# EDGAR Filing Document

**Accession Number:** 0000822977
**File Stem:** 0000940400-25-011075
**Filing Date:** 2025-11
**Character Count:** 166346
**Document Hash:** 7c77a5d5912889aab300dda2b35459f4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011075.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000940400-25-011075

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS TRUST
- **CENTRAL INDEX KEY:** 0000822977

**ORGANIZATION NAME:**
- **EIN:** 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:** 251529596

**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 Tax-Managed Equity Fund (Series ID: S000018298)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000050443 | Institutional   | GHTMX           |
| C000050444 | Class A         | GATMX           |
| C000050445 | Class C         | GCTMX           |
| C000091965 | Investor Shares | GITRX           |
| C000200308 | Class R6 Shares | GHTRX           |
| C000201771 | Class P Shares  | GGCPX           |

## Nport-Ex

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –

#### 97.6%

#### Australia

#### –

#### 7.6%
31,073

ANZ

Group

Holdings

Ltd.

(Banks)

$

682,318

504,933

Bank

of

Queensland

Ltd.

(Banks)

2,420,756

96,574

Bendigo

&

Adelaide

Bank

Ltd.

(Banks)

834,516

176,244

Brambles

Ltd.

(Commercial

&

Professional

Services)

2,891,752

17,000

Charter

Hall

Group

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

255,516

7,517

Codan

Ltd.

(Technology

Hardware

&

Equipment)

146,737

33,728

Commonwealth

Bank

of

Australia

(Banks)

3,724,705

251,624

Computershare

Ltd.

(Commercial

&

Professional

Services)

6,045,481

69,734

Develop

Global

Ltd.

(Materials)\*

195,385

172,733

Evolution

Mining

Ltd.

(Materials)

1,231,334

1,957,459

Glencore

PLC

(Materials)\*

9,015,330

517,876

Insurance

Australia

Group

Ltd.

(Insurance)

2,806,235

5,725

JB

Hi-Fi

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

439,381

269,305

Metals

X

Ltd.

(Materials)\*

139,923

94,691

National

Australia

Bank

Ltd.

(Banks)

2,762,306

451,717

Northern

Star

Resources

Ltd.

(Materials)

7,053,708

60,367

Orica

Ltd.

(Materials)

843,066

35,233

Perseus

Mining

Ltd.

(Materials)

113,354

37,220

Pro

Medicus

Ltd.

(Health

Care

Equipment

&

Services)

7,577,837

815,447

Qantas

Airways

Ltd.

(Transportation)

5,892,261

105,432

Regis

Resources

Ltd.

(Materials)

416,545

115,883

Rio

Tinto

Ltd.

(Materials)

9,347,484

609,668

Telstra

Group

Ltd.

(Telecommunication

Services)

1,943,698

132,048

Wesfarmers

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

8,032,921

74,812,549

#### Austria

#### –

#### 0.5%
45,409

Erste

Group

Bank

AG

(Banks)

4,463,823

3,694

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

(Insurance)

203,567

4,667,390

#### Belgium

#### –

#### 0.8%
28,887

UCB

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

8,063,376

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Brazil

#### –

#### 0.0%
9,839

Yara

International

ASA

(Materials)

$

360,638

#### China

#### –

#### 1.6%
322,000

Lenovo

Group

Ltd.

(Technology

Hardware

&

Equipment)

477,136

2,572,000

Nexteer

Automotive

Group

Ltd.

(Automobiles

&

Components)

2,822,325

171,762

Prosus

NV

(Consumer

Discretionary

Distribution

&

Retail)\*

12,146,166

15,445,627

#### Denmark

#### –

#### 1.2%
78,785

Danske

Bank

A/S

(Banks)

3,365,268

7,995

Pandora

A/S

(Consumer

Durables

&

Apparel)

1,045,325

385,094

Vestas

Wind

Systems

A/S

(Capital

Goods)

7,325,731

11,736,324

#### Finland

#### –

#### 1.8%
564,728

Nordea

Bank

Abp

(Banks)

9,297,564

32,822

Puuilo

OYJ

(Consumer

Discretionary

Distribution

&

Retail)

572,663

252,359

Wartsila

OYJ

Abp

(Capital

Goods)

7,569,432

17,439,659

#### France

#### –

#### 11.5%
66,745

Air

Liquide

SA

(Materials)

13,906,771

12,666

Airbus

SE

(Capital

Goods)

2,957,842

255,979

AXA

SA

(Insurance)

12,275,483

64,671

Cie

de

Saint-Gobain

SA

(Capital

Goods)

7,007,208

16,973

Covivio

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

1,143,969

68,830

Danone

SA

(Food,

Beverage

&

Tobacco)

5,997,386

12,738

Dassault

Aviation

SA

(Capital

Goods)

4,291,092

449,607

Engie

SA

(Utilities)

9,664,996

32,602

EssilorLuxottica

SA

(Health

Care

Equipment

&

Services)

10,620,232

7,067

Gaztransport

Et

Technigaz

SA

(Energy)

1,312,348

1,356

Gecina

SA

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))

136,223

Hermes

International

SCA

(Consumer

Durables

&

Apparel)

609,842

9,703

Legrand

SA

(Capital

Goods)

1,612,262

21,938

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Durables

&

Apparel)

13,500,243

44,462

Safran

SA

(Capital

Goods)

15,778,197

16,142

SCOR

SE

(Insurance)

570,880

22,317

Technip

Energies

NV

(Energy)

1,053,222

31,317

Thales

SA

(Capital

Goods)

9,899,756

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### France

#### –
(continued)

6,142

Unibail-Rodamco-Westfield

REIT

(Equity

Real

Estate

Investment

Trusts

(REITs))\*

$

646,843

3,672

Vicat

SACA

(Materials)

258,478

113,243,273

#### Georgia

#### –

#### 0.1%
20,345

TBC

Bank

Group

PLC

(Banks)

1,245,349

#### Germany

#### –

#### 11.0%
29,517

Allianz

SE

(Insurance)

12,418,596

33,443

Aumovio

SE

(Automobiles

&

Components)\*

1,378,944

76,946

Continental

AG

(Automobiles

&

Components)

5,090,442

250,962

Deutsche

Bank

AG

(Financial

Services)

8,888,022

207,893

E.ON

SE

(Utilities)

3,915,764

10,971

Fresenius

Medical

Care

AG

(Health

Care

Equipment

&

Services)

579,681

157,859

Fresenius

SE

&

Co.

KGaA

(Health

Care

Equipment

&

Services)

8,822,037

13,767

GEA

Group

AG

(Capital

Goods)

1,017,824

12,330

Hannover

Rueck

SE

(Insurance)

3,720,688

216,475

Infineon

Technologies

AG

(Semiconductors

&

Semiconductor

Equipment)

8,492,356

15,708

Knorr-Bremse

AG

(Capital

Goods)

1,477,947

17,724

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Insurance)

11,316,324

25,051

Nemetschek

SE

(Software

&

Services)

3,269,196

19,985

Nordex

SE

(Capital

Goods)\*

513,322

596

Rheinmetall

AG

(Capital

Goods)

1,394,147

9,131

SAF-Holland

SE

(Automobiles

&

Components)

159,075

46,924

SAP

SE

(Software

&

Services)

12,564,717

59,426

Scout24

SE

(Media

&

Entertainment)

(a) 7,455,434

1,388

Siemens

AG

(Capital

Goods)

374,730

102,004

Siemens

Energy

AG

(Capital

Goods)\*

11,993,548

61,297

Siemens

Healthineers

AG

(Health

Care

Equipment

&

Services)

(a) 3,320,227

108,163,021

#### Hong

#### Kong

#### –

#### 2.4%
95,600

AIA

Group

Ltd.

(Insurance)

916,227

190,800

Dah

Sing

Banking

Group

Ltd.

(Banks)

240,185

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Hong

#### Kong

#### –
(continued)

196,000

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financial

Services)

$

11,127,029

235,400

Hongkong

Land

Holdings

Ltd.

(Real

Estate

Management

&

Development)

1,490,082

48,000

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate

Management

&

Development)

574,154

8,205,000

WH

Group

Ltd.

(Food,

Beverage

&

Tobacco)

(a) 8,885,614

23,233,291

#### Italy

#### –

#### 3.5%
22,369

Avio

SpA

(Capital

Goods)

1,410,168

4,870

Banca

Generali

SpA

(Financial

Services)

272,219

88,201

Banca

Mediolanum

SpA

(Financial

Services)

1,771,499

292,892

Banca

Monte

dei

Paschi

di

Siena

SpA

(Banks)

2,606,212

677,381

Banco

BPM

SpA

(Banks)

10,166,478

47,204

BPER

Banca

SpA

(Banks)

525,011

60,234

Coca-Cola

HBC

AG

(Food,

Beverage

&

Tobacco)\*

2,841,758

12,346

Credito

Emiliano

SpA

(Banks)

199,312

7,559

Leonardo

SpA

(Capital

Goods)

483,676

48,132

Technogym

SpA

(Consumer

Durables

&

Apparel)

(a) 817,347

179,387

UniCredit

SpA

(Banks)

13,650,481

34,744,161

#### Ivory

#### Coast

#### (Cote

#### D'Ivoire)

#### –

#### 0.1%
20,991

Endeavour

Mining

PLC

(Materials)

877,783

#### Japan

#### –

#### 22.7%
39,500

Advantest

Corp.

(Semiconductors

&

Semiconductor

Equipment)

3,908,239

118,200

AGC,

Inc.

(Capital

Goods)

3,854,777

42,000

Aisin

Corp.

(Automobiles

&

Components)

725,346

16,900

Asia

Pile

Holdings

Corp.

(Materials)

141,734

114,800

Central

Japan

Railway

Co.

(Transportation)

3,291,276

26,800

Chudenko

Corp.

(Capital

Goods)

712,971

51,500

Chugin

Financial

Group,

Inc.

(Banks)

756,055

27,100

Credit

Saison

Co.

Ltd.

(Financial

Services)

722,616

31,800

Daido

Metal

Co.

Ltd.

(Automobiles

&

Components)

212,600

350,300

Dai-ichi

Life

Holdings,

Inc.

(Insurance)

2,755,519

173,200

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate

Management

&

Development)

6,220,483

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Japan

#### –
(continued)

417,500

Daiwa

Securities

Group,

Inc.

(Financial

Services)

$

3,392,638

313,800

Electric

Power

Development

Co.

Ltd.

(Utilities)

5,880,056

1,155,200

ENEOS

Holdings,

Inc.

(Energy)

7,316,120

191,800

EXEO

Group,

Inc.

(Capital

Goods)

2,775,439

122,900

Fuji

Electric

Co.

Ltd.

(Capital

Goods)

8,238,447

1,900

Fujita

Kanko,

Inc.

(Consumer

Services)

134,526

3,100

Halows

Co.

Ltd.

(Consumer

Staples

Distribution

&

Retail)

104,728

22,000

Heiwa

Corp.

(Consumer

Services)

312,637

14,200

Heiwa

Real

Estate

Co.

Ltd.

(Real

Estate

Management

&

Development)

226,654

4,400

Hokuhoku

Financial

Group,

Inc.

(Banks)

114,929

35,000

Isuzu

Motors

Ltd.

(Automobiles

&

Components)

441,118

55,300

Iyogin

Holdings,

Inc.

(Banks)

835,130

283,800

Japan

Post

Holdings

Co.

Ltd.

(Insurance)

2,816,801

246,300

Japan

Tobacco,

Inc.

(Food,

Beverage

&

Tobacco)

8,077,914

733,200

JX

Advanced

Metals

Corp.

(Materials)

9,718,797

5,600

Kamei

Corp.

(Capital

Goods)

109,271

40,100

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

573,584

280,100

KDDI

Corp.

(Telecommunication

Services)

4,467,183

66,000

Kinden

Corp.

(Capital

Goods)

2,256,877

35,700

Konami

Group

Corp.

(Media

&

Entertainment)

5,150,152

32,400

Life

Corp.

(Consumer

Staples

Distribution

&

Retail)

552,790

16,200

Maxell

Ltd.

(Technology

Hardware

&

Equipment)

233,502

47,500

Mitsuba

Corp.

(Automobiles

&

Components)

309,472

350,000

Mitsubishi

Corp.

(Capital

Goods)

8,343,792

54,600

Mitsubishi

Electric

Corp.

(Capital

Goods)

1,402,332

429,100

Mitsubishi

HC

Capital,

Inc.

(Financial

Services)

3,544,662

69,000

Mitsui

E&S

Co.

Ltd.

(Capital

Goods)

2,081,699

533,000

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate

Management

&

Development)

5,802,295

29,600

Mizuho

Financial

Group,

Inc.

(Banks)

995,030

160,300

Modec,

Inc.

(Energy)

8,943,059

412,200

MS&AD

Insurance

Group

Holdings,

Inc.

(Insurance)

9,334,657

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Japan

#### –
(continued)

23,000

Musashino

Bank

Ltd.

(The)

(Banks)

$

628,387

27,700

Namura

Shipbuilding

Co.

Ltd.

(Capital

Goods)

638,610

339,000

NEC

Corp.

(Software

&

Services)

10,851,081

319,500

NGK

Insulators

Ltd.

(Capital

Goods)

5,340,700

9,900

Nippon

Electric

Glass

Co.

Ltd.

(Technology

Hardware

&

Equipment)

324,597

17,400

Nippon

Signal

Co.

Ltd.

(Technology

Hardware

&

Equipment)

143,161

7,200

Nitto

Kogyo

Corp.

(Capital

Goods)

175,934

18,700

Nojima

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

512,389

38,000

NOK

Corp.

(Automobiles

&

Components)

667,104

650,500

Nomura

Holdings,

Inc.

(Financial

Services)

4,767,302

286,600

Obayashi

Corp.

(Capital

Goods)

4,704,113

7,500

Okura

Industrial

Co.

Ltd.

(Materials)

276,712

6,100

PALTAC

Corp.

(Consumer

Discretionary

Distribution

&

Retail)

190,859

20,100

Panasonic

Holdings

Corp.

(Consumer

Durables

&

Apparel)

218,167

17,500

Procrea

Holdings,

Inc.

(Banks)

205,082

137,900

Renesas

Electronics

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,586,566

21,600

Resorttrust,

Inc.

(Consumer

Services)

273,940

21,300

Sakai

Chemical

Industry

Co.

Ltd.

(Materials)

409,500

81,400

Sanrio

Co.

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

3,820,922

124,400

Santen

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

1,381,009

30,500

SCREEN

Holdings

Co.

Ltd.

(Semiconductors

&

Semiconductor

Equipment)

2,763,672

14,500

Shinmaywa

Industries

Ltd.

(Capital

Goods)

181,322

11,500

Shinsho

Corp.

(Capital

Goods)

173,097

163,500

Shizuoka

Financial

Group,

Inc.

(Banks)

2,236,555

19,500

SoftBank

Group

Corp.

(Telecommunication

Services)

2,460,521

97,200

Sompo

Holdings,

Inc.

(Insurance)

3,004,992

500

SRA

Holdings

(Software

&

Services)

17,068

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Japan

#### –
(continued)

36,300

Sumitomo

Corp.

(Capital

Goods)

$

1,050,268

361,600

Sumitomo

Electric

Industries

Ltd.

(Automobiles

&

Components)

10,288,985

282,100

Sumitomo

Mitsui

Financial

Group,

Inc.

(Banks)

7,936,284

153,100

Sumitomo

Mitsui

Trust

Group,

Inc.

(Banks)

4,443,577

32,500

Suzuki

Co.

Ltd.

(Technology

Hardware

&

Equipment)

480,287

4,500

Taiheiyo

Cement

Corp.

(Materials)

116,813

269,100

Takeda

Pharmaceutical

Co.

Ltd.

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

7,903,573

10,600

Toa

Corp.

(Capital

Goods)

149,781

21,300

Tokio

Marine

Holdings,

Inc.

(Insurance)

901,483

57,300

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate

Management

&

Development)

473,622

36,500

Tosoh

Corp.

(Materials)

539,964

14,400

Totetsu

Kogyo

Co.

Ltd.

(Capital

Goods)

420,781

18,000

Toyota

Boshoku

Corp.

(Automobiles

&

Components)

297,924

162,200

Toyota

Motor

Corp.

(Automobiles

&

Components)

3,115,289

123,800

TPR

Co.

Ltd.

(Automobiles

&

Components)

1,017,452

13,300

Tsugami

Corp.

(Capital

Goods)

213,828

14,000

Tsukishima

Holdings

Co.

Ltd.

(Capital

Goods)

277,960

145,500

Tsuruha

Holdings,

Inc.

(Consumer

Staples

Distribution

&

Retail)

2,329,318

14,200

V

Technology

Co.

Ltd.

(Technology

Hardware

&

Equipment)

330,292

14,800

Yahagi

Construction

Co.

Ltd.

(Capital

Goods)

224,459

218,800

Yamaha

Motor

Co.

Ltd.

(Automobiles

&

Components)

1,638,213

31,900

Yellow

Hat

Ltd.

(Consumer

Discretionary

Distribution

&

Retail)

364,312

101,900

Yokogawa

Electric

Corp.

(Technology

Hardware

&

Equipment)

2,924,387

44,500

Yokohama

Financial

Group,

Inc.

(Banks)

340,695

12,700

Yurtec

Corp.

(Capital

Goods)

231,522

223,752,338

#### Luxembourg

#### –

#### 0.2%
27,624

Eurofins

Scientific

SE

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

2,014,520

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Netherlands

#### –

#### 3.7%
8,792

ASM

International

NV

(Semiconductors

&

Semiconductor

Equipment)

$

5,302,896

26,023

ASML

Holding

NV

(Semiconductors

&

Semiconductor

Equipment)

25,377,308

1,313

Euronext

NV

(Financial

Services)

(a) 196,571

131,436

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples

Distribution

&

Retail)

5,318,495

36,195,270

#### New

#### Zealand

#### –

#### 0.1%
62,764

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care

Equipment

&

Services)

1,348,155

149,225

TOWER

Ltd.

(Insurance)

151,398

1,499,553

#### Norway

#### –

#### 1.3%
64,553

DNB

Bank

ASA

(Banks)

1,759,457

244,787

Kongsberg

Gruppen

ASA

(Capital

Goods)

7,822,744

41,009

Mowi

ASA

(Food,

Beverage

&

Tobacco)

867,571

145,270

Norsk

Hydro

ASA

(Materials)

987,708

137,580

Orkla

ASA

(Food,

Beverage

&

Tobacco)

1,438,375

116,808

Zaptec

ASA

(Capital

Goods)\*

357,406

13,233,261

#### Portugal

#### –

#### 0.0%
79,056

REN

-

Redes

Energeticas

Nacionais

SGPS

SA

(Utilities)

284,205

#### Singapore

#### –

#### 1.3%
81,700

Oversea-Chinese

Banking

Corp.

Ltd.

(Banks)

1,041,644

491,300

Singapore

Exchange

Ltd.

(Financial

Services)

6,307,009

30,100

Singapore

Technologies

Engineering

Ltd.

(Capital

Goods)

200,994

904,900

Singapore

Telecommunications

Ltd.

(Telecommunication

Services)

2,893,027

77,400

United

Overseas

Bank

Ltd.

(Banks)

2,078,612

12,521,286

#### Spain

#### –

#### 1.4%
415,422

Banco

Bilbao

Vizcaya

Argentaria

SA

(Banks)

8,005,034

315,897

Banco

Santander

SA

(Banks)

3,315,126

5,813

Distribuidora

Internacional

de

Alimentacion

SA

(Consumer

Staples

Distribution

&

Retail)\*

166,524

12,215

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary

Distribution

&

Retail)

676,025

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Spain

#### –
(continued)

112,627

Unicaja

Banco

SA

(Banks)

(a) $

309,920

2,705

Vidrala

SA

(Materials)

286,484

11,200

Viscofan

SA

(Food,

Beverage

&

Tobacco)

764,232

13,523,345

#### Sweden

#### –

#### 3.7%
186,765

Boliden

AB

(Materials)\*

7,623,442

42,091

Dometic

Group

AB

(Automobiles

&

Components)

(a) 220,543

71,121

Evolution

AB

(Consumer

Services)

(a) 5,854,960

14,980

Saab

AB,

Class

B

(Capital

Goods)

920,405

228,237

Sandvik

AB

(Capital

Goods)

6,375,891

3,330

Sectra

AB,

Class

B

(Health

Care

Equipment

&

Services)

110,643

190,627

SKF

AB,

Class

B

(Capital

Goods)

4,741,123

492,415

Svenska

Handelsbanken

AB,

Class

A

(Banks)

6,424,852

24,300

Swedbank

AB,

Class

A

(Banks)

733,512

368,506

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Technology

Hardware

&

Equipment)

3,053,443

36,058,814

#### Switzerland

#### –

#### 3.8%
193,017

ABB

Ltd.

(Capital

Goods)

13,967,353

3,855

Cie

Financiere

Richemont

SA

(Consumer

Durables

&

Apparel)

740,031

817

Emmi

AG

(Food,

Beverage

&

Tobacco)

706,587

5,360

R&S

Group

Holding

AG

(Capital

Goods)\*

188,213

18,712

Schindler

Holding

AG

Participation

Certificates

(Capital

Goods)

7,115,730

3,061

Sonova

Holding

AG

(Health

Care

Equipment

&

Services)

839,652

338,982

UBS

Group

AG

(Financial

Services)

13,936,754

37,494,320

#### United

#### Kingdom

#### –

#### 11.3%
47,485

Admiral

Group

PLC

(Insurance)

2,143,151

122,541

AstraZeneca

PLC

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

18,773,423

1,722

AstraZeneca

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

132,112

665,007

Aviva

PLC

(Insurance)

6,151,848

31,712

Babcock

International

Group

PLC

(Capital

Goods)

570,515

193,225

BAE

Systems

PLC

(Capital

Goods)

5,378,696

17,229

Beazley

PLC

(Insurance)

210,710

105,386

Compass

Group

PLC

(Consumer

Services)

3,592,163

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### United

#### Kingdom

#### –
(continued)

194,920

Currys

PLC

(Consumer

Discretionary

Distribution

&

Retail)

$

366,221

6,346

DCC

PLC

(Capital

Goods)

408,504

187,218

Dowlais

Group

PLC

(Automobiles

&

Components)

201,905

167,525

Halma

PLC

(Technology

Hardware

&

Equipment)

7,798,420

71,759

HSBC

Holdings

PLC

(Banks)

1,012,744

236,123

Imperial

Brands

PLC

(Food,

Beverage

&

Tobacco)

10,030,851

303,479

Kingfisher

PLC

(Consumer

Discretionary

Distribution

&

Retail)

1,264,224

6,782,525

Lloyds

Banking

Group

PLC

(Banks)

7,675,008

453,042

Marks

&

Spencer

Group

PLC

(Consumer

Staples

Distribution

&

Retail)

2,222,683

1,590,714

NatWest

Group

PLC

(Banks)

11,235,777

9,880

Next

PLC

(Consumer

Discretionary

Distribution

&

Retail)

1,647,035

476,379

Rolls-Royce

Holdings

PLC

(Capital

Goods)

7,657,443

130,443

Smiths

Group

PLC

(Capital

Goods)

4,135,717

1,869,565

Tesco

PLC

(Consumer

Staples

Distribution

&

Retail)

11,205,598

61,036

TP

ICAP

Group

PLC

(Financial

Services)

226,775

6,086,686

Vodafone

Group

PLC

(Telecommunication

Services)

7,078,234

111,119,757

#### United

#### States

#### –

#### 6.0%
5,592

GSK

PLC

ADR

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

241,351

92,636

Holcim

AG

(Materials)\*

7,904,126

57,904

Nestle

SA

(Food,

Beverage

&

Tobacco)

5,317,628

151,755

Novartis

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

19,512,414

9,633

Roche

Holding

AG

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

3,207,630

80,457

Sanofi

SA

(Pharmaceuticals,

Biotechnology

&

Life

Sciences)

7,618,792

243,461

Shell

PLC

(Energy)

8,732,328

8,868

Spotify

Technology

SA

(Media

&

Entertainment)\*

6,189,864

58,724,133

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $679,521,255)
960,453,243

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Dividend

#### Rate

#### Value
aa

a

#### Investment

#### Company

#### –

#### 0.0%
(b) Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,071

4.042%

$

1,071

(Cost

$1,071)

#### TOTAL

#### INVESTMENTS

#### –

#### 97.6%

#### (Cost

#### $679,522,326)
$

960,454,314

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 2.4%
23,890,938

#### NET

#### ASSETS

#### –

#### 100.0%
$

984,345,252

&nbsp;&nbsp;&nbsp;&nbsp;a

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) Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

#### Sector

#### Name

#### %

#### of

#### Market

#### Value
Financials

25.5 %

Industrials

20.5 Health

Care

10.6 Information

Technology

9.3 Consumer

Discretionary

8.9 Materials

7.5 Consumer

Staples

7.0 Communication

Services

3.9 Energy

2.9 Utilities

2.1 Real

Estate

1.8 Investment

Company

0.0 #### TOTAL

#### INVESTMENTS
100.0%

Goldman

Sachs

International

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Additional

#### Investment

#### Information

#### \*\*End

#### swaps

#### header\*\*

#### FUTURES

#### CONTRACTS
—

At

September

30,

2025,

the

Portfolio

had

the

following

futures

contracts:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Notional

#### Amount

#### Unrealized

#### Appreciation/
(Depreciation)

Long

position

contracts:

EURO

STOXX

Index

12/19/25

$

7,221,010

$

108,549

FTSE

Index

12/19/25

2,656,952

17,056

Hang

Seng

Index

10/30/25

518,739

12,434

MSCI

Singapore

Index

10/30/25

173,398

(413) SPI

Index

12/18/25

880,690

(1,177)

TOPIX

Index

12/11/25

3,185,921

27,562

#### Total

#### Futures

#### Contracts
$

164,011

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –

#### 98.5%

#### Aerospace

#### &

#### Defense

#### –

#### 2.7%
84,932

Carpenter

Technology

Corp.

$

20,854,203

3,982

Curtiss-Wright

Corp.

2,161,987

133,943

General

Electric

Co.

40,292,733

73,616

HEICO

Corp.,

Class

A

18,705,090

12,658

Hexcel

Corp.

793,657

51,195

Howmet

Aerospace,

Inc.

10,045,995

59,615

Moog,

Inc.,

Class

A

12,380,247

86,875

Rocket

Lab

Corp.\*

4,162,181

68,198

RTX

Corp.

11,411,571

120,807,664

#### Automobile

#### Components

#### –

#### 0.3%
65,914

Adient

PLC\*

1,587,209

53,900

Gentex

Corp.

1,525,370

7,130

LCI

Industries

664,160

471,211

Mobileye

Global,

Inc.,

Class

A

(Israel)\*

6,653,499

61,698

Phinia,

Inc.

3,546,401

13,976,639

#### Automobiles

#### –

#### 1.9%
97,923

General

Motors

Co.

5,970,365

169,457

Tesla,

Inc.\*

75,360,917

81,331,282

#### Banks

#### –

#### 4.3%
1,043,238

Bank

of

America

Corp.

53,820,648

Cadence

Bank

243,690

Citigroup,

Inc.

24,734,535

256,895

Citizens

Financial

Group,

Inc.

13,656,538

76,524

Cullen/Frost

Bankers,

Inc.

9,700,947

60,509

FNB

Corp.

974,800

126,570

Huntington

Bancshares,

Inc.

2,185,864

35,641

International

Bancshares

Corp.

2,450,319

116,778

JPMorgan

Chase &

Co.

36,835,285

130,156

PNC

Financial

Services

Group,

Inc.

(The)

26,152,245

45,524

Prosperity

Bancshares,

Inc.

3,020,517

39,514

United

Community

Banks,

Inc.

1,238,764

283,664

US

Bancorp

13,709,481

188,479,981

#### Beverages

#### –

#### 0.0%
23,761

Primo

Brands

Corp.,

Class

A

525,118

#### Biotechnology

#### –

#### 3.7%
320,290

AbbVie,

Inc.

74,159,946

28,872

Alnylam

Pharmaceuticals,

Inc.\*

13,165,632

23,662

BioMarin

Pharmaceutical,

Inc.\*

1,281,534

254,998

Gilead

Sciences,

Inc.

28,304,778

38,626

Regeneron

Pharmaceuticals,

Inc.

21,718,241

119,754

TG

Therapeutics,

Inc.\*

4,326,113

50,265

Vertex

Pharmaceuticals,

Inc.\*

19,685,785

162,642,029

#### Broadline

#### Retail

#### –

#### 3.2%
493,780

Amazon.com,

Inc.\*

108,419,275

13,779

MercadoLibre,

Inc.

(Brazil)\*

32,200,696

140,619,971

#### Building

#### Products

#### –

#### 0.5%
21,989

Johnson

Controls

International

PLC

2,417,690

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Building

#### Products

#### –
(continued)

39,269

Lennox

International,

Inc.

$

20,787,438

23,205,128

#### Capital

#### Markets

#### –

#### 3.4%
179,279

CME

Group,

Inc.

48,439,393

20,400

Coinbase

Global,

Inc.,

Class

A\*

6,884,796

47,508

Interactive

Brokers

Group,

Inc.,

Class

A

3,269,025

1,154,447

Invesco

Ltd.

26,483,014

107,847

Jefferies

Financial

Group,

Inc.

7,055,351

128,927

Morgan

Stanley

20,494,236

189,280

Nasdaq,

Inc.

16,741,816

147,041

Northern

Trust

Corp.

19,791,719

13,056

Victory

Capital

Holdings,

Inc.,

Class

A

845,507

150,004,857

#### Chemicals

#### –

#### 1.6%
359,371

Axalta

Coating

Systems

Ltd.\*

10,285,198

71,307

Element

Solutions,

Inc.

1,794,797

123,992

Linde

PLC

58,896,200

70,976,195

#### Commercial

#### Services

#### &

#### Supplies

#### –

#### 0.1%
18,832

Cintas

Corp.

3,865,456

#### Communications

#### Equipment

#### –

#### 1.2%
332,339

Arista

Networks,

Inc.\*

48,425,116

13,316

Cisco

Systems,

Inc.

911,081

40,239

CommScope

Holding

Co.,

Inc.\*

622,900

6,071

Motorola

Solutions,

Inc.

2,776,207

52,735,304

#### Construction

#### &

#### Engineering

#### –

#### 0.5%
1,070

Argan,

Inc.

288,954

10,335

Comfort

Systems

USA,

Inc.

8,528,235

4,587

Limbach

Holdings,

Inc.\*

445,489

59,807

MasTec,

Inc.\*

12,727,528

3,893

Sterling

Infrastructure,

Inc.\*

1,322,374

23,312,580

#### Construction

#### Materials

#### –

#### 0.5%
20,785

Eagle

Materials,

Inc.

4,843,736

6,646

Martin

Marietta

Materials,

Inc.

4,188,841

35,514

Vulcan

Materials

Co.

10,924,817

19,957,394

#### Consumer

#### Finance

#### –

#### 1.6%
234,665

Capital

One

Financial

Corp.

49,885,086

121,062

OneMain

Holdings,

Inc.

6,835,160

196,278

Synchrony

Financial

13,945,552

70,665,798

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### –

#### 1.5%
8,547

Casey's

General

Stores,

Inc.

4,831,790

67,314

Costco

Wholesale

Corp.

62,307,858

67,139,648

#### Diversified

#### Consumer

#### Services

#### –

#### 0.9%
236,542

Bright

Horizons

Family

Solutions,

Inc.\*

25,681,365

336,528

Coursera,

Inc.\*

3,940,743

Graham

Holdings

Co.,

Class

B

467,392

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Diversified

#### Consumer

#### Services

#### –
(continued)

20,715

Grand

Canyon

Education,

Inc.\*

$

4,547,357

14,614

H&R

Block,

Inc.

739,030

42,877

Service

Corp.

International

3,568,224

38,944,111

#### Diversified

#### Telecommunication

#### Services

#### –

#### 0.5%
370,748

Iridium

Communications,

Inc.

6,473,260

330,959

Verizon

Communications,

Inc.

14,545,648

21,018,908

#### Electric

#### Utilities

#### –

#### 0.2%
123,201

Xcel

Energy,

Inc.

9,936,161

#### Electrical

#### Equipment

#### –

#### 1.2%
195,946

AMETEK,

Inc.

36,837,848

32,308

Emerson

Electric

Co.

4,238,163

101,798

nVent

Electric

PLC

10,041,355

157,372

Sunrun,

Inc.\*

2,720,962

53,838,328

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### –

#### 1.8%
477,575

Amphenol

Corp.,

Class

A

59,099,906

94,239

Keysight

Technologies,

Inc.\*

16,484,286

13,520

Sanmina

Corp.\*

1,556,287

2,989

Teledyne

Technologies,

Inc.\*

1,751,674

Vontier

Corp.

78,892,195

#### Energy

#### Equipment

#### &

#### Services

#### –

#### 0.5%
94,650

Schlumberger

NV

3,253,121

476,743

TechnipFMC

PLC

(United

Kingdom)

18,807,511

22,060,632

#### Entertainment

#### –

#### 1.2%
37,862

Madison

Square

Garden

Entertainment

Corp.\*

1,712,877

40,279

Netflix,

Inc.\*

48,291,299

36,796

Roku,

Inc.\*

3,684,383

53,688,559

#### Financial

#### Services

#### –

#### 4.3%
143,889

Affirm

Holdings,

Inc.\*

10,515,408

50,054

Banco

Latinoamericano

de

Comercio

Exterior

SA,

Class

E

(Panama)

2,300,982

94,927

Berkshire

Hathaway,

Inc.,

Class

B\*

47,723,600

343,962

Equitable

Holdings,

Inc.

17,466,390

2,311

Jackson

Financial,

Inc.,

Class

A

233,943

53,766

MGIC

Investment

Corp.

1,525,341

117,849

NCR

Atleos

Corp.\*

4,632,644

245,232

Visa,

Inc.,

Class

A

83,717,300

151,165

Voya

Financial,

Inc.

11,307,142

146,843

Walker &

Dunlop,

Inc.

12,279,012

191,701,762

#### Food

#### Products

#### –

#### 0.6%
172,572

Cal-Maine

Foods,

Inc.

16,239,026

39,591

Darling

Ingredients,

Inc.\*

1,222,174

148,404

Tyson

Foods,

Inc.,

Class

A

8,058,337

25,519,537

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Gas

#### Utilities

#### –

#### 0.1%
25,608

Atmos

Energy

Corp.

$

4,372,566

19,116

New

Jersey

Resources

Corp.

920,435

5,293,001

#### Ground

#### Transportation

#### –

#### 1.2%
31,815

Lyft,

Inc.,

Class

A\*

700,248

12,022

Norfolk

Southern

Corp.

3,611,529

380,506

Uber

Technologies,

Inc.\*

37,278,173

43,995

Union

Pacific

Corp.

10,399,098

51,989,048

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### –

#### 1.6%
507,954

Boston

Scientific

Corp.\*

49,591,549

19,046

Insulet

Corp.\*

5,880,072

35,822

Intuitive

Surgical,

Inc.\*

16,020,673

71,492,294

#### Health

#### Care

#### Providers

#### &

#### Services

#### –

#### 1.1%
21,748

Cigna

Group

(The)

6,268,861

19,040

CVS

Health

Corp.

1,435,426

6,544

Encompass

Health

Corp.

831,219

43,802

HCA

Healthcare,

Inc.

18,668,412

41,282

Hinge

Health,

Inc.,

Class

A\*

2,026,121

34,579

Humana,

Inc.

8,996,418

19,477

Quest

Diagnostics,

Inc.

3,711,927

27,133

Universal

Health

Services,

Inc.,

Class

B

5,547,070

47,485,454

#### Health

#### Care

#### REITs

#### –

#### 0.4%
65,649

Alexandria

Real

Estate

Equities,

Inc.

REIT

5,471,188

47,046

Omega

Healthcare

Investors,

Inc.

REIT

1,986,282

28,435

Ventas,

Inc.

REIT

1,990,166

21,995

Welltower,

Inc.

REIT

3,918,189

13,365,825

#### Hotel

#### &

#### Resort

#### REITs

#### –

#### 0.6%
1,525,346

Apple

Hospitality

REIT,

Inc.

REIT

18,319,406

370,562

Host

Hotels

&

Resorts,

Inc.

REIT

6,306,965

100,097

Park

Hotels

&

Resorts,

Inc.

REIT

1,109,075

75,195

Xenia

Hotels

&

Resorts,

Inc.

REIT

1,031,675

26,767,121

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### –

#### 1.1%
49,494

Airbnb,

Inc.,

Class

A\*

6,009,562

53,406

Brightstar

Lottery

PLC

(a) 921,254

60,067

DoorDash,

Inc.,

Class

A\*

16,337,623

33,815

Norwegian

Cruise

Line

Holdings

Ltd.\*

832,863

73,579

Red

Rock

Resorts,

Inc.,

Class

A

4,492,734

62,011

Royal

Caribbean

Cruises

Ltd.

20,065,519

48,659,555

#### Household

#### Durables

#### –

#### 1.0%
180,841

M/I

Homes,

Inc.\*

26,120,674

54,208

PulteGroup,

Inc.

7,162,503

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Household

#### Durables

#### –
(continued)

83,472

Toll

Brothers,

Inc.

$

11,530,822

44,813,999

#### Household

#### Products

#### –

#### 0.2%
221,562

Energizer

Holdings,

Inc.

5,514,678

8,185

Procter &

Gamble

Co.

(The)

1,257,625

6,772,303

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### –

#### 0.4%
643,548

AES

Corp.

(The)

8,469,092

89,725

Ormat

Technologies,

Inc.

8,636,031

17,105,123

#### Industrial

#### REITs

#### –

#### 1.0%
61,286

First

Industrial

Realty

Trust,

Inc.

REIT

3,154,390

351,709

Prologis,

Inc.

REIT

40,277,715

43,432,105

#### Insurance

#### –

#### 1.7%
35,396

American

Financial

Group,

Inc.

5,157,905

12,949

CNA

Financial

Corp.

601,611

41,281

CNO

Financial

Group,

Inc.

1,632,664

12,814

Erie

Indemnity

Co.,

Class

A

4,076,902

14,522

Goosehead

Insurance,

Inc.,

Class

A

1,080,727

67,885

Loews

Corp.

6,814,975

96,658

Progressive

Corp.

(The)

23,869,693

6,559

Reinsurance

Group

of

America,

Inc.

1,260,181

54,644

RLI

Corp.

3,563,882

18,701

Stewart

Information

Services

Corp.

1,371,157

65,766

Travelers

Cos.,

Inc.

(The)

18,363,182

98,161

W

R

Berkley

Corp.

7,521,096

75,313,975

#### Interactive

#### Media

#### &

#### Services

#### –

#### 7.2%
749,918

Alphabet,

Inc.,

Class

A

182,305,066

110,021

Alphabet,

Inc.,

Class

C

26,795,614

123,706

Meta

Platforms,

Inc.,

Class

A

90,847,212

59,120

Reddit,

Inc.,

Class

A\*

13,597,009

313,544,901

#### IT

#### Services

#### –

#### 0.7%
5,074

EPAM

Systems,

Inc.\*

765,109

8,663

Gartner,

Inc.\*

2,277,243

77,270

International

Business

Machines

Corp.

21,802,503

11,885

MongoDB,

Inc.\*

3,688,866

3,762

VeriSign,

Inc.

1,051,742

29,585,463

#### Leisure

#### Products

#### –

#### 0.2%
43,814

MasterCraft

Boat

Holdings,

Inc.\*

940,248

77,807

Mattel,

Inc.\*

1,309,492

664,819

Peloton

Interactive,

Inc.,

Class

A\*

5,983,371

8,233,111

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### –

#### 0.6%
7,809

IQVIA

Holdings,

Inc.\*

1,483,241

34,200

Medpace

Holdings,

Inc.\*

17,584,272

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### –
(continued)

5,950

Mettler-Toledo

International,

Inc.\*

$

7,304,280

26,371,793

#### Machinery

#### –

#### 1.5%
5,761

AGCO

Corp.

616,830

56,319

Caterpillar,

Inc.

26,872,611

Fortive

Corp.

57,778

Illinois

Tool

Works,

Inc.

15,066,191

12,373

Miller

Industries,

Inc.

500,117

151,534

Mueller

Industries,

Inc.

15,321,603

12,572

PACCAR,

Inc.

1,236,079

16,546

Snap-on,

Inc.

5,733,685

15,786

Trinity

Industries,

Inc.

442,640

8,394

Xylem,

Inc.

1,238,115

67,027,920

#### Media

#### –

#### 0.9%
2,858

Cable

One,

Inc.

506,009

360,374

Comcast

Corp.,

Class

A

11,322,951

538,121

News

Corp.,

Class

A

16,525,696

18,931

Nexstar

Media

Group,

Inc.

3,743,416

366,417

Paramount

Skydance

Corp.,

Class

B

(a) 6,932,610

59,613

Sirius

XM

Holdings,

Inc.

1,387,492

40,418,174

#### Metals

#### &

#### Mining

#### –

#### 1.9%
56,430

Anglogold

Ashanti

PLC

(United

Kingdom)

3,968,722

2,095,294

Hecla

Mining

Co.

25,353,058

443,378

Southern

Copper

Corp.

(Mexico)

53,808,354

83,130,134

#### Multi-Utilities

#### –

#### 0.5%
224,343

Black

Hills

Corp.

13,817,286

104,394

Public

Service

Enterprise

Group,

Inc.

8,712,723

22,530,009

#### Office

#### REITs

#### –

#### 0.0%

Vornado

Realty

Trust

REIT

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### –

#### 0.6%
67,311

Antero

Midstream

Corp.

1,308,526

10,830

Cheniere

Energy,

Inc.

2,544,833

12,570

Chevron

Corp.

1,951,995

86,172

EOG

Resources,

Inc.

9,661,605

43,600

Kinder

Morgan,

Inc.

1,234,316

19,679

Magnolia

Oil

&

Gas

Corp.,

Class

A

469,738

14,840

Marathon

Petroleum

Corp.

2,860,261

514,976

Nordic

American

Tankers

Ltd.

1,617,025

13,160

Valero

Energy

Corp.

2,240,622

23,888,921

#### Passenger

#### Airlines

#### –

#### 0.1%
52,439

Alaska

Air

Group,

Inc.\*

2,610,413

#### Pharmaceuticals

#### –

#### 2.0%
671,653

Bristol-Myers

Squibb

Co.

30,291,551

40,024

Eli

Lilly

&

Co.

30,538,312

131,479

Johnson &

Johnson

24,378,836

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Pharmaceuticals

#### –
(continued)

26,154

Merck &

Co.,

Inc.

$

2,195,105

16,206

Supernus

Pharmaceuticals,

Inc.\*

774,485

88,178,289

#### Professional

#### Services

#### –

#### 1.1%
16,802

CACI

International,

Inc.,

Class

A\*

8,380,502

35,982

Equifax,

Inc.

9,230,462

163,144

ExlService

Holdings,

Inc.\*

7,183,230

45,726

Genpact

Ltd.

1,915,462

79,225

Parsons

Corp.\*

6,569,337

39,285

SS&C

Technologies

Holdings,

Inc.

3,486,937

20,902

UL

Solutions,

Inc.,

Class

A

1,481,116

272,812

Verra

Mobility

Corp.\*

6,738,457

44,985,503

#### Residential

#### REITs

#### –

#### 0.4%

Apartment

Investment

and

Management

Co.,

Class

A

REIT

92,178

Camden

Property

Trust

REIT

9,842,767

42,892

Equity

LifeStyle

Properties,

Inc.

REIT

2,603,544

14,505

Mid-America

Apartment

Communities,

Inc.

REIT

2,026,784

14,473,103

#### Retail

#### REITs

#### –

#### 0.0%

Simon

Property

Group,

Inc.

REIT

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### –

#### 10.1%
357,941

Broadcom,

Inc.

118,088,315

3,264

KLA

Corp.

3,520,550

49,590

Lam

Research

Corp.

6,640,101

70,127

MaxLinear,

Inc.\*

1,127,642

58,972

Micron

Technology,

Inc.

9,867,195

1,552,334

NVIDIA

Corp.

289,634,478

63,128

Texas

Instruments,

Inc.

11,598,508

440,476,789

#### Software

#### –

#### 10.9%
7,088

ACI

Worldwide,

Inc.\*

374,034

52,029

Adobe,

Inc.\*

18,353,230

19,703

Commvault

Systems,

Inc.\*

3,719,532

44,068

Datadog,

Inc.,

Class

A\*

6,275,283

130,328

Dolby

Laboratories,

Inc.,

Class

A

9,431,837

142,965

Informatica,

Inc.,

Class

A\*

3,551,250

82,678

Intuit,

Inc.

56,461,633

22,818

Manhattan

Associates,

Inc.\*

4,677,234

475,326

Microsoft

Corp.

246,195,102

171,093

Oracle

Corp.

48,118,195

156,164

Palo

Alto

Networks,

Inc.\*

31,798,114

19,939

ServiceNow,

Inc.\*

18,349,463

10,385

Strategy,

Inc.,

Class

A\*

3,346,151

207,477

Varonis

Systems,

Inc.\*

11,923,703

184,148

Zeta

Global

Holdings

Corp.,

Class

A\*

3,659,021

43,289

Zscaler,

Inc.\*

12,971,982

479,205,764

#### Shares

#### Description

#### Value

#### Common

#### Stocks

#### –
(continued)

#### Specialized

#### REITs

#### –

#### 1.7%
28,262

Equinix,

Inc.

REIT

$

22,135,929

34,611

Extra

Space

Storage,

Inc.

REIT

4,878,074

75,611

Lamar

Advertising

Co.,

Class

A

REIT

9,256,298

119,793

Public

Storage

REIT

34,602,208

11,645

SBA

Communications

Corp.

REIT

2,251,561

73,124,070

#### Specialty

#### Retail

#### –

#### 1.1%
526,201

American

Eagle

Outfitters,

Inc.

9,003,299

87,070

Buckle,

Inc.

(The)

5,107,526

15,268

Carvana

Co.\*

5,759,700

55,432

Chewy,

Inc.,

Class

A\*

2,242,224

23,938

Lithia

Motors,

Inc.

7,564,408

108,919

Revolve

Group,

Inc.\*

2,319,975

25,995

Sonic

Automotive,

Inc.,

Class

A

1,977,960

Victoria's

Secret

&

Co.\*

637,758

Warby

Parker,

Inc.,

Class

A\*

17,589,366

51,564,485

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### –

#### 6.9%
1,056,899

Apple,

Inc.

269,118,192

219,128

Dell

Technologies,

Inc.,

Class

C

31,065,777

300,183,969

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### –

#### 0.6%
697,088

Levi

Strauss

&

Co.,

Class

A

16,242,150

23,136

Movado

Group,

Inc.

438,890

31,116

Ralph

Lauren

Corp.

9,756,733

26,437,773

#### Trading

#### Companies

#### &

#### Distributors

#### –

#### 0.8%
184,863

FTAI

Aviation

Ltd.

30,846,240

5,515

United

Rentals,

Inc.

5,264,950

36,111,190

#### Wireless

#### Telecommunication

#### Services

#### –

#### 0.1%
75,358

Telephone

and

Data

Systems,

Inc.

2,957,048

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $2,672,511,490)
4,313,374,278

#### Shares

#### Dividend

#### Rate

#### Value
aa

#### Investment

#### Company

#### –

#### 0.0%
(b) Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

4.042%

(Cost

$192)

#### TOTAL

#### INVESTMENTS

#### BEFORE

#### SECURITIES

#### LENDING

#### REINVESTMENT

#### VEHICLE

#### (Cost

#### $2,672,511,682)
4,313,374,470

Goldman

Sachs

U.S.

Tax-Managed

Equity

Fund

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

#### Additional

#### Investment

#### Information

#### \*\*End

#### swaps

#### header\*\*

#### Shares

#### Dividend

#### Rate

#### Value
a

#### Securities

#### Lending

#### Reinvestment

#### Vehicle

#### –

#### 0.2%
(b) Goldman

Sachs

Financial

Square

Government

Fund

–

Institutional

Shares

7,458,735

4.042%

$

7,458,735

(Cost

$7,458,735)

#### TOTAL

#### INVESTMENTS

#### –

#### 98.7%

#### (Cost

#### $2,679,970,417)
$

4,320,833,205

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 1.3%
58,672,042

#### NET

#### ASSETS

#### –

#### 100.0%
$

4,379,505,247

&nbsp;&nbsp;&nbsp;&nbsp;a

&nbsp;&nbsp;&nbsp;&nbsp;a

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) Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

#### FUTURES

#### CONTRACTS
—

At

September

30,

2025,

the

Portfolio

had

the

following

futures

contracts:

#### Description

#### Number

#### of

#### Contracts

#### Expiration

#### Date

#### Notional

#### Amount

#### Unrealized

#### Appreciation/
(Depreciation)

Long

position

contracts:

Russell

2000

E-Mini

Index

12/19/25

$

4,419,900

$

70,877

S&P

500

E-Mini

Index

12/19/25

43,801,875

604,020

#### Total

#### Futures

#### Contracts
$

674,897

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

September

30,

2025

(Unaudited)

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
Investment

Valuation

—

The

Funds'

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

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

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

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

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

—

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

—

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

("Valuation

Procedures"),

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

Act

(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

and

Level

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

and

Level

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

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

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

of

the

fair

value

hierarchy.

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

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

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.

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

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

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i. Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

B. Level

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

investments.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds'

investments

and

derivatives

classified

in

the

fair

value

hierarchy

as

of

September

30,

2025:

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

(a) #### International

#### Tax-Managed

#### Equity

#### Fund

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) Africa

$

—

$

877,783

$

—

Asia

3,819,400

272,378,491

—

Europe

2,043,801

545,936,895

—

North

America

6,431,215

52,292,918

—

Oceania

1,499,553

74,812,549

—

South

America

—

360,638

—

Investment

Company

1,071

—

—

#### Total
$

13,795,040

$

946,659,274

$

—

€

1.00 €

1.00 €

1.00 #### Derivative

#### Type

#### Assets
Futures

Contracts

(b) $

165,601

$

—

$

—

€

1.00 €

1.00 €

1.00 #### Liabilities
Futures

Contracts

(b) $

(1,590)

$

—

$

—

€

1.00 €

1.00 €

1.00 (a) #### U.S.

#### Tax-Managed

#### Equity

#### Fund

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) Asia

$

6,653,499

$

—

$

—

Europe

22,776,233

—

—

North

America

4,251,743,850

—

—

South

America

32,200,696

—

—

Investment

Company

—

—

#### Total
$

4,320,833,205

$

—

$

—

€

1.00 €

1.00 €

1.00 #### Derivative

#### Type

#### Assets
Futures

Contracts

(b) $

674,897

$

—

$

—

€

1.00 €

1.00 €

1.00 (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

classification.

(b) Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

Securities

Lending

—

Pursuant

to

exemptive

relief

granted

by

the

Securities

and

Exchange

Commission

("SEC")

and

the

terms

and

conditions

contained

therein,

the

Goldman

Sachs

International

Tax-Managed

Equity

Fund

and

the

Goldman

Sachs

U.S.

Tax-

Advantaged

Equity

Fund

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

Goldman

Sachs

International

Tax-Managed

Equity

Fund

and

the

Goldman

Sachs

U.S.

Tax-Advantaged

Equity

Fund

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:

Foreign

Risk

—

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

the

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscations,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

United

States

and

other

governments,

or

from

problems

in

share

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

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Tax-Advantaged

Equity

Funds

Schedule

of

Investments

(continued)

September

30,

2025

(Unaudited)

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

the

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

the

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

the

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

growth,

value

or

quantitative)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

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.

Market

Risk

—

The

value

of

the

securities

in

which

the

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors,

governments

or

countries

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

geopolitical

disputes,

acts

of

terrorism,

social

or

political

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

tariffs

and

other

restrictions

on

trade,

sanctions

or

the

spread

of

infectious

illness

or

other

public

health

threats,

or

the

threat

or

potential

of

one

or

more

such

events

and

developments,

could

also

significantly

impact

the

Fund

and

its

investments.

Portfolio

Turnover

Rate

—

A

high

rate

of

portfolio

turnover

may

involve

correspondingly

greater

expenses

which

must

be

borne

by

the

Fund

and

its

shareholders,

and

is

also

likely

to

result

in

short-term

capital

gains

taxable

to

shareholders.

Stock

Risk

—

Stock

prices

have

historically

risen

and

fallen

in

periodic

cycles.

U.S.

and

foreign

stock

markets

have

experienced

periods

of

substantial

price

volatility

in

the

past

and

may

do

so

again

in

the

future.

Tax-Managed

Investment

Risk

—

Because

the

Investment

Adviser

balances

investment

considerations

and

tax

considerations,

the

pre-tax

performance

of

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio

may

be

lower

than

the

performance

of

similar

funds

that

are

not

tax-managed.

This

is

because

the

Investment

Adviser

may

choose

not

to

make

certain

investments

that

may

result

in

taxable

distributions

to

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio.

Even

though

tax

managed

strategies

are

being

used,

they

may

not

reduce

the

amount

of

taxable

income

and

capital

gains

distributed

by

the

Goldman

Sachs

Tax-Advantaged

Global

Equity

Portfolio

to

shareholders.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

## 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 Tax-Managed Equity Fund

- **b. EDGAR series identifier (if any):** S000018298

- **c. LEI of Series:** 3EPW4EQLX6NR7L382R49

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $988181967.60

**Total Liabilities:** $3841171.39

**Net Assets:** $984340796.21

**Cash Not Reported:** $17283591.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200308 | -2.37%               | 5.32%                | 3.77%                |
| Class ID C000050444 | -2.30%               | 5.23%                | 3.76%                |
| Class ID C000201771 | -2.30%               | 5.32%                | 3.77%                |
| Class ID C000050443 | -2.29%               | 5.28%                | 3.75%                |
| Class ID C000091965 | -2.29%               | 5.28%                | 3.75%                |
| Class ID C000050445 | -2.42%               | 5.23%                | 3.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2918444.03              | $-23992949.33                              |
| Month 2  | $2279948.87              | $43842270.47                               |
| Month 3  | $1577628.65              | $31301243.83                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hermes International SCA               | Hermes International SCA                                  | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       248 | NS      | $609842.18    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd            | Northern Star Resources Ltd                               | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |    451717 | NS      | $7053707.58   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                            | Euronext NV                                               | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |      1313 | NS      | $196571.22    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                 | ANZ Group Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |     31073 | NS      | $682318.03    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                     | TOPIX INDX                                                | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |        15 | NC      | $27562.45     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TOWER Ltd                              | TOWER Ltd                                                 | CUSIP: 000000000<br>LEI: 549300093EX23WVB0N63 | Long             | EC               | CORP              | NZ        |    149225 | NS      | $151398.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SoftBank Group Corp                    | SoftBank Group Corp                                       | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |     19500 | NS      | $2460520.72   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Life Corp                              | Life Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     32400 | NS      | $552790.51    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                             | Sandvik AB                                                | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |    228237 | NS      | $6375890.83   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp               | Mitsubishi Electric Corp                                  | CUSIP: 000000000<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     54600 | NS      | $1402332.16   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Electric Power Development Co          | Electric Power Development Co Ltd                         | CUSIP: 000000000<br>LEI: 549300KMHPUAQI8VEH90 | Long             | EC               | CORP              | JP        |    313800 | NS      | $5880056.06   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                            | Novartis AG                                               | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |    151755 | NS      | $19512413.88  | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Maxell Ltd                             | Maxell Ltd                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16200 | NS      | $233501.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto Ltd                          | Rio Tinto Ltd                                             | CUSIP: 000000000<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |    115883 | NS      | $9347483.90   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc             | Dai-ichi Life Holdings Inc                                | CUSIP: 000000000<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |    350300 | NS      | $2755519.43   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                                | DCC PLC                                                   | CUSIP: 000000000<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |      6346 | NS      | $408504.41    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| AGC Inc                                | AGC Inc                                                   | CUSIP: 000000000<br>LEI: JE4WFFEELMVPFZ0G1E77 | Long             | EC               | CORP              | JP        |    118200 | NS      | $3854776.77   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd                    | Yamaha Motor Co Ltd                                       | CUSIP: 000000000<br>LEI: 3538004LR5NXILJDHY88 | Long             | EC               | CORP              | JP        |    218800 | NS      | $1638213.10   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Chudenko Corp                          | Chudenko Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     26800 | NS      | $712970.88    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp                      | Toyota Motor Corp                                         | CUSIP: 000000000<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    162200 | NS      | $3115288.83   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                      | Sonova Holding AG                                         | CUSIP: 000000000<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      3061 | NS      | $839651.79    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Regis Resources Ltd                    | Regis Resources Ltd                                       | CUSIP: 000000000<br>LEI: 213800XH9YUXBLYBD749 | Long             | EC               | CORP              | AU        |    105432 | NS      | $416545.14    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                           | Leonardo SpA                                              | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |      7559 | NS      | $483675.61    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hokuhoku Financial Group Inc           | Hokuhoku Financial Group Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4400 | NS      | $114928.86    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                              | Tesco PLC                                                 | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |   1869565 | NS      | $11205597.57  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila OYJ Abp                       | Wartsila OYJ Abp                                          | CUSIP: 000000000<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |    252359 | NS      | $7569431.99   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                   | ASM International NV                                      | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      8792 | NS      | $5302895.55   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| NOK Corp                               | NOK Corp                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     38000 | NS      | $667103.87    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Dometic Group AB                       | Dometic Group AB                                          | CUSIP: 000000000<br>LEI: 549300STIPMK5VSA7Y59 | Long             | EC               | CORP              | SE        |     42091 | NS      | $220542.86    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Lenovo Group Ltd                       | Lenovo Group Ltd                                          | CUSIP: 000000000<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | CN        |    322000 | NS      | $477136.27    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Mediolanum SpA                   | Banca Mediolanum SpA                                      | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |     88201 | NS      | $1771499.38   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                      | Japan Tobacco Inc                                         | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |    246300 | NS      | $8077914.10   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                               | Engie SA                                                  | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |    449607 | NS      | $9664995.95   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd                         | Wesfarmers Ltd                                            | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |    132048 | NS      | $8032921.48   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co Ltd                   | Fuji Electric Co Ltd                                      | CUSIP: 000000000<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |    122900 | NS      | $8238446.92   | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                     | FTSE 100 INDEX                                            | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               | CORP              | GB        |        17 | NC      | $16897.46     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Industry Co Ltd            | Daiwa House Industry Co Ltd                               | CUSIP: 000000000<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |    173200 | NS      | $6220483.36   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                        | Norsk Hydro ASA                                           | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |    145270 | NS      | $987708.02    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugin Financial Group Inc             | Chugin Financial Group Inc                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     51500 | NS      | $756054.68    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                              | Orkla ASA                                                 | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |    137580 | NS      | $1438375.27   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Orica Ltd                              | Orica Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     60367 | NS      | $843065.62    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| JX Advanced Metals Corp                | JX Advanced Metals Corp                                   | CUSIP: 000000000<br>LEI: 353800NC6NPNKC4JEC58 | Long             | EC               | CORP              | JP        |    733200 | NS      | $9718796.62   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| REN - Redes Energeticas Nacion         | REN - Redes Energeticas Nacionais SGPS SA                 | CUSIP: 000000000<br>LEI: 549300FR1FN48IGHR915 | Long             | EC               | CORP              | PT        |     79056 | NS      | $284205.45    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC               | Lloyds Banking Group PLC                                  | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |   6782525 | NS      | $7675008.47   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd               | United Overseas Bank Ltd                                  | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |     77400 | NS      | $2078612.09   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                               | NEC Corp                                                  | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |    339000 | NS      | $10851080.62  | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Codan Ltd                              | Codan Ltd                                                 | CUSIP: 000000000<br>LEI: 9845005866EB809B5694 | Long             | EC               | CORP              | AU        |      7517 | NS      | $146737.19    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                              | Holcim AG                                                 | CUSIP: 000000000<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |     92636 | NS      | $7904126.29   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Concordia Financial Group Ltd          | Concordia Financial Group Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     44500 | NS      | $340694.59    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Obayashi Corp                          | Obayashi Corp                                             | CUSIP: 000000000<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |    286600 | NS      | $4704112.75   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Saison Co Ltd                   | Credit Saison Co Ltd                                      | CUSIP: 000000000<br>LEI: 529900SV58ZWTGRH3A66 | Long             | EC               | CORP              | JP        |     27100 | NS      | $722615.60    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                         | Kingfisher PLC                                            | CUSIP: 000000000<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    303479 | NS      | $1264223.63   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Marks & Spencer Group PLC              | Marks & Spencer Group PLC                                 | CUSIP: 000000000<br>LEI: 213800EJP14A79ZG1X44 | Long             | EC               | CORP              | GB        |    453042 | NS      | $2222683.25   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro Medicus Ltd                        | Pro Medicus Ltd                                           | CUSIP: 000000000<br>LEI: 98450085A903D1BMFF27 | Long             | EC               | CORP              | AU        |     37220 | NS      | $7577837.00   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Totetsu Kogyo Co Ltd                   | Totetsu Kogyo Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14400 | NS      | $420780.96    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| R&S Group Holding AG                   | R&S Group Holding AG                                      | CUSIP: 000000000<br>LEI: 549300BKHOM0Y2GJZJ41 | Long             | EC               | CORP              | CH        |      5360 | NS      | $188212.51    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aumovio SE                             | Aumovio SE                                                | CUSIP: 000000000<br>LEI: 391200IGI9RQ7VTOK384 | Long             | EC               | CORP              | DE        |     33443 | NS      | $1378943.82   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC                    | Imperial Brands PLC                                       | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |    236123 | NS      | $10030850.63  | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Generali SpA                     | Banca Generali SpA                                        | CUSIP: 000000000<br>LEI: 815600903231FA2E7698 | Long             | EC               | CORP              | IT        |      4870 | NS      | $272219.47    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Yurtec Corp                            | Yurtec Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12700 | NS      | $231521.74    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp                          | Sumitomo Corp                                             | CUSIP: 000000000<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |     36300 | NS      | $1050267.71   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Signal Co Ltd                   | Nippon Signal Co Ltd                                      | CUSIP: 000000000<br>LEI: 353800WH3SH4B0OO8074 | Long             | EC               | CORP              | JP        |     17400 | NS      | $143161.40    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Gaztransport Et Technigaz SA           | Gaztransport Et Technigaz SA                              | CUSIP: 000000000<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |      7067 | NS      | $1312347.73   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                         | Continental AG                                            | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |     76946 | NS      | $5090442.44   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Yellow Hat Ltd                         | Yellow Hat Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31900 | NS      | $364312.45    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Shizuoka Financial Group Inc           | Shizuoka Financial Group Inc                              | CUSIP: 000000000<br>LEI: 353800MNO5C8V2SHGA81 | Long             | EC               | CORP              | JP        |    163500 | NS      | $2236555.16   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                      | NatWest Group PLC                                         | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |   1590714 | NS      | $11235777.52  | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Fisher & Paykel Healthcare Cor         | Fisher & Paykel Healthcare Corp Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |     62764 | NS      | $1348154.57   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gecina SA                              | Gecina SA                                                 | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               | CORP              | FR        |      1356 | NS      | $136223.42    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG               | Infineon Technologies AG                                  | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |    216475 | NS      | $8492356.19   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group PLC                      | Admiral Group PLC                                         | CUSIP: 000000000<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |     47485 | NS      | $2143151.33   | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                 | Eurofins Scientific SE                                    | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |     27624 | NS      | $2014519.65   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV          | Koninklijke Ahold Delhaize NV                             | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |    131436 | NS      | $5318495.29   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc                    | Nomura Holdings Inc                                       | CUSIP: 000000000<br>LEI: 549300B3CEAHYG7K8164 | Long             | EC               | CORP              | JP        |    650500 | NS      | $4767302.53   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                    | Erste Group Bank AG                                       | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     45409 | NS      | $4463822.70   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd             | Hongkong Land Holdings Ltd                                | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | HK        |    235400 | NS      | $1490082.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokio Marine Holdings Inc              | Tokio Marine Holdings Inc                                 | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     21300 | NS      | $901483.17    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co               | Central Japan Railway Co                                  | CUSIP: 000000000<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |    114800 | NS      | $3291275.97   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                             | Scout24 SE                                                | CUSIP: 000000000<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |     59426 | NS      | $7455434.35   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| SCREEN Holdings Co Ltd                 | SCREEN Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |     30500 | NS      | $2763672.08   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| GSK PLC                                | GSK PLC                                                   | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      5592 | NS      | $241350.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Namura Shipbuilding Co Ltd             | Namura Shipbuilding Co Ltd                                | CUSIP: 000000000<br>LEI: 353800L4EGBFKO3C4X44 | Long             | EC               | CORP              | JP        |     27700 | NS      | $638610.23    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Saab AB                                | Saab AB                                                   | CUSIP: 000000000<br>LEI: 549300ZHO4JCQQI13M69 | Long             | EC               | CORP              | SE        |     14980 | NS      | $920404.65    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                        | Danske Bank A/S                                           | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |     78785 | NS      | $3365267.69   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Asia Pile Holdings Corp                | Asia Pile Holdings Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16900 | NS      | $141733.68    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                       | Coca-Cola HBC AG                                          | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     60234 | NS      | $2841757.70   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG              | Fresenius Medical Care AG                                 | CUSIP: 000000000<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     10971 | NS      | $579681.22    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                              | Nestle SA                                                 | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     57904 | NS      | $5317627.98   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa Securities Group Inc             | Daiwa Securities Group Inc                                | CUSIP: 000000000<br>LEI: 353800WRC7Y23PWFJG38 | Long             | EC               | CORP              | JP        |    417500 | NS      | $3392638.08   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                      | Hannover Rueck SE                                         | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |     12330 | NS      | $3720688.38   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Holdings Co Ltd             | Japan Post Holdings Co Ltd                                | CUSIP: 000000000<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |    283800 | NS      | $2816800.89   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                              | Prosus NV                                                 | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    171762 | NS      | $12146165.82  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                         | Air Liquide SA                                            | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |     66745 | NS      | $13906771.00  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Ericsson                               | Telefonaktiebolaget LM Ericsson                           | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    368506 | NS      | $3053443.28   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyu Fudosan Holdings Corp            | Tokyu Fudosan Holdings Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     57300 | NS      | $473621.83    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Vidrala SA                             | Vidrala SA                                                | CUSIP: 000000000<br>LEI: 95980020140005399488 | Long             | EC               | CORP              | ES        |      2705 | NS      | $286484.20    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bendigo & Adelaide Bank Ltd            | Bendigo & Adelaide Bank Ltd                               | CUSIP: 000000000<br>LEI: 549300Y9URD6W70K0360 | Long             | EC               | CORP              | AU        |     96574 | NS      | $834516.40    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinsho Corp                           | Shinsho Corp                                              | CUSIP: 000000000<br>LEI: 353800MF9VQ3QTWAAX41 | Long             | EC               | CORP              | JP        |     11500 | NS      | $173097.24    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                              | Thales SA                                                 | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |     31317 | NS      | $9899756.56   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                      | HSBC Holdings PLC                                         | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     71759 | NS      | $1012743.63   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Kongsberg Gruppen ASA                  | Kongsberg Gruppen ASA                                     | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |    244787 | NS      | $7822744.20   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Sakai Chemical Industry Co Ltd         | Sakai Chemical Industry Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     21300 | NS      | $409499.71    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicaja Banco SA                       | Unicaja Banco SA                                          | CUSIP: 000000000<br>LEI: 5493007SJLLCTM6J6M37 | Long             | EC               | CORP              | ES        |    112627 | NS      | $309919.55    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                        | Knorr-Bremse AG                                           | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |     15708 | NS      | $1477947.08   | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                   | Schindler Holding AG                                      | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |     18712 | NS      | $7115730.21   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Zaptec ASA                             | Zaptec ASA                                                | CUSIP: 000000000<br>LEI: 549300Y5EDWTJNTS8P96 | Long             | EC               | CORP              | NO        |    116808 | NS      | $357406.26    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexteer Automotive Group Ltd           | Nexteer Automotive Group Ltd                              | CUSIP: 000000000<br>LEI: 529900O9GGNBKMJ9UO48 | Long             | EC               | CORP              | US        |   2572000 | NS      | $2822325.09   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries L         | Sumitomo Electric Industries Ltd                          | CUSIP: 000000000<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |    361600 | NS      | $10288985.05  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd                 | Singapore Exchange Ltd                                    | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |    491300 | NS      | $6307009.24   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsuruha Holdings Inc                   | Tsuruha Holdings Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    145500 | NS      | $2329318.39   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedbank AB                            | Swedbank AB                                               | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |     24300 | NS      | $733512.55    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Charter Hall Group                     | Charter Hall Group                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     17000 | NS      | $255515.64    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                           | Glencore PLC                                              | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | CH        |   1957459 | NS      | $9015329.56   | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Energy AG                      | Siemens Energy AG                                         | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |    102004 | NS      | $11993547.79  | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                 | Cie de Saint-Gobain SA                                    | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     64671 | NS      | $7007207.99   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                | E.ON SE                                                   | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |    207893 | NS      | $3915763.52   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                           | DNB Bank ASA                                              | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |     64553 | NS      | $1759456.48   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                 | AXA SA                                                    | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |    255979 | NS      | $12275483.11  | 1.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Technip Energies NV                    | Technip Energies NV                                       | CUSIP: 000000000<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | FR        |     22317 | NS      | $1053221.74   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujita Kanko Inc                       | Fujita Kanko Inc                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1900 | NS      | $134525.75    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsuba Corp                           | Mitsuba Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     47500 | NS      | $309472.51    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Okura Industrial Co Ltd                | Okura Industrial Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7500 | NS      | $276712.01    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Emmi AG                                | Emmi AG                                                   | CUSIP: 000000000<br>LEI: 529900Q53RBYJIVCMA08 | Long             | EC               | CORP              | CH        |       817 | NS      | $706587.34    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd                       | Isuzu Motors Ltd                                          | CUSIP: 000000000<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |     35000 | NS      | $441117.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanrio Co Ltd                          | Sanrio Co Ltd                                             | CUSIP: 000000000<br>LEI: 3538002Q5JQLOMSPH125 | Long             | EC               | CORP              | JP        |     81400 | NS      | $3820922.07   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Halows Co Ltd                          | Halows Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      3100 | NS      | $104728.38    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                              | Sanofi SA                                                 | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     80457 | NS      | $7618791.77   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                              | Airbus SE                                                 | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |     12666 | NS      | $2957841.84   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| EXEO Group Inc                         | EXEO Group Inc                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    191800 | NS      | $2775439.29   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                               | Next PLC                                                  | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |      9880 | NS      | $1647034.88   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                                   | Hong Kong Exchanges & Clearing Ltd                        | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |    196000 | NS      | $11127029.02  | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Dah Sing Banking Group Ltd             | Dah Sing Banking Group Ltd                                | CUSIP: 000000000<br>LEI: 529900DXBMKJOLLQOM66 | Long             | EC               | CORP              | HK        |    190800 | NS      | $240185.08    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                 | SAP SE                                                    | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     46924 | NS      | $12564716.68  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                 | SKF AB                                                    | CUSIP: 000000000<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |    190627 | NS      | $4741122.64   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                        | Nordea Bank Abp                                           | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |    564728 | NS      | $9297563.82   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| NGK Insulators Ltd                     | NGK Insulators Ltd                                        | CUSIP: 000000000<br>LEI: 353800701BNCL25VYY16 | Long             | EC               | CORP              | JP        |    319500 | NS      | $5340699.80   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA            | Cie Financiere Richemont SA                               | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |      3855 | NS      | $740030.51    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                             | Boliden AB                                                | CUSIP: 000000000<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |    186765 | NS      | $7623442.35   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia         | Commonwealth Bank of Australia                            | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |     33728 | NS      | $3724705.01   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                          | UniCredit SpA                                             | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |    179387 | NS      | $13650481.27  | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                           | GEA Group AG                                              | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |     13767 | NS      | $1017823.76   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution Mining Ltd                   | Evolution Mining Ltd                                      | CUSIP: 000000000<br>LEI: 254900BCFW5QO5LW8F27 | Long             | EC               | CORP              | AU        |    172733 | NS      | $1231334.02   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                 | UCB SA                                                    | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |     28887 | NS      | $8063376.15   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Technogym SpA                          | Technogym SpA                                             | CUSIP: 000000000<br>LEI: 815600B9149F66E77F76 | Long             | EC               | CORP              | IT        |     48132 | NS      | $817346.69    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Vienna Insurance                       | Vienna Insurance Group AG Wiener Versicherung Gruppe      | CUSIP: 000000000<br>LEI: 549300JCRU23I1THU176 | Long             | EC               | CORP              | AT        |      3694 | NS      | $203567.19    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM SpA                          | Banco BPM SpA                                             | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |    677381 | NS      | $10166477.60  | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                | Siemens Healthineers AG                                   | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |     61297 | NS      | $3320227.13   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinmaywa Industries Ltd               | Shinmaywa Industries Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14500 | NS      | $181321.84    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                  | Spotify Technology SA                                     | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | SE        |      8868 | NS      | $6189864.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                         | Rheinmetall AG                                            | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |       596 | NS      | $1394146.86   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Telstra Group Ltd                      | Telstra Group Ltd                                         | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |    609668 | NS      | $1943697.79   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Metals X Ltd                           | Metals X Ltd                                              | CUSIP: 000000000<br>LEI: 549300PYQIA9NE598013 | Long             | EC               | CORP              | AU        |    269305 | NS      | $139923.23    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Credito Emiliano SpA                   | Credito Emiliano SpA                                      | CUSIP: 000000000<br>LEI: 8156004B244AA70DE787 | Long             | EC               | CORP              | IT        |     12346 | NS      | $199312.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Procrea Holdings Inc                   | Procrea Holdings Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17500 | NS      | $205082.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| V Technology Co Ltd                    | V Technology Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14200 | NS      | $330291.65    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                             | Siemens AG                                                | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      1388 | NS      | $374729.72    | 0.04%             |  |  |  | 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        |     21938 | NS      | $13500242.79  | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HONG KONG FUTURES EXCHANGE             | HANG SENG INDEX                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | HK        |         3 | NC      | $12433.57     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yahagi Construction Co Ltd             | Yahagi Construction Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14800 | NS      | $224458.96    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd                           | Brambles Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    176244 | NS      | $2891752.49   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                             | Allianz SE                                                | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |     29517 | NS      | $12418595.72  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Iyogin Holdings Inc                    | Iyogin Holdings Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     55300 | NS      | $835129.59    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Musashino Bank Ltd/The                 | Musashino Bank Ltd/The                                    | CUSIP: 000000000<br>LEI: 353800L8RJMVN2OOS612 | Long             | EC               | CORP              | JP        |     23000 | NS      | $628386.57    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                          | AIA Group Ltd                                             | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     95600 | NS      | $916227.12    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Konami Group Corp                      | Konami Group Corp                                         | CUSIP: 000000000<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |     35700 | NS      | $5150151.90   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| TP ICAP Group PLC                      | TP ICAP Group PLC                                         | CUSIP: 000000000<br>LEI: 2138006YAA7IRVKKGE63 | Long             | EC               | CORP              | GB        |     61036 | NS      | $226775.06    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp                        | Mitsubishi Corp                                           | CUSIP: 000000000<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |    350000 | NS      | $8343792.16   | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group In         | Sumitomo Mitsui Trust Group Inc                           | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |    153100 | NS      | $4443576.85   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Avio SpA                               | Avio SpA                                                  | CUSIP: 000000000<br>LEI: 8156008F25C4B0E7C860 | Long             | EC               | CORP              | IT        |     22369 | NS      | $1410168.59   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings         | MS&AD Insurance Group Holdings Inc                        | CUSIP: 000000000<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |    412200 | NS      | $9334656.98   | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Vestas Wind Systems A/S                | Vestas Wind Systems A/S                                   | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |    385094 | NS      | $7325730.73   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corp                 | Yokogawa Electric Corp                                    | CUSIP: 000000000<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |    101900 | NS      | $2924387.23   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Boshoku Corp                    | Toyota Boshoku Corp                                       | CUSIP: 000000000<br>LEI: 529900KS87U6EY7PWG26 | Long             | EC               | CORP              | JP        |     18000 | NS      | $297923.94    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SingTel                                | Singapore Telecommunications Ltd                          | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    904900 | NS      | $2893026.92   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| EssilorLuxottica SA                    | EssilorLuxottica SA                                       | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |     32602 | NS      | $10620231.60  | 1.08%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                           | UBS Group AG                                              | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |    338982 | NS      | $13936754.48  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui E&S Co Ltd                      | Mitsui E&S Co Ltd                                         | CUSIP: 000000000<br>LEI: 5493007T2YKKWF2NYN82 | Long             | EC               | CORP              | JP        |     69000 | NS      | $2081698.68   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Insurance Australia Group Ltd          | Insurance Australia Group Ltd                             | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |    517876 | NS      | $2806234.75   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                        | BAE Systems PLC                                           | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |    193225 | NS      | $5378695.85   | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Queensland Ltd                 | Bank of Queensland Ltd                                    | CUSIP: 000000000<br>LEI: 549300WFIN7T02UKDG08 | Long             | EC               | CORP              | AU        |    504933 | NS      | $2420756.30   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                           | Evolution AB                                              | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |     71121 | NS      | $5854959.62   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Sectra AB                              | Sectra AB                                                 | CUSIP: 000000000<br>LEI: 549300R9ZBT8YSFFK266 | Long             | EC               | CORP              | SE        |      3330 | NS      | $110642.69    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BPER Banca SPA                         | BPER Banca SPA                                            | CUSIP: 000000000<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |     47204 | NS      | $525010.60    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Tosoh Corp                             | Tosoh Corp                                                | CUSIP: 000000000<br>LEI: 529900YSLFVJF2MDBX02 | Long             | EC               | CORP              | JP        |     36500 | NS      | $539963.68    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd           | Takeda Pharmaceutical Co Ltd                              | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |    269100 | NS      | $7903572.81   | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Covivio SA/France                      | Covivio SA/France                                         | CUSIP: 000000000<br>LEI: 969500P8M3W2XX376054 | Long             | EC               | CORP              | FR        |     16973 | NS      | $1143969.21   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiheiyo Cement Corp                   | Taiheiyo Cement Corp                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4500 | NS      | $116813.17    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                            | Pandora A/S                                               | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      7995 | NS      | $1045325.65   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                       | Roche Holding AG                                          | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      9633 | NS      | $3207630.69   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Endeavour Mining PLC                   | Endeavour Mining PLC                                      | CUSIP: 000000000<br>LEI: 529900NI5MXQ91GHXR07 | Long             | EC               | CORP              | GB        |     20991 | NS      | $877783.01    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                          | Nemetschek SE                                             | CUSIP: 000000000<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |     25051 | NS      | $3269196.03   | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Beazley PLC                            | Beazley PLC                                               | CUSIP: 000000000<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     17229 | NS      | $210710.25    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24 | SPI 200                                                   | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |         6 | NC      | $-1177.45     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Smiths Group PLC                       | Smiths Group PLC                                          | CUSIP: 000000000<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |    130443 | NS      | $4135716.73   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Grou         | Sumitomo Mitsui Financial Group Inc                       | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |    282100 | NS      | $7936284.00   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                             | Legrand SA                                                | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |      9703 | NS      | $1612261.90   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Hung Kai Properties Ltd            | Sun Hung Kai Properties Ltd                               | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |     48000 | NS      | $574154.44    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsukishima Holdings Co Ltd             | Tsukishima Holdings Co Ltd                                | CUSIP: 000000000<br>LEI: 353800K8E7URAH6LTR26 | Long             | EC               | CORP              | JP        |     14000 | NS      | $277959.82    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp                | Panasonic Holdings Corp                                   | CUSIP: 000000000<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |     20100 | NS      | $218167.39    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                        | ASML Holding NV                                           | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |     26023 | NS      | $25377307.39  | 2.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Kogyo Corp                       | Nitto Kogyo Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7200 | NS      | $175933.70    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA          | Industria de Diseno Textil SA                             | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     12215 | NS      | $676025.37    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                        | AstraZeneca PLC                                           | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      1722 | NS      | $132111.84    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PALTAC Corp                            | PALTAC Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6100 | NS      | $190859.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nojima Corp                            | Nojima Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18700 | NS      | $512389.40    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp               | Renesas Electronics Corp                                  | CUSIP: 000000000<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |    137900 | NS      | $1586566.14   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Modec Inc                              | Modec Inc                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    160300 | NS      | $8943059.17   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                              | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |     17724 | NS      | $11316323.53  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Dowlais Group PLC                      | Dowlais Group PLC                                         | CUSIP: 000000000<br>LEI: 213800XM8WOFLY6VPC92 | Long             | EC               | CORP              | GB        |    187218 | NS      | $201905.51    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Safran SA                              | Safran SA                                                 | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |     44462 | NS      | $15778196.94  | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Monte dei Paschi di Sien         | Banca Monte dei Paschi di Siena SpA                       | CUSIP: 000000000<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | EC               | CORP              | IT        |    292892 | NS      | $2606212.41   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| TPR Co Ltd                             | TPR Co Ltd                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    123800 | NS      | $1017451.79   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Currys PLC                             | Currys PLC                                                | CUSIP: 000000000<br>LEI: 2138001E12GWLLDQQF16 | Long             | EC               | CORP              | GB        |    194920 | NS      | $366220.73    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Unibail-Rodamco-Westfield              | Unibail-Rodamco-Westfield                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | FR        |      6142 | NS      | $646843.01    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                  | Mitsui Fudosan Co Ltd                                     | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |    533000 | NS      | $5802294.95   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                              | Danone SA                                                 | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     68830 | NS      | $5997386.13   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| SCOR SE                                | SCOR SE                                                   | CUSIP: 000000000<br>LEI: 96950056ULJ4JI7V3752 | Long             | EC               | CORP              | FR        |     16142 | NS      | $570880.16    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kamei Corp                             | Kamei Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5600 | NS      | $109270.64    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Heiwa Corp                             | Heiwa Corp                                                | CUSIP: 000000000<br>LEI: 529900N1BTC5X6TU7W19 | Long             | EC               | CORP              | JP        |     22000 | NS      | $312637.54    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinden Corp                            | Kinden Corp                                               | CUSIP: 000000000<br>LEI: 35380008T6JUN5TU9T34 | Long             | EC               | CORP              | JP        |     66000 | NS      | $2256876.70   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                        | AstraZeneca PLC                                           | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |    122541 | NS      | $18773423.03  | 1.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Co Ltd                          | Suzuki Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     32500 | NS      | $480287.18    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ST Engineering                         | Singapore Technologies Engineering Ltd                    | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |     30100 | NS      | $200993.75    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BBVA                                   | Banco Bilbao Vizcaya Argentaria SA                        | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    415422 | NS      | $8005034.14   | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEOS Holdings Inc                     | ENEOS Holdings Inc                                        | CUSIP: 000000000<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |   1155200 | NS      | $7316120.51   | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi HC Capital Inc              | Mitsubishi HC Capital Inc                                 | CUSIP: 000000000<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |    429100 | NS      | $3544662.10   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Babcock International Group PL         | Babcock International Group PLC                           | CUSIP: 000000000<br>LEI: 213800TSKOLX4EU6L377 | Long             | EC               | CORP              | GB        |     31712 | NS      | $570514.73    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC               | Rolls-Royce Holdings PLC                                  | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    476379 | NS      | $7657443.12   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                              | Shell PLC                                                 | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |    243461 | NS      | $8732328.31   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT      | EURO STOXX 50                                             | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |        94 | NC      | $108116.73    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Daido Metal Co Ltd                     | Daido Metal Co Ltd                                        | CUSIP: 000000000<br>LEI: 3538008B818OTAF32670 | Long             | EC               | CORP              | JP        |     31800 | NS      | $212599.82    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicat SACA                             | Vicat SACA                                                | CUSIP: 000000000<br>LEI: 9695009YI1863TOVDP79 | Long             | EC               | CORP              | FR        |      3672 | NS      | $258477.67    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Santen Pharmaceutical Co Ltd           | Santen Pharmaceutical Co Ltd                              | CUSIP: 000000000<br>LEI: 529900TPT3I7C17MIM03 | Long             | EC               | CORP              | JP        |    124400 | NS      | $1381009.20   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                     | Banco Santander SA                                        | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    315897 | NS      | $3315125.67   | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                                | ABB Ltd                                                   | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |    193017 | NS      | $13967352.90  | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Heiwa Real Estate Co Ltd               | Heiwa Real Estate Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14200 | NS      | $226654.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Distribuidora Internacional de         | Distribuidora Internacional de Alimentacion SA            | CUSIP: 000000000<br>LEI: 54930063C6K2TNFL6H10 | Long             | EC               | CORP              | ES        |      5813 | NS      | $166524.06    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordex SE                              | Nordex SE                                                 | CUSIP: 000000000<br>LEI: 529900HVDYCUWVD0OE76 | Long             | EC               | CORP              | DE        |     19985 | NS      | $513321.91    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Toa Corp/Tokyo                         | Toa Corp/Tokyo                                            | CUSIP: 000000000<br>LEI: 353800AT816JCLZ5WD63 | Long             | EC               | CORP              | JP        |     10600 | NS      | $149780.59    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                     | Vodafone Group PLC                                        | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |   6086686 | NS      | $7078234.05   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp L         | Oversea-Chinese Banking Corp Ltd                          | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |     81700 | NS      | $1041643.61   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd                      | Computershare Ltd                                         | CUSIP: 000000000<br>LEI: 21380085HOKTMGLV9G93 | Long             | EC               | CORP              | AU        |    251624 | NS      | $6045481.14   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Viscofan SA                            | Viscofan SA                                               | CUSIP: 000000000<br>LEI: 95980020140005684765 | Long             | EC               | CORP              | ES        |     11200 | NS      | $764231.67    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc/T         | Kansai Electric Power Co Inc/The                          | CUSIP: 000000000<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |     40100 | NS      | $573584.08    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                              | Aviva PLC                                                 | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |    665007 | NS      | $6151847.90   | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                 | Yara International ASA                                    | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |      9839 | NS      | $360638.48    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                   | Dassault Aviation SA                                      | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |     12738 | NS      | $4291091.93   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| JB Hi-Fi Ltd                           | JB Hi-Fi Ltd                                              | CUSIP: 000000000<br>LEI: 529900TPC8H040Y3ZQ65 | Long             | EC               | CORP              | AU        |      5725 | NS      | $439381.12    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsugami Corp                           | Tsugami Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13300 | NS      | $213828.27    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB               | Svenska Handelsbanken AB                                  | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |    492415 | NS      | $6424852.03   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Resorttrust Inc                        | Resorttrust Inc                                           | CUSIP: 000000000<br>LEI: 353800FM9MYWH105SE11 | Long             | EC               | CORP              | JP        |     21600 | NS      | $273940.35    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SRA Holdings                           | SRA Holdings                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       500 | NS      | $17068.30     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Electric Glass Co Ltd           | Nippon Electric Glass Co Ltd                              | CUSIP: 000000000<br>LEI: 529900NCIGSAX4V03234 | Long             | EC               | CORP              | JP        |      9900 | NS      | $324596.62    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp                             | Aisin Corp                                                | CUSIP: 000000000<br>LEI: 3538004IOK08PDY6I723 | Long             | EC               | CORP              | JP        |     42000 | NS      | $725345.98    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd            | National Australia Bank Ltd                               | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |     94691 | NS      | $2762305.68   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                      | Compass Group PLC                                         | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |    105386 | NS      | $3592162.93   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA                 | Fresenius SE & Co KGaA                                    | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |    157859 | NS      | $8822037.22   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                              | Halma PLC                                                 | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |    167525 | NS      | $7798420.05   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Qantas Airways Ltd                     | Qantas Airways Ltd                                        | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |    815447 | NS      | $5892260.89   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| SAF-Holland SE                         | SAF-Holland SE                                            | CUSIP: 000000000<br>LEI: 222100QJQLUJHWREL058 | Long             | EC               | CORP              | DE        |      9131 | NS      | $159075.09    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                           | WH Group Ltd                                              | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | HK        |   8205000 | NS      | $8885613.45   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                         | Advantest Corp                                            | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |     39500 | NS      | $3908239.12   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Perseus Mining Ltd                     | Perseus Mining Ltd                                        | CUSIP: 000000000<br>LEI: 54930054ZDGKBCW3SM26 | Long             | EC               | CORP              | AU        |     35233 | NS      | $113353.85    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Puuilo Oyj                             | Puuilo Oyj                                                | CUSIP: 000000000<br>LEI: 743700UJUT6FWHBXPR69 | Long             | EC               | CORP              | FI        |     32822 | NS      | $572663.58    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc             | Mizuho Financial Group Inc                                | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     29600 | NS      | $995029.91    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                              | KDDI Corp                                                 | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    280100 | NS      | $4467182.77   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                       | Deutsche Bank AG                                          | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |    250962 | NS      | $8888022.51   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| TBC Bank Group PLC                     | TBC Bank Group PLC                                        | CUSIP: 000000000<br>LEI: 213800T6NS9N2WQ3B328 | Long             | EC               | CORP              | GE        |     20345 | NS      | $1245349.46   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED             | MSCI SING IX ETS                                          | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DE               | CORP              | SG        |         5 | NC      | $-413.11      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                               | Mowi ASA                                                  | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |     41009 | NS      | $867570.78    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc                     | Sompo Holdings Inc                                        | CUSIP: 000000000<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |     97200 | NS      | $3004992.41   | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Develop Global Ltd                     | Develop Global Ltd                                        | CUSIP: 000000000<br>LEI: 5299008N5CYXCI98G291 | Long             | EC               | CORP              | AU        |     69734 | NS      | $195384.87    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** Goldman Sachs Trust

**Signature:** Allison Frachiolla

**Name of Signer:** Allison Frachiolla

**Title:** Vice President Assistant Treasurer