                 | CUSIP: 000000000<br>LEI: 529900SY5RZO92EFG035 | Long             | EC               | CORP              | JP        |     75400 | NS      | $820407.31    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis NV                                  | Stellantis NV                                  | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |    425522 | NS      | $6689626.85   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                      | Airbus SE                                      | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |    156792 | NS      | $19656372.41  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                                   | Bankinter SA                                   | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |    991245 | NS      | $7151839.43   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Obayashi Corp                                  | Obayashi Corp                                  | CUSIP: 000000000<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |    467000 | NS      | $3622390.88   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                       | Engie SA                                       | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    481537 | NS      | $6837765.61   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                       | Next PLC                                       | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |    144969 | NS      | $11869226.97  | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd                           | Woolworths Group Ltd                           | CUSIP: 000000000<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |     58394 | NS      | $1492403.72   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker Solutions ASA                             | Aker Solutions ASA                             | CUSIP: 000000000<br>LEI: 5967007LIEEXZXG42836 | Long             | EC               | CORP              | NO        |    465005 | NS      | $1838292.70   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Lt                 | Mitsubishi Heavy Industries Ltd                | CUSIP: 000000000<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |    200800 | NS      | $7873364.35   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International                           | Hermes International                           | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |     11619 | NS      | $21745066.38  | 1.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                                   | Klepierre SA                                   | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               | CORP              | FR        |     54187 | NS      | $1375285.05   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                            | SoftBank Group Corp                            | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |     48500 | NS      | $2296090.97   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Taisho Pharmaceutical Holdings                 | Taisho Pharmaceutical Holdings Co Ltd          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     37500 | NS      | $1577463.90   | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd                            | WiseTech Global Ltd                            | CUSIP: 000000000<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |     27693 | NS      | $1200757.67   | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                  | BHP Group Ltd                                  | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |    752625 | NS      | $26358560.74  | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG                             | Baloise Holding AG                             | CUSIP: 000000000<br>LEI: 529900G5XKBZN48T6283 | Long             | EC               | CORP              | CH        |     41863 | NS      | $6885330.66   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEOS Holdings Inc                             | ENEOS Holdings Inc                             | CUSIP: 000000000<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |   2921400 | NS      | $10459186.61  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                                  | Marubeni Corp                                  | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |   1339400 | NS      | $16432543.49  | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour SA                                   | Carrefour SA                                   | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |     72269 | NS      | $1374626.80   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                               | Novo Nordisk A/S                               | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |    253315 | NS      | $35056231.68  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Takashimaya Co Ltd                             | Takashimaya Co Ltd                             | CUSIP: 000000000<br>LEI: 353800IFO566STDN4V78 | Long             | EC               | CORP              | JP        |    267400 | NS      | $3735926.40   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| D'ieteren Group                                | D'ieteren Group                                | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |     56314 | NS      | $10762474.65  | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd                                        | ASX Ltd                                        | CUSIP: 000000000<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |    195265 | NS      | $9555323.45   | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                  | UniCredit SpA                                  | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    877465 | NS      | $17137890.15  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd                         | Singapore Exchange Ltd                         | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    612200 | NS      | $4312043.61   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Sojitz Corp                                    | Sojitz Corp                                    | CUSIP: 000000000<br>LEI: 5493004SE33MRLPB1W98 | Long             | EC               | CORP              | JP        |     29400 | NS      | $582893.95    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                      | Kering SA                                      | CUSIP: 000000000<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |     13519 | NS      | $8435275.63   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SCREEN Holdings Co Ltd                         | SCREEN Holdings Co Ltd                         | CUSIP: 000000000<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |    106800 | NS      | $7958407.55   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                         | UCB SA                                         | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     37899 | NS      | $3111682.37   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen SA                                       | Ipsen SA                                       | CUSIP: 000000000<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |     59376 | NS      | $6236561.76   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC                                | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     57186 | NS      | $3738248.82   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Orphan Biovitrum AB                    | Swedish Orphan Biovitrum AB                    | CUSIP: 000000000<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |     86191 | NS      | $1922109.07   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding NV                            | Heineken Holding NV                            | CUSIP: 000000000<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |     59697 | NS      | $4928937.89   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| OCI NV                                         | OCI NV                                         | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |     79689 | NS      | $2712650.43   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Ito En Ltd                                     | Ito En Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16500 | NS      | $588715.97    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Round One Corp                                 | Round One Corp                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    112200 | NS      | $413411.73    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BAWAG Group AG                                 | BAWAG Group AG                                 | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |     68110 | NS      | $4219065.80   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                            | Societe Generale SA                            | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |    533681 | NS      | $15885865.80  | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-30

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer